TCRAP_Public/070904.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, September 4, 2007, Vol. 10, No. 175

                            Headlines

A U S T R A L I A

A & M THOMPSON: Members to Receive Wind-Up Report on Sept. 14
ACE BUS: Members Resolve to Liquidate Business
ADVANCED MARKETING: Court Extends Deadlines to Decide on Leases
ADVANCED MARKETING: Wants Court to Deny Baker & Taylor's Request
ALAN DICK: Placed Under Voluntary Liquidation

BECTON GROUP: Posts 19% Up in NPAT for FY06 Surpassing Forecast
BURRIDJ ABORIGINAL: Schedules Final Meeting for September 17
CATTANA HOLDINGS: Court Releases Wind-Up Order
FORD MOTORS: Workers Return to Plant After Venture Strike
G & S PRESTIA: Commences Liquidation Proceedings

HENRY PLANT: Will Declare Interim Dividend on September 28
HYSETTSON PTY: Members Decide to Wind-Up Company
SYMBION HEALTH: Primary Rumored to be in Talks with PEP for Bid
WARALYA DOWNS: Members to Receive Wind-Up Report on September 19
WESTVILLE STONE: Members and Creditors to Meet on September 17


C H I N A   &   H O N G  K O N G

CAVENDISH PROPERTY: Commences Wind-Up Proceedings
CHINA EASTERN: Tie Up Benefit Only Short Term, Fitch Says
COMMUNITY HEALTH: Shareholders Resolve to Liquidate Business
COSMOS BANK: SAC and GE to Buy Majority Stake for US$900 Million
EZCOM HOLDINGS: To Wind Up After Restructure Plan Failed

FORTRESS HILL: Placed Under Voluntary Liquidation
HAINAN AIRLINES: Parent Looks to Buy Majority Stake in Topwin
MEGA SUNNY: Requires Creditors to File Claims by September 30
METRO CYBERWORKS: Liquidator Quits Post
NATIONWIDE TREASURE: Will Pay Preferential Dividend on Sept. 17

SPEED-LINK: Names Lau Vui Cheong as Liquidator
STAR DRAGON: Accepting Proofs of Debt Until September 30
WOODHALL COMPANY: Taps Chiu and Yin as Liquidators
YING KIU: Court to Hear Wind-Up Petition on October 10


I N D I A

CANARA BANK: Makes Open Offer for 21% of Can Fin Homes
DECCAN AVIATION: Kingfisher Open Offer Expected Next Week
ESSAR OIL: To Raise US$750MM for Expansion of Vadinar Refinery
INDUSTRIAL DEV'T BANK: Gets Preliminary IRDA Clearance for JV
NOVELL: Credit Suisse Reaffirms Underperform Rating on Shares


I N D O N E S I A

BANK MANDIRI: Eyes Acquiring Leasing Firms
DAVOMAS INTERNATIONAL: Moody's Gives B2 Rating to US$88MM Bonds
DAVOMAS ABADI: S&P Affirms 'B+' Rating on US$150MM Notes
DAVOMAS ABADI: Reopens 2011 Bond Series to Raise Extra US$88MM
PERUSAHAAN LISTRIK: First-Half Net Loss Dips 62% to IDR943.70BB


J A P A N

DELPHI CORP: Settles Class Action Lawsuits with Lead Plaintiffs
FORD MOTOR: European Arm Sees Higher 2007 Profits, Report Says
MITSUBISHI MOTORS: May Not Meet Target Local Sales
MITSUBISHI MOTORS: Lancer and SUV Help Lift Quarter Results


K O R E A

EVEREX INC: Converts KRW1.22-Bil. Bonds Into 776,450 Shares
KAFCO C&I: Sets New Date for Listing of Shares
KENERTEC: Signs MOU w/ PT Bayu for Cogeneration Station Building
KENERTEC CO: Adjusts 6th Convertible Bonds' Conversion Price


M A L A Y S I A

FOREMOST HOLDINGS: June 30 Capital Deficit Reaches MYR1.12 Mil.
MEGAN MEDIA: Failure to Finish Audit Delays Filing of Results
TECHVENTURE BHD: June 30 Balance Sheet Upside Down by MYR29.84MM


N E W  Z E A L A N D

ASA HOLDINGS: Fixes September 14 as Last Day to File Claims
C J AIRCON: Fixes Sept. 7 as Last Day to File Proofs of Claim
COWIE HOLDINGS: Names Rowan Kingstone as Liquidator
J & M STEEL: Court to Hear Wind-Up Petition on September 13
LDC FINANCE: Placed in Receivership; Appoints PwC as Receivers

OFFICE WEEKLY: Sets Wind-Up Petition Hearing for September 24
PANEL BOARD: Commences Wind-Up Proceedings
TAYLORMADE BUILDING: Court to Hear Wind-Up Petition on Oct. 8
TOTAL BEAUTY: Faces CIR's Wind-Up Petition
TRIDENT MARKETING: Subject to CIR's Wind-Up Petition

VALUE VEHICLES: Wind-Up Petition Hearing Slated for Sept. 5
WAIRARAPA RECYCLERS: Court Appoints Liquidators


P H I L I P P I N E S

BANGKO SENTRAL: Ups Balance of Payments Forecast to US$2.9 Bil.
LAND BANK: In Talks with Banks for US$100MM Hybrid Note Issuance
NAT'L POWER: Negotiates Coal Supply Deal with Indonesian Entity
PAL HOLDINGS: PSE Allows Trading After Compliance with Penalties
SAN MIGUEL: President Seeks 51% Control of Boracay Property Firm

* Fitch Sees Improvement in Banking Sector's Financial Health


S I N G A P O R E

AVAGO TECHNOLOGIES: Posts US$387 Mil. Revenues in 3rd Qtr. 2007
CROWN BAKERY: Court Enters Wind-Up Order
EQUATION NANOTECH: Begins Wins-Up Proceedings
GETRONICS NV: Royal KPN Takeover Offer Making Good Progress
LEVI STRAUSS: Improved Performance Cues S&P to Lift Rating to B+

LIANG HUAT: Completes Investment Agreement and Modified Schemes
SUN ASSOCIATES: Requires Creditors to File Claims by October 1


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 THB35.809 Million Net Loss for 1st Half
* "Thailand At a Crossroads," Fitch Says


S R I  L A N K A

* S&P Affirms B+ Long-Term and BB- Sovereign Credit Ratings


* BOND PRICING: For the Week 03 September to 07 September 2007

     - - - - - - - -

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

A & M THOMPSON: Members to Receive Wind-Up Report on Sept. 14
-------------------------------------------------------------
The members of A & M Thompson Pty Ltd will have a general
meeting on Sept. 14, 2007, to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Paul Raymond Harrison
         5th Floor, 12 Butler Road
         Hurstville, New South Wales 2220
         Australia

                      About A & M Thompson

A & M Thompson Pty Ltd, which is also trading as Alan Thompson
Automotive, operates general automotive repair shops.  The
company is located at Bangor, in New South Wales, Australia.


ACE BUS: Members Resolve to Liquidate Business
----------------------------------------------
At a general meeting held on July 20, 2007, the members of Ace
Bus Services Pty Ltd agreed to voluntarily liquidate the
company's business.

John William Woods was then appointed as liquidator.

The Liquidator can be reached at:

         John W. Woods
         Wilson Woods & Partners
         Chartered Accountant
         30 Davey Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 4343

                           About Ace Bus

Ace Bus Services Pty Ltd provides local bus charter services.
The company is located at Montrose, in Tasmania, Australia.


ADVANCED MARKETING: Court Extends Deadlines to Decide on Leases
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extends
the period within which Advanced Marketing Services Inc. and its
debtor-affiliates may assume or reject:

    (i) the Berkeley Lease and the New York Lease through
        Aug. 31, 2007, and

   (ii) the Indianapolis Lease through Sept. 30, 2007.

Entry of the Order will be subject to and without prejudice to
the Debtors' rights to seek further extensions of the Lease
Decision Period to the extent provided under Section
365(d)(4)(B) of the Bankruptcy Code.

The Debtors had disclosed that as of July 27, 2007, they are
parties to three nonresidential real property leases:

Debtor
Party to    Location        Location      Date of
the Lease   Description     Address       Lease     Landlord
---------   -----------     -------       -------   --------
AMS         Indianapolis,   Indianapolis  3/25/04   The
             IN - Return                             Prudential
             Center                                  Company
                                                     of America

PGI         PGW - New York  New York,    11/17/87   841-853
                             NY                      Broadway
                                                     Associates

PGI         PGW - Berkeley  Berkeley,     4/24/97   Demo 4th
                             CA                      Street
                                                     Berkeley
                                                     LLC

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, related that Perseus Books LLC and the
Debtors are in discussions regarding the assumption by Perseus
of the Berkeley Lease and the New York Lease.  The Debtors
expect to file a motion to assume and assign both Leases
promptly.

Mr. Collins also relates that Baker & Taylor, Inc., has already
entered into a new lease for certain facilities formerly
occupied by the Debtors in Indianapolis.  AMS continues to
occupy the adjacent space, which is the subject of the
Indianapolis Lease, he says.

Moreover, the Debtors and the landlord for the Indianapolis
space are in the process of finalizing an agreement for the
continued use of that space during the extension period so that
the Debtors can complete the disposition of AMS and PGW
inventory in that location, Mr. Collins explains.

"The Debtors have either obtained the prior written consent of
the lessors of each of the Leases to the extension of time for
the Debtors to assume or reject unexpired leases of
nonresidential real property or expect to do so prior to the
hearing on this Motion," Mr. Collins tells the Court.

Judge Sontchi will convene a hearing on August 24, 2007, at
10:00 a.m., to consider the Debtors' request.  Pursuant to
Del.Bankr.LR 9006-2, the Debtors' Lease Decision Period is
automatically extended until the conclusion of that hearing.

                     About Advanced Marketing

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: Wants Court to Deny Baker & Taylor's Request
----------------------------------------------------------------
Advance Marketing Services Inc. tells the U.S. Bankruptcy Court
for the District of Delaware that neither an asset purchase
agreement nor a sale order supports Baker & Taylor Inc.'s
assertions in its cross motion.

Baker & Taylor had argued that legal disputes regarding the APA
must be decided by an accountant and that its objection only
confirms that the parties' disputes involve legal interpretation
of specific terms of the APA and not calculations based on
different views of financial or similar documents.

Baker & Taylor's Cross Motion is deficient on its face because
it did not provide the invoices at issue until five business
days, says Mark D. Collins, Esq., at Richards Layton & Finger,
P.A., in Wilmington, Delaware, on AMS' behalf.

Mr. Collins clarifies that AMS simply asked the Court to
interpret the legal meaning of specific provisions of the APA
and the Sale Order and expected the calculations of the final
purchase price to flow naturally from the Court's
interpretation.

Mr. Collins further contends that the Cross Motion was only
filed to attempt to avoid paying long overdue amounts Baker &
Taylor owed under the APA.

Accordingly, AMS insists that Baker & Taylor's request should be
denied in its entirety.

                    Request to Compel Payment

AMS had asked the Court to compel Baker & Taylor to pay the
remaining US$6,216,222 due under their Asset Purchase Agreement.

AMS sold substantially all of its operating assets to B&T in
March 2007.  The purchase price was to be paid in three
installments:

  -- on the closing date, US$20,000,000 plus certain additional
     sums, including 33.3% of the "Combined APG/AR Price";

  -- 30 days after the closing date, 33.3% of the Combined
     APG/AR Price; and

  -- 60 days after the Closing Date, 33.4% of the Combined
     APG/AR Price, minus US$1,000,000.

Pursuant to the terms of the APA, the amount of the Final
Payment should have been US$10,350,632.  However, B&T paid only
US$4,134,410 on May 18, 2007, leaving the US$6,200,000
shortfall.

Over the last several months, AMS tried to persuade B&T to pay
what it owes, B&T continues to withhold the amount.

To justify its refusal to pay, B&T has relied on unfounded and
patently erroneous interpretations of the Purchase Agreement.
B&T has insisted it is entitled to US$2,043,969 held by AMS in
its ban account at the time of closing, on the ground that any
funds deposited in the account on or after 12:01 a.m. on
March 19, 2007, belong to B&T.

AMS contends B&T's position is false.  AMS points out the
Purchase Agreement provides that any cash in its bank accounts
prior to 2:00 p.m. on March 19, 2007, belongs to it.  The
parties did not agree to an earlier or later date, AMS says.

B&T has also claimed that AMS is responsible for book returns in
transit prior to the closing.

AMS, however, points out that the parties expressly agreed that
unless a return was "received" by AMS -- that is, in AMS'
physical possession -- prior to 12:01 a.m. on March 19, 2007,
the return was an Assumed Obligation and was B&T's
responsibility.

B&T has also held that it is entitled to roughly US$4,000,000 in
deductions -- US$2,072,054 in co-op advertising deductions taken
by customers and US$2,654,606 in other deductions taken by
customers.

AMS contends that the Co-op Deductions cannot be deducted from
Accounts Receivable and they cannot reduce the Accounts
Receivable Price.  In addition, B&T's documentation did not even
identify the specific customer deductions comprising the
supposed US$2,654,606 in other deductions.

The Court's prompt intervention is necessary to confirm the
plain meaning of the Purchase Agreement, AMS asserts.

If the Court requires evidentiary hearing, AMS asks the Court to
compel B&T to place any remaining disputed amounts in escrow,
pending final adjudication of the issue.

AMS also wants B&T to pay its attorney's fees and costs.

                         Stay Discovery

In response, Baker & Taylor asked the Court to stay any and all
discovery in connection with (i) Advanced Marketing Services,
Inc.'s request to compel performance under an asset purchase
agreement and to enforce sale order on Baker & Taylor, and (ii)
Baker & Taylor's cross-motion to enforce AMS' obligations owing
to the purchaser under certain transition services agreement and
sale order, dated August 7, 2007.

Baker & Taylor has asserted in its Cross-Motion that AMS has
"blatantly disregarded the contractually established, Court-
approved, dispute resolution mechanism" set forth in the APA
between AMS and Baker & Taylor, and, instead, filed the AMS
Motion seeking an award against Baker & Taylor of certain claims
and payment in excess of US$6,000,000.

Baker & Taylor also asserted that AMS has disregarded the
procedural rules of the Court by "improperly" choosing to
proceed by way of a motion.

Representing Baker & Taylor, Amanda M. Winfree, Esq., at Ashby &
Geddes, P.A., in Wilmington, Delaware, relates that on Aug. 10,
2007, AMS served its discovery demands, including:

  -- first set of requests to admit, first set of
     interrogatories, and first request for production of
     documents directed to Baker & Taylor; and

  -- notice of deposition of Baker & Taylor pursuant to Rule
     30(b)(6) of the Federal Rules of Civil Procedure.

Ms. Winfree says the Discovery Demands seek discovery regarding
issues raised in the AMS Motion and in Baker & Taylor's Cross-
Motion.

Notwithstanding AMS' failure to abide by the established
procedural rules, Ms. Winfree says, thhe Discovery Demands
purport to require Baker & Taylor to respond in writing to an
extensive set of admission requests and interrogatories, and to
produce extensive documents, all by August 17 -- seven days
after service of the Discovery Demands.

In addition, AMS' Notice of Deposition demands that Baker &
Taylor produce a witness by August 21 pursuant to Rule 30(b)(6),
Ms. Winfree states.

Ms. Winfree contends that the Discovery Demands are "premature
and improper" because:

  (a) they evidence a pattern of "procedural abuses" that began
      when AMS filed its Motion in direct contravention of and
      with wholesale disregard to both the contractual dispute
      resolution mechanism in the APA; and

  (b) they are in direct contradiction to AMS' stated position
      that no discovery was necessary for the Court to decide
      the AMS Motion, and that discovery could be taken after
      the August 24 Hearing, if necessary, based on the Court's
      threshold ruling.

Ms. Winfree avers that AMS has flouted numerous requirements of
Federal Rules 7026, 7033, 7034, 7036 and 9014.

Moreover, Ms. Winfree states that AMS seeks discovery within a
time frame far shorter than is permitted by the Bankruptcy
Rules.

Baker & Taylor believes that the conduct of any discovery by any
party is not appropriate until it is first determined whether
the extensive disputes are to be determined by adjudication in
the Court or by the contractually provided dispute resolution
procedures before the agreed accountant.

Once the Court determines whether the parties' purchase price
disputes are to be referred to the selected firm, then, and only
then, can and should the parties consider what discovery or
submissions are necessary, Ms. Winfree tells Judge Sontchi.

Ms. Winfree insists that all prosecution should be stayed
pending the Court's ruling at the August 24 Hearing on the
proper forum for the resolution of the parties' disputes as
contemplated by the APA provisions.

          Debtors Want Baker & Taylor's Request Denied

Representing the Debtors, Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, argues that
Baker & Taylor's request reflects an effort to frustrate the
Debtors' ability to prepare for evidentiary issues that the
purchaser might raise at a hearing on the AMS Motion.

Mr. Collins contends that the Debtors have been prejudiced by
Baker & Taylor's request and will suffer additional harm unless
the Court precludes Baker & Taylor from raising any factual
issues at the evidentiary hearing.

Mr. Collins states that Baker & Taylor never contacted the
Debtors to discuss issues raised in its request, thus failing
the requirement to accompany a certification that Baker & Taylor
has in good faith conferred or attempted to confer with other
affected parties to resolve the dispute without court action.

In addition, Mr. Collins notes that Baker & Taylor has not
demonstrated good cause for its requested relief.

Accordingly, the Debtors ask Judge Sontchi to deny Baker &
Taylor's request and preclude it from raising any factual issues
at the evidentiary hearing.

                     Baker & Taylor Objects

On behalf of Baker & Taylor, Inc., Amanda M. Winfree, Esq., at
Ashby & Geddes P.A., in Wilmington, Delaware, argues that the
Asset Purchase Agreement specifically provides that disputes
concerning the calculation and determination of the purchase
price are to be referred to an "accountant" for a final, binding
solution, and not to the Court.

With total disregard to the process approved by the Court,
Advanced Marketing System, Inc., has chosen to ignore the APA
and the parties' contractually agreed dispute resolution
mechanism, Ms. Geddes says.  She also contends that AMS' request
for the imposition of an escrow lacks any good faith or suitable
basis, and must, therefore, be denied.

Baker & Taylor, and not AMS, should be awarded its costs,
including attorneys' fees, she adds.

Ms. Winfree argues that the only issue presently before the
Court in connection with AMS' request is the question whether
the Purchase Price disputes between the parties must be referred
to the Accountant.

Ms. Winfree reveals that AMS has failed to pay approximately
US$1,750,000 of fees earned by and fully reimbursable to Baker &
Taylor for services rendered to AMS, and for expenses incurred
by Baker & Taylor, pursuant to the parties' Transitional
Services Agreement.

"The amounts owed to B&T have long been reconciled between the
parties and, to the knowledge of B&T, there is no bona fide
dsipute as these amounts currently owed and payable (and which
are expected to increase in the ordinary course to approximately
US$2,500,000 by the time the TSA expires in mid-September)," Mr.
Winfree asserts.  "Nevertheless, the fees earned and
reimbursable expenses incurred by B&T have not been paid by
AMS."

For these reasons, Baker & Taylor asks the Court to deny AMS'
request in all respects, and to compel AMS to perform its
obligations to immediately pay Baker & Taylor for services
rendered.

                    About Advanced Marketing

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).


ALAN DICK: Placed Under Voluntary Liquidation
---------------------------------------------
The members of Alan Dick (Australia) Pty Ltd met on July 31,
2007, and agreed to voluntarily liquidate the company's
business.

David J. F. Lombe and Simon Cartho were named as liquidators.

The Liquidators can be reached at:

         David J. F. Lombe
         Simon Cartho
         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                        About Alan Dick

Alan Dick (Australia) Pty Ltd is a distributor of telephone and
telegraph apparatus.  The company is located at Bondi Junction,
in New South Wales, Australia.


BECTON GROUP: Posts 19% Up in NPAT for FY06 Surpassing Forecast
---------------------------------------------------------------
Becton Property Group announced NPAT from ordinary operations of
AU$36.3 million, 19% ahead of prospectus forecast and 73% higher
than FY06.  Total NPAT, including revaluations of investment
properties, was AU$63.1 million ? 107% higher than prospectus
forecast and 153% higher than FY06.

FY07 Highlights

   * Net Profit After Tax (NPAT) AU$79.2 million ? more than
     100% higher than prospectus and FY06;

   * NPAT from ordinary operations (before revaluations) of
     AU$36.3 million, exceeding forecast by 19%;

   * Final distribution of 15.5 cents per security ? to be paid
     17 September 2007;

   * Funds under management up 60% to AU$1.3 billion;

   * Retirement dwellings under management and development up
     more than 100% to 2,005 dwellings;

   * Development pipeline increased to greater than AU$2
     billion;

   * Significant out-performance by the property funds
     management and retirement businesses versus
     prospectus.

Commenting on Becton's first year as a stapled entity, CEO
Hamish Macdonald said, "Becton's financial result caps a strong
year in which our integrated business model produced very strong
results.  Profit exceeded prospectus forecasts and our balance
sheet strengthened with net assets increasing to AU$344
million."

"We are pleased with the strong growth achieved from all of our
businesses but in particular the property funds management and
retirement businesses which increased our recurring earnings and
exceeded prospectus forecasts by 45% and 34% respectively."

"Throughout the year we have added significant depth to our
management team and overall expertise across the business.  The
ongoing interaction of this expertise is a key driver of growth
and a major point of differentiation that assists in delivering
on our strategy.

Becton declared a final distribution of 15.5 cents per security.
A total of 7.6 cents of the distribution relates to the company
payout which will be fully franked, with the remaining portion
of 7.9 cents relating to the distribution from the trust.

The development and construction area of the business performed
well again, although slightly down on the prospectus forecast.
This was due to small timing delays of settlements that will now
occur in FY08.  Throughout the year a number of key projects or
stages of projects were completed and settled, including the
Esplanade Apartments, St Kilda, Victoria; Classic Residences
Brighton, Victoria (final stage); College Square, Carlton,
Victoria (stage two); and The Park, Port Melbourne, Victoria
(stage seven).

Pre-sales for the current projects have been very strong.
Becton has now nearly fully sold all of its Melbourne projects
including One East Melbourne, Berry Street and Kensington. "All
development projects that are expected to contribute to the FY08
profits are under construction and have been largely pre-sold,"
said Mr. Macdonald.

Subsequent to year end, Becton acquired the majority of projects
in the Fincorp portfolio.  Mr. Macdonald said, "The acquisition
provides a pipeline of attractive land, residential, retirement
and commercial development opportunities and supports Becton's
strategy of using diverse skills and creating assets that will
provide ongoing earnings for our retirement and funds management
businesses."

Segment Results

                         Retirement

The retirement business achieved EBITDA of AU$10.7 million which
was 34% higher than the prospectus forecast.  Among the
highlights were the acquisition of 123 apartments in Bunbury,
Western Australia and the sale of nearly all remaining units at
Classic Residences Brighton.  The retirement business also
achieved revaluation gains of AU$18.1 million.

Following the end of FY07 Becton acquired six new sites for
retirement village developments in Caulfield, Beaumaris and Mt.
Martha in Victoria, Vale in Western Australia, and Mackay and
Hervey Bay in Queensland.  The Mackay and Hervey Bay sites were
acquired as part of the Fincorp portfolio.  Combined with the
existing greenfield development sites, total dwellings under
development is 1,147.  Commencing in FY09, these sites are
expected to produce approximately 150 new retirement dwellings
per annum and further sites are currently under negotiation.

Mr. Macdonald said, "The recent acquisitions support our plan to
create and own high-quality retirement villages that contribute
strong recurring earnings and enduring value for Becton.  We are
particularly excited about owning and developing a number sites
in a high-value strategic corridor in inner Melbourne, covering
Hawthorn, Malvern, Kooyong, Brighton and Beaumaris."

                   Property funds management

Becton has continued its expansion and commitment to becoming a
unique property funds management business, focusing on creating
and adding value to properties through smart investment
decisions, repositioning assets and leveraging the diverse
capabilities of the broader Becton Property Group.

Funds under management at 30 June 2007 totalled AU$1.3 billion -
up 60% on the previous year - which resulted in a AU$17.4
million contribution to EBIT.  Throughout FY07, properties
managed by Becton have appreciated in value by AU$96.4 million,
which has contributed to total returns of more than 20%.  This
has resulted in returns to trust investors meeting or exceeding
forecasts.

Mr. Macdonald said "We are excited about the outlook for funds
management.  Our strong track record of results and our
diversified property offering is starting to pay off.  Becton's
approval for listing on key investment platforms has exceeded
our objectives and equity inflows are starting to grow.  We are
now on 12 investment platforms including some of Australia's
largest.  One way Becton we will continue to attract new
investors is by offering new property investment products, with
the first of those products, a development fund, close to being
launched."

                      Property investment

The property investment business was created as a result of the
Group's stapling transaction. The AU$173 million proceeds from
stapling were invested into the Becton Property Trust in
November 2006.  As part of the co-investment strategy, these
proceeds were invested in the various property trusts managed by
Becton, including the Becton Diversified Property Fund, Becton
Industrial Fund, Becton Office Fund, Becton Retail Fund and
multiple single property trusts.

The property investment business contributed EBIT of AU$8.7
million (excluding revaluations) and revaluation gains of
AU$17.1 million - equating to a total return of AU$25.8 million
or 23% on an annualized basis.

Outlook

The Group has a strong pipeline of projects and proven property
expertise to deliver strong earnings with an increasing
proportion of recurring earnings.  The continued integration of
Becton's businesses will underpin future growth and the
evolution of our co-investment strategy will see us recycling
capital and improving returns for security holders.

                      About Becton Group

Melbourne, Australia-based Becton Property Group Limited --
http://www.becton.com.au/-- is an Australian property group
engaged in property development and construction; property funds
management; retirement village ownership and operation, and
holiday ownership club management.  During the fiscal year ended
June 30, 2006, Becton completed construction of College Square
on Swanston Stage One and the Esplanade Apartments.  Its
property funds management business generates fee income through
trust establishment, property acquisition, property and project
management and exit fees upon disposal of trust properties.  As
of June 30, 2006, it owned and operated three retirement
villages, two in Victoria and one in New South Wales, catering
for over 870 residents.  The Becton holiday ownership club
business, Accor Premier Vacation Club (APVC), is a 50% joint
venture between Becton Resorts and Accor Resorts.  In July 2005,
Becton Property Group Limited acquired Becton Pty Ltd.  In
September 2006, the Company sold its 50% interest in APVC.

The Troubled Company Reporter-Asia Pacific listed in its
July 31, 2007 Distressed Bonds column Becton Property's bond,
with a 9.500% coupon and a June 30, 2010 maturity date, trading
at a price of AU$0.90.


BURRIDJ ABORIGINAL: Schedules Final Meeting for September 17
------------------------------------------------------------
Burridj Aboriginal Group Training Company Pty Ltd will hold a
final meeting for its members and creditors on September 17,
2007, at 9:00 a.m.

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

                    About Burridj Aboriginal

Located at Katherine, in NT, Australia, Burridj Aboriginal Group
Training Company Pty Ltd is an investor relation company.


CATTANA HOLDINGS: Court Releases Wind-Up Order
----------------------------------------------
On July 26, 2007, the Supreme Court of New South Wales released
an order directing the wind-up of Cattana Holdings Pty Ltd.'s
operations.

Steven Nichols was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Steven Nichols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia

                     About Cattana Holdings

Cattana Holdings Pty Ltd is a distributor of durable goods.  The
company is located at Five Dock, in New South Wales, Australia.


FORD MOTORS: Workers Return to Plant After Venture Strike
---------------------------------------------------------
More than 1,800 workers at Ford Motor Co. of Australia Victorian
plants will return to work within this week after employees at
car parts supplier Venture Industries walked off last week over
redundancy entitlements, reports ABC News.

In a separate report by Ewin Hannan of The Australian, the car
manufacturer will suffer losses of AU$77 million, losing
AU$11 million a day as a result of the strike at Venture
Industries.

Both reports stated that Australian Manufacturing Workers Union
has given Venture Industries 7 days to address their concerns.

Venture employees, according to The Australian, resumed work on
August 30.  However, Ford refused to restart shifts at its
Broadmeadows and Geelong plants as of August 31 saying it could
not be assured of supply continuity.

AMWU accused Venture, which reportedly supplies Ford with
dashboards and other parts, of a "huge backflip" by reneging on
AU$25 million in redundancy entitlements.

ABC quotes AMWU spokesman Dale Oliver saying, "As a result of
their return to work, we're hopeful now that production lines
could start firing up at Ford and we could a lot of the workers
that have been stood down back to work."

                       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.


G & S PRESTIA: Commences Liquidation Proceedings
------------------------------------------------
On July 26, 2007, the Supreme Court of New South Wales entered
an order directing the wind-up of G & S Prestia (Aust) Pty
Ltd.'s operations.

The company's liquidator is:

         Steven Nichols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia

                      About G & S Prestia

G & S Prestia (Aust) Pty Ltd is a distributor of durable goods.
The company is located at Sydney Markets, in New South Wales,
Australia.


HENRY PLANT: Will Declare Interim Dividend on September 28
----------------------------------------------------------
Henry Plant & Equipment Hire Pty Limited will declare its first
interim dividend on September 28, 2007.

Creditors must file their claims by September 7, 2007, so as to
be included in the company's dividend distribution.

The company's deed administrator is:

         N. C. Malanos
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9223 2944
         Facsimile:(02) 9223 3011

                       About Henry Plant

Henry Plant & Equipment Hire Pty Limited is involved with
excavation work.  The company is located at Lithgow, in New
South Wales, Australia.


HYSETTSON PTY: Members Decide to Wind-Up Company
------------------------------------------------
During a general meeting held on July 30, 2007, the members of
Hysettson Pty Limited agreed to voluntarily wind up the
company's operations.

Barry Taylor was appointed as liquidator.

The Liquidator can be reached at:

         Barry Taylor
         Level 19, 207 Kent Street
         Sydney, New South Wales 2000
         Australia

                      About Hysettson Pty

Located at Lilyfield, in New South Wales, Australia, Hysettson
Pty Limited is an investor relation company.


SYMBION HEALTH: Primary Rumored to be in Talks with PEP for Bid
---------------------------------------------------------------
Primary Health Care Ltd. said on Monday that it is considering a
joint bid for Symbion Health Limited, challenging Healthscope
Ltd.'s AU$2.9-billion offer, reports Reuters.

Reuters conveys that Primary, which has built a 20% stake in
Symbion, said that, "The discussions with private equity are
incomplete and may or may not lead to a bid for Symbion," in
response to an Australian Financial Review report stating that
Primary was in advance talks with private equity firm Pacific
Equity Partners over a AU$3.5-billion offer.

The AFR report, according to Reuters, added that Credit Suisse
and National Australia Bank Ltd. would fund the deal.

Reuters' sources who are familiar with the situation revealed
that it was highly likely PEP was involved, saying that PEP
bought New Zealand Healthcare firm Guardian Healthcare in 2004
which later sold it for a profit.

Under the Healthscope-Symbion deal, Healthscope will take over
Symbion's medical testing and health care businesses, while its
private equity partners -- Ironbridge Capital and Archer Capital
-- will take the consumer healthcare products and pharmacy
businesses, relates Reuters.

AFR said in its report that Primary/PEP may still sell the
pharmacy and consumer businesses to Ironbridge and Archer, or to
another rival, Sigma Pharmaceuticals Ltd.

                      About Symbion Health

Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/-- formerly Mayne Group Limited,
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions.  Symbion Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients. Symbion
Medical Centers provides local communities with healthcare and
family medicine.  Symbion Imaging provides imaging services to
patients on the eastern seaboard of Australia.  Symbion Pharmacy
Services supplies a line of pharmaceuticals and associated
products to pharmacies.  Symbion Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


WARALYA DOWNS: Members to Receive Wind-Up Report on September 19
----------------------------------------------------------------
A final meeting will be held for the members of Waralya Downs
Pty Ltd on September 19, 2007, at 10:00 a.m.

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

The company's liquidator is:

         E.R. Verge
         Jones Condon
         Chartered Accountants
         Piccadilly Square West
         Unit 44B, Level 1
         7 Aberdeen Street (Cnr Nash Street)
         Perth, Western Australia 6000
         Australia

                       About Waralya Downs

Located at Mukinbudin, in Western Australia, Australia, Waralya
Downs Pty Ltd is an investor relation company.


WESTVILLE STONE: Members and Creditors to Meet on September 17
--------------------------------------------------------------
The members and creditors of Westville Stone Pty Ltd will meet
on September 17, 2007, at 2:00 p.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

                     About Westville Stone

Westville Stone Pty Ltd is a land subdivider and developer.  The
company is located at Perth North, in Western Australia.


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

CAVENDISH PROPERTY: Commences Wind-Up Proceedings
-------------------------------------------------
Cavendish Property Holdings Limited went into liquidation
through a special resolution passed on August 15, 2007.

Ying Hing Chiu and Ching Miu Yin, Diana, were named as
liquidators.

The Liquidators can be reached at:

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


CHINA EASTERN: Tie Up Benefit Only Short Term, Fitch Says
---------------------------------------------------------
China Eastern Airlines Corporation Limited ('B+'/Stable) has
obtained the approval of the Chinese Government to sell a 24%
stake to Singapore Airlines Limited and Lentor Investment Pte.
Ltd., a wholly-owned subsidiary of Temasek Holdings (Private)
Limited, by issuing new shares.

Following this transaction, China Eastern Air Holding Company
(CEA Holding), the parent company of CEA, will maintain its
controlling position with 51%.  Fitch views that this will
benefit CEA from a financial perspective, at least in the short
term.  Longer-term operational benefit will however, be
dependent on SIA's ability to bring about changes at CEA.

"CEA's tie-up with Singapore Airlines is beneficial but the
improvement to its leverage will be limited, only temporarily
relieving pressure on an overstretched balance sheet," said
Jinqing Li, Associate Director in Fitch's Asia Pacific
Corporates Group.  He notes that operational improvement for CEA
will take time and will be dependent to a large extent on its
organisational flexibility.  Consequently, any positive impact
on the rating is unlikely before CEA demonstrates its capacity
to improve the profitability of its operations.

The new equity funding raised by this deal is much needed by
CEA, which has been losing money for the last two years (in FY06
and FY05, CEA lost CNY3.31 billion and CNY0.47 billion,
respectively) and continued to lose CNY384 million in the first
half of 2007.

In addition, CEA is the highest leveraged airline among the
three biggest airlines in China.  In FY06, the total adjusted
debt for CEA increased by 13.4% to CNY66 billion, making its
funds from operations (FFO) adjusted net leverage race up to
unprecedented levels of 11.8x, mainly due to the growth of
operating lease obligations.

The equity injection will moderately de-leverage CEA, which is
likely to use part of the funds to pay off its debt.
Nevertheless, Fitch considers this as a one-time improvement of
capital structure and the improvement in leverage is expected to
be mild.  The leverage level, on a sustainable basis, depends on
the use of funds and the company's future capex plan.  Based on
the known capex plan, CEA will spend CNY61.8 billion from 2007
to 2010 with an average of CNY15.4 billion per annum (compared
with FFO of about CNY1.4 billion in FY06), which is about 1.5
times of the deal size.

CEA could also benefit from SIA's operational expertise.  The
strategic relationship with SIA may bring CEA best practices in
terms of daily operations, staff training and IT systems,
provided the organizational structure of CEA is flexible enough
to accept such changes, and SIA has adequate influence to bring
about these changes.  However, Fitch believes the synergies are
unlikely to come up in the short term as it will take time for
SIA to ramp up its influence over CEA.

The strategic investment in CEA will help strengthen SIA's
presence in the fast growing Chinese aviation market.  Aided by
CEA's extensive network in mainland China, SIA would potentially
be able to feed more outgoing Chinese traffic into its global
network.  However, constrained by their existing networks, the
synergies between CEA and SIA will be weaker than those from the
merger of Cathay Pacific Airways Limited (Cathay) and Hong Kong
Dragon Airlines Limited (Dragonair) in 2006.  Cathay's and
Dragonair's networks clearly compliment each other, as the
former has a strong global network from Hong Kong whereas the
latter's network is primarily serving mainland China from Hong
Kong.  On the other hand, the networks of CEA and SIA are not
adjacent to each other and so the resulting synergies would not
exceed those of a conventional airline alliance.

Listed on the stock exchanges of Shanghai, Hong Kong and New
York, CEA is one of the three largest airlines in China with a
fleet of 205 aircraft and a total of 423 routes by end-FY06. It
is 59.7% owned by CEA Holding by 1Q07, which in turn is 100%
owned by the Chinese government.

                       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+.


COMMUNITY HEALTH: Shareholders Resolve to Liquidate Business
------------------------------------------------------------
On August 22, 2007, the shareholders of Community Health
Association Limited resolved to liquidate the company's
business.  Woo Siu Wah was then appointed as liquidator.

The Liquidator can be reached at:

         Woo Siu Wah
         Reverlcy Commercial Centre, Room 1018
         87 Chatham Road, TST
         Kowloon


COSMOS BANK: SAC and GE to Buy Majority Stake for US$900 Million
----------------------------------------------------------------
Taiwan's Cosmos Bank has inked a memorandum of understanding
with SAC Private Capital Group LLC and General Electric Co.,
wherein SAC Capital and GE will pay a combined US$900 million
for a majority stake in the bank, various sources say.

Under the terms of the MOU, SAC Capital committed to invest
US$650 million in Cosmos and GE will invest the remaining
US$250 million, the Wall Street Journal relates, citing the
bank's regulatory filing with the local bourse.

In a telephone interview by Reuters, Susan Chang, spokesperson
of the Financial Supervisory Commission, said that Cosmos will
sell the stake at NT$2 (US$0.06) per share, representing a 63%
discount from its August 31-close trading price of NT$5.47.

Meanwhile, in a separate statement, the FSC said it hopes the
planned investment in Cosmos will be finalized within one month,
as the lender needs a capital injection to improve its financial
structure, the Journal relates.


Headquartered in Taipei, Taiwan, Cosmos Bank Taiwan --
http://www.cosmosbank.com.tw/-- provides financial services for
individuals and small and medium-sized enterprises in Taiwan.
The bank's products and services include deposits, loans,
discounted notes, investment in marketable securities, domestic
remittances, commercial drafts acceptance, domestic letter of
credit issuance, corporate bond issuance guarantees, domestic
guarantees, and collection and payment.  The bank also offers
brokerage services for government bonds, treasury bills, and
corporate bonds and stocks; custodian and storage services; safe
deposit box rental; credit card services; brokerage services for
gold bullion, gold coins and silver coins; regular incoming and
outgoing remittances, and foreign currency deposits, loans and
payment guarantees. In addition, the Bank is engaged in the
trust business, the trading of government bonds, short-term bill
brokerage, underwriting, issuing cash cards with stored value,
financial consulting services and other financial services.

The Troubled Company Reporter-Asia Pacific reported that, on
March 14, 2007, Fitch Ratings downgraded the Support ratings
assigned to Cosmos Bank to 4.  The bank's individual rating was
affirmed at E.

Cosmos reported a net loss of NT$11.29 billion (US$342.1
million) for 2006, on assets of NT$244.69 billion.  Its capital-
adequacy ratio fell to 7.51% as of the end of March, below the
8% level required by Taiwan's regulator.  In April, Cosmos said
it planned to increase its capital by the third quarter to avoid
being taken over by the government.


EZCOM HOLDINGS: To Wind Up After Restructure Plan Failed
--------------------------------------------------------
Hong Kong's High Court of First Instance ordered for the wind-up
of Ezcom Holdings Ltd, along with its unit, Ezcom Technology
Ltd, after its debt restructuring plans failed to materialize.

The order was entered by the High Court on August 20, 2007.

In the judgment, Judge Kwan of the Court of First Instance
narrated the proceedings of the case and explained his decision
by saying:

    1. On April 25, 2005, Sojitz Corporation of Japan presented
       winding-up petitions against Ezcom Technology Limited and
       Ezcom Holdings Limited.  Ezcom Technology was
       incorporated in Hong Kong.  Its principal activity was
       the trading of mobile phones, parts and components.

       Ezcom Holdings was incorporated in Bermuda and was
       registered under Part XI of the Companies Ordinance, Cap.
       32 with its principal place of business in Hong Kong.
       Its shares were listed on the main board of The Stock
       Exchange of Hong Kong Limited.

    2. According to the petitions, Ezcom Technology was indebted
       to the petitioner of JPY906 million and Ezcom Holdings
       was indebted to the petitioner of JPY815 million.

    3. Provisional liquidators were appointed for both companies
       on August 29, 2005.  The petitions have been adjourned
       from June 2005 on a number of occasions for provisional
       liquidators to explore debt restructuring.

       In February 2007, the provisional liquidators entered
       into a debt restructuring agreement with an investor
       under which creditors were expected to receive a return
       of 4.3%.  Comparatively, the return from a liquidation is
       likely to be nil.  The debt restructuring however did not
       have the support of creditors with at least 75% of the
       total indebtedness.  There is no improved offer from the
       investor.  On July 27, 2007, Ezcom Holdings was de-listed
       from the main board of the Stock Exchange.

    4. In the absence of alternative restructuring proposals,
       the lack of consensus between the investor and the
       creditors, and the de-listing of Ezcom Holdings, the
       provisional liquidators have recommended that the
       companies be wound up.

    5. I make an order to wind up the two companies.  The
       petitioner's costs in each of the petitions are to be
       paid out of the assets of the company concerned.

    6. I also order the 5th report of the provisional
       liquidators dated August 17, 2007, be placed in a sealed
       envelope, not to be inspected without leave of the court.

Headquartered in Central, Hong Kong, Ezcom Holdings Ltd
-- http://www.ezcom.com.hk/-- is engaged in the trading of
mobile phones, parts and components.

According to media reports, the Company does not have sufficient
funds to perform an audit for the 2005 and 2006 financial years.

Thus, provisional liquidators were appointed to stabilize the
operations of the Company and its subsidiaries, including
facilitating the Company's restructuring.


FORTRESS HILL: Placed Under Voluntary Liquidation
-------------------------------------------------
The shareholders of Fortress Hill Development Company Limited
met on August 15, 2007, and passed a resolution to liquidate the
company's business.

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

The Liquidators can be reached at:

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


HAINAN AIRLINES: Parent Looks to Buy Majority Stake in Topwin
-------------------------------------------------------------
HNA Group, the parent company of Hainan Airlines, plans to buy a
controlling stake in Topwin Futures Co., two sources close to
the situation told Reuters.

According to the unnamed sources of the news agency, Topwin
Futures has agreed to issue new shares via a private placement
exclusively to HNA Group, which will also buy shares from
existing shareholders.

The sources, however, did not reveal how much HNA Group would
pay for the stake in Topwin Futures, but they said it could be
worth several tens of million yuan, Reuters notes.

If the acquisition will push through, HNA Group is expected to
hold between 80% and 90% of Topwin Futures, which are subject to
regulatory approvals, the sources said.  In addition, it would
make HNA Group the first airline to own a futures company ahead
of Beijing's plan to launch stock index futures late this year
or early next year, the sources added.

Beijing is expected to launch stock index futures trading late
this year or early next year after preparations of more than one
year, George Chen and Alfred Chang of Reuters relates.

A stake in a futures brokerage would position HNA Group for the
launch of stock index futures, as well as providing an entry
ticket for currency and interest rate futures, which are
expected to follow eventually, Messrs. Chen and Chang adds.


Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 31, 2005.


MEGA SUNNY: Requires Creditors to File Claims by September 30
-------------------------------------------------------------
The creditors of Mega Sunny Limited are required to file their
proofs of debt by September 30, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Poon Ka Lee, Barry
         1607, ING Tower
         308 Des Voeux Rd C
         Hong Kong


METRO CYBERWORKS: Liquidator Quits Post
---------------------------------------
On August 29, 2007, Wong Sun Keung ceased to act as liquidator
for Metro Cyberworks Holdings Limited.

The former Liquidator can be reached at:

         Wong Sun Keung
         Far East Consortium Building
         Unit 1-3, 5th Floor
         121 Des Voeux Road Central
         Hong Kong


NATIONWIDE TREASURE: Will Pay Preferential Dividend on Sept. 17
---------------------------------------------------------------
Nationwide Treasure (HK) Limited, which is in liquidation, will
pay its first preferential dividend on September 17, 2007.

The company will pay 100% for all claims that will be received.

The company's liquidator is:

         Kennic Lai Hang Lui
         c/o Kennic L.H. Lui & Co.
         Ho Lee Commercial Building, 5th Floor
         38-44 D'Aguilar Street
         Central, Hong Kong


SPEED-LINK: Names Lau Vui Cheong as Liquidator
----------------------------------------------
The shareholders of Speed-Link Industries Company Limited, on
August 20, 2007, appointed Lau Vui Cheong as the company's
liquidator.

The Liquidator can be reached at:

         Lau Vui Cheong
         Hong Kong Trade Centre, 7th Floor
         161-167 Des Voeux Road Central
         Hong Kong


STAR DRAGON: Accepting Proofs of Debt Until September 30
--------------------------------------------------------
Star Dragon Properties Limited requires its creditors to file
their proofs of debt by September 30, 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:

         Poon Ka Lee, Barry
         1607, IG Tower
         308 Des Voeux Rd C
         Hong Kong


WOODHALL COMPANY: Taps Chiu and Yin as Liquidators
--------------------------------------------------
Ying Hing Chiu and Chung Miu Yin were named as liquidators for
Woodhall Company Limited on August 15, 2007.  The company
entered wind-up proceedings on that day.

The Liquidators can be reached at:

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


YING KIU: 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 Ying Kiu
Education Organization Limited wound up.

Wu Wa Chi filed the petition against the company on August 1,
2007.


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

CANARA BANK: Makes Open Offer for 21% of Can Fin Homes
------------------------------------------------------
Canara Bank has made an open offer to acquire up to 43,14,246
fully paid up equity shares of Can Fin Homes Ltd representing
21.06% of the voting equity capital of the entity, a filing with
the Bombay Stock Exchange reveals.  The bank proposes to offer
INR58 in cash for each share of Can Fin Homes.

Indbank Merchant Banking Services Ltd has been tapped to manage
the open offer.

The offer will open on Oct. 19, 2007, and is set to close on
Nov. 7, 2007

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

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


DECCAN AVIATION: Kingfisher Open Offer Expected Next Week
---------------------------------------------------------
UB Group company Kingfisher Airlines, is expected to renew its
open offer for Deccan Aviation Ltd soon.

Chairman Vijay Mallya told reporters on Aug. 30, 2007, that
everything is in place so the open offer should be done next
week.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Deccan Aviation has sold 26% of the company to
Kingfisher Airlines for around INR5.5 billion.

The open offer, supposedly to start on July 25 and to close on
Aug. 13, has been delayed with Securities and Exchange Board of
India questioning details about financing.

The chairman said the company has the funds now to cover the
offer, domain-b.com relates.

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

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


ESSAR OIL: To Raise US$750MM for Expansion of Vadinar Refinery
--------------------------------------------------------------
Essar Oil Ltd plans to raise as much as US$750 million through
the issuance, on preferential basis, of Foreign Currency
Convertible Bonds, Global Depositary Receipts, American
Depositary Receipts, or other convertible financial instruments
overseas, the company told the Bombay Stock Exchange in a
regulatory filing.

In that regard, Essar Oil's board of directors will seek the
shareholders' approval of the move by passing a resolution at
the annual general meeting on Sept. 29, 2007.

The Business Standard says that the company will use the funds
to expand its Vadinar refinery into the second-biggest crude
oil-processing plant in India.

The Vadinar refinery currently operates at 7.5 million tonnes
and is expected to reach its full capacity of 10.5 million
tonnes by October, BS relates.

With the funds, the company sees the Vadinar refinery operating
at a 16-million-tonne capacity.   The refinery expansion,
costing US$1.2 billion, might take place by 2010, The Financial
Express says, citing unnamed industry sources as source.

The refinery can produce LPG, naphtha, diesel, vacuum gas oil,
jet fuel, kerosene, fuel oil and petrol, but with the upgrade,
it can also turn up petrol and diesel compliant to Euro III and
IV emission norms, BS adds.

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,
production and marketing of oil and gas. The company's principal
activities are to develop, explore, produce, and refine oil and
gas. Vadinar Power Company Limited is a wholly owned subsidiary
of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited. The
rating indicates that the instruments are in default


INDUSTRIAL DEV'T BANK: Gets Preliminary IRDA Clearance for JV
-------------------------------------------------------------
Industrial Development Bank of India has been given the first
stage of clearance by the Insurance Regulatory and Development
Authority to IDBI-Fortis Life Insurance, IDBI's joint venture
with Fortis Insurance International of the Netherlands and the
Kerala-based Federal Bank, the Business Standard reports.

According to the report, the parties formed the JP to tap the
growing market for life insurance products in India.

The final clearance for the venture is already in an advanced
stage of consideration, IRDA Chairman C.S. Rao told the news
agency.

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

                         *     *     *

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


NOVELL: Credit Suisse Reaffirms Underperform Rating on Shares
-------------------------------------------------------------
Credit Suisse analysts have reaffirmed their "underperform"
rating on Novell Inc.'s shares, Newratings.com reports.

According to Newratings.com, the target price for Novell's
shares was increased to US$7 from US$6.

The analysts said in a research note that Novell's third quarter
revenues and non-GAAP earnings per share surpassed estimates.

The analysts told Newratings.com that the "earnings upside" was
due to growth in professional services fees and improved cost
controls.

Newratings.com relates that Novell expects to surpass its fiscal
year 2007 operating income goatl of up to US$10 million.

Novell's overall business "seems to have stabilized,"
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 Argentina, Brazil, Colombia and India.

                          *     *     *

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


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

BANK MANDIRI: Eyes Acquiring Leasing Firms
------------------------------------------
PT Bank Mandiri plans to buy two large leasing firms and three
small leasing firms, Antara News reports citing Bank Executive
Vice President Haryanto Budiman.  Through the acquisition, the
bank aims to extend more credits.

According to the report, Bank Consumer Director Omar S. Anwar
said that the bank is planning to acquire leasing firms as its
third-party funds reached IDR194 trillion as of June 2007 with a
loan-to-deposit ratio of 53%.

With consumption growth increasing, Mr. Anwar believes credit
demand through leasing firms would be high.  Leasing firms have
faster procedures of channeling credits compared to bank's four
days to process credit applications, the report relates.

                      About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter- Asia Pacific reported on Aug 02,
2007, Moody's Investors Service has placed the foreign currency
long-term debt and foreign currency long-term deposit ratings of
PT Bank Mandiri on review for possible upgrade.

The detailed ratings are:

   * Ba3/Ba3 foreign currency senior/subordinated debt and B2
     foreign currency long-term deposit ratings were placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa2
     global local currency deposit rating and D- BFSR were
     unaffected -- these ratings carry a stable outlook.

The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  The Outlook for the ratings was
revised to Positive from Stable.


DAVOMAS INTERNATIONAL: Moody's Gives B2 Rating to US$88MM Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior secured
rating to the proposed US$88M bonds to be issued by Davomas
International Finance Company Pte Ltd and guaranteed by PT
Davomas Abadi Tbk.  At the same time, Moody's has affirmed
Davomas' B2 corporate family rating.  The ratings outlook is
stable.

These US$88M senior secured bonds will share the same security,
terms and conditions as the US$125M senior secured bonds issued
in May 2006 and US$25M in December 2006.  The bond proceeds will
be used to partially fund the construction of a downstream line
with a capacity of 40,000 tonnes, to manufacture deodorized
cocoa butter and alkalized cocoa powder.

"While total capacity for Davomas will remain unchanged at
140,000 tonnes, this project will increase margins and improve
the diversity of its product line," says Chung, Moody's lead
analyst for Davomas, adding "Despite the increase in leverage,
Davomas' projected financial profile -- with Debt/EBITDA of
around 3x and EBITDA/Interest of around 3.5x in the next two
years, remains strong for its B2 rating when compared to the
regional peers."

The B2 rating further factors in the company's relatively rapid
expansion plan in its downstream operations, the execution risk
-- as cocoa deodorizing and alkalizing is a relatively new
operating process for Davomas, and the commodity nature of cocoa
beans.

The outlook for the ratings is stable; reflecting Moody's
expectation the company will successfully manage its business
expansion and downstream integration as planned.

Upward rating pressure will arise if Davomas demonstrates an
ability to increase utilization for its newly installed grinding
capacity and successfully execute its deodorizing/alkalizing
project, while at the same time, maintain its current financial
profile.

Evidence of an improved back-up liquidity arrangement, including
the establishment of committed banking facilities to provide a
buffer against industry shocks, would also be positive for the
rating.

On the other hand, downward rating pressure will emerge if:

     1) the company consistently fails to fully utilize its
        grinding capacity;

     2) an aggressive dividend policy unfolds which deprives the
        company of its cash reserves; and/or

     3) a further debt-funded aggressive expansion strategy
        emerges.  The key credit metrics that Moody's would
        consider for a downgrade include TD/EBITDA above 5.0-
        5.5x and EBITDA/Int coverage below 1.5-2.0x.

                    About Davomas Abadi

Headquartered in Jakarta, Indonesia, PT Davomas Abadi Tbk
processes cocoa beans into cocoa butter and cocoa powder.

Davomas International Finance Co. Ltd. is a special purpose
financing vehicle wholly owned by Davomas.


DAVOMAS ABADI: S&P Affirms 'B+' Rating on US$150MM Notes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' rating on
Indonesia's PT Davomas Abadi Tbk.  The outlook is stable.  At
the same time, it affirmed its 'B+' rating on the US$150 million
principal amount of the 11% guaranteed senior secured notes due
in 2011.  The company proposes to increase this issue to a total
of US$238 million through US$88 million long-term senior secured
bonds to be issued by Davomas International Finance Co. Ltd., a
special purpose financing vehicle wholly owned by Davomas.

Davomas is Indonesia's largest producer and exporter of cocoa
products with total assets of Indonesian rupiah (IDR) 2.7
trillion as at June 30, 2007.   The company has no near-term
refinancing risk. As at June 30, 2007, Davomas had cash balance
of IDR521 billion and no debt due in one year, part of the
cash and upcoming bond issuance will be used to finance the
capital  expenditure program.

"Davomas' credit profile is supported by the company's
established export-oriented business, strong domestic market
position and favorable industry outlook, and improving cash flow
generation," said Standard & Poor's credit analyst Yasmin
Wirjawan.  "However, the ratings on the company are
constrained by Davomas' single site operating risk and limited
product range, customer concentration risk, and the fact that
its profitability and cash flow are highly dependent on cocoa
prices."

The rating and outlook on Davomas could be under pressure if
overly aggressive debt-financed capacity expansion or
deterioration of processing margin weaken its financial profile,
including debt to EBITDA above 4.0x on a sustainable basis. "The
rating could be raised if the company is able to improve its
economies of scale, conducts a successful downstream expansion,
and strengthens its financial profile, including debt to EBITDA
of about 2x, while maintaining sufficient liquidity resources to
finance debt repayment and working capital requirements," Ms.
Wirjawan noted.

                     About Davomas Abadi

Headquartered in Jakarta, Indonesia, PT Davomas Abadi Tbk
processes cocoa beans into cocoa butter and cocoa powder.


DAVOMAS ABADI: Reopens 2011 Bond Series to Raise Extra US$88MM
--------------------------------------------------------------
PT Davomas Abadi Tbk has reopened its existing 2011 bond series
to raise a further US$88 million to finance capital
expenditures, Reuters reports.

The issue, which has a principal of US$150 million, will be
increased to US$238 million with the proposed US$88 million in
long-term senior secured bonds.

According to the report, the company hired Lehman Brothers as
the sole bookrunner for the bonds which were sold at a yield of
11.158%.

The re-offer, rated B-plus by Standard & Poor's Ratings Services
and B2 by Moody's Investors Service, was priced at 99.50%, the
report notes.

Reuters says that the deal was made to eight investors, with
banks comprising 55% of the allocations, hedge funds 35% and
asset managers 10%.

Headquartered in Jakarta, Indonesia, PT Davomas Abadi Tbk
processes cocoa beans into cocoa butter and cocoa powder.

The Troubled Company Reporter-Asia Pacific reported on Dec. 15,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
rating onIndonesia's PT Davomas Abadi Tbk.  The outlook
is stable.  At the same time, it assigned its 'B+' rating on the
proposed US$25 million long-term senior secured bonds to be
issued by Davomas International Finance Co. Ltd., a special
purpose financing vehicle wholly owned by Davomas.

Moody's Investors Service affirmed PT Davomas Abadi Tbk's stable
'B2' corporate family rating and the 'B2' foreign currency
rating of Davomas International Finance Company Pte Limited's
IDR1.13-trillion senior secured notes due in 2011.  Moody's
affirmed the rating after the Company had completed its notes
issuances and subsequent repayments of its outstanding debts.


PERUSAHAAN LISTRIK: First-Half Net Loss Dips 62% to IDR943.70BB
---------------------------------------------------------------
Perusahaan Listrik Negara's first half 2007 net loss dips 62%
compared to a year earlier on higher sales, Antara News reports.

According to the report, the company's net loss narrowed to
IR943.70 billion, from the IDR2.47 trillion a year.

The company explains that it still incurred a loss because net
charges surged 461% to IDR1.40 trillion, mainly due to lower
foreign exchange gains, the report notes.

Reuters says that Perusahaan's first-half revenue rose nine
percent to IDR52.23 trillion.  The company's revenue comes from
electricity sales and government subsidies.  It receives
subsidies for selling power below its commercial price.

Its electricity sales increased nine percent to IDR37.23
trillion and subsidies rose 10% to IDR14.40 trillion.  A small
portion of revenue came from installation fees, the report adds.

                     About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *      *      *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service assigned a B1
senior unsecured rating to PT Perusahaan Listrik Negara's
proposed U.S. dollar bond issuance.

At the same time, Moody's has affirmed PLN's B1 corporate family
rating and A1.id national scale rating.  The outlook for all the
ratings is positive, which is in line with the sovereign's
positive outlook.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. ollar enior unsecured notes issued by PLN's wholly
owned subsidiary, Majapahit Holding B.V.


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

DELPHI CORP: Settles Class Action Lawsuits with Lead Plaintiffs
---------------------------------------------------------------
Delphi Corp. has reached a settlement agreement with the lead
plaintiffs in class action lawsuits brought by participants in
its employee retirement plans and purchasers of its debt and
equity securities from March 2000 to March 2005.

Under the settlement agreements, which remain subject to federal
bankruptcy court and federal district court approval, the class
of participants in Delphi's employee retirement plans will
receive an allowed interest in Delphi's Chapter 11 case in the
amount of US$24.5 million and US$22.5 million in cash from
insurance carriers.

Additionally, the class of purchasers of Delphi's debt
securities will receive an allowed claim and the class of
purchasers of Delphi's equity securities will receive an allowed
interest in the combined amount of US$204 million in Delphi's
Chapter 11 case well as approximately US$90 million in cash from
other defendants and insurance carriers.

The allowed amounts in Delphi's Chapter 11 cases will receive
the same plan currency and the same treatment as Delphi's
general unsecured creditors.

The lawsuits came after the company's statement in March 2005
that it would restate its financial results.  These settlements
would resolve these class-action lawsuits against Delphi and
certain of the other defendants in the lawsuits.  The final
settlements provide a dismissal with prejudice of these class
action lawsuits and a full release as to certain named
defendants, including Delphi, Delphi's current directors and
officers, and certain third-party defendants and will also
resolve certain derivative and other claims in Delphi's chapter
11 cases.

"Last year, Delphi settled with the Securities and Exchange
Commission, and now we are pleased to have reached settlement
agreements in these cases, which we believe will allow us to
close this chapter in our history and move forward," David M.
Sherbin, Delphi vice president and general counsel, said.  "This
is another important step in our transformation process, which
ultimately brings us closer to emergence from bankruptcy."

These settlements are subject to the approval of the U.S.
District Court for the Eastern District of Michigan and the U.S.
Bankruptcy Court for the Southern District of New York.

The District Court has scheduled a hearing on Nov. 13, 2007, to
consider final approval of the settlements.  Delphi expects to
file an approval motion in the U.S. Bankruptcy Court on Sept. 7,
2007, which would be scheduled for final hearing at the Sept.
27, 2007 omnibus hearing.

                        About Delphi Corp.

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

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


FORD MOTOR: European Arm Sees Higher 2007 Profits, Report Says
--------------------------------------------------------------
Ford Motor Company's European Division is maintaining its
initial forecast of higher 2007 profits although it is concerned
that the way Japanese car makers were exploiting the yen's
weakness against the euro to boost revenues could make Ford's
expectations particularly challenging, German magazine
Automobilwoche quotes Ford of Europe Chief Executive Lewis Booth
as saying, Reuters relates.

"We want to be more profitable than last year," Mr. Booth said.
Ford of Europe posted a 2006 pre-tax profit of US$469 million
excluding special items, an improvement of US$396 million from a
year earlier and its third consecutive year of profit.  The unit
contributed around 30% of Ford's worldwide group sales and had a
share of 8.2% in the European car market in July, Reuters
reports.

Ford has high hopes for the success of new products such as the
Kuga SUV and Verve, Mr. Booth said in the Automobilwoche report.
The automaker's European plants are already working at their
highest capacity, one more reason why Ford is hoping to win a
tender to acquire a majority stake in Romanian carmaker
Automobile Craiova in September, Mr. Booth explained in the
report, Reuters notes.

                      About Ford Motor Co.

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 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.

                        *     *     *

As reported in the TCR-Europe on July 31, 2007, Moody's
Investors Service said that the performance of Ford Motor
Company's global automotive operations for the second quarter of
2007 was significantly stronger than the previous year and
better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.


MITSUBISHI MOTORS: May Not Meet Target Local Sales
--------------------------------------------------
Mitsubishi Motors Corporation may not be able to achieve its
domestic sales goal for the current fiscal year after reducing
deliveries of low-margin minicars to rental fleets, Naoko
Fujimura and Tetsuya Komatsu write for Bloomberg News.

According to Bloomberg, Mitsubishi sold 62,852 vehicles in the
four months through July in Japan, a drop of 13%, while overall
demand fell for the past 16 months because of a shrinking
population.  At that pace, writes Mr. Fujimura and Mr. Komatsu,
the auto manufacturer may not meet its domestic sales goal of
250,000 units for the year ending March 31.

Mitsubishi managing director Fujio Cho revealed in an interview
to Bloomberg that their "minicar sales are falling intentionally
as we pursue profit instead of volume" and that they will revise
down their forecast if they have to.

Reportedly, with its completion of the 29 wholly owned sales
companies into 5 in July, the company forecasts an operating
loss from its domestic business of JPY20 billion for the year
ending March 31 from last year's JPY43.8 billion.

Minicars, according to the report, are vehicles with engines no
larger than 0.66 liter.

                   About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Infonrmation, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


MITSUBISHI MOTORS: Lancer and SUV Help Lift Quarter Results
-----------------------------------------------------------
Mitsubishi Motors Corporation is hoping to make a good comeback
in the auto industry after posting a 14% gain in global sales
last quarter compared to Toyota Motor Corp.'s 3.4%, Naoko
Fujimara, of Bloomberg News, reports.

According to the Bloomberg report, the restyled Lancer sedans
and the Outlander sport-utility vehicle have helped boost the
manufacturer's results with Europe and U.S. contributing more.

In a press conference, President Osamu Masuko expressed that the
company credits its recovery to re-establishing public trust and
boosting quality.  Reportedly, Mitsubishi's European sales are
extending a four-year rise and 2007 sales in the U.S., led all
automakers with a 17% gain through July.

Mr. Fujimara interviewed Jesse Toprak, director of market
forecasting for Edmunds.com in California shared that what the
Tokyo-based automaker right now "perfectly fits with the demand:
stylish small cars and crossovers selling under US$25,000.
That's a very good place to be."

Mitsubishi, writes Mr. Fujimara, says that Lancer sales should
be 128,000 worldwide for this business year, or 9.7% of the
company's total sales goal.

                   About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Infonrmation, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


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

EVEREX INC: Converts KRW1.22-Bil. Bonds Into 776,450 Shares
-----------------------------------------------------------
Everex Inc.'s eighth bonds with warrants have been converted to
776,450 shares of the company, Reuters reports.

According to the report, the bonds' amount totaled
KRW1,222,910,000.

In that regard, the total number of the company's outstanding
shares increased to 20,247,505, which will be listed on
September 10, 2007, the report adds.

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter - Asia Pacific reported on
August 8, 2007, that Everex Inc. has a shareholders' deficit of
US$5.10 million on assets of US$23.15 million.


KAFCO C&I: Sets New Date for Listing of Shares
----------------------------------------------
Kafco C&I Co., Ltd. modified the listing date for its paid-in
capital increase, Reuters Key Developments reports.

According to the report, the listing was previously scheduled on
June 21, 2001.

The new date for share listing is scheduled on September 11,
2007.

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20 billion bond a CCC
rating with negative outlook, as of April 18, 2006.


KENERTEC: Signs MOU w/ PT Bayu for Cogeneration Station Building
----------------------------------------------------------------
Kenertec Co. Ltd. has signed a memorandum of understanding with
Indonesia's Pt.Bayu Buana Gemilang to form a strategic alliance
for a cogeneration station operation and construction, Reuters
reports.

According to the report, under the terms of the agreement,
Kenertec will take charge of the construction and operation of a
cogeneration plant.

Kenertec will also supervise the sale of electricity and heat
while BBG will be engaged in biomass fuel supply, the report
notes.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


KENERTEC CO: Adjusts 6th Convertible Bonds' Conversion Price
------------------------------------------------------------
Kenertec Co., Ltd. has made an amendment regarding its sixth
convertible bonds, Reuters reports.

According to the report, the conversion price has been adjusted
from KRW21,374 to KRW14,962.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


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

FOREMOST HOLDINGS: June 30 Capital Deficit Reaches MYR1.12 Mil.
---------------------------------------------------------------
Foremost Holdings Bhd's shareholders' equity deficit as at
June 30, 2007, reached MYR1.12 million, on total assets of
MYR34.51 million and total liabilities of MYR35.63 million.

The company's unaudited balance sheet as of June 30, 2007, also
showed strained liquidity with current liabilities of
MYR35.38 million exceeding current assets of MYR25.90 million.

For the quarter ended June 30, 2007, the company posted a net
profit of MYR181,000, on MYR9.34 million of revenues, as
compared with a net profit of MYR12.86 million on
MYR5.97 million of revenues for the same quarter in 2006.

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


MEGAN MEDIA: Failure to Finish Audit Delays Filing of Results
-------------------------------------------------------------
Megan Media Holdings Bhd will delay the filing of its annual
audited accounts due on August 30, 2007, as the company's audit
committee failed to timely finish its job, Megan Media Chairman
and Chief Executive Officer Dato' Dr. Mohd Adam bin Che Harun
told the Bursa Malaysia Securities Bhd.

According to the Chairman, the auditors are still conducting an
audit on the company and its subsidiary companies as of this
time.

In a statement with the bourse, Dr. Mohd Adam said: "The Company
strongly believes that a timely announcement of the audited
results is in the best interest of the Company, shareholders and
other stakeholders during this difficult period.  Every
assistance possible will be given to Auditors to help them
complete the audit as soon as practicable."


Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products such as
computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia has downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.

The BaIDS carries a corporate guarantee from MTSB's holding
company, Megan Media Holdings Berhad.  Concurrently, RAM has
lifted the Rating Watch (with a negative outlook) that had been
placed on MTSB on May 9, 2007, following the failure of MTSB and
MJC (Singapore) Pte Ltd, another wholly owned subsidiary of
Megan Media, to repay their trade facilities amounting to
MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was given eight months to submit a substantive plan to
regularize its financial condition.


TECHVENTURE BHD: June 30 Balance Sheet Upside Down by MYR29.84MM
----------------------------------------------------------------
Techventure Bhd's unaudited balance sheet as of June 30, 2007,
went upside down by MYR29.84 million, on total assets of
MYR126.42 million and total liabilities of MYR156.26 million.

In addition, the company's balance sheet as of June 30 showed
strained liquidity with current assets of MYR10.11 million
available to pay current liabilities of MYR156.03 million.

For the quarter ended June 30, 2007, Techventure Bhd posted a
net loss of MYR3.78 million on MYR3.66 million of revenues, as
compared with a net loss of MYR4.22 million on MYR7.67 million
of revenues in the same period last year.


Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

The Troubled Company Reporter-Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad has identified
Techventure Berhad as an affected listed issuer having triggered
two of the criteria of the Amended Practice Note 17 category.

The Company fell under the category because:

   -- the auditors have expressed a modified opinion with
      emphasis on Techven's going concern status in the latest
      audited accounts for the financial year ended December 31,
      2005; and

   -- there are defaults in payment by Techven and its major
      subsidiaries as announced pursuant to Practice Note
      No. 1 and Techven is unable to provide a solvency
      declaration to Bursa Malaysia Securities Berhad.


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

ASA HOLDINGS: Fixes September 14 as Last Day to File Claims
-----------------------------------------------------------
ASA Holdings Ltd. is accepting proofs of debt from its creditors
until September 14, 2007.

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

The company's liquidator is:

         Kevin W. Bromwich
         c/o McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz/


C J AIRCON: Fixes Sept. 7 as Last Day to File Proofs of Claim
-------------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators for C J Aircon Ltd. on August 6, 2007.

The Liquidators fixed September 7, 2007, as the last day for
creditors to file their proofs of debt.

The company's liquidator is:

         K. A. Horne
         c/o Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


COWIE HOLDINGS: Names Rowan Kingstone as Liquidator
---------------------------------------------------
On August 3, 2007, the shareholders of Cowie Holdings Ltd.
appointed Rowan Kingstone as the company's liquidator.

The Liquidator can be reached at:

         Rowan Kingstone
         c/o KDB Chartered Accountants Limited
         16 Morgan Street, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 303 3007
         Facsimile:(09) 303 1600


J & M STEEL: Court to Hear Wind-Up Petition on September 13
-----------------------------------------------------------
The High Court of Auckland will hear on September 13, 2007, at
10:00 a.m., a petition to have the operations of J & M Steel
Fixing Ltd. wound up.

Accident Compensation Corporation filed the petition against the
company on May 23, 2007.

Accident Compensation's solicitor is:

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


LDC FINANCE: Placed in Receivership; Appoints PwC as Receivers
--------------------------------------------------------------
LDC Finance Limited has gone into receivership for not being
able to get new funds and maintain existing investments.

According to Radio New Zealand, LDC Finance is the eighth New
Zealand finance company since 2006 that has put itself in the
hands of receivers.

Perpetual Trust Limited, trustee for the secured debenture stock
and deposits issued by LDC Finance has appointed
PricewaterhouseCoopers partners Malcolm Hollis and John Fisk as
receivers, a media release says.

According to PwC, the appointment follows a request from the
directors of the company that it be placed into receivership
because of serious concerns as to the:

   -- state of the debenture and funding markets; and

   -- ability of the company to obtain new funds and retain
      existing investments.

In particular over the past week, following the collapse of
other finance companies, the company has experienced an
unsustainable level of demand for repayment of on call deposits
making its directors conclude that the company won't be able to
operate in the market, the release states.

Perpetual Trust Chief Executive Louise Edward told the New
Zealand Press Association that LDC experienced an unprecedented
run on its funds only over the past two days.  "Liquidity is a
real problem particularly if people have on call deposits," NZPA
quotes her as saying.

PwC provides a brief summary of the current financial position
of the company:

                                     No. of          Value
                                  Depositors      (million)
                                   ---------     ----------
Secured debenture stock                 408        NZ$11.1
Unsecured on call deposits           576            7.9
Unsecured term deposits                  11            0.3
                                     ------        -------
Total funding                       995        NZ$19.3
                                     ======        =======
Finance receivables and other assets                  23.0
Cash                                             0.8
                                     ------        -------
Total finance assets                       NZ$23.8
                                     ======        =======

The receivers assure investors that they will explore all
options for the company, including seeking expressions of
interest from other parties.  However, in the event that a sale
of the business is not achieved, the receivers intend to make
quarterly distributions to the secured debenture stock holders.
The unsecured depositors and unsecured creditors will only
receive payments once the secured depositors have been paid
their principal and interest in full, the receivers says.

LDC Finance was established in 2004 to take over LDC
Investments, which breached securities law after it raised money
without a registered prospectus and without a trustee.


OFFICE WEEKLY: Sets Wind-Up Petition Hearing for September 24
-------------------------------------------------------------
A petition to have the operations of Office Weekly (NZ) Ltd.
wound up will be heard before the High Court of New Plymouth on
Sept. 24, 2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against
the company on July 9, 2007.

The CIR's solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


PANEL BOARD: Commences Wind-Up Proceedings
------------------------------------------
On August 7, 2007, Panel Board Installation Services Ltd.
commenced liquidation proceedings.

Creditors who were able to file their claims by August 29, 2007,
will be included from sharing in the company's dividend
distribution.

The company's liquidator is:

         Graeme Ronald Trass
         c/o Tetley-Jones Thom Sexton
         PO Box 111, Shortland Street
         Auckland
         New Zealand
         Telephone:(021) 778 510


TAYLORMADE BUILDING: Court to Hear Wind-Up Petition on Oct. 8
-------------------------------------------------------------
On October 8, 2007, the High Court of Rotorua will hear a
petition to have the operations of Taylormade Building Company
Ltd. wound up.

The petition was filed by the Commissioner of Inland Revenue on
July 16, 2007.

The CIR's solicitor is:

         Rachel Scott
         New Zealand
         Telephone:(07) 959 0416


TOTAL BEAUTY: Faces CIR's Wind-Up Petition
------------------------------------------
The High Court of Rotorua will hear on September 10, 2007, at
10:45 a.m., a petition to have the operations of Total Beauty
Care Company Ltd. wound up.

The Commissioner of Inland Revenue filed the petition on July 6,
2007.

The CIR's solicitor is:

         Rachel Scott
         New Zealand
         Telephone:(07) 959 0416


TRIDENT MARKETING: Subject to CIR's Wind-Up Petition
----------------------------------------------------
On July 5, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of Trident Marketing Systems
Ltd. wound up.

The petition will be heard before the High Court of New Plymouth
on September 24, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


VALUE VEHICLES: Wind-Up Petition Hearing Slated for Sept. 5
-----------------------------------------------------------
On July 11, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of Value Vehicles Southland
(2003) Ltd. wound up.

The High Court at Invercargill will hear the petition on
September 5, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


WAIRARAPA RECYCLERS: Court Appoints Liquidators
-----------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
as liquidators of Wairarapa Recyclers 2005 Ltd. on June 5, 2007.

The Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         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
=====================


BANGKO SENTRAL: Ups Balance of Payments Forecast to US$2.9 Bil.
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas revised last week its
US$2.9-billion target on the balance of payments position to
US$6.9 billion, in view of steady remittance flows and higher-
than-expected investments, the Manila Standard reports.

The BSP also lowered its exports growth projection from 11% to
8%, and its import growth forecast to 7% from the previous 10%,
the article relates.  The central bank said that the global
downturn in electronics prompted the lower exports forecast,
since electronics make up more than 50% of total exports.

The BSP raised its current account forecast to US$6.4 billion
from US$6 billion despite the slow growth in exports, while
keeping its remittances projection at US$14.7 billion.  The
BSP's forecast for gross international reserves was also raised
to US$30 billion at year-end, from the previous US$26.5 billion.

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

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

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

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


LAND BANK: In Talks with Banks for US$100MM Hybrid Note Issuance
----------------------------------------------------------------
Land Bank of the Philippines is in talks with several banks
regarding its planned issuance of US$100 million in hybrid notes
in order to improve its adequacy ratio, Land Bank President and
CEO Gilda Pico told the Philippine Star on Friday.

According to PhilStar, Land Bank also launched on Friday its
unsecured denominated debt facility for countryside financial
institutions, and allocated PHP1 billion for the purchase of
unsecured subordinated debts to be issued by qualified rural and
thift banks, as well as cooperatives.

The debts will be eligible as lower Tier 2 capital and will
allows banks to raise their capital, the report added.  Only
five  provincial banks have so far availed of the facility,
including Nueva Ecija's GM Bank and Producers Rural Banking
Corp., Lanao del Norte's First Valley Bank, Isabela-based
Philippine Rural Banking Corp., Butuan City's Green Bank.

                       About Land Bank

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.


NAT'L POWER: Negotiates Coal Supply Deal with Indonesian Entity
---------------------------------------------------------------
National Power Corp. is negotiating a deal with Indonesia-based
PT Andalan Tiga Berjaya for supplying the coal supply for
NAPOCOR's Pagbilao power plant in Quezon after failing twice in
its coal biddings for the plant, the Manila Bulletin reports.

NAPOCOR's second coal bidding on August 24 failed as only PT
Andalan Tiga Berjaya submitted a tender, prompting NAPOCOR to
declare a failure of bidding and to seek permission from the
Government Procurement Policy Board to enter into a negotiated
deal, a source within NAPOCOR told the Bulletin.  The source
also revealed that PT Andalan Tiga Berjaya's bid failed
technical specifications, implying that pricing is a part of the
negotiations.

According to the source, PT Andalan Tiga Berjaya proposed to
deliver the coal supply in barges for successive weeks in
contrast to NAPOCOR's solicitation of one panamax shipment or
65,000 metric tons, implying that costs for the coal may exceed
the solicited price US$85 per metric ton per panamax shipment.

Speaking on the failures of its previous coal purchase biddings,
NAPOCOR said that the GPPB's budget for coal procurement always
go beneath market prices.

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

                          *     *     *

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

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

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

                          *     *     *

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

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

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


PAL HOLDINGS: PSE Allows Trading After Compliance with Penalties
----------------------------------------------------------------
The Philippine Stock Exchange has reversed its decision to
suspend trading for PAL Holdings Inc.'s shares after PAL settled
the penalty assessed against it for delayed submission of its
second quarter report.

According to PSE's memo for brokers no. 402-2007, dated Aug. 29,
the trading for PAL's shares would have been automatically
suspended yesterday until it complied with the corresponding
penalties.

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

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

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


SAN MIGUEL: President Seeks 51% Control of Boracay Property Firm
----------------------------------------------------------------
San Miguel Corp. President Ramon Ang is reportedly in
negotiations to gain 51% of Boracay Property Holdings Inc. and
purchase 40 hectares of prime beachfront property beside the
Shangri-La resort hotel in Boracay, Victor C. Angeles of the
Manila Standard reports.

Mr. Angeles' sources have revealed that the remaining 32-hectare
area of the property will remain with Boracay Property Holdings
and will be devolved in the name of Taytay sa Kauswagan, a non-
governmental organization that originally bought the property
from the Ayalas in partnership with Boracay Property Holdings.
However, these sources failed to specify if the acquisition is a
personal venture of Mr. Ang or in behalf of SMC.

Esteban Tajanlangit Jr., vice-chairman of Boracay Property
Holdings, refused to comment on the matter.

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

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

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


* Fitch Sees Improvement in Banking Sector's Financial Health
-------------------------------------------------------------
Fitch Ratings has observed a further strengthening in the
financial health of Philippine banks over the past 18 months,
stemming from better asset quality and enhanced capitalisation,
with the latter largely arising out of the retention of good
earnings -- although the agency expects these may come under
some pressure.

The Philippine banks' improvement in asset quality resulted from
a range of factors, including the disposal of non-performing
loans (NPLs) and some foreclosed properties, rising property
prices on the remainder of the foreclosed properties, greater
provisioning, and balance-sheet growth.  Most banks have
satisfactorily provided for NPLs, particularly given that
deterioration in loan quality is unlikely, owing to limited loan
growth in recent years and a generally benign economic outlook.
Provisioning for foreclosed properties, however, remains low.
While property prices have been rising for high-quality
commercial office space and higher-end residences, price growth
has not been so great in other markets, where much of the banks'
assets lie.  In addition, many banks still maintain a
significant amount of other assets that are either impaired or
of questionable value, including deferred losses (on the sale of
NPLs and foreclosed properties), subordinated debt issued by
SPVs that purchased such NPLs and foreclosed properties,
goodwill, and deferred tax assets.

During 2006/H107, many banks raised common and/or hybrid capital
as well as subordinated debt, thanks to the buoyant equity and
debt markets.  Capital grew even more so through the retention
of good earnings as well as unrealised gains on securities
holdings.  Notwithstanding these favourable developments, asset
quality remains a key challenge for a number of banks, and some
weaker banks may necessitate additional capital raisings.

In terms of profitability, while the banks' margins remain high,
they have been decreasing as a result of rising competition and
a declining interest rate environment.  Most banks, however,
continued to make substantial gains on their large holdings of
long-term, fixed rate government papers.  The banks also
generate considerable fee income from various services and
products, especially overseas remittances and trust sales. Yet
costs -- albeit gradually declining -- remain very high, partly
due to the banks' relatively small size by assets, widespread
branch networks (given the geography of the Philippines) as well
as inefficiency and a lack of automation.  Fitch expects that
earnings are likely to come under some pressure given the
steepening yield curve.  This may well cause margins to fall
somewhat, and trading gains to diminish, or turn negative.
Margin pressure at the bigger banks, however, should be somewhat
offset by the central bank's move in July 2007 towards paying a
flat 6% per year.

Meanwhile, some demand for credit is finally returning to the
market after years of stagnation.  While the country's strong
GDP growth of recent years has largely been driven by the low-
borrowing services and the agricultural sectors, this is finally
resulting in greater consumer demand which in turn is
stimulating credit growth among consumers and small and medium
enterprises.  There has also been a spate of residential
property purchases by the country's more wealthy overseas
Filipino workers, prompting demand for mortgage loans.  Perhaps
of more importance in terms of credit growth, however, is that
the growth of the call-centre industry has resulted in near 100%
occupancy in Manila's better-quality commercial offices,
resulting in a need to finance the development of new buildings.

                          *     *     *

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

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

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


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

AVAGO TECHNOLOGIES: Posts US$387 Mil. Revenues in 3rd Qtr. 2007
---------------------------------------------------------------
Avago Technologies reported its financial results for the third
fiscal quarter ended July 31, 2007.

Net revenue of US$387 million was essentially even with the
previous quarter.  Consistent with the seasonal trends in its
served markets, higher revenue in the consumer and computer
peripherals areas was countered by weaker demand in the
industrial, automotive, and enterprise infrastructure segments.

Cash balances increased by US$13 million to US$213 million at
the end of July, supported by US$56 million generated from
operations, partially offset by the payment of US$27 million for
Infineon's Polymer Optical Fiber business, the disbursement of
US$43 million for the semi-annual interest obligations, and the
repurchase of US$6 million of the Company's Senior Notes.

   * Third Quarter 2007 GAAP Results

Resulting from an evaluation of the company's remaining
manufacturing operations, an analysis was performed on the
recoverability of the carrying value of these assets.  Based on
this review, it was determined that a US$158 million write-down
was necessary to bring carrying values of certain assets in line
with fair market valuations.  In addition, US$11 million of
restructuring charges were recorded in connection with
reductions of approximately 15% of the workforce due to the
expanded outsourcing of back-end activities.

Including the above mentioned impairment and restructuring
charges, third quarter net loss was US$167 million.  Gross
margin was negatively impacted by US$148 million related to
these charges with the remaining US$21 million included in total
operating expenses of US$126 million.

   * Third Quarter 2007 Non-GAAP Results

Operating margin of 14% of sales was essentially flat with the
previous quarter.  Gross margin of US$152 million was 30 basis
points below the second quarter and exceeded 39% of sales.
Operating expenses of US$97 million remained unchanged quarter-
over-quarter at 25% of revenue.

A US$3 million decrease in other income combined with a US$3
million increase in income tax expense resulted in non-GAAP net
income of US$27 million versus US$33 million last quarter.
Adjusted EBITDA was US$84 million compared with US$88 million in
the prior quarter.

"Over the last two quarters we have delivered solid operational
results during a challenging period in the semiconductor
industry," said Hock E. Tan, president and CEO of Avago
Technologies.  "In July, we successfully completed the purchase
of Infineon"s Polymer Optical Fiber business, increasing our
presence in the growing auto infotainment market.  We will
continue to drive both organic development as well as pursue
strategic acquisitions in our efforts to accelerate revenue
growth going forward."

   * Non-GAAP Financial Measures

In addition to GAAP reporting, Avago reports net income or loss,
as well as gross margin and operating expenses, on a non-GAAP
basis.  This non-GAAP earnings information excludes stock-based
compensation expense, amortization of intangibles and unusual
items and their related tax effects.  In addition, we also
disclose Adjusted EBITDA as measured by our principal debt
instruments.  Avago believes this non-GAAP earnings information
provides additional insight into the Company's on-going
performance and has therefore chosen to provide this information
to investors for a more consistent basis of comparison and to
emphasize the results of on-going operations.  These historical
non-GAAP measures are in addition to, and not a substitute for,
or superior to, measures of financial performance prepared in
accordance with GAAP.  A reconciliation between GAAP and non-
GAAP net income (loss) is included in the tables below.

As of July 31, 2007, the company's balance sheet reflects total
assets of US$1.9 million, total liabilities of US$1.2 million,
and shareholders' equity of US$686 thousand.

                        About Avago Tech

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As the Troubled Company Reporter reported on November 7, 2005,
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Avago Technologies Holdings Pte. Ltd.  The
outlook is positive.  At the same time, Avago's proposed US$975
million first-lien senior secured bank facility was rated 'B+'
with a recovery rating of '1', indicating a high expectation for
full recovery of principal in the event of a payment default.
Avago Technologies Finance Pte Ltd. And Luxembourg Finance Co.
are borrowers under the loan.  In addition, Standard & Poor's
assigned its 'B' rating to Avago's proposed US$375 million of
senior unsecured notes and US$375 million of senior unsecured
floating-rate notes.  Lastly, Avago's proposed US$250 million of
senior subordinated notes were assigned a 'CCC+' rating.  Avago
Technologies Finance Pte Ltd., Avago Technologies U.S. Inc., and
Avago Technologies Wireless Manufacturing Inc. are co-issuers of
the notes.


CROWN BAKERY: Court Enters Wind-Up Order
----------------------------------------
On August 24, 2007, the High Court of Singapore entered an order
directing the wind-up of Crown Bakery Industries Pte Ltd.'s
operations.

The company's liquidators are:

         Chia Soo Hien and
         Leow Quek Shiong
         c/o BDO Raffles
         No. 5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


EQUATION NANOTECH: Begins Wins-Up Proceedings
---------------------------------------------
The High Court of Singapore entered an order on August 17, 2007,
directing the wind-up of Equation Nanotech (Singapore) Pte
Ltd.'s operations.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


GETRONICS NV: Royal KPN Takeover Offer Making Good Progress
-----------------------------------------------------------
Royal KPN N.V. and Getronics N.V. confirmed they are making good
progress with preparations for the announced recommended public
offer for all the issued and outstanding ordinary shares in the
capital of Getronics at an offer price of EUR6.25 in cash per
Share, inclusive of any dividend payable for the financial year
2007.

KPN intends to make offers for all of the issued and outstanding
senior notes convertible into ordinary shares in the capital of
Getronics, as well as for the cumulative preference shares
issued by Getronics.

The intended all-cash offer prices are:

   -- EUR1,040 (plus accrued interest) per EUR1,000 in
      principal amounts of the EUR100,000,000 5.5% listed
      unsubordinated convertible bonds due 2008,

   -- EUR50,500 (plus unsubordinated convertible bonds due 2008,

   -- EUR50,500 (plus accrued interest) per EUR50,000 in
      principal amounts of the EUR150,000,000 2.75% listed
      senior unsecured convertible bonds due 2010 and

   -- EUR52,500 (plus accrued interest) per EUR50,000 in
      principal amounts of the EUR 95,050,000 3.875% listed
      senior unsecured convertible bonds due 2014.

The commencement of the offers is subject to the satisfaction or
waiver of certain pre-offer conditions as set out in the joint
public announcement dated July 30, 2007.  Both KPN and the Dutch
division of Getronics (Getronics PinkRoccade) have received a
positive advice from their works councils with regard to the
intended offers.

KPN currently holds 29.9% of the Shares (representing 23.1% of
the total issued share capital of Getronics), which it has
acquired in ordinary stock exchange trading after the initial
announcement of the intended offers on July 30 2007.

With reference to article 9g paragraph 1 sub a of the Dutch
Decree on the Supervision of the Securities Trade 1995 (Besluit
toezicht effectenverkeer 1995), KPN expects the offer
memorandum, containing the terms and conditions of the offers,
to be made publicly available in the first half of September
2007.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

As reported in the TCR-Europe on Aug. 1, 2007, Moody's Investors
Service placed the B2 corporate family rating of Getronics N.V.
on review for possible upgrade.  These rating actions follow the
announcement that KPN intends to make a recommended cash offer
of EUR766 million for Getronics subject to certain conditions
precedent.


LEVI STRAUSS: Improved Performance Cues S&P to Lift Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Levi
Strauss & Co. by one notch, including its long-term corporate
credit rating to 'B+' from 'B'.  The outlook is stable.

"The upgrade incorporates the company's continued improved
operating performance and enhanced liquidity profile," said
Standard & Poor's credit analyst Susan Ding.  "Also its
increased financial flexibility from the extension of debt
maturities, and our expectation that these positive operating
trends will continue."

In recent periods, Levi Strauss has stabilized its revenue base,
repositioned its premium products in Europe, and improved its
margins and financial profile.

"As a result of the company's product repositioning and
restructuring efforts, financial measures have stabilized and
are expected to improve modestly," said Ms. Ding.

The ratings on Levi Strauss reflect its leveraged financial
profile and participation in the intensely competitive denim and
casual pants market.  The ratings also incorporate the inherent
fashion risk in the apparel industry, and management's ability
to continue to revitalize its brands and sustain its revenue and
earnings base.

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


LIANG HUAT: Completes Investment Agreement and Modified Schemes
---------------------------------------------------------------
Liang Huat Aluminium Limited disclosed that it has completed the
Investment Agreement and the Modified Schemes on August 30,
2007.

The terms of the Agreement and Schemes include:

   (a) 7,302,715,638 Scheme Shares were allotted and issued for
       account of the Scheme Creditors in full and final
       discharge of the Scheme Claims;

   (b) 104,617,866 Scheme Shares were allotted and issued for
       account of the company's Scheme Creditors in full and
       final discharge of the company's Scheme Claims;

   (c) Durabeau will pay or procure to be paid to each of the
       Durabeau Scheme Creditors save for Maybank, a cash
       equivalent of 15% of their respective Durabeau Scheme
       Claims within 14% from Completion Date to fully discharge
       each of their Durabeau Scheme Claims;

   (d) 53,465,034 Creditors' Shares were allotted and issued for
       account of the Creditors in full and complete
       satisfaction of each of their respective Creditors
       Claims;

   (e) following the allotment and issuance of the Scheme Shares
       and the Creditors' Shares and the implementation of the
       Share Consolidation, but prior to the allotment and
       issuance of the Investor Shares, 8,571,428,538 Shares
       were consolidated into 857,142,839 Shares;

   (f) 1,800,000,000 Investor Shares were allotted and issued
       for account of the Investor; and

   (g) 200,000,000 Investor Shares were allotted and issued for
       account of the Co-Investor.

   * Completion of Placement Agreement

The directors are also pleased to announce that 300,000,000
Mandate Placement Shares were allotted and issued for account of
the placees on August 30, 2007, in connection with the
completion of the placement agreement dated July 23.

Accordingly, at least 10% of the Shares are held in the hands of
the public and the company complies with the free float
requirement under Rule 723 of the Listing Manual.

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is
a vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  Liang Huat was the subject of a wind-up
petition filed by Lim Ah Siong trading as Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.

As of June 30, 2007, the company's consolidated balance sheet
reflected total assets of SGD5.8 million and total liabilities
of SGD139.9 million, resulting in a stockholders' equity deficit
of SGD134 million.


SUN ASSOCIATES: Requires Creditors to File Claims by October 1
--------------------------------------------------------------
Sun Associates (Pte) Ltd, which is in voluntary liquidation,
requires its creditors to file claims by October 1, 2007.

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

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


===============
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 submitted its audited financial results
for the quarter ended June 30, 2007.

Krung Thai reported a lower second quarter net income of
THB377.092 million, 89.9% lower than its THB3.767 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 THB35.809 Million Net Loss for 1st Half
----------------------------------------------------------------
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.


* "Thailand At a Crossroads," Fitch Says
----------------------------------------
Fitch Ratings (Thailand) Limited hosted yesterday its annual
conference in Bangkok, focusing on the outlook for the domestic
economy, as well as country trends in the rest of Asia.  The
conference also touched on a much talked about topic -- the
exposure of the Asian banking system to the US subprime mortgage
sector.

Fitch was delighted to welcome the Secretary-General of the
Government Pension Fund, Mr. Visit Tantisunthorn, who provided
the opening address at the conference on investment perspectives
as the key investor in Thailand.  "While Thailand is not immune
to events globally, the Thai economy is in a much better
position to absorb external shocks and a weakening operating
environment.  Also, growth should pick up in 2008 once there is
greater clarity on the political front.  Having said that, we
are now seeing a sharp rise in volatility and reduction in risk
appetite globally following a long period of benign credit
markets and historically low interest rates, so this seminar is
well-timed to focus on managing risks," noted Mr. Tantisunthorn.

The economic view on Thailand was echoed by James McCormack,
Head of Asia Sovereigns who suggests that a return to a more
stable political environment is critical to ensuring economic
recovery.  "The growth of domestic demand is extremely low, and
net trade is largely responsible for headline GDP growth.  In
this context, Thailand is among the most vulnerable countries in
Asia to a reduction in global economic growth," commented
Mr. McCormack.  Despite this, he noted that Thailand's sovereign
creditworthiness remains sound, and there are no immediate
pressures on its sovereign ratings.

He continued to explain that Thailand and the rest of the region
are well placed to deal with credit market adjustments given the
large stock of foreign exchange reserves, strong balance of
payments positions and more flexible exchange rate regimes.
Mr. McCormack cautioned, however, that Asia remains vulnerable
to slowdowns in global economic growth, and large capital
inflows in recent years could test regional policymakers if
investor sentiment changes quickly.

Commenting on the Asia-Pacific banking system's exposure to the
US subprime problem, David Marshall, Head of Financial
Institutions, Asia Pacific noted that Fitch's recent survey of
Asian banks revealed that such investments are very widely
spread; the largest exposure -- relative to the investing bank's
own equity capital -- was at a Thai bank, BankThai with 21% of
own equity, followed by the Bank of China with 17% (although in
absolute terms Bank of China holds a much larger amount: almost
USD10 billion vs just USD50 million for BankThai).  Having said
that, USD10bn is less than a year's operating profits for Bank
of China and most of the amount is invested in 'AAA' and 'AA'-
rated securities which are not expected to incur material
losses.

"Our conclusion that the direct impact of investments in the US
subprime mortgage sector on Asian banks should be limited.
However, Fitch is concerned that there may be indirect effects
from providing liquidity to conduits, from losses to investors
in banks' asset management arms, and from having to take
valuation losses on marking to market non-subprime-related CDOs
and other structured securities whose underlying assets remain
sound but whose market value has fallen due to market
illiquidity," said Mr. Marshall.

"While the performance of the large Thai banks and corporates in
2007 has weakened due to a slowdown in domestic growth, most
have strong balance sheets and improved risk management to
withstand the current market turbulence.  An expected pick-up in
consumer and investment spending in 2008 should see the
performance of the bank and corporate sectors improve,"
commented Vincent Milton, Managing Director of Fitch's Thai
office.  He cautioned however, that some smaller banks and
corporates face heightened risks.


================
S R I  L A N K A
================

* S&P Affirms B+ Long-Term and BB- Sovereign Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'B+' long-
term foreign currency and 'BB-' local currency sovereign credit
ratings on the Democratic Socialist Republic of Sri Lanka.  The
'B' short-term foreign and local currency sovereign credit
ratings were also affirmed.  At the same time, the outlook on
the ratings has been revised to stable from negative.

The outlook revision to stable takes into account positive
fiscal developments, including improvements on both the revenue
and expenditure sides.  Tax rises and ongoing fiscal
administration reforms lifted the government's tax revenue to a
nine-year high of 15.3% of GDP in 2006.  The progress in the
Fiscal Management Reform Program is noteworthy, particularly
with respect to tax collection and compliance, and the
strengthening of fiscal and macroeconomic coordination.  This
program has been monitored by donor agencies.  On the
expenditure side, the elimination of the oil subsidy, which
allowed full pass-through of market prices, and the increases in
electricity tariff are set to ease the government's fiscal and
external vulnerability and reduce misallocation of resources.

"These measures foreshadow the continuation of a modest deficit
reduction, which, combined with high nominal GDP growth, should
yield further improvements in the sovereign's still high debt
ratios," said Standard & Poor's credit analyst Agost Benard.

"The ratings on Sri Lanka reflect the high level of government
indebtedness and still weak revenue mobilization, together with
risks posed by the unresolved separatist conflict," Mr. Benard
added.  Moreover, the sovereign's positive debt dynamics largely
rely on a monetary policy stance, whereby negative real interest
rates allow the financing of large fiscal deficits without a
significant corresponding rise in public debt as a share of GDP.

"These factors are balanced against the economy's demonstrated
resilience and favorable mediumterm growth prospects, as well as
the benign terms of external debt, which impose minimal stress
on external liquidity," noted Mr. Benard.

The stable outlook also takes into account the limited impact on
the economy from the gradually unraveling cease fire with the
Tamil separatists and the rising violence.  "Unquestionably, Sri
Lanka's economy has demonstrated much resilience to the conflict
that has been ongoing for the past two and a half decades," said
Mr. Benard.  "However, depending on how it unfolds, it could yet
become the source of downward pressure on the ratings.  Downward
pressure may occur if the separatist conflict deteriorates to an
extent that it depresses investor sentiment, impairs revenue
generation and foreign exchange earning capacity, and compels a
rise in defense expenditure."

Standard & Poor's nevertheless expects that, in line with
government plans, an all-party peace proposal will be tabled
before the end of the current calendar year.  While this may not
entirely satisfy Liberation Tigers of Tamil Eelam's demands to
end the conflict, it will ease tensions and help buoy economic
growth.

The ratings could also come under downward pressure, or the
outlook could return to negative, if there are signs of fiscal
slippage, where, either through expenditure pressures or lower
revenues, deficit reduction grinds to a halt.

Complete ratings information is available to subscribers of
RatingsDirect, the real-time Web-based source for Standard &
Poor's credit ratings, research, and risk analysis, at
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* BOND PRICING: For the Week 03 September to 07 September 2007
--------------------------------------------------------------

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

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


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




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
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Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

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