TCRAP_Public/070905.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

           Wednesday, September 5, 2007, Vol. 10, No. 176

                            Headlines

A U S T R A L I A

ANYWHERE TOWER: Members Agree on Voluntary Liquidation
AUTOMATIC SPRING: To Declare Dividend on September 20
BESTKNIT HOLDINGS: Sets Final Meeting for September 17
COLIN URQUHART: Members to Receive Wind-Up Report on Sept. 17
FRATER PTY: Appoints John Morgan as Liquidator

FUTURIS GROUP: Posts 15% Underlying Profit for Fiscal Year 2006
GEORGIA CLEARY: Members Resolve to Wind Up Operations
NANDINA PTY: Members Resolve to Liquidate Business
NETWORK SIGNS: Undergoes Wind-Up Proceedings
RA & LJ: Creditors to Hold Final Meeting on September 14

SYMBION HEALTH: Favors Healthscope's AU$2.9-Bil. Offer for Now
THE MICROSEARCH: Accepting Proofs of Debt Until September 11
TRANSAX INT'L: June 30 Balance Sheet Upside Down by US$3.4 MM


C H I N A   &   H O N G  K O N G

BENQ CORP: Targets NT$80 Bil. in Sales Next Year After Spin-Off
BLUE OCEAN: Placed Under Voluntary Liquidation
BOE TECHNOLOGY: To Expand 5G Plant Capacity in Second Half
BOE TECHNOLOGIES: To Issue 850 Mil. Shares in Private Placement
CHINA eBUSINESS: Shareholders Pass Resolution to Close Business

DBA INTERNATIONAL: Creditors' Proofs of Debt Due on September 18
ERSINE TEXTILE: Members Resolve to Wind Up Operations
HOUTOKU FURNITURE: Taps Wan Kwok Ming as Liquidator
KTC (HONG KONG): Liquidators Quit Post
RNA HOLDINGS: Fixes September 17 as Last Day to File Claims

SAM CHEONG: Requires Creditors to File Claims by September 14
STREPHON COMPANY: Taps Ng Kwong Hung as Liquidator
TEXIND INDUSTRIES: To Pay Preferential Dividend on Sept. 10
TITAN PETROCHEM: To Buy Quanzho Shipyard for US$170 Million
ZARVA TECH: Seen to Post Net Loss in First 9 Mos. of 2007


I N D I A

AGILENT TECHNOLOGIES: Closes NetworkFab Acquisition
ANDHRA CEMENTS: Allots 87,40,000 Shares to IDFC
BALLARPUR INDUSTRIES: Reports INR2.5-Bil. Profit in FY2007
BANK OF BARODA: To Venture Into Insurance & Asset Management
BANK OF BARODA: To Deploy 40% of Resources Abroad

BANK OF INDIA: To Revalue Some Fixed Assets
BHARTI AIRTEL: Dept. of Telecom Wants Firm Fined for INR50 Crore
CABLE & WIRELESS: Unit Names Phillip Green as President
GENERAL MOTORS: Expects Steady Sales Growth in Emerging Markets
NOVELL INC: Signs License Agreement with Acacia Tech Unit

PRIDE INT'L: Fitch Affirms Issuer Default Rating at BB


I N D O N E S I A

ALCATEL-LUCENT: To Deploy WiMAX Network for Bollore Telecom
BANK NEGARA: Completes Rights Issues of Shares
EXCELCOMINDO PRATAMA: On Track for 2007 Consumer Target
FOSTER WHEELER: Unit Bags CEPSA Contract for Crude Heaters
INDOSAT: Explains Network Disturbance to Regulator

INDOSAT: May Get IDR2.5-Trillion Loan from Bank Mandiri
TELKOMSEL: Buys Back Shares in Second Repurchase Program


J A P A N

ADVANCED MEDICAL: R. DeRisio Named VP-Global Regulatory Affairs
ADVANCED MEDICAL: S&P Lowers Corporate Credit Rating to B+
BOSTON SCIENTIFIC: Mends Guidant Devices Dispute for US$16.75MM
FORD MOTOR: Tata Confirms Interest in Jaguar & Land Rover
GAP INC: Names Sabrina Simmons as Acting Chief Financial Officer

MAZDA MOTORS: Recalls 280,000 Demios and Verisas in Japan
SAPPOPRO HOLDINGS: Shares Rise After Analyst Ups Rating
SANYO ELECTRIC: Is Accepting Bid Offers for Semiconductor Unit


K O R E A

TEXCELL-NETCOM: Converts Eight Bonds for 398,261 Shares
TONG YANG MAJOR: Injects KRW 55-BB Capital for Management Rights
WOORI TECHNOLOGY: To Acquire 9,800 Shares of KMC Lobotics


M A L A Y S I A

KUMPULAN BELTON: Posts MYR9.73-Mil. Profit in Quarter to June 30
FCW HOLDINGS: Returns to Black in Quarter Ended June 30, 2007
OCI BERHAD: To Delay Filing of Quarter to June 2007 Results
OCI BERHAD: Bursa Extends Reform Plan Filing Deadline to Jan. 31
OCI BERHAD: Taps Ferrier Hodgson to Examine Financial Results


N E W  Z E A L A N D

AIR NEW ZEALAND: Moody's Affirms Ba1 Sr. Unsecured Issuer Rating
AIR NEW ZEALAND: Names N. Thompson as Deputy Chief Exec. Officer
AIRTECH 2000: Court Sets Wind-Up Petition Hearing for Today
BIRDS BUILDING: Appoints Official Assignee as Liquidator
DURHAM MEWS: Subject to CIR's Wind-Up Petition

HIGHFIELD FBG: Court Sets Wind-Up Petition Hearing for October 2
IXL APPLIANCES: Commences Liquidation Proceedings
LA VITA: Court to Hear Wind-Up Petition on September 24
MIDDLE MILL: Taps Official Assignee as Liquidator
MIRCHEE TELEVISION: Faces Vector's Wind-Up Petition

OCEANSIDE LIMITED: Names Official Assignee as Liquidator


P H I L I P P I N E S

MIC HOLDINGS: Hires BDO Trust Banking as Stock & Transfer Agent
PAL HOLDINGS: Names A. Alindongan & E. Cheng as Directors
PAL HOLDINGS: Appoints Members of Audit & Nomination Committees
SAN MIGUEL: Joins Ranks of Interested Bidder for Transco Rights
* Gov't Revenue Agencies Back on Track; Meets Targets for August

* PSALM Sets Bidding for Transco Assets on December 12


S I N G A P O R E

CAMERON MACKINTOSH: Proofs of Debt Due on Sept. 28
GP EXPRESS: Court to Hear Wind-Up Petition on September 7
PACIFIC CENTURY: June 30 Balance Sheet Upside-Down by SGD37 Mil.
SEE HUP SENG: Increases Stake in Lesoon Equipment
TONG HUP SENG: Creditors' Meeting Set for September 18


T H A I L A N D

ARVINMERITOR INC: Partners with Chery to Design Chassis Systems
BANGKOK RUBBER: Completes Capital Increase; Shares Stay Delisted
BANGKOK STEEL: Administrator Names SK Accountant Svc. as Auditor
DAIDOMON GROUP: To Submit Business Rehab Plan by November


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ANYWHERE TOWER: Members Agree on Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on August 2, 2007, the
members of Anywhere Tower Cranes Pty Limited resolved to
voluntarily liquidate the company's business.

Accordingly, Peter Krejci was appointed as liquidator.

The Liquidator can be reached at:

         Peter Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                      About Anywhere Tower

Anywhere Tower Cranes Pty Limited is in the business of heavy
construction equipment rental and leasing.  The company is
located at Wetherhill Park, in New South Wales, Australia.


AUTOMATIC SPRING: To Declare Dividend on September 20
----------------------------------------------------
Automatic Spring Industries Pty Limited, which is in
liquidation, will declare the first dividend for its priority
unsecured creditors on September 20, 2007.

Creditors who were not able to file their claims by the
September 4, 2007 due date will be excluded from sharing in the
company's dividend distribution.

The company's liquidator is:

         Manfred Holzman
         Holzman Associates
         GPO Box 3667
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9222 9070
         Facsimile:(02) 9222 9071

                     About Automatic Spring

Automatic Spring Industries Pty Limited is a distributor of
steel springs, except wire.  The company is located at
Riverwood, in New South Wales, Australia.


BESTKNIT HOLDINGS: Sets Final Meeting for September 17
------------------------------------------------------
A final meeting will be held for the members of Bestknit
Holdings Pty Ltd on September 17, 2007, at 10:00 a.m.

At the meeting, S. Goldman and M. Kaplan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidators can be reached at:

         S. Goldman
         M. Kaplan
         PO Box 961, Bondi Junction
         Australia
         Telephone:(02) 9387 4744
         Facsimile:(02) 9387 4544

                    About Bestknit Holdings

Bestknit Holdings Pty Ltd operates offices of holding companies.
The company is located at Surry Hills, in New South Wales,
Australia.


COLIN URQUHART: Members to Receive Wind-Up Report on Sept. 17
-------------------------------------------------------------
The members of Colin Urquhart Real Estate Pty Ltd will meet on
September 17, 2007, at 10:30 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidators are:

         S. Brennan
         M. Royal
         royalSBR
         Level 25, Chifley Tower
         2 Chifley Square
         Sydney, New South Wales 2000
         Australia

                      About Colin Urquhart

Colin Urquhart Real Estate Pty Ltd, which is also trading as Ray
White Frenchs Forest, deals with real estate agents and
managers.  The company is located at Frenchs Forest, in New
South Wales, Australia.


FRATER PTY: Appoints John Morgan as Liquidator
----------------------------------------------
On August 2, 2007, the members of Frater Pty Limited resolved to
wind up the company's operations.  John Morgan was appointed as
liquidator.

Mr. Morgan can be reached at:

         John Morgan
         PKF Chartered Accountants & Business Advisers
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                         About Frater Pty

Located at Bellevue Hill, in New South Wales, Australia, Frater
Pty Limited is an investor relation company.


FUTURIS GROUP: Posts 15% Underlying Profit for Fiscal Year 2006
---------------------------------------------------------------
Futuris Corporation Limited has announced its highest ever
underlying profit result and an increased final dividend with
the release of its financial results for the 12 months to
June 30, 2007.

Futuris lifts profit 15% to set new benchmark:

   * Sales revenue 4% lower;

   * Underlying EBIT up 5%;

   * Underlying profit after tax up 15%, exceeds AU$100m for
     first time;

   * Reported profit of AU$100.7 million;

   * Fourth successive double digit growth in Underlying NPAT;

   * Final dividend increased

The financial results were released with the following
announcement by Company Chairman Stephen Gerlach:

"Futuris Corporation has reported significant increase in both
its reported and underlying profit for the 2007 financial year.
The Company has recorded underlying profit after tax of
AU$101.7 million, 15% higher than the previous year's underlying
profit of AU$88.3 million.

"After inclusion of non-recurring items totaling a loss of
AU$1.0 million after tax, Futuris' Reported Profit to
shareholders was AU$100.7 million, compared with AU$87.4 million
in 2006.  Underlying earnings per share rose by 6% to 14.00
cents compared with 13.18 cents in 2006.

"The increased profit was earned from slightly lower sales
revenue for the year of AU$3.22 billion, 4% lower than the 2006
sales of AU$3.36 billion.

"Directors have increased the final dividend by 10% to 5.5 cents
per share, fully franked.  The total dividend for the year has
been increased by 6% to 9.5 cents per share, fully franked
compared with 9.0 cents per share in 2006."

Chief Executive Les Wozniczka said that 2007 had proven to be
one of the most significant years in Company history.

"The Company achieved an underlying profit exceeding AU$100
million for the first time, secured the basis to become a lead
player in rural and regional telecommunications and all but
completed the transition in its asset base towards the rural and
regional sector."

Mr. Wozniczka noted that the record profit had been set despite
10 months of extremely difficult conditions in rural markets.

"The results achieved show the parts of Elders business subject
to seasonal exposure are stronger than ever while our Forestry
and Financial services businesses have continued to generate
growth."

Futuris generated underlying EBIT of AU$164.7 million which
compares to AU$157.1 million in 2006.  Underlying profit before
tax rose by 6% to be AU$124.6 million compared with AU$118.2
million in the previous year.  A 70% reduction in minority
interests due to the takeover of ITC assisted Futuris to
translate 5% pre-tax profit growth in to a 15% increase in
profit to shareholders.

Financial Services, Forestry and Property operations all
contributed higher earnings, enabling Futuris to offset a drop
in earnings from Rural Services, Australian Agricultural Company
and Automotive.

"Elders results highlight the progress the business has made and
how its vulnerability to drought has been substantially reduced.

"EBIT generated by Elders in 2007 (comprising Elders Rural
Services and Elders Financial Services) was only 3% below that
recorded in 2006, this is only a fraction of the 28% drop
experienced in 2003 because of the progress that has been made
in just about every part of Elders."

Segment Results

                   Elders Rural Services

Elders Rural Services contributed EBIT of AU$49.1 million
compared with AU$51.9 million in 2006, with the movement being
attributable to lower earnings from drought-affected merchandise
and meat and livestock operations.  Operations with lower
exposure to seasonal conditions, such as wool, real estate and
financial services distribution increased their contribution.

Mr. Wozniczka said Elders Rural Services results had shown the
capacity of the business in both poor and good seasonal
conditions.

"Rural Services earnings for the year are the product of 10
months of drought-affected trading, followed by an exceptionally
strong turnaround in the closing months.

"The good seasonal break recorded across most agricultural
regions in May and June transformed the rural economy.  Elders
achieved record monthly merchandise sales, demonstrating its
potential in more typical seasons and the benefit of the work
put into the business in recent years.  The achievement of
merchandise sales of AU$1.04 billion for the year (AU$1.11
billion in 2006) is an outstanding result given the conditions."

"Unfortunately, the results of two months good trading were not
enough to fully recover the business lost in the first 10 months
of the year.  But Elders Rural Services, and the large majority
of its client base, have entered the new financial year with
positive sentiment and momentum due to the improved seasonal
conditions."

                 Agriculture producing associates

The rural services segment result also included equity accounted
income from associates engaged in agricultural production, being
Australian Agricultural Company (43% interest) and Webster
Limited (26.9%).  These interests contributed equity accounted
income of AU$7.2 million, down from AU$7.8 million in 2006 due
to a lower contribution from AACo as a result of unfavorable
mark to market at balance date.

                    Elders Financial Services

Elders Financial Services increased its underlying EBIT
contribution from AU$26.9 million to AU$27.2 million. Profit
share from Elders Rural Bank rose 15% to AU$17.9 million, and
the bank grew its loan book by 14% to AU$3.2 billion.

EBIT generated by Elders Insurance operations was AU$12.0
million after absorbing distribution costs of AU$6 million
introduced in 2007 to recognise service provision by Elders
Rural Services.  On a like-for-like basis, Elders Insurance
recorded strong earnings growth.

"The performance of Elders Rural Bank and Elders Insurance has
highlighted the effectiveness of its financial services business
model" said Les Wozniczka.  "Both have achieved favorable
results given the industry conditions.

"ERB has maintained outstanding credit quality with net non-
performing loans being maintained at 0.4%.  Elders Insurance has
benefited from lower claims incidence and its 4% growth in gross
written premium shows the strength of its local presence, local
service model."

                            Forestry

Forestry was the largest contributor to Futuris' higher profit.
Integrated Tree Cropping (ITC) lifted its underlying EBIT
contribution by 43% to AU$56.9 million.  ITC achieved
improvement in all aspects of its business with higher earnings
from plantation establishment and management, increased Managed
Investment Scheme sales and financial and operational
improvement from timber processing operations.

"2007 was the first full financial year for ITC's new management
team.  The businesses performance is showing the benefits of
initiatives that have been taken.  The reform of timber
processing operations, the expansion of the plantation estate
and the growing appreciation of its carbon management value are
all expected to support further advance by ITC."

Futuris Automotive operations reported lower earnings due to
reduced demand in Australia and a smaller contribution from
associate Global Thermal Systems.

Property development operations, which were divested in May
2007, contributed underlying EBIT of AU$21.5 million compared
with AU$18.2 million in 2006.  Profit on sale of the property
operations has been recognized as a significant non-recurring
item and excluded from underlying profit.

Mr. Wozniczka said that the sale of the property development
operations meant that rural and regional assets accounted for
approximately 95% of the Company's earnings.  The selection of
the Optus-Elders (OPEL) joint venture to build and operate
Australia's rural and regional broadband network will further
increase the Company's involvement in the rural and regional
sector.

                       Telecommunications

"OPEL will provide the foundation for a new earnings stream
which we expect will, with associated interests, prove to be as
significant an earnings contributor for Futuris as our other
business streams in rural services, forestry and financial
services."

The interest in the OPEL wholesale broadband business is
supplemented by Futuris interest in Amcom Telecommunications.
Futuris increased its shareholding in Amcom to 49.1% during the
year.

Outlook

Mr. Wozniczka said that the Company's strong finish to the 2007
financial year and the improved seasonal conditions had given
Futuris good momentum into the new financial year.  Subject to
seasonal conditions and balance date mark to market adjustments,
the Company was anticipating an underlying net profit to
shareholders in FY08 within the range of current market
expectations.

                        About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/default.asp-- is engaged in the
provision of farm services to the rural sector; financial
services to rural and regional customers, and management of
investor-funded hardwood plantations and manufacture of sawn
timber products.  The company also operates businesses in
automotive componentry supply, and property ownership and
development.  Its segments comprise Rural services, which
includes the provision of agricultural products and services
through a common distribution channel; Forestry, which includes
the Company's interests in forestry plantations and processing;
Automotive Components, which is engaged in manufacturing and
sales of automotive components, of which the key components are
seating, heating ventilating and air-conditioning systems;
Property, which includes the sale and development of land, and
commercial developments and holding an equity interest in a
listed property trust, and Investment and Other, which includes
investment activities.

The Troubled Company Reporter-Asia Pacific's July 24, 2007
distressed bonds column listed Futuris Group Limited, with a
7.000% coupon and a December 31, 2007 maturity date, as trading
at AU$2.54.


GEORGIA CLEARY: Members Resolve to Wind Up Operations
-----------------------------------------------------
During a general meeting held on August 3, 2007, the members of
Georgia Cleary Pty Limited agreed to voluntarily wind up the
company's operations.

John Frederick Taylor was appointed as liquidator.

The Liquidator can be reached at:

         John Frederick Taylor
         c/o WHK Horwath Sydney
         Australia

                      About Georgia Cleary

Georgia Cleary Pty Limited deals with real estate agents and
managers.  The company is located at Paddington, in New South
Wales, Australia.


NANDINA PTY: Members Resolve to Liquidate Business
--------------------------------------------------
On August 2, 2007, the members of Nandina Pty Limited met and
resolved to voluntarily liquidate the company's business.

John Morgan was appointed as liquidator.

The Liquidator can be reached at:

         John Morgan
         PKF Chartered Accountants & Business Advisers
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                        About Nandina Pty

Located at Bellevue Hill, in New South Wales, Australia, Nandina
Pty Limited is an investor relation company.


NETWORK SIGNS: Undergoes Wind-Up Proceedings
--------------------------------------------
On August 3, 2007, the members of Network Signs Australia Pty
Limited agreed to wind up the company's operations.

Nicholas Crouch of Crouch Insolvency was named as liquidator.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency, Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                       About Network Signs

Network Signs Australia Pty Limited operates stationery stores.
The company is located at St. Peters, in New South Wales,
Australia.


RA & LJ: Creditors to Hold Final Meeting on September 14
--------------------------------------------------------
RA & LJ Gowing Pty Ltd will hold a final meeting for its
creditors on September 14, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Stuart Ariff
         Stuart Ariff Insolvency Administrators
         Level 2, 21 Bolton Street
         Newcastle, New South Wales 2300
         Australia
         Telephone:(02) 4929 7880
         Facsimile:(02) 4929 7882

                         About RA & LJ

RA & LJ Gowing Pty Ltd operates investment offices.  The company
is located at Nelson Bay, in New South Wales, Australia.


SYMBION HEALTH: Favors Healthscope's AU$2.9-Bil. Offer for Now
--------------------------------------------------------------
Symbion Health Limited said on Monday that it is still backing
Healthscope Ltd.'s AU$2.9-billion bid after reports that rival
Primary Health Care Ltd. is in talks with a private firm for a
joint bid for the Melbourne-based company, reports Jonathan
Standing of Reuters.

Mr. Standing cites Symbion as saying that Healthscope's is the
only offer available to shareholders and that if the company
received any other bids, it would assess them.

A September 4, 2007 Troubled Company Reporter-Asia Pacific
report stated that Primary is in talks with private equity firm
Pacific Equity Partners over a AU$3.5-billion joint offer for
Symbion.

The TCR-AP further stated that according to Primary, the
discussions with PEP are incomplete and may or may not lead to a
bid for Symbion.

                      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).


THE MICROSEARCH: Accepting Proofs of Debt Until September 11
------------------------------------------------------------
The Microsearch Foundation of Australia will declare its first
dividend on September 25, 2007.

Creditors are required to file their claims by September 11,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         D. I. Mansfield
         Moore Stephens
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia

                     About The Microsearch

The Microsearch Foundation Of Australia provides health and
allied services.  The company is located at Lane Cove, in New
South Wales, Australia.


TRANSAX INT'L: June 30 Balance Sheet Upside Down by US$3.4 MM
-------------------------------------------------------------
Transax International Limited delivered its financial results
for the quarter ended June 30, 2007, to the Securities and
Exchange Commission on Aug. 20, 2007.

At June 30, 2007, the company's balance sheet showed
US$2,023,182 in total assets, US$5,486,325 in total liabilities
resulting in a US$3,463,143 stockholders' deficit.

The company reported a US$189,703 net loss on US$1,337,676
revenue for the three months ended June 30, 2007, compared with
a US$1,302,259 net loss on US$1,034,844 revenue for the three
months ended June 30, 2006.

The company's consolidated balance sheet at June 30, 2007, also
showed strained liquidity with US$793,080 in total current
assets available to pay US$4,986,582 in total current
liabilities.

A full-text copy of the regulatory filing is available for free
at:

http://sec.gov/Archives/edgar/data/1097896/000116169707000966/transax10qsb.txt


                       Going Concern Doubt

Moore Stephens P.C. expressed substantial doubt about Transax
International's ability to continue as a going concern after it
audited the company's financial statements for the year ended
Dec 31, 2006 and 2005.  The auditing firm pointed to the
company's accumulated losses from operations of approximately
US$12.9 million, a working capital deficit of approximately
US$4.4 million and a net capital deficit of approximately US$3.5
million at Dec. 31, 2006.

                   About Transax International

Based in Miami, Florida, Transax International Limited (OTCBB:
TNSX) -- http://www.transax.com/-- provides health information
management systems to hospitals, physicians and health insurance
companies.  The company's subsidiaries, TDS Telecommunication
Data Systems LTDA provides services in Brazil; Transax Australia
Pty. Ltd. operates in Australia; and Medlink Technologies Inc.
initiates research and development.


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

BENQ CORP: Targets NT$80 Bil. in Sales Next Year After Spin-Off
---------------------------------------------------------------
BenQ Corp. targets NT$75-80 billion in sales for next year,
followed by NT$100 billion in 2009, after completing its spin-
off from its parent company, Qisda Corp., CNN Money relates,
citing XFN News.

"We hope to attain annual sales growth of 25%-30% in the years
to come," BenQ President and CEO Conway Lee was quoted by the
news agency as saying, adding that "The sales targets for 2008
and 2009 have been set on assumptions that BenQ can attain
returns on equity of 15% and then 20%."

The spin-off of BenQ was completed on Sept. 1.  The company will
focus on branded operations, while Qisda will focus on original
design manufacturing (ODM) for clients, the report says.

With operations ahead of the spin-off also taken into account,
2007 sales are projected to top NT$60 billion, Mr. Lee added,
saying that the company is running at slightly above the break-
even level.

Moreover, Mr. Lee also said BenQ is serious about ushering in
strategic partners and other investors as well as listing on the
local bourse provided that there is strong and concrete
performance in 2008, the report relates.  This way, Qisda will
gradually reduce its shareholding in BenQ over the years, Mr.
Lee said.

As a result of the spin-off, BenQ is left without factories of
its own, thus it will focus on selling and marketing products
under its own brand name, CNN relates.

BenQ, however, will retain its own research and development team
to work on materials, industrial design, user interface and
convergence of different product segments, Mr. Lee said.

After the spin-off, BenQ's workforce will be reduced to over
2,000 people working in 24 countries, and the company hopes to
enjoy much lower operating expenses and capital expenditure than
in the past, CNN adds.

BenQ will also first concentrate on its home base in the greater
China region and the Asia Pacific before setting up in Europe
and the US.  Currently, 40% of BenQ's sales are in Europe with
25% in the greater China region, 25% in the Asia Pacific region
and the remaining 10% in the US, the report relates.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BLUE OCEAN: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting held on August 20, 2007,
members resolved through a special resolution to liquidate the
business of Blue Ocean Holdings Limited.

Tso Kwai Ping was appointed as liquidator.

The Liquidator can be reached at:

         Tso Kwai Ping
         807 Fortress Tower
         250 King's Road, North Point
         Hong Kong


BOE TECHNOLOGY: To Expand 5G Plant Capacity in Second Half
----------------------------------------------------------
BOE Technology plans to expand the monthly capacity of the
5Generation LCD plant owned by its subsidiary BOE
Optoelectronics Technology in the second half, Digitimes
reports.

According to the report, BOE plans to expand its capacity to
100,000 substrates during the second half of 2007, up from
85,000 units in the first half.

BOE OT, which turned profitable in May, shipped 4.57 million LCD
panels in the first half of 2007 and to meet further demand, BOE
Technology plans a one-year expansion project in which the
company will invest an additional US$99.88 million, the report
adds.

BOE Technology Group now owns a 78.54% stake at BOE OT.


Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 24, 2006.


BOE TECHNOLOGIES: To Issue 850 Mil. Shares in Private Placement
---------------------------------------------------------------
BOE Technology Group Co Ltd plans to issue up to 850 million
additional A-shares to up to 10 institutional investors via
private placement, XFN Asia News reports

Any single investor can make a maximum purchase of 360 million
shares, with a lockup period of 12 months, the news agency says,
citing the company's statement filed with the Shenzhen Stock
Exchange.

The price for the new shares will be at least CNY5.47 per share
and the proceeds, estimated at CNY6 billion will be invested in
a new TFT-LCD production line, pay down bank loans and
supplement working capital, the company said.

Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 24, 2006.


CHINA eBUSINESS: Shareholders Pass Resolution to Close Business
---------------------------------------------------------------
At an extraordinary general meeting held on August 31, 2007, the
shareholders of China eBusiness Tech. Limited passed a
resolution to liquidate the company's business.

Chen You was appointed as liquidator.

The Liquidator can be reached at:

         Chen You
         Lian Hua Bei Cun, Shenzhen Shi
         Room 801, Block 12
         Guangdong Province
         China


DBA INTERNATIONAL: Creditors' Proofs of Debt Due on September 18
----------------------------------------------------------------
The creditors of DBA International Logistics Limited, which is
undergoing liquidation, are required to file their proofs of
debt by September 18, 2007, to be included in the company's
dividend distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


ERSINE TEXTILE: Members Resolve to Wind Up Operations
-----------------------------------------------------
On August 22, 2007, the members of Ersine Textile Co., Limited,
resolved to voluntarily wind up the company's operations.

Ng Kin Yung, Tony, was then appointed as liquidator.

The Liquidator can be reached at:

         Ng Kin Yung, Tony
         805 Capitol Centre, 5-19 Jardine' Bazaar
         Causeway Bay
         Hong Kong


HOUTOKU FURNITURE: Taps Wan Kwok Ming as Liquidator
---------------------------------------------------
Wan Kwok Ming was appointed as liquidator for Houtoku Furniture
H.K. Limited through a special resolution passed on August 20,
2007.

The Liquidator can be reached at:

         Wan Kwok Ming
         Unicorn Trade Centre, Rooms 801-2
         127-131 Des Voeux Road Central
         Hong Kong


KTC (HONG KONG): Liquidators Quit Post
--------------------------------------
Rainier Hok Chung Lam and John James Toohey ceased to act as
liquidators for KTC (Hong Kong) Limited on August 23, 2007.

The former Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         Prince's Building, 22nd Floor
         Central, Hong Kong


RNA HOLDINGS: Fixes September 17 as Last Day to File Claims
-----------------------------------------------------------
RNA Holdings Limited, which is in compulsory liquidation,
requires its creditors to file their proofs of debt by
September 17, 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:

         Cosimo Borrelli
         Admiralty Centre
         1401, Level 14, Tower 1
         18 Harcourt Road
         Hong Kong


SAM CHEONG: Requires Creditors to File Claims by September 14
-------------------------------------------------------------
The creditors of Sam Cheong Ho Limited are required to file
their proofs of claim by September 14, 2007.

Failure to timely submit their proofs of claim will exclude
creditors from the company's dividend distribution.

The company's liquidator is:

         Lee Hing Tai, Ronald
         Sam Cheong Building, 1st Floor
         216-220 Des Voeux Road Central
         Hong Kong


STREPHON COMPANY: Taps Ng Kwong Hung as Liquidator
--------------------------------------------------
Ng Kwong Hung was appointed as liquidator for Strephon Company
Limited on August 20, 2007.

The Liquidator can be reached at:

         Ng Kwong Hung
         Commercial Complex, Shop No. 44
         Sun Tin Wai Estate, Shatin
         New Territories
         Hong Kong


TEXIND INDUSTRIES: To Pay Preferential Dividend on Sept. 10
-----------------------------------------------------------
Texind Industries Limited, which is in liquidation, will pay
preferential dividend to its creditors on September 10, 2007.

The company will pay 15% to all received claims.

The company's liquidators are:

         Gabriel CK Tam
         Jacky CW Muk
         Alexandra House, 27th Floor
         18 Chater Road, Central
         Hong Kong


TITAN PETROCHEM: To Buy Quanzho Shipyard for US$170 Million
-----------------------------------------------------------
Titan Petrochemicals Group will buy from its controlling
shareholder, Titan Oil Pte Ltd a shipyard at Quanzhou, in the
southeastern Fujian province for US$170 million in order to
expand its logistics business, various reports say.

Citing the company's statement, media reports note that Titan
Petrochemicals will satisfy the acquisition by paying
US$56.9 million cash for Titan Quanzhou Shipyard, and the
remainder by issuing ordinary and preferred shares.

Of the gains from the issuance of ordinary and preferred shares,
US$29 million is subject to change depending on financial
results performance during a period of three years, Infocast
News says.

The shipyard, according to Titan Petrochem, has ship repair,
ship building and offshore engineering operations, and currently
has orders for 22 vessels, amounting to US$210 million.

Once the deal is completed, Titan Oil and affiliates will now
hold 58.8% of the company, The Standard relates.

According to the reports, all conditions precedent to the
acquisition have to be fulfilled or waived by November 30.  The
financial adviser to Titan Petrochemicals for the deal is
Merrill Lynch.

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.  On March
29, 2007, Moody's Investors Service affirmed the B1 corporate
family rating of Titan Petrochemicals Group Ltd and its senior
unsecured bond rating of B2.  This follows Titan's announcement
of its fiscal year 2006 results, which show a 9.5% increase in
sales but a marked decline in net income by 67%.

On May 4, 2006, the Troubled Company Reporter-Asia Pacific
reported that the Standard & Poor's Ratings Services revised its
outlook on Titan Petrochemicals Group Ltd. to negative from
stable.  At the same time, it affirmed the "BB-" long-term
corporate credit rating on Titan.  The "B+" issue rating on the
company's senior unsecured notes was also affirmed.


ZARVA TECH: Seen to Post Net Loss in First 9 Mos. of 2007
---------------------------------------------------------
Zarva Technology (Group) Co., Ltd is likely to report a loss for
the first three quarters of fiscal 2007, Reuters reports, citing
an investor warning statement made by the company.

Reuters notes that for the first three quarters of fiscal 2006,
the company posted a net loss of CNY29, 428,021.81.  The Company
attributed this to the debt crisis, the news agency adds.

Zarva will not distribute dividends for the first half of fiscal
2007.

Zarva Technology (Group) Co., Ltd. -- http://www.zarvagroup.com/
-- is principally engaged in the manufacture of information
technology (IT) products, consumer electronic products and
renovation materials and the provision of IT solutions.

The Troubled Company Reporter-Asia Pacific reported on Feb. 16,
2007, that the company has a capital deficiency of
US$102.01 million, on total assets of US$101.76 million.


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

AGILENT TECHNOLOGIES: Closes NetworkFab Acquisition
---------------------------------------------------
Agilent Technologies Inc. has completed the acquisition of
NetworkFab Corp., a privately held designer and builder of
advanced signal intelligence, communications and jammer systems
for the U.S. military, intelligence agencies and law enforcement
groups.  Financial details were not disclosed.

The acquisition of NetworkFab enables Agilent to expand its
presence in operational environments to support U.S. government
prime contractors.  Agilent has a long history of market
leadership in the test and measurement industry, including
aerospace/defense.

NetworkFab's core competencies are in radio frequency
communications, including direction finding, jamming, antenna
design, networking, software design and custom systems
engineering.

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                          *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


ANDHRA CEMENTS: Allots 87,40,000 Shares to IDFC
-----------------------------------------------
Andhra Cements Ltd's committee of board of directors, at its
meeting held on Sept. 4, 2007, allotted 87,40,000 equity shares
of INR10 to Infrastructure Development Finance Company Ltd, a
regulatory filing with the Bombay Stock reveals.  The shares
were issued on preferential basis at a premium of INR18.60
apiece as per the SEBI Guidelines.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the board, on July 26, decided to issue the shares to
IDFC.  The board will also issue 66,70,000 shares to promoter
companies.

Andhra Cements Ltd will be issuing 1,54,10,000 equity shares on
private placement basis to promoter companies and Infrastructure
Development Finance Company Ltd.

Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement. Andhra is part of the
Kolkata-based Duncan Goenka group. The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.

Andhra Cements had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994.  The
scheme is presently under revision, the company notes in its
financial statements for the quarter ended March 31, 2007.

The Troubled Company Reporter-Asia Pacific's "Companies with
Insolvent Balance Sheets" column on Aug. 31, 2007, listed Andhra
Cement, with US$58.94 million in total assets, and US$13.48
million in shareholders' equity deficit.


BALLARPUR INDUSTRIES: Reports INR2.5-Bil. Profit in FY2007
----------------------------------------------------------
Ballarpur Industries Ltd has disclosed its audited results for
the quarter and year ended June 30, 2007.

The company posted a net profit after taxation of
INR662.80 million for the quarter ended June 30, 2007, compared
with the INR678.80-million net profit after taxation recorded
for the quarter ended June 30, 2006.  Total income (net of
excise) is INR5.38 billion for the quarter ended June 30, 2007,
compared with INR5.34 billion earned in the same quarter in
2006.

For the year ended June 30, 2007, the company reported a net
profit after taxation of INR2.51 billion, an improvement from
the INR2.12 billion in the prior fiscal year.  Total income (net
of excise) is INR21.73 billion in FY2007, where as the same was
at INR18.84 billion in FY 2006.

                       Consolidated Results

The Group posted a net profit after taxation, minority interest
& Share in Associates of INR2.56 billion for the year ended
June 30, 2007, compared to INR2.14 billion in the prior year.
Total income (net of excise) is INR23.32 billion in FY 2007,
where as the same was at INR19.24 billion last year.

Previous year figures include those of Power business for nine
months up to March 31, 2006 & Unit Ashti for a period of three
months from April 1, 2006 to June 30, 2006 and hence are not
comparable with the classification of current year, the company
notes.

                    Board Recommends Dividend

In a filing with the Bombay Stock Exchange, BILT disclosed that
its board of directors, at its Aug. 29, 2007 meeting,
recommended payment of final dividend of 15% on the company's
equity shares.

BILT also informed BSE that it will hold its 62nd annual general
meeting on Dec. 4, 2007.  For the purpose of payment of final
dividend and the AGM, the company's Register of Members & Share
Transfer Books will remain closed from Nov. 23 to Dec. 4.

                   About Ballarpur Industries

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of May 15, 2007, the company
still carry those ratings.


BANK OF BARODA: To Venture Into Insurance & Asset Management
------------------------------------------------------------
Bank of Baroda is eyeing entry into the insurance and asset
management sectors, media reports say.

The Press Trust of India, citing Chairman & Managing Director
Anil Kuman Khandewal, says that the bank is currently finalizing
a memorandum of understanding with "UK-based famous company" for
the plans for the insurance undertaking.  While for the estate
management, BoB is mulling a joint venture with an Italy-based
pioneer group, the news agency adds.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India. The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: USD250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme. The agency also affirmed the bank's
Individual Rating of 'C/D'. The outlook on all ratings is
stable.


BANK OF BARODA: To Deploy 40% of Resources Abroad
-------------------------------------------------
Bank of Baroda will deploy 40% of its resources abroad as part
of its plan to focus on international operations, Mahalakshmi
Hariharan writes for dnaindia.com

"We are projecting a growth of 35-40% from international
operations.  In order to achieve this, we have decided to deploy
INR25,000 crore this year as against INR17,000 crore in 2006-
07," dnaindia quotes V. Santhanaraman, BoB executive director,
as saying.

According to dnaindia, the bank intends to open 10 offices
overseas this year and sees 71 offices abroad by March 2008.

As part of its strategy to promote global presence, the bank's
gulf operations are poised for a major expansion in the coming
months, Ravindra Nath of Khaleej Times Online relates.
"The plans include opening branches in the other four GCC
countries, starting with Bahrain very soon; launching a new
outlet, a deposit-linked insurance scheme and Internet banking
in Oman; and the establishment of a Regional Syndication Centre
in Dubai," Khaleej Times says.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India. The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

                               * * *

As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: USD250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme. The agency also affirmed the bank's
Individual Rating of 'C/D'. The outlook on all ratings is
stable.


BANK OF INDIA: To Revalue Some Fixed Assets
-------------------------------------------
The Bank of India will revalue some of its fixed assets, a
regulatory filing with the Bombay Stock Exchange discloses.

The bank's board of directors, at its meeting on Aug. 22, 2007,
decided to revalue identified fixed assets and take into account
the appreciation in the value during the current quarter.

As part the guidelines of the Reserve Bank of India, 45% of
revaluation reserves are accounted as Tier II Capital, the BSE
filing says.  Hence, the bank's Tier II Capital will increase
once the process of revaluation is completed and the reassessed
value of fixed assets is crystallized.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operations in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                             * * *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch. These notes are being issued under
the bank's US$1 billion medium-term notes program.


BHARTI AIRTEL: Dept. of Telecom Wants Firm Fined for INR50 Crore
----------------------------------------------------------------
India's Department of Telecom asked A. Raja, Minister of
Communications & Information Technology, to impose a fine on
Bharti Airtel Limited INR50 crore for constructing towers
violating a license agreement, The Economic Times reports.

According to the report, Bharti put up two towers within a
distance of 10 km of international border with Nepal in Bihar
service area, in breach of a license deal.

Effective on Feb. 26, 2007, the restriction on distance between
two towers was already relaxed to 500 metres along the
international border, the report relates.  However, DoT asserts
that the company still violated the license agreement pursuant
to the restrictions during the time of vigilance check.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                         *     *      *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on September 21, 2005.


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

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

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

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

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

                          *     *     *

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

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


GENERAL MOTORS: Expects Steady Sales Growth in Emerging Markets
---------------------------------------------------------------
General Motors Corp.'s sales in Latin America, Africa and the
Middle East will grow by a few billion dollars each year through
the rest of the decade, Maureen Kempston Darkes, GM's president
for the three regions said, Reuters reports.

The car maker had increased its revenue in those regions to
about US$15 billion in 2006, from about US$5.4 billion in 2003,
Reuters relates.

"I think we will see a similar growth in revenue through the
rest of the decade, unless there are some unforeseen
circumstances," Ms. Kempston Darkes said, Reuters notes.

According to the report, she also said GM may increase capacity
by adding third shifts at many Latin American assembly plants to
meet higher demand for vehicles in the region.

"The industry is running faster than our ability to keep up with
it.  We will have to increase capacity because we are selling
everything we are making," Reuters quotes Ms. Kempston Darkes as
saying.

Overseas sales accounted for 58 percent of total sales in the
second quarter, and GM Chief Executive Rick Wagoner has said he
expects sales outside the United States to continue surpassing
domestic sales in the next few years, Reuters states.

                      About General Motors

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

                          *     *     *

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

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


NOVELL INC: Signs License Agreement with Acacia Tech Unit
---------------------------------------------------------
Novell Inc. has entered into a license agreement with
Acacia Research Corporation's Disc Link Corporation subsidiary,
which is part of its Acacia Technologies group, under which
Acacia will cover patents relating to portable storage devices
with links.  The agreement resolves litigation that was pending
in the United States District Court for the Eastern District of
Texas with respect to certain Novell products.

The portable storage devices with links technology generally
relates to products sold or distributed on CDs or DVDs that
include a link to retrieve additional data via the Internet.

                    About Acacia Research

The Acacia Technologies group --
http://www.acaciatechnologies.com/-- develops, acquires, and
licenses patented technologies.  Acacia controls 77 patent
portfolios covering technologies used in a wide variety of
industries including audio/video enhancement & synchronization,
broadcast data retrieval, computer memory cache coherency,
credit card fraud protection, database management, data
encryption & product activation, digital media transmission
(DMT(R)), digital video production, dynamic manufacturing
modeling, enhanced Internet navigation, image resolution
enhancement, interactive data sharing, interactive television,
laptop docking station connectivity, microprocessor enhancement,
multi-dimensional bar codes, resource scheduling, spreadsheet
automation, and user activated Internet advertising.

                       About Novell Inc.

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.  The
company has offices in Australia, Argentina, Brazil, China, Hong
Kong, India, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea, Taiwan and Thailand.

                          *     *     *

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


PRIDE INT'L: Fitch Affirms Issuer Default Rating at BB
------------------------------------------------------
Fitch Ratings has affirmed Pride International Inc.'s Issuer
Default Rating at 'BB' in addition to affirming the ratings on
Pride International's senior secured revolving credit facility,
senior unsecured notes and their convertible senior notes.  The
Rating Outlook is Stable.  Fitch maintains the following ratings
for Pride International:

-- Issuer Default Rating (IDR) at 'BB';
-- Senior unsecured at 'BB';
-- Senior secured bank facility at 'BBB-';
-- Senior convertible notes at 'BB'.

Pride International's ratings reflect the significant
improvement the company has made in reducing debt and
capitalizing on the strong offshore drilling environment to sell
non-core assets and refocus the company as an offshore drilling
contractor with a focus on deepwater assets.  Pride
International's credit stats reflect these improvements as well
as the strong market conditions for offshore drilling rigs. For
the last 12 months ending June 30, 2007, Pride International
generated US$990.9 million of EBITDA, and free cash flow (cash
from operations less capital expenditures) was US$222.7 million.
Credit metrics were robust with interest coverage of 12 times
and debt-to-EBITDA dropping to 1.3.  Pride International has
also been successful in securing a US$5.7 billion revenue
backlog, primarily associated with the company's floating rigs
and international jackup fleet.

The Rating Outlook is currently Stable despite the improving
credit profile for the company.  Fitch views the company's
recent divestitures positively and thinks the company is on-
track for producing additional enhanced protection for
creditors.  However, this generally positive trend is likely to
take considerable time and be marked by periods of additional
leverage as the company works to become a pure offshore drilling
contractor with a deepwater focus.  Key to future rating
decisions will be how Pride decides to re-deploy proceeds from
the recently closed Latin American divestiture, the company's
willingness to pursue additional large, speculative
newbuilds/acquisition opportunities and the company and
industry's ability to digest the large number of newbuild rigs
expected to come to market between 2007 and 2009.

Pride is one of the world's largest drilling contractors and
operates a diverse fleet of primarily offshore rigs.  The fleet
includes two ultra-deepwater drillships, two newbuild deepwater
drillships currently under construction, 12 semisubmersible
rigs, 28 jackup rigs and 16 tender-assisted, barge and platform
rigs, 10 land-based rigs and five managed rigs.  The company
recently closed the divestiture of its fleet of land-based
drilling and workover rigs located in Latin America and its
oilfield services business.  Additionally, Pride International
has announced the sale of its three tender assisted rigs.

                   About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

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

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
   (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

-- Preferred Shelf rated Ba2 (LGD6, 97%)

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

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


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

ALCATEL-LUCENT: To Deploy WiMAX Network for Bollore Telecom
-----------------------------------------------------------
Alcatel-Lucent is deploying a next-generation pilot network for
France's Bollore Telecom, one of the leading communications
providers and a holder of 12 WiMAX licenses in France.  This new
pilot network complements existing WiMAX trials Bollore Telecom
currently is conducting before the planned launch of its
commercial offering in France later this year.

Complying with the latest IEEE standard 802.16e-2005 the new
pilot WiMAX network is already operational. Installed and
operated by Alcatel-Lucent on one of Bollore's sites in the
Paris region, the network uses the 3.5 GHz frequency band.  It
will enable Bollore Telecom to test the radio performance of
WiMAX and better prepare for its commercial deployment.

"We are working in close cooperation with the Bollore Telecom
teams to ensure the success of these trials, which implement
Alcatel-Lucent's latest advanced antenna technologies.  By
maximizing the radio performance of the WiMAX network, these
advanced technologies will make it possible for future users to
access high-quality broadband services wherever they are," said
Olivier Picard, President of the Alcatel-Lucent Europe and South
activities.  "With the combination of our expertise based on our
world leadership in fixed and mobile broadband, and the broadest
products and services portfolio on the market, we are in a good
position to help Bollore Telecom deploy a WiMAX network in
France that meets its high expectations."

Alcatel-Lucent's universal WiMAX solution is ideal for rapidly
deploying Voice over IP and broadband services such as mobile
data, video streaming and virtual private network access in
fixed, nomadic and/or mobile environments.  WiMAX technology
enables people to access high-speed, high-quality broadband
wireless services wherever they are and wherever they go,
providing truly "universal" wireless broadband access.

Under this agreement, Alcatel-Lucent is responsible for
delivering an integrated end-to-end solution that includes
acquisition of the sites and procurement of the necessary
equipment including WiMAX terminals for Bollore Telecom's
customers.  This agreement follows a multiple-supplier
partnership strategy that fits into the framework of Alcatel-
Lucent's open cooperation program aimed at promoting an open
environment designed to give end-users the widest possible
choice of devices.  Alcatel-Lucent will also manage the pilot
network.

Alcatel-Lucent's Universal WiMAX solution integrates the latest
technological innovations, such as "beam forming" and MIMO.
Beamforming enables a service provider to dramatically reduce
the number of radio sites needed to provide coverage -- in some
instances by as much as 40 percent -- while reducing
interference and ensuring better indoor penetration of the radio
signal. MIMO helps make radio links more robust, nearly doubling
the capacity delivered in dense urban environments.

With more than 70 pilots and deployments across the world and 12
commercial contracts signed since the beginning of 2007, this
new project clearly underscores Alcatel Lucent's leading
position in the WiMAX market, and particularly in France, where
it recently deployed the first WiMAX Rev-e commercial network.

                     About Bollore Telecom

Bollore Telecom is a new French telecommunications operator,
which obtained 12 regional WiMAX licenses in July 2006. The
project developed by Bollore Telecom has three targets:
implementing a microwave broadband access in its regional
territories, contributing to the development of competitivity
through the creation of a real alternative to existing service
portfolios, and innovating new services -- in order to offer
end-users new nomadic solutions with both competitive prices and
the guarantee of a maximum technical reliability.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/ -- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                          *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


BANK NEGARA: Completes Rights Issues of Shares
----------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk has completed its rights
issue of 1,992,253,110 shares as of August 30, 2007, Reuters
reports.

According to the report, the company's shares listed on the
Jakarta Stock Exchange has increased to 15,121,201,105 shares.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2007, Standard & Poor's Ratings Services raised PT
Bank Negara Indonesia (Persero) Tbk's long-term counterparty
credit ratings to 'BB-' from 'B+'.  The outlook is stable.  At
the same time, the Bank Fundamental Strength Rating of the bank
remains unchanged at 'D'.


EXCELCOMINDO PRATAMA: On Track for 2007 Consumer Target
-------------------------------------------------------
PT Excelcomindo Pratama Tbk is on track of achieving the
14 million consumer target by the end of 2007, Reuters reports,
citing President Director Hasnul Suhaimi.

According to the report, Mr. Suhaimi said that by the end of
July the Excelcom's subscribers increased to 10.5 million
compared to last year's 9.5 million.

Mr. Suhaimi told reporters that the company is aiming for 13-14
million users by the end of this year, with the 10.5 million
users in line their target, the report notes.

Reuters notes that Indonesia's US$5 billion mobile telecoms
sector is seen as having healthy potential thanks to its fat
margins and prospects of rapid subscriber growth.

The number of subscribers is expected to top 100 million in the
country by 2008, the report adds.

                 About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on May 24,
2007, that Fitch Ratings has affirmed PT Excelcomindo Pratama
Tbk's Long- term Foreign Currency and Local Currency Issuer
Default Ratings at 'BB-'.  The Outlook remains Stable.  At the
same time, Fitch has affirmed the 'BB-' rating on its senior
unsecured notes programme.

A Feb. 7, 2007 report by the TCR-AP stated that Moody's
Investors Service revised the outlook to positive from stable on
Excelcomindo Finance Company B.V.'s Ba3 foreign currency senior
unsecured bond rating.  The bond is irrevocably and
unconditionally guaranteed by PT Excelcomindo Pratama.  This
rating action follows Moody's decision to revise the rating
outlook on Indonesia's Ba3 foreign currency sovereign ceiling to
positive.  At the same time, Moody's affirmed the Ba2 local
currency corporate family rating of Excelcomindo Pratama.  The
outlook for the rating remains stable.


FOSTER WHEELER: Unit Bags CEPSA Contract for Crude Heaters
----------------------------------------------------------
Foster Wheeler Ltd.'s Spanish subsidiary, Foster Wheeler Iberia,
S.A.U., part of its Global Engineering and Construction Group,
has been awarded a contract by Compania Espanola de Petroleos,
S.A. (CEPSA), one of the main Spanish refining companies, for
the design, material supply, construction, and erection of a new
crude heater, a new vacuum heater and a combustion air preheater
system for La Rabida Refinery in Huelva, Spain.  The new heaters
form part of a project CEPSA is undertaking to increase the
refinery's production of middle distillates.

The Foster Wheeler contract value was not disclosed.  The
project was included in the company's second-quarter 2007
bookings.

This latest award follows the award to Foster Wheeler Iberia in
the first quarter of 2007 of a contract for the detailed
engineering of new crude, vacuum, and gas recovery units at the
same refinery, which in turn had followed the company's
successful completion of the front-end engineering design for
these units.  Mechanical completion of the two vertical
cylindrical-type heaters and preheater system is scheduled for
June 2009.

"We are very pleased with this latest award from CEPSA, which
reflects our long track record and experience in the design of
fired heaters for crude and vacuum units," commented Jesus
Cadenas, chief executive officer of Foster Wheeler Iberia,
S.A.U.  "The collaboration between CEPSA and our Fired Heater
Division dates back to 1967, when we supplied the first fired
heaters for CEPSA's Gibraltar-San Roque Refinery."

CEPSA is a diversified energy company whose core business is the
refining and marketing of petroleum products.  Additionally, the
Company has a world-class petrochemicals business, manufacturing
intermediates for a wide variety of products used in the food,
pharmaceutical, chemical, plastic and textile industries.  The
Company is also involved in other energy-related activities,
such as oil and gas exploration and production, and is rapidly
broadening its presence in the natural gas and power sectors as
well.  Not only is CEPSA a major energy player in Spain, but it
also has an expanding global portfolio of operations in
countries such as Algeria, Brazil, Canada, Colombia, Egypt,
Panama and Portugal, selling its products on all five
continents.


INDOSAT: Explains Network Disturbance to Regulator
--------------------------------------------------
PT Indosat Tbk filed an official report to the Indonesian
Telecommunications Regulating Agency clarifying a disturbance in
its cellular networks in Jakarta, Bogor, Depok, Tangerang and
Bekasi on August 31 and September 1, Antara News reports, citing
Indosat Head of Public Relations Adita Irawati.

According to the report, Indosat's cellular network collapsed
after a drop in capacity by up to 20%.  Indosat's subscribers
could not make calls or send text messages.

Mr. Irawati said that the disturbance had not crippled the whole
network system in the areas, citing several locations which were
not affected by the network disturbance, Antara says.

The report adds that BRTI Member Kamilov Sagala said the agency
would conduct an investigation in connection to the disturbance,
to find out the causes of the network failure, the report
relates.

                         About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.

At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


INDOSAT: May Get IDR2.5-Trillion Loan from Bank Mandiri
-------------------------------------------------------
PT Indosat Tbk may get a loan from PT Bank Mandiri, Tempo
Interactive reports.

According to the report, Bank Mandiri has allocated up to
IDR2.5-trillion for Indosat.   The latter will use the fund for
its capital expenditure in 2007, which according to the report
amounts to US$1.2 billion.

Bank Mandiri Corporate Director Abdul Rachman told Tempo that
the process of credit providing for Indosat is now still in
negotiation.  This is because Indosat is considering issuing
bonds to fulfill capital expenditure, the report explains.

Bank Mandiri has reportedly prepared between IDR2 to
IDR2.5 trillion.

                     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. 2,
2007, that Moody's Investors Service 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.

                        About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.

At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


TELKOMSEL: Buys Back Shares in Second Repurchase Program
--------------------------------------------------------
PT Telekomunikasi Indonesia Tbk disclosed that as of August 22,
2007, it repurchased 4,600,000 shares, Reuters reports.

According to the report, the company bought back the shares in
its second shares repurchase program.  The company plan to
repurchase a total of 215,000,000 in this second program.

Meanwhile, as of June 20, 2007, the company has repurchased
211,290,500 shares from its first shares repurchase program, the
report adds.

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


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

ADVANCED MEDICAL: R. DeRisio Named VP-Global Regulatory Affairs
---------------------------------------------------------------
Advanced Medical Optics Inc. has appointed Richard J. DeRisio as
vice president for global regulatory affairs.

Mr. DeRisio will oversee development and execution of worldwide
regulatory strategies for AMO's new and existing products, which
are sold in more than 70 countries.

"We are pleased to welcome aboard Richard, as he brings to AMO
more than 25 years of regulatory and professional management
experience in the medical device industry," said AMO Executive
Vice President, Research and Development Leonard Borrmann.
"Richard's knowledge and expertise will help us continue to
strengthen our global R&D leadership team and support AMO's
growth across its three businesses."

Most recently, Mr. DeRisio served as vice president, global
regulatory affairs at Kinetic Concepts Incorporated, a high
growth medical technology company.  He has held similar
positions at cutting edge device companies including STERIS
Corporation, Computer Motion Incorporated, Johnson & Johnson's
Biosense Webster Incorporated, Sorin Biomedical, and Ventritex
Incorporated.

DeRisio received a bachelor's degree in chemical engineering and
a master's degree in food science & technology from Cornell
University.

Advanced Medical Optics, Inc. -- http://www.amo-inc.com/--
(NYSE:EYE) develops advanced, life-improving vision technologies
for people of all ages.  Products in the cataract/implant line
include intraocular lenses, phacoemulsification systems,
viscoelastics, and related products used in ocular surgery.  AMO
owns or has the rights to such product brands as ReZoom(R),
Tecnis(R), Clariflex(R), Sensar(R), and Verisyse(R) IOLs,
Sovereign(R), Sovereign(R) Compact and WhiteStar Signature(TM)
phacoemulsification systems with WhiteStar(R) technology,
Healon(R) viscoelastics, and the Baerveldt(R) glaucoma shunt.
Products in the laser vision correction line include wavefront
diagnostic devices, femtosecond lasers and associated patient
interface devices, and excimer laser vision correction systems
and treatment cards.  AMO brands in the laser vision correction
business include Star S4 IR(R), WaveScan Wavefront(R), Advanced
CustomVue(TM), IntraLase(R) FS, IntraLase Method(TM) and
IntraLasik(R).  Products in the contact lens care line include
disinfecting solutions, enzymatic cleaners and lens rewetting
drops.  Among the eye care product brands the company possesses
are COMPLETE(R), COMPLETE(R) Blink-N-Clean(R), Consept(R)F,
Consept(R) 1 Step, Oxysept(R) 1 Step, UltraCare(R),
Ultrazyme(R), Total Care(TM) and blink(TM) branded products.
AMO is based in Santa Ana, California, and employs approximately
4,200 worldwide.  The company has operations in 24 countries
like Germany, Japan, Ireland, Puerto Rico, and Brazil and
markets products in approximately 60 countries.

                          *     *     *

As reported in the Troubled Company Reporter on July 9, 2007,
Moody's Investors Service maintains Advanced Medical Optics,
Inc. ratings on review for possible downgrade following AMO's
announcement of its offer for Bausch & Lomb, Inc. for US$75 per
common share in a combination of US$45 in cash and US$30 in AMO
common stock.

These ratings remain on review for possible downgrade: B1
Corporate Family Rating; B1 Probability of Default Rating; Ba1
(LGD2/14%) rating on US$300 million senior secured revolver due
2013; Ba1 (LGD2/14%) rating on US$450 million senior secured
term loan B due 2014; B1 (LGD4/50%) rating on US$250 million
senior subordinated notes due 2017; and B3 (LGD5/81%) rating on
US$251 million convertible senior subordinated notes due 2024.


ADVANCED MEDICAL: S&P Lowers Corporate Credit Rating to B+
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Advanced Medical Optics Inc. to 'B+' from 'BB-'; the
ratings have been removed from CreditWatch with negative
implications, where they were placed on Aug. 6, 2007.  The
stable outlook assumes AMO will be able to resolve any issues
related to its inability to comply with covenants on its
revolving credit facility at Sept. 30, 2007, given the greater
value to creditors of this company as a going concern.

At the same time, S&P revised the ratings on AMO's $750 million
senior secured financing, consisting of a $450 million term loan
B due 2014 and a 11$300 million revolving credit facility due
2013. The rating on this debt has been lowered to 'BB-' (one
notch higher than the corporate credit rating on AMO) from 'BB'.
The recovery rating has been revised to '2', indicating the
expectation of substantial recovery (70%-90%) in the event of a
default, from '1'.

"The downgrade reflects the company's limited financial capacity
resulting from prior debt-financed acquisitions and stock
repurchases," explained Standard & Poor's credit analyst Cheryl
Richer.

AMO's high debt leverage and inability to reduce debt in line
with prior expectations are exacerbated by its May 2007 COMPLETE
multi-purpose lens care solution recall.  While AMO has an
alternative multi-purpose product that it is in the process of
rolling out globally, it will be challenged to regain lost
market share and restore eye care revenues to prior levels.

Our rating on AMO reflects technology risk, competitive risks,
and the ophthalmic company's aggressive efforts to build upon
its well-established position as a midsize player in the
industry. Despite the recent sharp decline in eye care revenues,
these efforts have broadened its product and geographic
diversity and provided a leadership position in its markets; 57%
of revenues are derived outside the U.S. Debt increased by $800
million as a result of the April 2007 acquisition of IntraLase
Corp., and the company's $4.3 billion bid to acquire Bausch &
Lomb (subsequently retracted on Aug. 2, 2007) revealed AMO's
willingness to increase debt leverage to a greater level (more
than 6.5x on an adjusted basis) than that incurred in previous
transactions.

Advanced Medical Optics, Inc. -- http://www.amo-inc.com/--
(NYSE:EYE) develops advanced, life-improving vision technologies
for people of all ages.  Products in the cataract/implant line
include intraocular lenses, phacoemulsification systems,
viscoelastics, and related products used in ocular surgery.  AMO
owns or has the rights to such product brands as ReZoom(R),
Tecnis(R), Clariflex(R), Sensar(R), and Verisyse(R) IOLs,
Sovereign(R), Sovereign(R) Compact and WhiteStar Signature(TM)
phacoemulsification systems with WhiteStar(R) technology,
Healon(R) viscoelastics, and the Baerveldt(R) glaucoma shunt.
Products in the laser vision correction line include wavefront
diagnostic devices, femtosecond lasers and associated patient
interface devices, and excimer laser vision correction systems
and treatment cards.  AMO brands in the laser vision correction
business include Star S4 IR(R), WaveScan Wavefront(R), Advanced
CustomVue(TM), IntraLase(R) FS, IntraLase Method(TM) and
IntraLasik(R).  Products in the contact lens care line include
disinfecting solutions, enzymatic cleaners and lens rewetting
drops.  Among the eye care product brands the company possesses
are COMPLETE(R), COMPLETE(R) Blink-N-Clean(R), Consept(R)F,
Consept(R) 1 Step, Oxysept(R) 1 Step, UltraCare(R),
Ultrazyme(R), Total Care(TM) and blink(TM) branded products.
AMO is based in Santa Ana, California, and employs approximately
4,200 worldwide.  The company has operations in 24 countries
like Germany, Japan, Ireland, Puerto Rico, and Brazil and
markets products in approximately 60 countries.


BOSTON SCIENTIFIC: Mends Guidant Devices Dispute for US$16.75MM
---------------------------------------------------------------
Boston Scientific Corporation said in a press statement last
week that three of its subsidiaries, Guidant Corporation,
Cardiac Pacemakers Inc., and Guidant Sales Corporation (nka
Boston Scientific Cardiac Rhythm Management), have reached an
agreement with the Attorneys General of 35 states and the
District of Columbia to settle investigations associated with
Guidant Corporation's Ventak Prizm 2DR Model 1861, Contak
Renewal Model H135 and Contak Renewal 2 Model H155 devices.
Boston Scientific acquired the Guidant entities last year.

Under the terms of the agreement, the three Boston Scientific
subsidiaries will pay a total of US$16.75 million and admit no
liability.  They also agreed to extend the Supplemental Warranty
Program for these devices an additional six months and
reaffirmed their commitment to implement changes recommended by
the Independent Panel commissioned by Guidant in 2005, such as
having a Patient Safety Officer and a Patient Safety Advisory
Board, and making enhancements to product performance
communications.

"Boston Scientific has been working cooperatively with the state
Attorneys General and is pleased to have reached an amicable
agreement," said Jim Tobin, President and Chief Executive
Officer of Boston Scientific.  "This agreement underscores our
commitment to being the industry leader in patient safety and in
communicating with patients and doctors."

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

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 28, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Boston Scientific Corp., including the 'BB+' corporate credit
rating.  The ratings, placed on Aug. 3, 2007, remain under
CreditWatch with negative implications.

Earlier, Fitch Ratings downgraded the rating on the company's
'BBB-' Senior Unsecured Notes to 'BB+'.  The Outlook is
Negative.


FORD MOTOR: Tata Confirms Interest in Jaguar & Land Rover
---------------------------------------------------------
Ratan Tata, chairman of Tata Group and its vehicle-manufacturing
arm, has confirmed his interest in Jaguar and Land Rover during
an interview with CNN-IBN, following months of speculation that
Tata Motors Ltd. was considering a bid for the two units of Ford
Motor Company, the Wall Street Journal reports.

The acquisition, expected to cost more than US$1 billion, would
give Tata access to the technology and the networks it needs to
expand its presence abroad as well as to upgrade the vehicles it
offers in its booming home market.  The deal would also aid in
the group's plans to become one of India's first global brands
and diversify its businesses overseas, Eric Bellman in Mumbai
and Stephen Power in Frankfurt write for WSJ.

According to the WSJ report, Tata is expected to compete with
the private-equity firms that have expressed interest, including
J.P. Morgan Chase & Co.'s One Equity Partners LLC, led by former
Ford Chief Executive Jacques Nasser, and Ripplewood Holdings
Inc., which is being advised by former Ford executive Nick
Scheele.  Mahindra & Mahindra is presently conducting due
diligence on Jaguar and Land Rover although the Indian company
has hinted that it favors Land Rover over Jaguar, The Financial
Times states.

Meanwhile, the recent turmoil in the global credit markets is
affecting Ford's plans to sell Jaguar and Land Rover, with Ford
CEO Alan Mulally telling reporters it "absolutely is an issue"
although he insists it wasn't slowing down the sale, Reuters
relates.  He expects the dotted lines to be signed by late 2007
or early 2008.

In response to the market's volatility, Ford has told potential
buyers that they do not have to submit fully-financed bids in
the second round.  Ford would provide some of the financing
itself, according to people involved in the process, as
uncertainty in the credit markets has made leveraged buyouts
more difficult, Mr. Bellman and Mr. Power report for WSJ.

Concurrently, Mr. Mulally has joined calls for the Federal
Reserve to stimulate the economy, saying the housing crisis and
credit turmoil has made sustaining economic growth a "priority,"
adding that economic and credit conditions were a "big headwind"
to Ford's turnaround plans, FT relates.

                       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.


GAP INC: Names Sabrina Simmons as Acting Chief Financial Officer
----------------------------------------------------------------
Gap Inc. Chief Financial Officer Byron Pollitt has decided to
leave the company to pursue an opportunity in another industry.
His last day in the position will be Sept. 14, 2007.

The company also announced Sabrina Simmons, 44, currently senior
vice president of corporate finance and a six-year Gap Inc.
finance veteran, is being promoted to the newly-created position
of executive vice president of Gap Inc. finance and will serve
as acting chief financial officer. Ms. Simmons will report
directly to Glenn Murphy, Gap Inc.'s chairman and chief
executive officer.

Mr. Murphy said, "On behalf of all of us at Gap Inc., I want to
thank Byron for his tremendous contributions to our company.
He's played an integral role in restoring the company's
financial health and instilling the strong financial discipline
across the organization that exists today."

Commenting on his time with the company, Mr. Pollitt said, "I'm
proud of what we've accomplished over the past five years and
the financial strength of the company.  I am confident the
talented team at Gap Inc. will continue to build on the progress
that we've made.  I wish the company every success in the
future."

Ms. Simmons joined Gap Inc. in 2001 as vice president and
treasurer.  She currently has responsibility for all corporate
finance functions including controllership, corporate financial
planning and analysis, investor relations, treasury, tax,
corporate shared service center, and risk management. In her
expanded role as executive vice president, Ms. Simmons will
serve on the company's Executive Leadership Team and will
oversee all business-related financial matters.

"For the past six years, Sabrina has been critical in bringing
financial discipline to Gap Inc., restoring the strength of the
company's balance sheet and returning cash to our shareholders,"
Mr. Murphy added.  "I look forward to working more closely with
her in the coming months and together, executing on our near-
term priorities to continue to enhance shareholder value."

                         About Gap Inc.

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

                          *     *     *

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

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


MAZDA MOTORS: Recalls 280,000 Demios and Verisas in Japan
---------------------------------------------------------
Mazda Motor Corporation said that it will be recalling more than
280,000 cars in Japan due to defects, marking the biggest recall
on record, of the Hiroshima-based automaker, reports
Twiddlesticks.

Mazda spokeswoman Aya Takahashi stated that 287,987 Demios and
Verisa compact models produced between June 2003 and July 2006
will be recalled as defects that will affect the clutch systems
and coil springs in the suspensions were found.  However,
Ms. Takahashi clarified to Twiddlesticks that their have been no
reported injuries or damage due to the defects.  According to
Ms. Takahashi, the company will not wait until for their
customers to get hurt so they are announcing a recall.

Ms. Takahashi explained to Twiddlesticks that the present recall
is related to the coil springs with coatings that can be removed
easily attributed to the inappropriate installation of the parts
causing the coil to rust and the worst scenario is that it will
break and might cause accident.  Ms. Takahashi cited another
problem which pertains to the material used to cap the hydraulic
oil used in the clutch system since it could leak causing the
clutch not to function properly.

Reportedly, the car manufacturer will conduct the repairs for
free but did not specify the total cost of the current recalls.

Demios exported totaling to 25,559, are not included in the
domestic recall but Mazda assured that it will handle the
defects of exported models inline with local regulations,
relates Twiddlesticks.

                      About Mazda Motors

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

                          *     *     *

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

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

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


SAPPOPRO HOLDINGS: Shares Rise After Analyst Ups Rating
-------------------------------------------------------
Sapporo Holdings Limited rose as much as 5.6% on the Tokyo Stock
Exchange on September 4 after Credit Suisse raised its rating to
"neutral" from "underperform," reports Fergus Maguire of
Bloomberg News.

The rating change written by analyst Yukiko Oshima resulted from
the recent share-price weakness in which Credit Suisse lowered
its target price 7.7% to JPY600 after revising Sapporo's
earnings forecast, writes Ms. Maguire.

Mr. Oshima, in its September 3 report said, "Sapporo is working
to reinforce the brand by, among other measures, establishing a
dedicated marketing team, but could nonetheless lose sales
momentum as competition intensifies.  The beer market continues
to shrink," relates Bloomberg.

Reportedly, Sapporo shares, which rose to as much as JPY704,
were 1.5% higher at JPY677 as of 9:48 a.m. on September 4, 2007,
in Tokyo.  The stock has fallen 21% over the past three months.

                     About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As of May 16, 2007, the company carries Standard & Poor's
Rating Service's 'BB' Long-Term Foreign Issuer Credit and Long-
Term Local Issuer Credit Ratings that were issued on February 6,
2006; and Fitch Ratings' 'B' Short-term Foreign and Local
Currency Issuer Default Ratings that were issued on March 14,
2006.


SANYO ELECTRIC: Is Accepting Bid Offers for Semiconductor Unit
--------------------------------------------------------------
Sanyo Electric Co., Ltd., has accepted final bids from companies
seeking to buy a majority stake in its semiconductor business,
sources close to Kyodo News discloses.

According to Kyodo's sources, a number of firms submitted bids
for the Sanyo Semiconductor Co., with prices offered for the
takeover coming to below JPY100 billion, among these interested
parties is an investment firm.

The Osaka-based consumer electronics manufacturer is to pick the
successful buyer by the end of September, Kyodo News states.

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

                          *     *     *

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


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

TEXCELL-NETCOM: Converts Eight Bonds for 398,261 Shares
-------------------------------------------------------
Texcell-Netcom Co., Ltd. disclosed that KRW 435,700,000 worth of
its eighth bonds has been converted for 398,261 shares, Reuters
reports.

According to the report, the conversion price of the bonds is
KRW 1,094 per share of convertible bond, which brings the total
number of the Company's outstanding common shares to 37,792,655.

The new shares will be listed on September 12, 2007, the report
adds.

With headquarters in Seoul, Korea, Texcell-Netcom Co., Ltd.
-- http://www.texcell-netcom.co.kr/eng/-- provides network
solution and electric parts.  The company has two main
businesses: Network Solution business, which designs and
constructs network systems, and Relay business, which provides
power relays used in televisions (TVs), refrigerators, washing
machines, monitors, office automation machines, vending machines
and boilers and telecom relays used in computer modems and other
communication equipment.

Korea Ratings placed a B+ rating on the company's unsecured
convertible bonds on Dec. 7, 2006.


TONG YANG MAJOR: Injects KRW 55-BB Capital for Management Rights
----------------------------------------------------------------
Tong Yang Major Corporation has decided to make a capital
injection aggregating KRW55 billion into Shinil and five Korea-
based construction companies to acquire management rights,
Reuters reports.

According to the report, upon completion of the investment, Tong
Yang Major's stakeholding in Shinil will be 44.32%, followed by
a 60% stake in one of the companies.

The four remaining companies will become wholly owned
subsidiaries of Tong Yang Major, the report adds.

Headquartered in Seoul, Korea, Tong Yang Major Corporation
-- http://www.tongyangmajor.com/-- provides construction
services and allied materials.  The company also builds
apartment complexes, commercial buildings, industrial plants and
highways, and offers remodeling and renovation services.

Korea Investors Services placed a BB- rating to the company's
senior unsecured debt on Jan. 5, 2006.  The company's commercial
papers also carries Korea Rating's B rating effective on Oct.
18, 2006.

The company has been experiencing annual net losses of KRW 7.45
billion in 2005, KRW47.66 billion in 2004, KRW64.89 billion in
2003 and KRW361.49 billion in 2002.

As of July 20, 2007, the company had a shareholders' equity
deficit of US$86.95 million.


WOORI TECHNOLOGY: To Acquire 9,800 Shares of KMC Lobotics
---------------------------------------------------------
Woori Technology Inc. will acquire 9,800 shares of KMC Lobotics
Co., Ltd, which shares represent a 70% stake in KMC Lobotics,
Reuters reports.

According to the report, the company will buy the shares for
KRW900 million.

Headquartered in Seoul, Korea, Woori Technology Inc. --
http://www.wooritg.com/-- is a manufacturer specialized in the
provision of electronic equipment.  The company operates its
business through information communication and system divisions.
Its information communication business division provides audio
visual (AV) receivers, set-top boxes (Stubs), board virtual
machine environment (VME), digital versatile disc (DVD) players
and other related products.  Its system business division offers
distributed control systems (DCS), monitoring devices used in
nuclear power plants and power management systems.  In addition,
the company provides robots used in home, cleaning and guiding.

Korea Ratings gave the company's KRW2.20 billion straight bond
private offering a B- rating with a stable outlook.


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

KUMPULAN BELTON: Posts MYR9.73-Mil. Profit in Quarter to June 30
----------------------------------------------------------------
Kumpulan Belton Bhd turned around with a profit after taxation
of MYR9.73 million on MYR9.97 million of sales in the quarter
ended June 30, 2007, from a loss after taxation of
MYR2.1 million on MYR12.51 million of sales in the same period
in 2006.

The company's unaudited balance sheet as of June 30, 2007,
showed strained liquidity with current assets of
MYR47.66 million available to pay current liabilities of
MYR78.66 million.

Kumpulan Belton's unaudited total assets as of June 30, 2007,
was MYR89.87 million and total liabilities aggregated to
MYR78.88 million, resulting to a shareholders' net equity of
MYR10.99 million.


Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com-- manufactures and sells
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was classified under the Amended Practice Note
No. 17 Criteria on May 5, 2006, as the company's shareholders'
equity on a consolidated basis is less than 25% of its issued
and paid up capital as at Dec. 31, 2005.  Moreover, the auditors
have expressed a modified opinion with emphasis on the company's
going concern for the financial year ended Dec. 31, 2005.


FCW HOLDINGS: Returns to Black in Quarter Ended June 30, 2007
-------------------------------------------------------------
FCW Holdings Bhd returned to black in the quarter ended June 30,
2007, after it posted a net profit of MYR759,000, on
MYR2.05 million of revenues, as compared with a net loss of
MYR2.97 million on MYR2.58 million of revenues in the same
period in 2006.

As of June 30, 2007, the company's unaudited balance sheet
showed current assets of MYR21.63 million and current
liabilities of MYR1.60 million.

FCW Holdings Bhd's total assets as of June 30, 2007, amounted to
MYR29.14 million and its total liabilities amounted to
MYR1.60 million, resulting to a shareholders' equity of
MYR27.54 million.

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

FCW Holdings is a Practice Note 17 company.  It has been
incurring continuous losses since 1999.  The Troubled Company
Reporter-Asia Pacific reported that for the quarter ended
March 31, 2006, the Company's accumulated losses has hit
MYR135,469,000, from MYR134,410,000 accumulated losses in
March 31, 2005.  The Company is also facing possible delisting
by Bursa Malaysia Securities Berhad if it fails to submit a plan
to regularize its financial condition.


OCI BERHAD: To Delay Filing of Quarter to June 2007 Results
-----------------------------------------------------------
OCI Berhad disclosed with the Bursa Malaysia Securities Bhd that
it would defer the filing of its fourth quarter ended June 30,
2007, results.

The delay, according to the company's disclosure, is due to the
destruction of documents and the termination of all employees
prior to the change of management on July 11, 2007.

Thus, OCI added, the new management has to hire new employees to
assist in the preparation of the quarterly report.

OCI expects to file the report on October 31, 2007.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On 24 January 2006, Company disposed off its entire 51%
equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer under Bursa Securities'
Practice Note 17 as the auditors have expressed a modified
opinion with emphasis on the company's going concern in the
company's audited financial statements for the financial year
ended June 30, 2006, and the shareholders' equity of the company
on a consolidated basis as at June 30, 2006, represented 40.8%
of the issued and paid-up capital of the company.


OCI BERHAD: Bursa Extends Reform Plan Filing Deadline to Jan. 31
---------------------------------------------------------------
The Bursa Securities Bhd has approved OCI Berhad's request for
an extension of time for the company to make a requisite
announcement and submit its regularization plan before the
Securities Commission and other relevant authorities.

Specifically, the bourse approved the extension until:

   -- November 30, 2007, to make the Requisite Announcement of
      OCI's regularization plan; and

   -- January 31, 2008, to submit its regularization plans to
      the Securities Commission and other relevant authorities
      for approval.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On 24 January 2006, Company disposed off its entire 51%
equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer under Bursa Securities'
Practice Note 17 as the auditors have expressed a modified
opinion with emphasis on the company's going concern in the
company's audited financial statements for the financial year
ended June 30, 2006, and the shareholders' equity of the company
on a consolidated basis as at June 30, 2006, represented 40.8%
of the issued and paid-up capital of the company.


OCI BERHAD: Taps Ferrier Hodgson to Examine Financial Results
-------------------------------------------------------------
On August 24, 2007, OCI Berhad appointed Ferrier Hodgson MH as
Independent Investigative Accountant to assist the company in
establishing amongst others, its current financial condition and
position.

According to the company, the initial stage of investigation
would be:

    1. to determine the financial losses incurred by OCI and the
       nature and period they were incurred

    2. to identify the major reasons which either caused or
       contributed significantly to the financial losses; and

    3. to conduct an investigation into the reasons for the
       losses.

The review will focus on the period between May to June 2007
during which time, the new Board of OCI alleged that Criminal
Breach of Trust had occurred in OCI.

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world.  On 24 January 2006, Company disposed off its entire 51%
equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer under Bursa Securities'
Practice Note 17 as the auditors have expressed a modified
opinion with emphasis on the company's going concern in the
company's audited financial statements for the financial year
ended June 30, 2006, and the shareholders' equity of the company
on a consolidated basis as at June 30, 2006, represented 40.8%
of the issued and paid-up capital of the company.


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

AIR NEW ZEALAND: Moody's Affirms Ba1 Sr. Unsecured Issuer Rating
----------------------------------------------------------------
Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

"The change in outlook reflects the strengthening in Air Neq
Zealand's credit profile as evidenced by its strong results for
FY2007, success in repositioning its fleet, and the sound
progress in the consolidation of its cost structure" says Ian
Lewis, a Moody's VP/Senior Analyst.

"Air New Zealand continues to grow passenger volumes, load and
RASK (Revenue Available Seat Kilometres) in its core domestic
operations and across key international routes," says Lewis,
adding, "The airline's labour and fuel efficiencies together
with moderate fleet age underpin a sound and consistent EBITDA
margin".

"While leverage and debt service coverage suggest it is exposed
to shocks inherent in the airline industry, this situation is
mitigated by its solid liquidity position, including debt that
is 76% covered by cash balances," says Lewis, who is also lead
analyst for the company.

The positive outlook incorporates Moody's expectation that Air
New Zealand will continue to enjoy a strong and stable operating
profile in the face of enhanced competitive pressures.

Further upward pressure on the rating could emerge if Air New
Zealand applies free cash flow towards debt reduction (or in
lieu of scheduled debt reduction retains free cash flow)
following the completion of the heavy spending portion of its
capital cycle.  Adjusted debt to EBITDA below 4.0x, and
EBIT/Interest coverage at 3.0x or above, while maintaining its
EBITDA margin above 20%, would indicate such pressure was
present.

On the other hand, the outlook could return to stable should
evidence emerge of cash to book debt beginning to fall below
80%.  In addition, the rating may be negatively affected by
increased competition in key markets, leading to profit margin
erosion.  This situation could be indicated by the EBITDA margin
trending down towards 15%, RCF/Total Debt less than 15%, and
Debt/EBITDA greater than 6.0x.

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


AIR NEW ZEALAND: Names N. Thompson as Deputy Chief Exec. Officer
----------------------------------------------------------------
Air New Zealand has appointed Norm Thompson to the newly created
role of Deputy Chief Executive Officer.

Chief Executive Officer Rob Fyfe said that the last year had
seen a significant amount of change across Air New Zealand, with
the airline well positioned to take advantage of strong growth
in many of its key markets, adapt to new competitors and
changing customer expectations.

"Looking ahead there is still much to do to ensure Air New
Zealand keeps ahead of the game.  The new role of Deputy CEO has
been created to ensure we maintain our momentum and build on the
uniquely Kiwi experiences that we deliver to our customers."

Mr. Fyfe said he was delighted to announce Mr. Thompson's
appointment to the key role.

"Norm's achievements at Air New Zealand and in the New Zealand
tourism industry are well recognised across the New Zealand
business community.  He will be a great asset to me and I look
forward to working alongside him in his new position."

Currently Air New Zealand's Group General Manager Shorthaul
Airlines, Mr. Thompson is considered an Air New Zealand
'veteran', with more than 38 years experience in a variety of
roles both in New Zealand and off-shore.

Mr. Thompson will take up his new role as Deputy CEO once his
successor has been appointed.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.  Air
New Zealand flies to the United States, United Kingdom, Canada,
Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


AIRTECH 2000: Court Sets Wind-Up Petition Hearing for Today
-----------------------------------------------------------
On July 27, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of Airtech 2000 Ltd. wound up.

The petition will be heard today, 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


BIRDS BUILDING: Appoints Official Assignee as Liquidator
--------------------------------------------------------
On August 6, 2007, the official assignee was appointed as
liquidator of Birds Building Company Ltd.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone:0508 467 658
         Web site: http://www.insolvency.govt.nz


DURHAM MEWS: Subject to CIR's Wind-Up Petition
----------------------------------------------
The High Court of New Plymouth will hear on September 24, 2007,
at 10:00 a.m., a petition to have the operations of Durham Mews
Ltd. wound up.

The Commissioner of Inland Revenue filed the petition against
Durham Mews on July 5, 2007.

The CIR's solicitor is:

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


HIGHFIELD FBG: Court Sets Wind-Up Petition Hearing for October 2
----------------------------------------------------------------
A petition to have the operations of Highfield FBG Ltd. wound up
will be heard before the High Court of Blenheim on October 2,
2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against
the company on July 11, 2007.

The CIR's solicitor is:

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


IXL APPLIANCES: Commences Liquidation Proceedings
-------------------------------------------------
On August 6, 2007, the shareholders of IXL Appliances NZ Ltd.
appointed Laurence George Chilcott and Peter Charles Chatfield
as the company's liquidators.

Creditors who were not able to file their claims by the Aug. 27,
2007 due date are excluded from sharing in the company's
dividend distribution.

The Liquidators can be reached at:

         Laurence George Chilcott
         Peter Charles Chatfield
         c/o Smith Chilcott Bertelsen Harry
         Chartered Accountants
         Shortland Tower One, Level 11
         51-53 Shortland Street
         PO Box 5545, Auckland
         New Zealand
         Telephone:(09) 379 8035
         Facsimile:(09) 307 8892


LA VITA: Court to Hear Wind-Up Petition on September 24
-------------------------------------------------------
The High Court of New Plymouth will hear on September 24, 2007,
at 10:00 a.m., a petition to have the operations of La Vita E
Bella Ltd. wound up.

The petition was filed by the Commissioner of Inland Revenue on
July 11, 2007.

The CIR's solicitor is:

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


MIDDLE MILL: Taps Official Assignee as Liquidator
-------------------------------------------------
The official assignee was appointed as liquidator of
Middle Mill Cabinet Maker Limited on August 6, 2007.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone:0508 467 658
         Website: http://www.insolvency.govt.nz


MIRCHEE TELEVISION: Faces Vector's Wind-Up Petition
---------------------------------------------------
On June 20, 2007, Vector Communications Limited filed a petition
to have the operations of Mirchee Television Network Ltd. wound
up.

The High Court of Auckland will hear the petition on Sept. 20,
2007, at 10:00 a.m.

Vector Communications' solicitor is:

         Michael David Arthur
         c/o Chapman Tripp Sheffield Young
         ANZ Centre, Level 35
         23-29 Albert Street
         Auckland
         New Zealand


OCEANSIDE LIMITED: Names Official Assignee as Liquidator
--------------------------------------------------------
The official assignee was appointed as liquidator of Oceanside
Limited on August 6, 2007.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone:0508 467 658
         Web site: http://www.insolvency.govt.nz


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

MIC HOLDINGS: Hires BDO Trust Banking as Stock & Transfer Agent
---------------------------------------------------------------
MIC Holdings Corp. has engaged the services of BDO Trust Banking
Group as its new Stock and Transfer Agent after terminating the
services of Metropolitan Insurance Corp.

BDO became the new stock and transfer agent effective Sept. 1.

Headquartered in Quezon City, Philippines, MIC Holdings
Corporation's board of directors approved the following
amendments to the articles of incorporation: change of name from
Metropolitan Insurance Company to its present one; change of
primary and secondary purposes from insurance to that of a
holding company; and removal of preemptive rights.  On July
1999, the Securities and Exchange Commission approved the
amended articles.

The company's balance sheets as of June 30, 2007, showed total
assets of PHP51.01 million and total liabilities of
PHP54.41 million, resulting in a capital deficit of
PHP3.40 million.


PAL HOLDINGS: Names A. Alindongan & E. Cheng as Directors
---------------------------------------------------------
PAL Holdings Inc.'s Board of Directors has elected Antonio L.
Alindongan Jr. and Enrique O. Cheng as independent directors
following the resignations of Regnar C. Rivera and Delfin C.
Gargantiel Jr.

The elections were approved during a meeting held on August 31.

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.


PAL HOLDINGS: Appoints Members of Audit & Nomination Committees
---------------------------------------------------------------
The Board of Directors of PAL Holdings Inc. has appointed the
new members of its Audit Committee and its Nomination and
Compensation Committees during a meeting held on August 31.

These are the new members of the committees:

    Audit Committee

    * Antonio L. Alindongan Jr.  -- Chairman
    * Enrique O. Cheng           -- Member
    * Wilson T. Young            -- Member

    Nomination and Compensation Committee

    * Mariano C. Tanenglian      -- Chairman
    * Jaime J. Bautista          -- Member
    * Enrique O. Cheng           -- Member

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: Joins Ranks of Interested Bidder for Transco Rights
---------------------------------------------------------------
San Miguel Corp. has formally joined the list of parties
interested to bid for the National Transmission Corp. through
its subsidiary, San Miguel Energy, the Philippine Star reports.

SMC has now joined the ranks of interested bidders including
Henry Sy's SM Group and Joselito Campos of United Laboratories
in Triratna Holdings, a local holding firm in control of a
consortium with Malaysia's Tenaga Nasional Bhd and Newbridge
Asia IV LP, the article reveals.

According to the Power Sector Assets and Liabilities Management
Corp., the state agency overseeing the privatization of the
government's energy assets, there are now nine local firms, four
Hong Kong-based entities, two Singaporean companies and one
company each from Malaysia, India, China, Spain, the Netherlands
and the United Kingdom that have submitted their intentions to
bid for Transco.

PhilStar also cites SMC President Ramon Ang as saying that SMC
is willing to spend up to 10% or about US$750 million in bidding
for Transco.

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.


* Gov't Revenue Agencies Back on Track; Meets Targets for August
----------------------------------------------------------------
The Bureau of Customs and the Bureau of Internal Revenue have
hit their collection targets for the second month in a row since
July, a sign that the government's revenues are recovering after
weak first-half results, the Philippine Star reports.

Customs Commissioner Napoleon Morales said that his agency's
efforts to stop smuggling and enhance revenue generations have
been responsible for meeting the PHP20.2 billion target for
August despite the continued appreciation of the peso, which Mr.
Morales said results in losses of PHP2.2 billion for every peso
appreciation.

Meanwhile, an unnamed official of the BIR has told the Star that
its August target of PHP82 billion has been met according to
initial data, and said that the BIR "will achieve the goal
according to preliminary figures."

                          *     *     *

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.


* PSALM Sets Bidding for Transco Assets on December 12
------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. has set
the bidding for the National Transmission Corp. to take place on
December 12, the fifth bidding the government has conducted for
the power grid, the Philippine Star reports.

According to the article, the government's auction in February
failed after only one consortium consisting of Citadel Holdings
Inc. and Italian firm Terna SPA submitted a bid.  The consortium
said it was ready to match the government's asking price of
about US$3 billion and will spend US$850 million on maintaining
the power grid for the next five years.

Under Philippine law, PSALM is authorized to engage into
negotiations with the a lone bidder after failures of two
auctions.  However, the government is rebidding Transco in hopes
to attract more participants and higher offers after amendments
to the Electric Power Industry Reform Act were introduced that
would allow the winning concessionaire to acquire TransCo's
franchise, the report says.

                          *     *     *

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

CAMERON MACKINTOSH: Proofs of Debt Due on Sept. 28
--------------------------------------------------
Cameron Mackintosh Pte Limited, which is voluntary liquidation,
requires its creditors to file their proofs of debt by
September 28, 2007.

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

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


GP EXPRESS: Court to Hear Wind-Up Petition on September 7
---------------------------------------------------------
The High Court of Singapore will hear on September 7, 2007, at
10:00 a.m., a petition to have the operations of GP Express
Cargo Pte Ltd wound up.


PACIFIC CENTURY: June 30 Balance Sheet Upside-Down by SGD37 Mil.
----------------------------------------------------------------
Pacific Century Regional Developments Limited posted with the
Singapore Stock Exchange Trading Limited its financial results
for the six months ended June 30, 2007.

As of June 30, 2007, the group's consolidated balance sheet
reflects total assets of SGD140 million and total liabilities of
SGD178 million, resulting in a shareholders' equity deficit of
SGD37 million.

Moreover, the company's balance sheet shows SGD1.15 billion of
total assets, total liabilities of SGD291.7 million and
shareholders' equity of SGD849.7 million.

For the six months ended June 30, 2007, the group recorded net
profit of SGD384 million, a significant increase compared with
SGD56 million recorded profit in the same period last year.

The group's turnover went up by 15.5% to SGD1.3 million for the
six months ended June 30, 2007, compared with SGD1.2 million in
six months ended June 30, 2006.

Operating and administrative expenses for H1 2007 amount to
SGD21.5 million compared to SGD4.6 million for H1
2006.  The increase is mainly due to expenses incurred in
connection with the successful completion of the
disposal of the company's shares in PCIH of approximately
SGD22.3 million.  This is partly offset by a net writeback
of provisions for doubtful debts and diminution in value of
investments of approximately SGD6.7 million following the
repayment by Videocon Industries Limited and Evans Fraser and
Company (India) Limited of certain debts and debentures owed to
the company and the disposal by the company of its 12.5%
interest in Evans Fraser in India.

Net finance costs for H1 2007 decreased to SGD15.1 million
compared to SGD22.2 million in H1 2006.  This reduction is
mainly due to the reduction of bank borrowings following the
receipt of proceeds from the sale of PCIH upon completion of the
sale on May 15, 2007.

The change in carrying values of associated companies for H1
2007 is SGD58.2 million.  This includes the Group's share of
profits of associated companies of SGD51.5 million for H1 2007
compared to SGD37.6 million for H1 2006.  The Group's share of
profit from PCCW for H1 2007 is SGD44.9 million, compared to
SGD38.2 million for H1 2006.  Share of profit of other
associated companies for H1 2007 includes gains of approximately
SGD6.6 million from the redemption of debts and sale of shares
associated with the Group's property interests in India.  PCCW's
core business grew strongly during H1 2007.  Core revenue for H1
2007 increased by 7% year-on-year to SGD1,885 million,
reflecting strong revenue growth rates for PCCW's pay-television
and mobilephone businesses.  Profit attributable to equity
holders of PCCW increased by 3% year-on-year to SGD163
million.

The Board of PCCW resolved to declare an interim dividend of 6.5
HK cents per share for the six months ended June 30, 2007.

In H1 2007, the Group recorded a net gain of SGD339.7 million
from the sale of its shares in PCIH.  Aggregate proceeds of
approximately HK$3.139 billion were received for the sale by the
company of its 383,797,942 shares in PCIH at HK$8.18 per share.
The gain is calculated after offsetting the Group's share of net
assets of PCIH of approximately SGD261.9 million and related
disposal expenses of SGD20.8 million against these proceeds.
This net gain is the main reason for the Group recording a
profit from continuing operations before taxation and minority
interest of SGD362.9 million for H1 2007 compared to SGD16.2
million for H1 2006.  The gain is capital in nature and,
therefore, no taxation is provided.  The net proceeds received
were applied to retirement of debt.

                     About Pacific Century

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

The Troubled Company Reporter-Asia Pacific reported that the
company has remained insolvent for the two consecutive years
from April 2005 up to the present.


SEE HUP SENG: Increases Stake in Lesoon Equipment
-------------------------------------------------
On August 28, 2007, See Hup Seng Limited subscribed for an
additional 2,000,000 ordinary shares in the capital of Lesoon
Equipment Pte Ltd for a total consideration of SGD2,000,000.
Together with the existing 456,000 ordinary shares held by the
company in the capital of Lesoon, it now holds a total of
2,456,000 ordinary shares in Lesoon, increasing its shareholding
from 76% to 94.5% of the issued capital of Lesoon.

The transaction is not expected to have any material impact on
the earnings per share and net tangible assets of See Hup Seng
for the current financial year.  None of the directors or
substantial shareholders of the company has any interest, direct
or indirect, in the transaction.

                       About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens--See Hup Seng's independent
auditors--expressed a significant doubt in the company's ability
to continue as going concern on April 7, 2006, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


TONG HUP SENG: Creditors' Meeting Set for September 18
------------------------------------------------------
The creditors of Tong Hup Seng Construction Co. Pte Ltd will
meet on September 18, 2007, at 3:00 p.m., at 141 Market Street,
in International Factors Building, Singapore 048944.

At the meeting, the creditors will be asked to:

   -- receive an update on the status of the liquidation;

   -- consider and if thought fit, to appoint a committee of
      inspection; and

   -- discuss other business.

The company's liquidator is:

         Tay Swee Sze
         c/o Tay Swee Sze & Associates
         137 Telok Ayer Street #04-01
         Singapore 068602


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

ARVINMERITOR INC: Partners with Chery to Design Chassis Systems
---------------------------------------------------------------
ArvinMeritor Inc. and Chery Form Chassis Systems have entered
into a joint venture partnership to design and manufacture
chassis systems and components.

The new joint venture, ArvinMeritor Chassis Systems Wuhu Co.,
will evolve to a US$150-million full-systems chassis supplier by
2010.  Production of shocks and struts will begin as early as
2008.

"ArvinMeritor's alliance with Chery is a great example of the
company attaining strategic growth from three key focus areas;
increasing business with Asian customers, expanding in emerging
markets, and growing our light vehicle chassis business," said
Phil Martens, president of ArvinMeritor's Light Vehicle Systems
business group.  "This new business, which is quickly ramping
up, comes on the heels of several other new Chery contracts with
ArvinMeritor for its door systems technologies.  We're honored
that Chery continues to choose us as its technology partner,"
continued Mr. Martens.  "We see these contracts as the first
steps of many long-term opportunities for both companies."

"As the automotive footprint continues to evolve, ArvinMeritor
is well positioned to participate in Asia's explosive growth
through its global partnerships and manufacturing network,
including today's announcement with Chery," said Rakesh Sachdev,
president of ArvinMeritor's Asia Pacific operation.  "The new
chassis systems joint venture plant in Wuhu will be one of
several China-based facilities ArvinMeritor is adding to its
network over the next 18 months in support of new business with
customers in the region."

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- is a premier USUS$8.8
billion global supplier of a broad range of integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs approximately 29,000 people
at more than 120 manufacturing facilities in 25 countries.
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2007
Dominion Bond Rating Service assigned a rating of BB (low) to
the USUS$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  DBRS says the trend is stable.

As reported on on Feb. 6, 2007, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

   -- Corporate Family Rating to Ba3 from Ba2

   -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
      LGD-2, 18%

   -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
      LGD-4, 64%

   -- Probability of Default to Ba3 from Ba2

   -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
      LGD-4, 64%

Arvin Capital I

   -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

   -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
      LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

   -- Speculative Grade Liquidity rating, SGL-2


BANGKOK RUBBER: Completes Capital Increase; Shares Stay Delisted
----------------------------------------------------------------
On August 21, Bangkok Rubber PCL issued 24,190,275 shares to its
creditors as mandated by its business rehabilitation plan.
These shares were issued with a price of THB17 per share.

The transaction brought the company's issued and paid up capital
to THB1.634 billion from the previous THB1.392 billion.

The Stock Exchange of Thailand has allowed Bangkok Rubber to
resume the trading of its securities in the local bourse after
completing capital increase procedures.

However, the SET's decision is moot since the company's shares
are still suspended because it is still listed under the Non-
performing Group.  The company's shares will remain delisted
until it has eliminated the causes of its delisting.

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

After reviewing Bangkok Rubber PCL's consolidated financial
statements for the second quarter of 2007, Nonglak Pumnoi at
Ernst & Young Office Ltd. raised substantial doubt on the
company's ability to continue as a going concern.

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


BANGKOK STEEL: Administrator Names SK Accountant Svc. as Auditor
----------------------------------------------------------------
C.J. Morgan Co. Ltd., as administrator of Bangkok Steel Industry
PCL's rehabilitation plan, has appointed S.K. Accountant
Services Co. Ltd. as auditor for the year ending December 31,
2007.

These auditors will extend their services to the company:

    * Somchai Kuruchitkosol    CPA No. 3277
    * Umpol Jumnongwat         CPA No. 4663
    * Wanya Puthasathien       CPA No. 4387

S.K. Accountant Services will be paid THB4.389 million, THB1.820
million of which will be shouldered by the company and the
remaining THB2.569 million to be divided among the company's 13
subsidiaries.

Bangkok Steel Industry Public Company Limited --
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.
Additionally, the company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

The Troubled Company Reporter - Asia Pacific reported that as of
December 31, 2006, the company had total assets of
THB13,660,121,959.61 and total liabilities of
THB18,009,307,218.91, resulting in a capital deficiency of
THB4,349,185,259.30.

                     Going Concern Doubt

Somchai Kurujitkosol at S.K. Accountant Services Company
Limited, the company's independent auditors raised significant
doubt on the group's ability to continue as a going concern
saying that the group incurred an accumulated deficit of
THB18.34billion (2005: THB20.94 billion).  He also cited the
company's capital deficiency.  He adds that the company is
proceeding with its rehabilitation plan, as accepted by the
company's creditors and approved by the Central Bankruptcy
Court.

The auditor explains that the continuity of going concern for
the company depends largely on the company's capability to repay
liabilities under the rehabilitated plan.


DAIDOMON GROUP: To Submit Business Rehab Plan by November
---------------------------------------------------------
Daidomon Group PCL plans to submit its business rehabilitation
plan to the Central Bankruptcy Court by November 2007.

The company is now acting as the planner for its business
rehabilitation after the Central Bankruptcy Court issued an
order mandating the company's appointment on August 29.

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue and
Japanese food restaurants under the brand name of Daidomon.  The
group's products include barbecue, dessert and drinks, and
bottled sauce.  The company is currently undergoing
rehabilitation.

The Troubled Company Reporter-Asia Pacific reported on Feb. 16,
2007, that Daidomon Group has total assets of US$12.92 million
and a total capital deficiency of US$8.51 million.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
September 19, 2007
  Turnaround Management Association
    NSW Networking Event with presentation by Lisa Ironside,
      Senior Bank West Treasury Executive
        Union, University & Schools Club of Sydney,
          Sydney, Australia
            Web site: http://www.turnaround.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

October 21-24, 2007
  Association of Insolvency & Restructuring Advisors
    Restructuring and Investing Conference
      Portman Ritz Carlton, Shanghai, China
        Web site: http://www.airacira.org/

November 14, 2007
  Turnaround Management Association
    TMA Australia 4th Annual Conference and Gala Dinner
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

November 29, 2007
  Turnaround Management Association
    Special Speaker
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
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Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
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          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/





                            *********

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-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***