TCRAP_Public/070831.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, August 28, 2007, Vol. 10, No. 170

                            Headlines

A U S T R A L I A

AUSTRALIAN CAPITAL: ASIC Gives Update on Case
BIGG WIGG: Members Resolve to Close Business
FINCORP: ASIC Provides Update After Chairman Appears in Senate
FOOT LOCKER: Incurs US$18-Million Net Loss in Qtr. Ended Aug. 4
IG (QLD): Members Decide to Wind Up Firm

KENROD INVESTMENTS: Members to Hold Final Meeting on Aug. 31
LAINGS ELECTRICAL: Members and Creditors to Meet on August 31
MGM MIRAGE: Names Jim Murren as Pres. & Chief Operating Officer
MGM MIRAGE: Moody's Holds "Ba2" Corporate Family Rating
MOSCOMBE PTY: Members to Receive Wind-Up Report on August 27

PLANT-IT-RITE: To Declare Second Dividend on September 5
PORTA-FLUSH SYSTEMS: Sets Final Meeting for August 31
RIMMER TRADING: Joint Final Meeting Slated for August 31
SOUTHCOAST OUTDOOR: Commences Wind-Up Proceedings
TECHNOVA PTY: Members and Creditors to Meet on August 31

WESTPOINT: ASIC Provides Update After Chairman Appears in Senate


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Partners w/ Goodmail to Give CertifiedEmail Access
ALERIS INT'L: US$1 Bil. Exchange Offer of Senior Notes Expires
ASAT HOLDINGS: Gains Holders' Consent to Amend 9.25% Sr. Notes
BALLY TOTAL: Court Approves Two Pacts with Harbinger, et al.
BALLY TOTAL: US$292 Mil. Morgan Stanley DIP Loan Gets Final OK

BALLY TOTAL: Court Gives Final Okay on Cash Collateral Use
CITIC PACIFIC: First-Half Profit Up 44% to HK$4.97 Billion
EARN BEST: Members' Final Meeting Slated for September 21
ELEGANT TREASURY: Faces Sun Pak's Wind-Up Petition
ETECH CONTROL: Creditors' Proofs of Debt Due on September 1

FIAT SPA: Moody's Lifts All Ratings to Ba1 from Ba2
FUYAO GLASS: Gets Gov't Nod to Sell 10% Stake to Goldman Sachs
HANS ENERGY: First-Half Profit Drops 72.2% to HK$27.3 Million
LOYAL TALENT: Sets Members' Final Meeting for September 18
MEDA JEWELRY: Subject to Global Advantage's Wind-Up Petition

MOLD-TECH: Creditors' Proofs of Debt Due on September 24
MUSIC TRADING: Court to Hear Wind-Up Petition on September 5
PARKSON RETAIL: 2007 1st-Half Net Profit Rises to CNY303.5MM
SALES LINK: Court Hearing of Wind-Up Petition Set for Sept. 12
SAXONDALE LIMITED: Members to Receive Wind-Up Report on Sept. 28

TAI WALL: Court Hearing on Wind-Up Petition Slated for Sept. 19
TYSON FOODS: Moody's Affirms "Ba1" Corporate Family Rating


I N D I A

BPL LIMITED: Schedules Annual General Meeting on Sept. 28
CANARA BANK: To Make Open-Offer for 51% in Can Fin Homes
DECCAN AVIATION: Kingfisher Airlines Sees Tie-Up by 2008
NCO GROUP: Completes US$165MM & US$200MM Offers of Sr. Notes
PRIDE INT'L: Buys 9% Remainder of Angolan Joint Venture Stake


I N D O N E S I A

CA INC: Stockholders Re-Elect Board & Ratify KPMG as Accountants
CA INC: Board Declares US$0.04 Per Share Quarterly Dividend
CILIANDRA PERKASA: Fitch Affirms Foreign Currency Ratings at B+
GOODYEAR TIRE: Plans Growth Investments and Debt Repayment
MEDCO ENERGI: Mitsubishi to Acquire 19.97% of Firm's Shares

ORBITAL SCIENCES: Inks US$100 Million Revolving Credit Facility


J A P A N

BOSTON SCIENTIFIC: Prepays US$1BB Loan Under Amended Credit Pact
DELPHI CORP: Lead Plaintiffs Accede to Class Action Settlement
GAP INC: Authorizes Additional US$1.5 Billion Share Repurchase
GAP INC: Net Earnings Increases 19% to US$152MM in Second Qtr.
LIVEDOOR CO: To Sell Software Unit to MBK Partners for JPY71BB

MATSUSHITA ELECTRIC: Nokia Battery Recall to Cost JPY20 Billion
NIPPON SHEET: Posts 244.9% Boost in Sales for June Quarter
NIPPON SHEET: Revises Outlook for FY08 After Posting Q1 Results
TIMKEN CO: Closes Repair Service Deal with Weir Canada
XERIUM TECHNOLOGIES: Completes Restatement of Financial Reports


K O R E A

ARAMARK CORP: Moody's Assigns SGL-2 Liquidity Rating
C&M CO: Macquarie Bank Plans to Buy 30.5% Stake
DURA AUTOMOTIVE: Files Reorganization Plan in Delaware
DURA AUTOMOTIVE: Pacificor Backstop Rights Pact Gets Court Okay


M A L A Y S I A

PAXELENT CORP: Files Amended Reform Plan Proposals
SOLUTIA INC: Wants Court Approval on Chemical Plant Agreement
SOLUTIA INC: Inquip Associates Wants Adequate Protection
* Company Directors to Face Bigger Liabilities in Lawsuits


N E W  Z E A L A N D

AIR NEW ZEALAND: Unit's NZ Aerospace Contract Gets Renewed
ASQUITH PROPERTIES: Taps Rodewald and Neilson as Liquidators
CAPENA NZ: Commences Liquidation Proceedings
CHATFIELD HOLDINGS: Fixes Aug. 30 as Last Day for Claims Filing
M A P DESIGN: Creditors' Proofs of Debt Due on September 3

PROPERTYFINANCE LIMITED: To Present Restructuring Plan Today
RAMCO LTD: Commences Wind-Up Proceedings
RYLAND TRANSPORT: Names Rodewald and Neilson as Liquidators
S B PROPERTIES: Accepting Proofs of Debt Until August 31
TONY FISHER: Commences Wind-Up Proceedings

VTL GROUP: Works With Nathans' Receivers for Restructuring Deals
W A & M J: Court to Hear Wind-Up Petition on Sept. 10
WINDOW REPLACEMENT: Faces Telecom New Zealand's Wind-Up Petition
YANG DEVELOPMENTS: Shareholders Opt to Shut Down Business


P H I L I P P I N E S

BANGKO SENTRAL: Stands Ready to Offer Liquidity to Fin'l Market
NAT'L POWER: Energy Body OKs Power Generation Rates Increase
SAN MIGUEL: Considers Future Expansion into Eastern Europe, Laos
* Finance Agency Expects PHP40-Billion Interest Savings in 2007


S I N G A P O R E

CROWN BAKERY: Court Hears Wind-Up Petition
HOCEN INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 31
RUBICON PARTNERS: Requires Creditors to File Claims by Sept. 15


T H A I L A N D

PICNIC CORP: 2nd Quarter Net Loss Rises 5.4% to THB154.2 Million
PRASIT PATANA: Posts THB40.84-Mil. Net Income for 2nd Quarter

     - - - - - - - -

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

AUSTRALIAN CAPITAL: ASIC Gives Update on Case
---------------------------------------------
The Australian Securities and Investments Commission has
released further information on Australian Capital Reserve
following similar statement released by ASIC Chairman Tony
D'Aloisio to the Senate Standing Committee on Economics on
May 30, 2007.

"In the period since 30 May 2007, ASIC's emphasis has been on
examining ways to ensure the largest possible pool of funds is
available to investors", Mr. D'Aloisio said.

In respect of ACR, since the May 30 statement, ASIC has:

   * worked with administrators on strategies to maximize the
     return for noteholders and creditors;

   * made inquiries into the affairs of ACR and continued
     working with administrators on potential avenues for
     further investigation; and

   * commenced reviewing the advertising and disclosure by ACR,
     investments made subsequent to the March 9, 2007 interim
     stop order on ACR's final prospectus and valuations on
     development properties.

The TCR-AP recounts that An ASIC report on May 29, 2007, stated
that the finance company, which finances the activities of
Estate Property Group, raises money from the public by issuing
unsecured deposit notes to public investors and loans those
funds to EPG to finance its various property activities.  As a
result of the funding, ACR was able to raise over AU$300 million
between 2000 and 2007 through the issue of nine prospectuses.

However, the report related, the funding was stopped by ASIC on
March 9, 2007, when it issued and Interim Stop Order on the 9th
prospectus due to some concerns relating to disclosure in the
prospectus.

                   About Australian Capital

Australian Capital Reserve Limited --
http://www.acrlimited.com.au/-- is an investment group based in
North Sydney New South Wales, Australia.

As reported in the Troubled Company-Reporter in June 7, 2007,
ACR was placed in voluntary administration in late May amid
fears that 7,000 noteholders could lose substantial amounts
of money.  Reportedly, ACR has been running out of cash with
less than AU$10 million left at the end of 2006.

PricewaterhouseCoopers is its administrators.


BIGG WIGG: Members Resolve to Close Business
--------------------------------------------
At an extraordinary general meeting held on July 23, 2007, the
members of Bigg Wigg Pty Ltd agreed to voluntarily wind up the
company's operations.

Brent Leigh Morgan was then appointed as liquidator.

The Liquidator can be reached at:

         Brent Leigh Morgan
         c/o Rogers Reidy
         Chartered Accountants
         Level 10, 200 Queen Street
         Melbourne, Victoria 3000
         Australia

                         About Bigg Wigg

Bigg Wigg Pty Ltd, which is also trading as Salon M, operates
beauty shops.  The company is located in Prahran, Victoria,
Australia.


FINCORP: ASIC Provides Update After Chairman Appears in Senate
--------------------------------------------------------------
The Australian Securities and Investments Commission has
released further information on Fincorp following similar
statement released by ASIC Chairman Tony D'Aloisio to the Senate
Standing Committee on Economics on May 30, 2007.

"In the period since 30 May 2007, ASIC's emphasis has been on
examining ways to ensure the largest possible pool of funds is
available to investors", Mr. D'Aloisio said.

In respect of Fincorp, since the May 30 statement, ASIC has:

   * successfully applied for freezing orders to ensure assets
     of various individuals and companies associated with
     Fincorp are not shifted or dissipated to the detriment of
     creditors and investors;

   * worked with KordaMentha (the administrator) to examine any
     potential wrongdoing by former Fincorp directors and
     officers;

   * continued to examine the role and conduct of related
     parties and advisers; and

   * continued to consider whether actions to maximize
     compensation are available.

                         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.


FOOT LOCKER: Incurs US$18-Million Net Loss in Qtr. Ended Aug. 4
---------------------------------------------------------------
Foot Locker Inc. posted a net loss of US$18 million for the
second quarter ended Aug. 4, 2007, compared to the US$14-million
net income recorded for the same period in 2006.

Second quarter sales decreased 1.5 percent, to US$1,283 million
this year compared with sales of US$1,303 million for the
corresponding prior year period.  Second quarter comparable-
store sales decreased 7.3 percent.

"Our second quarter results reflected lower than expected sales
and the impact of a strategic decision to significantly
accelerate the clearance of slow-selling merchandise inventory
in our U.S. stores," stated Matthew D. Serra, Foot Locker,
Inc.'s Chairman and Chief Executive Officer.  "This inventory
clearance strategy resulted in markdowns increasing in our U.S.
stores by US$50 million, at cost, or US$0.20 per share, versus
the second quarter of last year.  As a result, we are now better
positioned to offer more exciting and compelling products for
the fall season.  At the same time, the division profit of our
international stores increased approximately 20 percent from the
same period last year, (excluding the US$17 million pre-tax
charge recorded in 2006 to write down long-lived assets pursuant
to SFAS 144)."

                       Financial Position

At the end of the second quarter, the company's cash and short-
term investments totaled US$363 million.  The company's cash
position, net of debt, increased by US$86 million from the same
time last year.  During the second quarter, the company
repurchased 1.1 million shares of its common stock for
US$24 million.  For the first six months of the year, the
company repurchased 2.3 million shares for US$50 million.

The company's merchandise inventory at the end of the second
quarter was 1.6 percent lower than at the end of the second
quarter last year.  Stated in constant currency dollars, the
company's merchandise inventory decreased 3.2 percent versus
last year.  Merchandise inventory in the company's U.S. stores
was approximately 4 percent lower than last year, with goods
older than 12 months reduced from last year by approximately 40
percent.  At the company's international stores, merchandise
inventory was essentially flat with last year.

                       Store Base Update

During the first six months of the year, the company opened 78
new stores, remodeled/relocated 129 stores and closed 115
stores.  At Aug. 4, 2007, the company operated 3,905 stores in
20 countries in North America, Europe and Australia.  In
addition, seven franchised stores were operating in the Middle
East.  During the first week of the third quarter, the company
converted its Footquarters stores to Foot Locker and Champs
Sports outlet stores.

During the next six months of 2007, the company currently
expects to open approximately 40 stores and, as previously
announced, close 135 to 150 unproductive stores.  Approximately
90 of the estimated store closings are expected to occur at or
near their normal lease expiration and have minimal or no
expense impact to the Company.  Depending on the outcome of
landlord negotiations, 50 to 60 of the stores are expected to
close prior to normal lease expiration.  The cash costs
associated with closing these 135 to 150 stores are expected to
be essentially offset by the cash benefits of the working
capital reduction.

Mr. Serra continued, "Given the uncertainty of several factors
that may affect our financial results, we are not providing a
financial forecast for the balance of the year at this time.
These uncertainties include the current challenging athletic
retail environment in the U.S. and incremental costs associated
with the closing of the additional stores.  In addition, we will
continue to assess the impact of the recent merchandise
initiatives on the financial results of our domestic businesses
during the fall 2007 season.  This assessment may include an
analysis of the recoverability of store long-lived assets
pursuant to SFAS 144 that may result in a non-cash impairment
charge."

                        About Foot Locker

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

                          *     *     *

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


IG (QLD): Members Decide to Wind Up Firm
----------------------------------------
The members of IG (QLD) Pty Ltd met on July 9, 2007, and agreed
to voluntarily wind up the company's operations.

W. C. Noye was then named as liquidator.

The Liquidator can be reached at:

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

                         About IG (Qld)

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


KENROD INVESTMENTS: Members to Hold Final Meeting on Aug. 31
------------------------------------------------------------
The members of Kenrod Investments Proprietary Limited will have
their meeting on August 31, 2007, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

                    About Kenrod Investments

Located in Malvern, Victoria, Australia, Kenrod Investments
Proprietary Limited is an investor relation company.


LAINGS ELECTRICAL: Members and Creditors to Meet on August 31
-------------------------------------------------------------
The members and creditors of Laings Electrical Pty Ltd will meet
on Aug. 31, 2007, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         M. G. McCann
         Grant Thornton
         Chartered Accountants
         Ground Floor
         102 Adelaide Street
         Brisbane, Queensland 4000
         Australia

                    About Laings Electrical

Laings Electrical Pty Ltd operates household appliance stores.
The company is located at Kelvin Grove, in Queensland,
Australia.


MGM MIRAGE: Names Jim Murren as Pres. & Chief Operating Officer
---------------------------------------------------------------
MGM MIRAGE Chairman and CEO Terry Lanni reported several
promotions of the company's senior management.  Jim Murren was
promoted to the role of president and chief operating officer.
Mr. Murren had served as the company's president, chief
financial officer and treasurer.

Bobby Baldwin was named to serve in a new position as the
company's chief design and construction officer.  He will also
serve as president and CEO of the company's US$7.4 billion
CityCenter development.

Dan D'Arrigo was promoted to executive vice president and chief
financial officer.

Bob Selwood has been promoted to executive vice president and
chief accounting officer.

All of these positions report to Mr. Lanni.

Additionally, senior vice president of treasury Cathy Santoro
was promoted to serve as the company's Treasurer, reporting to
Mr. D'Arrigo.

"Each of these individuals has played a significant role in
managing the successful growth and development of MGM MIRAGE,"
Mr. Lanni said.  "These promotions recognize their contributions
and strengthen our ability to move ahead aggressively with the
future development of our real estate holdings and expansion of
our brand presence worldwide."

Mr. Murren will oversee all of the MGM MIRAGE company-owned
casino-resort properties in the U.S. except Bellagio, Monte
Carlo and CityCenter.  These properties are part of the
CityCenter "campus" and will report to Mr. Baldwin.

Mr. Baldwin will oversee the design and construction of all of
the company's projects and capital improvements to existing
resorts in the U.S.  The company has holdings in Nevada,
Mississippi and New Jersey available for development.

Mr. D'Arrigo joined MGM Grand, Inc. in 1995 and has served as
senior vice president of finance since 2005.

"Jim Murren has established a reputation as one of the leaders
in our industry," Mr. Lanni said.  "His ability to envision the
future direction of the Las Vegas market and his contributions
to positioning MGM MIRAGE as the undisputed industry leader has
earned him this well deserved recognition.

"Bobby Baldwin is well known as the leading expert in the
development of some of the most dynamic, efficient and
successful large-scale resorts anywhere in the world," Mr. Lanni
said.  "His keen understanding of design and construction make
him the perfect choice to lead our company's efforts in growing
our family of world-class resorts."

"We believe that there are significant opportunities to enhance
the guest experience among our existing family of resorts and
enormous unrealized potential from our real estate holdings,"
Mr. Lanni noted.

"We will continue to seek innovative ways of maximizing
revenues, improving efficiencies and operating as a well-
integrated company."

John Redmond, who had notified the company in late 2006 of his
intent to retire, has done so effective August 21.

"We are all grateful to John for his many years of service,"
Mr. Lanni said.  "John is an enormously talented man who has
been significantly responsible for many of our company's
successes."

                        About MGM MIRAGE

Headquartered in Las Vegas, Nevada, MGM Mirage (NYSE: MGM) --
http://www.mgmmirage.com/-- is a hotel and gaming company.
It owns and operates 17 properties located in Nevada,
Mississippi and Michigan, and Australia, and has investments in
three other casino resorts in Nevada, New Jersey, and Macau.


MGM MIRAGE: Moody's Holds "Ba2" Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service changed MGM MIRAGE's rating outlook to
stable from negative and affirmed all existing ratings,
including its Ba2 corporate family rating and speculative grade
liquidity rating of SGL-3.

MGM Mirage signed a definitive agreement to form a long-term
strategic relationship whereby Dubai World would inject up to
US$5.1 billion in MGM MIRAGE, comprised of a US$2.7 billion
investment in CityCenter and US$2.4 billion for a 9.5% equity
stake in the company.

The outlook revision reflects lower event risk and an
expectation that leverage and coverage metrics will improve in
the near term. If all proceeds from Dubai World are used to
repay debt, leverage would drop significantly.  However, given
the company's commitment to growth, leverage may begin to
increase over the intermediate term and residual event risk
remains a concern.

In the unlikely event the transaction does not close, the rating
outlook could revert back to negative.  Further upward rating
momentum will depend on sustainable improvement in credit
metrics, the company's longer term financial policy priorities,
including leverage and coverage targets, the level of future
capital and investment spending, share repurchases, dividends,
as well as financing plans for recently announced joint
ventures.

The rating outlook could improve to Positive when the company's
longer term financial policy priorities are better defined and
if they are consistent with a higher rating over the
intermediate term.  An upgrade of the SGL-3 rating is likely as
a result the anticipated capital infusion and will be consider
around the time the transaction closes.

Moody's last rating action on MGM occurred May 8, 2007 when
Moody's assigned a Ba2, LGD-3, 43% rating to MGM's issue of
senior unsecured guaranteed notes due 2016.

Headquartered in Las Vegas, Nevada, MGM MIRAGE owns and operates
about 17 properties located in Nevada, Mississippi and Michigan,
and Australia, and has investments in three other casino resorts
in Nevada, New Jersey, and Macau.  MGM MIRAGE has a 50% interest
in MGM Grand Macau, a hotel-casino resort currently under
construction in Macau S.A.R, which is expected to open in the
fourth quarter of 2007. Consolidated revenue for 2006 was about
US$7.2 billion.


MOSCOMBE PTY: Members to Receive Wind-Up Report on August 27
------------------------------------------------------------
A meeting will be held for the members of Moscombe Pty Ltd on
August 27, 2007, at 10:30 a.m.

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

The company's liquidator is:

         Glenn A. Crisp
         RSM Bird Cameron
         Chartered Accountants
         Level 8, 525 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9286 1800
         Facsimile:(03) 9286 1899

                        About Moscombe Pty

Moscombe Pty Ltd operates manufacturing industries.  The company
is located at Blackburn, in Victoria, Australia.


PLANT-IT-RITE: To Declare Second Dividend on September 5
--------------------------------------------------------
Plant-It-Rite Aust. Pty Ltd, which is in liquidation, will
declare its second dividend on September 5, 2007.

Creditors who were not able to file their claims by August 21,
2007, will be excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         John Lindholm
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                      About Plant-It-Rite

Plant-It-Rite (Aust ) Pty Ltd is a distributor of flowers,
nursery stock and florists' supplies.  The company is located
at Melbourne, in Victoria, Australia.


PORTA-FLUSH SYSTEMS: Sets Final Meeting for August 31
-----------------------------------------------------
A final meeting will be held for the members and creditors of
Porta-Flush Systems Pty Ltd on August 31, 2007.

At the meeting, V. R. Dye and N. Giasoumi, the company's
liquidators, will present a report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         c/o Dye & Co Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East, Victoria 3123
         Australia

                       About Porta-Flush

Porta-Flush Systems Pty Ltd provides business services.  The
company is located at Altona North, in Victoria, Australia.


RIMMER TRADING: Joint Final Meeting Slated for August 31
-------------------------------------------------------
Rimmer Trading Pty Ltd will hold a final meeting for its members
and creditors on August 31, 2007, at the offices of Dye & Co.
Pty Ltd, Chartered Accountants at 165 Camberwell Road in
Hawthorn East 3123, Australia.

At the meeting, V. R. Dye and N. Giasoumi, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

                      About Rimmer Trading

Rimmer Trading Pty Ltd, which is also trading as Advantage
Systems and Peripherals, operates computer and computer software
stores.  The company is located at Boronia, in Victoria,
Australia.


SOUTHCOAST OUTDOOR: Commences Wind-Up Proceedings
-------------------------------------------------
On July 19, 2007, the members of Southcoast Outdoor
International Pty Ltd agreed to voluntarily wind up the
company's operations.

Barry Keith Taylor was then appointed as liquidator.

The Liquidator can be reached at:

         Barry Keith Taylor
         B.K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                     About Southcoast Outdoor

Southcoast Outdoor International Pty Ltd provides outdoor
advertising services.  The company is located at Brunswick East,
in Victoria, Australia.


TECHNOVA PTY: Members and Creditors to Meet on August 31
--------------------------------------------------------
The members and creditors of Technova Pty Ltd will have their
final meeting on August 31, 2007, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidators are:

         V R Dye
         N Giasoumi
         c/o Dye & Co Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East, Victoria 3123
         Australia

                        About Technova Pty

Technova Pty Ltd, which is also trading as Technova, is a
distributor of metal doors, sash, and trims.  The company is
located in Clayton, Victoria, Australia.


WESTPOINT: ASIC Provides Update After Chairman Appears in Senate
----------------------------------------------------------------
The Australian Securities and Investment Commission has released
further information on Westpoint Group following similar
statement released by ASIC Chairman Tony D'Aloisio to the Senate
Standing Committee on Economics on May 30, 2007.

"In the period since 30 May 2007, ASIC's emphasis has been on
examining ways to ensure the largest possible pool of funds is
available to investors", Mr. D'Aloisio said.

In respect of Westpoint, since the May 30 statement, ASIC has:

   * examined the role and conduct of related parties and
     advisers and has been discussing these matters with the
     liquidators of the mezzanine companies, licensees and
     Slater and Gordon lawyers, who already represent a large
     number of investors in recovery proceedings.  This will
     facilitate ASIC's determination of whether compensation
     (e.g. under section 50 of the ASIC Act) is available.  ASIC
     expects to make decisions on these matters by Oct. 31,
     2007;

   * referred two criminal briefs to the Commonwealth Director
     of Public Prosecutions in relation to unlicensed operators;
     and

   * commenced investigations into a further six licensees and
     five authorized representatives who advised on Westpoint
     products, with 16 briefs for bannings currently progressing
     through the adjudication process.

                      About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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

ACXIOM CORP: Partners w/ Goodmail to Give CertifiedEmail Access
---------------------------------------------------------------
Acxiom(R) Corporation entered into a partnership between Acxiom
Digital, a leading provider of integrated digital marketing
solutions for Global 2000 enterprises, and Goodmail Systems,
Inc., the creator of CertifiedEmail, which will provide
qualifying Acxiom Digital clients with immediate access to
CertifiedEmail.

Under terms of the partnership, Acxiom Digital will become a
CertifiedEmail Premier Provider.  Those Acxiom Digital clients
that meet Goodmail's rigorous accreditation standards will be
able to leverage CertifiedEmail's authentication technologies to
enhance the reach and effectiveness of their email marketing
campaigns.

CertifiedEmail is a class of trusted email available to senders
with the best email practices and the lowest complaint rates.
Currently supported by seven of the nation's top ten mailbox
providers, CertifiedEmail improves email effectiveness by
delivering messages specially marked with a unique blue ribbon
envelope icon and assures that all email messages are delivered
directly to consumers' inboxes rather than being inadvertently
routed to junk folders.  Additionally, CertifiedEmail ensures
that images and links are displayed properly and in full within
email messages, allowing consumers to view graphic-rich email
content -- rather than it being blocked and restricted.  The
blue ribbon icon that appears on CertifiedEmail messages
provides consumers validation that a message is coming from a
trusted and legitimate source.

"Our joint offering with Goodmail is further validation of
Acxiom Digital's ongoing commitment to providing best-in-class
integrated digital marketing technology and services to our
clients," said Kevin Johnson, leader of Acxiom Digital.  "In an
effort to protect their customers from spam, many mailbox
providers have disabled email images and links by default. As a
result, the functionality and value of legitimate email messages
has been reduced. By offering Goodmail Certified Email, we will
help clients restore full email functionality and increase its
value to recipients and marketers."

"Acxiom Digital provides industry-leading solutions to some of
the world's largest and best known companies," said Daniel
Dreymann, co-CEO of Goodmail.  "CertifiedEmail assures customer
communications are received as designed, marked as authentic and
desired."

                    About Goodmail Systems

Goodmail Systems -- http://www.goodmailsystems.com/-- makes
CertifiedEmail(TM), the industry standard class of trusted
email.  CertifiedEmail provides a safe and reliable means for
consumers to easily identify authentic messages from legitimate
commercial and nonprofit senders.  Each CertifiedEmail is sent
with a cryptographically secure token that assures authenticity,
and is marked in the inbox with a unique blue ribbon envelope
icon, enabling consumers to visually distinguish messages which
are real and sent from senders with whom they have a pre-
existing relationship.  Available to senders meeting strict
standards for best email practices and low complaint rates, it
is the only class of email available that assures delivery of
all opt-in email messages to the inbox, with links and images
automatically rendered intact, yielding measurable improvements
in email program effectiveness.  CertifiedEmail has been adopted
by seven of the nation's top ten mailbox providers and 150
government agencies.  It is supported in North America and the
United Kingdom by a wide network of email platforms and service
providers.

                       About Acxiom

Founded in 1969, Acxiom has locations throughout the United
States, in Europe particularly in France and Germany, and in
Australia and China in the Asia-Pacific region.  Acxiom has a
team of specialists with sales and business development
associates based in the largest Latin American markets: Brazil,
Argentina and Mexico.

                       *     *     *

Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s
proposed US$800 million secured first-lien financing.  The
first-lien facilities consist of a US$200 million revolving
credit facility and a US$600 million term loan.  They are rated
'BB' with a recovery rating of '2'.

Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  Moody's
said the outlook is stable.


ALERIS INT'L: US$1 Bil. Exchange Offer of Senior Notes Expires
--------------------------------------------------------------
Aleris International Inc.'s offer to exchange up to
US$600 million aggregate principal amount of its 9%/9-3/4%
Senior Notes due 2014, and up to US$400 million aggregate
principal amount of its 10% Senior Subordinated Notes due 2016
for an equal aggregate principal amount of 9%/9-3/4% Senior
Notes due 2014 and 10% Senior Subordinated Notes due 2016 that
have been registered under the Securities Act of 1933, as
amended, has expired.

The exchange offer expired at 12:00 a.m., Eastern Time, on
Aug. 23, 2007.  As of that time, all US$600 million in aggregate
principal amount of the 9%/9-3/4% Senior Notes due 2014 and
US$400 million in aggregate principal amount of the 10% Senior
Subordinated Notes due 2016 had been tendered in the exchange
offer.

Aleris International will issue certificates for the registered
9%/9-3/4% Senior Notes due 2014 and 10% Senior Subordinated
Notes due 2016 as soon as practicable.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 50 production
facilities in North America, Europe, South America and Asia,
particularly in China, and has approximately 8,500 employees.

                          *    *    *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased the
term loan by $125 million.  With the add-on, the total amount
of the facility is now $1.23 billion.


ASAT HOLDINGS: Gains Holders' Consent to Amend 9.25% Sr. Notes
--------------------------------------------------------------
ASAT Holdings Limited, on behalf of its wholly owned subsidiary,
New ASAT (Finance) Limited, said that as of August 23, 2007,
holders of approximately 98% of its outstanding 9.25% Senior
Notes due 2011 (the "Senior Notes") had delivered consents in
connection with the consent solicitation commenced on August 1,
2007, for the purpose of amending certain provisions of the
indenture, dated as of January 26, 2004, pursuant to which the
Senior Notes were issued.

Accordingly, the Company and the trustee for the Senior Notes
will execute and deliver a second supplemental indenture
containing the amendments described in the Amended Consent
Solicitation Statement dated August 17, 2007.  Also, warrants
for ordinary shares of the Company will be duly issued to
consenting holders of Senior Notes, in accordance with the
Amended Consent Solicitation Statement.

The Company also announced today that as of August 23, 2007, the
Company and the lenders under the purchase money loan agreement,
dated July 31, 2005, agreed to certain waivers of and amendments
to the terms and conditions of such purchase money loan
agreement.  In connection with above changes, warrants for
ordinary shares of the Company will be duly issued to the
lenders.

The warrants referenced above and the ordinary shares into which
they will be exercisable have not been registered under the
Securities Act of 1933, or any state securities laws, and will
be sold in a private transaction under Regulation D and
Regulation S.  Unless the warrants and ordinary shares are
registered, they may not be offered or sold in the United States
except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state laws.

This press release is not an offer to purchase or sell, a
solicitation of an offer to purchase or sell, or a solicitation
of consents with respect to any securities.  The consent
solicitation, as amended, was made solely on the terms and
subject to the conditions set forth in the Amended Consent
Solicitation Statement, dated August 17, 2007, and the
accompanying the Second Supplemental Indenture.

           First and Second Quarter Fiscal 2008 Guidance

"Our bondholders' overwhelming support in allowing us to
successfully complete the consent solicitation strengthens our
position to obtain new financing," said Tung Lok Li, acting
chief executive officer of ASAT Holdings Limited.  "While we are
still compiling our preliminary numbers, we expect to meet our
previously communicated outlook for the quarter ended July 31,
2007 of net sales increasing to approximately US$37.7 million.
Gross margin is expected to be approximately 12%. We are also
confident that our positive momentum for the October quarter
will result in a revenue increase of 3 percent to 8 percent
above our July quarter results."

Piper Jaffray & Co. served as Solicitation Agent for the consent
solicitation, and The Bank of New York served as Information
Agent, Tabulation Agent and Payment Agent for the consent
solicitation.


ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.

ASAT's advanced package portfolio includes standard and high
thermal performance ball grid arrays, leadless plastic chip
carriers, thin array plastic packages, system-in-package and
flip chip.  ASAT was the first company to develop moisture
sensitive level one capability on standard leaded products.  The
Company has operations in the United States, Asia and Europe.
Its Asian presence is in Hong Kong and China.

On Aug. 3, 2007, the TCR-AP reported that Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on ASAT Holdings Ltd. to 'D' from 'CCC'.  At the same time, it
lowered the issue rating on US$150 million 9.25% senior notes
due 2011 to 'D' from 'CCC'.

The notes were issued by New Asat (Finance) Ltd. and guaranteed
by ASAT.

The downgrades are based on ASAT's announcement on Aug. 1, 2007
that it did not make the semi-annual interest payment on its
1.25% senior notes.

In addition, Moody's Investors Service downgraded the corporate
family rating of ASAT Holdings Ltd to Ca from Caa1.

At the same time, Moody's also downgraded to Ca from Caa1 the
senior unsecured rating for New ASAT (Finance) Limited's US$150
million in senior notes, maturing in 2011, which are guaranteed
by ASAT. The outlook for both ratings is negative.


BALLY TOTAL: Court Approves Two Pacts with Harbinger, et al.
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan approved these two agreements Bally Total Fitness
Holding Corporation and its debtor-affiliates entered into with
Harbinger Capital Partners Master Fund I Ltd., Harbinger Capital
Partners Special Situations Fund L.P., Liberation Investments
L.P., and Liberation Investments Ltd.:

   (a) the Investment Agreement providing for Harbinger Capital
       Partners Master Fund I, Ltd. and Harbinger Capital
       Partners Special Situations Fund L.P.'s commitment to
       Make a US$233,600,000 equity investment in Bally Total
       Fitness Holding Corp.; and

   (b) the 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
       Modified First Amended Joint Prepackaged Plan on the
       same timetable as the company's original plan.

A full-text copy of the Debtors' Restructuring Support Agreement
with Liberation Investments, L.P. and Liberation Investments,
Ltd., dated August 17, 2007, is available for free at
http://researcharchives.com/t/s?22ec

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

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

Pursuant to the Investment Agreement, Harbinger Capital will
acquire 100% of the New Common Stock of Reorganized Bally issued
on the effective date of the Plan in exchange for a purchase
price of approximately US$233,600,000.

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

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

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

The Investment Agreement may be terminated:

   (a) by the mutual consent of the parties;

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

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

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

                Restructuring Support Agreement

On June 15, 2007, the Debtors entered into a Restructuring
Support Agreement with the holders of a majority of the
Prepetition Senior Notes and holders of more than 80% of the
Prepetition Subordinated Notes.

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

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

                   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.  (Bally Total Fitness
Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BALLY TOTAL: US$292 Mil. Morgan Stanley DIP Loan Gets Final OK
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in Manhattan approved, on a final basis, Bally Total Fitness
Holding Corporation and its debtor-affiliates' request to obtain
secured postpetition financing for US$292,000,000 from Morgan
Stanley Senior Funding Inc., comprised of:

    (i) a US$50,000,000 Superpriority First Lien Revolving DIP
        Credit Facility, which includes a US$40,000,000 letter
        of credit sub-facility; and

   (ii) a US$242,000,000 Superpriority First Lien Term Loan.

The Debtors are authorized to obtain the DIP loans, pursuant to
the terms of the Final Order and subject to the terms of the DIP
loan documents.  The proceeds of the DIP Facility will be used
to pay in full all Prepetition Secured Obligations "that remain
outstanding as of the date of such payment."

Judge Lifland also authorized the Debtors to pay in full all
obligations under the Prepetition Credit Documents except for
letters of credit and swap obligations.

Upon the Debtors' full payment of the Prepetition Secured
Obligations, valid, enforceable and perfected first priority and
senior liens on, and security interests in, all of the Debtors'
Prepetition Collateral will be released, and of no further force
and effect.

The release resolves the dispute between the Prepetition Agent
and Prepetition Lenders on one hand, and the Debtors on the
other hand, as to the allowability of any claims that some or
all of the Prepetition Lenders may assert for payment of a
prepayment premium of the Prepetition Credit Facility.

Upon the closing of the DIP Facility -- which Closing was
expected to take place today -- the Debtors will remit to the
Pepetition Agent, to be held in an escrow account bearing
interest at a money market rate, equal to 1% of the prepetition
term loans held by (i) each Prepetition Lender who is not a DIP
Lender, and (ii) each Prepetition Lender who is a DIP Lender and
who has not delivered to the DIP Agent prior to close of
business on August 21, 2007, a written waiver of its Prepayment
Premium Claim.

The Debtors will file with the Court a written objection to the
allowance of the Prepayment Premium Claim on or before Aug. 31,
2007.  Each Prepayment Premium Claimant have until Sept. 12 to
submit its written response.

The Court will convene a hearing on the allowability of timely
filed Prepayment Premium Claims on September 17, 2007.

                           Fees Payable

The aggregate fees payable in connection with the DIP Credit
Agreement in addition to those described in the Debtors' DIP
Request are:

   (a) the Commitment Fee -- a fee equal to 0.75% of the total
       commitments payable to Morgan Stanley, which was paid
       prior to the filing of the Chapter 11 cases;

   (b) the Closing Fee -- a fee equal to a maximum of 1.00% of
       the total commitments, assuming none of the lenders under
       the Debtors' prepetition loan agreement participate,
       payable to Morgan Stanley;

   (c) Annual Administration Fees for the revolving facility
       agent and term facility agent of US$75,000 and US$50,000;
       and

   (d) the Amendment Fee -- equal to US$1,000,000 for permitting
       the DIP Credit Agreement to be converted into either the
       Exit Credit Agreement or the Alternative Exit Credit
       Agreement, payable by Harbinger Capital Partner Masters
       Fund I Ltd. to Morgan Stanley, but reimbursable by the
       Debtors under certain circumstances.

Pursuant to Section 364(c)(1) of the Bankruptcy Code, all of the
Prepetition Secured Obligations and an "Alternative Commitment
Fee" will constitute allowed claims against Bally Total Fitness
Holding Corp. and its affiliates that are signatories to the
Guarantee and Collateral Agreement, with priority over any and
all administrative expenses and diminution claims.

An Alternative Commitment Fee is an additional commitment fee
equal to 2.5% of the total commitments minus the sum of the
Commitment Fee, the Closing Fee and the Amendment Fee, payable
to Morgan Stanley.

                       Carve-Out Expenses

Upon the DIP Lenders' declaration of an event of default, the
DIP Lenders' liens, claims and security interests will be
subject only to the right of payment of the carve-out expenses,
including a fee not exceeding US$4,650,000 for each unpaid
professional retained by the Debtors, the Ad Hoc Noteholders'
Committee, and any statutory committees appointed in the
Debtors' Chapter 11 cases.

"There shall not be any borrowings under the DIP Facility unless
the initial funding thereunder is sufficient to repay the
Prepetition Secured Obligations in full," Judge Lifland ruled.

Proceeds from the Collateral will be applied first to
obligations under the Revolving DIP Facility, and all bank
products constituting DIP Obligations and all interest rate or
foreign currency hedging obligations constituting DIP
Obligations, prior to being applied to the DIP Term Loan.

                           DIP Liens

As security for the DIP Obligations, effective immediately, the
Court grants security interests and liens to the DIP Lenders,
subject to the payment of Carve-Out Expenses:

   (a) First Lien on Unencumbered Property -- Pursuant to
       Section 364(c)(2) of the Bankruptcy Code, a valid and
       binding fully-perfected first priority senior security
       interest in and lien on all prepetition and postpetition
       property of the Debtors and its proceeds, whether
       existing on the Petition Date or thereafter acquired,
       that, on or as of the Petition Date is not subject to
       valid, perfected and non-avoidable liens;

   (b) Priming Liens Securing DIP Facility -- Pursuant to
       Section 364 (d), a valid and binding fully perfected
       First priority senior priming security interest in and
       lien on all prepetition and postpetition property of the
       Debtors that secure obligations under the Prepetition
       Credit Facility, senior to the liens securing the
       Prepetition Credit Facility to the extent not repaid, and
       any liens that are junior to those liens; and

   (c) Liens Junior to Certain Other Liens -- Pursuant to
       Section 364(c)(3), are valid and binding fully perfected
       Security interests in and liens upon all prepetition and
       postpetition property of the Debtors, that is subject to
       valid, perfected and unavoidable liens in existence on
       the Prepetition Date.

The DIP Facility will terminate on the earlier of:

   (i) March 31, 2008; and

  (ii) the effective date of a plan of reorganization in the
       Debtors' cases.

All objections to the Debtors' DIP Financing, to the extent not
resolved by the Court's final order, are overruled.

                   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.  (Bally Total Fitness
Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


BALLY TOTAL: Court Gives Final Okay on Cash Collateral Use
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New
York in Manhattan gave Bally Total Fitness Holding Corporation
and its debtor-affiliates authority, on a final basis, to
use their prepetition lenders' cash collateral and to provide
those lenders with adequate protection.

The Court authorized the Debtors to use the Cash Collateral
during the period from July 31, 2007, through and including
the termination date for general corporate purposes and costs
and expenses related to the Chapter 11 cases.

All uses of cash by the Debtors or the costs and expenses of
administering the Chapter 11 cases will be deemed to be first
from cash that is not Cash Collateral; and thereafter, from Cash
Collateral.

The Final Order does not address the disposition of any
Prepetition Collateral outside the ordinary course of business
subsequent to the Petition Date or the Debtors' use of the Cash
Collateral resulting from the disposition.

The Court authorizes -- but not directs -- the Agent, JPMorgan
Chase Bank, N.A., in its capacity as issuing lender, to amend,
replace, renew or reissue any Letter of Credit outstanding under
the Credit Agreement as of the Petition Date, provided that:

   (a) the aggregate face amount of the sum of Letters of Credit
       outstanding after any amendment, replacement, renewal or
       reissuance, does not exceed the aggregate face amount of
       the Letters of Credit outstanding as of the Petition
       Date; and

   (b) any amendment, replacement, renewal or reissuance is on
       the same terms and conditions as any Letters of Credit
       outstanding under the Credit Agreement as of the Petition
       Date.

As further adequate protection, the Court directs the Debtors to
pay or reimburse all reasonable fees, costs and charges incurred
by the Lenders and the Agent, within 20 days after submission of
invoices for reimbursement.

The liens granted will not be (i) subject to any lien that is
avoided and preserved for the benefit of the Debtors' estates
under Section 551 of the Bankruptcy Code, or (ii) prior to a
Refinancing, subordinated to or made pari passu with any other
lien under Sections 363 and 364 of the Bankruptcy Code.

The Debtors' right to use the Cash Collateral will terminate on
the earliest to occur of (i) the date that is 45 days after the
Petition Date; (ii) consummation of a Refinancing with proceeds
sufficient to repay the Prepetition Obligations, any unpaid
Adequate Protection Payments and any other unpaid amounts owing
in full; or (iii) upon written notice by the Agent to the
Debtors after the occurrence and continuance of any event of
default.

Up to US$50,000 of Cash Collateral in the aggregate may be used
to pay the allowed fees and expenses of professionals retained
by the Prepetition Noteholders Committee or any statutory
committee appointed in the Debtors' Chapter 11 cases incurred
investigating, but not initiating or prosecuting , any Avoidance
Actions or any other claims or causes of action against the
Agent or the Lenders.

Upon Repayment, the Agent and the Lenders will release all liens
and security interests on the Prepetition Collateral and all
Replacement Liens.

                   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.  (Bally Total Fitness
Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000).


CITIC PACIFIC: First-Half Profit Up 44% to HK$4.97 Billion
----------------------------------------------------------
Citic Pacific Ltd's profit surged 44% to HK$4.97 billion in the
six months ended June 30, 2007, as compared with HK$3.44 billion
in the same period in 2006, due mainly to its steel production
and the sale of a stake in Citic 1616, its phone-services unit,
Bloomberg News reports.

The company's sales fell to HK$19.6 billion in the 2007 first-
half period from HK$22.88 billion a year ago, the report adds.

Profit from Citic's steel unit doubled to HK$1.12 billion from
HK$539 million a year earlier, Managing Director Henry Fan was
quoted by Bloomberg as saying in a press conference.  The unit,
which makes steel used in bearings and gears, increased
production by 70% in the first half from a year earlier, Mr. Fan
said.

In addition, the company plans to spend as much as HK$10 billion
to boost its steel production lines, which Citic projects an
annual production capacity of more than 10 million tons this
year or next from the current 7 million tons, Mr. Fan said.

Accordingly, Citic increased a contract awarded to China
Metallurgical Group Corp. to mine iron ore in Western Australia
to US$1.75 billion after the discovery of more resources.  It
will then sell a 20% stake in Sino-Iron Pty to China
Metallurgical, a state-owned construction company, the news
agency relates.

                           Citic 1616

Meanwhile, the company earned HK$1.9 billion from the Hong Kong
listing of Citic 1616 Holdings Ltd. in April, the report notes.
Citic 1616 supplies international phone services to China Mobile
Ltd., the world's largest wireless operator by market value.

Citic Pacific has applied for a Hong Kong initial share sale for
motor vehicle and food distribution unit Dah Chong Hong Holdings
Ltd., and may seek to sell yuan-denominated shares in China next
year, pending regulatory approval.  The company may sell its
stake in Air China Cargo.

Citic Pacific will pay an interim dividend of HK$0.40 cents a
share, compared with HK$0.30 Hong Kong cents last year.  It will
also pay a special dividend of HK0.20 cents out of the proceeds
from the Citic 1616 listing.

                         CITIC Pacific

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


EARN BEST: Members' Final Meeting Slated for September 21
---------------------------------------------------------
A final meeting will be held for the members of Earn Best
Development Limited on September 21, 2007, at 10:00 a.m., on the
9th Floor of Tung Ning Building at 249-253 Des Voeux Road
Central, Hong Kong.

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


ELEGANT TREASURY: Faces Sun Pak's Wind-Up Petition
--------------------------------------------------
Sun Pak Shing filed a petition on July 13, 2007, to have the
operations of Elegant Treasury Enterprise Limited wound up.

The High Court of Hong Kong will hear the petition on Sept. 19,
2007, at 9:30 a.m.


ETECH CONTROL: Creditors' Proofs of Debt Due on September 1
-----------------------------------------------------------
The creditors of Etech Control Company Limited are required to
file their proofs of debt by September 1, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

         Chan Kin Hang, Danvil
         Chan Man Yiu
         Ginza Square, 17th Floor
         565-567 Nathan Road, Kowloon
         Hong Kong


FIAT SPA: Moody's Lifts All Ratings to Ba1 from Ba2
---------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 Fiat
SpA's Corporate Family Rating, and the group's other long-term
senior unsecured ratings.  At the same time, the positive
outlook on all long-term ratings was maintained.  The short term
Not Prime rating remains unchanged.

Falk Frey, Senior-Vice-President and the lead analyst at Moody's
for the European automotive sector, said: "Fiat is continuing on
its successful path towards a sustainable recovery of its
financial profile in the first half year 2007 mainly driven by
further operating improvements at Fiat Group Automobiles but
also higher contributions from all other industrial businesses
in particular Iveco and CNH."

Mr. Frey went on to say, "Moody's believes that 2008 will be
more challenging for Fiat, as the strengthening competitive
landscape as well as the expiring scrapping incentive in the
Italian market should dampen the strong volume growth observed
in the last few years.  Should Fiat's financial flexibility
continue to improve against this background and should Moody's
gain confidence that these improvements will prove sustainable
in 2008 and beyond, then the ratings could return to investment
grade within the next 6-12 months".

Approximately EUR 12.2 Billion of Debt Affected.

Upgrades:

-- Issuer: Fiat Finance & Trade Ltd.

-- Senior Unsecured Medium-Term Note Program, Upgraded to Ba1
    from Ba2

-- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
    from Ba2

-- Issuer: Fiat Finance Canada Ltd.

-- Senior Unsecured Medium-Term Note Program, Upgraded to Ba1
    from Ba2

-- Issuer: Fiat Finance North America Inc.

-- Senior Unsecured Medium-Term Note Program, Upgraded to Ba1
    from Ba2

-- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
    from Ba2

-- Issuer: Fiat S.p.A.

-- Probability of Default Rating, Upgraded to Ba1 from Ba2

-- Corporate Family Rating, Upgraded to Ba1 from Ba2

Moody's says that the positive outlook is based on the
expectation that Fiat can sustain the current momentum,
benefiting from:

   i) the launch of new volume models (Fiat Bravo in Q1 2007
      and Fiat 500 in Q3 2007),

  ii) a gradual overhaul of its Alfa Romeo and Lancia models,

iii) an ongoing improvement of Fiat Group Automobiles' dealer
      network as well as

  iv) ongoing efficiency gains.

Moody's also anticipates that Fiat will generate positive cash
flows going forward which should facilitate further debt
reduction and eventually lead to an improved overall financial
profile.

The possibility of another positive rating change as indicated
by the positive outlook would be mainly dependent on Fiat's
ability to demonstrate the robustness of its current business
model in a more challenging market environment in 2008.  Moody's
notes that in H1 2007 Fiat to some extent benefited from
favourable car market developments in Italy and Brazil, good
momentum in demand for its recently launched key volume models
(Grande Punto, Panda, Bravo) and from solid demand in Trucks in
Europe.  Since Moody's expects several European and Asian
manufacturers to start or have started new model launches
competing with Fiat's products and a less favourable economic
environment potentially impacting car and truck markets, the
company will be challenged to continue the positive momentum for
2008 and beyond.

Therefore, the envisaged reorganization of sales channels for
Fiat, Lancia and Alfa Romeo across key geographies also remains
of major importance to the company's business profile and
capacity utilization.

Recently announced ventures and associations with other auto
groups need to be successful to improve Fiat Group Automobiles'
capacity utilization and efficiency.  In addition, management's
efforts to further improve the financial profile of CNH and
maintain the upward trajectory at Iveco will continue to be
essential to further strengthening Fiat's overall credit profile
on a permanent basis.

Moody's believes that the liquidity position of Fiat's fully
consolidated operations has strengthened significantly over the
past years.  Fiat's gross debt as of June 2007, is a balance of
capital market instruments (69%) and bank debt (23%).  The
maturity profile has substantially improved over the past 18
months.  Until June 2008 EUR3.6 billion will come due which
represents around 30% of total debt.

This is balanced by EUR7.4bn cash and marketable securities as
per June 2007, and unused committed credit lines of EUR 2bn.
Fiat should be in a position to readily refinance amounts coming
due over the next 12 months.

Moody's last rating action on Fiat was an upgrade of the
Corporate Family Rating to Ba2 with a positive outlook from Ba3
on Feb. 12, 2007.

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

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


FUYAO GLASS: Gets Gov't Nod to Sell 10% Stake to Goldman Sachs
--------------------------------------------------------------
Fuyao Group Glass Industries has gained the approval from
China's Ministry of Commerce to sell a 10% stake to a private-
equity fund of Goldman Sachs Group Inc. for CNY890.4 million,
various reports say.

According to Reuters, Fuyao was granted by the government agency
to sell as many as 111.28 million new shares to an investment
arm of Goldman Sachs.

The approval came nine months after Fuyao announced in November
2006 that Goldman Sachs would buy its shares at CNY8 apiece
through a share placement, Reuters recounts.

Dow Jones relates, however, that the sale still requires the
approval of China's securities regulator.

                          *     *     *

Headquartered in Fuqing, Fujian Province, Fuyao Group Glass
Industries Co., Ltd. -- http://www.fuyaogroup.com/-- is a
manufacturer of automotive and industrial safety glass.  The
company provides laminated and tempered glass for automobiles,
encapsulation products, bulletproof glass, laminated and
tempered glass for buildings, furniture and decorative glass
products, front panel glass for electrical appliances and panel
glass for other specialty industrial applications.  The Company
has seven production bases in the People's Republic of China and
two wholly owned subsidiaries in the United States.  FYG mainly
exports to North America and Asia Pacific.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on June 29, 2005.


HANS ENERGY: First-Half Profit Drops 72.2% to HK$27.3 Million
-------------------------------------------------------------
Hans Energy Company Limited's consolidated turnover for the six
months ended June 30, 2007, was HK$78.0 million, representing a
decrease of 7.8% over the same period in 2006.  The profit from
ordinary activities attributable to shareholders was
HK$27.3 million, representing a decrease of 72.2% over the
corresponding period last year.

The drop of profit was mainly attributable to the fact that
there was a compensation income of HK$87.0 million received in
2006, which was an incomparable item between the two years.
Taking out this effect, there was an improvement of bottom line
of HK$9.3 million.

The basic Earnings per Share for the six months ended June 30,
2007, were HK1.10 cents.  The diluted Earnings per Share were
HK$0.92 cents. The decrease was attributable to the decrease in
net profit in the period.

The directors do not recommend any interim dividend for the six
months ended June 30, 2007.

When reviewing Hans Energy results for the first half of 2007,
the company recorded that 138 foreign tankers berthed for
unloading cargoes and total throughput of 952,000 metric tons in
XHIT.  Results of oil and petrochemical products storage and
terminal business in XHIT, turnover from the provision of
terminal storage and transshipment facilities segment decreased
from HK$ 76.6 million to HK$73.8 million, representing an drop
of 3.7% whereas the segment profit for the same period decreased
originally from HK$55.1 million to HK$53.1 million, representing
a decrease of 3.5%.

The drop in turnover and profit was mainly attributable to the
decrease in number of vessels visited and the quantity of
cargoes loaded and discharged in XHIT port.  The international
oil prices stood high while the domestic retail prices were
still under governmental controls.  The adverse situation to
refined oil importers forced them to reduce importation of oils
into China.  The transshipment income and incidental handling
fees decreased as well in this regard."

Hans Energy is looking forward to the opening up of the market
to attract renowned international oil players into this blooming
and buoyant market.  The demand for product oil storage and
terminal facilities is surging as we received numerous enquiries
regarding our existing XHIT and new facilities in Dongguan.
Hence, XHIT in order to keep up with the demand of terminal and
storage facilities, the utilization of the existing site will be
optimised and additional land will be requested for an expansion
of storage capacity of about 80,000 cubic metres of
petrochemical tanks in XHIT.  It is believed that XHIT will soon
be able to obtain sufficient leasing orders for the new
additional tanks.

As economic globalization has become a tendency, ports are
playing a more important role in international trade.  The
opening up of the refined oil retail market in China attracted
international oil players into the growing market.  DZIT is
designed to become a distribution centre and a logistic hub for
raw materials, energy resources and finished products.

Furthermore, the Group has announced the signing of a framework
agreement with Taishan Municipal Government in April this year,
to explore the development of a deep water crude oil terminal in
an offshore island outside the Taishan City.  We will expand our
bonded storage and terminal business in order to extend our
coverage into the Asia Pacific region by connecting by pipeline
network to large refineries within the region.  The preparation
works have been started and it is planned to apply with all
relevant authorities for approval this year to strive for
substantial return to shareholders by capitalizing on this
golden opportunity and leveraging on robust growth of the
industry.


Hans Energy Company Limited, formerly known as Wisdom Venture
Holdings Limited, is involved in the transshipment and storage
facilities and port income.  Other activities include provision
of administrative services and investment holding.  Operations
are carried out in Hong Kong and China.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 14, 2007, Hans Energy has total assets of US$85.00 million
and stockholders' equity deficit of US$0.49 million.


LOYAL TALENT: Sets Members' Final Meeting for September 18
----------------------------------------------------------
Loyal Talent Engineering Limited will hold a final meeting for
its members on September 18, 2007, at 11:00 a.m., at Unit 9-10,
27th Floor of Seapower Tower, Concordia Plaza, 1 Science Museum
Road, Tsim Sha Tsui, in Kowloon, Hong Kong.

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


MEDA JEWELRY: Subject to Global Advantage's Wind-Up Petition
------------------------------------------------------------
On June 26, 2007, Global Advantage Limited filed a petition to
have the operations of Meda Jewelry Limited wound up.

The petition will be heard before the High Court of Hong Kong on
September 5, 2007, at 9:30 a.m.

The Petitioner's solicitor is:

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


MOLD-TECH: Creditors' Proofs of Debt Due on September 24
--------------------------------------------------------
On August 16, 2007, the shareholders of Mold-Tech Limited
appointed Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee as
liquidators for Mold-Tech Limited.

The liquidators subsequently fixed September 24, 2007, as the
last day for creditors to file their proofs of debt.

The Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


MUSIC TRADING: Court to Hear Wind-Up Petition on September 5
-----------------------------------------------------------
The High Court of Hong Kong will hear on Sept. 5, 2007, at
9:30 a.m., a petition to have the operations of Music Trading
On-Line (HK) Limited wound up.

The petition was filed by:

   -- Independiente Limited;
   -- EMI Records Limited;
   -- XL Recordings Limited;
   -- Wildstar Records Limited;
   -- Mercury Records Limited;
   -- Sony Music Entertainment (UK) Limited; and
   -- Sony Music Entertainment Inc.

The Petitioners' solicitor is:

         Clifford Chance
         Jardine House, 28th Floor
         One Connaught Place, Central
         Hong Kong


PARKSON RETAIL: 2007 1st-Half Net Profit Rises to CNY303.5MM
------------------------------------------------------------
Parkson Retail Group Ltd's net profit for the first-half period
ended June 30, 2007, rose 54.7% to CNY303.5 million, from the
CNY196.2 million from a year earlier on robust sales growth, Dow
Jones reports.

The company's first-half revenue rose to CNY1.3 billion from
CNY853.1 million.  The company, proposed a first-half dividend
of CNY0.22, up from CNY0.15 last year.

Parkson Retail manages 38 department stores and two supermarkets
in 27 cities across China.


Parkson Retail Group Limited is listed on the Hong Kong Stock
Exchange.  It is one of the largest national retailers in China,
operating 23 self-owned and 15 managed stores in over 26 cities.
For the year ended 2005, revenues were CNY1.2 billion while net
income was CNY248 million.

On Dec. 4, 2006, Moody's Investors Service affirmed Parkson
Retail Group Ltd's Ba1 senior secured bond rating following the
successful closing of its US$200 million bond issuance.  The
rating's provisional status was removed.  The rating outlook is
stable.

On Nov. 8, 2006, Standard & Poor's assigned its BB long-term
corporate credit rating to Parkson Retail Group Ltd.  The
outlook is stable.

On May 24, 2007, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investors Service assigned a Ba1 rating to
the 5-year US$125 million bond to be issued by Parkson Retail
Group Ltd.  At the same time, Moody's has affirmed the company's
Ba1 issuer rating.  The outlook for both ratings is stable.


SALES LINK: Court Hearing of Wind-Up Petition Set for Sept. 12
-------------------------------------------------------------
On July 9, 2007, Knightsbridge Nominees Limited filed a petition
to wind up the operations of Sales Link Investment Limited.

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

Knightsbridge Nominees' solicitor is:

         Messrs. Tsangs
         Chiyu Bank Building, 13th Floor
         No. 78 Des Voeux Road, Central
         Hong Kong


SAXONDALE LIMITED: Members to Receive Wind-Up Report on Sept. 28
----------------------------------------------------------------
Saxondale Limited will hold a final meeting for its members on
September 28, 2007, at 11:00 a.m., at the 8th Floor of One
Exchange Square, in Hong Kong.

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


TAI WALL: Court Hearing on Wind-Up Petition Slated for Sept. 19
---------------------------------------------------------------
A petition to have the operations of Tai Wall (China -H.K)
Container Services Company Limited wound up will be heard before
the High Court of Hong Kong on September 19, 2007, at 9:30 a.m.

Fan Chi Hoi filed the petition against the company on July 13,
2007.


TYSON FOODS: Moody's Affirms "Ba1" Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service upgraded the speculative grade
liquidity rating of Tyson Foods Inc. to SGL-2 (good liquidity)
from SGL-3 (adequate liquidity) based on the company's stronger
cash flow generating ability given its cost cutting measures and
improving protein markets.  Tyson's other ratings, including
its Ba1 corporate family rating and Ba1 probability of default
rating, were affirmed.  The rating outlook is negative.

Rating upgraded:

   Tyson Foods, Inc.

   * Speculative grade liquidity rating to SGL-2 from SGL-3

Ratings affirmed

   Tyson Foods, Inc.

   * Corporate family rating at Ba1

   * Probability of default rating at Ba1

   * $1 billion senior unsecured bank credit agreement,
     guaranteed by Tyson Fresh Meats, Inc., at Ba1 (LGD3, 44%)

   * $1 billion 6.06% senior unsecured notes due 2016,
     guaranteed by Tyson Fresh Meats, Inc., at Ba1 (LGD3, 44%)

   * Senior unsecured unguaranteed debt at Ba2 (LGD5, 88%)

   * Senior unsecured unguaranteed shelf at (P)Ba2 (LGD5, 88%)

   Tyson Fresh Meats, Inc.

   * Senior unsecured debt, guaranteed by Tyson Foods, Inc.,
     at Ba1 (LGD3,44%)

   Lakeside Farms Industries Ltd.

   * $195 million (originally $353 million) senior unsecured
     term loan, guaranteed by Tyson Foods, Inc. and Tyson Fresh
     Meats, Inc., at Ba1 (LGD3, 44%)

Ratings affirmed, LGD rates adjusted:

   Tyson Foods, Inc.

   * Senior secured industrial revenue bonds, guaranteed by
     Tyson Foods, Inc., at Baa2 (LGD2); LGD rate adjusted to 15%
     from 14%

   Tyson Fresh Meats, Inc.

   * Senior secured industrial revenue bonds, guaranteed by
     Tyson Fresh Meats, Inc. at Baa2 (LGD2); LGD rated adjusted
     to 15% from 14%

Tyson's earnings and cash flow can be volatile due to its
exposure to commodity chicken, beef and pork markets, and due
to seasonality.  However, noted lead Analyst Elaine Francolino,
"Moody's anticipates that the company's free cash flow will
more than cover its working capital, capital expenditures,
dividends and scheduled debt payments over the next 12 months,
although cushion is likely to be modest at seasonal low points."

Tyson maintains a US$1 billion five year revolving credit
facility expiring in September 2010 and two $375 million
accounts receivable securitization facilities expiring in August
2008 and August 2010 respectively.  The securitization
facilities contain a rating trigger stipulating that if Tyson's
ratings fall to Ba3 from Moody's or BB- from S&P, then, barring
an amended facility, the banks sponsoring the program could
refuse to purchase any additional receivables from Tyson and the
program could unwind.  Moody's expects Tyson to meet its
financial covenants, with cushion.  Since Tyson's credit
facility is unsecured, it could sell a number of operations and
facilities to raise cash and improve liquidity if necessary.

Tyson's Ba1 corporate family rating incorporates several
elements of the company's overall business profile that are very
strong -- such as its size, diversification, and market share -
and consistent with a mid-investment grade rating.  However,
these elements are more than offset by the severe volatility of
the company's earnings and cash flow and its weak, though
improving, debt protection measures which score well below
investment grade.  Although Tyson is making progress towards the
credit ratios Moody's has cited for stabilization of its
negative rating outlook, it has not yet met these hurdles in
full and global protein markets remain highly volatile, while
the high cost of corn and other inputs will continue to pressure
margins for the industry.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.


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

BPL LIMITED: Schedules Annual General Meeting on Sept. 28
---------------------------------------------------------
BPL Ltd will hold its annual general meeting on Sept. 28, 2007,
a regulatory with the Bombay Stock Exchange says.

In that regard, the company's Register of Members & Share
Transfer Books will remain closed from Sept. 17 to 28.

In the quarter ended June 30, 2007, the company booked a net
loss of INR67.8 million on revenues of INR260.6 million.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates in India.

Last year, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.


CANARA BANK: To Make Open-Offer for 51% in Can Fin Homes
--------------------------------------------------------
Canara Bank will make an open offer for a 51% stake in Can Fin
Homes Ltd, a sponsored entity, the bank informs the Bombay Stock
Exchange.

The BSE filing says the bank's board of directors permitted to
acquire differential shares so as to hold 51% stake in Can Fin
in order to convert the entity into a subsidiary.

The bank has already obtained necessary permissions from from
the Reserve Bank of India and the Ministry of Finance.

Canara has tapped M/s. Ind Bank Merchant Banking Services Ltd,
Chennai as the Merchant Banker to the open-offer scheme.

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

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


DECCAN AVIATION: Kingfisher Airlines Sees Tie-Up by 2008
--------------------------------------------------------
Kingfisher Airlines is looking at the possibility of flying to
the United States via co-branded flights with Deccan Aviation
Ltd's Air Deccan by 2008, the Economic Times reports, citing
Kingfisher Airlines Chairman Vijay Mallya.

Specifically, the parties are exploring the possibility of
starting co-branded flights connecting San Francisco to
Bangalore and Los Angeles to Mumbai, the Times relates.

With the five-year domestic-operation norm for Indian carriers,
Air Deccan will be eligible to fly abroad by August 2008, while
Kingfisher by 2010.

However, Kingfisher won't proceed with the tie up if the
government relaxes the five-year norm and instead it will fly on
its own.

The UB Group has a 26% stake in Air Deccan and is in the process
of acquiring a controlling stake in the carrier through an open
offer, which will take its equity position to around 46%, the
report notes.

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

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


NCO GROUP: Completes US$165MM & US$200MM Offers of Sr. Notes
------------------------------------------------------------
NCO Group Inc. has completed its offer to the holders of its
Floating Rate Senior Notes due 2013 (CUSIP No. 144A: 628858 AE
2, ISIN No. 144A: US628858AE21; CUSIP No. REG S: U6376M AB 7,
ISIN No. REG S: USU6376MAB73) and its 11.875% Senior
Subordinated Notes due 2014 (CUSIP No. 144A: 628858 AF 9, ISIN
No. 144A: S628858AF95; CUSIP No. Reg. S: U6376M AC 5, ISIN No.
Reg. S: USU6376MAC56), to exchange the Outstanding Notes for
like principal amount of its US$165 million principal amount
Floating Rate Senior Notes due 2013 and its US$200 million
principal amount 11.875% Senior Subordinated Notes due 2014,
which was registered under the Securities Act of 1933, as
amended.

The Outstanding Notes were sold in a private placement by the
company, which was completed in November 2006.  The company was
required to carry out the Exchange Offer under the terms of
agreements entered into in the private placement.

The Exchange Offer expired at 5:00 p.m., Eastern Daylight Time,
on Aug. 15, 2007.  Based on information provided by the exchange
agent, The Bank of New York, US$163,805,000 in aggregate
principal amount of the Floating Rate Senior Notes due 2013 and
US$200,000,000 in aggregate principal amount of the 11.875%
Senior Subordinated Notes due 2014 were validly tendered and not
withdrawn pursuant to the Exchange Offer.

NCO has accepted for exchange all of the validly tendered and
not withdrawn Outstanding Notes.  NCO intends to issue the
Exchange Notes for all such exchanged Outstanding Notes soon as
practicable.

Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.

                          *     *     *

NCO Group carries Moody's Investor Service's "B2" long term
corporate family rating and probability of default rating.  The
outlook is stable.

The company also carries Standard & Poor's B+ long term foreign
and local issuer credit rating.


PRIDE INT'L: Buys 9% Remainder of Angolan Joint Venture Stake
-------------------------------------------------------------
Pride International Inc. said Wednesday that it acquired the
remaining 9% interest in its Angolan joint venture company from
a subsidiary of Sonangol, the national oil company of Angola.

The joint venture owns the two deepwater drill ships Pride
Africa and Pride Angola and the 300 ft. independent-leg jackup
rig Pride Cabinda, and holds management agreements for the
deepwater platform rigs Kizomba A and Kizomba B.

The acquisition increases Pride's ownership in the three mobile
offshore drilling units and the two management agreements, along
with related working capital, to 100 percent.  Cash
consideration in the transaction of US$45 million was paid with
cash on hand and borrowings under the company's revolving credit
facility.

The transaction brings Pride's total investment in high
specification, deepwater drilling rigs, including commitments to
construct two ultra-deepwater drill ships, to just over US$2
billion since late 2005.

                    About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore drilling and related services in more than
25 countries, operating a diverse fleet of 277 rigs, including
two ultra-deepwater drill ships, 12 semisubmersible rigs, 28
jackups, 16 tender-assist, barge and platform rigs, five managed
deepwater rigs and 214 land rigs.  The company has two
additional ultra-deepwater drill ships under construction with
expected deliveries in 2010.  The company has reached a
definitive agreement to sell its Latin America-based land
drilling and work over rigs, two lake drilling barges and E&P
Services business with an expected closing by the end of the
third quarter of 2007.  In addition, the company has announced
an agreement to sell its three tender-assist rigs, with an
expected closing in early 2008.

The company maintains worldwide operations in France, Mexico,
Kazakhstan, India, and Brazil, among others.

                         *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's affirmed Pride International, Inc.'s credit ratings
following the company's announcement of the acquisition of a
newbuild drillship to be delivered in 2010.

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


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

CA INC: Stockholders Re-Elect Board & Ratify KPMG as Accountants
----------------------------------------------------------------
CA Inc. disclosed the preliminary results of stockholder voting
at its 2007 Annual Meeting of Stockholders.  The company
reported that approximately 91 percent of the outstanding shares
were represented either in person or by proxy at the meeting.

CA stockholders voted to elect all twelve members of the Board
of Directors for one-year terms.  CA's preliminary results
indicate that all of the directors received between
approximately 88 and 99 percent of the votes cast.  Stockholders
also ratified the Stockholder Protection Rights Agreement,
ratified the appointment of KPMG LLP as the Company's
independent registered public accountants for the fiscal year
ending March 31, 2008, and approved the 2007 Incentive Plan.  A
stockholder proposal to amend the by-laws to require
ratification of chief executive officer compensation by a
supermajority of independent Board members was not adopted.

                           About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Asia-Pacific, the company has
operations in Indonesia, Australia, China, Japan, Hong Kong,
India, Philippines and Thailand.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on June 8,
2007, that Standard & Poor's Rating Services affirmed its 'BB'
corporate credit and senior unsecured debt ratings on Islandia,
New York-based CA Inc.

At the same time, S&P revised the outlook to stable from
negative.

On Feb. 7, 2007, Moody's Investors Service commented that it is
maintaining the negative outlook for CA Inc. following the
company's fiscal third quarter 2007 earnings reported yesterday
evening.

TCR-AP noted that "CA's fiscal third quarter results provide
evidence of its bookings and billings growth, reversing previous
negative trends" commented John Moore, VP/Senior Analyst.
"Moody's is monitoring CA's negative rating outlook pending
further evidence of organic business growth" Moore added.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%


CA INC: Board Declares US$0.04 Per Share Quarterly Dividend
-----------------------------------------------------------
CA Inc.'s Board of Directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on Sept. 26, 2007 to stockholders of record at the close of
business on Sept. 12, 2007.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Asia-Pacific, the company has
operations in Indonesia, Australia, China, Japan, Hong Kong,
India, Philippines and Thailand.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on June 8,
2007, that Standard & Poor's Rating Services affirmed its 'BB'
corporate credit and senior unsecured debt ratings on Islandia,
New York-based CA Inc.

At the same time, S&P revised the outlook to stable from
negative.

On Feb. 7, 2007, Moody's Investors Service commented that it is
maintaining the negative outlook for CA Inc. following the
company's fiscal third quarter 2007 earnings reported yesterday
evening.

TCR-AP noted that "CA's fiscal third quarter results provide
evidence of its bookings and billings growth, reversing previous
negative trends" commented John Moore, VP/Senior Analyst.
"Moody's is monitoring CA's negative rating outlook pending
further evidence of organic business growth" Moore added.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%


CILIANDRA PERKASA: Fitch Affirms Foreign Currency Ratings at B+
---------------------------------------------------------------
Fitch has affirmed PT Ciliandra Perkasa's (Ciliandra) foreign
currency and local currency Issuer Default Ratings at 'B+' and
revised the Outlook for the IDRs to Positive from Stable.  At
the same time, Fitch has affirmed the rating of 'B+' and
recovery rating of 'RR4' on the USD160 million senior notes due
2011 issued by Ciliandra Perkasa Finance Company Pte. Ltd. and
guaranteed by Ciliandra and its subsidiaries.  Fitch has also
upgraded Ciliandra's National Long-term rating to 'A(idn)' from
'A-(idn)' (A minus (idn)).  The Outlook for the National Long-
term rating is also Positive.

The Outlook revision and the upgrade in the national rating are
supported by the increase in crude palm oil price, which is
expected to be sustainable, and Ciliandra's improving CPO
production due to better plantation maturity profile.  The
benchmark international price of CPO increased to US$478 per
tonne in 2006 from US$422 per tonne in 2005.  The benchmark
increased further in 2007, hitting a peak of US$811 per tonne in
July and averaging US$703 per tonne during the first seven
months.  The higher price is underpinned by the increase in
demand for vegetable oils from bio-fuel manufacturers.  Fitch
expects that demand for CPO as a substitute for other vegetable
oils is likely to remain strong in the next few years, resulting
in buoyant CPO prices.

The improving maturity profile of Ciliandra's plantations is
also a boost to its earnings, as it has resulted in an increase
of fresh fruit bunches production, and hence, CPO production.
The company's CPO production has consistently increased over the
recent years, most recently to 227,286 tonnes in 2006 from
194,217 tonnes in 2005.  This is due to the rapid growth of
higher-yielding prime hectarage resulting in better FFB yields.
In addition, Ciliandra has competitive production costs with
cash cost to produce a tonne of CPO totalling US$223 in 2006
against US$228 in 2005.

Ciliandra's ratings are constrained by its aggressive capital
expenditure programme until 2009, amounting to US$126m.  Around
37% of the capital expenditure will be used to finance the
construction of a bio-diesel plant.  Ciliandra has increased its
planned bio-diesel production capacity to 250,000 tonnes per
annum from 150,000 tonnes per annum previously.  Fitch's
concerns on the bio-diesel venture revolve around the use of
commercially unproven technology and commercial viability of the
bio-diesel venture, particularly given the high CPO price
environment.  Nevertheless, the risks associated with the large
capital expenditure programme are partly mitigated by the fact
that 63% of the total is earmarked for new plantation expansions
in which Ciliandra already has an established track record.

Ciliandra's revenue and EBITDA grew to IDR857 billion and
IDR380bn, respectively in 2006 from IDR703bn and IDR240billion,
respectively in 2005 due to increased production and better CPO
price realisation.  The corresponding numbers improved further
in Q107 to IDR289billion and IDR166billion, respectively.
Although capital expenditure increased to IDR261billion in 2006
from IDR183billion in 2005, Ciliandra was able to book positive
free cash flows of IDR27billion .  Financial leverage, as
measured by debt to EBITDA, moderately increased to 3.9x in 2006
from 3.4x in 2005 following the completion of the US$ notes
issue.  Ciliandra plans to issue IDR500bn of five-year IDR bonds
in Q407.  Around 30% of the proceeds will be used to refinance
existing bank borrowing of PT Meridan Sejati Surya Plantation,
and associate company.  The remaining amount is earmarked for
financing new plantations in certain newly acquired
subsidiaries.  Although the planned IDR bond will increase
Ciliandra's total debt, Fitch expects the company's financial
leverage to decline below 3.0x by 2008 as the higher expected
EBITDA is likely to offset the additional borrowings.

A significant increase in Ciliandra's leverage with debt to
EBITDA sustained above 5.0x, likely due to a sustained downturn
in CPO prices, may trigger a negative rating action.
Conversely, success of its bio-diesel venture, a rise in scale
of plantation operations and debt to EBITDA sustained below 3.0x
may result in a positive rating action.

Ciliandra had 80,526 hectares of oil palm plantations as at 30
June 2007.  It is 100% directly or indirectly owned by Ciliandra
Fangiono and his family.  On July 30, 2007, Ciliandra has
completed the acquisition of 99.99% interest in PT Surya Dumai
Agrindo, which in turns owns 99.99% interest in two other
plantation companies.  These companies were personally owned by
Ciliandra Fangiono and his siblings.  The combined land banks of
these companies, which are all currently unplanted, total around
45,000 hectares.

                    About Ciliandra Perkasa

PT Ciliandra Perkasa is a private Indonesian upstream palm oil
plantation company operating in Sumatra, Indonesia.  It has 13
oil palm plantation estates totaling 76,830 planted hectares,
and six palm oil crushing mills with a total capacity of 2.07
million tones of fresh fruit bunches.


GOODYEAR TIRE: Plans Growth Investments and Debt Repayment
----------------------------------------------------------
The Goodyear Tire & Rubber Company is planning major global
investments to fuel growth and plans to repay additional debt,
both made possible by the recent sale of its Engineered Products
business and the company's successful equity offering.

Goodyear is considering potential new tire factories in Eastern
Europe and Asia in addition to the company's intent to invest in
existing tire factories to increase high-value-added capacity by
40% globally and increase capacity in existing low-cost plants
by 33%.  Together, these investments would drive the company
toward its strategy of having 50% of its global capacity in low-
cost countries by 2012.

The investment program includes modernization in North America
to Goodyear's tire plants in Fayetteville, North Carolina, and
Gadsden, Alabama, for increased high-value-added capacity, both
supported with investment incentives by local and state
governments.

"Consistent with what we have been telling investors, the
successful completion of the sale of Engineered Products
combined with our equity offering in May allows us to expand our
future growth investments," Goodyear Chairman and Chief
Executive Officer Robert J. Keegan said.  "We will continue to
use a disciplined approach in allocating capital to high-return
investments."

In addition, Mr. Keegan said Goodyear has given notice to its
lenders that it will repay its US$300 million third lien term
loan.  The repayment will result in annualized interest expense
savings of approximately US$26 million, of which about US$10
million will be realized in 2007.  The secured loan matures in
2011.  The company's debt repayment plans also include the early
repayment, in the first quarter of 2008, of US$650 million in
secured notes that are due in 2011.

Mr. Keegan said these early repayments coupled with the
company's US$315 million redemption of senior notes in June will
save Goodyear more than US$125 million in annual interest
expense.

Goodyear confirmed progress against its Four Point Cost Savings
Plan.  The company disclosed in April it now targets gross cost
savings of US$1.8 billion to US$2 billion by the end of 2009.

Through June 30, 18 months into the plan, Goodyear indicated it
had achieved nearly US$750 million in cost savings against this
target.

More than US$500 million of these savings are a result of
continuous improvement initiatives.  While announced savings
from eliminating high-cost manufacturing total US$135 million,
only US$35 million of this was reflected in results through June
30.  Sourcing raw materials, equipment and products from Asia
and other low-cost countries has resulted in savings of US$60
million and selling, administrative and general expense savings-
to-date total more than US$150 million.

"We remain on track to achieve our targeted savings," Mr. Keegan
said.  "While some of these savings are offset by currently
elevated inflation levels in areas such as energy and some
manufacturing inefficiencies in advance of footprint reductions,
we are confident structural savings will be achieved on a net
basis, particularly in North America."

                         About Goodyear

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

                          *     *     *

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

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

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

   -- Issuer Default Rating 'B';

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

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

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

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

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

Goodyear Dunlop Tires Europe B.V.

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

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


MEDCO ENERGI: Mitsubishi to Acquire 19.97% of Firm's Shares
-----------------------------------------------------------
Mitsubishi Corporation has agreed to indirectly acquire
approximately 19.97% of the issued shares of Indonesia's PT
Medco Energi Internasional Tbk., one of Asia's largest publicly
owned energy companies engaged in exploration and production of
oil and gas as its core business in Indonesia and overseas.

Mitsubishi has acquired 39.4% of the shares in Encore Energy
Pte. Limited for US$ 352 million, from Encore Int'l Limited.

In connection with Mitsubishi's indirect acquisition of
MedcoEnergi shares, Mitsubishi has also signed a Strategic
Alliance Agreement with MedcoEnergi, whereby both companies will
look to expand and reinforce the business relationship with a
view to enhancing their respective presence in the jurisdictions
in which they operate in both the upstream oil and gas industry
and drilling and rig businesses and downstream, power
generation, chemical and bio-ethanol markets.

As one of the strategically important business segments for the
company, Mitsubishi is engaged in E&P of oil and gas in West
Africa, US Gulf of Mexico, North Africa, UK North Sea and
Indonesia.  Mitsubishi is committed to exploring and developing
new opportunities to expand its E&P portfolio.

                       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).


ORBITAL SCIENCES: Inks US$100 Million Revolving Credit Facility
-------------------------------------------------------------
Orbital Sciences Corporation entered into a new US$100 million
revolving credit facility.  The new five-year credit
arrangement, which matures in August 2012, replaces the
company's existing US$50 million revolving credit facility,
which was scheduled to mature in December 2009.  The new
facility permits the aggregate commitment to increase up to
US$175 million, subject to the availability of additional
commitments.

The new facility is led by Citi.  Also participating in the
facility are Bank of America, Wachovia Bank, PNC Bank and
Sovereign Bank.

"We believe that the terms and conditions of the new credit
facility reflect the financial strength of Orbital.  The
significantly lower pricing structure and generally less
restrictive covenants provide Orbital greater financial
flexibility to support the company's growth strategy and to
improve our profitability," said Mr. Garrett E. Pierce,
Orbital's vice chairman and chief financial officer.

                    About Orbital Sciences

Orbital Sciences Corp. (NYSE: ORB) -- http://www.orbital.com/--
develops and manufactures small rockets and space systems for
commercial, military and civil government customers.  The
company's primary products are satellites and launch vehicles,
including low-orbit, geosynchronous-orbit and planetary
spacecraft for communications, remote sensing, scientific and
defense missions; ground- and air-launched rockets that deliver
satellites into orbit; and missile defense systems that are used
as interceptor and target vehicles.  Orbital also offers space-
related technical services to government agencies and develops
and builds satellite-based transportation management systems for
public transit agencies and private vehicle fleet operators.

The company also has operations in Indonesia.

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating to
the US$143.8 million 2.4375% convertible subordinated notes due
2027 of Orbital Sciences Corp.

The TCR reported on Oct. 3, 2006, that Moody's Investors
Service, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology, confirmed its Ba2 Corporate Family Rating for
Orbital Sciences Corporation and its Ba3 rating on the company's
9% Senior Notes due 2011.  Moody's assigned those debentures an
LGD4 rating suggesting noteholders will experience a 61% loss in
case of default.


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

BOSTON SCIENTIFIC: Prepays US$1BB Loan Under Amended Credit Pact
----------------------------------------------------------------
Boston Scientific Corp. prepaid US$1 billion of its term loan
using US$750 million of cash on hand and US$250 million from a
credit facility secured by the company's U.S. receivables.

The prepayment is in connection with an Aug. 17, 2007 amendment
of a credit agreement the company entered into with its lenders
on April 21, 2006.

The lenders in that amended credit agreement include:

   -- BSC International Holding Limited;

   -- Merrill Lynch Capital Corporation, as Syndication Agent;

   -- Bear Stearns Corporate Lending Inc.;

   -- Deutsche Bank Securities Inc. and Wachovia Bank, National
      Association, as Co-Documentation Agents; and

   -- Bank of America, N.A., as Administrative Agent.

The amendment, among other things, extended the step-down in the
company's maximum permitted Consolidated Leverage Ratio -- from
4.5 to 1.0 to 3.5 to 1.0 on March 31, 2008, to 4.5 to 1.0 to 4.0
to 1.0 on March 31, 2009; and 4.0 to 1.0 to 3.5 to 1.0 on
Sept. 30, 2009.

In addition, the amended credit agreement excluded from the
calculation of Consolidated EBITDA up to US$300 million of
restructuring charges incurred through June 30, 2009, and up to
US$500 million of litigation and settlement expenses incurred in
any period of four fiscal quarters through June 30, 2009, not to
exceed US$1 billion in the aggregate.

Furthermore, the parties amended prepayment terms such that
principal prepayments are made in direct order of maturity
rather than on a pro rata basis.


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

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 7, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Boston Scientific Corp. to 'BB+' from 'BBB-' and
placed the ratings on the company on CreditWatch with negative
implications.  S&P has withdrawn the commercial paper rating at
the company's request.

At the same time, Fitch Ratings downgraded the ratings on Boston
Scientific Corp. including the company's 'BBB-' Senior Unsecured
Notes rating which was lowered to 'BB+'.  The Rating Outlook is
Negative.


DELPHI CORP: Lead Plaintiffs Accede to Class Action Settlement
--------------------------------------------------------------
Lead Plaintiffs Teachers' Retirement System of Oklahoma, Public
Employees' Retirement System of Mississippi, Raiffeisen
Kapitalanlage-Gesellschaft m.b.H. and Stichting Pensioenfonds
ABP, have agreed to a settlement of a securities class action
litigation brought against Delphi Corporation, certain of its
current or former officers and directors and certain investment
banking firms, as referenced in the District Court's Aug. 17,
2007, Order.

The settlement includes a comprehensive settlement with Delphi's
insurers.

The Action has been litigated on behalf of a proposed Class of
investors who purchased or acquired publicly traded shares,
bonds, or notes of Delphi and securities issued by Delphi Trust
I and Delphi Trust II between March 7, 2000, and March 3, 2005,
inclusive.

The Settlement, upon approval by both the District Court and the
Bankruptcy Court, would end the securities litigation with
respect to the company and all Individual Defendants named in
the action.

The settlement shall also resolve claims against the investment
banking firms named as defendants in the action, which pursuant
to Delphi's reorganization plan, will be released having also
contributed to the settlement consideration to be paid to the
Class.

The Action would continue with respect to Deloitte & Touche,
LLP, Delphi's outside auditor during the Class Period, as well
as Defendants JPMorgan Chase & Co, SETECH Inc. and BBK, Ltd,
three independent companies alleged to have participated with
Delphi in transactions designed to mask Delphi's financial
problems during the Class Period.  None of these parties will be
released from liability for these claims in connection with the
Settlement.

The case caption is: In re: Delphi Corporation Securities,
Derivative and "Erisa" Litigation, E.D. Mich., Master Case No.
05-MD-1725.

The terms of the settlement are confidential.

Investors wishing to discuss other aspects of this class action
settlement or having any questions concerning their rights or
interests with respect to this matter, please contact any of the
four co-lead counsel in the Action:

     a) Bernstein Litowitz Berger & Grossmann LLP
        John P. Coffey at 212-554-1400;

     b) Grant & Eisenhofer P.A.
        Stuart Grant at 302-622-7000;

     c) Nix, Patterson & Roach L.L.P.
        Brad Beckworth at 903-645-7333; and

     d) Schiffrin Barroway Topaz & Kessler LLP
        Sean Handler at 1-888-299-7706.

Headquartered in Troy, Michigan, 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 $23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.


GAP INC: Authorizes Additional US$1.5 Billion Share Repurchase
--------------------------------------------------------------
Gap Inc.'s board of directors has authorized an additional
US$1.5 billion for the company's ongoing share repurchase
program, underscoring the company's commitment to return excess
cash to shareholders.  With this announcement, the company's
repurchase authorizations total US$5.75 billion since October of
2004.

In connection with this authorization, Gap Inc. also entered
into purchase agreements with individual members of the Fisher
family whose ownership represents approximately 17% of the
company's outstanding shares.  Multiple Fisher family members
and entities currently own approximately 34% of Gap Inc. shares.

The company expects that about US$250 million (approximately
17%) of the US$1.5 billion share repurchase program will be
purchased from these Fisher family members.  The shares will be
purchased each month at the same weighted average market price
that the company is paying for share repurchases in the open
market.  The company notes that the overall percentage of the
company's stock held by the Fisher family could fluctuate up or
down or remain the same.

"Today's announcement reflects Gap Inc.'s strong cash generation
and ongoing commitment to return excess cash to shareholders,"
said Byron Pollitt, executive vice president and chief financial
officer of Gap Inc.  "Members of the Fisher family have
periodically sold stock since the company's initial public
offering in 1976 in the normal course of investor
diversification. The Fishers hold three seats on our Board of
Directors and remain active in their roles as shareholders and
directors in ensuring the company achieves its long-term
objectives."

During the second quarter of fiscal year 2007, the company
purchased 11 million shares for approximately $200 million,
thereby completing a US$750 million share repurchase
authorization which was announced in August 2006.  In total, the
company has repurchased about 215 million shares for US$4.25
billion since October 2004.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

At Aug. 4, 2007, the company's consolidated balance sheet showed
US$9.07 billion in total assets, US$3.82 billion in total
liabilities, and US$5.25 billion in total shareholders' equity.

                         *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2007,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer
Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes
to 'BB+' from 'BBB-'.  The Rating Outlook is Negative.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


GAP INC: Net Earnings Increases 19% to US$152MM in Second Qtr.
--------------------------------------------------------------
Gap Inc. reported on Aug. 23, 2007, that net earnings for the
second quarter, which ended Aug. 4, 2007, increased 19% to
US$152 million, compared with US$128 million for the second
quarter of last year.

Second quarter net sales were down 1 percent to US$3.69 billion,
compared with US$3.71 billion for the second quarter of last
year.  Due to the 53rd week in fiscal year 2006, second quarter
2007 comparable store sales are compared with the thirteen weeks
ended Aug. 5, 2006.  On this basis, comparable store sales
decreased 5 percent, compared with a decrease of 5 percent as
reported for the second quarter of 2006.  The company's online
sales for the second quarter increased 26 percent to US$172
million, compared with US$136 million for the second quarter of
last year.

"During the second quarter, we made solid progress stabilizing
our business, streamlining our organization and importantly,
hiring our new chairman and chief executive officer, Glenn
Murphy," said Bob Fisher, a member of Gap Inc.'s Board of
Directors.  "I am confident that under Glenn's leadership and
the creative direction set by our brand presidents, we will
continue to make improvements to the business and deliver
improved returns to our shareholders."

"I want to thank Bob for his leadership in taking the necessary
first steps towards stabilizing the business, said Glenn Murphy,
chairman and chief executive officer of Gap Inc.  "We have a lot
of work ahead of us, but we have great brands with enormous
potential, and I feel confident that our creative talent and
dedicated store employees will help fuel our progress."

      Update on the Discontinued Operation of Forth & Towne

Beginning with the second quarter of fiscal year 2007, Forth &
Towne is recognized as a discontinued operation.  For the first
half of 2007, the company eliminated about 550 Forth & Towne
positions.  The pre-tax loss related to the discontinued
operation of Forth & Towne for the second quarter of fiscal 2007
was approximately US$9 million and for the first half of 2007
was approximately US$54 million.

         Update on Gap Inc.'s Cost Reduction Initiatives

As part of the company's efforts to streamline operations, the
company eliminated about 1,200 positions, excluding Forth &
Towne, in the second quarter of fiscal year 2007 and, as a
result, recognized approximately US$20 million of expenses on a
pre-tax basis, the majority of which are related to severance
payments.

For the first half of 2007, Gap Inc. eliminated about 1,600
positions, excluding Forth & Towne.  These cost reduction
initiatives resulted in approximately US$25 million of expenses
on a pre-tax basis during this time period, the majority of
which are related to severance benefits to employees at the
company's headquarters.

In total, the company has eliminated about 2,200 positions
during the first half of 2007, of which about one-third were
open positions.  At this point, the majority of the company's
currently planned headcount eliminations are complete.  Based on
the actions taken in the first half of fiscal year 2007, the
total annualized cost savings from the filled positions
eliminated is expected to be about US$100 million on a pre-tax
basis.

At Aug. 4, 2007, the company's consolidated balance sheet showed
US$9.07 billion in total assets, US$3.82 billion in total
liabilities, and US$5.25 billion in total shareholders' equity.

                          About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2007,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer
Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes
to 'BB+' from 'BBB-'.  The Rating Outlook is Negative.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


LIVEDOOR CO: To Sell Software Unit to MBK Partners for JPY71BB
--------------------------------------------------------------
Livedoor Company, Limited, said that it will sell its software
subsidiary, Yayoi Co., to MBK Partners, a private equity fund
specializing in Asian businesses, the Jiji Press reports.

According to the report, the Internet service firm will sell its
unit for JPY71 billion.

The move, the report notes, is part of Livedoor's efforts to
concentrate its management resources on its core Internet-
related operations.

Reportedly, Livedoor will receive JPY3 billion in special
dividend from Yayoi prior to the sale.

Jiji Press recounts that after being involved in an accounting
scandal, Livedoor has been struggling to turn itself around.
The Yayoi sellout is among the series of sellouts that Livedoor
has been doing.  It has already sold its financial service
business as well as condominium sales company and a used car
dealer that were under its wing.

                        About Livedoor Co.

Headquartered in Tokyo, Japan, Livedoor Company, Limited--
http://corp.livedoor.com/en/-- is involved in out portal site
"livedoor," financial business, corporate web solutions, data
center and IP telephony business.

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2006, that former Livedoor President Takafumi Horie and other
Livedoor directors were found to have conspired to cover up the
company's JPY310-million pre-tax loss for the business year
ended September 2004, by tampering financial accounts to instead
show an inflated pre-tax profit of JPY5.03 billion.
Moreover, Mr. Horie and the company executives allegedly relayed
false information on a merger, with the intent to boost the
stock price of Livedoor Marketing Co.


Following the accounting scandal surrounding the company in
January 2006, Livedoor's stock price plunged to JPY94 per
share from over JPY300 per share before the company was delisted
from the Tokyo Stock Exchange on April 14, 2006.


MATSUSHITA ELECTRIC: Nokia Battery Recall to Cost JPY20 Billion
---------------------------------------------------------------
Nokia Oyj, better known as Nokia, said that Matsushita Electric
Industrial Co., Ltd., will pay for a recall of as many as 46
million batteries, which, according to the Japanese company,
will cost JPY20 billion, Pavel Alpeyev and Juho Erkheikki write
for Bloomberg News.

According to Bloomberg, Matsushita, commonly known overseas for
its Panasonic brand, will cover direct costs of replacements
including logistics and call center expenses.

Finland-based Nokia issued a product advisory on Aug. 14, saying
that it would provide replacements worldwide for the Nokia-
branded BL-5C lithium-ion batteries made by Matsushita from
December 2005 to November 2006, after about 100 cases of
overheating, Mr. Alpeyev and Mr. Erkheikki relate.

Matsushita, in a statement, said that they are "moving quickly
to put a system in place supporting replacement of the
batteries" and hopefully regain trust in the consumers.  The
Osaka-based company admits that it wants to minimize the fallout
after Sony Corp. faced criticism and possible lawsuits for its
slow response in recalling 9.6 million laptop batteries,
Bloomberg notes.

Matsushita further added that it will incur the expense in the
first half ending Sept. 30 and that it doesn't plan to revise
earnings forecasts, Bloomberg further relays.

                   About Matsushita Electric

Osaka-based Matsushita Electric Industrial Co., Ltd., --
http://panasonic.net-- manufactures and sells a range of
products, from audiovisual (AV), information and communications
equipment, to home appliances and components and devices
globally under the Panasonic brand.  It operates in six
segments: audiovisual connection (AVC) networks, home
appliances, components and devices, Matsushita Electric Works,
Ltd. (MEW) and PanaHome, and Victory Company of Japan, Ltd.
(JVC) and others.  On April 1, 2004, MEW, PanaHome and their
respective subsidiaries became consolidated subsidiaries of the
Company.

According to Troubled Company Reporter-Asia Pacific on June 11,
2007, Matsushita recalled appliances dating back as far from
1998 due to defects.  Among the appliances recalled are electric
stoves, 12 different types of microwave ovens, five models of
refrigerators, and eight dryer models.


NIPPON SHEET: Posts 244.9% Boost in Sales for June Quarter
----------------------------------------------------------
Nippon Sheet Glass Company, Limited, released its consolidated
first quarter results for the current fiscal year.

According to the company, sales surged 244.9% to
JPY217.8 billion in the quarter ended June 30, 2007, from a year
ago's JPY63.2 billion due to the strong performance of its
Building Products segment where Europe contributed the highest
amount of sales.  Operating income soared 851.3% to
JPY12.1 billion from the same period last year's JPY1.3 billion.
Net income went up 94.5% to JPY46.9 billion from
JPY24.1 billion.

                      Results by Segment

Building Products contributed the highest total of sales for the
company amounting to JPY101.7 billion, due to the strong demand
especially in Europe despite the prices generally above the
previous year's level.  North America resulted in lower sales
and profits due to the slow housing market.  Japan, declares NSG
were at a similar level to the prior year.  Market conditions
remain difficult, but performance improved, mainly because of
the absence of the previous year's negative elements, including
the production adjustment of figured glass.

Automotive Glass Segment totaled JPY96.1 billion, Europe area
contributed the most in revenue and performance.  However, for
Japan and South East Asia, revenues fell in line with reduced
vehicle build and consequent depressed demand.

Specialty Glass and Other, which encompasses the information
technology and electronics business and the fiber glass
business, contributed JPY22.6 billion to NSG's consolidated
sales for the first quarter.  Information technology and
electronics sector had a steady shipment of optical lenses for
multifunction printers and LCD glass substrate was offset by
lower sales of STN LCD panels.  Total sales were at the same
level as in the previous year.  In the glass fiber sector, total
sales were higher year-on-year, reflecting continuing robust
demand for glass cord in Europe.

Following the acquisition of Pilkington Plc in June 2006, NSG
has revised its geographic segments and have included Europe.

For the first quarter ended June 30, 2007, Europe contributed
JPY180.5 billion in sales, followed by JPY57.2 billion of Japan,
North America comes third totaling JPY36.4 billion, Other with
an amount of JPY28.3 billion in sales.

                    About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited
-- http://www.nsg.co.jp-- Company operates in four business
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The company has operations in Argentina, the United States, and
Austria.

Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


NIPPON SHEET: Revises Outlook for FY08 After Posting Q1 Results
---------------------------------------------------------------
Nippon Sheet Glass Company, Limited, revised its results
forecast for the current year after posting a 244.9% upsurge in
its sales for the first quarter ended June 30, 2007.

Net sales forecast for the 12 months ending March 2008 is
estimated to reach JPY850 billion, a 2.4% increase from what was
previously posted of JPY830 billion.

Net income previously predicted to be at JPY45 billion is now
estimated to total JPY53 billion, an 18% boost or an equivalent
of JPY8 billion.

A 7.1% or an equivalent of JPY3 billion has been added to the
company's operating income forecast for the year ending March
30, 2008.

The Osaka-based company explains that the weakening of the Yen
against the Sterling Pound has made them revise the outlook for
the current year. .

                    About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited
-- http://www.nsg.co.jp-- Company operates in four business
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The company has operations in Argentina, the United States, and
Austria.

Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


TIMKEN CO: Closes Repair Service Deal with Weir Canada
------------------------------------------------------
The Timken Company has completed an agreement with Weir Canada,
Inc. to be the authorized provider of Timken repair services for
chock bearing maintenance and chock repair for metal
manufacturing customers in Canada.  The addition of Weir's
service capabilities improves Timken's delivery of repair
services for chocks, which are bearing housings, to Canadian
metal manufacturers.

Timken will provide training in specialized mill repair
services, technical assistance and other necessary support to
Weir.  Based in Ontario, Weir is a leading provider of equipment
maintenance, process support and asset management in
conventional power generation and renewable energy, oil and gas,
water, marine and general industry.

"The metal manufacturers that Timken serves in Canada will
benefit from Weir's close proximity and high-quality service,"
said Roger L. Oberweiser, business development manager for
Timken industrial services.  "This relationship strengthens the
service level and expands Timken's ability to create value for
customers in this important industry."

Long known for its expertise in engineering and manufacturing
bearings, Timken also offers a full range of maintenance and
repair services for heavy industrial manufacturers around the
world.  The agreement with Weir covers only metal manufacturers
and does not extend to other Timken customers in Canada.

"Weir and Timken are similarly dedicated to supplying solutions
to industrial customers, and we both share a reputation for
helping our customers improve performance," said Charles
Laarhuis, regional service director for Weir Canada.  "Timken is
the kind of company that meets our criteria for the service
relationships that we value."

                       About Weir Canada

Established in 1897, Weir Canada, Inc. supplies Canadian
industry with a wide range of industrial products and services.
A Weir Group PLC company, Weir Canada markets leading industrial
products from Weir and a range of select U.S. and United Kingdom
manufacturers. The Weir Group PLC employs around 8,000 people
worldwide across five divisions.

                       About Timken Co.

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

                       *     *     *

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


XERIUM TECHNOLOGIES: Completes Restatement of Financial Reports
---------------------------------------------------------------
Xerium Technologies Inc. completed the previously announced
restatement of certain of its previously issued financial
statements, following a review of the accounting treatment of
interest rate swaps that it entered into in June 2005.

Thomas Gutierrez, president and chief executive officer of
Xerium Technologies, commented, "We addressed the need to review
our financial statements in light of evolving, complex interest
rate swap accounting, and are pleased that we were quickly able
to resolve all issues completely and accurately.  As we noted
previously, these hedging activities have been successful in
fulfilling their goal of providing stability to the Company's
interest rate structure.  It should also be noted that this
technical accounting issue affected only interest expense,
related income taxes and net income (loss).  There was no impact
on operating cash flow, sales, operating income or Adjusted
EBITDA, nor does it affect the Company's debt covenants.  As can
be seen in the amended financial statements, the aggregate
effect of the restatement was to boost the Company's net income
over the restated period.  For the period of the third quarter
2007 through the second quarter 2008, at which time the current
interest rate swaps are set to expire, we expect to record in
the aggregate approximately US$8 million of additional interest
expense to our Income Statement in connection with marking to
market through earnings the 2005 interest rate swaps.  This
additional interest expense over that period is excluded for the
purposes of our bank covenant calculations and therefore has no
effect on those calculations."

The consolidated financial statements restated are the
consolidated balance sheets as of Dec. 31, 2006 and 2005 and the
consolidated statements of operations, stockholders' equity
(deficit), and cash flows for the years 2006 and 2005 and the
company's unaudited quarterly financial statements during these
years, commencing with the quarter ended June 30, 2005, and for
the quarter ended March 31, 2007.

Accordingly, the company filed Thursday, an amended Annual
Report on Form 10-K/A for the year ended Dec. 31, 2006, and an
amended Quarterly Report on Form 10-Q/A for the quarter ended
March 31, 2007, along with its Quarterly Report on Form 10-Q for
the quarter ended June 30, 2007.

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

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2007,
Moody's Investors Service downgraded Xerium Technologies':
Corporate Family Rating, to B2 from B1; Senior Secured Term
Loan, to B2 from B1; Senior Secured Revolving Credit Facility,
to B2 from B1; and Probability of Default Rating, to B2 from B1.


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

ARAMARK CORP: Moody's Assigns SGL-2 Liquidity Rating
----------------------------------------------------
Moody's Investors Service has assigned an SGL-2 speculative
grade liquidity rating to Aramark Corporation.  Although free
cash flow is expected to be only modestly positive over the next
four quarters, the company has a US$600 million committed
revolver that matures in 2013 and ample headroom under the
financial covenant in its credit facility.

Aramark has repaid about US$500 million in secured credit
agreement borrowings since the closing of the buyout.  The
repayments reflect normal seasonal cash flow generation as well
as US$285 million in net proceeds from the sale of its interest
in SMG.

Moody's expects that revolver borrowings may peak at about
US$200 million during the first half of fiscal 2008 reflecting
the company's seasonal working capital cycle.  The credit
facility has one financial maintenance covenant, net senior
secured debt to EBITDA, with substantial headroom at June 29,
2007.

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


C&M CO: Macquarie Bank Plans to Buy 30.5% Stake
-----------------------------------------------
Australia's Macquarie Bank is planning to buy a 30.5% stake in
C&M Co. currently held by Goldman Sachs Group Inc, Dow Jones
Newswire reports.

The Troubled Company Reporter - Asia Pacific reported on
June 26, 2007, that Goldman Sachs is selling its 30.48% stake in
C&M Co, valued at US$970million.  Citigroup is handling the
deal.

Citing an unnamed source, Dow Jones said that Macquarie has
offered a bid for a stake in C&M but nothing has been concluded.

Macquarie is also jointly seeking to buy the remaining stake in
C&M in a consortium with Seoul-based private-equity firm MBK
Partners L.P., the report notes citing the Korea Economic Daily.

                          About C&M Co.

C&M Co Ltd offers cable television services.  The company
operates in Seoul and in Kyunggi Province, Korea.

In January 2006, Moody's Investors Service assigned a
provisional foreign currency senior unsecured long-term debt
rating of (P)Ba2 to the proposed US$550 million Notes issue, due
2011 and 2016, of C&M Finance Ltd., backed by C&M Co. Ltd. and
its operating subsidiaries.


DURA AUTOMOTIVE: Files Reorganization Plan in Delaware
------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates filed
their Plan of Reorganization and related Disclosure Statement
with the U.S. Bankruptcy Court for the District of Delaware.
The Plan and Disclosure Statement provide details on how DURA
intends to treat more than US$1.3 billion of claims and emerge
from Chapter 11 protection in the fourth quarter of 2007.

"[Tues]day represent[ed] another significant step towards
achieving our goal of quickly emerging from Chapter 11 as a
stronger, more competitive company," said Larry Denton, chairman
and chief executive officer of Dura Automotive Systems.  "This
plan lays the foundation for DURA to intensify its Global
Automotive focus and deliver unrivaled value to our customers.
A solid financial structure, attractive to both top industry
talent and capital investments, will bolster our ability to
offer breakthrough innovation and cost-competitive products."

DURA's Plan provides for these creditor recoveries:

   -- Cash payment in full of all allowed debtor-in-possession
      claims, administrative expenses, priority claims and
      second lien secured claims;

   -- Conversion of allowed senior notes and allowed general
      unsecured claims of more than US$75,000 into between 57.4%
      to 60.7% of reorganized DURA's new common stock; and

   -- Cash payment in lieu of an equity distribution of all
      allowed trade claims and allowed general unsecured claims
      of US$75,000 or less.

The Plan further provides that there will be no recoveries for
subordinated notes' and convertible preferred securities'
claims, nor will the Debtors common stock holders receive any
recoveries.

The Plan will be partly funded through exit financing that the
Debtors intends to procure prior to emergence.  Additional Plan
funding will come from a fully backstopped new money equity
investment of between US$140 million to US$160 million in
exchange for between 39.3% and 42.6% of Reorganized Dura's
common stock.  Senior notes claims holders that are accredited
investors will be eligible to subscribe for their pro rata
shares of the new money investment.

On Aug. 15, 2007, the Bankruptcy Court authorized the Debtors to
enter into an Amended Backstop Agreement with Pacificor LLC to
provide the backstop commitment for the new money equity
investment.  Pursuant to its backstop commitment, Pacificor will
purchase any reorganized DURA common stock not subscribed for by
senior notes claims holders.

               Additional Information and Next Steps

The Disclosure Statement is intended to provide DURA's creditors
with sufficient information necessary to evaluate and vote on
the Plan.  Descriptions of creditor classes, a valuation
analysis of the Debtors, and details on the voting process and
voter eligibility requirements are included in the Disclosure
Statement.

A hearing is scheduled for Sept. 26, 2007, at which time the
Court will evaluate DURA's Disclosure Statement to determine
whether it contains "adequate information" to enable creditors
to vote to accept the Plan.  The Court will approve Plan
solicitation procedures and materials that will allow the
Debtors to solicit votes to accept the Plan.  The Court will
also set a hearing date for Plan confirmation.

Once the Disclosure Statement and solicitation procedures and
materials have been approved, the Debtors balloting agent will
distribute ballots and accompanying support materials to parties
eligible to vote to accept or reject the Plan.

DURA was advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

                      About DURA Automotive

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

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

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


DURA AUTOMOTIVE: Pacificor Backstop Rights Pact Gets Court Okay
---------------------------------------------------------------
Dura Automotive Systems Inc. obtained the U.S. Bankruptcy Court
for the District of Delaware's approval of its backstop rights
purchase agreement with Pacificor LLC.

Pacificor will underwrite 100% of the backstop commitments in
connection with the sale of approximately 39.4% to 42.6% of the
Reorganized Dura common stock in exchange for a new money
investment of between US$140,000,000 to US$160,000,000.

To address the issues raised by the Official Committee of
Unsecured Creditors and other parties-in-interest, Dura and
Pacificor signed an Amended Backstop Rights Purchase Agreement
dated August 13, 2007.

The Amended Backstop Agreement generally maintains the terms
Upon which Dura will pay fees to Pacificor:

   * a Backstop Commitment Fee equal 4% of the Rights Offering
     Amount, payable upon consummation of the contemplated
     Chapter 11 Plan;

   * an Alternative Transaction Fee equal to 3% of the Maximum
     Rights Offering Amount if the Debtors pursue an
     alternative transaction to the Rights Offering or
     otherwise fail to fulfill certain conditions; and

   * up to US$1,000,000 as reimbursement for reasonable and
     documented out-of-pocket costs.

The conditions for payment of the Alternative Transaction Fee
were, however, modified under the Amended Backstop Agreement.
The payment of the Expense Reimbursement is also regardless of
whether any Alternative Transaction Fee is payable.

The Debtors are required to provide the U.S. Trustee a copy of
the expense reimbursement documentation submitted by Pacificor.
The Amended Backstop Agreement also provides for additional
modifications:

(1) Terms of Chapter 11 Plan.  Pacificor will have the right
     to terminate the Agreement if the Debtors file, or
     subseqently modify, a Chapter 11 plan containing terms not
     acceptable to it.  The terms subject to Pacificor's
     acceptance, however, will be limited to these areas:

      (a) Exit Facility;

      (b) Size and composition of the Board of Directors;

      (c) Exercise Price;

      (d) New Organizational Documents;

      (e) Subscription Agreement and related notices and forms;

      (f) Stockholders' Agreement;

      (g) Registration Rights Agreement; or

      (h) Effective Date.

     The Amended Backstop Agreement excludes the Management
     Equity Program and Participation in the Rights Equity
     Offering among the matters subject to Pacificor's
     scrutiny.

(2) Board of Directors.  On the Effective Date, there will be
     seven directors on the Board of Directors of Reorganized
     DASI.  The Board of Directors will be staggered into three
     classes with terms of three years each, except for the
     initial terms which will be for one, two and three year:

       (i) Pacificor's Power to Appoint.  On the Effective
           Date, Pacificor will appoint three directors in its
           sole discretion provided, however, if Pacificor
           holds between 20 to 30% of the Company's New Common
           Stock on the Effective Date, it will have the right
           to appoint two directors, and if Pacificor holds
           less than 20% of the Company's New Common Stock on
           the Effective Date, it will have the right to
           appoint one director;

      (ii) Creditors Committee's Power to Appoint.  On the
           Effective Date, the Committee will appoint two
           directors, both of whom will be Independent
           Directors.  The directors appointed by the Committee
           on the Effective Date will be reasonably acceptable
           to Pacificor, provided, however, that in the event
           the number of directors that Pacificor has the right
           to appoint is reduced by one or two directors as a
           result of its ownership of Common Stock, the
           director or directors will be appointed by the
           Creditors Committee and no acceptance of Pacificor
           will be required for the appointment; and

     (iii) Old DASI Board's Power to Appoint.  One director
           appointed by the Old DASI Board on the Effective
           Date will be an Independent Director, subject to
           reasonable approval by the Creditors Committee and
           the other will be the CEO of Reorganized DASI.

(3) Waiver.  In the event of that anyone of the conditions to
     the obligations of Pacificor under the Agreement is not or
     cannot be satisfied, Pacificor will, within 14 days after
     being notified thereof in writing by the Debtors or the
     Creditors Committee, elect either to waive the condition
     or to terminate the Agreement by providing written notice
     of its election to the Creditors Committee and to the
     Debtors.  In the event that the Pacificor does not so
     elect in writing within the 14-day period, it will be
     conclusively deemed to have waived the condition.

A full-text copy of the Amended Backstop Agreement is available
for free at http://ResearchArchives.com/t/s?22d8

                    About DURA Automotive

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

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

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


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

PAXELENT CORP: Files Amended Reform Plan Proposals
--------------------------------------------------
Paxelent Corp Bhd disclosed its amended reform plan proposals
with the Bursa Malaysia Securities Bhd after its original
proposals were rejected by the Securities Commission on July 25,
2007.

Under the amended reform plan proposal, the company plans to
undertake, among others:

A. Proposed Capital Reorganization

   Proposed reduction of MYR0.80 in each existing issued and
   fully paid-up ordinary share of MYR1.00 each in PCB and
   proposed reduction of the entire share premium account of
   PCB.

B. Proposed Debt Settlements

    (i) between PCB and Malayan Banking Berhad, United Overseas
        Bank Limited, Oversea-Chinese Banking Corporation
        Limited and Societe General, which consists of cash
        settlement of USD and SGD denominated debts of
        approximately MYR2,864,949 equivalent and an issuance of
        25,000,000 new PCB Shares to MBB at an issue price of
        MYR0.20 per PCB Share as full and final settlement of
        the total outstanding amount owing by PCB to the FI
        Creditors; and

   (ii) between PCB, MMI and GL which consists of an issuance of
        3,816,000 new PCB Shares at an issue price of MYR0.20
        per PCB Share to a nominee of GL as full and final
        settlement of the total outstanding amount owing by MMI
        to GL.

C. Proposed Acquisitions:

    1. Proposed Acquisition of KOMMS

       Proposed increase of equity interest in KOMMS by 30%
       representing 3,000,000 KOMMS Shares to 90% for a cash
       consideration of MYR2,500,000.  As part of the Proposed
       Acquisition of KOMMS, CSA-MSC shall waive MYR2,828,030.80
       owing by KOMMS to CSA-MSC.

       Nomination of I-Twohearts to accept the transfer of
       3,000,000 KOMMS Shares for a purchase consideration of
       MYR2,500,000 in the event the requisite approvals are not
       obtained within 6 months from the date of the KOMMS SSA
       and MMI chooses not to waive the requirements for the
       requisite approvals and transfer the KOMMS Shares to
       itself.  The Board has decided that MMI will not acquire
       the 30% stake in KOMMS for itself but transfer the rights
       to the 30% stake in KOMMS to I-Twohearts as allowed in
       the nomination agreement dated March 29, 2007.  However,
       the sum of MYR2,828,030.80 was waived by CSA-MSC upon the
       execution of KOMMS SSA.

       In view of the rejection by the SC of the Proposed
       Corporate Restructuring Exercise and pursuant to the
       Nomination Agreement dated March 29, 2007, executed
       between MMI and I-Twohearts, MMI effected the nomination
       to I-Twohearts ("Nomination") and the consideration has
       been satisfied by setting-off MYR2,500,000 against the
       Advance from I-Twohearts.  Effectively, the acquisition
       of 30% of KOMMS is transferred to I-Twohearts and the
       consideration for the acquisition is fully paid for by I
       -Twohearts. After the Nomination, the Advance from I
       -Twohearts has been reduced from MYR3,500,000 to
       MYR1,000,000.

    2. Proposed Acquisition of MMI

       Proposed acquisition by PCB of approximately 3.39% and
       1.36% equity interest in MMI from Apex and Wang Ya Na
       respectively for a total purchase consideration of
       MYR459,953.50 to be satisfied fully by the issuance of
       1,642,700 new PCB Shares at an issue price of MYR0.20 per
       share to Apex and cash payment of RM131,413.50 to Wang Ya
       Na.  The Board proposes not to proceed with this
       acquisition.

    3. Proposed Acquisition of Dynamar Interests

       Proposed acquisition by PCB of 20% equity interest in
       DTCL and DCPHK respectively from GL for a purchase
       consideration of MYR7,352,160 to be satisfied fully by
       the issuance of 36,760,800 new PCB Shares at an issue
       price of MYR0.20 per PCB Share to GL.

       Proposed disposal of CET and PELL, a wholly-owned and
       60%-owned subsidiary of DCPHK respectively to DHPL for a
       sale consideration of HKD31,137,348 to be set-off against
       the amount owing by DCPHK to DHPL group of companies. The
       Board proposes not to proceed with this acquisition.

    4. Proposed Acquisition of Valtron Technology Pte Ltd

       New proposal.  The Board is proposing to acquire 100%
       equity interest in Valtron from GL for a purchase
       consideration of MYR34,200,000 to be satisfied by the
       issuance of 35,000,000 new PCB Shares at an issue price
       of MYR0.20 per PCB Share and MYR27,200,000 nominal amount
       of redeemable secured bonds.

D. Proposed Restricted Issue

   Proposed restricted issue of 60,613,000 new PCB Shares
   together with 30,306,500 new Warrants to I-Twohearts and
   Taipan Equity. The Board proposes not to proceed with
   Proposed Restricted Issue and Proposed Offer for Sale in
   their entirety.

   New Proposal.  PCB will undertake a proposed renounceable
   rights issue of up to 165,414,000 new PCB Shares ("Rights
   Shares") together with up to 82,707,000 free detachable
   warrants ("New Warrants") at an issue price of MYR0.20 per
   Rights Shares on the basis of 2 Rights Shares with 1 New
   Warrant attached for every 2 existing PCB Share held after
   the Proposed Capital Reorganisation to PCB shareholders
   ("Proposed Rights Issue").

E. Proposed Offer for Sale

   Proposed offer for sale of 46,112,950 PCB Shares together
   with 23,056,475 new Warrants to all PCB shareholders.

F. Proposed Existing ESOS Termination

   Proposed termination of existing ESOS Scheme Unchanged.

G. Proposed New ESOS

   Proposed establishment and implementation of New ESOS of up
   to 15% of the issued and paid-up share capital of the
   company.

H. Proposed Amendments to M&A

   Proposed amendments to M&A to facilitate the Proposals.
   Unchanged.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 6, 2007, the Securities Commission rejected the reform plan
proposals of the company for these reasons:

   (a) The future direction of PCB is uncertain given that there
       will be no clear driver or dominant shareholder in PCB
       after the Proposed Corporate Restructuring Exercise.
       There will be four dominant shareholders in PCB and they
       are not related to each other.  As such, this raises
       concern on the management and future control of the PCB
       Group post completion of the Proposed Corporate
       Restructuring Exercise;

   (b) The existing major shareholder, I-Twohearts.com is not
       represented on the Board of PCB and the PCB Group has
       been run by professionals.  However, these
       professionals/PCB's key management have not been able to
       turnaround the Company, which had been loss making since
       financial year ended December 31, 1999.  PCB recorded a
       profit after tax and minority interest of MYR18.4 million
       for FYE2005 mainly due to gain on the disposal of its
       foreign subsidiaries.  The SC noted that the FYE2005
       would be another loss making year with the exclusion of
       this item;

   (c) PCB's Chief Executive Officer, is also the sole executive
       director of another listed company.  This gives rise to
       concern over his ability to give his full-time commitment
       to turnaround the Company;

   (d) KOMMS and MMI (the holding company of KOMMS) business
       activities are the core business of the PCB Group and
       moving forward, KOMMS's operations will be PCB Group's
       main earnings driver.  However, despite capturing a
       substantial market size, it is noted that KOMMS had
       recorded a marginal after-tax profit of MYR418,000 in
       FYE2004 and has been making losses since FYE2005.
       Furthermore, KOMMS profit forecast for FYE2007 shows
       that is expects "E-Payment Services" to be a major
       profit contributor when their viability have yet to be
       proven; and

   (e) PCB's waiver application with respect to compliance with
       paragraph 12.07(b)(i) of the Policies and Guidelines on
       Issue/Offer of Securities ("SC Guidelines") is rejected
       based on these grounds:

         (i) The Proposed Acquisition of Dynamar Interests do
             not present any significant synergistic benefits to
             the PCB Group;

        (ii) The Proposed Acquisition of Dynamar Interests do
             not clearly bring such benefits as stipulated under
             Guidance Note 11 of the SC Guidelines; and

       (iii) The Proposed Acquisition of Dynamar Interests would
             only benefit the vendor, namely GL, which will
             become one of the dominant shareholders in PCB
             pursuant to the Proposed Acquisition of Dynamar
             Interests, while the public listed company would
             end-up with only an associate interest in DTCL and
             DCPHK.

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, and marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

Russell Bedford LC & Company raised substantial doubt on
Paxelent's ability to continue as a going concern after auditing
its consolidated financial statements as of Dec. 31, 2006.

The auditing firm pointed to the group and company's net current
liabilities of MYR39,226,000 and MYR82,894,000 respectively.  In
addition, both the group and the company have capital
deficiencies of MYR18,259,000 and MYR29,142,000 respectively.
Russell Bedford LC notes that the company has not met the
scheduled repayment obligations of the settlement agreements
with several financial institutions arising from the
crystallization of corporate guarantees in respect of the wind-
up of its former subsidiaries.

Paxelent's balance sheet as of Dec. 31, 2006, showed a
shareholders' deficit of MYR15,913,000 arising from total
liabilities of MYR46,423,000 and total assets of MYR30,510,000.


SOLUTIA INC: Wants Court Approval on Chemical Plant Agreement
-------------------------------------------------------------
Solutia Inc. relates that it manufactured a family of
chlorobenzene-based derivatives at their W.G. Krummich plant and
their Anniston, Alabama plant, which accounted for approximately
2% of its consolidated revenues.  Chlorobenzenes are chemical
intermediates used to produce polymers and polymer additives,
rubber chemicals, agricultural products, pharmaceuticals and
other industrial chemicals.

Solutia shut down its production of chlorobenzene during 2003
and 2004, as it became unprofitable due to foreign competition.
As a result, the equipment used became and is idle.

Since the production shutdown, Solutia engaged in discussions
with multiple parties regarding the sale of the idle
Chlorobenzene Equipment.  Management determined that a certain
purchaser provided the most attractive opportunity, which
included not just the highest price for the Chlorobenzene
Equipment, but also benefits associated with a continued
business relationship.

The Purchaser approached Solutia in early 2007, seeking a
company with expertise in chemical plant operations to partner
with to manufacture a certain chemical.  The Purchaser
determined it could convert manufacturing assets used to produce
Chlorobenzene into facilities to manufacture alternative
chemicals.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
informs the U.S. Bankruptcy Court for the Southern District of
New York that Solutia had intended to dismantle and dispose of
the idle Chlorobenzene Equipment at Krummich for scrap value.
He states that the Purchaser's offer presented a unique
opportunity for Solutia to not only maximize value through the
sale of its equipment, but also enter into a relationship with
the Purchaser, whereby Solutia would:

   * operate the Purchaser's production facility at Krummich;

   * provide other services to the Purchaser; and

   * have the potential to enter into similar transactions at
     some of Solutia's other facilities  -- the Arrangement.

Solutia and the Purchaser engaged in arm's-length negotiations
regarding the sale of the Chlorobenzene Equipment and a
potential manufacturing arrangement.  The negotiations resulted
in Solutia and the Purchaser entering into the Agreements, which
govern the development, ownership and operation of a production
facility to be located at Krummich, as well as the potential
production at some of Solutia's other facilities.

The terms of the Agreements, include:

   * The Chlorobenzene Equipment, including all applicable
     buildings, structures, pipelines, instruments and
     foundations, will be sold to the Purchaser for
     US$2,000,000;

   * The Purchaser is authorized to begin converting and
     upgrading the Chlorobenzene Equipment at Krummich.  In
     exchange, the Purchaser will pay Solutia a fully non-
     refundable prepaid rights access fee of US$8,000,000.
     Once production standards have been met at Krummich, the
     Purchaser will pay Solutia a production fee based upon the
     volume of chemical produced at Krummich and sold by the
     Purchaser.  The Production Fee will be paid on a monthly
     basis for each year of the term of a lease and operating
     agreement;

   * Under the terms of the Lease and Operating Agreement,
     Solutia will lease certain land within Krummich to the
     Purchaser and will provide the Purchaser with additional
     access rights and other easements with respect to certain
     portions of Krummich.  In addition, Solutia will perform
     and supply certain services utilized in chemical
     production and the operation of Krummich to the Purchaser,
     who will pay all the costs related to the services.  The
     Purchaser will also pay Solutia on a monthly basis a pre-
     tax return on the net capital employed by Solutia in
     providing the services; and an operations management
     payment.  The initial term of the Lease and Operating
     Agreement will be 10 years and, thereafter, will continue
     for an indefinite period until terminated by Solutia or
     the Purchaser on at least 24 months prior written notice;

   * Under the terms of the "Enhanced Services Agreement,"
     Solutia will provide consulting services to the Purchaser,
     for the Purchaser's manufacturing process.  The consulting
     services may include site project management, process
     consulting, logistics and purchasing expertise, process
     automation and business plan development.  The initial
     term of the Enhanced Services Agreement will be three
     years and it will automatically renew for successive one
     year terms unless terminated by Solutia or the Purchaser
     with written notice.  The Purchaser will pay Solutia
     consulting fees; and

   * The "Master Development Agreement" addresses Solutia and
     the Purchaser's desire to further explore and implement
     the establishment of chemical manufacturing operations on
     additional Solutia sites.  If certain established
     production targets at Krummich are reached, Solutia may
     make some of its other sites available to the Purchaser
     for the development, ownership and operation of additional
     facilities pursuant to similar arrangements.  Each new
     site must be authorized by a separate development
     authorization executed by Solutia and the Purchaser.

While entry into each of the Agreements to effectuate the
Arrangement could constitute transactions in the ordinary course
of Solutia's business, due to the overall scope of the
Arrangement, and out of an abundance of caution, Solutia seeks
the Court's authority to implement the Arrangement.

                       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.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  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)


SOLUTIA INC: Inquip Associates Wants Adequate Protection
--------------------------------------------------------
Inquip Associates Inc. tells the U.S. Bankruptcy Court for the
Southern District of New York that Solutia Inc. proposes to
enter into a manufacturing agreement with a certain purchaser,
which would result in the immediate sale of the equipment
Solutia used in its Chlorobenzene production located at W.G.
Krummich plant in Sauget, Illinois, to the Purchaser and the
manufacturing of a chemical at the Krummich Plant; a lease of a
portion of the Krummich Plant to the Purchaser -- the Sale and
Lease Agreement; and the potential future production of certain
chemicals with the Purchaser at other Solutia facilities -- the
Arrangement.

Inquip is the holder of a claim in the stipulated amount of
US$1,477,626 that is secured by the real estate owned by
Solutia, which includes the Krummich Plant.  Edward A. Smith,
Esq., at Venable LLP, in New York, says that Inquip has not
consented to the Sale and Lease Agreement, which proposes the
sale and lease of a portion of its collateral and the use of the
proceeds thereof that are its cash collateral without provision
of adequate protection of Inquip's secured claim, as required
under Section 361 of the Bankruptcy Code.

Inquip asks the Court to require that, as adequate protection,
proceeds from the Sale and Lease Agreement of not less than
US$2,000,000 be held by Solutia in a separate segregated and
identifiable account subject to Inquip's lien claim to pay
Inquip's secured claim with interest.

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.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  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)


* Company Directors to Face Bigger Liabilities in Lawsuits
----------------------------------------------------------
Lawsuits against Malaysian company directors may increase
following recent amendments to the Companies Act, which
stipulate their statutory duties and allow for statutory
derivative action by minority shareholders against them, The
Edge Daily reports.

Citing lawyer Dhinesh Bhaskaran, the newspaper relates that
company directors now had to assume broader statutory duties
under the Companies (Amendment) Act 2007 which came into force
on Aug 15, 2007.

"Being a director is no longer a designation; it has become a
profession," Atty. Bahskaran said at the "Expanding Frontiers of
Directors' Liability" talk organized by MIT Insurance Brokers
Sdn Bhd.

Atty. Bhaskaran, who is a partner at Delamore & Co, said a
significant ramification of the amendments was that directors
could no longer plead ignorance to whatever happened in their
companies.  Under the amendments, the duties of a director was
extended to include the chief executive officer, chief operating
officer, chief financial controller, and any other person
responsible for the operations or financial management of a
company, he added.

Further, Atty. Bhaskaran said nominee directors, who are
appointed to act on behalf of a certain shareholder, also had to
put duty to the company before duty to their nominators under
the law.

As such, directors acting on behalf of majority shareholders
against minority shareholders are open to lawsuits.

Under the amendments, directors or officers who breached their
statutory duties are liable to the company for any profit made
by him or for any damage suffered by the company and are
punishable by up to five years' imprisonment or a fine of
MYR30,000, The Edge Daily says.

The amended legislation has also created additional and broader
rights for action to be brought in the name of the company,
Atty. Bhaskaran said.

Among other things, it allowed more stakeholders, including
former shareholders, directors and even the Registrar of
Companies, to initiate proceedings, he added.

"This is likely to result in proliferation of litigation against
directors and shareholders," he said.

Besides providing extensive statutory duties for directors and
allowing for statutory derivative actions, the legislation also
allows for statutory injunctive relief that gives broad powers
to the judiciary, the newspaper relates.

In addition, Atty. Bhaskaran said the courts now had a wider
scope for judicial interpretation and could grant an injunction
even if the company did not face any imminent danger of
substantial damage.

In light of these developments, insurers are expecting more
companies to take up directors' and officers' (D&O) liability
insurance policies to protect their directors in the event of
claims and lawsuits against them.

MIT Insurance Brokers senior vice-president Ramesh Sivanathan,
who also spoke at the talk, said D&O liability insurance was
available to both public-listed and private companies.

"No more than 40% of companies listed on Bursa Malaysia bought
D&O policies," he added.

More people had started suing company directors as Malaysians
were becoming more aware of their rights, Sivanathan said.  Even
private companies may require such protection as they were also
exposed to the risk of lawsuits as many of them had formed joint
ventures with others, he added.

Meanwhile, Chubb Specialty Insurance regional manager (Southeast
Asia) Aaron Yip said directors could no longer hide, as
information was becoming more accessible and unhappy
shareholders could take derivative action against them.

"Boards of directors today have reduced ability to manage
information. When something happens in a company, others may
know about it before them," he added.

Mr. Yip said the new D&O liability claims received by his
company in Southeast Asia had shot up by more than 200% from
2005 to 2006 from just 33% from 2003 to 2004, and 46% of the
claims last year came from Malaysia.

Out of the total D&O liability claims it received from Southeast
Asia in 2006, 38% were due to employment issues, 24% commercial
disputes and 12% fraud, financial irregularities and disclosure
issues, he said.


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

AIR NEW ZEALAND: Unit's NZ Aerospace Contract Gets Renewed
----------------------------------------------------------
New Zealand's largest defense aerospace maintenance contract has
been awarded to Safe Air Limited, a wholly owned subsidiary of
Air New Zealand, according to a regulatory filing with the New
Zealand Stock Exchange.

The NZUS$110 million, six-year contract covers total heavy
maintenance of the Royal New Zealand Air Force's P3 Orion, C130
Hercules, UH1 Iroquois aircraft fleets and Rolls Royce T56
turbine engines.  The six-year contract with a potential five-
year extension also covers the right to occupy the heavy
maintenance facilities operated by Safe Air at RNZAF Woodbourne,
in Blenheim.

Safe Air General Manager Jeremy Remacha says the deal renews
Safe Air's long-standing relationship with the RNZAF, with the
addition of spares supply, components management and clear
performance targets.  He says it reinforces Safe Air's position
as the strategic maintenance provider to the RNZAF.

Deputy Chief of Air Force Air Commodore Dick Newlands says the
addition of joint initiatives and performance targets in the new
contract pave the way for continuous improvement and long term
reduction of ownership costs.

"We want to see improved aircraft availability, improved
readiness for operations, and more competitive cost of fleet
ownership.  We are confident Safe Air has the capability and
commitment to match our focus," says Air Commodore Newlands.

Safe Air has more than fifty years experience in civil and
military aircraft engineering at Woodbourne. In addition to the
air force contract, it carries out work on some Air New Zealand
aircraft and for offshore civil and military customers. The 350
Safe Air staff will also fulfill two other New Zealand Ministry
of Defence contracts on behalf of lead contractor L3
Communications - upgrading P3 Orion systems and a life-extension
programme on the C130s.

Mr. Remacha says the three contracts together demonstrate Safe
Air's world-class defence aerospace capability.

"Winning these contracts shows our international competitiveness
and that the RNZAF is confident we will deliver world class
maintenance service," says Mr. Remacha.

"The new contract period covers the RNZAF's most significant
fleet modernization programme in many years and we can deliver
the level of maintenance leadership the air force demands."
He says the new contract also provides a platform for future
growth.

"It ensures we can retain the scale and capabilities we need to
build our portfolio in the international aerospace market.

"This contract enhances our competitive edge when targeting
global aerospace maintenance and manufacturing opportunities,"
he says.

                      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 NZUS$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.


ASQUITH PROPERTIES: Taps Rodewald and Neilson as Liquidators
------------------------------------------------------------
Thomas Lee Rodewald and Robert James Neilson were named as
liquidators for Asquith Properties Limited on July 30, 2007.

The Liquidators can be reached at:

         Thomas Lee Rodewald
         Robert James Neilson
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz/


CAPENA NZ: Commences Liquidation Proceedings
--------------------------------------------
Capena NZ Ltd. went into liquidation on August 1, 2007, through
a special resolution passed on that day.

Creditors must file their claims by Sept. 10, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

         William G. Black
         McGrath Nicol + Partners (NZ) Limited
         18 Viaduct Harbour Avenue, Level 2
         PO Box 91644, Auckland
         New Zealand
         Telephone:(09) 366 4655
         Facsimile:(09) 366 4656


CHATFIELD HOLDINGS: Fixes Aug. 30 as Last Day for Claims Filing
---------------------------------------------------------------
Chatfield Holdings Ltd. went into liquidation on August 2, 2007,
with John Michael Gilbert as its liquidator.

Creditors are required to file their proofs of debt by
August 30, 2007, so as to be included in the company's dividend
distribution.

The company's liquidator is:

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


M A P DESIGN: Creditors' Proofs of Debt Due on September 3
---------------------------------------------------------
M A P Design Engravers Ltd. fixed September 3, 2007, as the last
day for its creditors to file their proofs of debt.

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

The company's liquidators are:

         Gerald Stanley Rea
         Paul Graham Sargison
         c/o Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


PROPERTYFINANCE LIMITED: To Present Restructuring Plan Today
------------------------------------------------------------
PropertyFinance Group will present a restructuring plan today,
the New Zealand Press Association reports.

PropertyFinance informed the New Zealand Stock Exchange that
over the weekend, the company worked with its advisors to
finalize a restructuring plan that will be presented to the
Trustee today for consideration.

The Company remains confident that with a restructure it can
eventually provide debenture holders with full repayment of
principal together with interest.

According to the company, the fundamental problem it has
encountered is a timing mismatch between the its assets and
liabilities.  The company assures the exchange that its board of
directors will update the market on the proposed restructure and
necessary approvals as soon as these are to hand.

Headquartered in Christchurch, New Zealand, PropertyFinance
Group Ltd, formerly Avon Investments Limited, through its
subsidiaries, is engaged in lending on first mortgage and is
also involved in property-related financial services.

The company's board of directors, concerned about the company's
liquidity, said that it is looking into a number of
restructuring opportunities.  At the board's request, the stock
exchange suspended the trading of the company's shares.


RAMCO LTD: Commences Wind-Up Proceedings
----------------------------------------
On July 27, 2007, members resolved through a special resolution
to liquidate the business of Ramco Ltd.

Kim S. Thompson, the appointed liquidator, is accepting proofs
of debt from the company's creditors until August 31, 2007.

The Liquidator can be reached at:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6813
         Facsimile:(07) 834 6100


RYLAND TRANSPORT: Names Rodewald and Neilson as Liquidators
-----------------------------------------------------------
On July 30, 2007, Thomas Lee Rodewald and Robert James Neilson
were named as liquidators for Ryland Transport Road Freight Ltd.

The Liquidators can be reached at:

         Thomas Lee Rodewald
         Robert James Neilson
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Website: http://www.rhb.co.nz


S B PROPERTIES: Accepting Proofs of Debt Until August 31
--------------------------------------------------------
S B Properties Ltd. requires its creditors to file their proofs
of debt by August 31, 2007.

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

The company's liquidator is:

         Mike Lamacraft
         Meltzer Mason Heath, Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


TONY FISHER: Commences Wind-Up Proceedings
------------------------------------------
On August 2, 2007, Tony Fisher Pharmacy Ltd. went into
liquidation.  Martin Jarvie was then appointed as liquidator.

Creditors who were not able to file their debts by September 5,
2007, will be excluded from sharing in the company's dividend
distribution.

The Liquidator can be reached at:

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


VTL GROUP: Works With Nathans' Receivers for Restructuring Deals
----------------------------------------------------------------
VTL Group confirmed in a filing with the New Zealand Stock
Exchange on Friday that its' directors are working closely with
the receivers of its finance company, Nathans Finance NZ
Limited, to restructure VTL's businesses in New Zealand,
Australia, Europe and North America with a view to restoring
solvency therefore allowing VTL to continue to trade through its
brands 24seven and Shop24.

John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers of the
Nathans effective Aug. 20, 2007.

The directors and the receivers are reviewing options to sell
the businesses as a going concern in a controlled manner to
preserve the value for all stakeholders, the company says.

According to the New Zealand Press Association, VTL believes
parts of its business could resume trading if a deal could be
done with Nathans Finance's receivers.  Nathans owes 6,000
investors NZUS$166 million and most of its lending was to VTL,
NZPA relates.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 21, the Group Limited declared itself insolvent with the
collapse of its finance company Nathans.

                         About VTL Group

VTL Group Limited (NZX: VTL) is a global franchisor, with its
franchised brands represented internationally including in
Australasia, North America, UK and Europe.  VTL Group's
franchise model is supported by a complete management system
including its leading-edge proprietary technology and financing.
The company's primary growth strategy for 24seven and Shop24(TM)
is based around purchasing quality electronic vending equipment
for 24seven or the manufacturing of its Shop24 units, installing
proprietary control technology and building a network of
franchised owner/operators.

VTL Group Limited has declared itself insolvent in a regulatory
filing with the New Zealand Stock Exchange.  Consequently, NZX
suspended the trading of the Group's shares.


W A & M J: Court to Hear Wind-Up Petition on Sept. 10
-----------------------------------------------------
The High Court of Rotorua will hear on September 10, 2007, a
petition to wind up the operations of W A & M J Cawthorn Ltd.

The petition was filed by Accident Compensation Corporation on
July 2, 2007.

Accident Compensation's solicitor is:

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


WINDOW REPLACEMENT: Faces Telecom New Zealand's Wind-Up Petition
----------------------------------------------------------------
On June 8, 2007, Telecom New Zealand Limited filed a petition to
wind up the operations of Window Replacement Company Ltd.

The petition will be heard before the High Court of Auckland on
September 20, 2007, at 10:00 a.m.

Telecom New Zealand's solicitor is:

         Craig Griffin & Lord
         187 Mt Eden Road, Mt Eden
         Auckland
         New Zealand


YANG DEVELOPMENTS: Shareholders Opt to Shut Down Business
---------------------------------------------------------
On July 23, 2007, the shareholders of Yang Developments Ltd.
resolved to liquidate the company's business.

Clive Ashley Johnson was appointed as liquidator.

Mr. Johnson is accepting proofs of debt from its creditors until
August 31, 2007.

The Liquidator can be reached at:

         Clive Ashley Johnson
         PO Box 33171, Auckland
         New Zealand
         Telephone:(09) 377 5536
         Facsimile:(09) 377 5537


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

BANGKO SENTRAL: Stands Ready to Offer Liquidity to Fin'l Market
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas said over the weekend that it is
ready to provide the local financial markets with much-needed
liquidity following the subprime mortgage crisis in the United
States, the Manila Standard reports.

"There is ample liquidity in the system.  In addition, the BSP's
repo window has always been open and banks are aware of this,"
BSP Governor Amando Tetangco Jr. said.

According to the Manila Standard, Mr. Tetangco stressed that the
crisis in the US will not impact the country materially, since
the Philippines' financial system is stable and with strong
macroeconomic fundamentals.

Banks in the Philippines do not have direct exposure to the
American subprime market, the report states.  They, however,
have invested in collateralized debt obligations, which hold
lower risk weighting than Philippine government bonds under
Basel 2.  These banks have unloaded holdings of government bonds
in favor of CDOs.

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.


NAT'L POWER: Energy Body OKs Power Generation Rates Increase
------------------------------------------------------------
The Energy Regulatory Commission has approved increased
generation rates for National Power Corp. for customers all over
the country, the Manila Standard reports.

The article specified that NAPOCOR is allowed to increase its
generation rates under the incremental currency exchange rate
adjustment by PHP0.7425 per kilowatt-hour for Luzon-based
customers, PHP0.1679 per kilowatt-hour for Visayan consumers and
PHP0.0304 per kilowatt-hour for its Mindanao consumers.

The approval was made following a November 2006 petition by the
company to recover deferred accounting adjustments on ICERA for
November 2005 to January 2006, the article relates.

The Manila Standard says that the adjustment will result in
PHP17.13 billion additional revenues for NAPOCOR.
PHP16.42 billion of this will be taken from Luzon customers,
PHP461.48 million from Visayas and PHP251.13 million from
Mindanao.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the company to report its foreign exchange losses.

The Troubled Company Reporter-Asia Pacific reported on April 5,
2006, that for 2005, National Power posted a PHP16-million
profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.

                          *     *     *

The TCR-AP reported that on November 2, 2006, Moody's Investors
Service changed the outlook to stable from negative for the B1
senior unsecured debt rating of National Power Corporation,
which is guaranteed by the Republic of Philippines.  This rating
action follows Moody's decision to change the outlook of
Philippines' B1 long-term foreign currency government rating to
stable from negative.

The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--).  The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.
Napocor will use the proceeds for capital expenditure.

On October 25, 2006, Fitch Ratings assigned a rating of 'BB' to
the US$500 million fixed-rate notes issued by National Power
Corporation in the Philippines.


SAN MIGUEL: Considers Future Expansion into Eastern Europe, Laos
----------------------------------------------------------------
San Miguel Corp. is contemplating expanding into Eastern Europe
and Laos in the near-future, as well as increasing its shipments
to the United States, SMC's vice president for special projects
international, Benjamin Aton Jr., told the Manila Standard.

Mr. Aton says that SMC is planning an expansion into Eastern
Europe over the next five years, and into Laos within two years.

"Everything is in the exploratory stage," Mr. Aton said.  SMC is
looking into demand for its beer products in countries it
planned to enter, he added.  Once the company deems the demand
high enough, Mr. Aton explains, it will consider the possibility
fof putting up breweries in those countries.

SMC had earlier expressed interest in expanding its operations
in Vietnam, and is studying the feasibility of putting up
operations in Cambodia, the report recounts.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

On August 22, 2007, Moody's Investor Service downgraded its
local currency corporate family rating for San Miguel
Corporation to Ba2 from Ba1.  The rating outlook is stable.

Standard & Poor's Ratings Services affirmed on August 22, 2007
its 'BB' long-term foreign currency corporate credit rating on
San Miguel Corp. and removed it from CreditWatch, where it was
placed with negative implications on May 15, 2007.  The outlook
is negative.


* Finance Agency Expects PHP40-Billion Interest Savings in 2007
---------------------------------------------------------------
The Philippine Government is expected to save up to
PHP40 billion in interest expenses in 2007, which is
PHP10 billion more than last year's PHP30-billion savings, the
Department of Finance told the Manila Bulletin.

As of June 30, the government's outstanding cash balance is at
PHP130.646 billion, 8% lower than June 2006's PHP141.931 billion
balance, MB reports.  The report also added that the
government's actual cash balance is lower than program, or
PHP11.285 billion against the target of PHP46.991 billion for
the first half of 2007.

According to the report, BSP Governor Amando M. Tetangco Jr. has
suggested that the government buy back its bonds for it to
reduce the country's debt level to below 60% of the gross
domestic product.  In a recent interview, Mr. Tetangco said that
the country's foreign exchange reserves are sufficient for the
buyback plans.

However, DoF Secretary Margarito B. Teves argued that such a
move will depend on the government's cash position, and said
that they will consider swapping debts and other prepayments.
Mr. Teves also said that the government is considering pre-
funding next year's forex requirements.

                          *     *     *

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
=================

CROWN BAKERY: Court Hears Wind-Up Petition
------------------------------------------
A petition to wind up the operations of Crown Bakery Industries
Pte Ltd was heard before the High Court of Singapore on
August 24, 2007.

Phoon Huat and Company (Private) Limited filed the petition
against the company on July 30, 2007.

Phoon Huat's solicitor is:

         Wong Thomas & Leong
         No. 5 Shenton Way
         #26-05/07 UIC Building
         Singapore 068808


HOCEN INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 31
--------------------------------------------------------------
The High Court of Singapore will hear a petition to wind up the
operations of Hocen International Pte Ltd on August 31, 2007, at
10:00 a.m.

Ong Shu Lin filed the petition against the company on August 10,
2007.

Ong Shu Lin's solicitor is:

         Infinitus Law Corporation
         No. 77 Robinson Road #16-00, Robinson 77
         Singapore 068896


RUBICON PARTNERS: Requires Creditors to File Claims by Sept. 15
---------------------------------------------------------------
Rubicon Partners Private Limited, which is in liquidation,
requires its creditors to file their proofs of debt by
September 15, 2007.

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

The company's liquidator is:

         Lawrence Edward Harding
         One Raffles Quay
         North Tower, Level 18
         Singapore 048583


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T H A I L A N D
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PICNIC CORP: 2nd Quarter Net Loss Rises 5.4% to THB154.2 Million
----------------------------------------------------------------
Picnic Corp. PCL reported a net loss of THB154.23 million for
the second quarter of 2007, a 5.4% decrease from the
THB163.08-million net loss reported for the same period in 2006.

The group's income statements for the April-June 2007 period
showed that it has earned THB2.827 billion in revenues, while
incurring expenses of THB2.867 billion and interest expenses of
THB107.544 million.

The group also reported a net loss of THB516.718 million for the
first half of 2007, on revenues of THB5.996 billion, expenses of
THB6.279 billion and interest expenses of THB217.128 million.
This is 47.4% lower year-on-year as compared to 2006's
THB982.514 million net loss.

The group's balance sheets as of end-June 2007 showed strained
liquidity, with current assets of THB1.78 billion insufficient
to pay current liabilities of THB6.09 billion.

As of June 30, 2007, the group recorded THB8.35 billion in total
assets and THB7.97 billion in total liabilities, resulting in a
shareholders' equity of THB380.8 million.

After reviewing Picnic Corp. PCL's financial statements for the
second quarter of 2007, Somchai Kurujitkosol at S.K. Accountant
Services Co. Ltd. raised substantial doubt on the company's
ability to continue as a going concern.

Mr. Somchai pointed out that the company's balance sheets showed
that its current liabilities exceeded current assets by
THB4.13 million as of December 31, 2006.  He further stated that
the continuation of the company's operations depends on its
ability to negotiate debt restructuring, share capital increment
and its ability to follow-up collections of debts from trading
account receivables.

                       About Picnic Corp.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

                     Going Concern Doubt

After reviewing the consolidated financial statements of Picnic
Corp. PCL for the quarter ended March 31, 2007, Somchai
Kurujitkosol at S.K. Account Services Co. Ltd. raised
significant doubt on the company's ability to continue as a
going concern due to its illiquid balance sheets.  As of
March 31, 2007, the Company's total current liabilities of
THB4.23 billion exceeded its total current assets of
THB1.97 billion.


PRASIT PATANA: Posts THB40.84-Mil. Net Income for 2nd Quarter
-------------------------------------------------------------
Prasit Patana PCL posted a consolidated net income of
THB40.84 million for the second quarter of 2007, a turnaround
from the THB47.10-million net loss reported for the same period
in 2006.

For the quarter ended June 30, 2007, the group earned revenues
of THB1.19 billion, while incurring expenses of THB1.06 billion,
interest expense of THB69.84 million and interest tax expense of
THB10.95 million.  The group also earned a net loss profit of
THB2.03 million.

The group also earned a net income of THB62.44 million for the
first half of 2007, on revenues of THB2.34 billion, expenses of
THB2.11 billion, interest expenses of THB145.20 million and
interest tax expense of THB18.80 million.

As of June 30, 2007, the group's balance sheets showed total
assets of THB5.19 billion and total liabilities of
THB5.0 billion, resulting in a shareholders' equity of
THB185.749 million.

Prasit Patana Public Company Limited -- http://www.phyathai.com/
-- operates Phaya Thai I II and III Hospitals, Phaya Thai
Sriracha Hospital, Phaya Thai Phuket Hospital, Phaya Thai Ubon
Hospital and Ake Udon Hospital.  The company also operates three
Universities, one of which as a joint venture with the Dulwich
College of the United Kingdom.  The company also has diversified
its business into hotel operations.

The Troubled Company Reporter-Asia Pacific reported on March 28,
2007, that Prasit Patana's securities will be removed from the
trading board and transferred into the Non-Performing Group,
after the company posted a THB47-million net loss for the year
ended December 31, 2006.





                            *********


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-
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Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

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