TCRAP_Public/070903.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  

           Monday, September 3, 2007, Vol. 10, No. 174
   
                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Files Joint Chapter 11 Liquidation Plan
ADVANCED MARKETING: Treatment of Claims Under Chapter 11 Plan
ATTASON PTY: Members and Creditors to Meet on September 4
CHARMAINE'S ICECREAM: Taps Yeo and Vasudevan as Liquidators
EVANS & TATE: Creditors Form Committee to Recover AU$185 Million

FORTESCUE METALS: Russian Tycoon Becomes 4th Biggest Shareholder
FREISSIAN NOMINEES: Appoints Gregory Cochrane as Liquidator
HADFIELD HOLDINGS: Declares First Dividend
R. D. MARKETING: Sets Joint Meeting for September 11
RED HANDED: Placed Under Voluntary Liquidation

SKYRISE HOLDINGS: Members to Receive Wind-Up Report on Sept. 10
SUNCORP-METWAY: Posts AU1.06 Billion NPAT for Fiscal Year 2006
VASTON PTY: Commences Liquidation Proceedings
VIOLET HOME: Members Resolve to Close Business
WILLETTS CONTRACTING: Declares Priority Dividend


C H I N A   &   H O N G  K O N G

AFK FAR: To Pay First Dividend on September 7
AGFAPHOTO HONG KONG: Placed Under Voluntary Liquidation
AGRICULTURAL BANK: Fitch Keeps E Rating on Overall Poor Results
BALLY TOTAL: Landlords Balk at Amended US$292,000,000 DIP Pact
BALLY TOTAL: To File 2nd Quarter 2007 Financial Report Late
BANK OF SHANGHAI: Fitch Affirms BB Long-term Rating

CHINA EASTERN: S'pore Air, Temasek Buy 24% Stake for US$918MM
DRAGON PALACE: Inability to Pay Debts Promts Wind-Up
FAIRAY INDUSTRIES: Members and Creditors to Meet on September 27
FULLBRIGHT: Liquidator to Give Wind-Up Report on Sept. 27
GREENTOWN CHINA: Temasek Disposes Entire 89.2 Million Shares

GUANGDONG (H.K.): Joint Annual Meetings Set for September 10
GUINNESS INVESTMENT: Members' Final Meeting Set for Sept. 24
HERCULES INC: Closes Dexter Chemical Business Acquisition
RED COLOUR: Members to Hold Final Meeting on October 1
SHING CHEONG: Court to Hear Wind-Up Petition on October 10

TRI-SHINE LIMITED: Members to Receive Wind-Up Report on Sept. 24


I N D I A

CABLE & WIRELESS: Unit Names Phillip Green as President
ITI LTD: Schedules 57th Annual General Meeting on Sept. 28
GENERAL MOTORS: May Save US$9B From Turnaround Effort, Lutz Says
NOVELL INC: Credit Suisse Maintains Underperform Rating on Firm
TATA STEEL: To Start Work of 6MM Tonne Orissa Plant in November


I N D O N E S I A

INDOFOOD: First-Half Net Profit Up 37% to IDR367 Billion
INDOSIAR VISUAL: Pefindo Downgrades IDR696-Bil. Bond to "idBB+"
PERTAMINA: To Raise Liquefied Petroleum Gas by 46% to IDR6,200
PERUSAHAAN GAS: First-Half Net Profit Dips 9% to IDR1 Trillion
PUTRA SUMBER: Pefindo Affirms "idBB+" Ratings W/ Stable Outlook


J A P A N

FORD MOTORS: Ford Australia Employees Affected by Venture Strike
KYUSHU-SHINWA: Sells Entire Stake in Shinwa to Fukuoka Group
MAZDA MOTORS: Production and Sales Fall for July 2007
MITSUBISHI PAPER: Ties Capital and Business Pact with Fujifilm
SANYO ELECTRIC: Francisco Partners Withdraws from Chip Unit Bid

SUN WAVE: JCR Upgrades Sr. Debt to BB+ with a Stable Outlook


K O R E A

EG GREENTECH: Signs KRW198-Million Contract With LG Chem Ltd
ESTECHPHARMA CO: To Get KRW4-Billion Bank Loan
HYUNDAI CARD: Opens Offline Shop in Central City
* Finance Ministry Expects S&P to Raise Rating in October


M A L A Y S I A

FEDERAL FURNITURE: Posts MYR514,000 Loss in Quarter to June 30
MYCOM BERHAD: Returns to Black with MYR303Mil. Profit in June 30
PANGLOBAL BHD: Incurs MYR21.82MM Net Loss in Quarter to June 30
PAN MALAYSIAN: Balance Sheet Upside Down by MYR29.1MM at June 30
TAP RESOURCES: To Delay Filing of Annual Financial Report

TENGGARA OIL: Manocha Asks for MYR71,200 Payment from Unit


N E W  Z E A L A N D

AZ N SHAZ: Court Sets Wind-Up Petition Hearing Today
BIO-VISION LIMITED: Taps Rodewald and Neilson as Liquidators
GARY CASSIDY: Subject to CIR's Wind-Up Petition
HART AUTO: Names Rodewald and Neilson as Liquidators
HERITAGE GOLD: Discloses Results of Aug. 29 Annual Meeting

IRWELL STREET: Commences Liquidation Proceedings
L & C DESIGN: Fixes September 12 as Last Day to File Claims
LINK COMPANY: Court to Hear Wind-Up Petition Today
LOADED HOG: Court Sets Wind-Up Petition Hearing Today
THISTLE HOLDINGS: Faces Accident Compensation's Wind-Up Petition

VIRTUAL FLOORS: Court Appoints Liquidators


P H I L I P P I N E S

ALLIED BANKING: Fitch OKs 'D' Individual, '4' Support Ratings
BANCO DE ORO-EPCI: Fitch Affirms Individual & Support Ratings
CHINA BANKING: Fitch Affirms 'BB' Currency Issuer Default Rating
DEV'T BANK: Fitch Affirms 'BB' Foreign Currency Issuer Rating
LAND BANK: Fitch Affirms 'BB' Currency Issuer Default Ratings

SECURITY BANK: Fitch Affirms 'BB' Currency Issuer Default Rating
UNION BANK: Fitch Affirms 'C/D' Individual, '4' Support Ratings


S I N G A P O R E

CKE RESTAURANTS: Increases Term Loan by US$100 Million
ISOFT GROUP: CompuGROUP Will Not Increase Takeover Offer
JAYA CONTAINER: Accepting Proofs of Debt Until September 24
KIM TECHNOLOGY: Court to Hear Wind-Up Petition on September 7
SCOTTISH RE: Evaluates US$3.1-Billion Sub-Prime Mortgages


T H A I L A N D

DAIMLERCHRYSLER: Dresdner Kleinwort Maintains Buy Rating on Firm
KRUNG THAI: 2nd Quarter Net Income Drops 89% to THB377.092 Mil.
KRUNG THAI: May Not Meet 6% Outstanding Loan Target for 2007
TONGKAH HARBOUR: Reports THB35.81-Mil. Net Loss for 2nd Quarter

     - - - - - - - -

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

ADVANCED MARKETING: Files Joint Chapter 11 Liquidation Plan
-----------------------------------------------------------
Advanced Marketing Services, Inc., Publishers Group Incorporated
and Publishers Group West Incorporated, along with the Official
Committee of Unsecured Creditors, filed with the U.S. Bankruptcy
Court for the District of Delaware their Joint Chapter 11 Plan
of Liquidation and accompanying Disclosure Statement on Aug. 24,
2007, in the Debtors' Chapter 11 cases.  Under the Liquidating
Plan, Reorganized AMS will assume all obligations of the
Debtors' estates to make distributions to holders of Allowed
Claims.  The Estates will be liquidated on and after the Plan
Effective Date.  

According to Curtis R. Smith, chief executive officer of AMS,
the liquidation and winding up of Reorganized AMS will become
the responsibility of a Plan Administrator who will manage,
control and operate, and who may use, acquire and dispose of
property free of any restrictions of the Bankruptcy Code or the
Bankruptcy Rules, subject to any approval of a Post-Confirmation
Committee.

Subject to further Court order, the Plan Administrator will act
as liquidating agent of and for Reorganized AMS and the Estates
from and after the Effective Date.

The Plan Proponents believe that confirmation of the Liquidating
Plan is preferable to any other alternative, and that it is
designed to provide greater recoveries than those available in
any other form of liquidation.

Any other alternative would cause significant delay and
uncertainty, as well as additional administrative costs, Mr.
Smith tells Judge Sontchi.

The Plan divides the creditors' claims against, and
shareholders' interests in, the Debtors into 13 classes with
separate treatment for each Class.

Specifically, the Plan Proponents state that the Secured Claims
of Wells Fargo Foothill, Inc., against each Debtor have already
been paid in full.

The Plan provides that, other than Foothill, each holder of an
Allowed Secured Claim against each Debtor will, at the Plan
Proponents' option, either:

  (i) have its Claim reinstated and rendered unimpaired in
      accordance with Section 1124(2) of the Bankruptcy Code,
      notwithstanding any contractual provision or applicable
      non-bankruptcy law that entitles the Holder to demand or
      to receive payment of that Claim before the stated
      maturity of the Claim from and after the occurrence of a
      default;
(ii) receive cash in an amount equal to that Claim, in full
      and complete satisfaction of the Claim on the later of
      the initial distribution date under the Plan and the date
      the Claim becomes an Allowed Claim, or as soon thereafter
      as is practicable; or
(iii) receive the collateral securing its Claim in full and
      complete satisfaction on the later of the initial
      distribution date under the Plan and the date the Claim
      becomes an Allowed Claim, or as soon as practicable.

The Plan further provides that:

  -- Allowed Administrative Claims against each Debtor,
     including professional fee claims, will be paid in full;
  -- Allowed 20-Day Administrative Claims against each Debtor
     will be paid in full;
  -- Allowed Reclamation Claims against each Debtor will be
     paid, in full, after deductions for returns of inventory;
  -- Allowed Priority Tax Claims and Allowed Priority Claims
     against each Debtor, as well as Allowed Unsecured Claims
     against PGI and PGW, will be paid in full; and
  -- after payment of all Prior Claims and retention of amounts
     needed to pay or reserve for anticipated amounts of post-
     confirmation expenses, Allowed Unsecured Claims against
     AMS will receive a Pro Rata share of all Distributable
     Cash.

Holders of 510(b) Claims against AMS will receive no
distribution pursuant to the Plan.  Moreover, holders of
Interests in PGI and PGW will receive distributions in respect
of those Interests, while Holders of Interests in AMS will
receive no dividend.

The estimated available amount for distribution in respect of
the Allowed Unsecured Claims against AMS from Reorganized AMS is
still undetermined as of this time, Mr. Smith says.

           Appointment & Duties of Plan Administrator

The Plan Proponents will appoint and designate the initial Plan
Administrator at least 10 days before the Confirmation Hearing.  
Among other things, the Plan Administrator will:

  -- pursue the sale, liquidation or recovery of any and all
     assets of the Estates and of Reorganized AMS;
  -- manage, control and operate the Reorganized AMS;
  -- investigate and, if necessary and appropriate, prosecute,
     enforce or to compromise, release, or settle any causes of
     action on behalf of the Estates and Reorganized AMS; and
  -- invest the Cash and other Assets of Reorganized AMS and
     the Estates.

Upon consummation of the merger, the Plan Administrator will be
the chief executive officer and sole director of Reorganized AMS
and any of its subsidiaries.

            Formation of Post-Confirmation Committee

On the Effective Date, the Creditors Committee will be
reconstituted as the Post-Confirmation Committee, with these
members:

  * Random House, Inc.,
  * Hachette Book Group USA, Inc.,
  * Harper Collins Publishers,
  * Penguin Group, and
  * Workman Publishing Co.

William C. Sinnott, chairman of the Creditors Committee,
representing Random House, states that the Post-Confirmation
Committee will have the duties to execute the Plan and to
maximize distributions to Claimholders.  Other rights and duties
include:

  -- terminating the Plan Administrator with or without cause;
  -- approving any release or indemnity in favor of any third
     party granted or agreed to by the Plan Administrator;
  -- authorizing the Plan Administrator to commence any cause
     of action; and
  -- approving the settlement of any Cause of Action or
     Avoidance Action if the amount sought to be recovered by
     the Plan Administrator in a complaint exceeds US$150,000;
     and
  -- approving the allowance of any Disputed Claim if the final
     allowed amount of Claim exceeds US$150,000.

Mr. Sinnott notes that the bylaws previously adopted by the
Creditors Committee will continue to govern the actions of the
Post-Confirmation Committee.  The fiduciary duties that applied
to the Creditors Committee prior to the Effective Date will
apply to the Post-Confirmation Committee.

The duties and powers of the Post-Confirmation Committee will
terminate upon the entry of a Final Decree.

    Continued Corporate Existence; Dissolution of Reorg AMS

Pursuant to the Liquidating Plan, the AMS board of directors
will be reconstituted upon consummation of the Merger and will
consist solely of the Plan Administrator.

>From and after the Effective Date, Reorganized AMS will remain
in existence to liquidate and wind up the Estates.

The Plan Administrator will then file a certificate of
dissolution in the applicable state of incorporation for
Reorganized AMS, which, in turn, will dissolve and cease to
exist.

       Treatment of Executory Contracts & Unexpired Leases

Fifteen days before the Confirmation Hearing, the Plan
Proponents will file a schedule of executory contracts and
leases to be assumed.

All unpaid cure payments under any Executory Contracts that are
assumed or assumed and assigned under the Plan will be made by
the Plan Administrator as soon as practicable after the
Effective Date but not later than 30 days after the Effective
Date.

Except to the extent another Bar Date applies pursuant to a
Court order, all proofs of claim with respect to Claims arising
from the rejection of Executory Contracts must be filed with the
AMS Agent, Epiq Bankruptcy Solutions LLC.

Any Claim arising from the rejection of an Executory Contract
will be treated as a Claim in Class 3, Class 8 or Class 12,
depending on which Debtor the Claim is asserted against.

         Termination of AMS Deferred Compensation Plan

Upon the Effective Date, the AMS Deferred Compensation Plan will
terminate without further corporate action.

Pursuant to the Plan, the Deferred Compensation Trust will pay
all Cash and any other Assets it may hold in respect of the
Deferred Compensation Plan to Reorganized AMS.  Upon entry of
the Confirmation Order, the cash and assets of the Deferred
Compensation Trust will be transferred to Reorganized AMS and
will become property of the AMS Estate.  Individuals who
contributed to the Deffered Compensation Plan will be treated as
Unsecured Claimholders against AMS.

                   Litigation-Related Risks

The Plan Proponents state that a portion of the property to be
distributed to the creditors pursuant to the Plan includes
litigation claims.

According to Mr. Smith, it is possible that the Estates may
recover nothing at all on account of the litigation.  The risks
in the litigation, he says, include those associated with
defenses and counter-claims of opposing parties to the
litigation; the delay and expense associated with discovery and
trial of factually intensive and complex disputes; the
additional delay and expense inherent in appellate review; and
difficulties in pursuing claims pertaining to AMS, PGI and PGW
because they are no longer an operating entities.

             Plan Meets Section 1129(a) Requirements

The Plan Proponents maintain that the Liquidating Plan satisfies
all the general confirmation requirements under Section 1129(a).  
Accordingly, the Plan Proponents recommend that the Debtors'
creditors should vote to accept the Plan.

The Debtors believe that their creditors have and will continue
to benefit from the liquidation.  Had the assets been liquidated
by a chapter 7 trustee, the Plan Proponents project that the
maximum recovery would have been substantially less.

The Plan Proponents intend to file an amended Disclosure
Statement including their financial information not later than
five days before the scheduled September 26 Disclosure Statement
Hearing.  Disclosure Statement objections are due Sept. 19.  A
full-text copy of the Liquidating Plan is available at no charge
at:

     http://bankrupt.com/misc/AMS/JointLiquidatingPlan.pdf

A full-text copy of the Disclosure Statement is available at no
charge at:

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


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

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

The Debtors' exclusive period to file a chapter 11 plan expires
on Sept. 26, 2007.  The hearing to consider the adequacy of the
Disclosure Statement describing the Debtors' Chapter 11 Plan is
set for Sept. 26, 2007.  (Advanced Marketing Bankruptcy News,
Issue No. 17; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


ADVANCED MARKETING: Treatment of Claims Under Chapter 11 Plan
-------------------------------------------------------------
The Joint Chapter 11 Plan of Liquidation filed by Advanced
Marketing Services, Inc., Publishers Group Incorporated and
Publishers Group West Incorporated, the Official Committee of
Unsecured Creditors provides for classification and treatment of
claims and interests for purposes of voting, confirmation and
distributions under Sections 1122 and 1123(a) of the Bankruptcy
Code.

Curtis R. Smith, chief executive officer of Advanced Marketing
Services, Inc., tells the Court that the Liquidating Plan
classifies claims against Advanced Marketing Services, Inc.,
Publishers Group Incorporated and Publishers Group West
Incorporated.

Mr. Smith states that Administrative and Priority Tax Claims
will not be classified as provided in Section 1123(a)(1), but
will be treated separately as unclassified claims.

The classification and treatment of Claims are:

(1) AMS
   Class  Designation   Status           Voting Rights
   -----  -----------   ------           -------------
     1    Priority      not impaired     not entitled to vote
     2    Secured       not impaired     not entitled to vote
     3    Unsecured     impaired         entitled to vote
     4    510(b)        impaired         not entitled to vote
     5    Interests     impaired         not entitled to vote
(2) PGI
   Class  Designation   Status/Recovery   Voting Rights
   -----  -----------   ---------------   -------------
     6    Priority      not impaired      not entitled to vote
     7    Secured       not impaired      not entitled to vote
     8    Unsecured     impaired          entitled to vote
     9    Interests     impaired          entitled to vote
(3) PGW
   Class  Designation   Status/Recovery   Voting Rights
   -----  -----------   ---------------   -------------
    10    Priority      not impaired      not entitled to vote
    11    Secured       not impaired      not entitled to vote
    12    Unsecured     impaired          entitled to vote
    13    Interests     impaired          entitled to vote

Claimholders under Classes 1, 6, 8, 10 and 12 will be paid in
full, in cash, and without interest, on the later of 30 days
after the Effective Date or the date the claim becomes allowed.  
Holders under Classes 2, 7, and 11 will either:

  -- have the claim reinstated and rendered unimpaired in
     accordance with Section 1124(2);
  -- receive cash in an amount equal to the claim, in full and
     complete satisfaction of the claim; or
  -- receive a collateral securing its claim in full and
     complete satisfaction on the later of the initial
     distribution date under the Plan and the date that claim
     becomes an Allowed Claim.

Class 3 claim holders will receive a pro rata share of
distributable cash.

Class 4 claim holders will not receive any distribution.  
Holders of Interests in Class 5 will not receive any
distribution or dividend.  On the Effective Date, all Interests
in Class 5 will be deemed cancelled, null and void, and of no
force and effect.

With respect to the unclassified Claims, the Plan Administrator
will pay:

  (a) each Holder of an Allowed Administrative Claim the full
      amount of Allowed Administrative Claim, without interest,
      in cash, as soon as practicable after the Effective Date
      or within 30 days after an Administrative Claim becomes
      allowed;
  (b) certain professionals who are entitled to reimbursement
      or allowance of fees and expenses from the Debtors'
      Estates pursuant to Sections 503(b)(2) to (b)(6), in
      cash, in the amount awarded to the Professionals by final
      Court order;
  (c) each Holder of an Allowed 20 Day Administrative Claim
      against PGW the full amount of that claim, without
      interest, in cash, as soon as practicable after the
      Effective Date or within 30 days after the 20 Day
      Administrative Claim against PGW becomes allowed;
  (d) each Holder of an Allowed 20 Day Administrative Claim
      against AMS the full amount of the claim, without
      interest, in cash, as soon as practicable after the
      Effective Date or within 30 days after that claim against
      AMS becomes allowed;
  (e) each Holder of an Allowed Priority Tax Claim of PGW in
      full, in Cash;
  (f) each Holder of an Allowed Priority Tax Claims against AMS
      either (i) in full, in Cash, as soon as practicable after
      the Effective Date or (ii) over a period ending not later
      than five years after the Petition Date, with deferred
      Cash payments on a quarterly basis in an aggregate amount
      equal to any Allowed Priority Tax Claim against AMS, with
      interest at the legal rate required for a Claim in
      Chapter 11 cases; and
  (g) each Holder of an Allowed Reclamation Claim against PGW
      and AMS in full, without interest, in Cash after
      deductions for returns of inventory, as soon as
      practicable after the Effective Date or within 30 days
      after the Reclamation Claim is allowed.

After paying any Allowed Administrative Claims, including
Professional Fee Claims, 20-Day Administrative Claims, Secured
Claims, Priority Tax Claims, Priority Claims and Unsecured
Claims against PGI, holders of Class 9 Interests will receive
all the remaining assets of PGI.  After AMS has received its
dividend on account of its equity Interests in PGI, PGI will be
merged with and into AMS pursuant to the Merger.

Moreover, after paying any Allowed Administrative Claims, 20-Day
Administrative Claims, Reclamation Claims, Secured Claims,
Priority Tax Claims, Priority Claims and Unsecured Claims
against PGW, Disputed Claims and Post-Confirmation Expenses,
Holders of Class 13 Interests -- which is only PGI -- will
receive all remaining Assets of PGW.  On or after the Effective
Date, after PGI has received its dividend on account of its
equity Interests in PGW, PGW will be merged with and into AMS.  
Outstanding fees payable to the Office of the U.S. Trustee will
be paid no later than 30 days after the Effective Date or when
due in the ordinary course.

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

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

The Debtors' exclusive period to file a chapter 11 plan expires
on Sept. 26, 2007.  The hearing to consider the adequacy of the
Disclosure Statement describing the Debtors' Chapter 11 Plan is
set for Sept. 26, 2007.  (Advanced Marketing Bankruptcy News,
Issue No. 17; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


ATTASON PTY: Members and Creditors to Meet on September 4
---------------------------------------------------------
The members and creditors of Attason Pty Ltd will meet on
September 4, 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 liquidators are:

         I. A. Currie
         P. G. Biazos
         Currie Biazos Insolvency Accountants
         Australia
         Telephone:(07) 3220 0994
         Web site: http://www.cbia.com.au

                        About Attason Pty

Located at Albion, in Queensland, Australia, Attason Pty Ltd is
an investor relation company.


CHARMAINE'S ICECREAM: Taps Yeo and Vasudevan as Liquidators
-----------------------------------------------------------
The members of Charmaine's Icecream Pty Ltd met on July 24,
2007, and decided to liquidate the company's business.

Andrew Reginald Yeo and David Raj Vasudevan were named as
liquidators.

The Liquidators can be reached at:

         Andrew Reginald Yeo
         David Raj Vasudevan
         c/o Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                   About Charmaine's Icecream

Charmaine's Icecream Pty Ltd is a distributor of ice cream and
frozen desserts.  The company is located at Fitzroy, in
Victoria, Australia.


EVANS & TATE: Creditors Form Committee to Recover AU$185 Million
----------------------------------------------------------------
Evans & Tate Limited's creditors met early last week to form a
committee in an attempt to try and recoup AU$185 million they
are owed by the Margaret River winery, reports Julie-ann
Sprague.

According to the report, Martin Jones, a partner at
administrator Ferrier Hodgson, believes that the process will be
difficult.  Ferrier Hodgson revealed to WA Business that E&T's
total interest bearing liabilities total about AU$150 million,
while assets are valued at about AU$180 million.

ANZ Bank, which is owed AU$97.2 million and is the secured
creditor against the bulk of the interest-bearing liabilities,
has appointed a receiver who is in the process of selling the
winery's assets to repay debts to the bank, WA Business reports.

Reportedly, after ANZ Bank, convertible wines preference
shareholders are owed AU$30 million; leases covering vineyards
are owed AU$20 million and so too are the winery's noteholders.  
Grape growers are owed about AU$5 million; trade creditors,
including bottling group Portavin, are owed AU$3.7 million;
while employees are owed AU$4 million.

Mr. Jones admitted to WA Business that the task to recoup funds
for creditors would be a challenge and added that even if the
book value of the assets were realized, there was a "substantial
deficiency" between assets and liabilities.

Citing Mr. Jones, the article states that the next creditors
meeting would be held two to three months from now because the
bank's receivers anticipated it would take two to three months
to sell the winery.

As part of its recouping process, the administrator would be
investigating grower contracts the company entered into with
former executive chairman Franklin Tate, who resigned as a
director two weeks ago.

Entitlements due to the Wembley-based winery employees will
still be paid according to Mr. Jones, the article reports.

                      About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter-Asia Pacific reported on Sept. 15,
2006, that Evans & Tate Limited posted a loss of AU$63.9 million
for the 2005-2006 financial year, down 12% on the corresponding
figure for the previous year.

The TCR-AP report also stated that as of June 30, 2006, the
company's balance sheet revealed strained liquidity with
AU$90.930 billion in total current assets available to pay
AU$152.377 billion of total current liabilities coming due
within the next 12 months.  Further, Evans & Tate's June 30,
2006 balance sheet also showed total liabilities of AU$207.445
billion exceeding total assets of AU$139.792 billion, resulting
to total shareholders' deficit of AU$67.653 billion.

                          Going Concern

The same TCR-AP report adds that Evans & Tate says that the
financial report has been prepared on a going concern basis,
noting that as at June 30, 2006, certain matters are considered
pertinent when considering the ability of the consolidated
entity to continue as a going concern.

The company notes that if it is unable to continue as a going
concern, it will be required to realize its assets and
extinguish its liabilities other than in the normal course of
business and at amounts that may be different to those stated in
the financial report.


FORTESCUE METALS: Russian Tycoon Becomes 4th Biggest Shareholder
---------------------------------------------------------------
Magnitogorsk Iron & Steel Works now controls 15 million shares
in Fortescue Metals Group Limited, including 1.86 million units,
the Russian company's announcement on August 23, 2007, Peter
Klinger writes for The Age.

The 5.4% stake makes MMK the fourth biggest shareholder in
Fortesue, Mr. Klinger notes.

Mr. Klinger quotes Fortescue executive director Graeme Rowley as
saying, "We are as surprised as anyone, we had no inkling
beforehand.  We will be putting our feelers out to see if we can
ascertain what their intentions are. Obviously, to us, it's
exciting."

However, BBY analyst John Veldhuizen expresses that "steel mills
around the world are aligning themselves to secure their supply
and they are seeing very strong market conditions."

Reportedly, the Russian based steel mill was one of several
international groups that visited Fortescue in Perth last year
and asked for an update on its Pilbara operations.  Since then,
there has been no further contact between the two groups.

Steel tycoon Victor Rashnikov, who owns is believed to own about
90% of MMK, now has a AU$487.2 million holding.  According to
The Age article, Mr. Rashnikov was ranked as the 14th richest
Russian, with a personal fortune estimated at US$7.6 billion.

Meanwhile, Fortescue's shares rallied AU$2.90, or almost 10%, to
AU$32.40 on the MMK news and renewed investor interest in
miners, valuing its newest shareholder's stake at $487.2
million, writes Mr. Klinger.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was
AU$2.15 million.

In August 2006, Moody's Investors Service assigned a Ba3 rating
to approximately US$1.9 billion in senior secured 144A bonds to
be issued by FMG Finance Pty Ltd, the financing vehicle of the
Fortescue Metal Group.  The funding will be used to partially
finance the development of the Company's iron ore mine in the
Pilbara region of Western Australia as well as an associated
rail line and port infrastructure.


FREISSIAN NOMINEES: Appoints Gregory Cochrane as Liquidator
----------------------------------------------------------
On July 24, 2007, Freissian Nominees Pty Ltd started to
liquidate its business.  Gregory John Cochrane was named as
liquidator.

The Liquidator can be reached at:

         Gregory John Cochrane
         1st Floor, 20 Kings Park Road
         West Perth, Western Australia 6005
         Australia

                     About Freissian Nominees

Located at Perth, in Western Australia, Freissian Nominees Pty
Ltd is an investor relation company.


HADFIELD HOLDINGS: Declares First Dividend
------------------------------------------
Hadfield Holdings Pty Ltd, which is in liquidation, declared its
first and final dividend on August 31, 2007.

Creditors who were not able to file their claims by the
August 17, 2007 due date were excluded from sharing in the
company's dividend distribution.

The company's liquidator is:

         Neil Cribb
         RSM Bird Cameron Partners
         Chartered Accountants
         8 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9261 9100
         Facsimile:(08) 9261 9340

                    About Hadfield Holdings

Hadfield Holdings Pty Ltd operates hotels and motels.  The
company is located at Norseman, in Western Australia.


R. D. MARKETING: Sets Joint Meeting for September 11
----------------------------------------------------
A joint meeting will be held for the members and creditors of
R. D. Marketing Pty Ltd on September 11, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         David H. Scott
         c/o Scott Partners Consulting
         Level 1, 173 Burke Road
         Glen Iris, Victoria 3146
         Australia

                      About R. D. Marketing

R. D. Marketing Pty Ltd, which is also trading as Rd Motor
Vechile Consultants, operates automotive repair shops.  The
company is located at Moorabbin, in Victoria, Australia.


RED HANDED: Placed Under Voluntary Liquidation
----------------------------------------------
On July 23, 2007, a special resolution was passed to voluntarily
liquidate the business of Red Handed Pty Ltd.  

BJ Marchesi was appointed as liquidator.

The Liquidator can be reached at:

         BJ Marchesi
         Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                        About Red Handed

Red Handed Pty Ltd operates advertising agencies.  The company
is located at Port Melbourne, in Victoria, Australia.


SKYRISE HOLDINGS: Members to Receive Wind-Up Report on Sept. 10
---------------------------------------------------------------
A final meeting will be held for the members of Skyrise Holdings
Pty Ltd on September 10, 2007, at 10:00 a.m.

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

                     About Skyrise Holdings

Skyrise Holdings Pty Ltd, which is also trading as Balmain House
Daycare Centre, provides child day care services.  The company
is located at Nollamara, in Western Australia.


SUNCORP-METWAY: Posts AU1.06 Billion NPAT for Fiscal Year 2006
--------------------------------------------------------------
Diversified financial services group Suncorp reported a record
net profit after tax (NPAT) of AU$1.064 billion for the full
year to June 30, 2007, and confirmed that the Promina
integration was progressing well with the merged Group's new
business model and senior management appointments finalized, and
AU$55 million in annualized synergies locked in.

   * 16.2% increase in net profit after tax to a record
     AU$1.064 billion (includes 15 weeks' contribution from
     Promina);

   * Bank profit contribution before tax up 12.5% to
     AU$569 million;

   * General insurance full year profit before tax of
     AU$835 million with all insurance brands performing
     strongly;

   * Building scale in wealth management with profit before tax
     of AU$229 million;

   * Promina integration "on track" with the Group's new
     business model and senior management appointments
     confirmed, AU$55 million annualized synergies locked in;

   * Final ordinary dividend payment of 55 cents per share,
     fully franked.

The consolidated result included a contribution from Promina for
the period March 21 to June 30, 2007.  On a standalone basis,
Suncorp's underlying profit increased by 10.3% to
AU$1.149 billion.

Highlights of the result included:

   * Bank profit contribution before tax increased by 12.5% in
     line with guidance, featuring strong lending growth and
     continuing robust credit quality;

   * General insurance full year profit before tax (including
     Promina result) of AU$835 million despite the Queen's
     Birthday weekend storms in New South Wales which cost the
     Group AU$160 million net of reinsurance recoveries.  
     Removing the Promina contribution, Suncorp's general
     insurance business delivered an insurance trading ratio of
     19.6%, ahead of the 16 - 19% guidance;

   * Promina's general insurance business maintained its
     enviable growth profile, with overall gross written premium
     up by 4.3%.  Growth was particularly strong in the highly
     competitive home and motor classes;

   * Wealth management profit before tax increase (including
     Promina result) of AU$229 million.  On a standalone basis,
     Suncorp's wealth portfolio performed particularly well,
     increasing its contribution after tax by 28.2%.

Suncorp Chairman John Story said the strong result across the
broad portfolio of businesses was further confirmation of the
strategic rationale underpinning the merger with Promina.

"This result highlights the complementary nature of the Suncorp
and Promina businesses, as well as the huge opportunities
available to us by successfully integrating them," Mr. Story
said

"We have demonstrated our ability to remain focused on
maintaining business momentum throughout the commencement of the
integration process and are committed to ensuring this
transition is as seamless as possible for our shareholders,
customers and employees."

"Our operating performance for the 2007 financial year means
that we are able to pay an ordinary final dividend of 55 cents
per share.  This takes the full year ordinary dividend to 107
cents per share, an increase of 10.3% on the previous financial
year," he said.

"In addition, the entitlement offer used to partially fund the
merger benefited our shareholders by giving them the opportunity
to share in the growth available to the merged group at an
attractive discount to the market value of Suncorp shares or to
cash out their entitlements."

John Mulcahy, Suncorp's chief executive, said the company had
performed well despite continued intense competition across the
financial services sector.

"The 2007 financial year was particularly eventful for Suncorp
given the successful completion of the Promina merger, one of
Australia's largest ever financial services transactions; post-
merger integration activity; and severe storms in New South
Wales and Victoria that impacted the enlarged insurance group,"
Mr. Mulcahy said.

"In this challenging environment, during which competition in
the financial services sector continued to intensify, Suncorp's
businesses maintained their momentum by focusing on fundamentals
around credit and risk, leaving us in a very good position to
compete across our business lines."

Mr. Mulcahy said the integration of Promina's businesses was on
track with the Group's new business model and senior management
appointments finalized.

"Since the day we started planning the Promina transaction,
Suncorp has been methodical in identifying all of the necessary
milestones and challenges, and disciplined in the way we have
worked to achieve them," he said.

"We are taking the same approach to integration and have
achieved all of our internal milestones to date.  Since the
transaction was completed in March, we have appointed the group
executive team, finalized the Group's new business model, vision
and purpose and already locked in $55 million in annualized
synergies.

"The group executive team has appointed their direct reports and
the business units are progressing numerous initiatives that
will capture additional synergy benefits as part of the design
phase of integration," Mr. Mulcahy said.

"At the conclusion of the design phase, we are confident that we
will have built an organization that combines the best of the
former Suncorp and Promina businesses and which will deliver
significant benefits to shareholders, customers and employees."

The merged group achieved AU$105 million of immediate
diversification benefits following a review of outstanding
claims liabilities, which has offset the cost of aligning risk
margins to achieve a uniform level of sufficiency of
approximately 94%.

"Our decision to increase the level of sufficiency of the former
Promina businesses is a conservative but prudent approach to
take following a major transaction," Mr. Mulcahy said.

Outlook

Mr. Mulcahy said it is likely the Reserve Bank will continue to
use monetary policy to address inflationary pressures and he
would expect this to have a moderating impact on credit
formation, particularly in the retail mortgage market.  He also
said that, while Suncorp had no direct exposure to the sub-prime
mortgage market in the United States, the secondary impact of
tightening liquidity and widening credit spreads could impact
credit markets in Australia.

"Suncorp is well positioned to manage through these scenarios
effectively and we continue to have confidence in the long term
direction of the equity markets," he said.

Mr. Mulcahy forecast banking profit before tax and bad debts
would increase by approximately 10% for the year, assuming there
were no major changes in market conditions.

Mr. Mulcahy restated the guidance for both the Suncorp (ITR 16%
to 19%, excluding major weather events) and Promina (ITR 10+%,
excluding major weather events) general insurance businesses.  
This would result in an ITR for the merged group in the range of
13% to 16%, excluding any major weather event.

He also said underlying profit in wealth management, which
excludes investment returns on shareholder funds, was expected
to grow by greater than 10%.

Mr. Mulcahy said a review of the Group's capital structures was
being undertaken following the merger with Promina in order to
optimize its capital potential.

"Following consultation with rating agencies, we expect the
Group will be well placed to consider its capital management
options by the end of June 2008."

                    About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and  
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's
Individual Rating.

Subsequently, on May 4, 2007, Moody's Investors Service rated
Suncorp-Metway's bank financial strength a 'B-'.


VASTON PTY: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting held on July 25, 2007, the members of
Vaston Pty Ltd agreed to voluntarily liquidate the company's
business.  

Jennifer E. Low was then appointed as liquidator.

The Liquidator can be reached at:

         Jennifer E. Low
         Sheridans Chartered Accountants
         Level 6, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9221 9339

                         About Vaston Pty

Vaston Pty Ltd is a distributor of men's and boy's clothing.  
The company is located at Kardinya, in Western Australia.


VIOLET HOME: Members Resolve to Close Business
----------------------------------------------
At an extraordinary general meeting held on July 26, 2007, the
members of Violet Home Loans Australia Pty Ltd agreed to
voluntarily liquidate the company's business.  

Nicholas Giasoumi and Roger Darren Grant were subsequently
appointed as liquidators.

The Liquidators can be reached at:

         Nicholas Giasoumi
         Roger Darren Grant
         c/o Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East, Victoria 3123
         Australia

                       About Violet Home

Violet Home Loans Australia Pty Ltd is in the business of
mortgage bankers and loan correspondents.  The company is
located at Melbourne, in Victoria, Australia.


WILLETTS CONTRACTING: Declares Priority Dividend
------------------------------------------------
Willetts Contracting Pty Ltd, which is in liquidation, declared
its first priority dividend on August 13, 2007.

The company's liquidator is:

         Richard William Buckby
         KordaMentha (NQ)
         Level 1, 150 Walker Street
         Townsville, Queensland 4810
         Australia
         Telephone:(07) 4724 5455
         Facsimile:(07) 4724 5405

                   About Willetts Contracting

Willetts Contracting Pty Ltd provides business services.  The
company is located at Isa, in Queensland, Australia.


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

AFK FAR: To Pay First Dividend on September 7
---------------------------------------------
AFK Far East Limited, which is in compulsory liquidation, will
pay its first dividend on September 7, 2007.

The company will pay 100% to the received claims.

The company's liquidators are:

         Cosimo Borrelli
         Jacqueline Walsh
         Admiralty Centre
         1401, Level 14, Tower 1
         Hong Kong


AGFAPHOTO HONG KONG: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on August 14, 2007, the
members of Agfaphoto Hong Kong Limited agreed to voluntarily
liquidate the company's business.  

Cosimo Borrelli and G Jacqueline Fangonil Walsh were appointed
as liquidators.

The Liquidators can be reached at:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Borrelli Walsh Limited
         Admiralty Centre
         1401, Level 14, Tower 1
         Hong Kong


AGRICULTURAL BANK: Fitch Keeps E Rating on Overall Poor Results
---------------------------------------------------------------
Fitch Ratings keep its Individual E rating on Agricultural Bank
of China to reflect its deep-rooted asset quality issues, low
capital and earnings, as well as its underdeveloped risk
management.

Agricultural Bank of China currently ranks among China's weakest
large banks, due to its historically greater directed-lending
burden, more rural orientation, and the fact that it has yet to
go through major restructuring like its state-owned peers.  
Fitch notes that restructuring is expected to begin at some
point over the next year.  What form it takes remains to be
seen, but is expected to involve substantial carveouts of
problem loans and a capital injection, following which financial
ratios will improve noticeably.  

Like its peers prior to their restructuring, ABC is burdened
with massive problem loans.  By 1H07, ABC's NPL ratio was 21.3%,
the highest among nationwide banks.  Loan loss reserve coverage
is also extremely low at just 5%, while NPLs net of reserves
continue to swamp equity 8 times over.  Weak asset quality
remains a major drag on profitability.  ABC's RoAA of 0.11% at
end-06 was the lowest among nationwide commercial banks.

Regulatory capital ratios are unavailable, but are estimated to
be well below guidelines, given the bank's low ratio of
equity/assets of 1.6% in 2006.


BALLY TOTAL: Landlords Balk at Amended US$292,000,000 DIP Pact
--------------------------------------------------------------
Twenty-six landlords that are parties to unexpired leases of
non-residential real property with Bally Total Fitness Holding
Corporation and its debtor-affiliates, filed objection to the
amended proposed debtor-in-possession financing agreement the
Debtors entered into with Morgan Stanley Senior Funding Inc.

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

Under the amended DIP agreement, the DIP Lenders would provide
the DIP Facility and Exit Facility to the Debtors regardless of
whether the Debtors sought or obtained confirmation of their
Original Plan or Modified Plan.  The Debtors noted that the
modifications do not materially alter the treatment of any class
of claims or interests in the Plan.  

The Landlords objected to the Amended DIP Agreement to the
extent that the Debtors pledge, grant a security interest or
lien on, sell, assign or otherwise transfer the Debtors'
interest in the Leases to the DIP Lenders.  Most, if not all, of
the Objecting Landlords' Leases are leases of premises located
in shopping centers, and contain express language prohibiting
the granting of liens in, the leasehold interest.  Moreover,
many of the Objecting Landlords' leases are encumbered by
mortgages, which specifically prohibit the Landlord from
allowing any encumbrances to be granted upon the various tenant
Leases, which are themselves subject to the prior mortgage lien
of the Landlords' lender.

"Although it is not unusual for lenders to require liens on a
debtor's real property leases, these liens are frequently
limited to only the proceeds of the debtor's leasehold interests
and do not extend to the leaseholds themselves," Kevin M.
Newman, Esq., at Menter, Rudin & Trivelpiece PC, in Syracuse,
New York, counsel for Objecting Landlord Inland Commercial
Property Management, Inc., states.

Under Section 365(f)(2) of the Bankruptcy Code, Mr. Newman says,
a debtor cannot assign an unexpired lease of nonresidential real
property without first proving that the proposed assignee can
provide the landlord with adequate assurance of future
performance.

In the event the Debtors defaulted and the DIP Lenders
foreclosed on the Leases, landlords could suffer a de facto
assignment of the Leases to a new tenant, without adequate
assurance of future performance as required by Section 365(f),
contends Mr. Newman.

Against this backdrop, the Objecting Landlords ask the Court to
modify the description of "Collateral" in the Court's final DIP
order, to provide that the Collateral does not include the
Debtors' leasehold interests, only the proceeds from the sale,
assignment or other disposition of the leasehold interests.

The Objecting Landlords are:

   (1) Fairlane Town Center LLC,
   (2) Inland Commercial Property Management, Inc.,
   (3) Inland U.S. Management LLC,
   (4) Centro Property Group,
   (5) Federal Realty Investment Trust,
   (6) SVF Kendall Miami LLC,
   (7) Prudential Insurance Company of America,
   (8) RREEF USA Funds,
   (9) Sywest Development,
  (10) West Valley Properties, Inc.,
  (11) Commercial Realty Enterprises LLC,
  (12) James Campbell Company,
  (13) Blackhawk Centercal LLC,
  (14) Columbia Cascade Plaza LLC,
  (15) Regency Centers LP,
  (16) Leo P. Siklar,
  (17) Libby Siklar,
  (18) The Morris Rochlin Trust,
  (19) Westfield LLC,
  (20) Hawthorne LP,
  (21) Wheaton Plaza Regional Shopping Center LLP,
  (22) Simon Property Group, Inc.,
  (23) High Definition Realty LLC,
  (24) Northlake Festival LLC,
  (25) Textron Financial Corporation, and
  (26) The Matton Group Ltd.

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

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000)


BALLY TOTAL: To File 2nd Quarter 2007 Financial Report Late
-----------------------------------------------------------
Bally Total Fitness Holding Corporation has advised the U.S.
Securities and Exchange Commission that it won't be able to file
its financial report on Form 10-Q for the quarter ended June 30,
2007, on time without unreasonable effort and expense.

Bally is also unable to provide a reasonable estimate of its
second quarter 2007 results of operations.

The company continues to evaluate the impact that certain errors
in historical member data and certain assumptions relating to
attrition estimates have on its estimates of deferred revenue,
Marc D. Bassewitz, Bally's senior vice president, secretary and
general counsel, explains.

Mr. Bassewitz also cites Bally's ongoing discussions with
creditors, financial institutions and other parties on
bankruptcy matters.

"[Bally] cannot at this time estimate what significant changes
will be reflected in its second quarter 2007 results of
operations compared to its second quarter 2006 results of
operations," Mr. Bassewitz says.

Bally and substantially all of its domestic affiliates filed for
bankruptcy protection on July 31, 2007.

The considerable work associated with the evaluation
substantially delayed Bally's preparation of its 2006 financial
statements and its completion of the financial and other
information to be included in the 2006 Form 10-K filed June 29,
2007.  Bally also was unable to timely file its Form 10-Q for
the quarter ended March 31, 2007.

                  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 US$408,546,205 in total assets and
US$1,825,941,54627 in total liabilities.

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to October 16, 2007.  (Bally Total Fitness
Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Services
Inc. http://bankrupt.com/newsstand/or 215/945-7000)


BANK OF SHANGHAI: Fitch Affirms BB Long-term Rating
---------------------------------------------------
Fitch Ratings, on August 31, 2007, affirmed the ratings of Bank
of Shanghai, showing:

    -- Long-term foreign currency Issuer Default rating at BB-
       with Stable Outlook

    -- Short-term foreign currency IDR at B

    -- Individual D

    -- Support at 3; and

    -- Support Rating Floor at BB-.

BoS's ratings reflect its strong local franchise, above-average
albeit still limited earnings on an international scale, and
relatively good management.  However, the ratings are
constrained by ongoing issues with asset quality, and high
geographic, sectoral, and borrower concentration.  In
particular, its continued high exposure to real estate - of 44%
of total loans is a concern, in light of the Shanghai property
market's volatility.  BoS's loan growth was below its peers for
the third year in a row in 2006, coming in at just 5% versus a
peer average of 18%, although it has rebounded quite strongly in
2007, up 11% through June.

This reflects the bank's increased conservatism after years of
strong growth, intensifying funding constraints from moderating
deposit growth, and increased mortgage prepayments.  BoS's asset
quality continues to strengthen, with the ratio of NPLs/Total
loans dropping to 3.8% at end06.  However, its loan loss reserve
coverage lags behind its peers at just 78%, while Special
Mention loans continue to constitute an elevated 9.4% of total
loans.

BoS's return on average assets (RoAA) of 0.95% was among the
highest of all our rated Chinese banks, reflecting the bank's
small cost base and very low tax expense.  The bank's
capitalisation remains just adequate, with the ratios of
equity/assets, Tier 1 CAR, and Total CAR at 4.7%, 9.8% and 11.6%
at end06, respectively.  It should be noted that Fitch's
analysis is based on BoS's accounts according to International
Financial and Reporting Standards.


CHINA EASTERN: S'pore Air, Temasek Buy 24% Stake for US$918MM
-------------------------------------------------------------
Singapore Airlines and its parent, Temasek, concluded its
combined 24% stake purchase agreement with China Eastern
Airlines by paying US$918 million, various reports say.

According to various sources, Singapore Airlines and Temasek
will buy new Hong Kong-listed H shares in China Eastern at a
price of HK$3.80 each.

On August 31, 2007, the Troubled Company Reporter-Asia Pacific
reported that China Eastern Airlines will sign an agreement on
Sept. 2, 2007, for the sale of its stake to the Singapore
Airlines Ltd., and Temasek Holdings.

                       About China Eastern

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

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

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


DRAGON PALACE: Inability to Pay Debts Promts Wind-Up
----------------------------------------------------
The members of Dragon Palace Chinese Restaurant Limited had a
meeting on August 17, 2007, and agreed to liquidate the
company's business due to its inability to pay its debts.

Creditors are required to file their claims by September 28,
2007, so as to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Sek Kwan, Rays
         Seabright Plaza
         Unit F, 12th Floor
         9-23 Shell Street, North Point
         Hong Kong


FAIRAY INDUSTRIES: Members and Creditors to Meet on September 27
----------------------------------------------------------------
Fairay Industries Limited, which is undergoing liquidation, will
hold the final general meeting for its members and creditors on
September 27, 2007, at 10:00 a.m. and 10:15 a.m., respectively,
at Room 602, 447 Lockhart Road, Hong Kong.

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


FULLBRIGHT: Liquidator to Give Wind-Up Report on Sept. 27
---------------------------------------------------------
A final general meeting will be held for the members and
creditors of Fullbright Company Limited -- which is under
liquidation -- on September 27, 2007, at 10:00 a.m. and 10:05
a.m., respectively.

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


GREENTOWN CHINA: Temasek Disposes Entire 89.2 Million Shares
------------------------------------------------------------
Temasek Holdings looks to sell its entire 82.9 million shares in
Greentown China Holdings to raise up to HK$1.36 billion, taking
advantage of gains in the developer's shares amid a market
rebound, The Standard reports.

The shares, according to the report, are priced at a range of
between HK$16.10 and HK$16.40 apiece, according to the sale
document received by fund managers.  

The Singapore firm's entire stake represents 5.4% of Greentown's
existing shares, the paper relates.

Greentown China Holdings Limited is a residential property
developer in China. The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region. It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys. Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

The Troubled Company Reporter - Asia Pacific reported  on
December 4, 2006, Moody's Investors Service has affirmed
Greentown China Holdings Ltd's Ba2 corporate family rating and
senior unsecured bond rating in view of the successful closing
of its US$400 million bond issuance.  Both ratings have had
their provisional status removed. The ratings outlook is stable.

The Troubled Company Reporter-Asia Pacific also reported that,
on October 26, 2006, Standard & Poor's Ratings Services said
that it had assigned its 'BB' long-term corporate credit rating
to Greentown China Holdings Ltd.  The outlook is stable.

At the same time, it assigned its 'BB' issue rating to a
proposed US$375 million issue of senior unsecured fixed-rate
notes. The issue is due 2013 and redeemable after 2010. The
proceeds will be used primarily for land acquisitions,
development costs, and general corporate purposes.


GUANGDONG (H.K.): Joint Annual Meetings Set for September 10
------------------------------------------------------------
The members and creditors of Guangdong (H.K.) Tours Company
Limited will have their annual meetings on September 10, 2007,
at 10:30 a.m. and 11:30 a.m., respectively, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Room 203 of Duke of Windsor Social
Service Building, 15 Hennessy Road in Wanchai, Hong Kong.


GUINNESS INVESTMENT: Members' Final Meeting Set for Sept. 24
------------------------------------------------------------
The members of Guinness Investment Limited will have their final
meeting on September 24, 2007, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the 8th Floor of Gloucester Tower,
The Landmark, 15 Queen's Road, in Central, Hong Kong.


HERCULES INC: Closes Dexter Chemical Business Acquisition
---------------------------------------------------------
Hercules Incorporated has completed the purchase of the
specialty surfactants business of Dexter Chemical L.L.C. Under
terms of the agreement, Hercules Incorporated is acquiring the
business related to Dexter's product portfolio of phosphate
ester surfactants sold under the Strodex(R) and Dextrol(R)
trademarks.  

Dexter is a leader in phosphate ester surfactants utilized in
paints and coatings where the products are used to enhance gloss
retention, promote surface wetting and improve color stability.  

Products have also been recently developed and optimized for use
in low-VOC (volatile organic chemical) coatings formulations.
Commenting on the transaction, Craig Rogerson, President and
Chief Executive Officer of Hercules, said, "This business is an
excellent fit for Aqualon's Coatings Additives business.  It
will broaden Aqualon's existing portfolio of products for the
paint industry and strengthen its overall market position."


Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures  
and markets chemical specialties globally for making a variety
of products for home, office and industrial markets.  The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Standard & Poor's Ratings Services revised its
outlook on Wilmington, Delaware-based Hercules Inc. to positive
from stable and affirmed the existing 'BB' corporate credit
rating.


RED COLOUR: Members to Hold Final Meeting on October 1
------------------------------------------------------
A final meeting will be held for the members of Red Colour
Diamonds Limited on October 1, 2007, at 11:00 a.m., at Room
1302, 135 Bonham Strand, in Sheung Wan, Hong Kong.

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


SHING CHEONG: Court to Hear Wind-Up Petition on October 10
----------------------------------------------------------
The High Court of Hong Kong will hear on October 10, 2007, at
9:30 a.m., a petition to have the operations of Shing Cheong
Machinery and Boiler Engineering Company Limited wound up.

The petition was filed by Ng Wai Yee on August 1, 2007.


TRI-SHINE LIMITED: Members to Receive Wind-Up Report on Sept. 24
----------------------------------------------------------------
The members of Tri-Shine Limited will have their final meeting
on September 24, 2007, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at Room 1406, China Insurance Group
Building, 141 Des Voeux Road, in Central, Hong Kong.


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

CABLE & WIRELESS: Unit Names Phillip Green as President
-------------------------------------------------------
Radio Jamaica reports that Cable & Wireless' Jamaica subsidiary
has appointed its Senior Executive Phillip Green as company
president and chief executive officer.

According to Radio Jamaica, Mr. Green will take the place of
Rodney Davis, who left the company with immediate effect. Mr.
Davis has been chief executive officer of Cable & Wireless'
Jamaican unit since July 2005, taking over the reins after the
sudden departure of Jacqueline Holding.

Mr. Green has over 20 years experience in the telecommunications
sector, officials of Cable & Wireless' board of directors said
in a release.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.

The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                          *     *     *

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

* Issuer: Cable & Wireless Plc
                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%
GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


ITI LTD: Schedules 57th Annual General Meeting on Sept. 28
----------------------------------------------------------
ITI Ltd informs the Bombay Stock Exchange that it will hold its
annual general meeting on Sept. 28, 2007.  For the purpose of
the 57th AGM, the company will close its Register of Members &
Share Transfer Books from Sept. 21 to Sept. 28.

ITI also informed BSE of the assumption of S. K. Chatterjee,
Director-HR, of the company's chairman & managing director post
effective Aug. 24, 2007.

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

                          *     *     *

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

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

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


GENERAL MOTORS: May Save US$9B From Turnaround Effort, Lutz Says
----------------------------------------------------------------
General Motors Corp. has "gone 60 percent of the way," in
implementing its turnaround plan, GM Vice-Chairman Robert A.
Lutz told Swiss newspaper Finanz und Wirtschaft, Reuters
reports.

"GM is on track to achieve cost savings of US$9 billion annually
and to cut fixed costs from over 30 percent to 25 percent of
sales," Mr. Lutz said, Reuters notes.

GM, Ford and Chrysler lost more than US$15 billion on a combined
basis in 2006, Reuters states.  The three automakers are in the
middle of restructuring plans that include closing more than
two-dozen plants and slashing more than 80,000 jobs.

According to the report, Mr. Lutz said the car market in the
United States was in a cyclical slump right now.

"2007 is going to be the weakest year since 1998. Consumers are
weakened after the downturn of the housing market und we are
suffering because of that, he added."

Mr. Lutz is confident, however that GM will rebound from this
slump and will regain its role as "the world's largest and most
profitable car maker" ten years from now, Reuters relates.

                      About General Motors

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

                          *     *     *

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

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


NOVELL INC: Credit Suisse Maintains Underperform Rating on Firm
---------------------------------------------------------------
Credit Suisse analyst J. Maynard has kept his "underperform"
rating on Novell Inc's shares, Newratings.com reports.

Newratings.com relates that the target price for Novell's shares
was set at US$6.  Mr. Maynard said in a research note that
Novell wouldn't have significant improvements in business in the
third quarter 2007.

Mr. Maynard told Newratings.com that Novell is concentrating on
cost management. However, organic billings lacked momentum to
drive sustainable shareholder value.

The chances of Novell being acquired by a private equity
investor are low, Newratings.com states, citing Credit Suisse.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise based on Linux. With more than
50,000 customers in 43 countries, Novell helps customers manage,
simplify, secure and integrate their technology environments by
leveraging best-of-breed, open standards-based software.  Novell
has sales offices in India.

                          *     *     *

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


TATA STEEL: To Start Work of 6MM Tonne Orissa Plant in November
---------------------------------------------------------------
Tata Steel Ltd plans to start work of a six-million tonne plant
in Orissa in November, media reports cites B. Muthuraman, the
company's managing director, as saying.

Tata Steel signed a memorandum of understanding with the state
government of Orissa in 2004 to build its proposed steel plant
at the Kalinga Nagar Industrial complex, Reuters relates.

The Orissa government has allotted around 2,000 acres of land
for the plant, but not without the protests from those who will
need to relocate because of the compulsory acquisition of land.

The company has already ordered plant equipment worth INR4,500
crore for the project.

According to reports, the company has also a pending application
with the state government for iron ore mines, which mines have
also attracted the interest of other companies.

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

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

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


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

INDOFOOD: First-Half Net Profit Up 37% to IDR367 Billion
---------------------------------------------------------
Indofood Sukses Makmur Tbk's first-half net profit increased 37%
to IDR367.18 billion, compared to IDR267.77 billion a year ago,
Reuters reports.

The increased bottom line could be attributed to the significant
reduction in net interest expenses.  Revenues also improved with
sales climbing up by 21% to IDR12.3 trillion, while operating
profit increased 6.9% to IDR994.03 billion.

Anthoni Salim, Indofood's chief executive officer, said that for
the rest of 2007 the company's raw material prices show no sign
of decreasing, making it a challenge for them to control their
operating cost, Reuters relates.

The report adds that the company is also planning to boost its
annual capacity to 14.5 billion packs from 13.5 billion.

                     About Indofood Sukses

PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed  
foods company.  Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares. Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, which bring the
Company's products to more than 150,000 retail outlets in the
country.  Total employees as of December 1999 were 42,172.  A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.

In 2005, Indofood's total outstanding debt fell to
IDR6.8 trillion from IDR7.9 trillion in 2004.  The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007. The
Company also plans to redeem all the outstanding balance of the
Eurobonds this year.

The Troubled Company Reporter - Asia Pacific reported on
July 19, 2006, that Standard & Poor's Ratings Services withdrew
its 'B' corporate credit rating on Indofood at the company's
request.


INDOSIAR VISUAL: Pefindo Downgrades IDR696-Bil. Bond to "idBB+"
----------------------------------------------------------------
Pefindo downgraded its ratings for PT Indosiar Visual Mandiri
and IDSR's Bond I/2003 of IDR696.21 billion to "idBB+" from
"idBBB" with a 'stable' outlook.  The downgrades reflect IDSR's
declining revenue as well as poor profitability performance and
weakening cash flow protection ratios.

Raising concerns over the Company's capability to repay its
bonds next year and intensified competition in television
broadcasting industry have also been incorporated in the
downgrades.  Nevertheless, the Company's good track record of
commitment and willingness to punctually service its financial
obligation has offset a further downgrade.

Since December 31, 2005, the Company has failed to maintain
interest coverage ratio required in bond covenants in which it
had to pay 0.7% penalty fee from nominal value of bonds in 2006.  
IDSR, which started its commercial operation in 1995, is the
fifth private television-company entering the industry.  As end
of March 31, 2007, IDSR's ownership is predominantly held by PT
Indosiar Karya Media Tbk owned by PT TDM Asset Manajemen
(28.62%), PT Prima Visualindo (27.36%), and others (44.02%).


PERTAMINA: To Raise Liquefied Petroleum Gas by 46% to IDR6,200
--------------------------------------------------------------
PT Pertamina will raise the price of liquefied petroleum gas,
which currently at IDR4,250 a kg, by 46% to IDR6,200 per
kilogram in an effort to help improve the performance of its LPG
business division, The Jakarta Post reports.   

According to the report, the price increase will only be applied
to LPG sold in tanks with a weight of 50 kg.

The report relates that Hanung Budya, Pertamina deputy director
for marketing and trading, said that the company suffers losses
of up to IDR2 trillion per year by placing the LPG price under
the market price of IDR7,200 per kg.  Therefore, every year the
company has to allocate subsidies for LPG consumers so that
people can afford the product.  

                        About Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


PERUSAHAAN GAS: First-Half Net Profit Dips 9% to IDR1 Trillion
--------------------------------------------------------------
PT Perusahaan Gas Negara's first half net profit decreased 9% to
IDR1 trillion, down from IDR1.1 trillion a year earlier due to
higher operating costs, Reuters reports.

According to the report, revenue increased 14% to IDR3.8
trillion but the increase in its cost of revenues slowed down
growth of gross profit to 9.44% to IDR2.14 trillion.

Higher operating expenses kept the company's operating expenses
flat at IODR1.4 trillion compared to last year, the report
notes.

Reuters recounts that the company, along with five of its top
officials, was fined IDR5 billion by the capital markets
watchdog after it failed to disclose market sensitive
information in a timely manner.  The companies shares were also
briefly suspended by the Jakarta Stock Exchange in January after
losing more than a fifth of their value on one day on news a key
gas pipeline project had been delayed.

Headquartered in Jakarta, Indonesia, -- http://www.pgn.co.id/--  
is a gas and energy company that is comprised of two core
businesses: distribution and transmission.  For distribution,
PGN signs long-term supply agreements with upstream operators,
which give the company scheduled and reliable gas volumes and
fixed gas prices.  These volumes are subsequently sold to
commercial and industrial customers under gas sales agreements.  
Under these agreements, sales volumes are take-or-pay and the
gas pricing is fixed and in US dollar.  On the transmission
business, PGN ships gas on behalf of the upstream suppliers
under a fixed US dollar tariff with ship-or-pay volumes
agreements.   The company is 59.4% owned by the Government of
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.



PUTRA SUMBER: Pefindo Affirms "idBB+" Ratings W/ Stable Outlook
---------------------------------------------------------------
Pefindo affirmed its "idBB+" ratings with a 'stable' outlook for
PT Putra Sumber Utama Timber and the Company's Bond I//A/2003 of
IDR100 billion.  The Company has accumulated a sinking fund
amounting to IDR30 billion in a trustee account as of March
2007.

The ratings reflect raw material scarcity and the Company's
negative operating profit and limited cash flow protections.  
Strong supports from the Group and strong product prices in the
market, however, have supported the ratings.

PSUT is a domestic manufacturing company, producing plywood and
Laminated Veneer Lumber.  PSUT is a subsidiary of HASKO group
(the Group), a group of companies focusing on timber related
products.  The Company has two production facilities in Jambi
and Asam-Asam with total annual production capacity of 400,000
cubic meters.  The Company has been complied with the
international standard quality certification from Japanese
Agriculture Standard, German Quality Strength Standard and
British Standard Compliance, and thus it has no difficulty in
selling their products in the export market.


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

FORD MOTORS: Ford Australia Employees Affected by Venture Strike
----------------------------------------------------------------
Ford Motor Co. of Australia is severely affected after 150
employees of car parts company Venture Industries went on strike
over pay and entitlements, reports ABC News.

The stoppage has reportedly forced Ford to stand down 1,250
workers at its Broadmeadows and Geelong plants.

According to Australian Manufacturing Workers Union Victorian
secretary Steve Dargavel, Ford workers are victims of
outsourcing adding, "Ford expects companies to supply its
production on an hourly basis and when they don't they want
their own employees to suffer the pain," ABC relates.

Mr. Dargavel further added that the employees of Venture
Industries said they will not return to work until their
redundancy pay is guaranteed, conveys ABC.

Venture Industries, according to the article, provides Ford with
dashboards and other parts.

                       About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan and Australia in the Asia
Pacific region.  In Europe, the Company maintains a presence in
Sweden, and the United Kingdom.  The Company also distributes
its brands in various Latin American regions, including
Argentina and Brazil.

                        *     *     *

To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.


KYUSHU-SHINWA: Sells Entire Stake in Shinwa to Fukuoka Group
------------------------------------------------------------
Kyushu-Shinwa Holdings Inc. shareholders have endorsed plans to
sell its entire stake in banking unit Shinwa Bank to Fukuoka
Financial Group Inc., reports Japan Times.

According to the report, Kyushu-Shinwa also won approval from
shareholders for its dissolution after the planned merger.

Nagasaki-based Kyushu-Shinwa, Japan Times writes, is scheduled
to sell its entire stake in Shinwa Bank and affiliates for some
JPY76 billion to the Fukuoka-based group on October 1, where
Kyushu-Shinwa shareholders are expected to get JPY50 per next
spring.

Kyushu-Shinwa President Takashige Araki, at a shareholders'
meeting, apologized for having to seek support from Fukuoka
Financial, caused by the deterioration of the firm's business
due to a large amount of bad loans, Japan Times relates.

The merger, according to the article, will surpass Bank of
Yokohama to become the top regional financial group with Kyushu-
Shinwa possessing JPY2.5 trillion in assets and Fukuoka
Financial having JPY9.3 trillion.

                      About Kyushu-Shinwa

Headquartered in Nagasaki, Kyushu-Shinwa Holdings Inc. --
http://www.ksfg.co.jp-- is chiefly engaged in the banking  
business, such as the assessment and research of real estate
collateral, the provision of initial public offering (IPO)
support services and the management of loans, as well as the
clerical work, leasing, credit guarantee and credit card
businesses.

The Troubled Company Reporter-Asia Pacific reported on Oct. 18,
2006, that in 2002, Shinwa Bank and Kyushu Bank, both based in
Nagasaki Prefecture, consolidated and subsequently in 2003, the
subsidiary banks merged.  Fitch Ratings has affirmed Shinwa
Bank's ratings at Individual 'E' and Support '3'.

According to Bloomberg News, Kyushu-Shinwa's capital-adequacy
ratio is estimated to have fallen to about 6% at the end of
September 2006 but the ratio is expected to rise to about 8% due
to the capital reinforcement.  Domestically operating banks are
required to have capital ratios of at least 8%.


MAZDA MOTORS: Production and Sales Fall for July 2007
-----------------------------------------------------
Mazda Motor Corporation reported its production output for the
month of July with a decline in both domestic and overseas
production.

Domestic and Overseas Production

Total domestic production for the month of July 2007 decreased
4.0%.  Passenger cars dipped 2.5% to 78,014 units from the July
2006 output of 80,018, while, commercial vehicles slumped 24.3%
to 4,347 units to 5,740.

Despite Mazda's increased production of its redesigned
Mazda2/Demio and the added production of the CX-9, total
domestic production still went down due to the suspension of
production caused by the Chuetsu Oki earthquake in Niigata
prefecture.

Overseas production downslided 23.3% to 18,066 from the same
period last year's 27,767 units, due to the end of second
generation of Mazda2 production at the Valencia plant.  However,
the car manufacturer saw an 626.0% increase year-on-year on its
Mazda3 producing 4,966 units.

Domestic Sales

Overall domestic sales for July 2007 decreased by 3.7% year-on-
year mainly due to a 20.2% decrease in commercial vehicle sales
of 3,443, as compared to the same period last year's 4,543.  
Total sales for the micro-mini cars also went down to 4,048, or
2.0% of last year.  However, sales for the passenger vehicles
increased for July 2007 to 18,177, which is up 0.2%.

Global Production of both passenger and commercial vehicles
slipped to 6.5% and 19.8% respectively, making a total monthly
global production output of 100,427 units, or an 8.1% decline as
compared to July 2006 results.                    

                   About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its  
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported on April 27, 2007, that Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


MITSUBISHI PAPER: Ties Capital and Business Pact with Fujifilm
--------------------------------------------------------------
Mitsubishi Paper Mills Limited have reached a basic agreement
with Fujifilm Corp. for a capital and business alliance, reports
Jiji Press.

According to Jiji Press, under the agreement, Mitsubishi Paper
will supply Fujifilm with paper base in order to help it
reconstruct its production system.  Paper base, the article
says, is used for photographic paper production.

Also, Mitsubishi will invest about JPY4 billion to boost the
capacity of its Kitakami, Iwate Prefecture-based subsidiary
Kitakami Hitec Paper Corp. in order to maintain a stable supply
of the paper base, relates Jiji Press.  Kitakami Hitec Paper has
cutting-edge production facilities for producing paper base,
which is mainly used in photographic paper, adds the article.

In line with this alliance, Mitsubishi Paper will procure about
JPY2 billion for the capacity increase by issuing new shares to
Fujifilm in September, making Fujifilm the eight largest
shareholder in Mitsubishi Paper with a 2.54% stake, conveys Jiji
Press.

                     About Mitsubishi Paper

Headquartered in Tokyo, Mitsubishi Paper Mills Limited --
http://web.infoweb.ne.jp/mpm/eng/index-e.html-- is a Japan-
based company involved in the pulp, paper and allied sectors.

The company carries R&I's BB+ rating for its senior debt and
issuer rating.


SANYO ELECTRIC: Francisco Partners Withdraws from Chip Unit Bid
---------------------------------------------------------------
Sources close to Reuters disclosed that private equity firm
Francisco Partners has pulled out of the bidding for Sanyo
Electric Co., Ltd.'s chip unit.

According to the report, Sanyo was to pick the winner of the
auction by the end of August 2007, however, there could be
delays.

The Osaka-based consumer electronics manufacturer hopes to raise
JPY150-200 billion from the sale but resistance from bidders may
force it to accept less, Reuters relates.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SUN WAVE: JCR Upgrades Sr. Debt to BB+ with a Stable Outlook
------------------------------------------------------------
Japan Credit Rating has upgraded the rating of Sun Wave
Corporation on its senior debts and bonds of the issuer from
BB/Stable and BB to BB+/Stable to BB+, respectively.  It has
also affirmed the J-3 rating on CP program of the issuer.

Sun Wave's earnings power has increased thanks to a shift from
excessive emphasis on the middle- to high-class products to
focus on widely spread products and intake of every demand under
its sales policy.  JCR has upgraded the rating for Sun Wave this
time because its restructuring measures have improved the
earnings and financial structure of it to a degree.  However,
the financials remain low and the business environment
surrounding Sun Wave remains severe.  JCR will watch carefully
future developments as to whether Sun Wave can ensure good
enough earnings stably in the face of fierce business
conditions.

                     About Sun Wave Corp.

Headquartered in Tokyo, Sun Wave Corporation is a manufacturing
company primarily engaged in the manufacture and sale of kitchen
appliances, heat equipment, hygienic appliances, kitchen wall
panels, bath-related apparatus, cooling systems and interior and
exterior equipment.  The company is also involved in the
manufacture and sale of facilities equipment for business use
and the provision of post sale services.


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

EG GREENTECH: Signs KRW198-Million Contract With LG Chem Ltd
------------------------------------------------------------
EG Greentech Co. Ltd. has signed a contract worth KRW198 million
with LG Chem Ltd, Reuters reports.

According to the report, EG Greentech will provide machine
maintenance service pursuant to the terms of the contract.

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

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


ESTECHPHARMA CO: To Get KRW4-Billion Bank Loan
----------------------------------------------
Estechpharma Co., Ltd. has decided to get a bank loan of
KRW4 billion, Reuters reports.

The company reportedly will use the money to secure its
operational funds.

Ansan-si, Gyeonggi-do, Korea-based Estechpharma Co., Ltd. --
http://www.estechpharma.com/-- is mainly involved in the  
manufacture and supply of active pharmaceutical ingredients and
other related products.  The company's offerings range from
anti-inflammatory, anti-arthritic, anti-analgesic, antipyretic,
non-steroidal anti-inflammatory and antiseptic agents to
disinfectants and hemostatic, antibiotic, anti-hepatitis, anti-
ulcer, antispasmodic, antithrombosis, antiplatelet and
antirheumatic agents. Its products are available in different
dosage forms, such as syringes, tablets and capsules.  The
company also has a portfolio of development-stage products,
which include Amlodipine, used in the treatment of angina and
hypertension, and Topiramate, used to treat certain types of
seizures.

On May 30, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a B+ rating.


HYUNDAI CARD: Opens Offline Shop in Central City
------------------------------------------------
Hyundai Card Company opened an offline shop where their credit
cardholders can buy goods with card mileage points, the first of
its kind in the industry, The Korea Times reports.

According to the report, The shop is named "M Point Shop"
located in Central City is the first offline shopping mall set
up by a credit card company.

Each time holders use their credit card they will mileage
points, which can later be used to purchase goods or services.
Other credit card companies have offered such services only
online, the report notes.

Headquartered in Seoul, Korea, Hyundai Card Company is Korea's
biggest credit card company.  The Hyundai Card Company has a
partnership with Hyundai Capital and is sponsored by Hyundai Kia
Automotive Group.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 31, 2007 that Fitch Ratings assigned the company an
individual rating of 'C', and a support rating of '3'.


* Finance Ministry Expects S&P to Raise Rating in October
---------------------------------------------------------
A senior finance ministry official said that Standard & Poor's  
will likely upgrade South Korea's sovereign credit ratings in
October, citing the country's strong economic fundamentals and
easing of geopolitical risks associated with North Korea, The
Korean Times reports.

According to the report, citing Kim Seok-dong, vice finance and
economy minister, an S&P delegation is currently in the country
for an annual meeting with his ministry and other government
bodies to assess Korea's macroeconomic conditions, fiscal
soundness and issues concerning North Korea

Mr. Seok-dong said that S&P has not raised the country's
international credit standing since July 2005 when the agency
upgraded it by one notch to "A" from "A minus.", the report
says.

The Times recounts that last month, Moody's boosted the
country's credit ratings by one notch to "A2" from "A3" for the
first time in five years, citing Korea's track record of fiscal
prudence, favorable macroeconomic performance and the
containment of geopolitical risks, while Fitch Ratings has
maintained "A plus" on the country's long-term foreign currency
debt ratings.

Mr. Seok-dong, commenting on the potential fallout from U.S.
subprime mortgage default risks, said that the financial market
instability will likely persist across the globe for the time
being, adding that the local financial market could also be
affected to some extent.  The Korean government is running a
taskforce to monitor global market situations on a daily basis
and if necessary, will take appropriate measures, including
injecting liquidity into the money market, to ease concerns over
the possible credit shortage.


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

FEDERAL FURNITURE: Posts MYR514,000 Loss in Quarter to June 30
--------------------------------------------------------------
Federal Furniture Holdings Bhd posted a net loss after taxation
of MYR514,000 on MYR11.39 million of revenues in the quarter
ended June 30, 2007, as compared with a net loss after taxation
of MYR2.13 million on MYR11.29 million of revenues in the same
period in 2006.

As of June 30, the company's unaudited balance sheet showed
strained liquidity with current assets of MYR34.05 million
available to pay MYR36.67 million of current liabilities.

Federal Furniture's total assets as of June 30 amounted to
MYR56.93 million and total liabilities aggregated to
MYR40.07 million, resulting to shareholders' equity of
MYR16.86 million.


Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed  
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  On
July 5, 2006, the Company submitted its Regularization Plan to
Bursa Malaysia Securities Berhad for approval.

   
MYCOM BERHAD: Returns to Black with MYR303Mil. Profit in June 30
----------------------------------------------------------------
Mycom Bhd returned to the black with a net profit of
MYR303.21 million in the year ended June 30, 2007, as compared
with a net loss of MYR54.44 million in the previous year.

According to The Edge Daily, the company managed to post a
profit in the current period due to the waiver of interest after
the completion of its restructuring scheme.

Mycom's revenue rose 23.5% to MYR91.9 million from
MYR74.5 million in the financial year ended June 2006.

On future prospects, the group expected to register improvement
in its FY08 financial results due to lower interest expenses and
commencement of new projects with the completion of the
restructuring scheme on April 27, the newspaper relates.

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad --
http://www.mycom.com.my/-- is engaged in the provisions of  
granite quarry services, manufactures and sells latex rubber
thread, tape, plywood, laminated board and sawn timber,
cultivates oil palm fruits, and develops property.

The company is also involved in hotel operation, provision of
management and financial services and investment holding.  
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the company's accumulated losses.


PANGLOBAL BHD: Incurs MYR21.82MM Net Loss in Quarter to June 30
---------------------------------------------------------------
Panglobal Bhd incurred a net loss of MYR21.82 million on
MYR30 million of revenues in the quarter ended June 30, 2007,
compared with a net loss of MYR15.13 million on MYR40.3 million
of revenues in the same period in 2006.

As of June 30, 2007, the company's unaudited balance sheet
showed illiquidity with current assets of
MYR50.66 million available to pay current liabilities of
MYR898.21 million.

In addition, the company's balance sheet as of end-June 2007
went upside down with shareholders' deficit of MYR489 million on
total assets of MYR632.52 million and total liabilities of
MYR1.12 billion.

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all   
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme.


PAN MALAYSIAN: Balance Sheet Upside Down by MYR29.1MM at June 30
----------------------------------------------------------------
Pan Malaysian Industries Bhd's balance sheet as of June 30,
2007, went upside down by MYR29.1 million on total assets of
MYR643.76 million and total liabilities of MYR672.85 million.

In addition, the company's unaudited balance sheet as of
June 30, 2007, showed strained liquidity with current
liabilities of MYR458 million exceeding current assets of
MYR213.2 million.

For the quarter ended June 30, 2007, Pan Malaysian posted a net
loss of MYR10.73 million on unstated revenues.  The company
posted a net loss of MYR1.88 million in the same period in 2006.

Pan Malaysian Industries Berhad is an investment holding
company. The Company operates through two business segments:
Retailing and Property and investment holding.

The company is an Affected Listed Issuer pursuant to PN17 of the
Boursa Malaysia as it has a deficit in its unaudited adjusted
shareholders' equity on a consolidated basis of MYR17.55 million
as of December 31, 2005, computed on the basis stated in PN17.
The said deficit in the company's unaudited shareholders' equity
on a consolidated basis was mainly due to the net loss of the
PMI Group of MYR163.13 million for the unaudited nine month
financial period ended December 31, 2005 due mainly to the
sharing of losses of associated companies which comprised
substantially of impairment losses.


TAP RESOURCES: To Delay Filing of Annual Financial Report
---------------------------------------------------------
Tap Resources Bhd would defer the filing of its Audited Annual
Financial Statements for the year ended April 30, 2007, in view
of several management concerns, a disclosure with the Malaysian
bourse said.

According to the company, the management needs to finalize
certain issues such as the deconsolidation of certain subsidiary
companies under the creditors' voluntary winding up pursuant to
the Company's restructuring scheme.  Further, some key
accounting personnel has also resigned.

Tap Resources said that it expects to submit the Financial
Statements some time this week.

The last day of filing for all listed companies' audited
financial statements was on August 30.


TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad
("LR"), for the nine (9) months financial results ended
January 31, 2006 and a default in payment by TAP and it is
unable to provide a solvency declaration.  Both the foregoing
qualifies the company to be classified as a PN17 company.


TENGGARA OIL: Manocha Asks for MYR71,200 Payment from Unit
----------------------------------------------------------
Tenggara Lubricant Sdn Bhd, a wholly owned unit of Tenggara Oil
Bhd, received a demand for payment from Manocha Resources Sdn
Bhd amounting to MYR71,200.

The debt was due as at August 2, 2007, the notice stated.

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.


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

AZ N SHAZ: Court Sets Wind-Up Petition Hearing Today
----------------------------------------------------
The High Court of Christchurch will hear today, September 3,
2007, at 10:00 a.m., a petition to have the operations of Az N
Shaz Ltd. wound up.

The petition was filed by Commissioner of Inland Revenue on
May 22, 2007.

The CIR's solicitor is:

         Julia Beech
         c/o Inland Revenue Department
         Legal and Technical Services
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


BIO-VISION LIMITED: Taps Rodewald and Neilson as Liquidators
------------------------------------------------------------
Thomas Lee Rodewald and Robert James Neilson were named as
liquidators of Bio-Vision Limited on August 3, 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/


GARY CASSIDY: Subject to CIR's Wind-Up Petition
-----------------------------------------------
A petition to have the operations of Gary Cassidy Builders Ltd.
wound up was filed by the Commissioner of Inland Revenue on
July 17, 2007.

The High Court of Christchurch will hear the petition today,
September 3, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Julia Beech
         c/o Inland Revenue Department
         Legal and Technical Services
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


HART AUTO: Names Rodewald and Neilson as Liquidators
----------------------------------------------------
On August 3, 2007, Thomas Lee Rodewald and Robert James Neilson
were named as liquidators for Hart Auto Electrics Te Puke 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
         Web site: http://www.rhb.co.nz


HERITAGE GOLD: Discloses Results of Aug. 29 Annual Meeting
----------------------------------------------------------
Heritage Gold NZ Limited's shareholders, on its Aug. 29, 2007
annual meeting, passed all resolutions by requisite majorities,
according to a regulatory filing with the New Zealand Stock
Exchange.

Among others, the shareholders agreed to:

   -- re-appoint of James Murray McKee, Matthew Geoffrey Hill
      and Warwick Robert Grigor as directors;

   -- re-appoint Carlton DFK as the company's auditor; and

   -- increase the directors fees to an aggregate at NZ$50,000
      per annum.

Pursuant to NZX Listing Rule 3.3.1A James Murray McKee and
Warwick Robert Grigor have been determined as Independent
Directors. Peter Robert Atkinson, Geoffrey Guild Hill and
Matthew Geoffrey Hill have been determined as not being
Independent Directors for the purposes of NZX Listing Rule
3.3.1A.

At the AGM, the chairman reported that significant progress had
been made in selecting a new chief executive.  The board were
finalizing negotiations with Trent Lash BSc (Hons) Mining and
B.E. (Civil).

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The  
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred two consecutive losses of NZ$2,639,467 and
NZ$331,563 for the years ended MArch 31, 2006 and 2005,
respectively (Parent: NZ$2,621,401 and NZ$365,189).

The group incurred consecutive losses of NZ$807,000,
NZ$2,639,467 and NZ$331,563 for the years ended March 31, 2007,
2006, and 2005, respectively.


IRWELL STREET: Commences Liquidation Proceedings
------------------------------------------------
On August 7, 2007, a special resolution was passed to liquidate
the business of Irwell Street Properties Holdings Ltd.

The company's liquidator is:

         Sharon Wedlock
         PO Box 504, Christchurch
         New Zealand


L & C DESIGN: Fixes September 12 as Last Day to File Claims
-----------------------------------------------------------
L & C Design Homes Ltd., which is in liquidation, is accepting
proofs of debt from its creditors until September 12, 2007.

Creditors must comply with the requirement to be included in the
company's dividend distribution.

The company's liquidator is:

         Mark Van Rossem
         TVR Chartered Accountants Limited
         Symonds Street
         PO Box 8155, Auckland
         New Zealand
         Telephone:(09) 373 4634
         Facsimile:(09) 368 1600


LINK COMPANY: Court to Hear Wind-Up Petition Today
--------------------------------------------------
A petition to wind up the operations of Link Company Ltd. will
be heard before the High Court of Christchurch today, Sept. 3,
2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
July 17, 2007.

The CIR's solicitor is:

         Julia Beech
         c/o Inland Revenue Department
         Legal and Technical Services
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


LOADED HOG: Court Sets Wind-Up Petition Hearing Today
-----------------------------------------------------
The High Court of Wellington will hear on September 3, 2007, at
10:00 a.m., a petition to have the operations of Loaded Hog
Auckland (2005) Ltd. wound up.

Accident Compensation Corporation filed the petition against the
company on July 26, 2007.

Accident Compensation's solicitor is:

         Dianne S. Lester
         Maude & Miller
         McDonald's Building, 2nd Floor
         Porirua City
         New Zealand


THISTLE HOLDINGS: Faces Accident Compensation's Wind-Up Petition
----------------------------------------------------------------
Accident Compensation Corporation filed a petition on July 26,
2007, to have the operations of Thistle Holdings Ltd. wound up.

The petition will be heard before the High Court of Wellington
today, September 3, 2007, at 10:00 a.m.

Accident Compensation's solicitor is:

         Dianne S. Lester
         Maude & Miller
         McDonald's Building, 2nd Floor
         Porirua City
         New Zealand


VIRTUAL FLOORS: Court Appoints Liquidators
------------------------------------------
On August 6, 2007, the High Court at Wellington appointed Iain
Bruce Shephard and Christine Margaret Dunphy as the liquidators
for Virtual Floors Ltd.

The Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         c/o Shephard Dunphy Limited
         Zephyr House, Level 2
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


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

ALLIED BANKING: Fitch OKs 'D' Individual, '4' Support Ratings
-------------------------------------------------------------
Fitch Ratings Services has affirmed on Friday its 'D' Individual
and '4' Support ratings for Allied Banking Corp.

Fitch has found that Allied's ratings reflect its average
fundamentals, with modest core profitability, capital and asset
quality.  Its ratings could weaken should it merge with its
sister bank, PNB and should the integrated entity emerge on a
weaker standing.  Meanwhile, an upgrade would require an
improved level of both operational development and efficiency.

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

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

                          *     *     *

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


BANCO DE ORO-EPCI: Fitch Affirms Individual & Support Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed on Friday its 'C/D' Individual and
'3' Support ratings for Banco de Oro-EPCI Inc.

As the former BDO had merged with Equitable PCI Bank to form the
current BDO-EPCI entity, all ratings for Equitable have been
withdrawn.

                          *     *     *

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

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

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

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

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

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


CHINA BANKING: Fitch Affirms 'BB' Currency Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed on Friday its 'BB' long-term foreign
and local currency issuer default ratings assigned to China
Banking Corp.  Outlook is stable.

These ratings were also affirmed:

    * 'AA-(phl)' National long-term rating with a stable outlook
    * 'C/D' individual rating
    * '4' Support rating
    * 'B+' Support Floor rating

According to Fitch, CBC's ratings encompass its strong and
sustained profitability levels coupled with the abundant equity
that supports its operations and the downside risk arising from
its unreserved portion of impaired assets.  The bank's operating
ROA remained stellar at 2.8% for 2006, while its CAR stood at
23.7%.


DEV'T BANK: Fitch Affirms 'BB' Foreign Currency Issuer Rating
-------------------------------------------------------------
Fitch Ratings has affirmed on Friday its 'BB' Long-term Foreign
Currency Issuer Default Rating and 'BB+' Local Currency Issuer
Default Ratings for the Development Bank of the Philippines.

Outlook for the ratings is stable.

Fitch also affirmed these other ratings for DBP:

    * 'AA+(phl)' National Long-term rating with a stable outlook

    * 'C/D' Individual rating

    * '3' Support rating

    * 'BB-' Support Floor rating

    * 'BB-' for its US$130 million perpetual callable
       subordinated hybrid notes

Fitch said that DBP's ratings encapsulate the moderate level of
support expected from its parent government, as well as its own
merits - notably its respectable balance sheet strength and
adequate profitability.  It reported a higher operating ROA of
1.7% for 2006 with a much higher capital adequacy ratio (CAR) of
28% as at end-2006 (end-2005: 19.7%).

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the  
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

DBP carries Fitch Ratings' 'BB' Long-Term foreign currency
issuer default rating, and 'BB+' long-term local currency issuer
default rating, which were issued to it on December 22, 2006.

Standard & Poor's Ratings Services also assigned on December 5,
2006, its 'BB-' rating to DBP's PHP2.35 billion existing lower
Tier II subordinated notes, which are due in 2016.  The bank
also carries S&P's BB+ local currency and BB- foreign currency
issuer ratings with Stable outlooks.

The bank carries Moody's Investor Services' B1 foreign currency
and Ba2 local currency long-term deposit ratings with a Negative
outlook.


LAND BANK: Fitch Affirms 'BB' Currency Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed on Friday its 'BB' Long-term foreign
and local currency issuer default ratings for the Land Bank of
the Philippines.  Outlook is stable.

Fitch also affirmed these ratings:

    * 'AA (phl) National long-term rating with a Stable outlook

    * 'D' Individual rating

    * '3' Support rating

    * 'BB-' Support Floor rating

    * 'BB-' rating for US$150 million subordinated notes

According to Fitch, LBP's ratings take into account the bank's
just satisfactory financial profile, as well as the potential
for support from the Philippine government which wholly owns the
bank and for which the bank carries out the important policy
role of supporting the country's substantial rural/agricultural
sectors.  Its operating ROA remained satisfactory at 1.1% while
its CAR improved to 21.4% as at end-2006 (end-2005: 15.1%).

Land Bank of the Philippines -- http://www.landbank.com/-- is a  
government financial institution that strikes a balance in
fulfilling its social mandate of promoting countryside
development while remaining financially viable.  Today, Landbank
claims to be the largest formal credit institution in the rural
areas and to rank among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.  From
its initial role as the financing arm of the agrarian reform,
the bank has evolved into a full-service commercial bank.


                          *     *     *

On October 6, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings has assigned a Long-term foreign
currency and local currency Issuer Default rating of 'BB', and a
National Long-term rating of 'AA(phi)' to Land Bank of the
Philippines.  The Outlook on the ratings is Stable.  At the same
time, the agency also assigned an expected rating of 'BB-' to
LBP's planned subordinated debt issue of up to US$100 million to
US$150 million.  Fitch also affirmed the bank's Individual and
Support ratings at 'D' and '3', respectively.

The TCR-AP also reported that on November 2, 2006, Moody's
Investors Service revised the outlook of the Land Bank of the
Philippines' foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for Land Bank's foreign
currency Not-Prime short-term deposit rating and bank financial
strength rating of E+ remains stable.


SECURITY BANK: Fitch Affirms 'BB' Currency Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings affirmed on Friday its 'BB' long-term foreign and
local currency issuer default ratings for Security Bank Corp.  
Outlook is stable.

Fitch also affirmed these ratings for Security Bank:

    * 'B' short-term foreign currency IDR
    * 'AA-(phl)' national long term rating with Stable outlook
    * 'D' Individual rating
    * '4' Support rating
    * 'B+' Support Floor rating
    * 'BB-' rating for its PHP2.5 billion subordinated notes

According to Fitch, SBC's ratings are driven by its sufficient
balance sheet strength with above-average albeit potentially
volatile profitability. In 2006, the bank's operating ROA of 2%
was underpinned by good - but somewhat erratic - trading gains,
which equated to 1.5% of its average assets.  Meanwhile, its CAR
remained adequate at 24.6% as at end-2006. An increase in
interest rates will deplete the price of its long-dated
securities and could erode its capital, although the rates are
not expected to rise steeply over a short period of time.

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

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


UNION BANK: Fitch Affirms 'C/D' Individual, '4' Support Ratings
---------------------------------------------------------------
Fitch Ratings Services has affirmed on Friday the Union Bank of
the Philippines' Individual rating of 'C/D' and Support rating
of '4'.

Fitch says that Union's ratings are premised on its satisfactory
profitability and balance sheet strength, after completing its
merger with International Exchange Bank in 2006.  Its operating
ROA stood at 2% which should remain adequate in the long run,
with its loan growth strategy, as well as realisation of cost
synergies.   Meanwhile, the bank's CAR of 16.9% at end-2006
improved to 23.4% at end-June 2007, largely on the back of its
capital offering of PHP5.1bn concluded in H107.

Union Bank of the Philippines -- http://www.unionbankph.com/--   
offers a wide range of products and services to both corporate
and individual clients.  Its core businesses are payment
services, corporate cash management foreign exchange, capital
markets, corporate finance and consumer finance.  It is also
engaged in investment management, trust banking, insurance
brokerage, currency brokerage, private banking, pre-need
products marketing, investment banking and financial advisory
and real property development and marketing via Union
Properties, Inc.

Moody's Investors Service gave UnionBank a 'Ba3' Senior
Unsecured Debt and Long-Term Bank Deposits Ratings effective May
25, 2006. The bank also carries Moody's Bank Financial Strength
Rating of D with stable outlook.


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

CKE RESTAURANTS: Increases Term Loan by US$100 Million
----------------------------------------------------
CKE Restaurants Inc. has amended its credit facility, increasing
the aggregate amount of its term loan to approximately
US$270 million, a US$100 million increase, and will use the
proceeds to reduce the amount outstanding on its US$200 million
revolving credit facility by US$100 million.

The interest rate on the term loan will not change as a result
of the increased borrowings. After the transaction, the company
will have outstanding letters of credit of US$38.2 million, and
outstanding borrowings of US$8 million, leaving US$153.8 million
available under the revolving line of credit.

The company's lenders have also approved a US$50 million
increase in the aggregate amount that the company is permitted
to expend for share repurchases and cash dividends under the
credit facility.

Subject to the terms of its credit facility, the company can use
its revolving line of credit to repurchase its common shares and
pay cash dividends, but must maintain a minimum of US$25 million
of liquidity on the revolving line of credit while repurchasing
common shares or paying cash dividends.

The company also provided an update on its stock repurchase
plan. As of Aug. 27, 2007, the company has utilized
approximately
US$278 million of the US$350 million authorized by its board of
directors, leaving a balance available for future repurchases of
approximately US$72 million.

Since its statement on Aug. 1, 2007, disclosing a US$100 million
increase in the stock repurchase plan, the company has
repurchased 4,260,700 shares at a total cost of approximately
US$73 million. The recent share repurchases occurred primarily
near the end of the company's second fiscal quarter which ended
Aug. 13, 2007, and at the beginning of the company's third
fiscal quarter.

Accordingly, weighted-average fully diluted shares outstanding
to be reported for the second fiscal quarter will only partially
reflect the impact of these purchases on the company's capital
structure. The company had 57,262,469 shares of common stock
issued and outstanding as of Aug. 24, 2007.

"Based on the ongoing success of our discretionary stock
repurchase plan, we determined that it was in the best interests
of the company and our shareholders to increase our term loan,"
Andrew F. Puzder, the company's president and chief executive
officer, stated. "Our existing credit facility contained an
accordion feature which, subject to our lenders willingness to
lend and the negotiation of an acceptable interest rate, allowed
us to increase our term loan by US$50 million without a credit
facility amendment and the fees normally associated with such an
amendment."

"While the current difficulties in the credit markets have
severely limited access to capital, our lender group agreed not
only to double our term loan's accordion feature to US$100
million, but also agreed to loan us these additional funds at
the same interest rate as our current term loan, which we
negotiated in a much more favorable credit environment last
January," Mr. Puzder added. "Given current market conditions, we
consider our lenders' actions a very strong indication of their
confidence in our financial strength and stability. These
additional borrowings will not impede the execution of our
previously announced capital plan."

"Our stock repurchase plan has proven to be a very effective
method by which we return capital to shareholders as we seek to
maximize investor returns," Mr. Puzder continued. "By keeping
our powder dry, we have been able to take advantage of declines
in the market price of our stock to substantially reduce our
outstanding share count. In this respect, not only did we
repurchase 4,260,700 shares at a total cost of approximately
US$73 million since Aug. 1, 2007, but, since the inception of
the program, we have repurchased approximately 15.8 million
shares at a total cost of approximately US$278 million."

"These aggregate share repurchases represent approximately 26.1%
of our current fully diluted share count, and we have completed
substantially all of these repurchases based on open market
share prices," Mr. Puzder said. "We continue to believe that the
repurchase of our shares represents an attractive investment
opportunity. In this respect, we will continue to act
opportunistically consistent with the requirements of the
securities laws. Our lenders' agreement to increase the basket
size for stock repurchases is another clear indication of their
continued support as we execute on our stock repurchase plan."

The company may make repurchases from time to time in the open
market or in privately negotiated transactions in compliance
with Securities and Exchange Commission Guidelines. As part of
its stock repurchase plan, the company currently has a US$5
million per quarter non-discretionary Rule 10(b)5-1 program in
place.

                    About CKE Restaurants Inc.

Headquartered in Carpinteria, California, CKE Restaurants Inc.
(NYSE: CKR) -- http://www.ckr.com/-- through its subsidiaries,  
franchisees and licensees, operates some of the most popular
U.S. regional brands in quick-service and fast-casual dining,
including the Carl's Jr (R), Hardee's(R), Green Burrito(R) and
Red Burrito(TM) restaurant brands.  The CKE system includes more
than 3,000 locations in 43 states and in 13 countries, including
Singapore.  As of the end of its fiscal 2008 first quarter ended
May 21, 2007, through its subsidiaries, had a total of 3,022
franchised, licensed or company-operated restaurants in 43
states and in 13 countries, including 1,101 Carl's Jr.
restaurants and 1,905 Hardee's restaurants.

                          *     *     *

Moody's Investor Services placed CKE Restaurants Inc.'s long
term corporate family and probability of default ratings at
"Ba3" in March 2007. The outlook is stable.


ISOFT GROUP: CompuGROUP Will Not Increase Takeover Offer
--------------------------------------------------------
CompuGROUP Holding AG disclosed that the company, acting through
its wholly owned subsidiary CompuGROUP U.K. Ltd., will not
increase its cash offer of 66 pence per share for iSOFT Group
plc except that CompuGROUP reserves the right (without any
obligation to do so) to increase the offer only in circumstances
where a third party (other than IBA Health Ltd. or any of its
group companies) announces a competing offer (whether
implemented by way of a takeover offer or scheme of arrangement)
for iSOFT.

"iSOFT would have been an excellent complement to our
international business activities, but CompuGROUP does not
intend to enter into a contest that would lead to prices and
risks that are unreasonable.  This would not create value for
our shareholders," Frank Gotthardt, chairman of the management
board of the CompuGROUP, said.  "CompuGROUP will continue to
pursue actively its strategy of opening up attractive new
national markets by acquiring well-established software
providers with strong customer bases and brands.  Our company's
unique reach with those providing services in the healthcare
industry is the basis for our innovative products and services.
All parties involved benefit from this through greater online
connectivity and a rapid establishment of important IT-supported
Decision Support Systems.  The double strategy of acquisition-
powered and organic growth is the key to our success."

"The decision by CompuGROUP not to increase their offer means
that IBA's offer at 69 pence is now the best offer on the table
for iSOFT shareholders," Gary Cohen, executive chairman of IBA,
said.  "We would expect the iSOFT board to now recommend our
offer.  This brings the current competitive situation that has
existed to an end.  We now look forward to completing our offer
over the next few weeks."

On Aug. 22, 2007, IBA made a revised cash offer for iSOFT for 69
pence per share, valuing the company at GBP166 million (AUD410
million).  The revised offer has a scrip alternative of 1.65 IBA
shares for 1 iSOFT share.  

The cash offer represents a 4.5% premium to CompuGROUP's offer
of 66 pence for each iSOFT share on July 20, 2007.

As previously reported in the TCR-Europe, in view of the revised
IBA offer and pending resolution of the competitive situation
between CompuGROUP and IBA, the Board of iSOFT intends to
adjourn the court and shareholder meetings in respect of the
CompuGROUP offer.  The court and shareholder meetings convened
in respect of the CompuGROUP offer are currently scheduled for
Aug. 31 2007.  No new date has yet been determined for these
meetings.

In order to provide an orderly framework for the resolution of
this competitive situation, and in accordance with Rule 32.5 of
the City Code on Takeovers and Mergers iSOFT is discussing with
the Panel on Takeovers and Mergers the terms of an auction
procedure.  If the competitive situation continues to exist, the
Board expects the Panel to announce the terms and timing of such
a procedure in due course.

The Board will make its views on the CompuGROUP and IBA offers
known to shareholders following resolution of the competitive
situation between them.

                          About iSOFT

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

                          *     *     *

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

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

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

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

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

                      Going Concern Doubt

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

The nature of the Group's business is such that there can be
considerable unpredictable variation and uncertainty regarding
the timing and margin on sales, the quantum and timing of cash
flows from new business activity and the achievement of
contractual milestones.  In addition, until the proposed
CompuGROUP transaction legally completes, the successful
completion of the transaction (including shareholder and court
approval) and ongoing willingness and ability of CompuGROUP to
provide financial support to the Group remain uncertainties.

Should the transaction not proceed, it would be necessary to
extend or renegotiate the Group's banking agreements beyond
their current expiry date of Nov. 14, 2007.


JAYA CONTAINER: Accepting Proofs of Debt Until September 24
-----------------------------------------------------------
Jaya Container Lines Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Sept. 24,
2007.

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

The company's liquidator is:

         Wong Joo Wan
         c/o 137 Telok Ayer Street #04-01
         Singapore 068602


KIM TECHNOLOGY: Court to Hear Wind-Up Petition on September 7
-------------------------------------------------------------
The High Court of Hong Kong will hear on September 7, 2007, at
10:00 a.m., a petition to have the operations of Kim Technology
& Systems Engineering Pte Ltd wound up.

Tan Lam Lee filed the petition against the company on August 14,
2007.

Tan Lam's solicitor is:

         Loo Choon Hiaw
         c/o Messrs Loo & Chong
         No. 171 Chin Swee Road
         #05-06 San Centre
         Singapore 169877


SCOTTISH RE: Evaluates US$3.1-Billion Sub-Prime Mortgages
---------------------------------------------------------
Alex Wright at The Royal Gazette relates that Scottish Re Group
Ltd. is currently evaluating the risk the company is facing as a
result of its US$3.1 billion sub-prime and Alt A mortgages.

The mortgage bonds made up 28% of Scottish Re's US$11 billion
total investments as of June 30, Chief Accounting ODuncan
Hayward was quoted by the Royal Gazette as saying.

In a filing with the U.S. Securities and Exchange Commission,
Scottish Re disclosed that it has US$2.1 billion of securities
backed by mortgages made to sub-prime borrowers with poor or
incomplete credit histories, with another US$1 billion supported
by Alt A loans, an in-between grade assigned to those who do not
meet the standards for prime loans, the Gazette relates.

The U.S. sub-prime mortgage market is currently facing a crisis
due to an increase rate of borrowers who can't pay their dues on
time, pushing the default rates to the highest in a decade.

Chief Executive Officer George Zippel underscored that despite
the vastness of the company's sub-prime portfolio, most of these
debts are in the A grade rating class, the same report adds.

"The most important thing for us is to increase the shareholder
value and make sure that the shareholders appreciate our
efforts," Mr. Zippel was quoted by the Gazette as saying.  
"Ultimately, we believe we have sufficient capital resources and
liquidity to withstand any losses and market value decreases."

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


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

DAIMLERCHRYSLER: Dresdner Kleinwort Maintains Buy Rating on Firm
----------------------------------------------------------------
Dresdner Kleinwort analyst Thomas Aney has kept his  "buy"
rating on DaimlerChrysler's shares, Newratings.com reports.
According to Newratings.com, the target price for
DaimlerChrysler's shares was set at EUR69.

Mr. Aney said in a research note that DaimlerChrysler wouldhave
spent EUR6 billion on share repurchases and dividends in the
second quarter 2007.

Mr. Aney told Newratings.com that Daimler would target net
liquidity of EUR5 billion, excluding Chrysler.
Dresdner Kleinwort expects DaimlerChrysler to increase its
yearly dividend to EUR2 per share in 2007, from EUR1.50 per
share paid for 2006, Newratings.com states.

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.
The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


KRUNG THAI: 2nd Quarter Net Income Drops 89% to THB377.092 Mil.
---------------------------------------------------------------
Krung Thai Bank PCL has reported a lower second quarter net
income of THB377.09 million, 89.9% lower than its
THB3.77-billion net income for the second quarter of 2006.

For the quarter ended June 30, 2007, the group earned a net
interest and dividend income of THB10.482 billion, on gross
interest and dividend income of THB16.562 billion minus interest
expenses of THB6.080 billion and a THB6.907-billion allowance
for bad debts and doubtful accounts.

The group also earned THB3.392 billion in non-interest income,
while spending THB6.555 billion in non-interest expenses.  
Income tax expense for the quarter totaled THB34.992 million.

As of June 30, 2007, the bank has THB1.259 trillion in total
assets and THB1.165 trillion in total liabilities, resulting in
a total shareholders' equity of THB93.748 million.

Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation   
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd.


KRUNG THAI: May Not Meet 6% Outstanding Loan Target for 2007
------------------------------------------------------------
Krung Thai Bank PCL's outstanding loans could not hit the 6%
target or THB60 billion for 2007 because of poor net lending
performance during the first six months of 2007, Krung Thai
President Apisak Tantivorawong told The Nation.

According to the article, the bank has reduced net lending at
THB80 billion to THB90 billion for the first half of 2007 as
compared to the same period last year.  These loans were then
offset by corporate debt payments, including government loans of
THB30 billion to THB40 billion.  The report adds that private
customers refinanced debt by issuing debentures and, as a
result, 45% of debt payments are long-term loans.

The bank maintains its growth target unchanged, The Nation
reported.

Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation   
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd.


TONGKAH HARBOUR: Reports THB35.81-Mil. Net Loss for 2nd Quarter
---------------------------------------------------------------
Tongkah Harbour PCL has reported a reduced consolidated net loss
of THB35.809 million for the second quarter of 2007, 5.3% lower
than its THB37.844-million net loss for the same period in 2006.

For the quarter ended June 30, 2007, the group incurred
operating expenses of THB124.533 million in activities that
produced THB106.716-million revenues.  The group also incurred
interest expenses of THB19.214 million.

In contrast, the group's net loss for the first half of 2007
rose slightly year-on-year to THB61.308 million, 0.18% higher
than the THB61.196-million net loss last year.

For the first half of 2007, the group earned revenues of
THB236.915 million while incurring expenses of THB266.151
million and interest expenses of THB34.276 million.

As of June 30, 2007, the group had THB2.060 billion in total
assets and THB911.129 million in total liabilities, resulting in
a THB1.051 billion shareholders' equity.

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co-- is primarily  
engaged in mining operations.  The company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.

                      Going Concern Doubt

The Troubled Company Reporter - Asia Pacific reported that after
auditing the company's financial report for the third quarter
and nine-month periods ended Sept. 30, 2006, Kesree Narongdej of
A.M.T. & Associates Ltd expressed doubt on Tongkah's continued
operations as a going concern.

According to the auditor, the company and its subsidiaries have
experienced the continuous operating losses, and its
consolidated financial statements for nine-month period ended
September 30, 2006, showed operating losses of THB44.78 million
and a working capital deficit of THB173.74 million.  These may
have significant effect on the liquidity status and the going
concern position of the company.




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

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