TCRAP_Public/070906.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, September 6, 2007, Vol. 10, No. 177

                            Headlines

A U S T R A L I A

AUSTRALIAN CAPITAL: Creditors Can Sue Valuer
CR LASER: Members and Creditors to Meet on September 7
DANIN INVESTMENTS: To Declare First Dividend on Sept. 7
I.E.A. (BROKERS): Members to Receive Wind-Up Report on Sept. 15
L. CHRISTY: Sets Final Meeting for September 11

LINDENOW HOLDINGS: Placed Under Voluntary Liquidation
LINTRICK HOLDINGS: Members and Creditors Receive Wind-Up Report
N.S.K.S. NOMINEES: Sets Members' Final Meeting for Oct. 16
RURALCORP CONSULTING: To Declare Dividend on Sept. 13
STOCKDALE & LEGGO: Members Resolve to Shut Down Business

STYLELINE FURNITURE: To Declare Priority Dividend Today
SYMBION HEALTH: Shares Up 2.4% Due to Primary Buyout Reports
ZINIFEX LTD: Declares AU$1.34-Billion Profit for FY06, Up 24%


C H I N A   &   H O N G  K O N G

BRAND NEW: Sets Joint Annual Meeting for September 20
COSMOS BANK: Fitch Gives F Individual Rating on Likely Default
FOXY FASHION: Accepting Proofs of Debt Until October 3
GE HEALTHCARE: Undergoes Liquidation Proceedings
INFINITE EYEWEAR: Commences Liquidation Proceedings

KOOKMIN FINANCE: Taps Park, Kwang Ho, as Liquidator
LEAN GIAP: Starts Liquidation Proceedings
LEE WING: Creditors' Proofs of Debt Due on October 2
MAXI-TOYO LIMITED: Shareholders Appoint Liquidators
SUPERB EARNING: Sets Members' Final General Meeting for Oct. 5

TITAN PETROCHEMICAL: Moody's Downgrades Corporate Rating to B2
TITAN PETROCHEMICALS: S&P Changes B+ Rating Outlook to Negative
TITAN PETROCHEMICALS: Second-Half Profit Doubles on Ship Sales
TK ALUMINUM: Inks Purchase Agreement with Bavariaring
VAST CHOICE: Liquidators Quit Post

WOLVERINE TUBE: Equity Rights Offer Cues Moody's Ratings Review
* Fitch Comments on Taiwanese Bank Failures


I N D I A

AES CORP: International Coalition Balk at Panama Dam Projects
DRESSER-RAND: Amends US$500MM Secured Revolving Credit Facility
ICICI BANK: Signs Pact for US$1.5-Bil. Syndicated Loan Facility
IFCI LTD: To Get Advisor in Choosing Strategic Investor
OWENS CORNING: Completes US$371 Mil. Sale Deal with Saint-Gobain

PRIDE INT'L: Closes Sale of Drilling & Workover Rig Business
QUEBECOR WORLD: Moody's Downgrades Corporate Family Rating to B3
QUEBECOR WORLD: Completes Tender Offer to Buy Capital's Notes
TATA MOTORS: Reports Slight Decrease in August 2007 Sales
STATE BANK OF INDIA: To Raise INR15BB in Bond Issue, Report Says

TATA STEEL: Starts Buying Land for Titanium Dioxide Project


I N D O N E S I A

CA INC: Enters Into New US$1-Billion Credit Facility
GARUDA INDONESIA: Gov't. to Sell Stake in Unit Through IPO
PERTAMINA: Unit Revises Proceeds Forecast From 20% Stake Sale
SUBA INDAH: Bank Mandiri to Take Over Collateralized Assets


J A P A N

BOSTON SCIENTIFIC: Court OKs Johnson & Johnson's Breach Claim
ORIX-NRL TRUST: S&P Gives Class I Trust Certificate B+ Rating
SOLO CUP: Fitch Affirms IDR at B- with a Negative Outlook


K O R E A

CHOROKBAEM MEDIA: Invests KRW250 Million in New Company
CORECROSS INC: Prices Final Offering of New Common Shares
HYNIX SEMICON: Creditors Taps Credit Suisse as Advisor on Stake
TI AUTOMOTIVE: Moody's Lifts Junk Corporate Family Rating to B3


M A L A Y S I A

AMSTEEL CORP: End-June 2007 Fiscal Year Net Loss at MYR27.37MM
KL INFRASTRUCTURE: Failure to File Reform Plan Cues Delisting
MYCOM BERHAD: Unit to Form JV with Merrill Lynch on Dev. Project
OLYMPIA INDUSTRIES: Conaire Seeks to Wind Up Unit
SATERAS RESOURCES: Incurs MYR2.50MM Net Loss in Qtr-End June 30

SHAW GROUP: Reports Fin'l Statements for 1st & 2nd Qtrs. of 2007


N E W  Z E A L A N D

ACS TAURANGA: Appoints Grant Bruce Reynolds as Liquidator
ADVANCED ROADSKILLS: Court Sets Wind-Up Hearing for Sept. 20
AIR NEW ZEALAND: S&P Maintains BB Rating After Strong Results
ALL JOINERY: Fixes September 10 as Last Day to File Claims
BEST INVESTMENTS: Shareholders Agree on Voluntary Liquidation

COLTRANE PROPERTY: Shareholders Opt For Voluntary Liquidation
D&D CITY: Court to Hear Wind-Up Petition on September 13
FLETCHER BUILDING: To Buy 20% Stake in Dongwha Patinna
IN OR OUT: Fixes September 14 as Last Day to File Claims
K.V.S. GROUP: Court to Hear Wind-Up Petition on November 15

PORTAGE TRADING: Taps John Michael Gilbert as Liquidator
SKYBAUX ENTERPRISES: Subject to CIR's Wind-Up Petition
TARGET PEST: Accepting Proofs of Debt Until September 7
VTL GROUP: Completes Fund Arrangements; To Continue Trading
* Government to Take Steps to Reform Non-Bank Finance Sector


P H I L I P P I N E S

CHINA BANK: Manila Bank Elects Board Members and Officers
COSMOS BOTTLING: May Face Litigation on Cosmos Plants Shutdown
DEVELOPMENT BANK: Releases PHP2.5-Billion Worth of Loans
SAN MIGUEL: To Own 152.33 Mil. Shares in Beer Unit for PHP15BB
* Philippines Ranks Lowest in Labor Productivity, ILO Reveals


S I N G A P O R E

GUAN AIK: Creditors' Proofs of Debt Due on September 28
LIANG HUAT: Discloses Changes in Shareholders' Stake
RED HAT: UBS Keeps Neutral Rating on Firm's Shares


T H A I L A N D

ITV PCL: 1st Quarter Deficit Cues Auditor's Going Concern Doubt
ITV PCL: 2nd Quarter Deficit Cues Auditor's Going Concern Doubt
KRUNG THAI: To Extend Housing Loans to 10 Provinces
KUANG PEI: THB406.3 Million Deficit Cues Going Concern Doubt

     - - - - - - - -

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

AUSTRALIAN CAPITAL: Creditors Can Sue Valuer
--------------------------------------------
Creditors of finance group Australian Capital Reserve can sue
its auditors and directors for damages should they vote for the
company to be wound up at a meeting in two weeks time, writes
Vanda Carson of the Sydney Morning Herald.

Ms. Carson conveys that administrator PricewaterhouseCoopers
wrote a report to help creditors decide whether to vote for the
winding-up of the company or for either of two other
alternatives, both involving the return of the company to its
directors.

The PwC report, according to SMH, states that there are half a
dozen potential legal claims including against directors for
breaking a stop order by the Australian Securities and
Investments Commission, for losses from insolvent trading, and
to set aside unfair loans.

Aside from this, creditors may file lawsuits against valuers due
to revaluation of properties in the 2006-2006 financial year
helped turn a loss of AU$9.5 million into a profit, relates
Ms. Carson.

Reportedly, Peter Phippen of Abbots Valuers, who, as of
yesterday, was unwilling to comment, assessed eight of the
group's property development sites but has earlier said he stood
by his figures.

On the other hand, actions may be taken against some creditors
for unfair preference payments and uncommercial transactions and
deals with related parties, reports SMH.

                   About Australian Capital

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

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

PricewaterhouseCoopers is its administrators.


CR LASER: Members and Creditors to Meet on September 7
------------------------------------------------------
A final meeting will be held for the members and creditors of CR
Laser Pty Ltd on September 7, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:


         Stan Traianedes
         McLean Delmo Hall Chadwick
         Accountants & Business Advisers
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia

                         About CR Laser

CR Laser Pty Ltd provides business services.  The company is
located at Mount Waverley, in Victoria, Australia.


DANIN INVESTMENTS: To Declare First Dividend on Sept. 7
-------------------------------------------------------
Danin Investments Pty, which is in liquidation and formerly
trading as Corrocoat Engineering Vic, will declare its first
dividend on September 7, 2007.

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

The company's liquidator is:

         H. A. Mackinnon
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                     About Danin Investments

Danin Investments Pty, which is also trading as Corrocoat
Engineering Victoria, provides engineering services.  The
company is located at Keilor East, in Victoria, Australia.


I.E.A. (BROKERS): Members to Receive Wind-Up Report on Sept. 15
---------------------------------------------------------------
I.E.A. (Brokers) Pty Ltd will hold a final meeting for its
members on September 15, 2007, at 9:00 a.m.

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

The company's liquidator is:

         Mario A. Schmid
         c/o Jeffrey Thomas & Partners
         Level 11, 446 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About I.E.A. (Brokers)

I.E.A. (Brokers) Pty Ltd provides services for insurance agents
and brokers.  The company is located at South Yarra, in
Victoria, Australia.


L. CHRISTY: Sets Final Meeting for September 11
-----------------------------------------------
A final meeting will be held for the members of L. Christy
Proprietary Limited on September 11, 2007, at 10:00 a.m.

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

                         About L. Christy

L. Christy Proprietary Limited provides repair services.  The
company is located in Orbost, Victoria, Australia.


LINDENOW HOLDINGS: Placed Under Voluntary Liquidation
-----------------------------------------------------
During a general meeting held on July 27, 2007, the members of
Lindenow Holdings Ltd resolved to voluntarily liquidate the
company's business.

Christopher James Fawcett was appointed as liquidator.

                     About Lindenow Holdings

Lindenow Holdings Ltd provides crop preparation services for
market, except cotton ginning.  The company is located at
Lindenow, in Victoria, Australia.


LINTRICK HOLDINGS: Members and Creditors Receive Wind-Up Report
---------------------------------------------------------------
The members and creditors of Lintrick Holdings Pty Limited met
on September 4, 2007, and received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Anthony M. Sims
         SimsPartners
         Level 5, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9256 7700

                     About Lintrick Holdings

Lintrick Holdings Pty Limited, which is also trading as Snap
Printing, is in the business of commercial printing and
lithographic.  The company is located at Marrickville, in New
South Wales, Australia.


N.S.K.S. NOMINEES: Sets Members' Final Meeting for Oct. 16
----------------------------------------------------------
The members of N.S.K.S. Nominees Pty. Ltd. will meet on Oct. 16,
2007, at 10:15 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Anthony R. Cant
         2nd Floor, 106 Hardware Street
         Melbourne, Victoria 3000
         Australia

                     About N.S.K.S. Nominees

Located at Warrandyte, in Victoria, Australia, N.S.K.S. Nominees
Pty Ltd is an investor relation company.


RURALCORP CONSULTING: To Declare Dividend on Sept. 13
-----------------------------------------------------
Ruralcorp Consulting Pty. Ltd., which is in liquidation, will
declare its first and final dividend on September 13, 2007.

Creditors who were able to file their claims by the August 23,
2007 due date will be included from sharing in the company's
dividend distribution.

The company's liquidator is:

         N. Giasoumi
         Dye & Co. Pty Ltd
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                    About Ruralcorp Consulting

Ruralcorp Consulting Pty Ltd provides business consulting
services.  The company is located at Bayswater, in Victoria,
Australia.


STOCKDALE & LEGGO: Members Resolve to Shut Down Business
--------------------------------------------------------
At an extraordinary general meeting held on July 31, 2007, the
members of Stockdale & Leggo (Preston) Pty Ltd resolved to shut
down the company's business.

Clyde Peter White and Philip Newman were appointed as
liquidators.

The Liquidators can be reached at:

         P. Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne, Victoria 3000
         Australia

                     About Stockdale & Leggo

Stockdale & Leggo (Preston) Pty Ltd deals with real estate
agents and managers.  The company is located at Reservoir, in
Victoria, Australia.


STYLELINE FURNITURE: To Declare Priority Dividend Today
-------------------------------------------------------
Styleline Furniture Pty Ltd, which is in liquidation, will
declare today, September 6, 2007, its first and final dividend
for its priority creditors.

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

The company's liquidator is:

         Craig Crosbie
         c/o PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                    About Styleline Furniture

Styleline Furniture Pty Ltd is a distributor of concrete
products, except block and brick.  The company is located at
Thomastown, in Victoria, Australia.


SYMBION HEALTH: Shares Up 2.4% Due to Primary Buyout Reports
------------------------------------------------------------
Symbion Health Limited gained 2.4% to AU$4.26 on September 3 due
to buyout reports, writes Chen Shiyin and Makiko Suzuki of
Bloomberg News.

According to the article, Symbion's shares rose after news that
rival Primary Health Care Ltd. was considering a joint bid with
buyout firm Pacific Equity Partners for Symbion Primary Health
Care Ltd.

Previous press reports stated that Primary is in talks with PEP
over a AU$3.5-billion offer for Symbion.

However, the Troubled Company Reporter-Asia Pacific reported on
September 5, 2007, that Symbion Health said it is still backing
Healthscope Ltd.'s AU$2.9-billion bid.

                   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).


ZINIFEX LTD: Declares AU$1.34-Billion Profit for FY06, Up 24%
-------------------------------------------------------------
Zinifex has backed up last year's entry into the "billion dollar
club" with even stronger performance, announcing a net profit
after tax for the 2007 financial year of AU$1.34 billion.

Commenting on the results, Zinifex's Acting Chief Executive
Officer, Mr. Tony Barnes, said that this was a terrific result
for the company and its shareholders.

"Breaking the one billion dollar mark last year was a
significant milestone for Zinifex.  To post a net profit this
year some 24% higher again is simply an outstanding effort," he
said.

Mr. Barnes said that Zinifex's mining business represented the
lion's share of the profit, contributing AU$827.5 million.
However, the half a billion dollars contributed to the bottom
line by the smelting business should not be overlooked as it
increased by a substantial 175% over the previous year.

"Importantly, profitability of all operations increased with
Rosebery, Hobart and Budel nearly double, or better, their
contributions compared to the year before," he said.

In accordance with the company's stated policy of returning
surplus cash that cannot be effectively employed within the
business, the Board has declared a 70 cents fully franked
dividend.

"This brings the total dividend payable for 2007 to a record
AU$1.40 and makes Zinifex one of the highest yielding shares on
the ASX for the year," Mr. Barnes said.

Production was approximately 5% down on the previous year with
longer than normal planned maintenance shutdowns together with
lower lead grades at Century primarily responsible for this.
Despite this, the company had some strong individual efforts
with the Hobart Smelter delivering record zinc production and
the Budel facility increasing output.

Mr. Barnes noted the ongoing strong performance of the resources
sector continued to apply upward pressure on costs across the
industry.

"The resources boom has seen all companies in the sector have to
face up to increased costs and Zinifex in not immune from this.

"While our headline cost rate went up by 15%, this was more than
offset by the continued strong price of zinc and lead which
were, on average, 74% and 58% higher than the previous 12 month
period," he said.

Mr. Barnes said that, importantly, both safety and environmental
performance had improved in this period, continuing the long-
term trend of significant year-on-year reductions in key
indicator measures.

"We witnessed a 22% reduction in the medically-referred injury
frequency rate over the same period last year as well as an
improvement in the number of reportable environmental
incidents," he said.

From the perspective of delivering on its long-term strategy,
Mr. Barnes said that Zinifex was now well positioned to enter
the next phase of its transformation into a fully-fledged global
mining company.

"The merging of our smelting assets into Nyrstar to create the
world's pre-eminent zinc metal producer is on track to occur in
September this year and we would expect to go to market at an
appropriate time thereafter.

"Further, we have announced the undertaking of a feasibility
study of the Dugald River deposit in Queensland, the acquisition
of significant development and exploration projects in Canada's
Nunavut region and an increase in the Rosebery resource by 65%
extending mine life there by at least 10 years.

"Combined with our exploration activities domestically and in
Tunisia, Sweden, Mexico and China and an increase in the
exploration and development spend next year to AU$100 million,
it is clear we are poised to significantly grow this business,"
he said.

"Zinifex has had an exceptional year both financially and
strategically, positioning the company for future growth", Mr.
Barnes concluded, "We anticipate another strong year for the
business this year and we expect that the IPO of Nyrstar will
provide Zinifex with the opportunity to grow our mining business
in a meaningful way."

The comprehensive full-year result for Zinifex can be viewed for
free at: http://ResearchArchives.com/t/s?2308

                        About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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

BRAND NEW: Sets Joint Annual Meeting for September 20
-----------------------------------------------------
The members and creditors of Brand New Group Limited will have
their annual meetings on September 20, 2007, at 3:00 p.m., and
3:30 p.m., respectively, at the 10th Floor of Kowloon Building,
Room 1002, 555 Nathan Road, in Kowloon, Hong Kong.

At the meeting, Kong Tak Yuen and Chung Cheuk Ming, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


COSMOS BANK: Fitch Gives F Individual Rating on Likely Default
--------------------------------------------------------------
Fitch Ratings downgraded the Individual rating of Cosmos Bank to
'F' from 'E' and affirmed its Support rating at '5'.

The downgrade reflects Fitch's view that Cosmos would have
defaulted if it had not received external support.  In order to
distinguish failed banks more clearly, Fitch, in June 2007,
added a sixth rating category to its Individual rating scale,
i.e. 'F', which denotes a bank that has either defaulted or, in
Fitch's opinion, would have defaulted if it had not received
external support.

In this case, Fitch's view on Cosmos is supported by the
latter's announcement on August 31, 2007, that it has signed a
Memorandum of Understanding with SAC Private Capital Group, LLC
(SAC) and GE Money, the consumer and small business financial
services unit of General Electric (GE).  Fitch believes Cosmos
has received liquidity support from government-affiliated
financial institutions amidst the rapid loss of confidence from
its retail depositors recently.

The deterioration of Cosmos' capitalization quickened in H107
after it incurred massive losses of TWD5.5 billion in H107 and
TWD11.3bn in 2006.  In addition, the bank has TWD27.5 billion
worth of unamortised losses arising from previous non-performing
loan (NPL) sales.  Cosmos's equity-to-asset ratio would be -7.8%
(a net worth of TWD-14bn) at end-H107 if the large unamortised
NPL losses had been factored in.

Moreover, Fitch noted that Cosmos is experiencing difficulty in
securing deposits, evidenced by the 17% drop in the bank's total
deposits in H107, outpacing the loan decrease.

Fitch views the capital injection from SAC and GE Money as
critical in sustaining Cosmos' viability.  According to the
terms of the agreement, SAC and GE Money will each invest USD650
million and USD250m into Cosmos respectively, and the two will
together share a circa. 80% stake in Cosmos upon completion of
the capital injection.  The transaction is due to be completed
by end-2007 and is subject to regulatory approval.

Meanwhile, Fitch will continue to monitor the process of the
bank's recapitalization and take further rating actions as more
information becomes available.

Cosmos was set up in 1992 and is part of the Prince Motors
Group, founded by the Syu family.  GE became one of Cosmos'
larger shareholders after its 10% share acquisition in June
2006. Cosmos has 63 branches around Taiwan with a market share
of 1% by deposits at end-Q107.


FOXY FASHION: Accepting Proofs of Debt Until October 3
------------------------------------------------------
Ip Chiu Yin was appointed as liquidator for Foxy Fashion
Enterprises Limited on August 24, 2007.

The Liquidator is accepting proofs of debt from the company's
creditors until October 3, 2007.

The Liquidator can be reached at:

         Ip Chiu Yin
         Leighton Centre, Room 1518
         77 Leighton Road, Causeway Bay
         Hong Kong


GE HEALTHCARE: Undergoes Liquidation Proceedings
------------------------------------------------
On August 20, 2007, the sole shareholder of GE Healthcare Bio-
Sciences China Limited passed a resolution to liquidate the
company's business.

Chan Mi Har and Betty Yuen Yeung were named as liquidators.

The Liquidators can be reached at:

         Chan Mi Har
         Betty Yuen Yeung
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


INFINITE EYEWEAR: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on August 21, 2007, a
resolution was passed to liquidate the business of Infinite
Eyewear Limited.

Desmond Chung Seng Chiong and Roderick John Sutton were
appointed as liquidators for the company.

The Liquidators can be reached at:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         Ferrier Hodgson Limited
         Hong Kong Club Building, 14th Floor
         3A Chater Road, Central
         Hong Kong


KOOKMIN FINANCE: Taps Park, Kwang Ho, as Liquidator
---------------------------------------------------
Park, Kwang Ho, was appointed as liquidator for Kookmin Finance
Asia Limited on August 30, 2007.

The Liquidator can be reached at:

         Park, Kwang Ho
         Gloucester Tower, 19th Floor
         11 Pedder Street, Central
         Hong Kong


LEAN GIAP: Starts Liquidation Proceedings
-----------------------------------------
At an extraordinary general meeting held on August 24, 2007, the
members of Lean Giap Investment (China) Limited agreed to
voluntarily liquidate the company's business.

Wong Poh Weng and Wong Tak Man, Stephen, were named liquidators.

The Liquidators can be reached at:

         Wong Poh Weng
         Wong Tak Man, Stephen
         Allied Kajima Building, 7th Floor
         138 Gloucester Road
         Hong Kong


LEE WING: Creditors' Proofs of Debt Due on October 2
----------------------------------------------------
Lee Wing International Limited requires its creditors to file
their proofs of debt by October 2, 2007.

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


MAXI-TOYO LIMITED: Shareholders Appoint Liquidators
---------------------------------------------------
On August 24, 2007, the shareholders of Maxi-Toyo Limited
appointed Puen Wing Fai and Lo Yeuk Ki, Alice, as liquidators
for the company.

The Liquidators can be reached at:

         Puen Wing Fai
         Lo Yeuk Ki, Alice
         Kwan Chart Tower, 6th Floor
         6 Tonnochy Road, Wanchai
         Hong Kong


SUPERB EARNING: Sets Members' Final General Meeting for Oct. 5
--------------------------------------------------------------
The members of Superb Earning Limited will have their final
general meeting on October 5, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the 24th Floor of Prosperous
Commercial Building, 54-58 Jardine's Bazaar, in Causeway Bay,
Hong Kong.


TITAN PETROCHEMICAL: Moody's Downgrades Corporate Rating to B2
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Titan Petrochemical Group Ltd from B1 to B2.  At the
same time, Titan's unsecured bond rating is also lowered to B3.
The outlook for both ratings is stable.

"The rating downgrade is driven by the increased execution risk
arising from the green field shipyard investment, in which Titan
has limited experience and has to develop sufficient skilled
resources to manage the development of such a business," says
Peter Choy, a Moody's Vice President and Senior Credit Officer,
adding, "The rating action also reflects the company's continued
weak very large crude carrier earnings, and the high execution
risk arising from its ongoing business restructuring and the
development of its onshore oil storage business in China."

"While the latest half year 2007 results were within
expectations, the projected large shipyard investment-related
capex will keep Titan's Adjusted Debt/EBITDAR high, at 5x to 6x,
which positions Titan more appropriately in the mid B range,"
says Choy.

"In addition, though progress in restructuring its business has
been made during 1H2007 -- involving an improved supply business
partly supported by increased storage capacity and the disposal
of the VLCC tankers, it is not sufficient to address concerns
about the execution risk of Titan's on-shore China business,"
concludes Choy.

The shipyard is about to deliver its first tanker to Titan, but
its product reliability is untested.  Moody's expects the
company will need to overcome many challenges, such as fund
raising, construction, branding, securing new contracts and
technologies.  Titan will also be exposed to high execution,
operational and financial risks on the shipyard investment.
While it has an order book of 22 vessels, mostly from group
companies, it will not have very meaningful EBITDA contribution
from the shipyard for the next 2 years.

The ratings outlook is stable, incorporating Moody's expectation
that Titan will be able to raise the necessary financing to
support its new investments in China and manage its business
expansion in a prudent manner.

Upward pressure on rating will be limited in the near future. In
the medium term, an upgrade could be considered if Titan:

    (1) further reduces its VLCC fleet through disposal and/or
        redeployment as floating storage units ("FSU");

    (2) completes its oil storage construction within budget and
        leases the majority of its oil storage in China for term
        contracts at reasonable prices;

    (3) completes its construction of the shipyard within budget
        and on time; and/or

    (4) improves its financial profile, such that key credit
        metrics are consistently maintained at Adjusted
        Debt/EBITDAR below 4x -5x.

On the other hand Titan's ratings could be subject to a further
downgrade if:

     (1) its interest in the onshore oil storage subsidiary
         falls below 50%;

     (2) it aggressively expands, especially with regard to its
         coastal tanker fleet, meaning higher capex and debt
         levels and weaker cash flow; and/or

     (3) it fails to reduce its VLCC fleet.

Any of these events could lead to sustained weakened credit
metrics as shown by Adjusted Debt/EBITDAR higher than 6x-7x and
EBITDAR/interest coverage below 1.5x -2x.

Titan Petrochemical Group Ltd is an Asian integrated oil
logistics, distribution and supply service provider in Asia.
Headquartered in Hong Kong, it was listed there in 2002 and its
operations are spread over Singapore, Malaysia and China.  It
manages 26 tankers and has on-shore storage facilities in
Guangdong, Fujian and Shanghai.


TITAN PETROCHEMICALS: S&P Changes B+ Rating Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services on Sept. 4, 2007, revised the
outlook on the rating on Titan Petrochemicals Group Ltd. to
negative from stable.  At the same time, it affirmed both the
'B+' long-term corporate credit rating on Titan and the 'B'
issue rating on the company's US$400 million guaranteed senior
unsecured notes due 2012.

The outlook revision follows Titan's weak interim results and an
announced plan to acquire 100% of Titan Quanzhou Shipyard Ltd.
from Titan's controlling shareholders, Mr. Tsoi Tin Chun and
family.  Titan proposes to acquire TQSL for a total
consideration of US$170 million, of which US$56.9 million will
be paid in cash and the remainder by issuing new common shares
(75%) and three classes of non-voting convertible preferred
shares (25%) in Titan.

Mr. Tsoi and Titan have also agreed upon an earn-out structure,
whereby the conversion ratio of the preferred shares will be
revised down if the agreed profit before tax targets are not met
in 2008 (US$7.5 million), 2009 (US$20 million), and 2010 (US$50
million).

"The rating affirmations reflect our expectation that Titan's
existing businesses will continue to be affected by weak rates
for very large crude carriers [VLCC] and increasing bunkering
costs, which will lower the profit margins in its transportation
segment.

These weaknesses should be balanced by the benefits Titan
derives from diversifying into other businesses over the medium
to longer term," said Standard & Poor's credit analyst Lawrence
Lu.

Hong Kong-based Titan's main business focus, shipping
transportation, is highly volatile.  The acquisition of TSQL's
shipyard business would help to diversify Titan's revenue
stream, while the proposed earn-out structure would offer some
protection to minority shareholders.  However, as the shipyard
is still under construction, Titan will be exposed to
construction and execution risks.  The shipyard has a current
order book of 22 ships, which are predominantly orders from
Titan or entities affiliated with Mr. Tsoi.

Although some ships have already been chartered long-term to
third parties, we would like to see Titan demonstrate further
its ability to secure orders from third parties.  The shipyard
will require substantial capital expenditure over the next three
years, about 70% of which will likely be project financed.  This
will keep Titan's ratio of debt to capitalization high at more
than 70% over the next three years.

Titan's financial performance remains weak, as shown by its
results in the first half of 2007.  The results, which were
within our expectation, excluded one-off gains from the sale of
VLCCs. Titan's weak financial performance was mainly due to
declining prevailing VLCC rates and increased bunker costs.

The redeployment of the VLCC fleet led to a longer-than-expected
downtime for the vessels. The company's liquidity position,
however, strengthened following private equity firm Warburg
Pincus LLC's investment in the company in March 2007.  Titan
continues to diversify its business away from the volatile VLCC
transportation segment.  An increasing contribution from its
procurement and supply operations and its onshore storage
business should improve its financial performance over the near
to medium term.


TITAN PETROCHEMICALS: Second-Half Profit Doubles on Ship Sales
--------------------------------------------------------------
Titan Petrochemicals Group Ltd's first-half profit more than
doubled because of gains from selling some vessels, Shanghai
Daily reports, citing the company's statement with the Hong Kong
Stock Exchange.

According to the company's disclosure, net income climbed to
HK$152 million (US$19.5 million), or HK$3.10 cents a share, from
a restated HK$65 million, HK$1.35 cents, a year earlier.  Sales
rose 19% to HK$7.7 billion.

Chief Executive Barry Cheung plans to make Titan into China's
biggest independent fuels storage provider and cut dependence on
shipping oil, the statement said, as quoted by the Daily.
Profit contribution from tankers dropped to 75% last year from
90% in 2005, the stamen further revealed.

Because of this, vessels, including very large crude carriers,
or VLCCs, will account for no more than a fifth of earnings
within three years, Mr. Cheung said.

"The first half of 2007 saw Titan achieve good progress towards
its stated goal of creating an integrated oil logistics
company," the company said.  "We began to reduce our dependence
on the volatile VLCC market."


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%.

Moody's Investors Service has downgraded the corporate family
rating of Titan Petrochemical Group Ltd from B1 to B2.  At the
same time, Titan's unsecured bond rating is also lowered to B3.
The outlook for both ratings is stable.

Standard & Poor's Ratings Services on Sept. 4, 2007, revised the
outlook on the rating on Titan Petrochemicals Group Ltd. to
negative from stable.  At the same time, it affirmed both the
'B+' long-term corporate credit rating on Titan and the 'B'
issue rating on the company's US$400 million guaranteed senior
unsecured notes due 2012.


TK ALUMINUM: Inks Purchase Agreement with Bavariaring
-----------------------------------------------------
Teksid Luxembourg S.a r.l., S.C.A., entered into a purchase
agreement to sell its equity interests in TK Aluminum France
S.A.S. and Teksid Deutschland GmbH to Bavariaring 0906 GmbH, an
affiliate of Bavaria Industriekapital AG. TK Aluminum France
S.A.S. is the parent of Teksid France S.A.S., Fonderie du Poitou
Aluminium S.A.S., Fonderie Aluminium Cleon S.A.S. and
Metaltemple S.A.S. and as a result of the transactions
contemplated by the Purchase Agreement, such subsidiaries would
be indirectly sold to Bavariaring.

Teksid Aluminum Luxembourg, a subsidiary of TK Aluminum Ltd.,
signed the agreement on Aug. 20, 2007.  The parties have not
disclosed the financial terms of the Purchase Agreement at this
time. Pursuant to the Purchase Agreement and subject to certain
conditions, Bavariaring will share operational control of the
acquired companies in the period prior to the closing of the
transactions contemplated by the Purchase Agreement.

The Purchase Agreement is subject to termination by Teksid
Luxembourg in the event the Supervisory Board of Bavaria AG does
not authorize and approve certain aspects of the transactions
contemplated by the Purchase Agreement on or before Sept. 15,
2007. The Purchase Agreement is also subject to certain
conditions to closing, including receipt by Teksid Luxembourg of
consent of at least a majority in principal amount of Teksid
Luxembourg's 11-3/8 Senior Notes and may be terminated by Teksid
Luxembourg in the event such consent is not received.

There can be no assurance that the Bavaria AG Supervisory Board
will authorize and approve certain aspects of the transactions
contemplated by the Purchase Agreement on or before Sept. 15,
2007, that Teksid Luxembourg will not terminate the Purchase
Agreement in the event that the Bavaria AG Supervisory Board
does not authorize and approve such aspects of the transactions
on or before Sept. 15, 2007, that the conditions to the Purchase
Agreement will be satisfied or that the sale of the acquired
companies contemplated thereby will be consummated.

                      About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components. The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                          *     *     *

As reported on May 9, 2007, Moody's Investors Service confirmed
the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid
Aluminum Luxembourg Sarl SCA with a stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


VAST CHOICE: Liquidators Quit Post
----------------------------------
Alison Wing Lee Fung Ying and Wong Kwok Man ceased to act as
liquidators for Vast Choice Development Limited on August 20,
2007.

The former Liquidators can be reached at:

         Alison Wing Lee Fung Ying
         Wong Kwok Man
         Gloucester Tower, 13th Floor
         The Landmark, 15 Queen's Road
         Central, Hong Kong


WOLVERINE TUBE: Equity Rights Offer Cues Moody's Ratings Review
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Wolverine Tube,
Inc. (Caa2 corporate family rating) under review for possible
upgrade.

The review was prompted by Wolverine's announcement of an equity
rights offering of up to about US$51 million, from which the
company will receive at least US$25 million due to a standby
commitment from preferred stockholders.  Additionally, the
offering entitles these preferred stockholders to call options
sufficient to increase their total ownership, equivalent to
about US$32 million.  As a result, if the rights offering and
the call options are fully exercised, the company would receive
total cash proceeds, after expenses, of about US$83 million.

Moody's review of Wolverine will focus on the progress of
Wolverine's rights offering and preferred stockholder call
option exercise, the pro forma liquidity and credit metrics that
result from any of the above actions, ability to refinance
existing debt in a timely fashion, and Wolverine's business
fundamentals and economic expectations.  The outcome of this
review is expected to reflect the potential overall financial
liquidity improvement experienced by Wolverine if the equity
transactions are a success, in combination with positive year-
to-date EBITDA, Moody's evolving view regarding the expected
decrease in copper prices and other raw materials, productivity
improvements in the company's facilities, and trends in the U.S.
economy.  Depending on their level of success, and timing of
their initiatives, this could ultimately lead to a multi-notch
upgrade of the corporate family rating.

These ratings were placed under review for possible upgrade:

Issuer: Wolverine Tube Inc.

On Review for Possible Upgrade:

-- Corporate Family Rating, Placed on Review for Possible
   Upgrade, currently Caa2

-- Probability of Default Rating, Placed on Review for Possible
   Upgrade, currently Caa2

-- Senior Unsecured Notes, Placed on Review for Possible
   Upgrade, currently Caa3 (LGD4, 62%)

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Negative

Wolverine has been facing intense margin pressures due to the
volatility of raw materials and the impact of a competitive,
shrinking industry. The company faced difficulties as the price
of copper increased dramatically in recent years and Chinese
producers competed on price for commodity level products. The
corporate family rating and senior unsecured was previously
downgraded in November, 2006 to Caa2 and Caa3, respectively,
with a negative outlook following the announcement of a previous
restructuring and reorganization plan. In February 2007, The
Alpine Group, Inc. and Plainfield Special Situations Master Fund
Limited paid $50 million to Wolverine for 50,000 shares of
convertible preferred stock.

Headquartered in Huntsville, Alabama, Wolverine Tube, Inc. is
one of the leading U.S. manufacturers and distributors of copper
alloy tube, fabricated products, and metal joining products for
use in refrigeration and air conditioning.  For the LTM ended
July 1, 2007, the company had revenues of US$1.36 billion, but
generated an US$86 million net loss.  The company has locations
in China, Mexico and Portugal.


* Fitch Comments on Taiwanese Bank Failures
-------------------------------------------
Fitch Ratings, on September 5, 2007, commented on the spate of
Taiwanese bank failures, following the recent failure and
default by Bowa Bank in August 2007 as well as the failure and
default by Chinese Bank in January 2007.

"While Fitch does not rate these failed banks and many other
small and under-capitalized banks, we have continued to maintain
our surveillance on these banks as a part of our commitment to
provide comprehensive credit research on the Taiwanese banking
industry," the rating agency said.

From 2006 to date, the deterioration of the financial health of
smaller and undercapitalized Taiwanese banks has quickened due
to intensified market competition from larger banking groups,
continued interest margin compression and fresh losses incurred
from the unsecured consumer lending crisis in 2006.  This has
led to a tightening of market liquidity, as well as a rapid loss
of confidence from the retail depositors.

The Financial Restructuring Fund, the public vehicle under
Central Deposit Insurance Corp (CDIC) established to bail out
troubled banks, has taken over five undercapitalized banks in
2006 and 2007.  Making an exception to Taiwan's Deposit
Insurance Act's limited deposit guarantee (TWD1.5 million per
depositor), the FRF provides a full guarantee to depositors but
not to all creditors of the five banks that were effectively
taken over.

Following a legislative revision of the FRF act in 2005, the
government no longer provides guarantees on liabilities other
than deposits, effective from July 2005.  This means that
investors of the banks' financial debentures, subordinated debts
(issued after July 2005) and interbank creditors will no longer
be protected by the government's rescue funds.

In the case of the default by Chinese Bank, investors had to
bear the losses by themselves on Chinese Bank's TWD700m worth of
subordinated debts issued after July 2005, although the bank's
additional TWD2.3 billion subordinated debts issued before July
2005 were guaranteed by the government fund.  Fitch noted that
Bowa had TWD3bn worth of subordinated debts outstanding, of
which TWD1.24bn were issued post July 2005.

This has already caused Hua Nan Financial Holdings and Taichung
Bank to report TWD200m and TWD100m losses on their investments
of Bowa Bank's subordinated debts, respectively; other potential
casualties have yet to be identified.

In terms of bank defaults, Fitch expects Taiwanese regulators to
gradually shift towards market-based solutions from the previous
reliance on supervisory bail-out, as the blanket guarantee on
deposits is being withdrawn and the FRF is to be phased out at
end-2010.  This belief supports Fitch's across-the-board
downgrade, in March 2007, from '4' to '5' of the support ratings
of smaller banks that are not affiliated to larger financial
groups. A default by Cosmos Bank (Individual rating 'F'), if it
were to occur, would be an important 'test of will' of
regulatory support.  It is unclear at this point, however,
whether the government will be willing to provide unlimited
deposit guarantees in the event that Cosmos starts to default on
its debt obligations.  Fitch views smaller Taiwanese banks as
generally weak in capital and liquidity as well as
profitability, and hence is concerned that these banks would
increasingly weigh down the overall banking system and make the
system vulnerable to a credit cycle downturn.


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

AES CORP: International Coalition Balk at Panama Dam Projects
-------------------------------------------------------------
AES Corp.'s three hydroelectric projects in Panama have been met
with protests from indigenous and environmental groups.

The Post Chronicle says that the Center for Biological Diversity
and 50 indigenous and environmental groups have demanded AES
Corp.'s withdrawal from the projects over concerns of flooding
in La Amistad International Park that threatens wildlife and
communities in the area.  Based on environmental studies
conducted by the protesters, the dams would flood nearby Ngobe
villages, forcing inhabitants to relocate.  As for aquatic
biodiversity, the dams would kill about 11 fish and shrimp
species in the river because the infrastructure would block
their migration between the ocean and the freshwater to complete
their life cycles.

La Amistad International Park, designated a World Heritage site
by the United Nations, forms part of the La Amistad Biosphere
Reserve, one of the most biologically diverse areas on the
planet.  It is home to at least 40 species of fish, 250 species
of reptiles and amphibians, 215 species of mammals, and 600
species of birds, including the resplendent quetzal and the
harpy eagle, the Post Chronicle relates.

AES Corp.'s three dam projects will be on the Changuinola River
that borders the park.  AES and its Panamanian unit, AES
Changuinola, S.A., will operate the three dams.  A fourth dam
would be operated by Hidroecologica del Teribe, S.A., a
subsidiary of the Colombian-owned Empresas Publicas de Medellin,
on the Bonyic River, a tributary of the Rio Teribe, the Post
Chronicle states.

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

                          *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                        *     *     *

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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


DRESSER-RAND: Amends US$500MM Secured Revolving Credit Facility
---------------------------------------------------------------
Dresser-Rand Group Inc. amended its Senior Secured Credit
Facility.  The amended credit facility is a five year,
US$500 million senior secured revolving credit facility.  The
amendment increases the size of the facility by US$150 million,
lowers borrowing costs 50 basis points to LIBOR plus 150 basis
points at present leverage and extends the maturity date from
Oct. 29, 2011, to Aug. 30, 2012.

"We are pleased with the increased size, added flexibility and
lower costs provided by this amended facility", Robert J.
Saltarelli, Dresser-Rand's vice president and treasurer, said.
"Although we have no present expectation of increasing debt, a
larger facility gives us more flexibility to execute our
business plan."

The amendment also reduces the commitment fee from 37.5 basis
points to 30 basis points.  At June 30, 2007, there were
US$202.5 million of Letters of Credit outstanding under the
facility.

Citigroup Global Markets Inc., J.P. Morgan Securities Inc., and
UBS Securities LLC served as Joint Lead Arrangers.

Headquartered in Houston,  Texas, Dresser-Rand Group Inc.
(NYSE:DRC) -- http://www.dresser-rand.com/--  is engaged in the
design, manufacture, sale and servicing of turbo and
reciprocating compressors, gas and steam turbines, gas expanders
and associated control panels.  The company is a supplier of
rotating equipment solutions to the oil, gas, petrochemical and
process industries.  The company's services and products are
used for a range of applications, including oil and gas
production, high-pressure field injection and enhanced oil
recovery, pipelines, refinery processes, natural gas processing
and petrochemical production.

Dresser-Rand has operations in France, Germany, Norway, and
India.

                        *      *      *

Moody's Investor Services placed Dresser-Rand Group Inc.'s
probability of default and long term corporate family ratings at
"Ba3" in September 2005.  The outlook is stable.  The ratings
hold to date.


ICICI BANK: Signs Pact for US$1.5-Bil. Syndicated Loan Facility
---------------------------------------------------------------
ICICI Bank Ltd has signed a multi-tranche dual currency
US$1.5 billion syndication loan agreement in Singapore on
September 4, 2007.  The facility is split into three tranches:

   * US$500 million 364-day tranche (tranche A);

   * US$500 million three-year tranche (tranche B); and

   * US$500 million five-year tranche (tranche C).

Tranche C will be repayable in 2 equal installments at the end
of 4.5 years and 5 years and hence shall have an average
maturity of 4.75 years.

A total of 28 banks participated in the syndication facility
across the globe.  New players have participated in this deal
both at Mandated Lead Arrangers level and general syndication.

Chanda Kochhar, Deputy Managing Director, ICICI Bank said, "The
US$1.5 billion syndication is a benchmark deal as this facility
marks India's largest offshore syndicated loan financing by a
financial institution.  We are delighted with the widespread
interest this deal has generated from the leading banks across
the globe.  It is heartening to see a number of new players
participating in this deal."

BNP Paribas, Bayerische Landesbank, Calyon, COMMERZBANK, Goldman
Sachs, HSBC, Intesa Sanpaolo, Natixis, Standard Chartered Bank
and Sumitomo Mitsui Banking Corporation are the 10 Mandated Lead
Arrangers for the syndication.

                         About ICICI Bank

India-based ICICI Bank Ltd -- http://www.icicibank.com/-- is a
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

The bank has operations in Russia and the United States.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' BB Subordinated Debt Rating.


IFCI LTD: To Get Advisor in Choosing Strategic Investor
-------------------------------------------------------
IFCI Ltd's board of directors has decided, at its Sept. 4, 2007
meeting, to tap a due diligence advisor in search for a
strategic investor.

As previously reported by the Troubled Company Reporter-Asia
Pacific, IFCI's board of directors approved the move for the
company to invite expressions of interest for a strategic
investor, in whom the company plans to divest a 26% stake.
IFCI wants to raise as much as US$250 million by selling up 26%
in fresh equity.  IFCI has tapped Ernst & Young to look for the
strategic investor.

"The Board has identified different stakeholders' interests and
has desired that the process of induction of the strategic
investor needs to be strengthened by a Due Diligence Advisor of
stature to guide and advise the Board," a filing with the Bombay
Stock Exchange states.

Punjab National Bank, Citigroup, Lehman Brothers, BNP Paribas,
Deutsche Bank and Barclays are reportedly interested in buying
the 26% interest.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


OWENS CORNING: Completes US$371 Mil. Sale Deal with Saint-Gobain
----------------------------------------------------------------
Owens Corning has completed the sale of its Siding Solutions
business to Saint-Gobain for US$371 million as on July 17, 2007.
The sale includes the company's Norandex/Reynolds distribution
business with 153 U.S. distribution centers in 38 states.

Three vinyl siding manufacturing facilities in North America
located in Claremont, North Carolina; Joplin, Missouri; and
London, Ontario are also part of the transaction.

"This sale is part of our ongoing strategy to focus on core
businesses that bring value to our customers," Dave Brown,
president and chief executive officer, said.  "This transaction
enhances shareholder value by strengthening Owens Corning's
ability to generate consistent profitable growth across its
portfolio of businesses."

The transaction completes Owens Corning's strategic review of
its Siding Solutions business.

                      About Saint-Gobain SA

Headquartered in Courbevoie, France, Saint-Gobain SA (EPA:SGO)
-- http://www.saint-gobain.com/-- is a producer, processor and
distributor of materials, including glass, ceramics, plastics
and cast iron.  The company has five principal business
activities: the distribution of building materials to
professionals and consumers, which includes the subsidiaries
Lapeyre and Point.P in France and Jewson and Graham in the
United Kingdom; the production of high-performance materials,
such as ceramics, plastics and abrasives; the manufacture of
flat glass, notably for use in the automobile sector; the
production of packaging, including glass jars and bottles for
foodstuffs, pharmaceuticals and beauty products, and the
manufacture of construction products, such as insulation and
pipes.  Saint-Gobain has over 1,000 consolidated companies in
total, and is represented in 49 countries worldwide.

                       About Owens Corning

Headquartered in Toledo, Ohio, Owens Corning fka Owens Corning
(Reorganized) Inc. (NYSE: OC) -- http://www.owenscorning.com/--
is a producer of residential and commercial building materials
and glass fiber reinforcements, and other similar materials for
composite systems.  The company has operations in 26 countries,
including in India.

The company filed for chapter 11 protection on Oct. 5, 2000
(Bankr. D. Del. Case. No. 00-03837).  Norman L. Pernick, Esq.,
at Saul Ewing LLP, represented the Debtors.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Official
Committee of Asbestos Creditors.  James J. McMonagle served as
the Legal Representative for Future Claimants and wass
represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP.
On Sept. 28, 2006, the Honorable John P. Fullam, Sr., of the
U.S. District Court for the Eastern District of Pennsylvania
affirmed the order of Honorable Judith Fitzgerald of the U.S.
Bankruptcy Court for the District of Delaware confirming Owens
Corning's Sixth Amended Plan of Reorganization.  The Plan took
effect on Oct. 31, 2006, marking the company's emergence from
Chapter 11.

                          *     *     *

Fitch placed Owens Corning's senior unsecured debt and preferred
stock ratings at "D".  The ratings, placed in October 2000,
still hold to date.


PRIDE INT'L: Closes Sale of Drilling & Workover Rig Business
------------------------------------------------------------
Pride International Inc. has completed the sale of its Latin
America land-based drilling and workover rig business and its
E&P Services business to GP Investments Ltd. on the terms
previously disclosed.

                  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
Sept. 4, 2007, 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'.

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%)


QUEBECOR WORLD: Moody's Downgrades Corporate Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2,
on concerns that deteriorating business conditions will
adversely affect margins for an extended period with free cash
generation and debt reduction significantly deferred.

In addition, with the company having disclosed it may require
further accommodation from its bank lenders, there is
significant uncertainty as to how this will impact ongoing
access to liquidity.  With this, in turn, potentially impacting
the company's ability to address its operational issues, the
ratings outlook remains negative.  This covenant compliance
matter was a component of Moody's June 18, 2007, downgrade of
Quebecor World's speculative grade liquidity rating to SGL-4
(indicating weak liquidity).  However, given the passage of time
and the continued lack of resolution, and now, very difficult
credit market conditions, the company's liquidity position has
deteriorated and weighs against the long term debt ratings.
This may have further ratings' impact if not addressed
satisfactorily.

Downgrades:

Issuer: Quebecor World, Inc.

-- Corporate Family Rating, Downgraded to B3 from B2

-- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
    (LGD4, 55) from B2 (LGD4, 50)

Issuer: Quebecor World Capital Corporation

-- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
    (LGD4, 55) from B2 (LGD4, 50)

Issuer: Quebecor World Capital ULC

-- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
    (LGD4, 55) from B2 (LGD4, 50)

Withdrawals:

Issuer: Quebecor World (USA) Inc.

-- Senior Subordinated Conv./Exch. Bond/Debenture, Withdrawn,
    previously rated Caa1 (LGD6, 94)

Moody's had previously expected QWI's 2007 TD/EBITDA to exceed
7x. It was also expected that 2007 FCF would be materially
negative. However, it now appears that margin pressure will
cause TD/EBITDA to approach 8x, and, assuming that revenue and
margins can improve in 2008 and beyond, and, at the same time,
that capital expenditures return to maintenance levels, it will
be 2009 before the company may be able to generate positive free
cash flow.

While certain other credit metrics are expected to provide
rating signals supporting a higher rating, Moody's will focus on
free cash flow and debt reduction until such time as the company
demonstrates a sustainable ability to repay debt from internal
sources.  Similarly, until the company implements a
comprehensive liquidity plan that includes credit facilities
that provide substantial funding, are committed for an extended
period, and are accessible at all times, the company's ability
to execute its business plan will be viewed as somewhat limited
and there will be an adverse ratings impact.

Quebecor World Inc. (TSX: IQW) (NYSE: IQW) --
http://www.quebecorworld.com/-- provides print solutions to
publishers, retailers, catalogers and other businesses with
marketing and advertising activities.  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


QUEBECOR WORLD: Completes Tender Offer to Buy Capital's Notes
-------------------------------------------------------------
Quebecor World (USA) Inc., a wholly-owned subsidiary of Quebecor
World Inc. reported the expiration of its cash tender offers to
purchase:

   (a) Quebecor World Capital Corporation's outstanding
       8.42% Senior Notes, Series A, due July 15, 2010 and 8.52%
       Senior Notes, Series B, due July 15, 2012; and

   (b) Quebecor World Capital's outstanding 8.54%, Senior Notes,
       Series C, due Sept. 15, 2015, and 8.69% Senior Notes,
       Series D, due Sept. 15, 2020, and the related consent
       solicitation seeking to effect the proposed amendments to
       the note purchase agreements governing the Notes.

The tender offers and the related consent solicitation were made
upon and subject to the terms and conditions set forth in the
Offer to Purchase and Consent Solicitation dated Aug. 3, 2007,
and the related Consent and Letter of Transmittal.

The tender offers for the Notes expired at midnight, New York
City time, on Aug. 30, 2007.  One condition to the tender offers
was the receipt of the consents from holders of more than 50% in
aggregate principal amount of the Series A Notes and the Series
B Notes, taken as a class, and holders of more than 50% in
aggregate principal amount of the Series C Notes and the Series
D Notes, taken as a class.

As of the Expiration Date, the Requisite Consents were not
received.  Consequently, QWUSA will not purchase any Notes
pursuant to the tender offers, none of the proposed amendments
to the Note Purchase Agreements will be effected and the
previously announced tender offer consideration and consent fee
will not be paid or become payable to any holder of the Notes.

The Dealer Manager for the tender offers and the consent
solicitation is Banc of America Securities LLC.

Global Bondholder Services Corporation is the Information Agent
and the Depositary for the tender offers and the consent
solicitation.

Questions regarding the tender offers may be directed to Banc of
America Securities LLC at (312) 828-5846 (collect) or Global
Bondholder Services Corporation at (866) 470-4300 (toll free) or
at (212) 430-3774 (collect).

                     About Quebecor World Inc.

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW)(NYSE:IQW), -- http://www.quebecorworldinc.com/-- provides
market solutions, including marketing and advertising
activities, well as print solutions to retailers, branded goods
companies, catalogers and to publishers of magazines, books and
other printed media.  Quebecor World has approximately 29,000
employees working in more than 120 printing and related
facilities in the United States, Canada, Argentina, Austria,
Belgium, Brazil, Chile, Colombia, Finland, France, India,
Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                          *     *     *

Moody's Investor Services placed Quebecor World Inc.'s
probability of default and long term corporate family ratings at
"B3" on Aug. 28, 2007.


TATA MOTORS: Reports Slight Decrease in August 2007 Sales
---------------------------------------------------------
Tata Motors Ltd reported total sales of 45,144 vehicles
(including exports) for the month of August 2007, compared to
45,325 vehicles sold in August last year.  Cumulative sales for
the company at 2,14,603 units reported a marginal decline of
0.8%.  The domestic market continues to be sluggish, due to the
high interest rate regime, continuing to affect retails.

Commercial Vehicles

The company's sales of commercial vehicles in August 2007 in the
domestic market were 23,431 units, a growth of 1.6% over 23,069
vehicles sold in August last year.  Medium and Heavy Commercial
Vehicle sales stood at 11,625 units, a decline of 13.6% over
August 2006, while Light Commercial Vehicle sales were 11,806
units, a growth of 23% over August 2006.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 1,05,835 units, a decline of 1.8% over last
year. Cumulative M&HCV sales stood at 54,647 units, a decline of
12% over last year, while LCV sales for the fiscal were 51,188
units, an increase of 12.4% over last year.

Passenger Vehicles

The passenger vehicle business achieved total sales of 16,620
vehicles in the domestic market in August 2007, a decline of 5%
over August 2006.  The Indica reported sales of 11,396 units., a
decline of 4% over August 2006.  The Indigo family registered
sales of 2,192 units, a growth of 1% over August 2006.  The Sumo
and Safari accounted for sales of 3,032 units, a decline of 12%
over August 2006.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were flat at 85,471 units.  Cumulative sales of
the Indica were flat at 57,092 units.  Cumulative sales of the
Indigo family were 11,984 units, a decline of 8%.  Cumulative
sales of Sumo and Safari were 16,395 units, an increase of 5.3%.

Exports

The company's sales from exports at 5,093 vehicles in August
2007 grew by 8% as compared to 4,715 vehicles in August 2006.
The cumulative sales from exports in the current period at
23,297 units have recorded a marginal growth of 1.4% over the
previous year.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


STATE BANK OF INDIA: To Raise INR15BB in Bond Issue, Report Says
----------------------------------------------------------------
State Bank of India plans to raise INR15 billion (US$367
million) through an issue of upper Tier II bonds this week,
Reuters reported yesterday, citing sources familiar with the
deal.

Reuters' unnamed sources say the core size is INR10 billion,
with the option to retain an oversubscription of INR5 billion.

The bonds reportedly have a term 15 years, with a call option at
the end of the 10th year, and the coupon will be 10.1%, payable
annually, Reuters relates.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA STEEL: Starts Buying Land for Titanium Dioxide Project
-----------------------------------------------------------
Tata Steel Ltd has started acquiring lands for its titanium
dioxide project at Sathankulam and Tiruchendur taluks in
Tuticorin district, media reports say, citing Tuticorin District
Collector R. Palaniandi.

Tata Steel had obtained copies of documents relating to 100
acres from patta holders and signed agreement for acquiring 10
acres of land, Chennai Online relates.

Tata Steel reportedly targets acquiring 1,000 acres by the end
of 2007 to start constructing a desalination plant and factory.

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

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

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


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

CA INC: Enters Into New US$1-Billion Credit Facility
----------------------------------------------------
CA, Inc. has entered into a US$1 billion, five-year unsecured
revolving credit facility that will expire August 2012.  The new
facility replaces an existing US$1 billion four-year facility
executed in 2004 that was due to expire in December 2008.

The Company replaced its existing facility to extend the
maturity of the facility and to reduce the interest paid and
fees associated with the used and unused portions of the
facility.  Borrowings of US$750 million under the existing
facility were repaid at its termination and simultaneously re-
borrowed under the new facility.  The Company plans to use the
credit facility for general corporate purposes.

"CA's ability to enter into a new facility with more favorable
terms in the current capital market environment is testament to
the Company's strengthening financial position," said Chief
Financial Officer Nancy Cooper.  "It provides CA with increased
financial flexibility as it assesses upcoming maturities and
capital requirements."

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

                          *     *     *

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

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

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

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

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

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

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

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

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


GARUDA INDONESIA: Gov't. to Sell Stake in Unit Through IPO
----------------------------------------------------------
The Indonesian Government plans to sell a stake in PT Garuda
Indonesia's unit PT GMF Aero Asia through an initial public
offering in 2008, Reuters reports, citing State Minister for
Information and Communication Sofyan Djalil.

According to the report, the government move is part of efforts
to strengthen corporate governance as well as raise funds for
the state budget.

The amount of stake to be offered is not yet specified, but the
government estimates that GMF Aero will have around US$1 billion
market capitalization once it is listed on the stock exchange,
the report notes.

                 Government to Privatize Garuda

Reuters says that Garuda Indonesia is on the list of 15 state
firms the government aims to privatize this year, as part of
efforts to revive its privatization drive which has moved in
stops and starts.

The company, which is saddled with a debt of around US$750
million, including some US$475 million owed to the European
Credit Agency, is in negotiations with creditors to restructure
some of its debt, the report relates.  Mr. Djalil told Reuters
that Garuda chief Emirsyah Satar is in Europe to talk with
creditors.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, he added.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


PERTAMINA: Unit Revises Proceeds Forecast From 20% Stake Sale
-------------------------------------------------------------
PT Pertamina (Persero)'s unit PT Elnusa has revised upward its
forecast of the proceeds from the sale of a 20 percent stake
during its initial public offering in December, The Jakarta Post
reports, citing President Director Eteng A. Salam.

The Troubled Company Reporter-Asia Pacific reported on
July 19, 2007, that Elnusa plans to sell a 20% stake worth
around US$30 million via an initial public offering this year.

Mr. Salam now hopes to raise US$100 million in fresh funds
through the IPO far higher than the previous target of US$30
million, The Post relates.  According to the news agency, the
president director believes the new target is achievable with
the interest of foreign investors in Indonesia's stock market.

Hendri S. Suardi, Elnusa administration and finance director,
said that the IPO's ultimate goal was to support the company's
strategy of focusing its business on the oil and gas industry as
an integrated oil and gas upstream services provider, The Post
relates.

After the IPO, Elnusa is hopeful that the upstream segment will
come to account for 80 percent of the company's business
portfolio, the Jakarta Post adds.

                         About Pertamina

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

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

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


SUBA INDAH: Bank Mandiri to Take Over Collateralized Assets
-----------------------------------------------------------
PT Suba Indah Tbk's collateralized assets will be taken over by
PT Bank Mandiri Tbk, Reuters reports.

According to the report, the Commercial Court has approved the
bankruptcy claim against Suba Indah and that the company's
assets will be enough to cover its debt.

Meanwhile, Suba has stopped its production while its subsidiary,
PT Subafood Panganjaya is still in normal operation, the report
adds.

Headquartered in Jakarta, Indonesia, PT Suba Indah Tbk is a food
company engaged in the production and marketing of non-
perishable food products made of corn.

The Troubled Company Reporter-Asia Pacific reported on
August 31, 2007, that Suba Indah has a shareholders' deficit of
US$9.18 million on total assets of US$85.17 million.


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

BOSTON SCIENTIFIC: Court OKs Johnson & Johnson's Breach Claim
-------------------------------------------------------------
U.S. District Judge Gerard E. Lynch in Manhattan allowed a
breach-of-contract claim by Johnson & Johnson to proceed but
dismissed others in a $5.5 billion lawsuit Johnson & Johnson
filed against Boston Scientific Corp., The Wall Street
Journal said on its Web site Thursday last week.

The breach-of-contract claim relates to Guidant's termination of
a merger agreement with Johnson & Johnson to give way to a US$27
billion acquisition deal with Boston Scientific last year, the
report said.

The dismissed claims, according to WSJ, include claims alleging
that Boston Scientific and Guidant violated an implied duty of
good faith and fair dealing in the Guidant-Johnson & Johnson
merger deal.

In denying the claim, Judge Lynch said in an order quoted by WSJ
that there is no basis under Indiana law for a claim of
violation of such a duty, noting that the contract is governed
by Indiana law while Guidant was based in Indianapolis.

Boston Scientific closed on its deal to purchase the bulk of
Guidant in April 2006.  In September 2006, WSJ said Johnson &
Johnson balked at the deal alleging that Boston Scientific
succeeded in its takeover bid for Guidant only because Guidant
leaked confidential information to Abbott Laboratories Inc. for
the purpose of "arranging a prepackaged divestiture of
significant Guidant businesses to Abbott."

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 said that its ratings on
Boston Scientific Corp., including the 'BB+' corporate credit
rating, remain on CreditWatch with negative implications, where
they were placed Aug. 3, 2007.

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


ORIX-NRL TRUST: S&P Gives Class I Trust Certificate B+ Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to ORIX-
NRL Trust 15's JPY37.8 billion trust certificates, classes A to
I and X, due June 2014.

ORIX-NRL Trust 15
JPY37.8 billion trust certificates due June 2014

Class             Rating    Amount        Coupon   Subordination
                                                      rate
A                 AAA       JPY25.4 bil.  Floating    32.8%
B                 AA        JPY3.5 bil.   Floating    23.5%
C                 A         JPY3.4 bil.   Floating    14.6%
D                 BBB       JPY3.0 bil.   Floating     6.6%
E                 BBB-      JPY1.3 bil.   Floating     3.2%
F                 BB+       JPY0.4 bil.   Floating     2.1%
G                 BB        JPY0.4 bil.   Floating     1.1%
H                 BB-       JPY0.2 bil.   Floating     0.5%
I                 B+        JPY0.2 bil.   Floating     0.0%
X (interest only) AAA       JPY37.8 bil. (notional principal)

The trust certificates are secured by 10 non-recourse loans and
specified bonds (tokutei shasai) to nine obligors, backed by 33
real estate certificates and real estate properties
(collectively, the "real estate properties").  The transaction
has been arranged by ORIX Corp.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date for the class A certificates, the full
payment of interest and ultimate repayment of principal by the
legal maturity date for the class B to I certificates, and the
timely payment of available interest for the interest-only class
X certificates.

The ratings are based on:

   * The quality of the non-recourse loan and specified bond
     pool that secures the trust certificates;

   * The quality of the real estate properties that ultimately
     secure the non-recourse loans and specified bonds;

   * Ample credit support provided by the senior/subordinated
     structure of the trust certificates;

   * Ample liquidity support provided by a servicer advance; and

   * The sound nature of the transaction's legal structure

In this transaction, ORIX will entrust assets with Norinchukin
Trust and Banking Co. Ltd. (Nochu Trust), which in return will
issue an aggregate of JPY37.8 billion trust certificates.  The
trust assets consist of non-recourse loans and specified bonds
originated by ORIX, as well as cash.  These are ultimately
backed by collateral, including first security rights over the
33 real estate properties of the nine obligors, and general
lien.  Nochu Trust subcontracts servicing operations to ORIX
Asset Management & Loan Services Corp.


SOLO CUP: Fitch Affirms IDR at B- with a Negative Outlook
---------------------------------------------------------
Fitch Ratings has affirmed the ratings for Solo Cup Company
(Solo) as follows:

   * Issuer default rating (IDR) 'B-';

   * Senior secured first lien term loan 'B+/RR2';

   * Senior secured revolving credit facility 'B+/RR2';

   * Senior subordinated notes 'CCC/RR6'.

In addition, Fitch withdraws the following rating:

   * Senior secured second lien credit facility.

The Rating Outlook is Negative.  Approximately US$1 billion of
debt is covered by the ratings.  The company's Canadian bank
debt is excluded from the ratings.

The ratings reflect concerns about the company's weak cash
flows, high leverage, margin pressure due to intense competition
and higher resin and energy prices, low unit volume growth, a
lengthy and difficult integration process associated with the
Sweetheart acquisition, and a few remaining material weaknesses
in internal accounting controls.  The ratings also recognize
Solo's leading market share across its product categories,
strong brand recognition, diversified raw materials mix,
diverse, stable customer base, and modest near-term debt
maturities.

The Negative Outlook is based on constrained operating cash flow
generation and the need to execute asset sales to meaningfully
reduce leverage.  Although the company showed material
improvement in 2Q07 on several levels, risks to the credit
profile remain.  Solo's operating environment remains
challenging, and there is execution risk with regards to any
additional asset sales which might be contemplated. Solo must
also meet covenant ratio requirements which continue to tighten
for the remainder of the year.

Despite these concerns, in the first half of 2007 the company
has made substantive strides in improving operations, filling
key management vacancies with experienced industry leaders,
addressing and resolving some key integration issues, reducing
funded debt and improving the liquidity profile.  Solo's
operating results in the second quarter were encouraging.  The
company's new technology system has been implemented which has
improved order management and reduced redundancies stemming from
the Sweetheart merger.  This and other manufacturing initiatives
are starting to lead to improved profitability and positive cash
flow.

If the company is able to demonstrate stabilized performance
during the remainder of the year, and if additional meaningful
asset sales are completed, Fitch will likely review the outlook
and recovery ratings on the capital structure for a possible
upgrade.

In connection with December 2006 financing arrangements, the
credit facility covenants were modified to allow for the sale of
up to 20% of consolidated assets in 2007, with proceeds used to
pay down debt.  After a recent sale-leaseback transaction, Solo
eliminated US$130 million of second-lien term loan,
precipitating the withdrawal of the ratings for this tranche.
The transaction was executed on six manufacturing facilities and
annual rent on the now leased properties is about US$11.7
million.  Solo continues to consider other asset sales and has
announced the sale of a 118 acre parcel in Chicago with expected
proceeds of US$15 million.

Fitch calculates LTM July 01, 2007 total leverage ratio of 7.5
times (x), and senior leverage ratio of 5.0x using operating
EBITDA of US$133.7 million.  Interest coverage for the same
period was 1.3x.  The company must meet a total leverage ratio
requirement of 8.75x by Sept. 30, 2007 and senior leverage ratio
of 5.0x by the same date.  Leverage and interest coverage ratios
calculated for bank covenant compliance make certain adjustments
for rents, interest expense and other items related to asset
sales on a pro-forma LTM basis and are not equivalent to Fitch's
calculations.  The company should be able to meet upcoming ratio
requirements, but Fitch believes compliance could be by a narrow
margin and the company may need to seek a waiver from senior
lenders if operating results do not improve as expected.

As of July 01, 2007 the company had about US$92 million of
availability under the U.S. and Canadian revolvers and cash of
US$24.4 million for total liquidity of roughly US$116 million.
Near term debt maturities are not significant with US$6.5
million due in both 2007 and 2008.  Solo plans capital
expenditures of US$40 to US$50 million for 2007 and pension
contributions of US$12 million.  The amended credit agreement of
December 22, 2006 stipulates that all management fees to Vestar
will be suspended in 2007, unless the consolidated leverage
ratio is equal to or less than 4.5x.

                      About Solo Cup Company

Solo Cup Company -- http://www.solocup.com/-- manufactures
disposable foodservice products for the consumer/retail,
foodservice, packaging, and international markets.  Solo Cup has
broad expertise in paper, plastic, and foam disposables and
creates brand name products under the Solo, Sweetheart, Fonda,
and Hoffmaster names.  The company was established in 1936 and
has a global presence with facilities in Japan, Canada, Europe,
Mexico, Panama and the United States.


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

CHOROKBAEM MEDIA: Invests KRW250 Million in New Company
-------------------------------------------------------
Chorokbaem Media Co., Ltd. has invested KRW250,000,000 into a
Korea-based company, Reuters reports.

According to the report, this new company specializes in the
provision of entertainer management business.

Chorokbaem Media now holds 50% of the Korea-based company, the
report adds without providing the name of the new company.

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

Korea Investors Service gave the company's unregistered
US$8 million convertible bonds a 'B' rating on Feb. 16, 2007.


CORECROSS INC: Prices Final Offering of New Common Shares
---------------------------------------------------------
CoreCross, Inc. has priced the final offering price of its
4,131,309 new common shares at KRW1,880 per share, Reuters Key
Developments reports.

According to the report, the pricing of shares took effect on
August 31, 2007.

Headquarters in Seoul, CoreCross, Inc., formerly Makus Inc.
-- http://english.makus.co.kr/-- is engaged in the
semiconductor, mobile communication and Internet industries.
The company has three main divisions: Application-specific
integrated circuit/system-on-chip (ASIC/SoC) business division,
which provides ASIC-related products and services used in
wired/wireless communications, multimedia, precision apparatus
and medical instrument fields; Digital media division, which
provides digital multimedia broadcasting products such as
conditional access systems (CASs), gap fillers and cable cards,
and Device division, which produces field-programmable gate
array (FPGA) chips, complex programmable logic devices (CPLDs)
and hard disk drives (HDD).

Korea Investors Service gave the company's bonds with warrants
issue a B- rating on July 31, 2006.


HYNIX SEMICON: Creditors Taps Credit Suisse as Advisor on Stake
---------------------------------------------------------------
Hynix Semiconductor Inc.'s creditors hired Switzerland's Credit
Suisse Group to advise them on options over their stake in the
memory chipmaker, Bloomberg News reports.

Lee Nahm Yon, a spokeswoman for Korea Exchange Bank, confirmed
to Bloomberg the selection of Credit Suisse.  KEB owns 8.22
percent of the company.

Credit Suisse may tap investors to buy the creditors' stake and
will evaluate Hynix's business plans, including investments, the
report notes.

As advisor, Credit Suisse is expected to draw up measures to
improve the corporate governance of Hynix Semiconductor and
gauge investor opinion on purchasing stakes in the company, KEB
told Yonhap News.

Bloomberg says that creditors of Hynix own about 36 percent of
Hynix Semiconductor after a US$4.6 billion bailout.

The banks, which cut their holding from about 50 percent in June
2006, have agreed not to sell the remaining stake until the end
of this year, Bloomberg adds.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


TI AUTOMOTIVE: Moody's Lifts Junk Corporate Family Rating to B3
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of TI Automotive Ltd to B3 from Caa1.  The rating outlook has
been changed to stable from negative.

"The upgrade of TI's CFR to B3 from Caa1 reflects primarily the
successful refinancing process completed in June, which resolved
the substantial refinancing risk TI faced under its old
financing package by the end of 2007 and the debt reduction due
to the conversion of preference shares into ordinary shares,"
Rainer Neidnig, lead analyst at Moody's for TI Automotive, said.

"The upgrade also acknowledges recent contract wins and the
substantial amount of restructuring work done so far which
should have laid the groundwork for future improvements in
earnings and cash flow should additional order volumes translate
into the expected revenue growth," Mr. Neidnig went on to say.

TI's operating and financial performance had deteriorated
substantially over the past 3 years, as a result of declining
revenues with its North American customers and the generally
challenging business environment in the automotive supply
industry.  Pressure on operating margins and negative free cash
flows together with high financial leverage and significant debt
maturities at the end of 2007 under the old financing package
led Moody's to downgrade the corporate family rating to Caa1
(negative outlook) in March 2007.

In June 2007, TI arranged a refinancing which resulted in
financial investors Oaktree and Duquesne becoming the new
shareholders of TI Automotive.  In the course of the refinancing
TI replaced GBP493 million of financial debt with new credit
agreements comprising GBP610 million of first and second lien
debt, including a working capital facility of GBP75 million.  At
the same time the outstanding preference shares were converted
to ordinary shares and the accrued preference dividends were
canceled, to the benefit of TI's equity capital.

This rating upgrade to B3 reflects primarily the successful
conclusion of this refinancing package which:

   (i) relieved TI of GBP325 million of preference shares plus
       GBP268 million accrued preference dividends, which
       Moody's attributed primarily debt characteristics to;

  (ii) resolved the refinancing need by the end of 2007; and

(iii) injected fresh liquidity of about GBP50 million.

Following this transaction TI will face roughly the same amount
of cash interest as before, but its debt maturities have
extended significantly to end of December 2011.

Management is implementing a number of restructuring measures
(including plant closures, relocation to low-cost countries and
the run-off of low-margin contracts) and seeking to diversify
its customer portfolio by increasing business with Asian auto
manufacturers in competition with their indigenous suppliers.
Moody's believes that these actions in sum should lay the
groundwork for earnings and cash flow improvements which are to
become visible during 2008 and are viewed as a key assumption of
the current rating.  However, the B3 rating also takes into
account that TI's restructuring efforts still need to prove
sufficient to offset the severe pricing pressure exerted
particularly by North American OEMs.

Furthermore, management is currently in the process of reviewing
the company's strategy with its new shareholders which creates
additional uncertainty around TI's future business development.
As Moody's understands that there is a wide range of options
being considered, the rating agency will closely monitor the
outcome of such process as to the impact for creditors.

The stable outlook is based on Moody's expectation that the
result of TI's strategic review will not be to the detriment of
its debt providers and financial leverage will not further
increase.  Moreover, the stable outlook assumes that profits
will improve going forward which will allow for at least a
break-even Free Cash Flow by the first half of 2008 and result
in a reduction of financial leverage already in 2008.  Any
deviation from this expectation would lead Moody's to reassess
the current B3 corporate family rating.

Based on Moody's Loss Given Default Methodology TI's Probability
of Default Rating was upgraded to B3 from Caa1.  The company's
new debt instruments have been rated as:

   -- The new GBP75 million Revolving Credit Facility (maturity;
      December 2011) was assigned a Ba3 rating reflecting its
      super seniority ranking in terms of payment and
      transaction security (Loss Given Default Assessment
      LGD1 , 9%).

   -- The GBP380 million Facility A (term loan; maturity June
      2012) is assigned a B3 rating (Loss Given Default
      Assessment LGD4 , 52%), reflecting the benefits of a
      comprehensive, first lien security package.

   -- The GBP155 million Second Lien Facility (term loan;
      maturity December 2012) is assigned a Caa2 rating (Loss
      Given Default Assessment LGD5, 86%), reflecting its
      ranking in terms of payment and transaction security
      behind the Revolving Credit Facility and Facility A.

At the same time Moody's withdraws the ratings for the senior
secured credit facilities that were refinanced.

Based in Warren, Mich., TI Automotive -- http://www.tiauto.com/
-- employs over 20,000 people at more than 130 facilities in 29
countries on six continents.  In the Asia Pacific, the company
has operations in Australia, China, India, Japan, Thailand, and
South Korea.


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

AMSTEEL CORP: End-June 2007 Fiscal Year Net Loss at MYR27.37MM
--------------------------------------------------------------
Amsteel Corp Bhd posted a net loss of MYR27.3 million on
MYR334.26 million of revenues in the fiscal year ended June 30,
2007, as compared with a profit of MYR7.34 million on
MYR383.24 million of revenues posted in 2006.

The company recorded lower revenue of MYR334.26 million compared
to MYR383.24 million in the last financial year mainly due to
lower billings for the property development division.

For the fourth quarter ended June 30, 2007, the company incurred
a net loss of MYR89.93 million on MYR93.07 million of revenues,
compared with a net loss of MYR3.44 million on revenues of
MYR97.76 in the same period in 2006.

As of June 30, 2007, the company's unaudited balance sheet
showed strained liquidity with current assets of MYR1.05 billion
available to pay current liabilities of MYR1.82 billion.

Amsteel Corp's total assets as of June 30, 2007, amounted to
MYR3.17 billion and total liabilities aggregated to
MYR3.05 billion, resulting in a shareholders' equity of
MYR116.84 million.


Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As of June 30, 2006, the Company's accumulated losses reached
MYR2,119,522,000.  The Company was classified under Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category
and is required to submit and implement a financial
regularization plan to avert delisting procedures.


KL INFRASTRUCTURE: Failure to File Reform Plan Cues Delisting
-------------------------------------------------------------
The Bursa Malaysia Securities Bhd commenced delisting procedures
against the securities of KL Infrastructure Bhd after the
company failed to timely file its reform plan with the
Securities Commission and other relevant authorities.

KL infrastructure was required to submit its plan under an
extended timeframe of August 31, 2007.

With the decision to delist the company's securities, the bourse
said that due process was accorded to the company as it has been
served with a notice on September 3, 2007, to make
representations to Bursa Securities as to why its securities
should not be de-listed from the Official List of Bursa
Securities.


KL Infrastructure Group is principally engaged in the concession
and operation of an intra-city public transit system called the
KL Monorail.  Its other activities include provision of
advertising space on columns and stations along KL Monorail
project route, property development and investment holding.  The
Group's activities are carried out principally in Malaysia.

The Group has been incurring losses in the past years due to its
high operating expenses and loan-interest payments.

KL Infrastructure Group Berhad disclosed on Sept. 28, 2006, that
it has become an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its auditors
have expressed doubt on its ability to continue as a going
concern.


MYCOM BERHAD: Unit to Form JV with Merrill Lynch on Dev. Project
----------------------------------------------------------------
Mycom Bhd disclosed with the Bursa Malaysia Securities Bhd that
its unit, KH Land Sdn Bhd, signed on Sept. 5, 2007, a Letter of
Intent with Hong Kong based Merrill Lynch (Asia Pacific) Limited
for a proposed joint venture on a commercial development
project.

Under the proposed JV, KH Land will take 51% and the remaining
49% will be owned by Merrill.  The JV will build and develop a
luxury multi-residential cum commercial project on lands
totaling 16.2 acres valued at MYR450 million located in the
vicinity of Kenny Heights/Mont Kiara area.

A definitive agreement is expected to be signed within 45 days
from the date of the LOI.

The land to be develop is part of the total freehold lands
acquired by the company from Kenny Height Developments Sdn Bhd
under the restructuring scheme of the Mycom Group.


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

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

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


OLYMPIA INDUSTRIES: Conaire Seeks to Wind Up Unit
-------------------------------------------------
Mascon Sdn Bhd, a 71% owned unit of Olympia Industries Bhd, had
been served with a wind-up notice from Conaire Engineering Sdn
Bhd on Sept. 3, 2007.

In a disclosure with the Bursa Malaysia Securities Bhd, Olympia
said that Conaire was a sub-contractor to carry out air-
conditioning and mechanical ventilation works for the Kotamas
Shopping Complex in Melaka in 1996.  The amount claimed is
MYR350,000 being the full and final settlement for the said work
done.  Both parties have earlier agreed to settle the issue
amicably but have yet to agree on the terms thereon.

Olympia said that there is no material financial and or
operational impact of the petition on the OIB Group.  The
company added that the solicitors of MSB will proceed to file an
affidavit in opposition against the Petition.

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad -- http://www.oib.com.my-- is an investment holding
company that provides management services to its subsidiaries.
The Company, through its subsidiaries, is engaged in property
development and management; organizing, managing numbers
forecast pools and public lotteries; paint spraying of aluminum,
other metal products and related architectural products; civil,
building construction works, construction of storage tanks and
engineering; stock broking and other financial services; food
and beverage business; maintaining and operating Internet-based
transaction facilities and services; servicing of oil and gas
pipelines, and operation of travel agencies. In October 2006,
the Company increased its interest in Jupiter Securities Sdn Bhd
from 60.06% to 70.57%.

The company is currently operating pursuant to a restructuring
scheme.


SATERAS RESOURCES: Incurs MYR2.50MM Net Loss in Qtr-End June 30
---------------------------------------------------------------
Sateras Resources posted a net loss of MYR2.50 million on
MYR588,000 of revenues in the quarter ended June 30, 2007, as
compared with a net loss of MYR2.75 million on MYR763,000 of
revenues in the same period in 2006.

In the filing with the Bursa Malaysia Securities Bhd, the
company said that it continues to incur losses mainly due to the
interest expenses on outstanding loan, the provision of penalty
interest on tax liabilities, recurring legal expenses for the
numerous litigation cases against Sateras Group and fine imposed
by the bourse.

As of June 30, 2007, the company's unaudited balance sheet
showed strained liquidity with current assets of
MYR114.88 million available to pay current liabilities of
MYR255.33 million.

Sateras' unaudited total assets as of June 30, 2007, amounted to
MYR160.37 million, while total liabilities aggregated to
MYR255.33 million, resulting to a shareholders' equity deficit
of MYR94.96 million.

The company also posted its accumulated losses at
MYR422.01 million as at June 30, 2007, up from MYR419.51 million
as at quarter ended March 31, 2007.

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.


SHAW GROUP: Reports Fin'l Statements for 1st & 2nd Qtrs. of 2007
----------------------------------------------------------------
The Shaw Group Inc. has furnished preliminary financial
statements to the U.S. Securities and Exchange Commission on
Form 8-K for first quarter (restated) and second quarter fiscal
2007.  The company previously announced its intention to restate
its 2006 Form 10-K and until such process is completed, cannot
formally file its quarterly reports on Form 10-Q.

The first quarter restatement reflects the previously disclosed
US$6.5 million pre-tax charge, US$3.5 million after-tax (US$0.04
per diluted share), relating to a U.S. Gulf Coast EPC
petrochemical project. The company previously announced its
intention to record US$2.6 million of the US$6.5 million charge
in fiscal year 2006; however, further review determined that no
adjustment was necessary to the 2006 financial statements for
this item. The company continues to work on restating its 2006

Form 10-K and completion of its financial statements for the
third quarter of 2007. The company's 2007 fiscal year ends Aug.
31, 2007.

The financial statements furnished Aug. 31 reflect a change in
accounting for the company's investment in Westinghouse. The
company, after consultations with the Corporate Finance Division
accounting staff of the SEC, believes the Westinghouse
investment should be accounted for as a single asset using the
equity method of accounting.

The company has obtained a waiver under its primary credit
agreement related to the delayed public filings through Nov. 30,
2007. The company currently has no borrowings outstanding under
this credit facility.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers. It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries. The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution. In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006. S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


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

ACS TAURANGA: Appoints Grant Bruce Reynolds as Liquidator
---------------------------------------------------------
ACS Tauranga Limited went into liquidation on August 1, 2007.
On the same day, Grant Bruce Reynolds was appointed as
liquidator for the company.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         c/o Reynolds & Associates Limited
         PO Box 259059, Greenmount
         Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788


ADVANCED ROADSKILLS: Court Sets Wind-Up Hearing for Sept. 20
------------------------------------------------------------
On June 21, 2007, the Institute of Advanced Motorists filed a
petition to have the operations of Advanced Roadskills Ltd.
wound up.

The petition will be heard before the High Court of Auckland on
September 20, 2007, at 10:45 a.m.

The Petitioner's solicitor is:

         B. P. Molloy
         c/o Haigh Lyon
         Dorchester Building, Level 14
         34 Shortland Street, Auckland
         New Zealand


AIR NEW ZEALAND: S&P Maintains BB Rating After Strong Results
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' corporate
credit rating and stable outlook on Air New Zealand Ltd. are
unchanged following Air NZ's strong fiscal 2007 earnings
results.  The company reported a profit before tax and unusual
items of NZ$268 million in the year ended June 30, 2007, 79%
higher than the NZ$150 million recorded in fiscal 2006. Strong
traffic growth, improved yields, and cost savings offset higher
fuel prices and increases in labor and aircraft operating costs
(due to increased capacity and new routes).

Moreover, the airline's cash-flow-protection metrics improved
strongly, with funds from operations to debt increasing to 36%,
from 24% previously, due to higher earnings and early debt
repayment.  Air NZ's cash holdings remained solid at about
NZ$1 billion, equivalent to 25% of total revenue.  Importantly,
the strengthening of the airline's balance sheet should help it
weather industry cycles, increasing competition, and its next
major capital investment starting in 2010.  Air NZ plans to
shift to a Boeing 777 and 787 long-haul fleet by 2013.

Although Air NZ expects its PBUT to be better in fiscal 2008
(assuming the operating environment does not materially change),
its yields and earnings are very sensitive to competition and
regional capacity growth.  In August, Pacific Blue (not rated)
announced its entry into the New Zealand domestic market in late
2007.  The entry of a third player in the New Zealand domestic
market is expected to result in aggressive price discounting and
yield pressure.  This has been evidenced in the Australian
domestic market, where additional new players have historically
stimulated aggressive competition and reduced yields.
nonetheless, the improvement in Air NZ's financial risk profile
and operating efficiency have put it in a better position to
defend its market share and compete with Qantas Airways Ltd.
(BBB+/Stable/A-2), its current key domestic competitor, and
Pacific Blue.

Amid the very challenging operating environment in the airline
industry, Air NZ's strategic importance to the country and its
improved financial risk profile support the rating.  The
presence of the New Zealand government as the controlling
shareholder, and the government's track record of past
assistance, could cushion some deterioration in the airline's
underlying credit quality that arises from competitive pressures
and external shocks.

                      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.


ALL JOINERY: Fixes September 10 as Last Day to File Claims
----------------------------------------------------------
The creditors of All Joinery Services 2005 Ltd. are required to
file their proofs of debt by September 10, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


BEST INVESTMENTS: Shareholders Agree on Voluntary Liquidation
-------------------------------------------------------------
The shareholders of Best Investments & Management Ltd. met on
August 1, 2007, and resolved to liquidate the company's
business.

The company's liquidator is:

         Grant Bruce Reynolds
         c/o Reynolds & Associates Limited
         PO Box 259059, Greenmount
         Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788


COLTRANE PROPERTY: Shareholders Opt For Voluntary Liquidation
-------------------------------------------------------------
The shareholders of Coltrane Property Limited met on August 1,
2007, and decided to voluntarily liquidate the company's
business.

Grant Bruce Reynolds was appointed as liquidator.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         c/o Reynolds & Associates Limited
         PO Box 259059, Greenmount
         Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788


D&D CITY: Court to Hear Wind-Up Petition on September 13
--------------------------------------------------------
The High Court of Auckland will hear on September 13, 2007, at
10:45 a.m., a petition to have the operations of D&D City Ltd.
wound up.

Modus Project Management Limited filed the petition on June 8,
2007.

Modus Project's solicitor is:

         Paul Reid Cogswell
         cogswell+jaduram
         Wyndham Towers, Level 8
         38 Wyndham Street, Auckland 1010
         New Zealand
         Telephone:(09) 368 7062


FLETCHER BUILDING: To Buy 20% Stake in Dongwha Patinna
------------------------------------------------------
Fletcher Building will acquire a 20% stake in Dongwha Patinna NZ
Limited, the New Zealand subsidiary of Korean-based Dongwhat
Holdings Group.

According to a regulatory filing with the New Zealand Stock
Exchange, Fletcher Building has entered into an agreement with
Dongwha Holdings to acquire the 20% stake.  The deal, which
value the company did not disclose, is still subject to the
approval pursuant to the Overseas Investment Act 2005.

Dongwha Patinna NZ operates a medium density fibreboard plant in
Mataura, Southland, and has been Laminex's principal source of
replacement supply of MDF in New Zealand following the
destruction of the Taupo plant by fire in September 2006.

Fletcher Building has also secured the option to acquire a
further 30 percent of Dongwha Patinna NZ in the period 1 January
2009 to 31 December 2010.

                    About Fletcher Building

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                      *     *     *

The Troubled Company Reporter-Asia Pacific, on Aug. 21, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08          NZ$9.45
           7.800%          03/15/09             9.25
           7.550%          03/15/11             8.70


IN OR OUT: Fixes September 14 as Last Day to File Claims
--------------------------------------------------------
Boris Van Delden was appointed as liquidator of In Or Out No.2
Ltd. on August 3, 2007.

Mr. Delden is accepting proofs of debt from the company's
creditors until September 14, 2007.

The Liquidator can be reached at:

         Boris Van Delden
         McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz/


K.V.S. GROUP: Court to Hear Wind-Up Petition on November 15
----------------------------------------------------------
The High Court at Auckland will hear on November 15, 2007, at
10:00 a.m., a petition to have the operations of K.V.S. Group
Ltd. wound up.

The petition was filed by Hettich New Zealand Holdings Limited
on July 25, 2007.

Hettich New Zealand's solicitor is:

         John Ewart
         Unit 2H, 130 St Georges Bay Road
         Parnell, Auckland
         New Zealand


PORTAGE TRADING: Taps John Michael Gilbert as Liquidator
--------------------------------------------------------
John Michael Gilbert was appointed as liquidator for Portage
Trading Ltd. on August 9, 2007.

Mr. Gilbert is accepting proofs of debt from the company's
creditors until today, September 6, 2007.

The Liquidator can be reached at:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Private Bag 47927, Ponsonby
         Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


SKYBAUX ENTERPRISES: Subject to CIR's Wind-Up Petition
------------------------------------------------------
A petition to wind up the operations of Skybaux Enterprises Ltd.
was filed by the Commissioner of Inland Revenue on May 25, 2007.

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

The CIR's solicitor is:

         Adam R. A. Pell
         c/o Legal and Technical Services Inland Revenue
         17 Putney Way
         PO Box 76198, Manukau, Auckland
         New Zealand
         Telephone:(09) 985 7214
         Facsimile:(09) 985 9473


TARGET PEST: Accepting Proofs of Debt Until September 7
-------------------------------------------------------
Target Pest Contracting Ltd. and Target Pest Enterprises Limited
require their creditors to file proofs of debt by Sept. 7, 2007.

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

The companies' liquidators are:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


VTL GROUP: Completes Fund Arrangements; To Continue Trading
-----------------------------------------------------------
VTL Group, in a filing with the New Zealand Exchange yesterday,
said that its directors have completed funding arrangements so
the company is able to continue trading.

"This will enable the vending and related businesses of VTL
Group to continue to trade pending a sale in a controlled
manner," VTL says.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2007, NZX suspended the trading of the Group's shares
after it declared itself insolvent.

In an earlier NZX filing, the company says it has entered into
an agreement with the receivers of wholly owned subsidiary,
Nathans Finance NZ Ltd, John Waller and Colin McCloy of
PricewaterhouseCoopers, to develop a plan to sell the businesses
as a going concern in a controlled manner to preserve the value
for all stakeholders.

VTL Chairman Gary Stevens went to the United States to discuss
options with interested parties to sell all or part of the
businesses, the filing discloses.  This includes VTL's 24seven
and Shop24 brands as well as its proprietary vending management
software and franchise business system.

                         About VTL Group

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

VTL Group Limited has declared itself insolvent in a regulatory
filing with the New Zealand Stock Exchange.  Its wholly owned
subsidiary, Nathans Finance NZ Ltd went into receivership in
August 2007.


* Government to Take Steps to Reform Non-Bank Finance Sector
------------------------------------------------------------
Commerce Minister Lianne Dalziel will be taking steps pending
proposed law changes aimed at reforming the non-bank finance
sector, a news release from the Ministry of Commerce says.

In that regard, the minister met with Securities Commission
Chair Jane Diplock on Aug. 23, 2007, to discuss the best way
forward after the collapse of a number of finance companies.

"The government has already decided to strengthen the existing
regulatory regime through decisions that have come out of wide
consultation with the industry in the Review of Financial
Products and Providers," Ms. Dalziel said.  "However, it has
become clear that many investors do not understand the level of
risk they are taking because they haven't been properly advised
and it is also clear that some products are underpriced."

According to the release, Ms. Dalziel:

    * asked the Securities Commission to call the Trustee
      Companies together to determine whether the existing terms
      of the trust deeds are adequate;

    * undertaken to give priority to the need for independent
      audit regulation and oversight;

    * asked the Securities Commission to move ahead on a public
      information campaign that will foster greater
      understanding of the risks and returns; and

    * will consider reprioritizing parts of the Review of
      Financial Products and Providers to enable particular
      concerns to be addressed first.

"Legislation inevitably takes time and care to draft, pass
through Parliament, then implement.  The industry then requires
transition time.  All that is on track.  But I feel for those
who have lost their hard earned investments as a result of the
investment decisions they have made and I intend to do
everything I can in the meantime," Ms. Dalziel said.

"However, I repeat the advice I have been giving; people who are
not experienced investors should ask questions about the level
of risk, whether the risk is appropriately priced, and whether
the adviser is receiving financial gain from signing them up."


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

CHINA BANK: Manila Bank Elects Board Members and Officers
---------------------------------------------------------
The Manila Banking Corp. has elected directors of China Banking
Corp. as members of its Board of Directors and its officers
during a Board meeting held on September 3.

China Bank and Manila Bank had recently completed a merger under
which China Bank now owns 51% of Manila Bank.

These individuals were elected as Board Members of Manila Bank:

    * Ricardo R. Chua    -- Chairman
    * Nancy D. Yang      -- Vice Chairman

    Members

    * Samuel L. Chiong
    * Reynaldo L. Lao
    * Ramon R. Zamora
    * Antonio S. Espedido
    * Rhodora Z. Canto
    * Margarita L. San Juan
    * Rene J. Sarmiento
    * Alexander C. Escucha
    * Edgar D. Dumlao

These individuals were elected as officers:

    * Antonio S. Espedido    -- President & Head, Branch Banking
                                Group

    * Madelyn V. Fontanilla  -- Treasurer

    * Remedios C. Cruz       -- Head, Human Resources Division

    * Elizer P. Rivera       -- Internal Auditor

    * Omar D. Vigilia        -- Head, Legal Department

    * Marisol M. Teodoro     -- Head, Trust Department

    * Paul Bernard D. Causon -- Head, Accounting Division

    * Elizabeth Qua Tee      -- Head, Loans & Discount

    * Patrick Y. Ang         -- Head, Credit Management Group

    * Edgar D. Dumlao        -- Corporate Secretary

                    About China Banking

China Banking Corporation -- http://www.chinabank.com.ph/-- is
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

                          *     *     *

The bank's long-term issuer default carries Fitch's BB rating,
while it has a C individual rating and a support rating of 4.


COSMOS BOTTLING: May Face Litigation on Cosmos Plants Shutdown
--------------------------------------------------------------
Cosmos Bottling Corp. and its parent company, Coca Cola Bottlers
Philippines Inc., may face legal action in Cebu following the
shutdown of Cosmos facilities in Isabela, Pangasinan, Pampanga,
Iloilo and Cebu in its efforts to consolidate operations with
CCBPI under a toll-manufacturing agreement.

CCBPI told the press that it made its decision "after thorough
review of [Cosmos'] internal operations and market growth
opportunities."

According to BusinessWorld, Coca Cola Export Corp.'s vice-
president for public affairs and communications Jose Bayani D.
Baylon said in a telephone interview that out of 1,500 workers
affected by the move, 600 will be reabsorbed, while the
remaining 900 opted to retire.  Mr. Baylon said that all of the
affected workers received separation packages, which provide for
two months' worth of salary for every year of service and
medical benefits up to December 2008.

However, the Cebu Daily News reports that the Associated Labor
Unions-Trade Union Congress of the Philippines will take legal
action after the alleged illegal termination of 142 Cosmos
employees in Cebu after the shutdown of Cosmos' plants.

Cosmos Visayas Bottlers Inc. Employees Union Vice President
Miguel Cabahug told Cebu Daily News that he and his fellow
employees were forced to sign documents indicating their
separation payments.  Officials from the Department of Labor and
Employment were not present, Cosmos' union president, Richie
Balaba added.

"We were even intimated," Mr. Cabahug told Cebu Daily News.
"They told us that if we don't get the checks until 12 noon, we
would have to get them in Manila."

Mr. Balaba said that 100 rank-and-file employees who have worked
for Cosmos for 11 years received termination payments of around
PHP100,000 to PHP200,000 excluding deductions, which he said
"are not even clear."  He further said they were told to call if
there were corrections needed on the deductions.


DEVELOPMENT BANK: Releases PHP2.5-Billion Worth of Loans
--------------------------------------------------------
The Development Bank of the Philippines said it has released
more than PHP2.5 billion worth of loans as of August 2007, the
BusinessWorld reports.

Just recently, the bank has issued a PHP300-million loan to
Syntech Properties Inc. for the construction of two additional
towers for its Citylights Gardens Condominium, BusinessWorld
Online reports.  Syntech is DBP's first condominium developer-
client.

According to DBP's senior assistant vice president, Rosalier B.
Dagondon, the PHP2.5-billion in aggregate was disbursed to call
centers, hotels, port operators, shipping companies, local
government units and government-owned and controlled companies.

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

                          *     *     *

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

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

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


SAN MIGUEL: To Own 152.33 Mil. Shares in Beer Unit for PHP15BB
--------------------------------------------------------------
San Miguel Brewery Inc., the newly incorporated wholly owned
subsidiary of San Miguel Corp., has increased its capital stock
to PHP25 billion from PHP100 million ahead of its upcoming
initial public offering, the Philippine Star reports.

According to the article, SMC will acquire 152.33 million shares
in its subsidiary for PHP15.31 billion through the transfer of
certain assets and liabilities related to SMC's beer business
under a master deed of assignment between the two companies.

SMC will contribute to 40% of the entire San Miguel Group's
income.  SMC is owned 20% by Kirin Brewery Ltd.

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.


* Philippines Ranks Lowest in Labor Productivity, ILO Reveals
-------------------------------------------------------------
The International Labor Organization has revealed that the
Philippines is the least productive country in the Southeast
Asian region with an output of US$7,271 per employed person, the
Daily Tribune reports.

According to the ILO report titled "Key Indicators of the Labor
Market", the Philippines ranks fifth among five Association of
Southeast Asian Nations member countries in terms of
productivity.  Singapore ranks first with US$47,975 per
employee, followed by Malaysia with US$22,112, Thailand with
US$13,915, and Indonesia with US$9,022.

Sen. Edgardo Angara told the Philippine Daily Inquirer that the
ILO report was a "double black-eye" considering that the ASEAN
region is way behind the rest of Asia and the world in
productivity.  Sen. Angara went on to add that only global
competitiveness can push labor productivity forward, and can
only be attained by "building a pool of world class workers
grounded in engineering, science and ICT technologies."

                          *     *     *

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

GUAN AIK: Creditors' Proofs of Debt Due on September 28
-------------------------------------------------------
Guan Aik (Pte) Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of claim by September 28,
2007.

Failure to file proofs of claim by the due date will exclude a
creditor 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


LIANG HUAT: Discloses Changes in Shareholders' Stake
----------------------------------------------------
On September 4, 2007, Liang Huat Aluminium Limited disclosed
some changes to the shares held by its shareholders.

Ho Lee Group Pte Ltd, a substantial shareholder now holds
1,800,000,000 of direct shares with 57% issued share capital.
Prior to the change, Ho Lee doesn't hold any direct shares.  Ho
Lee now also owns 45,267 of deemed shares.  Before the change,
it held 6,000 deemed shares.

The increase of Ho Lee's stake was due to a conditional
agreement dated April 13, 2006, entered with Liang Huat.  Ho Lee
agreed to invest $3,000,000 in Liang Huat to acquire new shares
amounting to 70% of the enlarged share capital of Liang Huat. Ho
Lee subsequently procured Lion Capital Group Limited  to invest
$300,000 in the company to acquire new shares amounting to 7% of
the enlarged share capital.  As the conditions precedent in the
Investment Agreement are fulfilled, parties to the Investment
Agreement proceeded to completion.  Ho Lee and Lion Capital
collectively hold 70% of the enlarged share capital in the
proportion of 63% and 7% respectively.

In connection with the completion of the placement agreement
dated July 23, 2007, 300,000,000 Mandate Placement Shares were
issued after the completion of the Investment Agreement so that
the company complies with free float requirement.  Ho Lee's
holding in the enlarged share capital is reduced to 57%.
Pursuant to the Modified Schemes of Arrangement Ho Lee was
allotted and issued 44,667 Scheme shares in the company.

Tan Thuan Teck, Teck Lee Holdings Pte Ltd and Tan Hai Seng
Benjamin, other substantial shareholders, now hold 1,800,045,267
deemed shares with 57% issued share capital.  Prior to the
change, the three held 6,000 deemed shares with 70% issued share
capital.  Mr. Tan Hai also holds 140,000 direct shares with .13%
issued share capital.

Mr. Tan Thuan, Teck Lee and Mr. Tan Hai are deemed interested in
1,800,000,000 shares held by Ho Lee and the 45,267 shares held
by Ho Lee Construction Pte Ltd, thus the increase of their
stake.

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

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


RED HAT: UBS Keeps Neutral Rating on Firm's Shares
--------------------------------------------------
UBS analysts have kept their "neutral" rating on Red Hat Inc's
shares, Newratings.com reports.

Newratings.com relates that the one-year target price for Red
Hat's shares was set at US$25.

The analysts said in a research note that Novell's fiscal third
quarter 2007 revenues was US$243 million, while its Linux
platform product revenues was US$21 million.

Newratings.com notes that the analysts expect Red Hat's August
2007 quarter revenues would increase 27% to US$108 million year
on year.

The Linux business continues to gain traction.  However, it
still is lower than that of Red Hat, Newratings.com states,
citing UBS.

Headquartered in Raleigh, North Carolina Red Hat, Inc.
--http://www.redhat.com/-- is an open source and Linux
provider.  Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                          *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services
revised its outlook on Raleigh, North Carolina-based operating
systems provider Red Hat Inc. to stable from positive, and
affirmed its 'B+' corporate credit rating.


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

ITV PCL: 1st Quarter Deficit Cues Auditor's Going Concern Doubt
---------------------------------------------------------------
ITV PCL reported a consolidated net loss of THB2.421 billion for
the quarter ended March 31, 2007, a complete reversal of the
THB103.259-million net income reported for the same period in
2006.

For the January-March 2007 period, the group earned revenues of
THB307.366 million while incurring operating expenses of
THB2.723 billion.  The group also incurred expenses in interest
amounting to THB4.888 million.

As of March 31, 2007, the group had total assets of
THB1.579 billion and total liabilities of THB3.446 billion,
resulting in a shareholders' equity deficit of THB1.867 billion.
The group's balance sheet also shows strained liquidity as its
THB1.558-billion current assets are insufficient to pay for its
current liabilities of THB3.248 billion.

                     Going Concern Doubt

After reviewing ITV PCL's financial statements for the quarter
ended March 31, 2007, Prasan Chuaphanich at
PricewaterhouseCoopers ABAS Ltd. raised significant doubt on the
company's ability to continue as a going concern.

According to Mr. Prasan, the company's concession agreement was
revoked by the Office of the Permanent Secretary of the Office
of the Prime Minister as the company did not pay the unpaid
concession fee totaling THB2.210 billion and the interest on the
total unpaid concession fee at 15% per annum including the
penalty arising from the alteration of television programming of
THB97,760 million.  The company's concession agreement was
revoked on March 7, 2007, by the PMO therefore, the company
ceased its operation at that date.  In addition, the PMO claimed
the undelivered value of assets under concession amounting to
Baht 656 million plus interest on March 30, 2007.

On January 4, 2007, and May 9, 2007, the Company filed the
statements of claim regarding the THB2.210-billion unpaid
concession plus the THB97.760-million interest, as well as the
undelivered value of assets under concession plus interest to
the arbitration process.  The company is in the process of
preparing development plans to resolve the cause of delisting
and a plan to undertake new business and rehabilitation for the
Stock Exchange of Thailand after the company seeks and obtains
approval from the company's shareholders.

Mr. Prasan also cited the company's equity and working capital
deficits.


Headquartered in Bangkok, Thailand, ITV Public Company Limited
-- http://www.itv.co.th/-- is a media company that operates a
television broadcast station under an ultra-high-frequency
system.  ITV provides news and entertainment to the public
through television and the Internet via its 52 network stations
throughout the country.


ITV PCL: 2nd Quarter Deficit Cues Auditor's Going Concern Doubt
---------------------------------------------------------------
ITV PCL has reported a consolidated net loss of
THB80.943 million for the quarter ended June 30, 2007, a
complete reversal of the THB172.390 million net income reported
for the same period in 2006.

For the April-June 2007 period, the group earned revenues of
THB19.894 million while incurring operating expenses of
THB95.822 million.  The group also incurred expenses in interest
amounting to THB5.015 million.

As of June 30, 2007, the group had assets total of
THB1.435 billion and total liabilities of THB3.383 billion,
resulting in a shareholders' equity deficit of THB1.948 billion.
The group's balance sheet also shows strained liquidity as its
THB1.414-billion current assets are insufficient to pay for its
current liabilities of THB3.239 billion.

                     Going Concern Doubt

After reviewing ITV PCL's financial statements for the quarter
ended March 31, 2007, Prasan Chuaphanich at
PricewaterhouseCoopers ABAS Ltd. raised significant doubt on the
company's ability to continue as a going concern.

According to Mr. Prasan, the company's concession agreement was
revoked by the Office of the Permanent Secretary of the Office
of the Prime Minister as the company did not pay the unpaid
concession fee totaling THB2.210 billion and the interest on the
total unpaid concession fee at 15% per annum including the
penalty arising from the alteration of television programming of
THB97,760 million.  The company's concession agreement was
revoked on 7 March 2007 by the PMO therefore, the company ceased
its operation at that date.  In addition, the PMO claimed the
undelivered value of assets under concession amounting to Baht
656 million plus interest on 30 March 2007.

On 4 January 2007 and 9 May 2007, the Company filed the
statements of claim regarding the THB2.210-billion unpaid
concession plus the THB97.760-million interest, as well as the
undelivered value of assets under concession plus interest to
the arbitration process.  The company is in the process of
preparing development plans to resolve the cause of delisting
and a plan to undertake new business and rehabilitation for the
Stock Exchange of Thailand after the company seeks and obtains
approval from the company's shareholders.

Mr. Prasan also cited the company's equity and working capital
deficits.


Headquartered in Bangkok, Thailand, ITV Public Company Limited
-- http://www.itv.co.th/-- is a media company that operates a
television broadcast station under an ultra-high-frequency
system.  ITV provides news and entertainment to the public
through television and the Internet via its 52 network stations
throughout the country.


KRUNG THAI: To Extend Housing Loans to 10 Provinces
---------------------------------------------------
Krung Thai Bank PCL plans to extend housing loans to 10
provinces in a bid to reach 16% growth in its mortgage business,
the Bangkok Post reports.

According to the report, these provinces are: Prachuap Khiri
Khan, Phetchaburi, Chon Buri, Chiang Rai, Chiang Mai, Phuket,
Rayong, Khon Kaen, Nakhon Pathom and Ayutthaya.

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

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


KUANG PEI: THB406.3 Million Deficit Cues Going Concern Doubt
------------------------------------------------------------
Kuang Pei San Foods PCL reported a net income of THB613,000 for
the second quarter of 2007, a reversal from the
THB26.674-million net loss reported for the same period in 2006.

For the three-month period ending June 30, 2007, the company
earned revenues of THB206.122 million and incurred operating
expenses of THB192.993 million.  The company also recorded
THB12.516 million in interest expenses.

As of June 30, 2007, the company has THB585.027 million in total
assets and THB991.332 million in total liabilities, resulting in
a shareholders' equity deficit of THB406.305 million.

                      Going Concern Doubt

After reviewing the company's financial statements for the
second quarter and first half of 2007, Wanraya Puttasatiean at
S.K. Accountant Services Co. Ltd. raised significant doubt on
the company's ability to continue as a going concern.

The auditor pointed out that the company has a working capital
deficit of THB760.39 million and has a shareholders' equity
deficit of THB406.305 million.   Thus the continuity of a going
concern for the Company depends largely on the company's
capability to pay the liabilities under restructuring contract
and long-term loans from financial institution.  Moreover, the
Company has asset from defaulted accounts receivable from debt
restructuring agreement from the Parent Company.


Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.

As of December 31, 2006, the company had a shareholders' equity
deficit of THB408,269,091.16 on total assets of
THB568,886,989.98 and total liabilities of THB977,156,081.14.



                           *********

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.

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