TCRAP_Public/070823.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, August 23, 2007, Vol. 10, No. 167

                            Headlines

A U S T R A L I A

BUCKEYE TECHNOLOGIES: Calls for US$60MM Redemption of Sr. Notes
CANBERRA WORKWEAR: Inability to Pay Debts Prompts Wind-Up
CATALYST COMMUNICATIONS: Sets Joint Final Meeting for August 31
COLES GROUP: Wesfarmers Wants Firm Split into 3 Upon Takeover
DEMCO MACHINERY: Placed Under Voluntary Liquidation

FIJOLIN PTY: Names Stephen Humphrys as Liquidator
FINCORP: Court Retains Orders to Preserve Assets of Directors
PAX RAIL: Commences Wind-Up Proceedings
RON H ALLARS: Commences Liquidation Proceedings
SCANLINE EMPLOYEE: Taps Nick Plat as Liquidator

SPARAD (NO. 28): Starts Wind-Up Proceedings
TEREX CORP: Moody's Lifts Corporate Family Rating to Ba2
TIPDELL PTY: Members and Creditors to Meet on August 31
TOP ONE: Members to Receive Wind-Up Report on Sept. 3
UNIVERSAL COMPRESSION: Changes Company Name to Exterran Partners

UNIVERSAL COMPRESSION: Closes Hanover Merger of Equals
VOTORANTIM GROUP: Moody's Puts Ba1 Rating on US$300-Mil. Notes
* ASIC Disqualifies 8 Directors Over Involvement in Failed Cos.


C H I N A   &   H O N G  K O N G

BALDWING WATCH: Appoints Cheuk Yee Man as Liquidator
BALLY TOTAL: Ends Interim Executive Services Pacts with Tatum
BALLY TOTAL: Court Okays Modification of Reorganization Plan
DRAFTWORLDWIDE: Members to Hold General Meeting on Sept. 17
GENTLEMAN GIVENCHY: Placed Under Voluntary Liquidation

HEXCEL CORP: Agrees to Provide Carbon Fiber for USEC Plant
HUGHES NETWORK: Liquidators Resign from Posts
HUTCHISON HARBOUR: Commences Wind-Up Proceedings
IAN WILKINSON: Names Poon Chi and Poon Chin as Liquidators
INTERNATIONAL PAPER: Inks 50:50 Joint Venture with Ilim Holding

PHILIP MORRIS: Taps Moyes and Yuen as Liquidators
ROUSSEL UCLAF: Liquidators Quit Post
S.T. INDUSTRIAL: Shareholders Opt to Shut Down Business
SANMINA: Moody's Puts Ratings Under Review for Possible Cut
SHIMAO PROPERTY: Property Sales Triple 1H to CNY2.08 Billion

TOM GROUP: Posts HK$72MM Net Loss Due to Unit's Poor Performance
WEALTHY BOND: Accepting Proofs of Debt Until September 17


I N D I A

AES CORP: Fitch Affirms B+ Issuer Default Rating
AES CORP: Unit to End Appraisal of Brasiliana Stake by Next Week
DUNLOP INDIA: BIFR Seeks Explanation on Asset Sale to Units
EXIDE TECHNOLOGIES: Wants Until October 31 to Object to Claims
EXIDE TECHNOLOGIES: Posts US$35.7-Mil. Net Loss in First Quarter

HAYES LEMMERZ: Promotes James Yost as Executive Vice Pres. & CFO
RAS COMPANIES: Essel Propack to Revive Companies Under BIFR
SPICEJET LTD: To Raise US$80 Million for Fleet Expansion
SPICEJET LTD: Plans to Launch Overseas Flights


I N D O N E S I A

BANK NIAGA: Signs MOU with Asiana Lintas on Apartment Mortgages
DELHAIZE GROUP: S&P Withdraws BB+ Rating at Company's Request
FREEPORT-MCMORAN: Indonesian Unit Must Prepare Compromising Deal
FREEPORT-MCMORAN: Atticus Capital Increases Stake
HANOVER COMPRESSOR: Stockholders OK Universal Compression Merger

HANOVER COMPRESSOR: Redeems US$383 Mil. of Senior Secured Notes
MEDCO ENERGI: To Spend US$135-US$144MM on Three Ethanol Plants
MOBILE 8: Unit Sells US$100 Million Bonds
PARKER DRILLING: Gets Official Letter from Ministry of Finance


J A P A N

ALL NIPPON: Alters Fuel Surcharge on Int'l Cargo Due to Increase
DELPHI CORP: Disclosure Statement Hearing Scheduled on Oct. 3
DELPHI CORP: Wants to Establish Adversary Proceeding Procedures
TENNECO INC: Buying Combustion Components Business for US$16 Mln


K O R E A

C&C ENTERPRISE: Amends Listing Date of Common Stock Offering
EG SEMICON: Fails to Issue Common Shares
EG GREENTECH: Obtains 70% Stake in PT Estar Indonesia


M A L A Y S I A

MBF HOLDINGS: Posts MYR15-Million Net Profit in Quarter to June
SELOGA HOLDINGS: Records MYR1.59-Mil. Net Profit in '07 2nd Qtr
SOLECTRON CORP: Inks Service Contract with LSI Corporation
SOLUTIA INC: Has Until November 5 to Remove Civil Actions
TRANSOCEAN HOLDINGS: Bursa to Delist Securities on August 30

TRANSMILE GROUP: KPMG to Replace Deloitte as Auditors


N E W  Z E A L A N D

AIR NEW ZEALAND: Passenger Load Up 6.7% in July 2007
B W HAYWARD: Fixes August 24 as Last Day to File Claims
D R ARCHITECTURAL: Creditors' Proofs of Debt Due on Sept. 21
INDIAN FOOD: Court to Hear Wind-Up Petition on October 4
N & T DEVELOPMENTS: Sets Wind-Up Petition Hearing for October 18

NEW KITCHENS: Faces Nicholls & Maher's Liquidation Petition
PENROSE PARKING: Subject to Haydn & Rollett's Wind-Up Petition
PROGRESSIVE DRYWALL: Undergoes Wind-Up Proceedings
REFINERY CAFE: Faces Liquidation Proceedings
SIGMA PROJECTS: Appoints Damien Grant as Liquidator

THE DENTAL SHOP: Proofs of Debt Due on October 19


P H I L I P P I N E S

BANCO DE ORO-EPCI: To Acquire American Express' Philippine Unit
BANCO DE ORO-EPCI: Reports PHP1.37-Bil. Net Income for 2nd Qtr.
BANCO DE ORO-EPCI: BSP Approves PHP10BB Unsecured Debt Issuance
BANGKO SENTRAL: Sees No Negative Effect of US Mortgage Crisis
BANGKO SENTRAL: Will Review Projections for Balance of Payments

EXPORT AND INDUSTRY BANK: Releases List of Directorship Nominees
FIL-ESTATE: Shares Trading on Halt Pending Probe on CJH Deal
FORUM PACIFIC: Reports PHP4.134-Mil. Net Loss for 2007 2nd Qtr
IPVG CORP: Posts PHP43.51-Million Net Income for First Half 2007
MARIWASA MFG: Int'l Finance Negotiates Debt Restructuring Deal

PAL HOLDINGS: Discloses Final List of Nominees for Directorship
SECURITY BANK: Announces Regular, Special Cash Dividends
* Government Borrowings for January to July Decrease by 15%
* Local Currency Weakens, Closing at PHP46.90/US$1 on Tuesday


S I N G A P O R E

L & M GROUP: Discloses Results of Creditors' Meeting
LEVI STRAUSS: Moody's Affirms B1 Corporate Family Rating
PACIFIC CENTURY: Posts SGD321-Mil. Net Profit in 2nd Qtr. 2007
REFCO INC: Files Quarterly Report for Second Quarter 2007
SCOTTISH RE: Has Over US$500MM Available Liquidity as of June 30


T H A I L A N D

ABICO HOLDINGS: Suspension Sign on Securities Remains in Effect
ADVANCED PAINT: Posts THB4.08-Million Net Loss for 2nd Quarter
ASIA HOTEL: THB1.091 Bil. Deficit Prompt's Going Concern Doubt
BANGKOK RUBBER: THB2.23-Bil. Deficit Prompts Going Concern Doubt
CENTRAL PAPER: Posts THB31.893-Mil. Net Loss for 2007 First Half

CIRCUIT ELECTRONICS: Posts THB33.13-Mil. Net Loss for 1st Half


V I E T N A M

VIETNAM TECHCOMBANK: HSBC to Manage Dong Bonds


* Fitch: Limited Impact on AP Banks from Subprime Exposure

     - - - - - - - -

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

BUCKEYE TECHNOLOGIES: Calls for US$60MM Redemption of Sr. Notes
---------------------------------------------------------------
Buckeye Technologies Inc. has called for redemption prior to
their maturity US$60 million in aggregate principal amount of
its outstanding 9-1/4% Senior Subordinated Notes due 2008, and
will redeem on Sept. 17, 2007, in accordance with their terms.

Upon completion of this redemption, none of the 2008 Notes will
remain outstanding.  A formal notice of redemption has been sent
separately to the affected holders of the 2008 Notes, in
accordance with the terms of the indenture for the 2008 Notes.
Buckeye plans to finance this redemption using its new revolving
credit facility.

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil and Australia.  Its products are sold
worldwide to makers of consumer and industrial goods.

                         *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


CANBERRA WORKWEAR: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
At an extraordinary general meeting held on July 19, 2007, a
special resolution was passed to liquidate the business of
Canberra Workwear Pty Limited due to the opinion of its
directors that the company will not be able to pay its debts
within 12 months.

The company's liquidator is:

         Stephen Jay
         Suite 103, 1st Floor
         Wollundry Chambers
         Johnson Street
         Wagga Wagga, New South Wales 2650
         Australia

                    About Canberra Workwear

Canberra Workwear Pty Limited operates miscellaneous apparel and
accessory stores.  The company is located at Belconnen, in ACT,
Australia.


CATALYST COMMUNICATIONS: Sets Joint Final Meeting for August 31
---------------------------------------------------------------
A final meeting will be held for the members and creditors of
Catalyst Communications and Training Pty Limited on August 31,
2007, at 10:00 a.m.

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

The company's liquidator is:

         Adam Shepard
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9223 2944

                  About Catalyst Communications

Catalyst Communications and Training Pty Limited is a
distributor of durable goods.  The company is located at Mosman,
in New South Wales, Australia.


COLES GROUP: Wesfarmers Wants Firm Split into 3 Upon Takeover
-------------------------------------------------------------
Wesfarmers Ltd. plans to divide Coles Group Limited into three
businesses and spend AU$5 billion to boost sales growth if its
proposed takeover succeeds, Ben Sharples writes for The Courier-
Mail.

According to the report, Wesfarmers will break Coles into three
divisions -- food; liquor and convenience; and Big Box
retailing.

This planned move, writes Mr. Sharples, is aimed at slashing
costs and integrating Coles' operations into Wesfarmers'
structure, expecting a AU$385-million reduction in corporate
overheads.

Big Box would include Wesfarmers' Bunnings hardware business and
Coles' Officeworks and Target and Coles' Kmart unit would be run
as a separate division while it undertook a review of various
options for the business, conveys Mr. Sharples.

Reportedly, Wesfarmers will spend about AU$5 billion on the
Coles businesses over the next five years in an attempt to
revive sales growth.

Despite the market volatility, Wesfarmers managing director
Richard Goyder claims that acquiring Coles is still a good
investment, relates Mr. Sharples.

                        About Coles Group

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

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


DEMCO MACHINERY: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on July 18, 2007, the members of
Demco Machinery Co Pty Ltd resolved to voluntarily liquidate the
company's business and appointed Paul Sidney Bridle as
liquidator.

The Liquidator can be reached at:

         Paul Sidney Bridle
         15 Carnarvon Road
         PO Box 58 Roseville
         New South Wales 2069
         Australia

                      About Demco Machinery

Demco Machinery Co Pty Ltd is a distributor of industrial
machineries and equipments.  The company is located at
Greenacre, in New South Wales, Australia.


FIJOLIN PTY: Names Stephen Humphrys as Liquidator
-------------------------------------------------
On June 27, 2007, the members of Fijolin Pty Ltd resolved to
voluntarily wind up the company's operations.  Stephen Humphrys
was then appointed as liquidator.

The Liquidator can be reached at:

         Stephen Humphrys
         c/o Level 4, 34 Hunter Street
         Sydney, New South Wales 2000
         Australia

                        About Fijolin Pty

Located in South Australia, Fijolin Pty Ltd is an investor
relation company.


FINCORP: Court Retains Orders to Preserve Assets of Directors
-------------------------------------------------------------
Justice McDougall, of the Supreme Court of New South Wales,
entered on Aug. 14 an order rejecting the applications filed by
former Fincorp directors, Graeme Byers and Craig Stubbs.  The
applications sought to overturn freezing orders preventing the
dispersal of the former directors' assets.

The freezing orders, initially obtained ex parte by the
Australian Securities and Investments Commission on July 5,
2007, restrained former directors of Fincorp Investments Limited
(Administrators Appointed) from removing or causing or
permitting to be removed from New South Wales and from Australia
all or any of their assets and from selling, charging,
mortgaging or otherwise dealing with or disposing of all or any
of their assets, apart from reasonable living and other
expenses.

On July 16, 2007, these freezing orders were continued for
varying periods, with some matters being listed to return to
Court to consider various applications by a number of the
defendants.

On Aug. 13, 2007, by consent, the orders were continued against
directors Peter Pengilley, Neil Livingstone and Deborah
Livingstone.  Mr. Byers and Mr. Stubbs sought to have the orders
revoked.

Justice McDougall rejected the defendants' applications and made
orders continuing the asset preservation orders against each of
the defendants until Oct. 15, 2007.  Justice McDougall also
issued orders requiring each of the two defendants to file
affidavits disclosing their assets.

Related proceedings, involving Macarthur Investment Group Pty
Limited and applications filed by York Capital Limited and
Fincorp Development Pty Limited (in Liquidation), have been
stood over to Aug. 23, 2007.

The ASIC's investigations are continuing.

                        About Fincorp

Fincorp Group -- http://www.fincorp.com.au/-- in its current
structure was established in July 2005.  The company is a
boutique funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.

                          *     *     *

On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt, of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

Fincorp Group has reportedly been struggling under heavy inter-
company debt loads and negative cashflow, the TCR-AP cited a
report from The Australian, published on March 26, 2007.


PAX RAIL: Commences Wind-Up Proceedings
---------------------------------------
On July 20, 2007, the members of Pax Rail Pty Limited resolved
to voluntarily wind up the company's operations.

C R Campbell and S J Cathro were named as liquidators.

The Liquidators can be reached at:

         C R Campbell
         S J Cathro
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia

                         About Pax Rail

Pax Rail Pty Limited is a distributor of durable goods.  The
company is located at Keswick, in South Australia.


RON H ALLARS: Commences Liquidation Proceedings
-----------------------------------------------
The members of Ron H Allars Pty Ltd met on June 22, 2007, and
agreed to liquidate the company's business.

The company's liquidator can be reached at:

         Palmers Chartered Accountants
         Suite 5, 13-15 Francis Street
         Dee Why, New South Wales 2099
         Australia
         Telephone:(02) 9982 7200
         Facsimile:(02) 9971 9878

                       About Ron H Allars

Ron H Allars Pty Ltd provides services to insurance agents and
brokers.  The company is located at Stones Corner, in
Queensland, Australia.


SCANLINE EMPLOYEE: Taps Nick Plat as Liquidator
-----------------------------------------------
On July 16, 2007, the members of Scanline Employee Share Plan
Pty Limited had a meeting and resolved to liquidate the
company's business.

Nick Plat of PT Partners was named as liquidator.

                     About Scanline Employee

Located at Kellyville, in New South Wales, Australia, Scanline
Employee Share Plan Pty Limited is an investor relation company.


SPARAD (NO. 28): Starts Wind-Up Proceedings
-------------------------------------------
During a general meeting held on July 23, 2007, the members of
Sparad (No. 28) Pty Ltd agreed to voluntarily wind up the
company's operations.  Ronald Manser was then named as
liquidator.

                      About Sparad (No 28)

Sparad (No 28) Pty Ltd operates miscellaneous business credit
institutions.  The company is located in Sydney, New South
Wales, Australia.


TEREX CORP: Moody's Lifts Corporate Family Rating to Ba2
--------------------------------------------------------
Moody's Investors Service raised Terex Corporation's corporate
family rating to Ba2 from Ba3.

In addition, Terex's probability of default rating was raised to
Ba2 from Ba3 and the rating on the US$300 million 7.375% senior
subordinated notes was raised to Ba3 LGD5, 77% from B1 LGD5,
76%.  The rating on Terex's senior secured bank facility remains
at Ba1 LGD2, though the associated loss given default assessment
rate has declined to 24% from 22%.  The ratings outlook is
stable.

The corporate family rating has been raised to Ba2 due to
recently strong operating performance, debt reductions and the
improving control environment.  Since June of 2006 Terex's last
twelve month revenues increased to US$8.2 billion from US$6.8
billion, EBITA margin strengthened to 11.1% from 8.7% and total
debt declined to US$1.7 billion from US$2.0 billion.  In Moody's
view Terex has made significant progress toward remediating the
remaining material weakness that was identified by the company
and confirmed by Pricewaterhouse Coopers as part of its audit of
the company's 2006 financial statements.  This material weakness
concerned the lack of control over tax reporting.  Recent
remediation steps have included improvements in the supporting
documentation and practices used in the tax provision
calculation process, hiring tax managers in the U.S. and U.K.,
and developing models to better update FIN 48 provisions and
balances.  The progress made in improving internal controls has
lessened some of the uncertainty that was weighing on the
ratings.

Although the corporate family and probability of default ratings
have improved, the rating on Terex's senior secured bank
facility debt remains unchanged largely due to the change in
capital structure that occurred in January 2007 when the company
redeemed its US$200 million 9.25% senior subordinated notes. The
redemption reduced the amount of debt with a priority claim
junior to the priority claim of the credit facility debt.  That
is, though Moody's views the probability of Terex's default to
now be lower, given default, Moody's would expect the degree of
recovery realized by the bank debt class to be unchanged;
conversely, the expected degree of recovery realized by the
US$300 million 7.375% senior subordinated notes class would now
be greater.

The key risks that Terex faces are potential near-term weakening
of the economy, the cyclicality of its end markets, and
potential costs associated with any resolution of the Securities
and Exchange Commission and U.S.  Department of Justice
investigations.  In addition, parts shortages for certain
classes of heavy equipment are slowing inventory turns and
partially limiting flow through of higher earnings.
Nevertheless, Moody's expects that Terex should now be able to
weather these risks within the Ba2 rating level due to the
company's improved balance sheet, and commitment to maintain
ample liquidity.

The SGL-1 Speculative Grade Liquidity Rating anticipates that
the company will maintain very good liquidity over the next 12-
month period.  Terex's operating cash flow generation combined
with about US$473 available under its committed revolving credit
facility and about US$453 million in cash at the end of June
2007 should be sufficient to fund the company's normal operating
capital requirements, capital spending and debt service over the
next 12 months.

Headquartered in Westport, Connecticut, Terex Corporation --
http://www.terex.com/-- is a diversified global manufacturer of
construction, infrastructure and surface mining equipment.  The
company has operations in Australia, Brazil, China, Japan,
Germany, United Kingdom, among others.  Last 12 months June 30,
2007 revenues were approximately US$8.2 billion.


TIPDELL PTY: Members and Creditors to Meet on August 31
-------------------------------------------------------
Tipdell Pty Limited will hold a final meeting for its members
and creditors on August 31, 2007, at 10:00 a.m.

At the meeting, Roderick Mackay Sutherland, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 4, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9236 8333
         Facsimile:(02) 9236 8334

                        About Tipdell Pty

Tipdell Pty Limited is a land subdivider and developer, except
for cemeteries.  The company is located in Sydney, New South
Wales.


TOP ONE: Members to Receive Wind-Up Report on Sept. 3
-----------------------------------------------------
The members of Top One Painting Pty Ltd will meet on
September 3, 2007, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Richard Albarran
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                           About Top One

Top One Painting Pty Ltd is a distributor of paintings and paper
hangings.  The company is located at Ingleburn, in New South
Wales, Australia.


UNIVERSAL COMPRESSION: Changes Company Name to Exterran Partners
----------------------------------------------------------------
Universal Compression Partners L.P. has changed its name to
Exterran Partners, L.P. concurrent with the closing of the
merger of Hanover Compressor Company and Universal Compression
Holdings, Inc. into Exterran Holdings, Inc.  Effective Aug. 21,
2007, Exterran Partners' common units will trade on the NASDAQ
Global Select Market under the symbol "EXLP."

Headquartered in Houston, Texas, Universal Compression Holdings,
Inc. -- http://www.universalcompression.com/-- provides natural
gas compression equipment and services, primarily to the energy
industry in the United States, Argentina, Australia, Bolivia,
Brazil, Canada, China, Colombia, Ecuador, Indonesia, Mexico,
Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia and
Venezuela.  Its primary fabrication facilities are located in
Houston, Texas, and Calgary, Alberta.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 23, 2006,
Standard & Poor's Ratings Services raises its corporate credit
rating on Universal Compression Holdings Inc. to 'BB' from
'BB-'.  At the same time, assigns its 'BB' rating and '3'
recovery rating to Universal Compression's US$500 million
revolving credit facility.  The Houston, Texas-based oilfield
services company had approximately US$807 million in debt
outstanding following the IPO of its subsidiary Universal
Compression Partners L.P.


UNIVERSAL COMPRESSION: Closes Hanover Merger of Equals
------------------------------------------------------
Universal Compression Holdings Inc. and Hanover Compressor
Company completed their merger of equals, originally announced
in February 2007.  Effective Aug. 21, 2007, the common stock of
the new combined company, Exterran, will trade under the symbol
"EXH" on the New York Stock Exchange, and the common stock of
Hanover and Universal will no longer be traded.  Each common
share of Hanover will be converted to 0.325 shares of Exterran,
and each common share of Universal will be converted to one
common share of Exterran.

"This combination of two great companies creates a leader in
compression and surface production solutions for the worldwide
oil and gas industry," said Exterran's President and Chief
Executive Officer, Stephen A. Snider.  "The merger positions
Exterran with a broad range of products and services, a wide
geographic presence and the financial strength necessary to meet
the full compression services and production and processing
equipment requirements of our customers around the globe.  Our
terrific team of employees has worked hard to reach this
important milestone, and we look forward to seizing the growth
opportunities that our enhanced size and scope provide."

                     About Hanover Compressor

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors  as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.

                   About Universal Compression

Headquartered in Houston, Texas, Universal Compression Holdings,
Inc. nka Exterran Holdings Inc. -- http://www.exterran.com/--
provides natural gas compression equipment and services,
primarily to the energy industry in the United States,
Argentina, Australia, Bolivia, Brazil, Canada, China, Colombia,
Ecuador, Indonesia, Mexico, Nigeria, Peru, Russia, Switzerland,
Thailand, Tunisia and Venezuela.  Its primary fabrication
facilities are located in Houston, Texas, and Calgary, Alberta.

                       *    *    *

As reported in the Troubled Company Reporter on Nov. 23, 2006,
Standard & Poor's Ratings Services raises its corporate credit
rating on Universal Compression Holdings Inc. to 'BB' from
'BB-'.  At the same time, assigns its 'BB' rating and '3'
recovery rating to Universal Compression's US$500 million
revolving credit facility.  The Houston, Texas-based oilfield
services company had approximately US$807 million in debt
outstanding following the IPO of its subsidiary Universal
Compression Partners L.P.


VOTORANTIM GROUP: Moody's Puts Ba1 Rating on US$300-Mil. Notes
--------------------------------------------------------------
Moody's investors service has placed under review for possible
upgrade the Ba1 foreign currency rating on Votorantim Overseas
Trading Operations -- Voto III's US$300 million guaranteed
senior unsecured notes due 2014.  The notes are jointly,
severally, unconditionally and irrevocably guaranteed by
Votorantim Participacoes S.A. (100% guarantee liability;
Votorantim), Votorantim Celulose e Papel S.A. (guarantee
liability limited to 15% of the outstanding amount of the
notes), Votorantim Cimento Brasil Ltda. (guarantee liability
limited to 45%), and Votorantim Metais Zinco Ltda. (guarantee
liability limited to 40%).

While the group's diversified portfolio, cost-efficient
operations, strong debt protection metrics and liquidity have
been supportive of an investment grade rating, its level of
transparency and complex organizational structure have been
major constraining factors.  The rating action of placing the
notes rating under review for possible upgrade recognizes both
the operating improvements of Votorantim as well as the efforts
to improve transparency and simplify its corporate structure.

The review will focus on the sustainability of the group's
operating performance and its ongoing commitment to improve
transparency to a level that Moody's would consider to be more
appropriate for an investment grade issuer.  Some of the issues
that Moody's is concerned about are the lack of audited
quarterly cash flow statements, better business segment
disclosure and a still complex organizational structure, even
after recent progress in this area.

Votorantim is a privately held conglomerate with a diverse
business portfolio that includes banking, metals and mining,
pulp and paper, cement, agribusiness, and chemicals.  Votorantim
reported consolidated net revenues of BRL28,978 million
(US$13,293 million) in 2006.

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in cement, pulp and paper,
and metals and mining industries.  The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.

The company has global presence in Australia, Singapore, and
Germany.


* ASIC Disqualifies 8 Directors Over Involvement in Failed Cos.
---------------------------------------------------------------
The Australian Securities & Investment Commission has
disqualified eight directors from managing corporations
following their involvement in failed companies.

1. Matthew John Mills

   The ASIC has disqualified bankrupt roadside services
   operator, Matthew John Mills, of Londonderry, New South
   Wales, from managing corporations for a maximum period of
   five years.

   The disqualification of Mr. Mills follows an ASIC
   investigation into his role with respect to the failed
   companies, N.R.T.A. Pty. Ltd. and MTA Roadservice Australia
   Pty. Ltd.  ASIC found that the companies failed to comply
   with statutory requirements to the Australian Taxation Office
   and that Mr. Mills failed to keep proper financial records.
   Further, Mr. Mills managed MTA Roadservice Australia,
   Motorists Transport Assistance Pty. Ltd., MTA Road Service
   Batteries Pty. Ltd., MTA Roadservice Assist Pty. Ltd. and
   Leeroy Brown Corporation Pty. Ltd. whilst an undischarged
   bankrupt.

   ASIC's inquiries into the conduct of Mr. Mills are
   continuing.  ASIC acknowledges the assistance provided by the
   NSW Office of Fair Trading with respect to this matter.

2. Mark McInnes

   ASIC has disqualified packaging operator, Mark McInnes, of
   Narrabri, New South Wales, from managing corporations for a
   maximum period of five years.

   The disqualification of Mr. McInnes follows an ASIC
   investigation into his role with respect to the failed
   companies, McInnes Group Pty. Ltd., McInnes Trading Pty.
   Ltd., McInnes Trading Australia Pty. Ltd., McInnes Packaging
   Pty. Ltd. and McInnes Processing Pty. Ltd.

   ASIC's investigation found that McInnes Group, McInnes
   Trading, McInnes Trading Australia and McInnes Processing had
   failed to pay their statutory liabilities.  Further,
   Mr. McInnes failed to keep financial records, failed to
   assist liquidators and allowed McInnes Group and McInnes
   Trading to trade while insolvent.

3. Michael Francis Byrne

   ASIC has disqualified labor hire provider and property
   developer, Michael Francis Byrne, of Mosman Park, Western
   Australia, for a maximum period of five years.

   Mr. Byrne's disqualification follows his involvement in nine
   failed companies, Immediate Staffing Pty. Ltd., Civil Pacific
   Pty. Ltd., MPI Developments Pty. Ltd., Lilyfield Developments
   Pty. Ltd., Norberta Developments Pty. Ltd., Workforce One
   Pty. Ltd., ACN 103 898 193 Pty. Ltd. (formerly Queforce Pty.
   Ltd.), Tinbyr Investments Pty. Ltd. and Waforce Pty. Ltd..

   ASIC found that Immediate Staffing, Civil Pacific, MPI
   Developments, Lilyfield Developments, Norberta Developments
   and Workforce One failed to keep full and proper accounting
   records.  Further, Mr. Byrne withdrew funds from the bank
   account of Lilyfield Developments following the appointment
   of an administrator to the company.  Mr. Byrne was also
   disqualified because he used funds from his labour hire
   companies to prop up the property development companies,
   resulting in the accruing of tax debts that could not be
   paid.

4. Mark William Stevens

   ASIC has disqualified business consultant, Mark William
   Stevens, of Griffith, Australian Capital Territory, from
   managing corporations for four years.

   The disqualification of Mr. Stevens follows an ASIC
   investigation into his involvement in three failed companies,
   IISM Group Pty. Ltd., Infinium Contracting Pty. Ltd. and
   Dearnmak Pty. Ltd.

   ASIC found that Mr. Stevens had breached his duties as a
   director of IISM Group and Infinium Contracting in that he
   arranged for each company to provide loans to related
   entities with no commercial rationale for the loans and
   without the prospect of repayment.  ASIC also found that
   Mr. Stevens transferred the business conducted by IISM Group
   to Dearnmak for no consideration which was in further breach
   of his duties as a director.

   In addition, ASIC found that Mr. Stevens arranged for funds
   paid in relation to an invoice rendered by Dearnmak to be
   deposited into the bank account of IISM Group and that he had
   allowed all companies to accrue significant debts to the ATO.

5. Gregory Mark McGuiness

   ASIC has disqualified financier, Gregory Mark McGuiness, of
   Victoria Point, Queensland, from managing corporations for
   three years.

   The disqualification of Mr. McGuiness follows an ASIC
   investigation into his involvement in three failed companies,
   Zenith Constructions Queensland Pty. Ltd., Zenith Finance QLD
   Pty. Ltd. and ZCQ Corporation Pty. Ltd. (the companies).

   ASIC found that the companies failed to comply with their
   statutory requirements to the ATO and outstanding unrelated
   employee entitlements.  Further, Mr. McGuiness failed to
   ensure that Zenith Constructions kept proper financial
   records and failed to prevent it from trading while
   insolvent.

6. Anthony John Goss

   ASIC has disqualified building contractor, Anthony John Goss,
   of Middle Park, Victoria, from managing corporations for
   three years.

   The disqualification of Mr. Goss follows an ASIC
   investigation into his involvement in four failed companies,
   Melbourne Transit Pty. Ltd., Emerald Glen Constructions Pty.
   Ltd., Gardenflower Pty. Ltd. and Green Skies Pty. Ltd.

   ASIC found that Mr. Goss failed to ensure that Melbourne
   Transit maintained proper books and records.  Further, he
   allowed Melbourne Transit and Emerald Glen Constructions to
   trade while insolvent.

7. Peter William Gallus

   ASIC has disqualified property developer, Peter William
   Gallus, of Labrador, Queensland, from managing corporations
   for two years.

   The disqualification of Mr. Gallus follows an investigation
   by ASIC regarding his role in the failed companies, Ammbar
   Pty. Ltd., Gallus Property Group Pty. Ltd., Beach Vista Pty.
   Ltd., Fairmede Pty. Ltd. and Permanent Finance Corporation
   Pty. Ltd..

   ASIC found that Ammbar and Beach Vista failed to meet
   significant statutory liabilities to the ATO.

8. Robert Norman Francis

   ASIC has disqualified property developer, Robert Norman
   Francis, of Ashfield, Western Australia, from managing
   corporations for two years.

   The disqualification of Mr. Francis follows an ASIC
   investigation into his involvement in four failed companies,
   Nu-Western Developments Pty. Ltd., Australasian Valve
   Solutions Pty. Ltd., Advanced Corporate Services
   (Australasia) Pty. Ltd. and Nu-West Property Systems Pty.
   Ltd.

   ASIC found that Australasian Valve Solutions failed to
   maintain proper books and records while Mr. Francis failed to
   assist the liquidators of Nu-Western Developments and
   Australasian Valve Solutions by not providing a report as to
   the company's affairs.  Further, Mr. Francis allowed the
   business of Australasian Valve Solutions to be transferred to
   a related entity for no consideration for the purpose of
   defeating the creditors of Australasian Valve Solutions.

The eight disqualified individuals have the right to appeal to
the Administrative Appeals Tribunal for a review of ASIC's
decision.


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

BALDWING WATCH: Appoints Cheuk Yee Man as Liquidator
----------------------------------------------------
Cheuk Yee Man was named as liquidator for Baldwing Watch Co.,
Limited, through a special resolution passed on August 8, 2007.

The Liquidator can be reached at:

         Cheuk Yee Man
         Room 2810, 28th Floor
         113 Argyle Street
         Kowloon


BALLY TOTAL: Ends Interim Executive Services Pacts with Tatum
-------------------------------------------------------------
Bally Total Fitness Holding Corp. told Reuters that it has ended
its interim executive services accords with Tatum LLC.

Bally Total said in a regulatory filing that the services of its
interim chief financial officer, Ronald Eidell, and interim
corporate controller, Michael Goldberg, were terminated,
effective Aug. 15.

Bally Total told Reuters that it failed to negotiate the
retention of Tatum, Mr. Eidell and Mr. Goldberg "on terms
satisfactory to the U.S. trustee appointed by a bankruptcy
court."

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

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

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


BALLY TOTAL: Court Okays Modification of Reorganization Plan
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
granted Bally Total Fitness Holding Corp.'s motion to amend its
Joint Prepackaged Chapter 11 Plan of Reorganization to implement
a superior alternative restructuring proposal from Harbinger
Capital Partners Master Fund I, Ltd. and Harbinger Capital
Partners Special Situations Fund L.P. without the need to
resolicit approval from its creditors.

The Court also approved the Investment Agreement providing for
Harbinger's commitment to make a $233.6 million equity
investment in the company, and Restructuring Support Agreements
among the parties, including holders of approximately 80% of the
company's Senior Subordinated Notes and more than 55% of the
company's Senior Notes, reflecting their commitment to implement
the Harbinger-funded restructuring through the amended plan on
the same timetable as the company's original plan.

Under the amended plan, the company can consummate the
restructuring set forth in the Existing Plan under certain
circumstances.

In addition, the Court approved the company's debtor-in
possession Financing and Exit Credit Facilities.  The company
expects to close its DIP tomorrow, refinancing the existing
senior secured facility.

Morgan Stanley Senior Funding, Inc. is sole lead arranger and
sole bookrunner for the $292 million of super-priority secured
DIP and the senior secured exit credit facilities.  The exit
facilities provide financing under the amended plan for either
the Harbinger funded proposal or the noteholder proposal.

The DIP and the exit facilities provide for a $50 million
revolving credit facility and a $242 million term loan.

"Obtaining the Court's authorization to amend our plan, without
requiring resolicitation of plan acceptances, is a significant
accomplishment and marks the beginning of a new era for Bally
Total Fitness," Don R. Kornstein, interim chairman and chief
restructuring officer of Bally Total Fitness, said.  "We look
forward to executing on this plan in partnership with Harbinger,
and emerging promptly from chapter 11 protection as a stronger
company, with the financial resources to continue investing in
our clubs and facilities."

The confirmation hearing on the amended plan is scheduled for
Sept. 17, 2007.  If confirmed the company expects to implement
the amended plan and emerge from chapter 11 by the end of
September 2007.

In re Bally Total Fitness of Greater New York, et al. Case No.
07-12395, is pending before the Honorable Burton R. Lifland in
the United States Bankruptcy Court for the Southern District of
New York.

More detailed information on the treatment of claims under the
amended plan is available on Bally Chapter 11 Information
Hotline:  Toll Free: (888) 251-3046.

                     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 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 $408,546,205 in total
assets and $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.


DRAFTWORLDWIDE: Members to Hold General Meeting on Sept. 17
-----------------------------------------------------------
The members of Draftworldwide Limited will hold their final
general meeting on September 17, 2007, at 10:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Brian Jackson
         China Merchants Tower, 12th Floor
         Shun Tak Centre
         168-200 Connaught Road Central
         Hong Kong


GENTLEMAN GIVENCHY: Placed Under Voluntary Liquidation
------------------------------------------------------
On August 3, 2007, the shareholders of Gentleman Givenchy (Far
East) Limited passed a resolution to wind up the company's
operations.

Ying Hing Chiu and Chung Miu Yin, Diana were appointed as
liquidators.

The Liquidators can be reached at:

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


HEXCEL CORP: Agrees to Provide Carbon Fiber for USEC Plant
----------------------------------------------------------
Hexcel Corporation had entered into an agreement with USEC Inc.
and Alliant Techsystems Inc. to supply carbon fiber required for
USEC's planned American Centrifuge Plant for the enrichment of
uranium for commercial nuclear power reactors.  The centrifuge
method of enrichment will use over 11,500 rotor tubes and is
more cost effective than the alternative gas diffusion
enrichment process.  Traditionally the rotors were made of
aluminum alloy, steel or fiberglass, but switching to stronger
and lighter weight carbon fiber allows for increased efficiency.

In September 2006 ATK announced that it had started
demonstration and qualification work on composite rotor tubes
for the ACP.  USEC received a Nuclear Regulatory Commission
license to construct the ACP in April 2007.  Hexcel currently
estimates that carbon fiber sales for the initial 3.8 million
separative work units plant will be approximately US$100 million
starting in late 2008, with the majority of deliveries likely to
be in the 2010 and 2011 depending on USEC and ATK's
manufacturing schedule.  The agreement contemplates that USEC
also may purchase significant quantities of additional carbon
fiber product needed for the ACP.

Mr. David E. Berges, Hexcel's Chairman and Chief Executive
Officer, said "Hexcel is very pleased to be part of the USEC
project which has the potential for additional production to
follow.  We also welcome this opportunity to reinforce our long
standing relationship as a supplier to ATK.  We previously
announced that we are targeting increasing the penetration of
our carbon fiber into high-end industrial applications, and the
USEC application complements this strategy.  Our capacity
additions for carbon fiber will be capable of supporting both
aerospace and this segment of the industrial market
interchangeably."

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                          *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  The ratings outlook was Stable.


HUGHES NETWORK: Liquidators Resign from Posts
---------------------------------------------
Natalia Seng Sze Ka Mee and Cheng Pik Yuk ceased to act as
liquidators of Hughes Network Systems Limited on August 7, 2007.

The former Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cheng Pik Yuk
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


HUTCHISON HARBOUR: Commences Wind-Up Proceedings
------------------------------------------------
On August 8, 2007, the shareholders of Hutchison Harbour Ring
Asia Pacific Limited and Hutchison Harbour Ring Hong Kong
Limited passed a resolution to liquidate the company's business.

Ying Hing Chiu and Chung Miu Yi, Diana were named as
liquidators.

The Liquidators can be reached at:

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


IAN WILKINSON: Names Poon Chi and Poon Chin as Liquidators
----------------------------------------------------------
On August 7, 2007, Poon Chi Woo and Poon Chin Chung, Philip were
named as liquidators for Ian Wilkinson (Asia) Limited.

The Liquidators can be reached at:

         Poon Chi Woo
         Poon Chin Chung, Philip
         Dominion Centre, Room 1307-8
         43-59 Queen's Road East
         Wanchai, Hong Kong


INTERNATIONAL PAPER: Inks 50:50 Joint Venture with Ilim Holding
---------------------------------------------------------------
International Paper and Ilim Holding S.A. have signed a
definitive agreement to form a 50:50 joint venture, a foreign-
domestic alliance in the Russian forest sector.  The joint
venture will operate as Ilim Group.

"After extensive negotiations and due diligence, we remain
impressed with Ilim's performance and potential, and with demand
growth in Russia and Asia for our key products," John Faraci,
International Paper chairman and chief executive officer, said.
"Ilim has continued to strengthen its operations and
substantially improve its profitability, and we're investing at
a good multiple and expect attractive returns.  As we continue
to transform International Paper, focusing on our global
uncoated paper and packaging businesses, the joint venture with
Ilim positions us very well within low- cost, high-growth
markets in Russia and Asia."

According to the terms of the agreement, International Paper
will purchase 50 percent of Ilim Holding S.A., for approximately
US$650 million, subject to certain conditions at closing. Ilim
Holding has an enterprise value of approximately US$1.6 billion,
including debt, EBITDA of approximately US$212 million for the
first six months of 2007, and projected 2007 EBITDA of more than
US$400 million.

The deal received approval from the Russian Federal Antimonopoly
Service in June and is expected to close early in the fourth
quarter of 2007.

"The alliance between International Paper and Ilim Group will
allow us to create value by linking the unique capabilities each
partner offers," Mary Laschinger, International Paper senior
vice president and president of IP Europe, said.  "International
Paper has been a committed part of the Russian forest products
industry since 1999 through the ownership of our Svetogorsk
Mill, and we look forward to the opportunity to grow the joint
venture, while contributing to the development of a sustainable
forest products industry in Russia."

"We are pleased to disclose the beginning of a new stage in the
Group's development," Ilim Group chairman Zakhar Smushkin, said.
"This alliance is an example of cooperation between Russian and
international companies toward effective development and
processing of Russian forest resources."

"I hope this alliance will not just give a powerful impetus
toward Ilim Group's development but will also open the way for
the inflow of investment and know-how that our industry so badly
needs," Mr. Smushkin continued.  "Our alliance is a response to
global market challenges and the appeals from the Russian
President and the Government of Russia. Cooperation sets the
pace for increasing the share of value-added products in our
industry and propels Russia to its well-deserved place in the
global pulp and paper industry."

Ilim Group operates the pulp and paper mills located in the
European and Siberian regions of Russia.  On July 1, 2007, the
ownership of the mills, formerly, Ilim Pulp's Kotlas Pulp and
Paper Mill, Bratsk Wood Industrial Complex and Ust-Ilimsk Wood
Industrial Complex was consolidated under Russian open joint-
stock company Ilim Group, a subsidiary of Ilim Holding.  These
mills produce annually more than 2.5 million tons of market
pulp, uncoated papers and packaging.  The joint venture will
continue to operate this business.

A key element of the proposed joint venture strategy is a long-
term investment program in which the joint venture would invest,
through cash from operations and additional debt, approximately
US$1.5 billion in Ilim's four mills over approximately five
years. This unprecedented investment in the Russian pulp and
paper industry would be used to upgrade equipment, increase
production capacity and allow for new high-value uncoated paper,
pulp and corrugated packaging product development.

The joint venture will be headquartered in St. Petersburg,
Russia, and its board of directors will continue to be chaired
by Mr. Smushkin and will include four members each from
International Paper and Ilim Group.  In addition, Ilim has
accepted International Paper's nomination of IP senior vice
president Paul Herbert to be the joint venture's CEO.

The pulp and paper mill that International Paper currently owns
and operates in Svetogorsk, in Russia's Leningrad region, will
not be owned by the joint venture.  Similarly, Ilim Pulp's wood-
products enterprises will not be integrated into the joint
venture; instead Ilim plans to combine them to create Russia's
largest timber-processing holding company.

                         About Ilim Group

Ilim Group -- http://www.ilimgroup.com/-- was registered in St.
Petersburg on Sept. 27, 2006.  In 2007, the Group was joined by
Kotlas Pulp and Paper Mill, Bratsk Pulp and Containerboard Mill
and Ust-Ilimsk Pulp and Paper Mill as the mills were converted
to a single share.  On July 2 Ilim Group started its activities
as a unified company.  Production assets of the Group are
structured on the production and geographical basis and include
the following business units: SevCBP (Northern Pulp and Paper
Production), SibCBP (Siberian Pulp and Paper Production),
Consumer Packaging and Corrugated Packaging.  The company also
includes centralized service providers to the Group's branches
and subsidiaries.

                    About International Paper

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

                          *     *     *

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


PHILIP MORRIS: Taps Moyes and Yuen as Liquidators
-------------------------------------------------
The members of Philip Morris China Limited met on August 8,
2007, and passed a resolution to liquidate the company's
business.

Paul David Stuart Moyes and Yeung Betty Yuen were named as
liquidators.

The Liquidators can be reached at:

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


ROUSSEL UCLAF: Liquidators Quit Post
------------------------------------
On August 10, 2007, Yeung Betty Yuen and Paul David Stuart Moyes
cease to act as liquidators of Roussel Uclaf China Limited.

The former Liquidators can be reached at:

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


S.T. INDUSTRIAL: Shareholders Opt to Shut Down Business
-------------------------------------------------------
At an extraordinary general meeting held on August 15, 2007, the
shareholders of S.T. Industrial Company Limited resolved to
voluntarily wind up the company's operations and appointed Wong
Yuk Keung as liquidator.

The Liquidator can be reached at:

         Wong Yuk Keung
         G404 Kornhill
         Hong Kong


SANMINA: Moody's Puts Ratings Under Review for Possible Cut
-----------------------------------------------------------
Moody's Investors Service has placed the ratings of Sanmina-SCI
Corporation on review for possible downgrade based on the
company's continued poor operating results, which reflect weak
demand from OEMs and operational inefficiencies in the
components business.

The electronic manufacturing services sector continues to be
plagued by excess capacity, competitive pricing pressures and
ongoing business restructurings.  Moody's review will focus on
Sanmina's ability to grow revenue across all of its end-market
verticals, stabilize its operating margins, effectively manage
its working capital, rationalize its asset base and generate
proceeds from divestitures, namely the low margin PC business.

Sanmina's leverage has increased from 5.4 (Moody's adjusted
debt/EBITDA) at the end of fiscal year 2006 to 7.2 as a result
of weak EBIT levels during the last three quarters.  The
company's operating margin has declined from 2.0% in fiscal year
2006 to 1.4% on a Moody's adjusted basis.

Approximately US$1.6 billion of rated debt affected.

Ratings under review for possible downgrade include:

-- Ba3 Corporate Family Rating;

-- Ba3 rating on US$300 million floating rate notes due 2010;

-- Ba3 rating on US$300 million floating rate notes due 2014;

-- B2 rating on US$400 million senior subordinated notes due
    2013;

-- B2 rating on US$600 million senior subordinated notes due
    2016;

-- SGL-2 Speculative Grade Liquidity Rating.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.


SHIMAO PROPERTY: Property Sales Triple 1H to CNY2.08 Billion
------------------------------------------------------------
Shimao Property Holdings Ltd's 2007 first-half profit tripled to
CNY2.08 billion from last year's CNY704 million, helped by
rising sales in Beijing and other Chinese cities, Bloomberg News
reports, citing the company's filing with the Hong Kong Stock
Exchange.

The company's sales rose 19% to CNY2.6 billion, the financial
report said.

Shimao, according to Bloomberg, benefited as smaller and less-
capitalized builders are forced out of business by the
government's tighter regulation of the real estate industry.

For the first half to June 2007, Shimao added six plots,
expanding its land reserves to 20.63 million square meters (222
million square feet), it said in the statement.  The company
will continue to look for sites in secondary and third tier
cities for expansion, Irene Shen of Bloomberg writes.

In the second half, Shimao expects to complete seven projects
with total gross floor area of 564,000 square meters, the
company's disclosure said.

Shimao will pay an interim dividend of 15 Hong Kong cents per
share.


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

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

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


TOM GROUP: Posts HK$72MM Net Loss Due to Unit's Poor Performance
----------------------------------------------------------------
TOM Group Ltd posted a net loss of HK$72 million in the first-
half period to June 30, 2007, against a net profit of
HK$91.3 million dollars in the same period in 2006, mainly due
on poor figures at one of its Internet units, AFP News reports.

The figures, according to the report, included a HK$54-million
loss at Internet unit TOM Eachnet and the goodwill impairment
provision for unit Tom Online of HK$53 million.

"It has always been a committed strategy for TOM Group to
maintain a diversified and balanced mix of media businesses,"
chief executive office Tommei Tong, was quoted by the news
agency as saying.

"Despite the impact of our online business on the bottom line,
our offline media business posted a 13% increase in revenue and
37% profit growth compared to last year," Mr. Tong said.

AFP relates that Tom Online's wireless Internet business came
under pressure from a new service from China Mobile for users of
its wireless application protocol.   "As Tom Online's wireless
Internet business was affected by the China Mobile policy, a
goodwill impairment provision of approximately HK$53 million
dollars on the business was made for the six months," the
company's statement said.

Overall, Tom's revenue fell 8.6% to HK$1.3 billion dollars after
turnover at its Internet business slipped 28% to HK$565 million.

                     About TOM Group Limited

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

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

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

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


WEALTHY BOND: Accepting Proofs of Debt Until September 17
---------------------------------------------------------
The creditors of Wealthy Bond Limited are required to file their
proofs of debt by September 17, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Ng Kwok Hing
         Eton Building, Unit C, 9th Floor
         288 Dex Voeux Road Central
         Sheung Wan, Hong Kong


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

AES CORP: Fitch Affirms B+ Issuer Default Rating
------------------------------------------------
Fitch ratings has affirmed AES Corporation's Issuer Default
Rating at 'B+', and assigned a short-term IDR of 'B'.

Fitch has also taken these rating actions:

AES:

-- Senior unsecured to 'BB/RR1' from 'BB/RR2'

AES Trust III:

-- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

AES Trust VII:

-- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

AES:

-- Senior secured credit facility at 'BB+/RR1';
-- Junior secured notes at 'BB+/RR1'.

The positive rating actions reflect improvement in asset values
based on Fitch's updated recovery analysis.  Fitch uses a
stressed valuation for AES' assets, most of which are valued on
a discounted cash flow basis using a discount rate and terminal
multiple specific to each asset's operating and financial risks.
The stressed valuation is not reflective of AES' current value
as a going concern, and Fitch notes the estimated asset values
may be below current market levels.  The trust preferred
securities also benefited from the company's redemption in 2006
of senior subordinated notes, which reduced the structural
subordination of the trust preferred securities.

AES's ratings reflect the high level of parent-company recourse
debt, the structural subordination of that debt to project level
debt, the reliance on distributions from its subsidiaries for
parent-company debt service, and the shift in management's focus
to growth from improving credit quality.  The ratings also
reflect the company's large base of cash flows from utility
operations and contracted generation as well as the
diversification of cash flow sources.  The stable rating outlook
reflects Fitch's expectation that credit metrics will stay
within parameters for the current rating as the company focuses
its cash on investing rather than debt reduction for the next
several years.

One area of concern is the company's continued problems with its
financial reporting.  AES has restated its financials five times
during the last three years, and delayed filing its 10-K twice.
Resolving the remaining Sarbanes-Oxley issues may result in
further restatements and delays.

Although the restatements have been relatively minor and non-
cash in nature, the delays caused technical defaults under the
company's bank covenants.  While AES received waivers from its
lenders in the past, the current credit conditions may increase
the difficulty of obtaining future waivers and cause lenders to
demand terms less favorable to the company.

The financial reporting problems also highlight the challenges
of managing operations spread across the world.

The current rating action does not affect the ratings of other
AES affiliates rated by Fitch.  In general, these rated entities
are bankruptcy remote from AES by virtue of their legal
structure or by virtue of their country of location.

AES Corp. -- http://www.aes.com/-- is a global power company.
AES operates in 28 countries, including India, with generating
capacity of 42,000 megawatts of electricity.


AES CORP: Unit to End Appraisal of Brasiliana Stake by Next Week
----------------------------------------------------------------
Britaldo Soares, chief executive officer of The AES Corp.'s
Brazilian unit -- Brasiliana, told the press that the unit
expects appraisals of a 49.99% stake in the company to conclude
by the end of this month.

Business News Americas relates that the date of the sale of the
stake will depend on the stake owner Banco Nacional de
Desenvolvimento Economico e Social SA.

As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Banco Nacional decided to sell a non-controlling
stake in power holding firm Brasiliana.

According to BNamericas, Banco Nacional informed Brasiliana it
would sell its entire stake in the company.

Mr. Soares commented to BNamericas, "Both AES and BNDES [Banco
Nacional] are doing separate appraisals and if the difference is
below 10%, then the process will go ahead. If it's more than
10%, then according to the shareholder agreement, a third
independent appraisal must be made."

The shareholder accord for Brasiliana says that Banco Nacional
can force AES -- which holds 50.01% of Brasiliana -- to sell
control of Brasiliana if it decides not to exercise its right
and purchase the bank's shares, BNamericas says, citing Mr.
Soares.  AES will still decide on the matter.  The firm plans to
"continue to simplify" its Brazilian assets' shareholding
structure.

BNamericas relates that AES wants to continue controlling
Brasiliana and other its other Brazilian units like Eletropaulo
and AES Sul.  AES is pleased with returns from Eletropaulo,
which began distributing dividends this year as market
conditions have improved.  AES Sul is profitable.  Opportunities
in the generation business would grow as power demand is
expected to increase 5% per year.

"The company's top management has already said it wants to
remain in Brazil.  There are several business opportunities
here," Mr. Soares told BNamericas.

                         About Brasiliana

Brasiliana, the holding power firm of most Brazilian assets of
AES Corp., controls power generation firms Eletropaulo, AES
Tiete and AES Uruguaiana.

                       About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                            About AES

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


DUNLOP INDIA: BIFR Seeks Explanation on Asset Sale to Units
-----------------------------------------------------------
The Board for Industrial and Financial Reconstruction asked
Dunlop India Limited for an explanation why the tire maker
transferred or sold its assets to subsidiaries without BIFR
clearance, R. Balaji writes for the Business Line.

BIFR had directed Dunlop India, a sick company, not to dispose
any of its assets.

The company, however, turnaround with a net profit of
INR4.47 billion in the financial year ended March 31, 2007, and
consequently wanted itself out from BIFR's charge.  The net
worth of the company was at INR1.52 billion as of
March 31, 2007, and INR(2.61) billion as of March 31, 2006.
However after excluding Revaluation Reserve, the net worth was
at INR1.06 billion as of March 2007, and at INR(3.62) billion as
of March 2006.

However, the turnaround could be attributed to profit earned
from the transfer of assets to subsidiaries.  "The company
returned to black thanks to income from sale of some of its
assets to its wholly owned subsidiaries and others," Mr. Balaji
relates.

As noted in Dunlop India's FY2007 financials filed at the Bombay
Stock Exchange, the company "has transferred or sold certain non
core assets during the period to its subsidiary companies/others
and the restaurant profit of INR3356.60 million arising out of
such transfer/sale has been included in 'Other Income.'"

Dunlop India reportedly did not sought permission for the asset
sale.  The BIFR's Nominee Director on Dunlop's board told
Business Line that the company has not sought the permission of
the sale, nor was the plan routed through the committee.

According to Business Line, the representative from the
Operating Agency, at a hearing held on July 23, 2007, said that
the company should not be taken out of the purview of the BIFR.
The Operating Agency's representative further pointed out that
the company's shares were not being quoted on the stock
exchange, the news agency says.

Pursuant to an order passed last month, Business Line says, BIFR
sought the company's explanation on:

   -- how it effected the transactions without first taking a
      clearance from BIFR;

   -- why the transfers should not be nullified; and

   -- whether valuation of the assets was done and reserve price
      fixed, advertisements given as required and whether the
      assets were transferred or sold through a transparent
      bidding process through the asset sale committee.

                         About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2006, the company submitted a INR582-crore draft
rehabilitation scheme to the BIFR.

As reported in the TCR-AP's "Large Companies with Insolvent
Balance Sheets" column on May 18, 2007, the company registered
an equity deficit of US$65.30 million.


EXIDE TECHNOLOGIES: Wants Until October 31 to Object to Claims
--------------------------------------------------------------
Exide Technologies asks the U.S. Bankruptcy Court for the
District of Delaware to extend the time by which it may object
to certain claims for approximately 90 days, through and
including Oct. 31, 2007.

Pursuant to the confirmed Joint Plan of Reorganization, the
Debtors, as reorganized, may object to claims filed against them
on or before the later of:

(a) 90 days after the effective date of the Plan; or

(b) within additional period of time as the Court may allow
     the Reorganized Debtor's further request.

Exide Technologies has previously obtained six extensions of the
Claims Objection Bar Date.

Matthew N. Kleiman, Esq., at Matthew N. Kleiman, P.C., in
Chicago, Illinois, relates that more than 6,100 proofs of claim,
seeking an aggregate of US$4,400,000,000, were filed in the
Chapter 11 cases.  Exide Technologies has filed 45 omnibus
claims objections, two individual objections to claims, and has
consensually resolved numerous other claims.

Through Exide Technologies', the Postconfirmation Committee of
Unsecured Creditors' and each of their professionals' efforts,
approximately 5,970 claims have been reviewed, reconciled and
resolved, reducing the total amount of outstanding claims by
over US$3,200,000,000.

Further, Mr. Kleiman narrates, Exide Technologies has completed
13 quarterly distributions to creditors under the Plan,
consisting of distributions on 2,508 claims in the aggregate
amount of US$1,660,000,000.

Moreover, the progress made through the claims reconciliation
process since the previous request for an extension has been
substantial, Mr. Kleiman says.  Since April 2007, Exide has
filed five claims objections, covering approximately 172 Claims.
It has also resolved numerous additional Claims, including
several top 100 claims, effectuated a quarterly distribution,
and further reduced the amount of Claims to review and resolve
by US$78,100,000.

However, despite the substantial progress, the Reorganized
Debtor requires additional time to review and resolve
approximately 125 remaining Claims, Mr. Kleiman avers.

Accordingly, the Reorganized Debtor asks the Court to grant the
proposed extension to the Claims Objection Bar Date.

Mr. Kleiman asserts that the requested extension will provide
Exide Technologies and the Committee with necessary time to
continue to evaluate the remaining claims filed against the
estate,  prepare and file additional objections to claims and,
where possible, consensually resolve claims.

Exide Technologies requests that the entry of an extension be
without prejudice to its right to seek further extensions of the
time within which to object to the claims.

By application of Del.Bankr.LR 9006-2, the Reorganized Debtor's
deadline to object to Claims has been automatically extended
through and including August 23, 2007, when the Court holds a
hearing to consider the merits of the Debtor's request.

                    About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica,
Ecuador, El Salvador, Guatemala, India, Panama, Paraguay, Peru,
Uruguay and Venezuela

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.  (Exide Bankruptcy News, Issue
No. 99 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

Standard & Poor's Ratings Services, on April 2007, placed its
'CCC' corporate credit rating on Exide Technologies and all
related debt issue ratings on CreditWatch with positive
implications.  The CreditWatch listing reflects Exide's
gradually improving financial results, strengthened liquidity,
and prospects for further modest improvements in financial
metrics due in part to a better pricing environment.


EXIDE TECHNOLOGIES: Posts US$35.7-Mil. Net Loss in First Quarter
----------------------------------------------------------------
Exide Technologies filed a Form 10-Q with the U.S. Securities
and Exchange Commission on Aug. 7, 2007, reporting its financial
results for its fiscal 2008 first quarter ended June 30, 2007.

The company said that its consolidated net sales for the fiscal
2008 first quarter aggregated US$762,400,000, an increase of
US$79,200,000 or 11.6% over the comparable prior year period.
It said that a weaker dollar against the Euro, Pound Sterling
and the Australian Dollar favorably impacted net sales by
approximately US$31,700,000.  Excluding the impact of exchange
rates, strengthening unit volume in Transportation Americas and
favorable year-over-year pricing in all businesses were the
drivers of net sales growth.

The company, however, disclosed in a news release that it had a
net loss of US$35,700,000 for the fiscal 2008 period as compared
with a net loss of US$37,900,000 for the 2007 first quarter.
Exide said that included in the current year's result is a non-
recurring after tax loss on early extinguishment of debt of
US$21,300,000 relating to the company's May 2007 refinancing of
its Senior Secured Bank Credit Facility.  "This charge was more
than offset by higher gross profit, continued reductions
in selling, general and administrative expenses, a lower tax
provision, reduced interest expense and a US$6,800,000 reduction
in restructuring expenses, which were significantly higher in
the prior year due to the shutdown of the Shreveport, Louisiana
transportation battery plant."

Consolidated Adjusted EBITDA improved by about 43% to
US$39,000,000 in fiscal 2008 as compared with US$27,200,000 in
fiscal 2007.

Exide's president and chief executive officer, Gordon A. Ulsh,
stated, "We are clearly pleased with this, our fifth consecutive
quarter of strong year-over-year earnings improvement as
measured by Adjusted EBITDA.  However, we are also very
cognizant of the continuing challenges posed by the
unprecedented rise in lead costs, which have increased by 75%
since the end of March 2007, based on the LME price of
US$3,389 per metric ton on Aug. 3, 2007."

At June 30, 2007, the company's balance sheet showed total
assets of US$2,165,504,000, total liabilities of
US$1,848,454,000 and total stockholders' equity of
US$301,913,000.

                     Transportation Segments

Exide added that net sales of its combined Transportation
segments grew by 17% (13% excluding the impact of favorable
foreign exchange) in the current year first quarter to
US$463,700,000 from US$397,300,000 in the fiscal 2007 period.
While the increase is essentially price driven, the
Transportation Americas business also enjoyed an approximate 5%
increase in unit sales, which offset more modest unit sales
reductions in Europe and Rest of World.

Adjusted EBITDA for the combined Transportation businesses
aggregated US$31,300,000 in the current year period versus
US$16,500,000 in fiscal 2007.  The Americas business accounted
for US$13,200,000 of the year-over-year increase.

Mr. Ulsh commented, "E.J. O'Leary and his team continue to drive
performance in all areas of their business from pricing actions
to plant productivity to greater customer satisfaction.  These
results are now being further rewarded with increased unit
volume from our largest aftermarket accounts and through our
branch network."

                   Industrial Energy Segments

Combined net sales in the company's Industrial Energy segments
were US$298,700,000 as compared with US$285,900,000 in the
fiscal 2007 period.  Excluding the favorable impact of favorable
foreign exchange, net sales declined in these segments by
approximately US$3,800,000 in the aggregate.  In both Industrial
Energy segments the company continues to see soft network power
demand and more recently a pull back in motive power demand.
However, the company has continued to respond with global
pricing initiatives, which have served to offset most volume
declines.

From an Adjusted EBITDA perspective, the combined Industrial
Energy businesses experienced a reduction from US$24,400,000 in
the fiscal 2007 period to US$16,900,000 in the current year
period.  Most of the reduction was experienced in the European
and Rest of World segment.  In addition to the volume reduction,
thisbusiness continued to face headwinds in the first quarter in
its attempt to obtain sufficient pricing to cover increased lead
costs.

                   Unallocated Corporate Costs

Unallocated corporate expenses included in Adjusted EBITDA
amounted to US$9,200,000n in the fiscal 2008 period, a reduction
of US$4,500,000 from US$13,700,000 in the first quarter of
fiscal 2007.  The prior year's costs included approximately
US$3,500,000 associated with the subsequently withdrawn
potential sale of the Industrial Energy Europe business.

A copy of the Form 10-Q filed with the SEC is available at:

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

                    About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica,
Ecuador, El Salvador, Guatemala, India, Panama, Paraguay, Peru,
Uruguay and Venezuela, among others.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.  (Exide Bankruptcy News, Issue
No. 99 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

Standard & Poor's Ratings Services, on April 2007, placed its
'CCC' corporate credit rating on Exide Technologies and all
related debt issue ratings on CreditWatch with positive
implications.  The CreditWatch listing reflects Exide's
gradually improving financial results, strengthened liquidity,
and prospects for further modest improvements in financial
metrics due in part to a better pricing environment.


HAYES LEMMERZ: Promotes James Yost as Executive Vice Pres. & CFO
----------------------------------------------------------------
Hayes Lemmerz International Inc. has promoted James A. Yost to
the new position of Executive Vice President and Chief Financial
Officer.  Mr. Yost previously served the company as Vice
President, Finance and Chief Financial Officer.  Mr. Yost is
responsible for the global finance and information technology
functions.  Mr. Yost will continue to report to Curtis J.
Clawson, President, Chief Executive Officer and Chairman of the
Board.

Mr. Yost has strengthened the finance team and enhanced internal
accounting controls across the company.  Mr. Yost was also
instrumental in the success of the recent equity rights offering
and debt refinancing, which raised new equity, retired high cost
debt, and strengthened the balance sheet.

"Jim is a key member of the Hayes Lemmerz leadership team and
has had significant influence on the strategic and financial
direction of the Company.  He also led the recent share rights
offering and debt refinancing which bolstered our financial
position," stated Mr. Clawson.

"We are very pleased to announce his promotion to Executive Vice
President and CFO, and will continue to rely on his expertise
and leadership as we guide our Company into its next phase of
growth."

Mr. Yost joined Hayes Lemmerz in July 2002.  Mr. Yost retired
from Ford Motor Company in 2001, where he most recently served
as Vice President of Corporate Strategy.  He also held positions
as Vice President and Chief Information Officer, Executive
Director of Corporate Finance, General Auditor and Executive
Director of Finance Process and Systems Development, Finance
Director of Ford Europe and Controller of Autolatina (South
America) during his 27-year career.  Mr. Yost graduated with a
Bachelor of Engineering Science degree in Computer Science from
the Johns Hopkins University in Baltimore, Maryland.  He also
received a Masters of Business Administration degree in Finance
from the University of Chicago.

Headquartered in Northville, Michigan, Hayes Lemmerz
International Inc. (Nasdaq: HAYZ) -- http://www.hayes-
lemmerz.com/ -- global  supplier of automotive and commercial
highway wheels, brakes and powertrain components.  The company
has 30 facilities and approximately 8,500 employees worldwide.

The company has operations in India, Brazil and Germany, among
others.

                       *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service raised to B3 from Caa1 the corporate
family and probability of default ratings of HLI Operating
Company, Inc., a wholly owned subsidiary of Hayes Lemmerz
International, and changed the rating outlook to stable from
negative.


RAS COMPANIES: Essel Propack to Revive Companies Under BIFR
-----------------------------------------------------------
Essel Propack has filed with the Board for Industrial and
Financial Reconstruction a request for the rehabilitation of RAS
Propack Lamipack and RAS Extrusions of the RAS Group, Hindu
Businessline reports.

"The rehabilitation proposal has already been worked out jointly
with the management of the RAS group.  The technology platform
adopted by RPL and RAS Extrusions is the same as that adopted by
Essel Propack.  This will be a great advantage while integrating
the organization," Ashok Goel, Vice-Chairman and Managing
Director of Essel Propack, told Businessline.

RAS Extrusions manufactures multi-layered laminates used for the
manufacture of laminated tubes.  RAS Propack manufactures and
supplies soft squeeze laminate tubes used in packing toothpaste,
haircare products, etc.  Both have their manufacturing units at
Chakan, Pune.

"Since we are in the same line of business, it will help us as a
co-promoter of these companies," the report quotes Essel Propack
President R. Chandrashekhar as saying.

Mr. Chandrashekhar said that it would take eight to 12 months
for the BIFR to approve the acquisition and when it happens, the
products would be sold under the banner of Essel Propack, the
report notes.

Businessline points out that ICICI Bank Ltd has been appointed
as the operating agency to finalize the rehabilitation package
for the RAS companies.

RAS Propack Lamipack is a joint venture of Propack Holdings of
Switzerland, RAS Extrusions and KMK Maschinen of Switzerland
with Propack providing technology and KMK providing equipment.


SPICEJET LTD: To Raise US$80 Million for Fleet Expansion
--------------------------------------------------------
SpiceJet Limited plans to raise up to US$80 million to fund
fleet expansion plans.

Specifically, SpiceJet will use the money, which will be raised
through a blend of equity dilution and debt, for advances of 10
new aircraft, the Centre for Asia Pacific Aviation says.

The new planes, which are estimated to be worth around
US$450 million, will be delivered starting in 2009, CAPA
relates.  Currently, the carrier operates 14 B737-800s and
intends to increase the number to 19 by March 2008 and to 26 by
December 2008.

SpiceJet has recently applied to the US Exim Bank for a
US$330 million to US$350-million loan which could take care of
around 80 per cent of the needed fleet-expansion funds, domain-
b.com notes.  For the rest, the company may dilute 10 to 12 per
cent of its equity to raise around US$50 million, and raise debt
of about US$30 million, domain-b adds.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  For the
period June 1, 2006, to March 31, 2007, the company booked a net
loss of INR707.43 million on revenues of INR7.48 billion.

The Troubled Company Reporter-Asia Pacific's "Large Companies
With Insolvent Balance Sheets" column on Aug. 17, 2007, showed
that SpiceJet has a stockholder's equity deficit of
US$2.75 million.


SPICEJET LTD: Plans to Launch Overseas Flights
----------------------------------------------
SpiceJet Limited will commence flights to overseas destinations
when the government will relax restrictions on route rights
abroad, various reports say.

The carrier expects to get a license to fly abroad by next year.
"We will fly shorter destinations, which are similar to those we
are operating in India," the Press Trust of India cites Spicejet
Director Ajay Singh as saying.

"There is not much of clarity on the new aviation policy adding
that but we believe that the government has relaxed norms for
minimum flying experience to three years from the earlier five
years," Mr. Singh adds.

The carrier, however, has not finalized what international
destinations it will take.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  For the
period June 1, 2006 to March 31, 2007, the company booked a net
loss of INR707.43 million on revenues of INR7.48 billion.

The Troubled Company Reporter-Asia Pacific's "Large Companies
With Insolvent Balance Sheets" column on Aug. 17, 2007, showed
that SpiceJet has a stockholder's equity deficit of US$2.75
million.


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

BANK NIAGA: Signs MOU with Asiana Lintas on Apartment Mortgages
---------------------------------------------------------------
PT Bank Niaga signed a memorandum of understanding on apartment
mortgages with PT Asiana Lintas Ciptakemang, which is currently
building apartments in Kemang, South Jakarta, The Jakarta Post
reports.

The report relates that under the agreement, buyers of PT
Asiana's apartments will be able to get loans from the bank with
an interest rate of 9.9% a year.

Laksmi Mustikaningrat, Bank Niaga's head of mortgage banking,
said that with the agreement, the apartment buyers would be able
to process their loans much faster than under the normal
procedure, the report adds.

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

                          *     *     *

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

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

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

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

   -- and bank financial strength of D.

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

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


DELHAIZE GROUP: S&P Withdraws BB+ Rating at Company's Request
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' corporate
credit ratings on Dalhaize Group's U.S.-based Delhaize America
Inc., at the company's request.

All the notes outstanding issued by Delhaize America Inc.
continue to be rated 'BB+', as they benefit from cross
guarantees with the parent company, Delhaize Group S.A.
(BB+/Positive/--).

Delhaize Group -- http://www.delhaizegroup.com/-- is a Belgian
food retailer present in eight countries on three continents.
Delhaize Group is listed on Euronext Brussels (DELB) and the New
York Stock Exchange (DEG).

The company's U.S. subsidiary, Delhaize America, is a
supermarket operator with over 1,500 stores in 16 states in the
eastern United States.  Delhaize America operates under the
banners Food Lion, Bloom, Bottom Dollar, Harveys, Hannaford
Bros., Kash n' Karry and Sweetbay, each of which has a distinct
strategy and a well-established brand image.  Delhaize America
employs approximately 109,000 full-time and part-time associates
up and down the East Coast.

Delhaize Group also owns 51% of Super Indo, an operator of 11
stores in Indonesia. The Company maintains a presence in the
European region through its facilities in Belgium, Greece, the
Czech Republic and Romania.


FREEPORT-MCMORAN: Indonesian Unit Must Prepare Compromising Deal
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc.'s unit, PT Freeport
Indonesia, cannot reject the renegotiation of its working
contract with the government, Tempo Interactive reports, citing
Director General of Minerals, Coal and Geothermal Simon
Sembiring.

The report relates that Mr. Sembiring said that they will only
accept the company's refusal if the renegotiation process can
disrupt Freeport's contracts with other parties.  The
Coordinating Minister for the Economy has been informed since
this is an inter-departmental affair.

Freeport's audit result, which covers production, environment,
community development, state revenue and security, changes the
term of royalty payment calculations from the previous three
months to after shipping, and will increase the gold royalty
from one percent to 3.5 percent of sales price.  In regards to
the copper royalty at three percent, this has been adjusted in
line with the Government Regulation No. 45/2003 on State Royalty
Revenue, Tempo explains.

The report notes that Purnomo Yusgiantoro, Energy and Mineral
Resources Minister, said that they would first discuss the
contract with Freeport before any changes will be done.

Mindo Pangaribuan, Freeport Indonesia's spokesperson,
acknowledged that his side had not yet received the result of
the government's audit into Freeport, the report says.

The report adds that Mr. Pangaribuan said that the company has
improved its environmental performance in line with provisions,
in regards with the environment matters.  Freeport carried out
environmental audit every year.

Rachmat Witoelar, Environment Minister, said his ministry would
continue supervising Freeport Indonesia's mining in Papua.  He
would see to it that the company has meet all permit
requirements so not to damage the environment, Tempo says.

                   About Freeport-McMoRan

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

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

                          *     *     *

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

FCX

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

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

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

    -- Convertible Preferred Stock at 'B+'.

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

The Rating Outlook remains Positive.

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

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


FREEPORT-MCMORAN: Atticus Capital Increases Stake
-------------------------------------------------
Atticus Capital LP raised its stake in mining company Freeport-
McMoRan Copper & Gold Inc. to 7.5%, Associated Press reports,
citing a regulatory filing with the Securities and Exchange
Commission.

According to the report, Atticus now owns 28.6 million shares of
Freeport.  In a June 11 regulatory filing, the Atticus reported
owning a 6.4% stake in the company, or 24.3 million shares.

Atticus also has long economic exposure to 19.4 million shares
for a total exposure of 47.9 million shares, or a 12.6% stake in
the mining company, The Press notes.

Reuters adds that Atticus, in June, had met with third parties
to encourage strategic deals with the Freeport.  Atticus' stake
in the company comes in part from its previous holding in Phelps
Dodge Corp., a miner that Freeport bought earlier this year.

                    About Freeport-McMoRan

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

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

                          *     *     *

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

FCX

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

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

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

    -- Convertible Preferred Stock at 'B+'.

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

The Rating Outlook remains Positive.

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

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


HANOVER COMPRESSOR: Stockholders OK Universal Compression Merger
----------------------------------------------------------------
Hanover Compressor Company and Universal Compression Holdings
Inc. 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.

Hanover and Universal 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 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.

                    About Hanover Compressor

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co. and its related entity Hanover Compression L.P. on
CreditWatch with positive implications.


HANOVER COMPRESSOR: Redeems US$383 Mil. of Senior Secured Notes
---------------------------------------------------------------
Hanover Compressor Company related that Hanover Equipment Trust
2001A, a special purpose Delaware business trust (HET 2001A),
will redeem all US$133 million of its outstanding 8.5% Senior
Secured Notes due 2008, and Hanover Equipment Trust 2001B, a
special purpose Delaware business trust, will redeem all
US$250 million of its outstanding 8.75% Senior Secured Notes due
2011.

The indenture governing the 8.5% Notes permits the redemption of
all of the 8.5% Notes at a redemption price of 100% plus accrued
and unpaid interest to the date fixed for redemption.  The
indenture governing the 8.75% Notes permits the redemption of
all of the 8.75% Notes at a redemption price of 102.917% plus
accrued and unpaid interest to the date fixed for redemption.
The redemption date of both series of Notes is Sept. 17, 2007.

To commence the redemption process, Hanover Compression Limited
Partnership, an indirect wholly owned subsidiary of Hanover,
exercised its option to purchase from HET 2001A the gas
compression equipment currently under lease to HCLP from HET
2001A, and HCLP exercised its option to purchase from HET 2001B
the gas compression equipment currently under lease from HET
2001B.  HCLP expects to pay HET 2001A approximately US$137.7
million and to pay HET 2001B approximately US$266.3 million for
the equipment on the date the Notes are redeemed.  The trusts
will then use the proceeds from the equipment sale to fund the
redemption of the Notes and the related trust equity
certificates.

U.S. Bank Trust National Association is the trustee and
redemption agent for the Notes.  Formal notice of the redemption
setting forth the redemption procedures was sent to noteholders
on Aug. 17, 2007.

The redemption of the Notes is part of the refinancing plan of
Hanover and Universal Compression Holdings Inc. being
implemented in anticipation of the closing of their pending
merger, which is currently expected to occur on or about
Aug. 20, 2007, if the conditions to the closing have been
satisfied as of that date.  As part of the refinancing plan,
Exterran Holdings, Inc., which will be the publicly traded
holding company following the completion of the merger, has
engaged Wachovia Capital Markets, LLC and J. P. Morgan
Securities Inc. to arrange and syndicate a senior secured credit
facility, consisting of a revolving credit facility and a term
loan, and has engaged Wachovia to provide a new asset-backed
securitization facility to Exterran.  The primary purpose of
these new facilities will be to fund the redemption or
repurchase of all of Hanover's and Universal's outstanding debt
other than Hanover's convertible debt securities and the credit
facility of Universal's publicly traded subsidiary, Universal
Compression Partners, L.P.  The new facilities will replace
Hanover's and Universal's existing bank lines and Universal's
existing asset-backed securitization facility.  The closing of
the new facilities is subject to, among other things, the
receipt of sufficient commitments from participating lenders and
the execution of mutually satisfactory documentation.

              About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.

                       *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co. and its related entity Hanover Compression L.P. on
CreditWatch with positive implications.


MEDCO ENERGI: To Spend US$135-US$144MM on Three Ethanol Plants
--------------------------------------------------------------
PT Medco Energi Internasional plans to spend
US$135-US$144 million on three ethanol plants, Reuters reports,
citing Investor Daily.

The report notes that Retno Setianingsih, the company's business
development and planning manager from the chemicals division,
said that each ethanol plant needed an investment of around
US$45-49 million.

Ms. Setianingsih said that one plant in Sumatra's Lampung would
have a capacity of 60 million liters of cassava-based ethanol a
year, which would be exported to India, Korea, Taiwan and China.

Indonesia has 10 ethanol factories and another four are being
developed.  The country's ethanol expansion is part of growing
interest in biofuel production as authorities encourage
alternative sources of energy to cut fuel subsidies, inflated by
soaring crude oil prices, the report adds.

                       About Medco Energi

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


MOBILE 8: Unit Sells US$100 Million Bonds
-----------------------------------------
PT Mobile-8 Telecom's unit, Mobile-8 Finance BV, has sold bonds
worth US$100 million, Antara News reports.

According to the report, Mobile-8 President Hidadjat
Tjandradadja told Thomson Financial that the company will
guarantee the bonds.

Mobile-8 will use the proceeds to finance its 2008 capex and
refinance old debt, with aims to maintain 2008 capex at this
year's level of US$125 million, the report notes, citing
Mr. Tjandradadja.

The report relates that the bonds offer had been reduced from
the initial plan of US$150 million due to the recent global
financial market weakness.  The bonds will mature on March 1,
2013, and will carry a fixed interest rate of 11.25 percent per
annum.

                    About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.

                          *     *     *

The Troubled Company Reporter-Asia Pacific on July 24, 2007,
that Moody's Investors Service has assigned a B2 corporate
family rating to PT Mobile-8 Telecom Tbk and a B2 rating to the
proposed US$150 million senior, unsecured bonds issued by
Mobile-8 Telecom Finance Company BV and guaranteed by Mobile-8.
The outlook on the ratings is stable.  This is the first time
that Moody's has assigned a rating to the company.

Moody's expects to affirm the ratings and remove them from
provisional status upon the closing of the proposed bond issue.

On July 19, 2007, Standard and Poors assigned its 'B' long-term
corporate credit rating to Indonesia's wireless operator PT
Mobile-8 Telekom Tbk.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' rating to the proposed
US$150 million senior unsecured notes to be issued by Mobile-8
Telecom Finance B.V., a wholly owned subsidiary of Mobile-8.

Moody's Investors Service has assigned a B2 corporate family
rating to PT Mobile-8 Telecom Tbk and a B2 rating to the
proposed US$150 million senior, unsecured bonds issued by
Mobile-8 Telecom Finance Company BV and guaranteed by Mobile-8.
The outlook on the ratings is stable.


PARKER DRILLING: Gets Official Letter from Ministry of Finance
--------------------------------------------------------------
Parker Drilling Company has received an official letter from the
Tax Committee of the Ministry of Finance of the Republic of
Kazakhstan confirming that the Ministry of Finance has directed
the Atyrau Tax Committee to stay enforcement of the notice of
income tax assessment against the Kazakhstan branch of a Parker
subsidiary.  The letter indicates that the stay was issued in
response to the appeal filed by the branch on the basis that
collection of the assessment would result in double taxation to
Parker Drilling.

Mr. Robert L. Parker Jr., chairman and chief executive officer
stated: "We are encouraged that the Republic of Kazakhstan's
Ministry of Finance and the U.S. Government's Department of the
Treasury are in contact at the highest level and have committed
to resolving an important tax treaty matter that affects foreign
direct investment between Kazakhstani and American business
partners.  We look forward to continuing our long-term
commitment to working in Kazakhstan's energy sector."

Headquartered in Houston, Texas, Parker Drilling Company
-- http://www.parkerdrilling.com/-- provides contract drilling
and drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

The Troubled Company Reporter-Asia Pacific reported on July 4,
2007, that Standard & Poor's Ratings Services assigned its 'B-'
rating to contract drilling and rental tool provider Parker
Drilling Co.'s proposed US$115 million convertible senior notes
due 2012.  At the same time, S&P affirmed the 'B' corporate
credit rating on Parker and the 'B-' rating on its US$150
million senior floating rate notes due 2010 and US$225 million
senior notes due 2013.  The outlook is positive.

On Oct. 12, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Parker Drilling
Company, as well as it B2 rating on the company's 9.625% Senior
Unsecured Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.


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

ALL NIPPON: Alters Fuel Surcharge on Int'l Cargo Due to Increase
----------------------------------------------------------------
All Nippon Airways Co., Limited applied to Japan's Ministry of
Land, Infrastructure and Transport to revise its surcharge on
international cargo from October 1 (Monday) this year.

The revision comes in response to the rise in the price of
Singapore kerosene since February this year.  ANA regrets that
despite constant efforts to reduce costs and secure greater
operating efficiencies, it must ask its valued customers to once
again share the increased cost burden.

The surcharge will remain at the revised level until December
31, 2007, and is based on the three month average price of
Singapore kerosene from May to July this year, as reported by
the US Department of Energy.  At present it is trading at US$85
per barrel and since August has been at an historical high.

Until now, the surcharge had applied to all routes regardless of
distance, however, from October it will be set according to
short and long haul criteria, with flights to Korea occupying
their own category.

The decision to keep the fuel surcharge at the revised level for
three months, and to revise it every three months thereafter,
was taken for reasons of simplicity.   During that period it
will not be changed to reflect movements in the Singapore
kerosene market.   The next revision, coming into force on
January 1, 2008, will be based on the average market price of
Singapore Kerosene for the three months from August to October,
2007.   The revision on April 1, 2008, will be based on the
average market price from November, 2007, to January, 2008, and
the July 1, 2008, revision will be based on the three months
from February to April, 2008.

Similarly, the surcharge will be reduced if the average market
price of Singapore kerosene falls below US$80 per barrel for
three consecutive months, and thereafter as the market price
continues to fall, measured in units of US$5.   Likewise it will
be discontinued completely if the average market price drops
below US$30 per barrel for three consecutive months.

A complete list of price adjustments is available for free at
the company's website:

      http://www.ana.co.jp/eng/aboutana/press/index_sm.html

                        About All Nippon

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The Troubled Company Reporter-Asia Pacific reported on June 28,
2007, that Standard & Poor's Ratings Services raised to 'BB+'
from 'BB' its long-term corporate credit and senior unsecured
debt ratings on All Nippon Airways Co. Ltd. due to the company
generating more stable profits backed by its operational
competitiveness, and the faster-than-expected improvement in its
financial profile.  The outlook on the long-term corporate
credit rating is stable.


DELPHI CORP: Disclosure Statement Hearing Scheduled on Oct. 3
-------------------------------------------------------------
Upon Delphi Corporation and its debtor-affiliates' oral request
and their delivery, by Sept. 6, 2007, of a:

(1) disclosure statement for a plan of reorganization; and

(2) request for approval of that disclosure statement and
     the procedures for the solicitation of plan votes;

The HO. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York sets:

(a) Sept. 28, 2007, at 4:00 p.m., prevailing Eastern time,
     as the deadline for parties-in-interest to file objections
     to the Disclosure Statement and the Solicitation
     Procedures;

(b) Oct. 2, 2007, at 4:00 p.m., prevailing Eastern time, as
     the deadline to reply to those objections; and

(c) Oct. 3, 2007, at 10:00 a.m., prevailing Eastern time,
     as the date on which the Court will consider approval of
     the Disclosure Statement and the Solicitation Procedures.

Judge Drain directs all objecting parties-in-interest to:

(i) make a good faith effort to include language in their
     objections that will satisfy the objections; and

(ii) meet and confer with the Debtors at the offices of
     Skadden, Arps, Slate, Meagher & Flom LLP, at Four Times
     Square, in New York, on Oct. 1, 2007, at 8:30 a.m.,
     prevailing Eastern time, to discuss a possible resolution
     of the objections.

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
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  (Delphi Bankruptcy News, Issue No. 80 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


DELPHI CORP: Wants to Establish Adversary Proceeding Procedures
---------------------------------------------------------------
Pursuant to Sections 102(1)(A), 105(a), 107, 108(a)(2), and
546(a) of the Bankruptcy Code and Rules 7004, 9006(c), and 9018
of the Federal Rules of Bankruptcy Procedure, the Delphi Corp.
and its debtor-affiliates seek the U.S. Bankruptcy Court for the
Southern District of New York's authority to:

(a) enter into stipulations tolling the statute of limitations
     with respect to certain claims;

(b) establish procedures for the identification of causes of
     action that should be preserved and the abandonment of
     certain causes of action; and

(c) establish procedures for certain adversary proceedings.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, notes that the Court-approved
New Equity Purchase and Commitment Agreement between Delphi
Corp. and a group of investors led by Appaloosa Management L.P.
attaches a proposed framework for a reorganization plan that
generally provides for the payment and full satisfaction of all
claims through distributions of cash, common stock, or both.
Accordingly, avoiding preferential transfers would provide no
benefit to the Debtors' estates because any party returning a
transfer would be entitled to a claim for the same amount, to be
paid in full under the plan, Mr. Butler tells the Court.  In
addition, avoiding statutory liens or prepetition setoffs would
provide little to no benefit to the Debtors' estates.
Consequently, the Debtors contemplate that their reorganization
plan will waive or release most if not all avoidance causes of
action.

The Debtors estimate that they may have more than 11,000
potential preference claims arising from transfers totaling
US$5,800,000,000 without taking into account potential defenses.
According to Mr. Butler, the constructively fraudulent transfer
reach-back period, made applicable by Section 544(b) of the
Bankruptcy Code and state law, is generally six years under the
law of Michigan and New York.  With a company of Delphi's size,
there are literally hundreds of thousands of transactions that
occurred during those constructively fraudulent transfer reach-
back periods, Mr. Butler points out.

Under the Bankruptcy Code, each Debtor only has until two years
after the entry of the order for relief to commence adversary
proceedings asserting avoidance causes of action, as well as
certain causes of action where the applicable statute of
limitations has been tolled by the Bankruptcy Code during the
initial two years of these chapter 11 cases, Mr. Butler
continues.  Although the Debtors do not intend to pursue
avoidance actions in light of their anticipated reorganization,
as a precautionary measure they must preserve the actions in
some manner.

The Debtors therefore ask the Court to approve procedures
applicable to adversary proceedings that will permit all parties
to preserve the status quo as they finalize preparations for
confirming a reorganization plan by the end of the year.

                        Tolling Agreement

The Debtors ask the Court to approve a form of stipulation that,
without further Court order, tolls the applicable statute of
limitations on claims against participating parties.

The Debtors anticipate entering into stipulations with, among
others, General Motors Corporation, retained professional firms,
and insiders who received transfers.

                 Avoidance Evaluation Procedures

The Debtors also ask the Court to approve criteria for
reviewing, evaluating, and selecting potential causes of action
that should be preserved.

In particular, the Debtors seek the Court's authority not to
pursue any preference action against an entity if the aggregate
value of transfers to, or for the benefit of, that entity is
less than US$250,000 in value.  If the preference action is
against an insider or involves a person or transaction
associated with the U.S. Securities and Exchange Commission
investigation of the Debtors, then the Debtors will be
authorized to abandon the actions after notice to the Statutory
Committees.  If a Statutory Committee objects within 10 days
after service of the notice, the Debtors propose to bring the
matter before the Court for a ruling on whether the proposed
abandonment satisfies Section 554(a) of the Bankruptcy Code.

The Debtors seek to abandon these categories of preference
actions:

* payments to parties with a secured or priority interest in
   the payments;

* union dues;

* pension plan contributions;

* payments required under the terms of collective bargaining
   agreements;

* payments to reimburse employee business expenses;

* ordinary course wages, salaries, and employee benefits;

* payments required by a garnishment to satisfy third-party
   judgments and obligations;

* contributions to charitable organizations; and

* payments to foreign suppliers, shippers, insurance
   providers, and utilities.

For purposes of identifying and preserving potential fraudulent
transfer claims, the Debtors will only review merger and
acquisition deals at or exceeding US$20,000,000; transfers to
Delphi's board of directors or strategy board members other than
for compensation or ordinary-course expense reimbursements;
unusual securities transactions; dividend distributions to 5%
shareholders; and Delphi's financially troubled supplier
program.

The Debtors anticipate that during their review they may
identify additional causes of action, which, in the exercise of
their reasonable business judgment, should not be pursued.  The
Debtors thus seek the Court's permission to abandon, after
notice to the Statutory Committees, and without further Court
order or notice under Bankruptcy Rule 6007, claims (i) with
insignificant value; (ii) where litigation costs would likely
exceed expected recovery; (iii) where the potential harm to
businesses outweighs expected recovery; or (iv) where valid
defenses exist.

If a Statutory Committee objects within 10 days after service of
the notice, the Debtors propose to bring the matter before the
Court for a ruling on whether the proposed abandonment satisfies
Section 554(a).

Mr. Butler asserts that the criteria strike a sensible balance
between the Debtors' duty to preserve valuable estate assets and
the extraordinary costs to preserve them, especially when there
is little chance that the Debtors will prosecute any of the
thousands of actions they will be commencing.

          Adversary Proceeding Commencement Procedures

The Debtors propose these procedures concerning the commencement
of adversary proceedings and service of process:

* The Bankrupt Court Clerk will defer issuing a summons after
   the filing of a complaint, unless and until the Debtors
   intend to pursue the claims in the complaint;

* The time within which the Debtors must serve summons and
   complaints in compliance with Rule 7004(a)(1) of the Federal
   Rules of Civil Procedure is extended to March 31, 2008,
   without prejudice to their right to seek further extensions.

The Debtors, Mr. Butler explains, seek the extension to preserve
the status quo and to avoid having to force all potential
defendants to retain counsel to defend against adversary
proceedings when most of them likely will be resolved by a
reorganization plan and never pursued.

                 Stay of Adversary Proceedings

Moreover, the Debtors ask the Court to temporarily stay
adversary proceedings, as appropriate.  The stay will continue
until the earlier of service of process and further Court order.
During the stay, the Debtors may amend their complaint, and
after notice to the Statutory Committees, dismiss it.  The
Debtors intend to file under seal paper copies of the complaints
in the adversary proceedings and to have the docket for the
proceedings likewise sealed.

The Debtors believe that implementing the Proposed Procedures
will help them fulfill their fiduciary responsibility to
preserve valuable estate assets in a manner that would not
unnecessarily disrupt the plan process or their existing
business relationships with potential defendants.

The Procedures, Mr. Butler avers, will reduce the administrative
and economic burdens of the adversary proceedings on the
Debtors, the Court, and potential defendants.  He maintains that
most, if not all, of the avoidance actions will likely remain
unnecessary in light of the terms of the Debtors' prospective
reorganization plan.

Causes of action will remain dormant and become relevant only in
the unlikely event that the Debtors do not timely emerge from
Chapter 11, Mr. Butler clarifies.

                    About Delphi Corporation

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
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  (Delphi Bankruptcy News, Issue No. 80 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


TENNECO INC: Buying Combustion Components Business for US$16 Mln
----------------------------------------------------------------
Tenneco Inc. has signed an agreement to acquire for US$16
million the mobile emissions business of Combustion Components
Associates, Inc., a manufacturer of air pollution control
technologies.  The acquisition enhances Tenneco's complete
system integration capabilities for selective catalyst reduction
emissions control technologies designed to meet future more
stringent diesel emissions regulations for passenger cars and
trucks.

CCA develops emissions control solutions for customers in the
transportation and power generation industries.  The company has
designed and manufactured a Nitrogen Oxides emission reduction
system called ELIM-NOx(TM), which is designed to reduce NOx
emissions by 70 to 90 percent using SCR technology.  SCR is the
process of removing NOx through a chemical reaction and is
considered the leading technology for helping diesel engines
meet the NOx emissions standards.  Customer demands for this new
technology, driven by regulations, will increase in the U.S.,
Europe and China starting in 2010 to 2012.

"This acquisition strengthens our advanced technology offering.
ELIM-NOx(TM) is one of the few proven high-performance systems
or urea and hydrocarbon injection.  Combined with the SCR
technology we produce today, Tenneco can offer our customers a
fully-integrated emission control system to meet stringent
diesel emissions regulations for NOx reduction," said Gregg
Sherrill, Tenneco Chairman and CEO.  "This technology allows us
to optimize both the performance and cost of a total
aftertreatment system, providing greater value for our customers
globally."

The ELIM-NOx(TM) injector system and "self-learn" monitoring
device are unique.  The injector system is capable of providing
rapid, uniform dispersion of urea without the use of steam or
compressed air, reducing overall system lifecycle cost.  Tenneco
believes that, with this technology, it will be the only
complete emissions control system manufacturer with the
capability to manufacture and integrate its own injector systems
into a diesel emissions control system.

The "self-learn" monitoring device -- which uses sensors to
measure NOx, exhaust temperature, and other engine parameters --
significantly reduces vehicle development time and cost.  It is
temporarily mounted on a development vehicle as it operates in
normal driving conditions.  This helps minimize off-line vehicle
testing and calibration.

"The CCA self-learning capability is truly unique, allowing for
very quick prototyping of development vehicles.  We believe it
will offer an extremely attractive system integration
alternative for our customers, saving both time and money
compared to traditional dynamometer calibration techniques,"
said Tim Jackson, Tenneco Chief Technology Officer.

In addition to providing this innovative solution to original
equipment manufacturers, Tenneco will also sell retrofit
versions of the ELIM-NOx(TM) system for commercial vehicles.
Later this year, the company expects to complete final
validation testing for the system to be added to the EPA list of
verified retrofit technologies.

Tenneco will purchase CCA's mobile emission business for
approximately US$16 million.  The transaction is subject to
customary closing conditions, including receipt of various third
party approvals.  Tenneco expects the transaction to close in
September.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 17, 2007, Fitch Ratings has affirmed these ratings of
Tenneco, Inc:

-- Issuer Default Rating at 'BB-';
-- Senior secured revolver at 'BB+';
-- Senior secured term loan A at 'BB+';
-- Senior secured tranche B-1 LC/revolver 'BB+';
-- Senior secured second lien notes 'BB';
-- Senior subordinated notes at 'B'.

Fitch said the rating outlook remains Positive.


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

C&C ENTERPRISE: Amends Listing Date of Common Stock Offering
------------------------------------------------------------
C&C Enterprise Co., Ltd., amended the listing date for its
public offering of 1,173,300 common stock to August 21, 2007,
Reuters Key Developments reports.

The report notes that the listing was initially disclosed on
June 11, 2007.

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

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on August 17, 2007, stated
that the company had a US$14.50 million shareholders' equity
deficit on total assets of KRW28.05 million.


EG SEMICON: Fails to Issue Common Shares
----------------------------------------
EG Semicon Co., Ltd., failed to issue common shares through a
public offering, Reuters Key Developments reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 22, 2007, EG Semicon planned to issue 3,773,000 common
shares worth KRW1,999,690,000 through a public offering.

According to the TCR-AP, the share's par value and offer price
are KRW500 and KRW530, respectively.

Reuters points out that the plan failed due to no subscription
for the shares by the end of the subscription period.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On August 17, 2007, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


EG GREENTECH: Obtains 70% Stake in PT Estar Indonesia
-----------------------------------------------------
EG Greentech Co. Ltd has decided to acquire a 70% stake in PT
Estar Indonesia, an Indonesia-based company in the mining
industry, for KRW8,547,300,000, Reuters Key Developments
reports.

According to the report, EG Greentech's decision to purchase the
stake comes with the object of diversifying its businesses as
well as improving financial structure.

The transaction is expected to settle on September 15, 2007, the
report adds.

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

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


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

MBF HOLDINGS: Posts MYR15-Million Net Profit in Quarter to June
---------------------------------------------------------------
MBF Holdings Bhd posted a profit after tax of MYR15.02 million
on MYR435.58 million of revenues in the quarter ended June 30,
2007, as compared with a profit after tax of MYR13.87 million on
MYR796.26 million of revenues in the same period in 2006.

As of June 30, 2007, the company's unaudited balance sheet
showed current assets of MYR1.02 billion and current liabilities
of MYR874.48 million.

MBF Holdings' June 30 balance sheet also showed total assets of
MYR1.61 billion, total liabilities of MYR1.24 billion, resulting
to a shareholders' equity of MYR366.38 million.


Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products; and property
development.  Other activity include investment holding.

The Group operates in three main areas, namely: Malaysia,
Indonesia, and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


SELOGA HOLDINGS: Records MYR1.59-Mil. Net Profit in '07 2nd Qtr
---------------------------------------------------------------
Seloga Holdings Bhd posted a net profit of MYR1.59 million on
MYR23.83 million of revenues in the second quarter ended
June 30, 2007, as compared with a MYR476,000 net profit on
MYR22.07 million of revenues in the same quarter in 2006.

The company's unaudited balance sheet as of June 30, 2007,
showed strained liquidity with current assets of
MYR84.85 million and current liabilities of MYR90.12 million.

Seloga Holdings' balance sheet also showed total assets of
MYR149.33 million and MYR117.40 million of total liabilities,
resulting to a shareholders' equity of MYR31.93 million.

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SOLECTRON CORP: Inks Service Contract with LSI Corporation
----------------------------------------------------------
Solectron Corporation has entered into a multi-year contract
with LSI Corporation (NYSE:LSI) for manufacturing services of
the company's Engenio(TM) storage systems.  LSI will complete
the transfer of operations to Solectron by the first half of
2008.  Terms of the deal were not disclosed.

"LSI is a premier provider of silicon-to-systems data storage,
and we believe our expertise in managing complex supply chains
in collaboration with LSI will help the company achieve its
goals of greater efficiencies and allow it to scale its business
without increasing capital investments," said Doug Britt,
executive vice president, Sales and Account Management,
Solectron.

Solectron will provide manufacturing services for the LSI
Engenio storage systems.  Solectron has a long history serving
global brands in the data storage segment.  Solectron's award-
winning Lean Six Sigma processes, the Solectron Production
System(TM), will play a central role in helping LSI achieve
time-to-market goals and cost benefits.

"As a contract manufacturing and services partner, Solectron is
expected to play a core part of our business strategy to realize
operational efficiencies that will better serve our customers
and improve our competitive position," said Phil Bullinger,
senior vice president and General Manager, Engenio Storage
Group, LSI Corporation.  "Solectron's long history in data
storage systems, its leadership in build-to-order and
configure-to-order manufacturing, and its end-to-end Lean supply
chain solutions made Solectron the right partner."

Headquartered in Milpitas, California, Solectron Corp. (NYSE:
SLR) -- http://www.solectron.com/-- provides a full range of
worldwide manufacturing and integrated supply chain services to
the world's premier high-tech electronics companies.
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support. The
company operates in more than 20 countries on five continents
including France, Malaysia, and Brazil, among others.  It had
sales from continuing operations of US$10.6 billion in fiscal
2006.

                          *     *     *

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

On May 9, 2007, Fitch Ratings affirmed Solectron Corporation's
ratings as:

   -- Issuer Default Rating at 'BB-';
   -- Senior secured bank facility at 'BB+';
   -- Senior unsecured debt at 'BB-'; and
   -- Subordinated debt at 'B+'.


SOLUTIA INC: Has Until November 5 to Remove Civil Actions
---------------------------------------------------------
The Hon. Prudence Carter Beatty of the U.S. Bankruptcy Court for
the Southern District of New York extend the time within which
Solutia Inc. and its debtor-affiliates may remove civil actions,
under Rule 9027(a) of the Federal Rules of Bankruptcy
Procedures, through and including Nov. 5, 2007.

The Debtors' prior deadline to remove pending Civil Actions
under Bankruptcy Rule 9027(a) expired on August 6, 2007.

The Debtors are parties to numerous Civil Actions and are
represented by many different law firms in each or them.  The
Debtors are continuing to review their files and records to
determine whether they should remove certain claims or civil
causes of action pending in state or federal court to which they
might be parties, Jonathan S. Henes, Esq., at Kirkland & Ellis
LLP, in New York, tells the Court.

Unless the enlargement is granted, the Debtors believe they will
not have sufficient time to consider adequately if removal of
any of the Civil Actions is necessary, Mr. Henes asserts.
Moreover, he says, the rights of any party to the Civil Actions
will not be prejudiced by the extension.  Inasmuch as Section
362(a) of the Bankruptcy Code automatically stays actions
against the Debtors, the Civil Actions will not be proceeding in
their respective courts even absent the Debtors' requested
relief, he adds.

If the Debtors ultimately seek to remove any action pursuant to
Bankruptcy Rule 9027, any party to the litigation can seek to
have the action remanded pursuant to Section 1452(b) of the
Judiciary and Judicial Procedures Code, Mr. Henes notes.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 96; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TRANSOCEAN HOLDINGS: Bursa to Delist Securities on August 30
------------------------------------------------------------
The Bursa Malaysia Securities Bhd will delist and remove the
securities of Transocean Holdings Bhd from its official list on
August 30, 2007.

According to the bourse, the delisting was prompted by the
company's failure to comply with the requirements of the Bursa
Securities under the extended timeframe for Transocean to submit
its proposals for approval to relevant authorities.

Bursa Securities had earlier granted the company until Aug. 18,
2007, to file its plan with the Securities commission and other
relevant authorities.  This extension was granted with a
stipulation that the company will strictly comply with the
provisions under the extended time frame.

                  About Transocean Holdings Bhd

Transocean Holdings Bhd is a Malaysia-based company involved in
investment holding, provision of management services and letting
of properties.  The Company, through its subsidiaries, is
engaged in investment holding, custom brokerage, provision of
freight forwarding, warehousing and trucking-related services,
provision of container haulage services, provision of
international ocean freight services, distribution and
contracting of irrigation parts and equipment, trading of
irrigation parts and equipment, cultivating and trading of
agricultural products, property development, tissue research in
horticultural, agricultural and pharmaceutical plants,
cooperating with local farms for export, and carrying out
scientific and experimental research.

On June 30, 2004, the Company was categorized as an
undercapitalized company as its paid-up share capital is
MYR29.00 million.


TRANSMILE GROUP: KPMG to Replace Deloitte as Auditors
-----------------------------------------------------
Transmile Group Bhd received a notice from its shareholder,
Trinity Coral Sdn Bhd, informing of a nomination to appoint KPMG
as the company's new auditors in place of the retiring Deloitte
& Touche.

Deloitte & Touche will officially vacate its post in the company
on September 5, 2007.

The company will also deliberate on the appointment of auditors
on the same day, Sept. 5, during their Annual General Meeting.

                          *     *     *

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

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

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

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


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

AIR NEW ZEALAND: Passenger Load Up 6.7% in July 2007
----------------------------------------------------
July trading was strong, with 6.7% growth in passenger numbers
across the Group compared to the same month in 2006, Air New
Zealand disclosed in a regulatory filing with the New Zealand
Stock Exchange.

"Within this, our long-haul operations experienced significantly
higher activity than in July 2006, carrying 154,000 customers
(10.8% more than July 2006), the airline points out.  "Total
Revenue Passenger Kilometres were 1.4 billion, an increase of
11.4% year on year."

Passenger load factor was 82.2% across the Group, an improvement
of 6.2 percentage points compared to the same month last year.

Load improvements were equally pleasing in short-haul and long-
haul, with improvements of 6.9% and 5.4% respectively.  Short-
haul load factor improvement against last year continues to
reflect the rationalisation of the Tasman / Pacific Islands
schedule.  Stronger loads for our long-haul operation were
predominantly driven by Asian routes, including Hong Kong and
Shanghai.

July 2007 group-wide yields were 0.2% higher when compared with
the previous period. Short-haul yields were up 3.0% on July
2006, while long-haul yields were 1.0% lower.

ANZ provides a summary of passenger load factors for July:

   -- Short-haul passenger load factor increased 6.9 percentage
      points to 78.4% when compared to July 2006.

   -- Domestic passenger load factor was up 2.6 percentage
      points to 76.3%.

   -- Tasman / PI passenger load factor was up 8.9 percentage
      points to 79.5%.

   -- Long-haul passenger load factor was up 5.4 percentage
      points to 85.0% when compared to July 2006.


   -- Asia / UK passenger load factor increased by 9.0
      percentage points to 81.9%.

   -- North America passenger load factor increased 4.4
      percentage points to 87.2%.

                      About Air New Zealand

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

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

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


B W HAYWARD: Fixes August 24 as Last Day to File Claims
-------------------------------------------------------
On July 25, 2007, it was resolved through a special resolution
to liquidate the business of B W Hayward Builders Ltd.

The company requires its creditors to file their claims by
August 24, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6100


D R ARCHITECTURAL: Creditors' Proofs of Debt Due on Sept. 21
------------------------------------------------------------
Craig Alexander Sanson and John Howard Ross Fisk were named as
liquidators of D R Architectural Services Ltd. on July 23, 2007.

Messrs. Sanson and Fisk require the company's creditors to file
their claims by September 21, 2007.

The Liquidators can be reached at:

         Craig Alexander Sanson
         John Howard Ross Fisk
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7000
         Facsimile:(04) 462 7492


INDIAN FOOD: Court to Hear Wind-Up Petition on October 4
--------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Indian Food Factory Ltd. on October 4, 2007, at
10:00 a.m.

Lion Liquor Retail Limited filed the petition against the
company on June 29, 2007.

Lion Liquor's solicitor is:

         Kevin Patrick McDonald
         Global House, 11th Floor
         19-21 Como Street
         PO Box 331065, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


N & T DEVELOPMENTS: Sets Wind-Up Petition Hearing for October 18
----------------------------------------------------------------
A petition to wind up the operations of N & T Developments Ltd.
will be heard before the High Court of Auckland on October 18,
2007, at 10:00 a.m.

Safeway Scaffolding (NZ) Limited filed the petition against the
company on July 10, 2007.

Safeway Scaffolding's solicitor is:

         A. J. Sherlock
         c/o Hesketh Henry
         Level 11, 41 Shortland Street
         Auckland
         New Zealand


NEW KITCHENS: Faces Nicholls & Maher's Liquidation Petition
-----------------------------------------------------------
On July 11, 2007, Nicholls & Maher (NZ) Limited filed a petition
to liquidate the business of New Kitchens Ltd.

The petition will be heard before the High Court of Auckland on
October 18, 2007, at 10:45 a.m.

Nicholls & Maher's solicitor is:

         K. N. Sharpin
         c/o Duthie Whyte
         120 Mayoral Drive, Auckland
         New Zealand


PENROSE PARKING: Subject to Haydn & Rollett's Wind-Up Petition
--------------------------------------------------------------
A petition to wind up the operations of Penrose Parking Ltd. was
filed by Haydn & Rollett Limited on June 29, 2007.

The High Court of Auckland will hear the petition on October 4,
2007, at 10:00 a.m.

Haydn & Rollett's solicitor is:

         Simon Palmer
         Palmer & Associates
         203 Manukau Road, Epsom
         Auckland
         New Zealand


PROGRESSIVE DRYWALL: Undergoes Wind-Up Proceedings
--------------------------------------------------
Progressive Drywall Solutions Ltd. started to liquidate its
business on July 27, 2007, and Robert Laurie Merlo was appointed
as liquidator.

Mr. Merlo is accepting proofs of debt from its creditors until
August 27, 2007.

The Liquidator can be reached at:

         Robert Laurie Merlo
         c/o Merlo Burgess & Co. Limited
         PO Box 51486, Pakuranga
         Manukau 2140
         New Zealand
         Telephone:(09) 520 7101
         Facsimile:(09) 529 1360
         e-mail: merloburgess&co@xtra.co.nz


REFINERY CAFE: Faces Liquidation Proceedings
--------------------------------------------
On May 31, 2007, Tumai Cook filed a petition to wind up the
operations of Refinery Cafe Ltd.

The petition will be heard before the High Court of Auckland on
September 6, 2007, at 10:45 a.m.

Tumai Cook's solicitor is:

         Nicholas Carter
         Carter & Partners
         Barristers & Solicitors
         West Plaza Tower, 9th Floor
         1-3 Albert Street, Auckland
         New Zealand


SIGMA PROJECTS: Appoints Damien Grant as Liquidator
---------------------------------------------------
Sigma Projects Ltd. went into liquidation on July 24, 2007.
Damien Grant was then appointed as liquidator.

The Liquidator can be reached at:

         Damien Grant
         Waterstone Insolvency
         PO Box 352, Auckland
         New Zealand
         Facsimile:(09) 444 4013


THE DENTAL SHOP: Proofs of Debt Due on October 19
-------------------------------------------------
On July 19, 2007, Vivian Judith Fatupaito and Colin Thomas
McCloy were named as liquidators of The Dental Shop Ltd.

The Liquidators fixed October 19, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         PricewaterhouseCoopers Tower, Level 8
         188 Quay Street, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


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

BANCO DE ORO-EPCI: To Acquire American Express' Philippine Unit
---------------------------------------------------------------
Banco de Oro-EPCI Inc. will acquire American Express' business
in the Philippines after the bank's board of directors approved
the purchase.

During a special meeting held on August 17, the BDO-EPCI Board
approved the purchase of a 100% equity in American Express
Savings Bank and the American Express' Philippine Dollar Charge
Card Portfolio.

The transaction is now subject to the approval of the regulatory
officials.

                          *     *     *

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banko de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007 that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BANCO DE ORO-EPCI: Reports PHP1.37-Bil. Net Income for 2nd Qtr.
---------------------------------------------------------------
Banco de Oro-EPCI Inc. reported a net income of PHP1.37 billion
for the quarter ended June 30, 2007, an increase of PHP212,567
or 18.4% from the PHP1.15-billion net income reported for the
same period in 2006.

For the April-June period, the bank earned a net interest income
of PHP5.975 billion, comprising of PHP9.033 billion in gross
interest income minus PHP3.057 billion in interest expenses.
Other income for the quarter totaled PHP4.647 billion while
other expenses reached PHP6.398 billion.  The bank also incurred
tax expenses of PHP423,267.

As of June 30, 2007, the bank had PHP607.826 billion in total
assets and PHP551.669 billion in total liabilities, resulting in
capital funds of PHP56.157 billion.

BDO-EPCI's 2007 second quarter financials can be viewed for free
at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/BDO_17Q_Jun2007.pdf

                          *     *     *

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banko de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007 that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BANCO DE ORO-EPCI: BSP Approves PHP10BB Unsecured Debt Issuance
---------------------------------------------------------------
Bangko Sentral ng Pilipinas has approved Banco de Oro-EPCI
Inc.'s proposal to issue up to PHP10 billion unsecured
subordinated debt.

According to the bank's disclosure with the Philippine Stock
Exchange, the issuance will qualify as Lower Tier 2 capital
under the relevant rules and regulations of the BSP.

The Troubled Company Reporter-Asia Pacific reported on July 31,
2007, that, according to BDO President Nestor Tan, the bank
plans to raise US$150 million to US$200 million in tier-two
capital later this year, or early 2008.

Mr. Tan said that the bank's current capital of PHP56 billion is
already adequate, but with its growth target for 2007, the bank
seeks to have a cushion to support its risk assets.

                          *     *     *

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banko de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007 that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BANGKO SENTRAL: Sees No Negative Effect of US Mortgage Crisis
-------------------------------------------------------------
The Bangko Sentral ng Pilipinas sees no possibility of a blow-
out as a result of US credit losses due to the subprime mortgage
crisis, BSP Governor Amando M. Tetangco Jr. told the Philippine
Star.

Mr. Tetangco said that it is important that they handle the
fallout from the mortgage crisis in an orderly fashion so that
there would be no disruptions in the economy, and warned
economic officials from over-reacting as this may cause more
drastic changes in economic prices, including exchange or bond
rates.

He said he is optimistic about the positive effect on the
Philippine market once external factors settle down and markets
start to shift their focus to economic fundamentals, saying that
"the Philippine continues to have sound fundamentals."

"In our case at least, the adjustments have been small, just a
few basis points in the peso bonds," he said. "In the stock
market, we're just seeing what is to be expected under the
circumstances."

The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


BANGKO SENTRAL: Will Review Projections for Balance of Payments
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas will review its balance of
payments projections to assess the impact of the credit market
crisis in the United States, BSP Governor Amando M. Tetangco Jr.
told Philippine Star on Tuesday.

The BSP had initially said that the country's BoP surplus will
be higher than the expected US$2.9 billion.  However, Mr.
Tetangco said these indicators should be reviewed in order to
consider the movements in foreign exchanges in the last two to
three weeks after the US credit crisis caused stocks to be sold
off all over the world.

The BSP had expected a higher BoP surplus despite the public and
the private sectors prepaying their foreign debts using dollar
reserves, the article recounts.  The BSP had also estimated
gross international levels to be higher than the projected
US$26.6 billion for 2007 due to a spate in exports, investments
and remittances.

Mr. Tetangco had indicated that inflows could be strong enough
to influence a stronger BoP surplus, the report added.

The BOP surplus has already hit US$4.542 billion in the first
seven months of the year, climbing to US$1.343 billion in July
alone due to strong surges in remittances and foreign
investments.  The seven-month BOP surplus is already
US$1.6 billion more than the US$2.9-billion yearend surplus
projected by the BSP.  The country's GIR also reached
US$27.9 billion as of July 30.


The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


EXPORT AND INDUSTRY BANK: Releases List of Directorship Nominees
----------------------------------------------------------------
Export and Industry Bank Inc. has furbished the Philippine Stock
Exchange with a list of nominees for regular and independent
directors for its annual stockholders' meeting today.

    Nominees for Regular Directors

    * Dionisio E. Carpio Jr.
    * Sai Chong Cheng
    * Albert S. Cheok
    * Douglas Chew
    * Jaime C. Gonzalez
    * Marie Constance Y. Gonzalez
    * Jaideep Krishna
    * John L.W. Lee
    * Nilo L. Pacheco Jr.
    * Antonio I. Panajon
    * Joseph B. Pineda
    * Edna Daguinsin-Reyes
    * Rainer Silhavy
    * Alfredo M. Yao
    * Jeffrey S. Yao

    Nominees for Independent Directors

    * Roberto Atendido
    * George V. Cunanan
    * Ignacio D. Maramba


Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

The bank is saddled with the PHP10-billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend annual financial aid of
PHP600 million to the bank.


FIL-ESTATE: Shares Trading on Halt Pending Probe on CJH Deal
------------------------------------------------------------
Fil-Estate Corp.'s shares remain suspended from trading by the
Philippine Stock Exchange pending the company's compliance with
the information being requested by the PSE regarding its
acquisition of a 30% stake in Camp John Hay Development Corp.

The Troubled Company Reporter-Asia Pacific reported on March 20,
2007, that the company entered into an agreement with Fil-Estate
Management Inc. to acquire FMI's 30% equity interest in Camp
John Hay by stock-to-stock swap.

The company's stocks were afterwards suspended from trading as
the PSE sought information on the matter.

On August 17, the company submitted a disclosure to the PSE
revealing, among other things, that it will issue 450 million
new shares in its authorized capital stock to FEMI in exchange
for the 30% interest in Camp John Hay.  FEMI will then own
83.37% in the company, from the previous 75.87%.

                          *     *    *

Headquartered in Pasig City, Philippines, Fil-Estate Corporation
was originally incorporated as San Jose Oil Company, Inc. whose
primary purpose was to prospect for and market, oil, natural gas
and other minerals and secondarily invest in non-mining
corporation or other enterprises.  In July 1996, the Board of
Directors and the stockholders approved the change in the
company's primary purpose from oil exploration to that of a
holding company authorized to engage in property and
infrastructure development, as well as the increase in
authorized capital stock from PHP300 million to PHP2 billion
with par value of PHP1.00 per share.

On January 22, 1998, the Securities and Exchange Commission
approved the change in corporate name to Fil-Estate Corporation,
the change in primary purpose from oil exploration to a holding
firm, the change in par value from P0.01 to P1.00 per share, and
the declassification of the A and B shares.  The company shall
engage in infrastructure, privatization, leisure and real estate
investments through directly managed subsidiaries, associated
entities and strategic alliances. On December 31, 2002, the SEC
approved the company's increase in authorized capital stake from
PHP300 million shares to PHP2 billion shares.

The key investment of Fil-Estate Corporation is in the form of
equity interest in Metro Rail Transit Holdings, Inc., and Metro
Rail Transit Holdings 2.  The combined investment in these two
holding companies represents approximately 28.5% interest in the
MRT phase I train system which runs from North triangle and Taft
Avenue.

The Troubled Company Reporter - Asia Pacific reported that as of
September 30, 2006, Fil-Estate Corporation's balance sheet
revealed a stockholders' deficit of PHP310,171,379.


FORUM PACIFIC: Reports PHP4.134-Mil. Net Loss for 2007 2nd Qtr
--------------------------------------------------------------
Forum Pacific Inc.'s consolidated income statements for the
second quarter of 2007 showed a net loss of PHP4.13 million, an
increase of PHP3.44 million or 497% from the PHP692,495 net loss
reported for the same period in 2006.

Revenue for the three-month period ended June 30, 2007, totaled
PHP2.66 million, while other income reached PHP1.49 million
resulting in a gross income of PHP4.16 million. Minus costs and
expenses of PHP8.290 million, the company incurred a loss from
operation of PHP4.134 million, representing the net loss for the
period.

The company's consolidated income statements also showed a net
loss of PHP8.11 million for the first half of 2007, a decrease
of PHP513,388 or 5.9% from the PHP8.63 million figure reported
for the same period in 2006.

Revenue for the six-month period ended June 30, 2007 totaled
PHP4.996 million, while other income reached PHP3.260 million
resulting in a gross income of PHP8.256 million. Minus costs and
expenses of PHP16.371 million, the company incurred a loss from
operation of PHP8.114 million, representing the net loss for the
period.

As of June 30, 2007, the company had PHP914.16 million in total
assets and PHP480.37 million in total liabilities, resulting in
an equity of PHP433.90 million.

The company's 2007 second quarter and first-half financials can
be viewed for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/FPI_17Q_Jun2007


Headquartered in Makati City, Philippines, Forum Pacific, Inc.,
formerly known as Air Philippines International Corporation, was
registered to engage in investing, purchasing and acquiring
assets of any kind and description with the secondary purpose of
engaging in the exploration, development and production of
petroleum and related products, as well as other mineral and
chemical substances.  It is presently a holding company, owning
shares of stocks of an exploration company, a thrift bank and
other companies.


IPVG CORP: Posts PHP43.51-Million Net Income for First Half 2007
----------------------------------------------------------------
IPVG Corp. reported a consolidated net income of
PHP43.51 million for the first half of 2007, a turnaround from
the PHP32.66-million net loss for the same period in 2006.

For the six months ended June 30, 2007, the group earned a net
revenue of PHP300.188 million, comprising of gross revenues of
PHP335.252 million minus a PHP35.063 million discount.  Cost of
services reached PHP165.228 million, resulting in a gross profit
of PHP134.960 million.

Total expenses for the period reached PHP100.12 million, 116%
higher than the PHP46.45 million in the second quarter of 2006,
resulting in an operational income of PHP34.84 million.
Interest income is at PHP157,507, while interest expenses
incurred are at PHP2.31 million.  The group earned other income
of PHP11.06 million while recording a foreign exchange loss of
PHP228.13 million.

The group also posted a THB37.382-million net income for the
second quarter of 2007, a turnaround from the THB8.24-million
net loss posted for the same period in 2006.

For the three months ended June 30, 2007, the group earned net
revenue of PHP162.351 million, comprising of gross revenues of
PHP179.081 million minus a PHP16.730-million discount.  Cost of
services reached PHP80.327 million, resulting in a gross profit
of PHP82.024 million.

Total expenses for the quarter reached PHP54.568 million, 126%
higher than the PHP24.150 million in the second quarter of 2006,
resulting in an operational income of PHP27.455 million.
Interest income is at PHP39,553 while interest expenses incurred
are at PHP1.03 million.  The group earned other income of
PHP9.926 million while recording a foreign exchange gain of
PHP177,367 million.

As of June 30, 2007, the group had PHP419.804 million in assets
and PHP325.801 million in liabilities, resulting in a
stockholders' equity of PHP107.936 million.

The company's 2007 first-half and second quarter financial
statements can be viewed for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/IPVG_17Q_Jun2007


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

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

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


MARIWASA MFG: Int'l Finance Negotiates Debt Restructuring Deal
--------------------------------------------------------------
International Finance Corp. is currently in negotiations with
the owners of Mariwasa Manufacturing Inc. regarding a proposed
restructuring agreement for IFC's US$14.5 million loan, the
Manila Standard reports.

The new deal provides for a revamped shareholder and management
structure, and focused marketing strategies, the article
reveals.

Surasak Kraiwitchaicharoen, president of the company's
subsidiary, Mariwasa Siam Ceramics, told the Manila Standard
that the company aims to improve its profitability by tapping
markets in other countries including Guam, Indonesia, Japan,
Saipan, Singapore, South Africa and Thailand.

IFC had invested US$14.5 million in Mariwasa in 1999, composed
of a principal loan of US$12 million and a subordinated loan of
US$3 million.

Pasig City, Philippines-based Incorporated on November 5, 1963,
Mariwasa Manufacturing Corporation -- http://www.mariwasa.com/
-- manufactures and sells glazed ceramic floor tiles in various
sizes, colors and designs via a distribution network that spans
the whole archipelago.  The company has 76 distributors and a
significant number of exclusive distributors nationwide.  Aside
from the local market, Mariwasa tiles also exports to foreign
markets such as the United States and Hong Kong, among others.

                      Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Aileen L. Saringan at Sycip Gorres
Velayo & Co. raised significant doubt on Mariwasa's ability to
continue as a going concern, citing the company's recurring net
losses and capital deficiency.  Ms. Saringan also said that "in
addition, the parent company and its major subsidiary have not
complied with certain loan covenants with creditor banks."

The company posted a net loss of PHP201.37 million for the year
ending December 31, 2006, after posting a PHP17.92 million net
income a year earlier.  The company also posted a capital
deficiency of PHP38.01 million.


PAL HOLDINGS: Discloses Final List of Nominees for Directorship
---------------------------------------------------------------
PAL Holdings Inc. has released the final list of nominees to be
considered for directorship for the year 2007-2008 during its
upcoming annual stockholders' meeting on September 17.

The nominations for these individuals have been unanimously
approved by the company's Nomination and Compensation Committee:

    * Lucio C. Tan
    * Jaime J. Bautista
    * Mariano Tanenglian
    * Harry C. Tan
    * Lucio K. Tan Jr.
    * Michael G. Tan
    * Wilson T. Young
    * Juanita Tan Lee
    * Macario U. Te
    * Antonio L. Alindongan Jr.  (Independent)
    * Enrique Cheng (Independent)

Formerly known as Baguio Gold Holdings Corporation, the
Company's principal activity is that of a holding company. Based
in Makati City, Philippines, the Company's primary purpose is to
purchase, subscribe, acquire, hold, use, manage, develop, sell,
assign, exchange or dispose of real and personal property,
including shares of stocks, debentures, notes and other
securities of any domestic or foreign corporation.  The company
is a major shareholder of Philippines Airlines Inc.

On August 17, 2006, the Corporation acquired 100% ownership of
six holding companies that collectively own 81.5% of Philippine
Airlines Inc.

PAL Holdings Inc. reported a PHP13.4 billion shareholders'
equity deficit as of December 31, 2006.


SECURITY BANK: Announces Regular, Special Cash Dividends
--------------------------------------------------------
Security Bank Corp. announced on Monday a regular semester cash
dividend of PHP0.25 per share and a special cash dividend of
PHP0.75 per share on its outstanding capital stock.

The bank's Board of Directors approved the dividends during a
meeting held on Monday.

The dividends are still subject to the approval of the Bangko
Sentral ng Pilipinas.

Makati City-based Security Bank Corporation --
http://www.securitybank.com.ph/-- offers a wide variety of
financial products and services.  The bank's services include
peso, dollar and third currency deposits, domestic and
international fund transfers, deposit pick-up and payroll
services, and ancillary services.  Security Bank also provides
working capital financing, term arrangements and loan
syndication services.

Fitch Ratings gave Security Bank a 'BB' Long-Term Foreign
Currency Issuer Default Rating, a 'BB' Long-Term Local Currency
Issuer Default Rating, a 'D' Individual Rating and a '4' Support
Rating.


* Government Borrowings for January to July Decrease by 15%
-----------------------------------------------------------
The Philippine Government, during the January-July period, has
borrowed 15% less at PHP289.973 billion, compared with the
PHP341.494 billion borrowed last year, a report by the
Philippine Star discloses.

According to a Bureau of Treasury report released on Tuesday,
external borrowings took up the larger share of the figure at
PHP102.706 billion comprising of project loans from from the
Asian Development Bank, World Bank, the Japan Bank for
International Cooperation and other multinational lenders.
Domestic borrowings make up for PHP186.267 billion of the
figure, and includes borrowings through government debt papers
like Treasury bonds and bills.

Last year, external borrowings were at PHP128.535 billion and
domestic borrowings amounted to PHP212.959 billion.

According to the article, government officials are cutting down
on their borrowings as they seek to wipe out the budget deficit
by next year, two years ahead of the 2010 deadline.  The
Department of Finance is currently accelerating efforts to raise
collections and boost revenues by privatizing assets owned by
the state in a bid to lower the 2007 budget deficit to PHP63
billion as a first step to wiping away the deficit.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook.  Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


* Local Currency Weakens, Closing at PHP46.90/US$1 on Tuesday
-------------------------------------------------------------
The Philippine currency lost strength against the dollar on
Tuesday, closing at PHP46.90 per US$1 because of continuing risk
aversion by foreign investors, currency traders told the
Philippine Daily Inquirer.

The Philippine financial market resumed trading on Tuesday,
after a three-day weekend due to a holiday on Monday, with the
peso opening strongly at PHP46.55 against the dollar, but closed
PHP0.05 lower than Friday's closing of PHP46.85 per US$1.
Trading volume was at US$381.66 million, significantly lower
than US$538.75 million on Friday, the article recounts.

Accumulated selldown orders from the long weekend weighed down
on Tuesday's trading, traders explained.  Offshore investors are
also strongly pressuring the market to unload regional
currencies due to growing aversion to emerging market assets,
they added.

The Bangko Sentral ng Pilipinas was said to be unloading dollars
at the intra-day low of PHP46.90 per uS$1, the article relates.

One currency trader said that the next targets could possibly be
at PHP47.30, and then PHP48.30 to the dollar if the trend
continues.  However, some traders remain optimistic about the
effets of the local bourse's rebound.  Jonathan Ravelas, Banco
de Oro chief strategist, said that "equity recovery could see
some improvement 46.60-46.75 levels."

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook.  Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


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

L & M GROUP: Discloses Results of Creditors' Meeting
----------------------------------------------------
On August 13, 2007, the creditors of L & M Group Investments
Ltd, which is under judicial management, had a meeting and
approved these proposals:

   -- that the company will pay the amount equivalent to SGD0.01
      to every Singapore Dollar of debt owed by the company to
      its creditors, which were admitted by the judicial
      manager;

   -- upon the necessary approvals being obtained, the creditors
      will execute a debt assignment agreement within 14 days
      which started on August 14, 2007, to assign all their
      rights, title and interest in and to the debt owed by the
      company to the respective creditor, the company will pay
      the respective creditor the amount due to that creditor.


LEVI STRAUSS: Moody's Affirms B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed all ratings for Levi Strauss
& Co.  The rating outlook was revised to positive from stable.

"The change in the rating outlook to positive reflects LS&CO's
continued progress in achieving revenue and margin stability for
the company as a whole and continued improvement in its balance
sheet with about US$200m of funded debt repaid in the past 18
months" said Scott Tuhy, Vice President and Senior Analyst.
Upward rating momentum would result from the company
demonstrating continued stability in operating performance and
credit metrics in the face of current uncertainties in consumer
spending, as well as further progress in improving internal
controls and systems.

These ratings were affirmed:

-- Corporate Family Rating and Probability of Default Rating
    - B1

-- Various Senior Unsecured Notes: B2 (LGD 4 -- 62%).

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.

The company's global divisions are based in Singapore, San
Francisco, and Brussels.


PACIFIC CENTURY: Posts SGD321-Mil. Net Profit in 2nd Qtr. 2007
--------------------------------------------------------------
Pacific Century Regional Developments Limited posted a
SGD321.7-million net profit for the second quarter ended
June 30, 2007, a big improvement compared with the SGD5.6-
million net profit posted in the same quarter last year.

The company's financial statement also reflect a 46% increase of
turnover, from SGD399 million in the second quarter last year to
SGD585 million of turnover for the same period this year.

As of June 30, 2007, the group's balance sheet showed
SGD72.5 million of total assets and SGD178 million of total
liabilities, resulting in a shareholders' equity deficit of
SGD105.5 million.

The company's balance sheet showed SGD1.15 billion of total
assets and total liabilities of SGD297.6 million, resulting in a
shareholders' equity of SGD849.8 million.

                      About Pacific Century

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India.  The group's principal activities include the provision
of international, local and mobile telecommunications services.
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

PRCRD acquired its insurance business in 1994 and the company
was listed on the Stock Exchange of Hong Kong in 1999.

                          *     *     *

Pacific Century Regional Developments Limited has remained
insolvent for the two consecutive years from April 2005 up to
the present.  As of March 31, 2007, the Group reported a
stockholders' deficit of SG$117,996,000.


REFCO INC: Files Quarterly Report for Second Quarter 2007
---------------------------------------------------------
Refco Inc., and its affiliates, including Refco Capital Markets
Ltd., delivered to the U.S. Bankruptcy Court for the Southern
District of Puerto Rico their post-confirmation quarterly
report for the period April 1 to June 30, 2007.

Peter F. James, controller of Refco, reports that the
Reorganized Debtors received US$2,764,422,000 in the second
quarter and disbursed US$2,726,360,000 in cash.

Refco's US$527,700,000 beginning cash balance in April increased
to US$565,762,000 at the end of the reporting period, discloses
Mr. James.  He also states that the Debtors received about
US$2,764,422,000 in cash and disbursed US$2,726,360,000 for the
second quarter 2007.

The Debtors serve as paying agent for certain non-Debtors and
Refco, LLC.  During the quarter, Mr. James notes, approximately
US$2,200,000 was disbursed on behalf of and reimbursed by non-
Debtors and Refco LLC.

During the quarter, the Debtors began consolidating their cash
management system as well as pooled cash for purposes of initial
distribution of the RCM Cash Distribution to RCM under the Plan.
Accordingly, Mr. James says, cash balances were transferred to
Refco Capital LLC, and the related bank accounts were closed.

Mr. James states that the US$967,600,000 in receipts for RCM
include:

-- US$345,100,000 in intra-company transfers between RCM
    accounts;

-- US$385,900,000 initial receipt of the RCM Cash Distribution
    from the Contributing Debtors in accordance with the
    Reorganized Debtors' Chapter 11 Plan;

-- US$11,300,000 in reimbursement and funding of the
    Litigation Trust;

-- US$69,500,000 in wire transfers returned by creditors;

-- US$151,300,000 in proceeds from liquidation of securities;
    and

-- US$4,400,000 in interest income.

Mr. James adds that RCM's US$944,000,000 disbursement include:

* Intra-company transfers of US$345,100,000;

* distributions to creditors, without duplication of re-wired
   amounts, of US$502,300,000;

* payment of the RCM Trustee fee for US$5,000,000;

* US$11,700,000 funding of Refco Capital LLC for payment of
   certain claims;

* US$1,700,000 loan to the Litigation Trust, which were
   subsequently repaid by the Litigation Trust; and

* US$6,600,000 funding to Refco Capital for its allocation of
   operating expenses and professional fees before the
   establishment of the RCM Wind-Down Reserve under the Plan.

Furthermore, Mr. James reports that the Debtors paid
US$1,045,000 in gross wages, of which US$343,000 were paid on
behalf of and reimbursed by the Non-Debtors and Refco LLC.  The
Debtors also remitted US$425,000 in employer payroll taxes to a
third party vendor.

For the end of second quarter, the Debtors paid a total of
US$11,176,000 in professional fees and expenses incurred before
the Effective Date, representing approximately US$1,200,000
payment to the Ad Hoc Equity Committee; US$6,000,000 payment to
indenture trustee and ad hoc committee; and US$4,300,000 payment
to RCM's Moving Customer Group.

Since the Petition date, the Debtors have reimbursed their
bankruptcy professionals' fees and costs totaling
US$171,072,000.

All insurance policies are fully paid for the current period,
including amounts owed for workers' compensation and disability
insurance, Mr. James states.

A full-text copy of the Debtors' Post-Confirmation Quarterly
Report for the 2nd Quarter 2007 is available at no charge at:

    http://bankrupt.com/misc/RefcoSecondQuarterly2007.pdf

                       About Refco

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operationsin 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  Refco has operations in Bermuda.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 66; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SCOTTISH RE: Has Over US$500MM Available Liquidity as of June 30
----------------------------------------------------------------
Scottish Re Group Limited provided additional disclosure
regarding its sub-prime asset backed securities and Alt-A
residential mortgage backed securities holdings.  The disclosure
supplements the disclosure provided in its Form 10-Q for the
three months ended June 30, 2007, as filed with the Securities
and Exchange Commission on Aug. 14, 2007.

As of June 30, 2007, the company estimates that it had in excess
of US$500 million of available liquidity among itself and its
subsidiary, Scottish Annuity & Life Insurance Company (Cayman)
Ltd.  This amount represents liquidity in excess of liquidity
held by the company's insurance operating subsidiaries and
includes cash and marketable securities as well as US$275
million available under the Stingray facility.

Because the company has significant operations and capital
outside of the United States, the company does not believe that
limiting an analysis of its financial position to U.S. statutory
surplus calculated in accordance with the NAIC Accounting
Practices and Procedures Manual is an appropriate way to
evaluate the financial condition of its consolidated worldwide
operations.  The company's management believes that a more
appropriate measure is shareholders' equity. The company had
total shareholders' equity of about US$1.2 billion as of
June 30, 2007.

As long as the value of the assets in the securitization
portfolios is greater than the statutory reserves of the
underlying block of business, the company's operating
subsidiaries are not required to, among other things, pledge
additional assets to secure reserve credit outside of the
securitization structure.  Thus, the amount of invested assets
that exceeds statutory reserves within the securitization
portfolios represents additional protection from unexpected
market value declines in invested assets.

As of June 30, 2007, the total invested assets within the
Company's three securitization structures exceeded the statutory
reserves covered by the structures by about US$1.4 billion.

The company believes its current financial position provides it
with sufficient capital and liquidity to withstand temporary
market dislocations or potential losses arising from
underperformance of its subprime ABS and Alt-A holdings in the
current market environment.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--
(NYSE:SCT) is a global life reinsurance company.  Scottish Re
has operating businesses in Bermuda, Grand Cayman, Guernsey,
Ireland, Singapore, the United Kingdom and the United States.
Its flagship operating subsidiaries include Scottish Annuity &
Life Insurance Company (Cayman) Ltd., Scottish Re (U.S.) Inc.
and Scottish Re Limited.

                          *     *     *

As reported in the Troubled Company Reporter on June 7, 2007,
Fitch Ratings has upgraded Scottish Re's Issuer Default Rating
to 'BB-' from 'B+' and the Insurer Financial Strength ratings of
its primary operating subsidiaries to 'BBB-' from 'BB+'.  The
ratings have been removed from Rating Watch Positive; the Rating
Outlook is Stable.


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

ABICO HOLDINGS: Suspension Sign on Securities Remains in Effect
---------------------------------------------------------------
Abico Holdings PCL's securities still carry the Stock Exchange
of Thailand's SP sign for suspension of their trading.

On August 15, the SET imposed the SP sign on the first trading
session of the day because of the company's failure to submit
its financial statements for the period ending June 30, 2007.

On August 20, ABICO submitted its unaudited/unreviewed financial
statements for June 30, 2007.  However, the SET's SP sign
remains because the company is yet to prepare a rehabilitation
plan.

Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading
palm oil, real estate development and raw milk producer and
distributor.

On Apr. 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as its own rehabilitation plan manager.  The Company's
rehabilitation plan was then approved by creditors and the
Central Bankruptcy Court.

The Troubled Company Reporter-Asia Pacific reported on Mar. 5,
2007, that the Stock Exchange of Thailand placed "SP" or
suspension sign on Abico Holdings' securities for the company's
failure to timely submit its financial statements for the annual
period ended Dec. 31, 2006.


ADVANCED PAINT: Posts THB4.08-Million Net Loss for 2nd Quarter
--------------------------------------------------------------
Advance Paint and Chemicals (Thailand) PCL posted a net loss of
THB4.08 million for the second quarter of 2007, a decrease of
THB3.10 million or 43.1% from the THB7.18 million it reported
for the same period in 2006.

For the three months ended June 30, 2007, the company earned
total revenues of THB3.21 million while incurring expenses of
THB6.25 million.  Interest expenses for the period reached
THB1.03 million.

According to a separate disclosure with the SET, the company
attributed the decrease in its second quarter net loss to better
control of administrative and selling expenses.

The company also posted a net loss of THB7.09 million for the
January-June 2007 period, which is THB6.691 million or 48.5%
lower than the THB13.78 million reported for the first half of
2006.

Revenues for the first half of 2007 amounted to THB8.14 million,
expenses reached THB13.16 million.  Interest expenses for the
first six months of 2007 totaled THB2.020 million.

As of June 30, 2007, the company had THB94.43 million in total
assets and THB59.97 million in total liabilities, resulting in a
shareholders' equity of THB34.463 million.

                      Going Concern Doubt

After reviewing the company's 207 second quarter and second half
financials, Atipong Atipongsakul at ANS Audit Co. Ltd. raised
substantial doubt on Advanced Paint and Chemicals (Thailand)
PCL's ability to continue as a going concern.

Mr. Atipong stated that the Company continues to operate an
increased loss and has current liabilities substantially in
excess of current assets.  The Company's ability to continue
operations as a going concern is dependent on its ability to
generate sufficient profit and cash flows to serve its debts.

The company's 2007 second quarter and first-half financial
statements can be viewed for free at:

http://www.set.or.th/dat/news/200708/07026892.zip

                 About Advanced Paint and Chemicals

Headquartered in Bangkok, Thailand, Advanced Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005. The company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Non-Performing Group Sector of the
Stock Exchange of Thailand.

                     Going Concern Doubt

Atipong AtipongSakul, of ANS Audit Company Ltd, raised doubt on
Advanced Paint & Chemical (Thailand) Pcl's ability to continue
operations as a going concern after auditing the company's
financial results for the quarter ended March 31, 2007.

According to Mr. Atipong, the company continues to operate on
recurring losses and has current liabilities substantially in
excess of current assets.  "The company's ability to continue
operations as a going concern is dependent on its ability to
generate sufficient profit and cash flows to serve its debts,"
he added.


ASIA HOTEL: THB1.091 Bil. Deficit Prompt's Going Concern Doubt
--------------------------------------------------------------
Atipong Atipongsakul at ANS Audit Co. Ltd. has raised doubt on
Asia Hotel PCL's ability to continue as a going concern after
finding a THB1.09-billion deficit while reviewing its financial
statements for the second quarter of 2007.

The company's consolidated income statements show that the
company has a net loss of THB162.982 million for the quarter
ended June 30, 2007, a complete reverse from the
THB27.157-million net income reported for the same period in
2006.

For the April-June 2007 period, the company posted revenues of
THB240.347 million, and expenses of THB371.605 million.
Corporate income tax for the period reached THB2.986 million and
interest expenses totaled THB28.738 million.

The company's balance sheets as of June 30, 2007, also showed
strained liquidity, with current liabilities of
THB240.922 million exceeding current assets of
THB158.019 million.

The Company and its subsidiaries said that they have formulated
a measured plan to increase income and to seek other sources of
funds for its liquidity.

The company's second quarter financial statements can be
downloaded for free at:

http://www.set.or.th/dat/news/200708/07029883.zip

                       About Asia Hotel PCL

Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited -- http://www.asiahotel.co.th/-- was incorporated on
March 24, 1964, and has been publicly listed   since 1989.  The
company and its two subsidiaries, Asia Pattaya Hotel Company
Limited and Asia Airport Hotel Company Limited, are involved in
the hotel business, with its principal activities consisting of
room service and operating restaurants.  Another subsidiary,
Zeer Property Company Limited is primarily involved in the
construction and the building of shopping complexes.


BANGKOK RUBBER: THB2.23-Bil. Deficit Prompts Going Concern Doubt
----------------------------------------------------------------
After reviewing Bangkok Rubber PCL's consolidated financial
statements for the second quarter of 2007, Nonglak Pumnoi at
Ernst & Young Office Ltd. raised substantial doubt on the
company's ability to continue as a going concern.

The auditor cited the company's THB2.326-billion capital deficit
and its postponement of debt payment under its rehabilitation
plan.  Mr. Pumnoi then stated that the company's ability to
continue as a going concern depends upon the its success in
revising the rehabilitation plan and complying with its
conditions, and to find additional sources of funding, and on
the outcome of their operations.

For the three months ended June 30, 2007, the company earned a
net income of THB16.080 million.  Revenues for the period are at
THB1.469 billion and expenses are at THB1.431 billion.

As of June 30, 2007, the company had THB2.889 billion in assets
and THB5.216 billion in liabilities, resulting in the
THB2.236 billion capital deficit.  Current assets of
THB1.615 billion are less than the current liabilities of
THB3.36 billion.

The company's second quarter financial statements can be
downloaded for free at:

http://www.set.or.th/dat/news/200708/07027950.zip


Headquartered in Bangkok, Thailand, Bangkok Rubber Public
Company Limited -- http://www.pan-group.com/-- manufactures
shoes and footwear under Pan, Kodomo, Diadora, and Heel Care
brand names.


CENTRAL PAPER: Posts THB31.893-Mil. Net Loss for 2007 First Half
----------------------------------------------------------------
Central Paper Industry PCl reported a net loss of
THB31.89 million for the first half of 2007, an increase of
THB1.47 million or 4.8% from the THB30.42-million net loss
recorded for the same period last year.

The company reported a sharp decline in its revenues year-on-
year for the first seven months of 2007 at THB3.406 million, as
compared to the THB323.274 million reported in the first half of
2006.  Expenses also decreased to THB25.426 million from
THB345.104 million last year.

The lower revenue and expenses figures for the January-June 2007
period is due to the absence of production by the company.  The
higher net loss for the period is caused by a 14.9% increase in
interest expenses at THB9.873 million, as compared to the
THB8.591 million last year.

As of June 30, 2007, the company had THB418.67 million in total
assets and THB7.17 billion in total liabilities, resulting in a
capital deficiency of THB6.76 billion.  The company's THB3.048-
billion current liabilities also exceed its THB13.689-million
current assets.

The company's second quarter financial statements can be
downloaded for free at:

http://www.set.or.th/dat/news/200708/07027995.zip

                      Going Concern Doubt

After reviewing the company's financial statements for the first
half of 2007, Apichart Sayasit at M.R. & Associates Co. Ltd.
raised substantial doubt on the company's ability to continue as
a going concern.

Mr. Apichat cited the company's ongoing negotiations with its
creditor, Thai Assets Management Corp., regarding its inability
to pay its debts because of liquidity problems.  The company's
petition to amend its rehabilitation plan remains pending.

                  About Central Paper Industry

Established in 1973, Central Paper Industry Public Company
Limited -- http://www.centralpaper.thailand.com/-- produces and
distributes uncoated printing paper including fine printing
paper used in high quality printing tasks, newsprint paper used
in newspaper printing, and kraft paper used for making paper
bags.

On March 16, 2004, the company filed a petition for
rehabilitation with Thailand's Central Bankruptcy Court.
Subsequently, on February 1, 2005, the Bankruptcy Court approved
the company's Business Reorganization Plan.

Currently, the company is in the process of complying with its
Reorganization Plan.

Central Paper Industry Public Company Limited reported a net
loss of THB130,483,909 for the year ended Dec. 31, 2006, 231.83%
more than the THB39,322,085 net loss for the year ended Dec. 31,
2005.


CIRCUIT ELECTRONICS: Posts THB33.13-Mil. Net Loss for 1st Half
--------------------------------------------------------------
Circuit Electronic Industries PCL reported a THB33.129-million
net loss for the first half of 2007, THB25.077 million or 311.4%
higher than the THB8.052-million net loss reported for the same
period in 2006.

The company said that the sharp increase of net losses year-on-
year is caused by the THB37.90 million increase in interest
expenses, which is recorded to be at THB38.049 million this year
as opposed to the THB148,081 figure last year.  The company's
income statements show that the company had recorded a
THB4.919 million income before interest expenses for the first
half of 2007, as compared to the THB7.904 million loss before
interest expenses last year.

Revenues for the first six months of 2007 reached
THB507.192 million while total expenses are at
THB502.272 million.

As of June 30, 2007, the company had THB775.475 million in total
assets and THB3.521 billion in total liabilities, resulting in a
capital deficit of THB2.746 billion.  The company's balance
sheet as of end-June 2007 also reflected illiquidity as its
current liabilities of THB394.181 million exceeded its current
assets of THB385.362 million.

Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th/--
manufactures and exports various integrated circuit and chip on
board for many kinds of electronic equipment such as mobile
phone, computer, automobile assembly, household electronic
equipment and others.  The group operates in the United States
of America, Europe and Asia.

The company is currently under the Stock Exchange of Thailand's
Non-Performing sector.


=============
V I E T N A M
=============

VIETNAM TECHCOMBANK: HSBC to Manage Dong Bonds
----------------------------------------------
Global banking group HSBC Holdings Plc. will manage Vietnam's
Technological and Commercial Bank's bond issue to raise
VND3 trillion (US$185.6 million), Reuters reports, citing state
media.

The report says that, according to Techcombank Chief Executive
Nguyen Duc Vinh, HSBC, which owns 15% of the Hanoi-based bank,
would advise it on the coupons of the five-year debt and find
investors for the issue.

The issue is only open to institutions, Reuters points out.
Half of the bond buyers would be institutions abroad.

In July, the TCR-AP reported that the State Bank of Vietnam
allowed Techcombank to raise VND4 trillion (US$248 million)
through a bond issue this year.

Yet, according to Reuters, Techcombank said that it would
consider raising the remaining VND1 trillion via bonds after the
first issue.

                          *     *     *

Vietnam Technological and Commercial Joint Stock Bank is
headquartered in Hanoi, Vietnam.  It reported assets of
VND24 trillion at the end of June 2007, up 38% from the end of
2006.

The Troubled Company Reporter-Asia Pacific reported on Aug. 17,
2006, that Moody's Investors Service has assigned ratings to
Techcombank:

   * B1/Not Prime for long- and short-term foreign currency
     deposits;

   * Ba1/Not Prime for long- and short-term local currency
     deposits;

   * Ba2/Not Prime for long- and short-term foreign currency
     Issuer Ratings;

   * Ba1/Not Prime for long- and short-term local currency
     Issuer Ratings; and

   * a Bank Financial Strength Rating of D-.



* Fitch: Limited Impact on AP Banks from Subprime Exposure
----------------------------------------------------------
Fitch Ratings has reviewed the exposures of most of its rated
Asia-Pacific banks to U.S. subprime-backed structured securities
and found that direct exposures are low, generally amounting to
just a few percent of the investing bank's equity capital.

"Losses on such investments will put a dent in annual earnings
but do not pose a systemic risk as they are not a serious threat
to the soundness of the banks we have surveyed," commented David
Marshall, Managing Director and Head of Fitch's Financial
Institutions Group in Asia-Pacific.  "Banks in Japan and
Australia also sponsor and provide liquidity facilities to
conduits but in Fitch's view, the key issue here is the need for
them to provide liquidity, rather than adding materially to
their subprime exposures," he added.  Fitch expects the banks to
be able to meet these commitments given the modest size of the
conduits relative to the banks' own balance sheets.

Fitch notes that subprime exposures are threatened by both mark
to market valuation losses and real, economic losses.  Mark to
market losses will reflect the sudden drop in market values for
these securities, to the extent these can be reliably
identified; such charges could be increased or reversed
depending on the ultimate level of economic losses on the
underlying securities.  The extent of these economic losses is
not yet clear: 'AAA' and 'AA' rated securities are unlikely to
incur losses but those at the lower end of the investment grade
spectrum and below are likely to see significant losses.

Given the volatility in credit markets, Fitch acknowledges that
there are risks to Asian banks beyond their subprime exposures.
They may have to book accounting losses on marking to market
other structured products, whose market values may be depressed
by poor market sentiment and low liquidity.  However, if they
continue to hold the securities, these accounting losses should
eventually be reversed and the banks should incur significant
economic losses only if there is a material change in the
default and loss rates on asset classes, other than on
securities backed by US subprime mortgage exposures (in
particular the more problematic 2006 vintage).

Australia:

The banks have published few details but from our discussions
with the Australian banks we rate, their potential exposure to
the US subprime mortgage market through investments in
structured credit instruments such as asset-backed securities
(ABS) and collateralised debt obligations (CDOs), are limited,
and any subprime element very small.  Most of their holdings are
of higher rated tranches ('AAA' and 'AA').

Similarly, their exposure through asset-backed commercial paper
(ABCP) conduit programmes appears limited, although some banks
do provide liquidity back-up facilities for these programmes.
The larger banks have sponsored and/or provided liquidity back-
up facilities to conduits and could be called up to provide
liquidity.  We understand that the banks are making preparations
in case they are called on to meet these commitments.

While Fitch believes that exposure to the US subprime mortgage
market will not produce significant losses for the Australian
banks, market conditions for credit have tightened in recent
weeks.  Australian banks are typically reliant on wholesale
funding for a large part of their total funding requirements.
The cost of accessing the wholesale market has also increased.
If prolonged, the current liquidity crunch could impact the
ability of Australian banks to do business through higher
funding costs and, potentially, result in difficulty refinancing
debt as it matures, particularly commercial paper.  The latter
is likely to be more of an issue for the smaller institutions;
however Fitch has not seen anything to indicate this has
occurred substantially in the banking sector thus far and the
underlying condition of banks is good, thanks to the buoyant
Australian economy .

Japan:

The larger banks have disclosed the following information:

* Sumitomo Mitsui Financial Group sold the bulk of its
  holdings exposed to US subprime mortgages earlier this year,
  realizing a loss of several billion yen. It currently has
  about JPY100bn (<2% of equity) remaining, mostly in 'AAA'
  rated securities, but also including some junior tranches.

* Mitsubishi UFJ Financial Group has JPY280bn in
  investments with US subprime exposure (3% of equity).

* Mizuho Financial Group has stated that it sold almost all of
  its US RMBS-related securities in recent months and currently
  has minimal exposure.

* Aozora has disclosed that its CDO holdings of around JPY50bn
  include JPY21bn of subprime related CDOs (<3% of equity) and
  that it has booked losses of around JPY5bn to date mainly
  reflecting market value declines.  Aozora states that its
  sizeable hedge fund investments are not significantly exposed
  to the US subprime problem and have continued to perform well.

* Shinsei has disclosed its total exposure to the US residential
  mortgage market of under USD500 mln (6% of equity); about half
  is in residential mortgage-backed securities (RMBS), of which
  the subprime component is "negligible" and half are rated
  'AAA'.

* Sumitomo Trust has disclosed JPY26bn (<2% of equity) of
  investments that may have a US subprime element and Chuo-
  Mitsui JPY35 bn (<4% of equity). Resona has said that it has
  none.

In the case of all these banks, any likely losses would be
comfortably absorbed by a portion of the bank's annual earnings
and none should see its solvency threatened from this factor
alone, as the exposures are only a small fraction of the banks'
equity.  Fitch notes that there are other banking institutions
in Japan with overseas investments that may include US mortgage-
backed securities but as yet we do not have detailed information
from all such institutions, which include regional banks,
shinkin and agricultural co-operatives.  Fitch will issue
further comments as more data becomes available.

The large Japanese banks have sponsored and provided liquidity
commitments to a number of conduits; to fulfill these
commitments they may need to raise liquidity in yen and dollars,
although these banks are unlikely to encounter difficulties
raising the necessary liquidity, given the limited size of these
commitments versus their balance sheets (up to 5%).

Among the securities firms, Nomura has disclosed end-June 2007
holdings of JPY266bn of RMBS, of which JPY71bn included subprime
mortgages.  This latter figure is about 8% of Nomura's equity.
In the quarter to June 30th, Nomura posted a loss of JPY31bn
which included the effects of selling and marking to market RMBS
investments that had been a more substantial JPY658bn as of
March 31st.  Daiwa Securities has stated that it has no such
exposures and Nikko Cordial that it has not incurred any losses.

Singapore:

The Singaporean banks have been the most transparent in Asia:

* Development Bank of Singapore has disclosed US$850 million of
  CDO/collateralised loan obligation exposures including
  those with ABS exposure of US$188m.  This latter amount -- not
  all of which is subprime-related and is rated A or above --
  amounts to about 1.5% of DBS Group's equity.

* Overseas-Chinese Banking Corporation has disclosed
  US$430m of CDO holdings, all rated investment grade, including
  US$181m with ABS exposure. This latter figure is about 2% of
  OCBC's group equity.

* United Overseas Bank's figures are USD260m and US$60m,
  i.e. 0.5% of its equity.

The overall CDO exposure of the Singaporean banks of around
US$1.5 bln could potentially give rise to losses that would dent
annual earnings but would not materially weaken the banks'
capital.

Thailand:

Siam Commercial Bank and Kasikornbank reported no exposures to
CDOs, while Bangkok Bank, Krung Thai Bank and Bank of Ayudhya
reported some exposure, mostly to higher rated tranches ('A' and
above).  The level of exposure ranges up to 6% of equity so that
a loss on the portfolio could impact annual earnings but should
not threaten solvency.  BankThai has more substantial CDO
investments including THB1.7bn of US subprime-related (21% of
equity) against which it has already taken a THB0.3bn write-
down.

Taiwan:

According to FSC data, 16 Taiwanese banks have CDO exposures
totaling TWD40bn i.e. about USD1.3bn.  We do not have full
details on their subprime exposures but even the total figure is
just over 2% of the banks' aggregate equity.  Mega ICBC Bank has
the largest exposure of about TWD10bn (7% of equity).

Taiwan's Life insurers have been more active in pursuit of
overseas investments due to their need for yield pickup to
overcome their chronic negative spread issues.  Nonetheless,
data to date indicates a rather limited exposure to problematic
subprime mortgage assets among life insurers, and most of the
exposures are confined to highly rated portions in CDOs.  In a
worst-case scenario, losses related to subprime exposures are
likely to be within 6% of equity even for the more aggressive
investors among the life insurance companies.

Korea:

Most Korean banks have very small exposures to CDOs with the
exception of Woori which has total CDO and mortgage-backed
securities (MBS) investments of KRW494bn (<5% of equity)
including KRW147bn of subprime-related securities; however, the
latter figure is only about 1% of the bank's equity.  The
exposures of other Korean banks are much lower and for most, the
subprime exposure is negligible.

Hong Kong:

Fitch's survey of most of the banks it covers in Hong Kong
suggests negligible credit exposure to the US subprime mortgage
crisis.  No bank surveyed has direct credit exposure to US
subprime mortgages through CDOs or asset backed paper.  A number
of these banks have reported small exposure to subprime
securities through their investments in structured investment
vehicles, although the SIV portfolios contain predominantly
'AAA' and 'AA' rated paper, and the banks do not expect any
notable credit losses from their SIV portfolios.  Among the
local banks, Bank of East Asia has proportionately the largest
holdings of CDOs (USD600m, i.e. 20% of equity) but states that
these do not include any US subprime exposures.

China:

Subprime-related losses may be material in dollar terms, but are
not considered so when taken in relation to capital for most
Chinese banks.  The banks with the largest holdings of foreign
securities are the Big 5 banks, among which only Bank of
Communications thus far has provided any clarity regarding
exposure, stating that it has no direct exposure to US mortgage-
related securities, prime or subprime.  Bank of China,
Industrial & Commercial Bank of China, and China Construction
Bank have stated that they will disclose exposure amounts during
their release of interim financials this week and next.  Of
these three, BOC, with its more than USD130bn in foreign
currency securities (as of end'06), is expected to be most
exposed and its management has already admitted that millions of
dollars of losses are anticipated.  However, for a bank with an
equity capital of USD54bn, the overall impact should be small.

CCB and ICBC, with total foreign currency securities holdings of
USD42bn and USD28bn at end '06, respectively, are also likely to
have some exposure, but strengthened earnings and the recent
substantial capital raising by both banks should provide ample
cushion to absorb any losses.  The final of the Big 5 banks,
Agricultural Bank of China, has stated that it does hold
subprime-related MBS and CDOs, but has not publicly disclosed
the exact amount.  ABC's thin profits and equity base provide
less cushion to absorb subprime losses, though at this point
such losses appear relatively small.

China Merchants Bank, Shenzhen Development Bank, and Bank of
Shanghai have stated they have no direct exposure to US
subprime, but other smaller banks have revealed very little
information regarding their portfolios.  On the whole, the
holdings of foreign securities at these banks are quite small,
and any potential losses arising from subprime exposures are
expected to be manageable.

Philippines:

The Philippine central bank has stated that Philippine banks in
aggregate hold USD180m of CDOs (about 2% of system equity), and
Rizal Commercial Banking Corp (RCBC) has disclosed that it holds
USD60m (16% of equity).  However, we understand that all are
backed by corporate debt and not by mortgages.

Malaysia:

Maybank, Public Bank, CIMB, Hong Leong Bank, RHB and Affin have
reported no direct exposures.  Maybank holds investment papers
(credit linked notes) issued by US financial institutions that
may have subprime exposures but the amount is modest at USD60m
(1%f equity).

Indonesia:

The banks report no significant exposures.  A few have small
investments in commercial paper issued by ABCP conduits through
their New York branches but the amounts are small at 0.2% of
assets.

India:

Indian banks have not disclosed details of subprime related
investments.  A few Indian banks with international activities
may have some exposures but we would not expect these to be
material relative to their capital, given that Indian banks have
experienced strong demand for mortgage finance in their domestic
market.  Therefore they have not had to look overseas for
investment opportunities, in contrast to financial institutions
in Japan, Taiwan, Singapore and Hong Kong where weak economic
conditions led them to look overseas for more attractive
investment opportunities.





                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***