TCRAP_Public/070907.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

           Friday, September 7, 2007, Vol. 10, No. 178

                            Headlines

A U S T R A L I A

ALLINGTON PTY: Members' Final Meeting Set for October 16
ANROCCA PTY: Members to Receive Wind-Up Report on October 16
COLES GROUP: Wesfarmers Sweetens Takeover Bid
CROMWELL PTY: Schedules Final Meeting for September 13
DAKERS PTY: To Declare Dividend Today

DOM & CONNIE: Members to Hear Wind-Up Report on September 14
FORTESCUE METALS: Inks Mine Deal with China's Baosteel Trading
GREATLANDS GENERAL: Members & Creditors to Meet on Sept. 14
LAURA STREET: Liquidator to Present Wind-Up Report on Sept. 17
ORBIT MARKETING: Court Enters Wind-Up Order

PINNERS TRANSPORT: Final Meeting Slated for September 14
SYMBION HEALTH: Healthscope Denies Talks with Primary on Bid
TRI-PLUS INVESTMENTS: Undergoes Wind-Up Proceedings


C H I N A   &   H O N G  K O N G

AEROFLEX INC: Moody's Affirms B3 Corporate Family Rating
BENQ CORP: Completes Spin-Off Plan; Launches Branded Company
DBA INTERNATIONAL: Accepting Proofs of Debt Until Sept. 18
EMI GROUP: Prices EUR425 Million Cash Tender Offer
FIELDMAX DEVICE: Shareholders Opt to Shut Down Business

GAINTEK ENGINEERING: Court to Hear Wind-Up Petition on Oct. 3
GLOBAL POWER: Objects to More Than US$200 Million in Claims
GSI GROUP: Appoints Anthony Bellantuoni VP of Human Resources
KO CHEUNG: Members to Receive Wind-Up Report on October 4
MAGNATE HOLDINGS: Court Sets Wind-Up Hearing on Oct. 24

MING SING: Liquidators to Give Wind-Up Report on October 2
PARKSON RETAIL: Outlines Rapid Expansion Within Five Years
PRETTY HOUSE: Placed Under Voluntary Liquidation
ROYAL CARIBBEAN: Promotes Two Executives as President & CEO
SKY CAPITAL: Inability to Pay Debts Prompts Wind-Up

WAYWIN CORPORATION: Members to Hold General Meeting on Oct. 5
ZTE CORP: Controlling Shareholder Sells 2.3% Stake
ZTE CORP: Arroyo Administration to Continue Deal Amid Uproar
* Taiwan Won't Be Affected by Credit Market Changes, Fitch Says


I N D I A

AFFILIATED COMPUTER: Renews Parking Services Contract w/ Boston
BHARTI AIRTEL: Signs 1-Yr. Contract w/ ECI for Network Expansion
DRESSER-RAND: S&P Rates US$500MM Sr. Revolving Facility at "BB-"
EASTMAN KODAK: Extends Five-Year Market Deal with Lexar Media
TATA MOTORS: Mulls Joint Bid w/ Fiat for Jaguar & Land Rover


I N D O N E S I A

ANEKA TAMBANG: Teams Up w/ Rusal to Conduct Feasibility Study
BANK MANDIRI: Freed From State Bank's Supervision
CORUS GROUP: Fitch Withdraws Various Ratings on Acquisition
DIRGANTARA INDONESIA: Gov't. Appeals Court Bankruptcy Ruling
PT INCO: Unit Receives Forestry Permit from Forestry Ministry

GARUDA INDONESIA: To Acquire Around 20 Airbus Aircrafts


J A P A N

Delphi: Inks Definitive Deal with GM; Files Reorganization Plan
FORD MOTOR: Reports 15 Aligned Business Framework Suppliers
SANYO ELECTRIC: LongReach to Most Likely Win Semiconductor Unit


K O R E A

BOE HYDIS: Looks for Potential Buyer of 100% Stake
HYNIX SEMICONDUCTOR: Abandons M8 Equipment Facilities Sell Off
SEJONG CONSTRUCTION: Files Bankruptcy Due to KRW2.3-Billion Debt
UAL CORP: Provides Update on Resale of 4.50% Senior Notes


M A L A Y S I A

ARK RESOURCES: Swings Back to Black w/ MYR93MM Net Profit in 2Q
KNOLL INC: Declares US$0.11 Per Share Quarterly Cash Dividend
TRANSMILE GROUP: New Director Optimistic on Turnaround
TRANSMILE GROUP: Introduces New Management Team
TRANSMILE GROUP: New Management Team Sees Turnaround in 5 Years


N E W  Z E A L A N D

114 DOMINION: Court Sets Wind-Up Hearing for October 18
AIR NEW ZEALAND: To Revamp Tasman and Pacific Island Services
ALFA HOMES: Subject to CIR's Wind-Up Petition
CER GROUP: Completes Acquisition of Vital Resource Management
DRYLAND CONTRACTING: Names Parsons & Kenealy as Liquidators

FEXTEX CARPETS: Groups Wants Independent Investigation
GOOD OLD: Faces Trillian Trust's Wind-Up Petition
GOODMAN LTD: Fixes November 9 as Last day to File Claims
HARBOUR FERRIES: Fixes September 13 as Last Day to File Claims
HM E & C NEW: Court to Hear Wind-Up Petition on Sept. 13

MARBLE MAGIC: Subject to Elizabeth Linda's Wind-Up Petition
MR. COMPUTER: Faces TMC Computers' Wind-Up Petition
SWARBRICK EXCAVATING: Commences Liquidation Proceedings
WEIGHT WATCHERS: Declares US$0.175 Per Share Quarterly Dividend


P H I L I P P I N E S

ATLAS CONSOLIDATED: Unit Inks Supply Deal with Billiton Group


S I N G A P O R E

AAR CORP: Increases Credit Line by US$110 Mil. to US$250 Mil.
AAR CORP: Names Don Wetekam President of AAR Aircraft Services
COMPACT METAL: Posts SGD1.5-Mil. Net Profit in Half-Year 2007
FLEXTRONICS INT'L: Inks Acquisition Deal with Avail Medical
LEAR CORPORATION: Moody's Affirms B2 Corporate Family Rating

SEA CONTAINERS: Completes US$170 Mil. Wells Fargo DIP Financing
SEA CONTAINERS: Wants Court Nod on 333 Capital as Advisors


T H A I L A N D

TMB BANK: Capital Increase to Complete in December


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

ALLINGTON PTY: Members' Final Meeting Set for October 16
--------------------------------------------------------
A final meeting will be held for the members of Allington Pty
Ltd on October 16, 2007, at 10:45 a.m.

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

The Liquidator can be reached at:

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

                      About Allington Pty

Allington Pty Ltd, which is also trading as North Haven Cellars,
operates liquor stores.  The company is located at Clarence
Gardens, in South Australia, Australia.


ANROCCA PTY: Members to Receive Wind-Up Report on October 16
------------------------------------------------------------
The members of Anrocca Pty Ltd will meet on October 16, 2007, at
10.30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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

                        About Anrocca Pty

Anrocca Pty Ltd provides business services.  The company is
located at Templestowe, in Victoria, Australia.


COLES GROUP: Wesfarmers Sweetens Takeover Bid
---------------------------------------------
Coles Group Limited has accepted Wesfarmers Ltd.'s enhanced
proposal to be put to Coles shareholders at a planned meeting
for early November 2007, reports Australian Associated Press.

According to the report, the sweetened deal would issue a form
of Wesfarmers Price Protected Shares for an equivalent of half
of the share component to be offered to Coles shareholders.

Coles shareholders, AAP writes, will get cash of AU$4, plus
0.14215 Wesfarmers ordinary shares, plus the new 0.14215
Wesfarmers WPPS shares, while the 'mix and match' option
announced by Wesfarmers earlier this month, enabling
shareholders to maximize the scrip or cash proportions of the
offer as they wish, remains in place.

The new Wesfarmers WPPS shares, states AAP, will be listed on
the stock market and pay a fully franked dividend of at least
AU$2 per WPPS, subject to the availability of sufficient
retained earnings and franking credits.

The new shares will provide shareholders with additional
Wesfarmers ordinary shares in the event the ordinary share price
is less than AU$45 at their reclassification date four years
from the date of issue.

The board of directors at Coles has confirmed "its unanimous
recommendation that shareholders should support Wesfarmers
proposal in the absence of a superior proposal," AAP further
relates.  Both companies said an independent expert appointed to
examine the enhanced offer, has advised the Coles board that it
is "on an overall basis in the best interests of shareholders."

                     About Coles Group

Coles Group Limited, formerly known as Coles Myer Ltd. --
http://www.colesgroup.com.au/Home/-- operates predominantly in
the retail industry and is comprised of five business segments:
Food, Liquor and Fuel, which includes retail of grocery, liquor
and fuel products; Kmart, which is engaged in the retail of
apparel and general merchandise; Officeworks, which retails
office supplies; Target, which retails apparel and general
merchandise, and Property and Unallocated, which is engaged in
the management of the Company's property portfolio and
unallocated or corporate functions.  During the fiscal year
ended July 30, 2006, Coles Group Limited opened seven new Kmart
stores.  In June 2006, Coles Group Limited completed the
acquisition of the Hedley Hotel Group. In December 2006, the
Company acquired Queensland-based Talbot Hotel Group.  The
Company operates in Australia, New Zealand and Asia.

Moody's Investor Service gave a 'Ba1' rating on the company's
preference stock.


CROMWELL PTY: Schedules Final Meeting for September 13
------------------------------------------------------
Cromwell Pty Ltd will have its final meeting on September 13,
2007, at 11:00 a.m.

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

Mr. Turner can be reached at:

         Dennis A. Turner
         PKF
         14th Floor, 140 William Street
         Melbourne, Victoria 3000
         Australia

                     About Claudia Cromwell

Located at Prahran, in Victoria, Australia, Claudia Cromwell Pty
Ltd is an investor relation company.


DAKERS PTY: To Declare Dividend Today
-------------------------------------
Dakers Pty Ltd, which is in liquidation, will declare its first
and final dividend today, 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
         c/o Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                         About Dakers Pty

Dakers Pty Ltd operates manufacturing industries.  The company
is located at Reefton, in Victoria, Australia.


DOM & CONNIE: Members to Hear Wind-Up Report on September 14
------------------------------------------------------------
A final meeting will be held for the members of Dom & Connie Pty
Ltd on September 14, 2007, at 11:00 a.m.

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

The company's liquidator is:

         Geoff Ridgeway
         Jenkins Peake
         Chartered Accountants
         PO Box 1570, Geelong 3220
         Australia
         Telephone: (03) 5223 1000
         Facsimile: (03) 5221 4938

                       About Dom & Connie

Dom & Connie Pty Ltd, which is also trading as The Distributors
Geelong, is engaged in the confectionery business.  The company
is located at Bell Park, in Victoria, Australia.


FORTESCUE METALS: Inks Mine Deal with China's Baosteel Trading
--------------------------------------------------------------
Fortescue Metals Group Limited has signed an agreement with
Baosteel Trading Co. Ltd., for a joint exploration of a mine in
Western Australia that is expected to have 1 billion tons of
magnetite deposits, writes Jin Jing of the China Daily.

Fortescue Executive Director Russell Scrimshaw shares to
Mr. Jing that his company is responsible for providing land and
getting approval from the government while the Chinese firm will
fund the exploration of the area and the project's feasibility
studies.

The agreed exploration site, according to Mr. Scrimshaw, is
located in the Pilbara region of Western Australia, close to
Fortescue's rail corridor between its Cloud Break mine site and
Port Hedland.

Mr. Scrimshaw further relayed to Mr. Jing that exploration and
feasibility studies are expected to take 15 to 20 months,
afterwards, both companies will set up a 50-50 joint venture for
technical investment and the entire project.

Liu Xiaodong, general manager of China Business in Fortescue
said that "the mine is expected to be put into production as
early as next year and the annual capacity is expected to be 45
million tons," relates China Daily.

                      About Fortescue Metals

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

                          *     *     *

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

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


GREATLANDS GENERAL: Members & Creditors to Meet on Sept. 14
-----------------------------------------------------------
A final meeting will be held for the members and creditors of
Greatlands General Insurance Company Limited on September 14,
2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         Andrew Fielding
         c/o PPB Chartered Accountants
         & Business Reconstruction Specialists
         Level 4, 31 Sherwood Road
         Toowong, Queensland 4066
         Australia

                    About Greatlands General

Greatlands General Insurance Company Limited is in the business
of fire, marine and casualty insurance.  The company is located
at North Sydney, in New South Wales, Australia.


LAURA STREET: Liquidator to Present Wind-Up Report on Sept. 17
--------------------------------------------------------------
Laura Street Investments Pty Ltd will hold a final meeting for
its members and creditors on September 17, 2007, at 10:45 a.m.

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

The Liquidator can be reached at:

         Gideon Rathner
         c/o Lowe Lippmann
         Chartered Accountants
         5 St. Kilda Road
         St. Kilda Victoria 3182
         Australia

                       About Laura Street

Laura Street Investments Pty Ltd operates investment offices.
The company is located at Brighton, in Victoria, Australia.


ORBIT MARKETING: Court Enters Wind-Up Order
-------------------------------------------
On August 1, 2007, the Supreme Court of Victoria entered an
order directing the wind-up of Orbit Marketing Pty Ltd.'s
operations.

Gregory Stuart Andrews was then appointed as liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         G S Andrews & Associates
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone: (03) 9662 2666
         Facsimile: (03) 9662 9544

                     About Orbit Marketing

Orbit Marketing Pty Ltd provides business services.  The company
is located at Mount Eliza, in Victoria, Australia.


PINNERS TRANSPORT: Final Meeting Slated for September 14
--------------------------------------------------------
The members and creditors of Pinners Transport Pty Ltd will have
their final meeting on September 14, 2007, at 9:30 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         K. L. Sutherland
         c/o Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                    About Pinners Transport

Pinners Transport Pty Ltd is involved in the business of local
trucking without storage.  The company is located at Shepparton,
Victoria, Australia.


SYMBION HEALTH: Healthscope Denies Talks with Primary on Bid
------------------------------------------------------------
Healthscope Ltd., the owner bidding AU$2.8 billion for Symbion
Health Limited hasn't sought Primary Health Care Ltd. for a
compromise deal in the bidding for the Melbourne-based
healthcare firm, various reports say.

Citing a source close to Primary, Reuters reports that
Healthscope managing director Bruce Dixon initiated contact with
Primary's adviser, Caliburn.  In addition to this, Reuters,
mentioned the Australian Financial Review reporting, that
Healthscope approached Primary over some accommodation over
Symbion.

However, Mr. Dixon, in a statement clarified that the reports
were incorrect.  Instead, Dixon claims that Primary contacted
him on Tuesday through a third party with a proposition about
Symbion's medical testing assets in New South Wales, the
country's most populous state.

Reuters quotes Mr. Dixon as saying, "There are no talks between
Healthscope and Primary.  Healthscope has no intention of
entering into any discussions or deals with Primary in
connection with the Symbion Health proposal."  According to Mr.
Dixon, he replied that the assets were core the Healthscope's
plans and were not negotiable.

Shaw Stockbroking analyst Brent Mitchell expressed to Reuters
that both Healthscope and Primary wanted Symbion's NSW pathology
assets and that the only way for Primary to acquire such assets
is to block Healthscope's bid offer since Primary now has a 20%
stake in Symbion.

Mr. Mitchell sees it more likely for Primary to partner with
Sigma Pharmaceuticals Ltd., which has expressed interest in
Symbion's pharmaceutical distribution and consumer product
assets.

Sigma Managing Director Elmo de Alwis, said that he is no longer
interested in making a bid for Symbion after it was won over by
Healthscope, writes Reuters.

Symbion shareholders, who were told by its board of directors to
favor the Healthscope offer as it is the only bid on the table,
will be voting on the deal on September 11, relates Reuters.

                      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).


TRI-PLUS INVESTMENTS: Undergoes Wind-Up Proceedings
---------------------------------------------------
During a general meeting held on August 1, 2007, the members and
creditors of Tri-Plus Investments Pty Ltd resolved to
voluntarily liquidate the company's business.

Gregory Stuart Andrews was named as liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         c/o G S Andrews & Associates
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                   About Tri-Plus Investments

Tri-Plus Investments Pty Ltd operates offices of holding
companies.  The company is located at Greenvale, in Victoria,
Australia.


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

AEROFLEX INC: Moody's Affirms B3 Corporate Family Rating
--------------------------------------------------------
In connection with the closing of Aeroflex Incorporated's
leveraged buyout on Aug. 15, 2007, the capital structure of the
transaction was altered from what was previously advised to
Moody's.

The senior secured first lien revolver was downsized to
US$50 million from US$60 million. The senior secured first lien
term loan was upsized by US$25 million, for a total term loan
amount of US$525 million, and transformed into two tranches
consisting of a US$400 million "first-out" tranche and
US$125 million "first-loss" tranche.  The company cancelled the
US$370 million senior subordinated notes and instead entered
into a US$225 million unrated senior unsecured bridge loan and a
US$120 million senior subordinated PIK loan facility.  The
preferred equity contribution of US$372 million from the private
equity sponsors remains unchanged.

As discussed in the June 25, 2007 press release, the previously
assigned ratings were subject to review of final documentation
and no material change in the terms and conditions of the
transaction.  In light of the aforementioned capital structure
changes, Moody's affirmed Aeroflex's B3 corporate family rating,
withdrew the rating on the senior secured first lien term loan,
upgraded the rating on the senior secured first lien revolver to
Ba3 from B1 and assigned a Ba3 rating to the first-out senior
secured term loan.  The one-notch upgrade of the revolver and
Ba3 rating assigned to the first-out term loan tranche of the
credit facility reflect the lower loss-given-default point
estimate (21% from 27%), the senior position of this debt
tranche in Aeroflex's capital structure, and the new "first-out"
feature which mandates that interest and principal on the
revolver and term loan be paid in full prior to the "first-loss"
senior secured term loan in a default scenario.

Moody's also assigned a B3 rating to the US$125 million "first-
loss" tranche of the credit facility.  All secured debt tranches
benefit from the same all-asset pledge and full guarantees of
existing and future wholly-owned domestic subsidiaries.
Finally, Moody's withdrew the rating on the senior subordinated
notes and assigned a Caa2 rating to the US$120 million senior
subordinated PIK loan facility.  The outlook remains positive.

These ratings were upgraded:

  * US$50 Million Senior Secured First Lien Revolver due 2013 to
    Ba3 (LGD-2, 21%) from B1 (LGD-2, 27%)

These ratings/assessments were assigned:

  * US$400 Million (First-Out) Senior Secured Term Loan due 2014
    -- Ba3 (LGD-2, 21%)

  * US$125 Million (First-Loss) Senior Secured Term Loan due
    2014 -- B3 (LGD-4, 56%)

  * US$120 Million Senior Subordinated PIK Loan Facility due
    2015 -- Caa2 (LGD-6, 94%)

These ratings/assessments were withdrawn:

  * US$500 Million Senior Secured First Lien Term Loan Revolver
    due 2014 -- B1 (LGD-2, 27%)

  * US$370 Million Senior Subordinated Notes due 2017 -- Caa2
    (LGD-5, 83%)

These ratings were affirmed:

  * Corporate Family Rating -- B3
  * Probability of Default Rating -- B3
  * Speculative Grade Liquidity Rating -- SGL-2

Headquartered in Plainview, New York, Aeroflex Incorporated is a
specialty provider of microelectronics and test and measurement
products to the aerospace, defense, wireless, broadband and
medical markets.  The company has operations in China.


BENQ CORP: Completes Spin-Off Plan; Launches Branded Company
------------------------------------------------------------
BenQ Corporation commenced its new operation on Sept. 3, 2007,
following successful completion of the spin-off plan to separate
its branded and manufacturing business.  BenQ, a branded company
after the separation, will continue to sell and market products
under the BenQ brand name.

BenQ will remain headquartered in Taipei, Taiwan.  The company
has a paid-in capital of NT$3.62 billion with revenue expected
to exceed NT$100 billion in 2009.  At the initial stage, BenQ
will be 100% owned by Qisda Corporation.  Qisda will gradually
reduce its shareholdings in BenQ while BenQ explores options for
strategic partners and investors.

The newly spun-off BenQ will have an independent Board of
Directors and leadership team, including Mr. K.Y. Lee as
Chairman, Mr. Jerry Wang as Vice Chairman, and Mr. Conway Lee as
President and CEO.  Other members of the leadership include:

   -- Peter Chen, General Manager of Technology Product Center;
   -- Adrian Chang, President of BenQ Asia Pacific;
   -- Michael Tseng, President of BenQ China; and
   -- Hank Horng, Managing Director of BenQ Taiwan.

"Since the inception of BenQ more than 5 years ago, we have
established the brand as a cheerful and trendy hi-tech
electronics brand among all consumers." said K.Y. Lee, Chairman
of BenQ Corporation. "Going forward, we expect to see faster and
stronger growth in our brand through this new focused structure.
I strongly believe that our leadership of choice will bring us
to new heights."

"The new BenQ is flexible in structure, swift in action and
highly customer- and market-driven," said Conway Lee, President
and CEO of BenQ Corporation. "We will focus on developing
advanced technologies that will shape the next generation of
products while fully leveraging external resources to create
better lifestyle products for our consumers."

With a total of more than 2,000 talents from over 40
nationalities, and branch offices in 28 countries worldwide,
BenQ will continue to market products that contribute to the
company's mission of Bringing Enjoyment and Quality to Life.
BenQ products are available in 100 countries; its product
portfolio includes digital projector, LCD monitors, LCD TVs,
digital cameras, mobile phones, laptop PCs, storage devices,
media and human interface devices such as mice and keyboards.

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

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

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

                          *     *     *

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

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

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


DBA INTERNATIONAL: Accepting Proofs of Debt Until Sept. 18
----------------------------------------------------------
DBA International Logistics Limited requires its creditors to
file their proofs of debt by September 18, 2007.

Creditors who can file their proofs of claim by the due date
will share in the company's dividend distribution.

The company's liquidators are:

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


EMI GROUP: Prices EUR425 Million Cash Tender Offer
--------------------------------------------------
EMI Group Plc disclosed the pricing of its cash tender offer and
consent solicitation for its outstanding EUR425 million 8.625%
senior notes due 2013.

At the consent payment deadline, offers to sell for
EUR396,512,000 principal amount, or 93% of notes outstanding
were validly tendered into the offer.

As of Sept. 4, 2007, the offer was priced as:

                                                 Tender Offer
                 Reference      Fixed Spread     Yield
Security      Security       (in basis        (on semi-annual
Description      Yield          points)          basis)
-----------      ---------      ------------     ---------------
8.625% Senior    4.092%          50              4.540%
Notes due
2013
                                  Consent       Total
                                  Payment       Consideration
                Purchase Price    (per EUR1,000 (per EUR1,000
Security     (per EUR1,000     principal     principal
Description     principal amount) amount)       amount)
-----------     ----------------- ------------- -------------
8.625% Senior   EUR1,054.52       EUR30         EUR1,084.52
Notes due
2013

Holders who tendered their Notes before the consent payment
deadline on Aug. 31, 2007, will receive the total consideration
on the early payment date, which is expected to be on
Sept. 7, 2007.

Holders tendering their notes after the consent payment deadline
but prior to the final acceptance time, which is expected to be
on Sept. 18, 2007, will be eligible to receive the purchase
price on the final payment date on Sept. 21, 2007.

Additionally, holders whose notes are purchased pursuant to the
offer will receive any accrued but unpaid interest up to but not
including the relevant payment date for the notes.

The completion of the offer is subject to the satisfaction or
waiver of certain conditions.  The offer may be amended,
extended or, under certain conditions, terminated.

The offer will expire at Sept. 18, 2007, unless extended or
earlier terminated.  Final settlement is expected to be on
Sept. 21, 2007.

                           About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                          *     *     *

As reported in the TCR-Europe on Aug. 6, 2007, Moody's Investors
Service downgraded EMI Group plc's corporate family and senior
debt ratings to B1 (from Ba3).  All ratings remain under review
for downgrade.

Ratings downgraded to B1 (under review for further downgrade)
are:

EMI Group plc

   -- CFR and the ratings of the 8.25% GBP bonds due 2008 and
      the 8.625% Euro notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

   -- the rating of the 8.375% guaranteed notes due 2009.

All ratings remain under review for possible downgrade.  Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.

Moody's ongoing review will now be focused on :

   (i) the new entity's capital structure and financial policies

  (ii) the relative position of the rated instruments within the
       new capital structure and their relative ranking amongst
       each other and relative to other classes of debt (to the
       extent they remain outstanding) and

(iii) the outlook for the global music markets and the
       company's operational plans.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


FIELDMAX DEVICE: Shareholders Opt to Shut Down Business
-------------------------------------------------------
The shareholders of Fieldmax Device Limited, on August 30, 2007,
passed a special resolution to shut down the company's business.

Poon Ka Lee, Barry, was then appointed as liquidator.

The Liquidator can be reached at:

         Poon Ka Lee, Barry
         1607, ING Tower
         308 Des Voeux Road, Central
         Hong Kong


GAINTEK ENGINEERING: Court to Hear Wind-Up Petition on Oct. 3
-------------------------------------------------------------
The High Court of Hong Kong will hear on October 3, 2007, at
9:30 a.m., a petition to have the operations of Gaintek
Engineering Co. Limited wound up.

The petition was filed by Ip Chi Wah Vege on July 25, 2007.


GLOBAL POWER: Objects to More Than US$200 Million in Claims
-----------------------------------------------------------
Global Power Equipment Group Inc. last week filed with the U.S.
Bankruptcy Court for the District of Delaware 10 objections in
an effort to reduce or disallow the claims of more than US$200
million filed by energy companies, Bankruptcy Law360 reports.

According to the report, included were two objections to claims
filed by General Electric Co. totaling more than US$66 million.
The Debtor contends that GE didn't substantiate its claim.

Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Eric Michael Sutty, Esq.,
Jeffrey M. Schlerf, Esq., Kathryn D. Sallie, Esq., and Mary E.
Augustine, Esq., at The Bayard Firm and Malka S. Resnicoff,
Esq., and Matthew C. Brown, Esq., at White & Case LLP, represent
the Debtor.  Adam G. Landis, Esq., Kerri K. Mumford, Esq., and
Matthew B. McGuire, Esq., at Landis Rath & Cobb LLP, represent
the Official Committee of Unsecured Creditors.


GSI GROUP: Appoints Anthony Bellantuoni VP of Human Resources
-------------------------------------------------------------
GSI Group Inc. has disclosed that Anthony Bellantuoni has
accepted the position of Vice President of Human Resources.

"Anthony is an accomplished Human Resources leader, and has held
numerous senior roles in high-technology companies, including
international assignments in Asia/Pacific and Europe.  He brings
organizational development, management mentorship, change
management, and compensation practice experience, as well as his
enthusiasm, to GSI Group," stated Dr. Sergio Edelstein,
president and chief executive officer.

Mr. Bellantuoni joins GSI from Dassault Systemes where he served
as Vice President of Human Resources for their ENOVIA Division,
a global US$350 million business with 1,100 employees.  Prior to
this assignment, he was Vice President, Human Resources and
Administration for the SIMULIA Division of Dassault Systemes,
formerly ABAQUS, Inc.  Before joining ABAQUS, Mr. Bellantuoni
was Senior Vice President of Human Resources at ePresence, a
network operating systems company.  He also spent 18 years in
various human resources roles at Wang Laboratories, where he
established the Asia/Pacific HR function.

                    About The GSI Group

Based in Illinois, GSI Group Inc. --
http://www.grainsystems.com/-- manufactures agricultural
equipment.  The company's grain, swine and poultry products are
used by producers and purchasers of grain, and by producers of
swine and poultry.  The company is comprised of several
manufacturing divisions.  Grain Systems (GSI), and GSI
International are the grain storage, drying and material
handling divisions of The GSI Group.  The group has operations
in China.

GSI manufactures galvanized steel storage bins and many types of
grain drying systems including portable, stacked, tower and
process dryers. In addition, GSI carries a full line of material
handling equipment including augers, bin sweeps, bucket
elevators, conveyors, distributors, chain loop systems, and
grain spreaders.

The GSI Group markets its products to over 75 countries
worldwide through a network of independent dealers to
grain/protein producers and large commercial businesses.

                          *     *     *

As reported in the Troubled Company Reporter on July 18, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Assumption, GSI Group Inc. and revised its
outlook to stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 2, 2005, Moody's Investors Service has assigned a B3 rating
to the proposed senior notes of The GSI Group, Inc., which will
be used to refinance existing indebtedness in connection with
the company's pending acquisition by GSI Holdings Corp. (an
affiliate of Charlesbank Capital Partners, LLC).  In addition,
Moody's has affirmed GSI's existing ratings, including its B2
senior implied rating, and assigned a speculative grade
liquidity rating of SGL-2.  Approximately US$125 Million of
rated debt is affected.


KO CHEUNG: Members to Receive Wind-Up Report on October 4
---------------------------------------------------------
A final general meeting will be held for the members of Ko
Cheung Tat Limited on October 4, 2007, at 10:00 a.m., at the
21st floor of Fee Tat Commercial Centre, No. 613 Nathan Road, in
Kowloon, Hong Kong.

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


MAGNATE HOLDINGS: Court Sets Wind-Up Hearing on Oct. 24
-------------------------------------------------------
On August 13, 2007, Yip Oi Lan filed a petition to have the
operations of Magnate Holdings Limited wound up.

The petition will be heard before the High Court of Hong Kong on
October 24, 2007, at 9:30 a.m.


MING SING: Liquidators to Give Wind-Up Report on October 2
----------------------------------------------------------
A final general meeting will be held for the members of Ming
Seng Electronics Limited on October 2, 2007, at 10:00 a.m., at
905 Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, in
Kowloon, Hong Kong.

At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PARKSON RETAIL: Outlines Rapid Expansion Within Five Years
----------------------------------------------------------
Parkson Retail Group Ltd's Chief Executive Chew Fook Seng
disclosed to Reuters the company's plan to invest in as many as
45 stores in the next five years, more than doubling its current
network.

According to Mr. Chew, Parkson has an annual plan to open four
to five greenfield stores, purchase one or two third-party
stores and buy out one or two stores in which it has a minority
stake, keeping up with growth in Asia's second-largest retail
market after Japan.

"That is an average, one year we could open three or five
stores, and another we could open 10 or 12," Mr. Chew told
Reuters.

With the planned rapid expansion, Reuters notes that Parkson
would more than double the 39 stores -- 27 self-owned and 12
managed stores -- it now operates in China.

"We reckon in China there are at least 50 cities that can have
at least one Parkson store," Financial Controller Tan Guan Soon
said at the summit, held at the Reuters office in Beijing.  "We
feel we can operate 5-6 stores, even seven stores in Beijing. It
is a big city," said Mr. Chew.

Parkson has three stores in China's capital, Reuters relates.

Reuters notes that fast expansion will not dampen the company's
same-store revenue growth, which it expects to remain at around
20% into next year, the news agency learned from the officials
of the company.

"In the first half of this year same-store revenue growth was
19.6 percent," said Mr. Tan.  "I am quite confident we can keep
that kind of momentum. . .for the next few months and into next
year."

Headquartered in Hong Kong, Parkson Retail Group Limited is
engaged in the ownership and operation of a national network of
department stores and supercenters in the People's Republic of
China under the brand of Parkson and Xtra.  The company owns and
manages 37 parkson branded department stores and two xtra
branded supercenters located in 26 cities in the China,
including Beijing, Shanghai, Chongging and Xi'an. Parkson Retail
Group Limited offers a range of merchandise under four
categories, fashion and apparel, cosmetics and accessories,
household, electrical goods and others, and groceries and
perishables.  It focuses on fashion lifestyle products, in
particular the ladies fashion and cosmetic.

The Troubled Company Reporter-Asia Pacific reported that, on
December 4, 2006, Moody's Investors Service affirmed Parkson
Retail Group Ltd's Ba1 senior secured bond rating following the
successful closing of its US$200 million bond issuance.  The
rating has had its provisional status removed.  The rating
outlook is stable.

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


PRETTY HOUSE: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on August 31, 2007, a
special resolution was passed providing for the wind-up of
Pretty House (Group) Company Limited's operations.

Lee Chi Keung was named as liquidator.

The Liquidator can be reached at:

         Lee Chi Keung
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road, Kowloon
         Hong Kong


ROYAL CARIBBEAN: Promotes Two Executives as President & CEO
-----------------------------------------------------------
Royal Caribbean Cruises Ltd. has promoted two of its top
executives to president and chief executive officer of their
respective brands.  Nineteen-year Royal Caribbean executive,
Adam Goldstein, president of Royal Caribbean International since
2005, becomes president and CEO of that brand, and eight-year
Royal Caribbean and Celebrity Cruises veteran, Dan Hanrahan,
president of Celebrity Cruises since 2005, adds CEO to his title
as well.  Both officers will continue to report to Royal
Caribbean Cruises Ltd. Chairman and CEO Richard D. Fain, and
both changes are effective immediately.

"As our company continues to grow and diversify, it is
reassuring to know we have such extraordinarily effective
individuals who have assumed the leadership of their respective
brands," said Mr. Fain.  "They have built their brands into
powerful and commanding market leaders, and have fully earned
the broader designation as 'president and CEO' of those brands.
This promotion reflects the roles they have already been
fulfilling and is consistent with common industry practice."

The company's Executive Committee will continue to consist of
Mr. Fain, Goldstein and Hanrahan, along with long-time company
executive Brian Rice, executive vice president and chief
financial officer.

"I am very proud of this management team and look forward to
working with them and all our other very capable leaders to
guide the company into a future of continued success," Mr. Fain
added.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur.  The company has a combined total of 34
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Australia, Canada, Europe
and Latin America.  One of the company's tour starting points is
in Panama.

Its Asian operation is located in Hong Kong.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service assigned Royal Caribbean Ltd.'s new
benchmark size Euro senior unsecured notes Ba1, raised RCL's
Speculative Grade Liquidity rating to SGL-2 from SGL-3 and
affirmed all other existing ratings.


SKY CAPITAL: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
On August 20, 2007, the majority of the directors of Sky Capital
International Limited resolved to wind up the company's business
due to its inability to pay its debts.

Subsequently, Leung Seh Wing was appointed as liquidator.

The Liquidator can be reached at:

         Leung Seh Wing
         Certified Public Accountant
         Gold & Silver Commercial Building, 8th Floor
         12-18 Mercer Street, Central
         Hong Kong


WAYWIN CORPORATION: Members to Hold General Meeting on Oct. 5
-------------------------------------------------------------
The members of Waywin Corporation Limited will meet on
October 5, 2007, at 10:00 a.m., at the 24th Floor of Prosperous
Commercial Building, 54-58 Jardine's Bazaar, in Causeway Bay,
Hong Kong.

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


ZTE CORP: Controlling Shareholder Sells 2.3% Stake
--------------------------------------------------
ZTE Corp's controlling shareholder, Shenzhen Zhongxingxin
Telecommunications Equipment Co Ltd, has sold under 22 million
of its A-shares in the company, representing about 2.3% stake,
Reuters reports.

After the disposal, Shenzhen Zhongxingxin reduced its stake in
ZTE to 35.12%, Reuters relates, citing the company's filing with
the Shenzhen Stock Exchange.  The filing gave no further notice,
the news agency adds.

However, Reuters speculates that the share sale could be worth
CNY1.295 billion (|US$171.5 million) based on ZTE's Sept. 4 2007
closing price of CNY59 per share on the Shenzhen Stock Exchange.

                          *     *     *

Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.

The group operates both in the domestic and international
market.

The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'. The rating
Outlook is Stable.


ZTE CORP: Arroyo Administration to Continue Deal Amid Uproar
------------------------------------------------------------
The Philippine Government will push through its broadband deal
with China's Zhong Xing Telecommunication Equipment (ZTE) Corp
despite the controversy that the project generated, GMA News
reports, citing an official from the Malacanang.

"The marching orders is for the Department of Transportation and
Communications to justify itself before the court.  And
definitely there is no order to discontinue just because of the
uproar," Executive Secretary Eduardo Ermita was quoted by GMA
news as saying during his weekly press conference at the Palace.

As reported by the Troubled Company Reporter-Asia Pacific on
August 30, 2007, a congressman from the Philippines,
Representative Carlos Padilla, filed charges against
Transportation Secretary Leandro Mendoza, assistant secretaries
Lorenzo Formosa and Elmer Soneja, and officials of ZTE Corp. for
the broadband contract, which allegedly involved massive pay-
offs of government officials.

In addition, lawmakers led by Senate President Manuel Villar Jr.
called for the cancellation of the alleged anomalous project,
while, Sen. Panfilo Lacson claimed that US$198 million of the
project cost went to the pockets of government officials.
Moreover, debt watchdog Freedom from Debt Coalition said the
deal violated the Omnibus Election Code because it was approved
during the election period, GMA News relates.

Sec. Ermita, however, said Mrs. Arroyo is confident that Mr.
Mendoza and other DOTC officials are capable of pushing through
with the project.

"(The President) doesn't have to believe all the allegations
coming out in mass media. . . It's already in the courts so we
could have a final closure to it," he said.

The Executive Secretary added that the president has no
liability in the deal because she neither signed, nor witnessed
any signing of a contract between DOTC and ZTE.  What the
president witnessed in Ermita Boao, China was only the signing
of a memorandum of understanding between the two parties, Mr.
Ermita stressed.

The TCR-AP also reported on Aug. 3, 2007, that the Philippines'
Department of Justice has upheld the legality of the US$330-
million broadband infrastructure contract amid calls by certain
groups to have the deal reviewed.  According to Justice
Secretary Raul Gonzales Sr., the proposed National Broadband
Network project may be considered an executive agreement by
virtue of a memorandum of understanding signed between the
Philippine Government represented by Trade Secretary Peter
Favila and Chinese Government firm ZTE Corp.


Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.

The group operates both in the domestic and international
market.

The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'. The rating
Outlook is Stable.


* Taiwan Won't Be Affected by Credit Market Changes, Fitch Says
---------------------------------------------------------------
Fitch Ratings hosted on September 6, 2007, its annual Asian
Sovereign and Banking conference in Taipei, where it considered
the extent to which Asian economies are exposed to either a
global economic slowdown or a sharp reduction in international
investors' risk appetite.

"Taiwan and the rest of the region are well placed to deal with
credit market adjustments, given the large stock of foreign
exchange reserves, strong balance of payments positions and more
flexible exchange rate regimes," commented James McCormack, head
of Asia Sovereigns.

However, he cautioned that Asia remains vulnerable to slowdowns
in global economic growth, and large capital inflows in recent
years could test regional policymakers if investor sentiment
changes quickly.

According to Fitch, Taiwan's sovereign creditworthiness is
supported by very large holdings of external assets relative to
GDP.  At the same time, however, public finances remain a rating
concern.  The agency observed that Taiwan's government debt
ratios are increasing, and now exceed the median values for 'A'
rated sovereigns.

Commenting on Asian bank's exposure to the US subprime problem,
David Marshall, head of Asia-Pacific financial institutions,
revealed that Fitch's survey of Asian banks had shown such
investments are very widely spread and any direct impact
limited; the largest exposure held by a Taiwanese bank was 7% of
equity.  However, there are still concerns over the indirect
effects from providing liquidity to conduits and investors'
losses in banks' asset management arms, as well as the valuation
losses on marking to market non-subprime-related CDOs and other
structured securities - whose underlying assets remain sound but
whose market value has fallen due to market illiquidity.

Presenting Fitch's bank failure study and rating methodology to
local investors, Jonathan Lee, senior director, financial
institutions, said that banks in Taiwan and across the globe are
significantly more likely to fail than they are to default on
their financial obligations.  Fitch is the only rating agency
with a dedicated rating scale (Support Ratings) to assess the
probability that such support will be provided.

In terms of bank defaults, Fitch expects Taiwanese regulators to
gradually shift toward market-based solutions from its previous
reliance on supervisory bail-out.  This belief supports Fitch's
across-the-board downgrade from '4' to '5' of the support
ratings of smaller banks that are not affiliated to larger
financial groups, which the agency views to be generally weak in
capital and liquidity as well as profitability.

Fitch also presented its views on Taiwan's bills finance and
securities industries.  Renee Tsai, associate director,
financial institutions, said that Taiwan bills finance companies
(BFCs) have maintained relatively stable Individual ratings,
supported by their conservative financial leverage, adequate
capitalization, relatively stable profitability, and reduced
credit exposure to the group companies.  However, their
relatively weak liquidity profile and heavy reliance on short-
term financing tools - primarily repos - are key factors
constraining their ratings.

On the other hand, the agency takes a more positive view on
Taiwanese securities firms' credit profiles, given their
generally sound capital and liquidity positions, improved
efficiency in retail brokerage as well as improved revenue
diversity.


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

AFFILIATED COMPUTER: Renews Parking Services Contract w/ Boston
---------------------------------------------------------------
Affiliated Computer Services Inc. has been awarded a contract
renewal by the City of Boston to provide full-service parking
ticket collections, booting and towing, and fleet management
services.  Affiliated Computer has served the city since 1981.
The contract has a length of up to three years and a total value
of US$19 million, including two one-year renewal options, and
was reflected in Affiliated Computer' fourth quarter fiscal year
2007 results.

"Affiliated Computer has worked closely with Boston over the
years to help keep pace with the changing traffic demands of
such a vital city," said Michael Huerta, Affiliated Computer
managing director, Transportation Solutions.  "As a national
provider of parking services to major cities, Affiliated
Computer is uniquely equipped to provide the services Boston
needs in the future."

Services provided include parking violation processing, notice
generation and mailing, adjudication and appeals scheduling,
document imaging and correspondence management, training, and
help desk support.

In addition to Boston, Affiliated Computer has parking contracts
with Cleveland, Dallas, Denver, Detroit, Los Angeles, New
Orleans, Philadelphia, St. Louis, San Francisco, and Washington,
D.C.

                     About Affiliated Computer

Affiliated Computer Services Inc. (NYSE: Affiliated Computer)
-- http://www.AffiliatedComputer-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Moody's Investors Service confirmed Affiliated
Computer Services' Ba2 corporate family rating and assigned a
stable rating outlook, following the company's conclusion of an
internal investigation into its options granting practices and
restoration to current U.S. Securities and Exchange Commission
financial reporting.

As reported in the Troubled Company Reporter on March 29, 2007,
Fitch Ratings placed Affiliated Computer Services Inc. on
Rating Watch Negative after the proposed offer from Darwin
Deason, founder and current chairman of Affiliated Computer, and
Cerberus Capital Management L.P. to acquire the company in a
leveraged buyout transaction valued at US$8.2 billion, including
existing debt.  Ratings affected were (i) Issuer Default Rating
'BB'; (ii) Senior secured revolving credit facility at 'BB';
(iii) Senior secured term loan at 'BB'; and (iv) Senior notes at
'BB-'.


BHARTI AIRTEL: Signs 1-Yr. Contract w/ ECI for Network Expansion
----------------------------------------------------------------
Bharti Airtel Limited has chosen ECI Telecom Ltd. to supply
equipment for their nationwide optical network expansion.  This
one-year contract will enable network expansions through ECI's
advanced XDM(R) Converged Multi-Service Provisioning Platform.
These expansions allow Bharti to add new services, such as
broadband data, voice and leased lines, while supporting more
subscribers.

In the last 12 months, Bharti Airtel has witnessed spectacular
growth both in terms of customers and revenues, thereby
dominating the Indian telecom space.  Airtel recently became the
first Indian mobile service provider joining the exclusive club
of global service providers with more than 40 million customers
from a single-country.  In order to manage and handle this
continual growth, Bharti Airtel selected ECI's optical solutions
to increase their network capacity from 2.5G to 10G and to Metro
DWDM, and to expand their current network beyond the existing
footprint.  With this network expansion, Airtel will be reaching
out to far-flung areas in the country providing many in India
with access for the first time.

Rajan Swaroop, Executive Director, Airtel Enterprise Services-
Carrier, said, "At Airtel it is our constant endeavour to
provide reliable, robust and ubiquitous connectivity solutions.
To help deliver this promise to our customers, we have chosen to
partner with ECI, with whom we've had a successful association
since 1999." He further added, "The best-in-class equipment,
reliability and superior support that we receive from ECI are a
perfect match to the world-class connectivity solutions and
quality-of-service that Bharti Airtel delivers to its customers.
This relationship reinforces our commitment to invest in state
of the art technologies for providing scalable and future proof
solutions to our customers."

ECI's highly scalable XDM platform offers scalable capacity with
minimal hardware changes, thus leveraging the present
infrastructure and providing superior savings in CAPEX.  The
platform's LightSoft(R) network management system delivers the
additional support required to manage Bharti's network of such
size and capacity.  Along with the XDM platform providing
reliable quality-of-service, ECI has provided an expert level of
commitment to Bharti while continuing to address the need for
minimal costs in infrastructure through its country-wide
infrastructure.

"Our long-standing partnership with Bharti reinforces our
leadership in the Indian market and validates our strengths and
capabilities," said Ido Gur, Executive Vice President, Global
Sales & Marketing, at ECI Telecom. "ECI's product roadmap
reflects the requirements of Indian operators like Bharti and
this win demonstrates our deep understanding of the market and
ability to meet a wide range of needs for transmission
solutions.  It's a pleasure to have Bharti as one of our major
strategic customers."  In 2007, ECI Telecom was ranked the
number one transmission equipment vendor in the Indian telecom
market, by magazine Voice & Data.

                         About ECI Telecom

ECI Telecom delivers innovative communications platforms to
carriers and service providers worldwide. ECI provides efficient
platforms and solutions that enable customers to rapidly deploy
cost-effective, revenue-generating services.

Founded in 1961, Israel-based ECI has consistently delivered
customer-focused networking solutions to the world's largest
carriers. The Company is also a market leader in many emerging
markets. ECI provides scalable broadband access, transport and
data networking infrastructure that provides the foundation for
the communications of tomorrow, including next-generation voice,
IPTV, mobility and other business solutions.  On the Internet
http://www.ecitele.com

                       About Bharti Airtel

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

                         *     *      *

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

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


DRESSER-RAND: S&P Rates US$500MM Sr. Revolving Facility at "BB-"
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to the US$500 million senior secured revolving
credit facility due 2012 of Dresser-Rand Group Inc. (BB-
/Stable/--).  The 'BB+' rating, and '1' recovery rating,
indicate expectation of very high (90%-100%) recovery in the
event of a payment default.

On Aug. 30, 2007, Dresser-Rand announced that it had amended its
senior secured credit facility and increased it by US$150
million, to US$500 million.  The increased facility will enable
Dresser-Rand to manage working capital issues as the company
executes its growth strategy.

The corporate credit rating is 'BB-', reflecting the company's
exposure to the highly cyclical oil and gas production and
processing industries and its short track record as a stand-
alone company, which makes assessing financial performance in a
cyclical downturn difficult.  Partially mitigating these
weaknesses are the company's intermediate leverage and strong
aftermarket component of revenues.

Ratings List

Dresser-Rand Group Inc.
Corporate credit rating           BB-/Stable/--

New Rating

Dresser-Rand Group Inc.
Senior Secured                    BB+
  Recovery Rating                  1

                     About Dresser-Rand Group

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.


EASTMAN KODAK: Extends Five-Year Market Deal with Lexar Media
-------------------------------------------------------------
Eastman Kodak Company and Lexar Media Inc. have signed an
extended five-year agreement under which Lexar will develop and
market Kodak-branded flash memory products worldwide.  The
agreement with Lexar, which has performance-based exclusivity,
strengthens the existing relationship between the two companies
and allows for expanded distribution and a broader portfolio of
KODAK-branded flash memory product lines created by Lexar, a
world leader in advanced digital media technologies.  Financial
terms of the agreement were not disclosed.

"Kodak has worked closely with Lexar since 2004 to offer our
customers leading-edge solutions in flash memory," said John
Blake, General Manager, Digital Capture and Imaging Products and
Vice President, Eastman Kodak Company.  "We look forward to
continuing the positive relationship we've established with
Lexar, and to expanding our product line to complement the broad
range of products that the digital camera user experiences on a
daily basis."

The Lexar-Kodak relationship began three years ago with the
launch of a 64 MB Secure Digital card, a time when consumers
were continuing to convert en masse from the use of analog to
flash memory, or "digital film" products.  Since then, the
technology has continued to develop rapidly, and Lexar now
offers flash products that provide up to 4GB of memory in KODAK
Secure Digital High-Capacity cards.  With its acquisition by
Micron Technology, Inc. in 2006, Lexar now also brings access to
the technology and engineering expertise of one of the largest
NAND producers worldwide.

Today, the consumer market for digital photography has evolved
to encompass advanced flash products that not only allow the
capturing of still and video images with cameras and cell
phones, but also serve a growing network of other products and
services, including home printers, on-line services and in-store
kiosks for printing and sharing photos, as well as new devices
such as digital frames that let people display and share their
digital photos and videos.  Kodak currently offers a broad range
of products and services to address the needs of these
categories and other emerging consumer trends.  Under the new
Lexar-Kodak agreement, Lexar will be able to offer a full and
expanding range of KODAK-branded flash memory storage products
in various form factors -- including SD and microSD memory cards
and USB drives to complement many different products and provide
the best solutions for capturing, transferring, and sharing
digital and video images.

Vice President of Lexar Media Mark Adams added, "The combination
of Kodak's brand strength and product breadth with Lexar's
technology and manufacturing expertise is truly a 'win-win'
proposition for customers.  Consumers in search of affordable,
high-quality memory products should look no further than the
KODAK brand, and we intend to aggressively promote that fact."

KODAK-branded cards from Lexar are currently available in
leading retail and e-commerce outlets in the United States and
throughout the world, including Canada, Latin America, Europe
and Australia as well as at http://www.lexar.com/kodak. The
range of KODAK-branded memory cards includes a high performance
line of Secure Digital High Capacity and SD cards, as well as a
standard line of SD and xD-Picture Cards (availability varies by
region).

                      About Lexar Media

Lexar Media Inc. -- http://www.lexar.com/-- is a leading
marketer and manufacturer of NAND flash and DRAM memory products
under the Lexar and Crucial brand names. Lexar also sells flash
memory products under the Kodak brand.  Lexar Media is a
subsidiary of Micron Technology, Inc., and Lexar Media is a
division of Micron Europe Limited, a division of Micron
Semiconductor Asia Pte. Ltd., and a division of Micron Japan,
Ltd.

                   About Micron Technology

Micron Technology Inc. -- http://www.micron.com/-- is provides
advanced semiconductor solutions.   Through its worldwide
operations, Micron manufactures and markets DRAMs, NAND flash
memory, CMOS image sensors, other semiconductor components, and
memory modules for use in leading-edge computing, consumer,
networking and mobile products.  Micron's common stock is traded
on the New York Stock Exchange (NYSE) under the MU symbol.

                     About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, India, Yemen, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has upgraded Eastman Kodak Company's
senior unsecured debt to 'B/RR4' from 'B-/RR5' due to improved
recovery prospects following the company's redemption on
May 3, 2007, of a US$1.15 billion secured term loan funded with
a portion of the proceeds from the sale of its Health Group to
Onex Healthcare Holdings, Inc., for US$2.35 billion on
April 30, 2007.

In addition, Fitch has affirmed these Kodak ratings:

    -- Issuer Default Rating 'B';
    -- Secured credit facility 'BB/RR1'.


TATA MOTORS: Mulls Joint Bid w/ Fiat for Jaguar & Land Rover
------------------------------------------------------------
Tata Motors Limited is in talks with Fiat SpA for a possible
tie-up in bidding for Ford Motor Co.'s Jaguar and Land Rover,
media reports say.

As reported by the Troubled Company Reporter-Asia Pacific on
July 27, 2007, Tata Motors has made it to the list of selected
bidders for final consideration in the race for Jaguar and
Land Rover.   The company, however, is facing fierce competition
from United States firms.  Other bidders include TPG Capital,
Ripplewood Holdings, One Equity Partners, Cerberus Capital
Management, and India's Mahindra & Mahindra.  Ford is expected
to ask for binding offers by September, and aims to complete the
sale by the end of the year.

AFX News Limited, citing Finanza e Mercati as source, Fiat is
prepared to join Tata Motors in a bid for Ford's two brands.
"Fiat will join Tata at a later stage and buy a minority stake,"
AFX quotes the daily.

Merrill Lynch analysts have evaluated Jaguar and Land Rover at
around US$1.5 billion but consultants are now estimating it to
cost between US$2 billion to US$3 billion.

Tata is being advised and financed on its bid by investment
banks Citi and JP Morgan, London's The Business relates.

                        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.


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

ANEKA TAMBANG: Teams Up w/ Rusal to Conduct Feasibility Study
-------------------------------------------------------------
PT Aneka Tambang Tbk is set to tie up with Russia's United
Company Rusal for a feasibility study on the construction of an
alumina smelter in Tayan in West Kalimantan, The Jakarta Post
reports, citing Aneka President Director Deddy Aditya
Sumanegara.

The Troubled Company Reporter-Asia Pacific reported on
August 17, 2007, that Aneka Tambang planned to jointly build a
new aluminium smelter with Rusal.

Mr. Sumanegara said that the plant, which the company estimated
would cost around US$1.5 billion, would have a production
capacity of 1 to 1.2 million tons per year, the report relates.

According to the news agency, Mr. Sumanegara said that the
feasibility study will take almost a year, followed by a
decision by both companies basing on the results of the study.

Tayan is estimated to have bauxite reserves of 100 million tons,
The Post adds.

                       About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


BANK MANDIRI: Freed From State Bank's Supervision
-------------------------------------------------
PT Bank Mandiri Tbk received a confirmation from Bank Indonesia
declaring Bank Mandiri free from the state bank's intensive
supervision after managing to lower its non-performing loan rate
in two consecutive quarters to below 5%, Antara News reports.

Bank Mandiri came under intensive supervisory coverage after its
NPLs in 2005 reached more than 5% and until the end of 2006 the
bank's NPLs still reached 5.9%, the report recounts.

Agus Martowaradojo, Bank Mandiri Director, told Antara that
Mandiri's NPL net reached 4.7%, which continued to decline to
3.9% in the second quarter.  Bank Mandiri is ready to become a
regional champion, he adds.

                       About Bank Mandiri

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

The Troubled Company Reporter-Asia Pacific reported on Aug. 2,
2007, that Moody's Investors Service has placed the foreign
currency long-term debt and foreign currency long-term deposit
ratings of PT Bank Mandiri on review for possible upgrade.

The detailed ratings are:

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

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

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


CORUS GROUP: Fitch Withdraws Various Ratings on Acquisition
-----------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Corus Group Limited's
(CS) Long-term Issuer Default Rating of 'BB'/Stable and Short-
term IDR of 'B'.  Fitch has also affirmed and withdrawn the 'BB-
' rating on CS's EUR800 million 7.5% senior notes and Corus
Finance Ltd's GBP200 million 6.75% guaranteed bonds which were
redeemed on August 31, 2007.

CS's ratings were upgraded on July 3, 2007 following the
acquisition of the company by Tata Steel Limited ('BBB-'(BBB
minus)/Stable).  On July 19, 2007, Fitch assigned a Long-term
foreign currency IDR of 'BB' to Tata Steel UK, a subsidiary of
Tata Steel Limited and which, as per the acquisition structure,
is the new holding company for the Corus group holding assets in
the UK and Netherlands.

Fitch will no longer provide ratings coverage of Corus Group
Plc.

                        About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
oninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.


DIRGANTARA INDONESIA: Gov't. Appeals Court Bankruptcy Ruling
------------------------------------------------------------
The Indonesian government will appeal the Jakarta commercial
court's bankruptcy ruling on PT Dirgantara Indonesia to the
Supreme Court, Thomson Financial reports, citing State
Enterprise Minister Sofyan Djalil.

According to Thomson Financial, the commercial court declared
Dirgantara Indonesia bankrupt at the request of some of the
aircraft maker's dismissed workers, in a bid to extract
retirement funds.

The court declared victory of the claim of Dirgantara Indonesia
Employees' Communication Forum Trade Union by affirming
bankruptcy of the company, Tempo Interactive reports, citing
Arif Minardi, general chairman of the trade union, as saying.

Tempo relates that that the panel of judges was of the opinion
that the elements of bankruptcy were fulfilled, among which were
two or more creditors whose credits were not settled by the
company.  Heru Pramono, a member of the panel of judges, told
Tempo that they also agreed with the applicant's claim that
Dirgantara isn't a public company, which means Dirgantara will
comply with the company decree.

The company's lawyer, Puguh Wirawan, said that it will soon file
against the ruling, Tempo says.

Tempo notes that DI's Secretary Muchtar Sharief said that
regarding the debt of pension compensation for 3,500 employees,
amounting to IDR200 billion, the legal standing is still being
debated but assured that the pensions have already been settled,

Dirgantara was among the biggest debtors of the now-defunct
Indonesian Banking Restructuring Agency, Thomson Finacial
relates.  Following IBRA's dissolution in 2003, supervision of
Dirgantara was transferred to PT Perusahaan Pengelola Aset, the
government's asset management firm, the news agency adds.

                    About Dirgantara Indonesia

Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia
-- http://www.indonesian-aerospace.com/-- is one of the
indigenous aerospace companies in Asia with core competence in
aircraft design, development and manufacture of civilian and
military regional commuter aircraft.  In its production line,
Dirgantara Indonesia has delivered more than 300 units of
aircraft and helicopters, defense system, aircraft components
and other services.

According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.

The Troubled Company Reporter-Asia Pacific reported on
September 13, 2006, that the Indonesian Government intends to
provide IDR40 billion in bailout funds to Dirgantara Indonesia.


PT INCO: Unit Receives Forestry Permit from Forestry Ministry
-------------------------------------------------------------
PT International Nickel Indonesia Tbk received a forestry permit
from Minister of Forestry of the Republic of Indonesia.  The
permit grants PT Inco the right to use a forest area adjacent to
the Company's Contract of Work concession area in connection
with the construction and operation of the Karebbe hydroelectric
generating facility on the Larona River.

The Karebbe hydroelectric generating facility was first
announced on October 2004 as a part of the Company's capital
program to raise annual production to about 200 million pounds
of nickel in matte.  In 2006, PT Inco produced 157.9 million
pounds of nickel in matte.  Once completed, the hydroelectric
facility is expected to raise PT Inco's hydroelectric generating
facility by 90 megawatts.

Construction on the facility was suspended in January 2006
pending the issuance of a final forestry permit by the Minister
of Forestry with terms that support this significant long-term
capital investment by PT Inco.

"We are very pleased to have received this permit that is
central to moving forward on the project.  We commend the
Minister of Forestry and the members of his team for their
willingness to work together with PT Inco to find a solution
which will support a significant capital investment in Indonesia
and proctect the country's forests", said Arif Siregar,
President and Chief Executive Officer PT Inco.  "It is expected
that the Company's Board of Commissioners will meet shortly to
consider the decision to resume construction of the project. We
will provide further updates at that time", continued Mr.
Siregar.

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://pt-inco.co.id-- is a nickel producer
with a production facility and mine are in Sorowako, Sulawesi,
where it has a contract agreement until 2025.  It produces
nickel matte, an intermediate product, from lateritic ores at
its integrated mining and processing facilities near Sorowako on
the island of Sulawesi. Inco Limited of Canada holds a 60.8%
stake of the company and Sumitomo Metal Mining Co Ltd. holds a
20.1% stake.

                           *    *    *

Standard and Poor's gave the company's long-term foreign and
local issuer credit both a BB- rating.


GARUDA INDONESIA: To Acquire Around 20 Airbus Aircrafts
-------------------------------------------------------
PT Garuda Indonesia is planning to buy around 20 Airbus A320
aircraft to expand its fleet for domestic services, Reuters
reports, citing Garuda Technical Director Ari Sapari.

According to the report, Garuda Indonesia's talks with Airbus
came after the airline signed a deal with Boeing Co. in March
for 25 Boeing 737-800 planes, with an estimated total value of
US$1 billion.

Mr. Sapari said Garuda is currently reviewing the plan to
acquire Airbus aircraft, as well as the airline's needs and
market demand.

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.


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

Delphi: Inks Definitive Deal with GM; Files Reorganization Plan
---------------------------------------------------------------
Delphi Corp. (OTC:DPHIQ) announced it has signed definitive
settlement and restructuring agreements with General Motors
Corp. (GM) and will file its proposed Joint Plan of
Reorganization and related Disclosure Statement with the U.S.
Bankruptcy Court for the Southern District of New York later
today.

Copies of these documents, which remain subject to approval by
the Bankruptcy Court as part of the reorganization plan
confirmation process, will be posted on
http://www.delphidocket.com/later today.

Delphi's comprehensive settlement with GM resolves all
outstanding issues between Delphi and GM including: litigation
commenced in March 2006, by Delphi, to terminate certain supply
agreements with GM; all potential claims and disputes with GM
arising out of the separation of Delphi from GM in 1999; certain
post-separation claims and disputes between Delphi and GM; the
proofs of claim filed by GM against Delphi in Delphi's Chapter
11 cases; GM's treatment under Delphi's proposed plan of
reorganization; and various other legacy and ordinary course
business matters between the companies.

The proposed Plan and related Disclosure Statement includes
detailed information regarding the treatment of claims and
interests, the company's five-year business plan, events leading
up to and during Delphi's Chapter 11 cases, and an outline of
the plan investor agreement and rights offering. Delphi's
emergence timetable calls for the company to obtain exit
financing commitments early in the fourth quarter of 2007. The
proposed plan also outlines Delphi's transformation centering
around five core areas:

   * Agreements reached with all principal U.S. labor unions
     which create a competitive arena in which to conduct its
     business;

   * Agreements with General Motors outlining its financial
     support for certain legacy and labor costs and certain
     future business commitments to Delphi;

   * Delphi's future product portfolio and manufacturing
     footprint;

   * Delphi's planned transformation of its salaried workforce
     and progress in reducing SG&A to support its realigned
     portfolio; and

   * Delphi's plans to fund its U.S. defined benefit programs.

"Today's filing of Delphi's Plan of Reorganization and
Disclosure Statement is a significant milestone for our
company," said Rodney O'Neal, Delphi CEO and president. "Each of
the numerous moving pieces to our transformation are coming
together. In recent months, we have announced a new equity
investment agreement with our Plan Investors and agreed on
consensual distributions with our Statutory Committees for both
our creditors and equity holders. Additionally, we completed our
labor transformation with our six U.S. unions, settled complex
multi-district ERISA and securities litigation, and finalized
comprehensive settlement and restructuring agreements with GM.
While achieving these transformation objectives, we also
continued to support our customers and deliver operational
excellence every step of the way. Delphi has made great progress
toward its stated transformation goals and is intensely focused
on completing the remaining items in order to successfully
emerge from Chapter 11 as a more competitive technology leader."

                Plan Of Reorganization Framework

Delphi's plan of reorganization (the "Plan") is based upon a
series of global settlements and compromises that involve every
major group of constituents in Delphi's reorganization cases,
including: Delphi, its principal U.S. labor unions, GM, the
statutory creditors' and equity holders' committees appointed in
Delphi's Chapter 11 cases and the lead plaintiffs in certain
securities and ERISA multidistrict litigation.  The Plan
provides for a recovery through a plan distribution of
reorganized Delphi common stock and cash amounting to the
principal amount of the claim plus accrued interest at a
negotiated plan value for general unsecured creditors, and
agreed upon distributions to other classes of creditors and
interests.  GM will receive a US$2.7 billion cash distribution
in satisfaction of certain of its claims against Delphi.  As
part of the settlement of the multidistrict ERISA and securities
litigation, distributions will be made under three plan classes
using plan currency in the same form, ratio, and treatment as
what will be used to satisfy the holders of general unsecured
claims.  Allowed claims and interests for these three plan
classes total US$24.5 million for the ERISA plan class and a
total of US$204 million for the debt securities class and the
common stock securities class.  Holders of existing Delphi
common stock will receive a distribution of shares of
reorganized Delphi, five-year warrants exercisable to
purchase shares of reorganized Delphi, and transferable and non-
transferable subscription rights to purchase shares of
reorganized Delphi.

The settlements embodied by the Plan feature rights offerings
that will be conducted after confirmation of the Plan and which
will allow Delphi's common stockholders, who are holders of
shares of Delphi common stock as of the date when the
Confirmation Hearing commences, to purchase, (i) through the
exercise of transferable rights, approximately 28 percent of the
common stock of reorganized Delphi at a discount to the
negotiated plan value, and (ii) through the exercise of non-
transferable rights, up to US$572 million worth of shares (in
the aggregate) of reorganized Delphi at the negotiated plan
enterprise value price of US$45.00 per share.

The rights offerings are expected to commence following
confirmation of Delphi's plan of reorganization and conclude 30
days thereafter prior to Delphi's emergence from Chapter 11
reorganization.  The rights will be issued only to those
individuals who are holders of Delphi's existing common stock as
of the date the Confirmation Hearing commences and after the
Bankruptcy Court has confirmed the company's Plan and the SEC
has approved Delphi's registration statement for the Rights
Offerings.

                      Labor Transformation

Delphi previously negotiated and signed Memoranda of
Understanding with each of its six U.S. unions and GM covering
site plans, workforce transition as well as other comprehensive
transformational issues.  In addition, pursuant to the
previously announced attrition agreements, over 24,000 employees
voluntarily retired, accepted buy outs or opted to flow back to
GM within provisions of negotiated attrition plans.  Delphi will
continue to own and operate four UAW-represented sites, three
IUE-CWA-represented sites and one USW-represented site.
Additionally, 25 North American sites will be sold or closed.

                    Gm Settlement Agreements

Pursuant to the company's Plan, subject to Bankruptcy Court
approval as part of the plan confirmation process, Delphi and GM
have entered into comprehensive settlement agreements consisting
of a Global Settlement Agreement (the "GSA") and a Master
Restructuring Agreement (the "MRA").  Most obligations set forth
in the GSA are to be performed upon the occurrence of the
Effective Date of the Plan or as soon as reasonably possible
after.  By contrast, resolution of most of the matters addressed
in the MRA will require a significantly longer period that will
extend for a number of years after confirmation of the Plan.

The GSA is intended to resolve outstanding issues among Delphi
and GM that have arisen or may arise before Delphi's emergence
from Chapter 11, and will be implemented by Delphi and GM in the
short term.  The GSA addresses, among other things, commitments
by Delphi and GM regarding OPEB and pension obligations, other
GM contributions with respect to labor matters, releases, and
claims treatment.

   * GM will make significant contributions to cover costs
     associated with certain post-retirement benefits for
     certain of the company's active and retired hourly
     employees, including health care and life insurance;

   * Delphi will freeze its Hourly Pension Plan as soon as
     possible following the Effective Date, as provided in the
     union settlement agreements, and GM's Hourly Pension Plan
     will become responsible for certain future costs related to
     Delphi's Hourly Pension Plan;

   * Delphi will transfer certain assets and liabilities of its
     Hourly Pension Plan to the GM Hourly Pension Plan, as set
     forth in the union term sheets;

   * Shortly after the effective date, GM will receive an
     interest bearing note from Delphi in the amount of US$1.5
     billion to be paid within 10 days of its issuance;

   * GM will make significant contributions to Delphi to fund
     various special attrition programs, consistent with the
     provisions of the union Memorandum of Understanding;

   * GM and certain related parties and Delphi and certain
     related parties will exchange broad, global releases (which
     will not apply to certain surviving claims as set forth in
     the GSA); and

   * On the Effective Date, subject to certain surviving claims
     in the GSA and in satisfaction of various GM claims, Delphi
     will pay GM US$2.7 billion, and the GM Proof of Claim will
     be settled.

The MRA is intended to govern certain aspects of Delphi and GM's
commercial relationship following Delphi's emergence from
Chapter 11.  The MRA addresses, among other things, the scope of
GM's existing and future business awards to Delphi and related
pricing agreements and sourcing arrangements, GM commitments
with respect to reimbursement of specified ongoing labor costs,
the disposition of certain Delphi facilities, and the treatment
of existing agreements between Delphi and GM.

   * Through the MRA, Delphi and GM have agreed to certain terms
     and conditions governing, among other things:

        -- the scope of existing business awards, related
           pricing agreements, and extensions of certain
           existing supply agreements;

        -- GM's ability to move production to alternative
           suppliers; and

        -- Reorganized Delphi's rights to bid and qualify for
           new business awards.

   * GM will make significant, ongoing contributions to Delphi
     and Reorganized Delphi to reimburse the company for labor
     costs in excess of US$26 per hour at specified
     manufacturing facilities;

   * GM and Delphi have agreed to certain terms and conditions
     concerning the sale of certain of its non-core businesses;

   * GM and Delphi have agreed to certain additional terms and
     conditions if certain of its businesses and facilities are
     not sold or wound down by certain future dates (as defined
     in the MRA); and

   * GM and Delphi have agreed to the treatment of certain
     contracts between Delphi and GM arising from Delphi's
     separation from GM and other contracts between Delphi and
     GM.

                        Product Portfolio

Delphi previously announced plans to focus its product portfolio
on those core technologies for which the company has significant
competitive advantages and can provide the greatest support and
differentiation to its customers in automotive, aftermarket,
consumer electronics, and adjacent markets such as commercial
vehicles, medical systems, computers, aerospace and
transportation products.  To that end, the company is focusing
the organization on the following core strategic product lines:

   * Controls & Security (Body Security, Mechatronics, and
     Displays);

   * Electrical/Electronic Architecture (Electrical/Electronic
     Distribution Systems, Connection Systems, and Electrical
     Centers);

   * Entertainment & Communications (Audio, Navigation, and
     Telematics);

   * Powertrain (Diesel and Gas Engine Management Systems);

   * Safety (Occupant Protection and Safety Electronics); and

   * Thermal (Climate Control & Powertrain Cooling).

During these Chapter 11 cases, Delphi has made substantial
progress in identifying and implementing the sale (or receiving
Bankruptcy Court approval to sell) or wind down of those
facilities and business lines that do not support the company's
future strategic framework, including:

   * The sale of the brake hose manufacturing business in
     Dayton, Ohio to Harco Manufacturing Group, LLC.

   * The settlement of a social plan in the "Concurso," or
     Spanish insolvency proceeding, of Delphi Automotive Systems
     Espana S.L.;

   * The sale of the brake components business, including a
     manufacturing plant in Saltillo, Mexico, to Robert Bosch
     LLC and its affiliate Frenados Mexicanos, S.A. de C.V.;

   * The sale of substantially all of the assets of MobileAria,
     Inc. to Wireless Matrix USA, Inc.;

   * The sale of a New Brunswick, N.J., battery manufacturing
     facility to Johnson Controls, Inc.;

   * The wind-down of a Delphi Medical Texas facility in
     Houston, Texas;

   * The consolidation of fuel injector production in Rochester,
     New York during 2006-2007, which allowed the Debtors to
     wind down a manufacturing facility in Coopersville,
     Michigan;

   * The sale of the catalyst business to Umicore;

The company has also been in discussions regarding the sale of
Delphi's Steering, Bearings and Interior and Closures
businesses.  The company will continue with its stated plans to
sell or wind-down additional non-core product lines and
manufacturing sites through 2008.

                     Salaried Restructuring

On Jan. 1, 2007, Delphi implemented a new organizational
structure surrounding the company's Product Business Units
(PBUs) to increase focus on the product and customer.  As part
of its organizational restructuring, Delphi previously announced
that it expects to reduce its global salaried workforce by as
many as 8,500 employees.  In addition, Delphi has commenced the
implemention of an SG&A cost savings plan, which should realize
savings of approximately $450 million per year (in addition to
savings realized from competitive measures planned for its core
businesses and the disposition of non-core assets) and includes
the following initiatives:

   * streamlining of the corporate structure of the
     organization;

   * streamlining of divisional/product business units' SG&A in
     finance, human resources, and customer interaction
     processes;

   * transformation of information technologies, the creation of
     information technologies shared services and the
     exploration of other opportunities to reduce costs; and

   * creation of a finance, human resources, and sales shared
     services organization.

Also, as part of its equity investment agreement, Delphi is
implementing a competitively-benchmarked executive compensation
program for its continuing salaried executives as part of its
plan of reorganization and emergence from Chapter 11.

                         Pension Plans

One of Delphi's principal goals throughout Chapter 11 was to
retain the benefits accrued under the existing defined benefit
U.S. pension plans for both the hourly and salaried workforce.
To accomplish this, Delphi will freeze the current hourly and
salaried U.S. pension plans as of the first of the month
following the Effective Date of the Plan and replace them with
contemporary plans.

As part of the resolution of its pension issues, Delphi obtained
temporary waivers of its minimum funding requirements from the
IRS and the PBGC, under the hourly plan and the salaried plan.
By obtaining the waivers, Delphi can delay its minimum funding
requirements from June 15, 2007, through the expected Effective
Date of its Plan of Reorganization.  Delphi will also facilitate
the transfer of US$1.5 billion of the company's net hourly
pension obligations to GM's Hourly Pension Plan under applicable
federal law.  On the date of such transfer, GM will receive a
note in the principal amount of US$1.5 billion that will be paid
in full within 10 days of issuance.  This transfer facilitates
Delphi's resolution of its pension issues and will help allow
Delphi to make up required contributions to the plans that were
not made in full during Chapter 11.

                  Equity Investment Agreement

On July 18, 2007, Delphi announced that it had accepted a
proposal for an Equity Purchase and Commitment Agreement with
affiliates of lead investor Appaloosa Management L.P.; Harbinger
Capital Partners Master Fund I, Ltd.; Merrill Lynch, Pierce,
Fenner & Smith Inc.; UBS Securities LLC; Goldman Sachs & Co.;
and Pardus Capital Management, L.P. (collectively the "Plan
Investors") to invest up to US$2.55 billion in preferred and
common equity in reorganized Delphi to support the company's
transformation plan and its plan of reorganization.

Under the terms of the Equity Purchase and Commitment Agreement,
the Plan Investors will purchase US$800 million of convertible
preferred stock and approximately US$175 million of common stock
in the reorganized company.  Additionally, the Plan Investors
will commit to purchasing any unsubscribed shares of common
stock in connection with an approximately US$1.6 billion rights
offering that will be made available to existing common
stockholders subject to approval of the Bankruptcy Court and
satisfaction of other terms and conditions.

While today's filing of the Plan and related Disclosure
Statement was made by Delphi after consultation with the Plan
Investors, the Plan Investors have not approved the Plan or
related Disclosure Statement and today's filing does not waive
or modify any of Delphi's or the Plan Investors' rights and/or
obligations under the Investment Agreement.

                         Exit Financing

In addition to the equity funds to be raised from the Plan
Investors and the proposed Rights Offerings, the company is in
discussions with lenders of syndicated debt and corporate high-
yield debt to raise an amount sufficient to repay the DIP
facilities and conduct its post-reorganization operations.
Delphi's emergence timetable calls for the company to obtain
exit financing commitments early in the fourth quarter of 2007.

            Emergence Corporate Governance Structure

The company's recently concluded Equity Purchase and Commitment
Agreement with its Plan Investors details certain corporate
governance provisions for the reorganized Delphi.  Under the
terms of the proposed plan, reorganized Delphi would be governed
by a new nine-member Board of Directors including an Executive
Chairman and the company's current CEO.  Subject to certain
conditions, a super-majority of the directors (6 of 9) would be
required to be independent of reorganized Delphi under
applicable exchange rules and independent of the Plan Investors.

A five-member selection committee has been formed to select the
company's post-emergence Executive Chairman, to interview and
approve all directors nominated for the Board, and make the
initial appointment of directors to all Board committees.

                 About Delphi's Chapter 11 Case

Delphi's Chapter 11 cases were filed on October 8, 2005, in the
United States Bankruptcy Court for the Southern District of New
York and were assigned to the Honorable Robert D. Drain under
lead case number 05-44481 (RDD).

The Adequacy Hearing for the Disclosure Statement is scheduled
for Oct. 3, 2007.  Approval of the Disclosure Statement and
related voting solicitation procedures would permit the company
to solicit acceptances of the proposed Plan of Reorganization
and seek confirmation of the Joint Plan of Reorganization by the
Bankruptcy Court later this year.  This press release shall not
constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any
state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state.

More information on Delphi's U.S. restructuring and access to
court documents, including all of the documents referenced in
this press release and other general information about the
Chapter 11 cases, is available at www.delphidocket.com.

Information on the case can also be obtained on the Bankruptcy
Court's website with Pacer registration:
http://www.nysb.uscourts.gov. For more information about Delphi
and its operating subsidiaries, visit Delphi's Web site at
http://www.delphi.com/

                     About Delphi Corp.

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

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


FORD MOTOR: Reports 15 Aligned Business Framework Suppliers
-----------------------------------------------------------
Ford Motor Company has announced 15 new Aligned Business
Framework suppliers, eight of which are minority- and women-
owned business enterprises, furthering its progress toward a
leaner and more efficient supply chain.

   The new Aligned Business Framework suppliers are:

   Active Aero*               Gonzalez Production Systems*+
   Aristeo*                   Grupo Antolin Wayne+
   Bing Group+                Kuka Flexible Production Systems*
   Cooper Standard            Prime Wheel+
   Dakkota+                   Roush*
   Devon Industrial Group*+   Schneider Electric*
   Flex-N-Gate+               Siemens
   Global Parts and Maintenance*+

   * -- Non-production Supplier
   + -- MWBE Supplier
   No marking indicates Production Supplier

"The Aligned Business Framework business model is on track, and
is one of the many efforts to aggressively restructure
operations in order to operate profitably," said Tony Brown,
senior vice president, Global Purchasing.  "We are pleased with
the progress that we have made, and look forward to future
collaboration with our ABF network."

Ford has reached strategic agreement on 13 of the 20 high-impact
ABF commodities and systems identified earlier in the process.
The seven commodities with open strategies are due to supply
base restructuring actions and the potential impact to
Automotive Components Holdings (ACH) facilities, and will be
completed as soon as possible.

"We are continuing to forge stronger and better relationships
with our strategic suppliers," said Mr. Brown.  "We have always
known that the ABF process would not happen overnight.  We
recognize that it takes time to reach agreements and adopt the
principles, both internally and externally, but we are pleased
with the initial results."

The newly named ABF suppliers have a long and established
history in the Ford supply base, and by designating minority-
and women-owned business enterprises as ABF suppliers, Ford is
affirming its leadership in the area of supplier diversity
development.

The ABF program emphasizes Ford-supplier collaboration and
commitment and is an enabler through which minority- and women-
owned suppliers can build scale, achieve profitable growth and
become sustainable enterprises over the long term.

Since the fall of 2005, Ford has identified 45 production and 14
non-production ABF suppliers. Ford Motor Company has entered
into ABF agreements with these select suppliers to strengthen
collaboration and develop a sustainable business model to drive
mutual profitability and technology development.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom.  The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                       *     *     *

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

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.  In
June 2007, S&P raised the Issue Rating on Ford's senior secured
credit facilities to B+ from B.


SANYO ELECTRIC: LongReach to Most Likely Win Semiconductor Unit
---------------------------------------------------------------
LongReach Group Ltd. is the likely winner of a battle for Sanyo
Electric Co.'s semiconductor unit by placing the highest bid of
around JPY100 billion, Nathan Layne of Reuters reports, citing
the Nikkei Business Daily.

Reportedly, LongReach is allied with CCMP Capital Asia and
private equity firm MKS.  The Sydney-based company, with its
JPY100 billion offer, is most likely the one to be granted
priority negotiating rights by Sanyo, conveys Mr. Layne.

Mr. Layne writes that other bidders who have expressed interest
in Sanyo's semiconductor unit are Cerberus Capital Management
LP, a consortium of Blackstone Group, CVC Asia Pacific and
Vestar, and a consortium of Bain Capital and Advantage Partners.

Sanyo, which has been restructuring with the help of shareholder
Goldman Sachs, has put the chip unit up for sale as part of its
efforts to shed non-core or struggling businesses, writes
Mr. Layne.

The Osaka-based electronics manufacturer, according to Reuters,
has been hoping to raise JPY150-200 billion for the unit,
however, the bids have come in below the expected level, partly
reflecting renewed concerns over the location of its Niigata
factory which was hit by a big earthquake in July.

According to the article, Sanyo's semiconductor unit fell on
tough times after a powerful earthquake in 2004 hit a key
factory in Niigata Prefecture, northwest Japan, ruining
equipment and causing it to lose customers.

                     About Sanyo Electric

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

                          *     *     *

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


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

BOE HYDIS: Looks for Potential Buyer of 100% Stake
---------------------------------------------------
BOE Hydis Technology Company, Limited, is looking for a
potential buyer to take up to 100% of the company, with
expectations for a complete sale contract in the first quarter
next year, The Korean Times reports, citing President Park Hae-
sung.

According to the report, Mr. Hae-sung said that his company will
accept initial proposals from potential buyers by Oct. 10.

Mr. Hae-sung noted that through continued efforts to develop
technology and stable product supplies under court receivership,
the company's management has been recovering.

The company went into court receivership in May after failing to
overcome financial difficulties in late 2005, stemming from a
steep decline in LCD prices, the report recounts.

                   About BOE Hydis Technology

Headquartered in Seoul, South Korea, BOE Hydis Technology
Company, Limited -- http://www.boehydis.com/-- develops,
manufactures and distributes flat panel display products for a
wide range of applications, including laptop computers, Tablet
PC's, monitors, medical, avionic and car navigation systems.
China's BOE Technology Group Co. acquired the Company from
Korea's Hynix Semiconductor Inc. in 2003.  BOE Hydis is one of
the 10 LCD manufacturers in the world and has over 1,000
employees in China, Germany, Japan, Korea, Singapore, Taiwan,
and the United States.

As reported by the Troubled Company Reporter-Asia Pacific, BOE
Hydis applied for corporate rehabilitation on September 8, 2006,
with the Seoul Central District Court.


HYNIX SEMICONDUCTOR: Abandons M8 Equipment Facilities Sell Off
--------------------------------------------------------------
Hynix Semiconductor abandoned its plan to sell its M8 200mm
wafer fabrication line in Cheong-ju, but now seeks to upgrade
the NAND flash line to boost its NAND capacity, The Korean Times
reports.

ET News recounts that the company decided to sell off all the
facilities of old M8 and M9 instead of expanding 300mm DRAM
lines and was in negotiation with international companies.

Hynix has been in talks with four potential buyers, including
Taiwanese foundry manufacturer, TSMC, to sell the other 200mm
NAND line, M9, in this year, The Times says.

A high-ranking Hynix official told Times that instead of selling
the 200mm NAND flash line they will increase the productivity of
memory chip capabilities since it will take at least three more
years to construct 300mm lines.

Kyu-ho Shim of ET News says that the company revised its
arrangement and concluded that it would sell off only M9 and M4
equipment.

                     About Hynix Semiconductor

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.


SEJONG CONSTRUCTION: Files Bankruptcy Due to KRW2.3-Billion Debt
----------------------------------------------------------------
Sejong Construction filed for bankruptcy on September 4, 2007,
as it failed to repay its KRW2.3-billion overdue bill, which was
returned to Korea Exchange Bank's Bupyeong branch, the Dong-A
Ilbo reports.

According to the report, the company is constructing 55 large
scale Town Houses in Dongbaek, Yongin, Gyeonggi Province, and 81
apartment buildings in Dongseon-dong, Seongbuk-gu, Seoul.

Sejong Construction wholly owned the Town House project in the
Dongbaek area in which the company buys lands and construct
buildings, while in the apartment project in Dongseon-dong they
are only in charge of construction based on a contract, the
report relates.

Dong-A explains that the company's financial hardships was
caused by the unsold finished apartments completed at the end of
2006, located in Munhyeon-doing, Nam-gu, Busan, and Munsu-dong,
Yeosu, Jeonnam, though the houses in Dongbaek experienced strong
sales.

Sejong's sales for last year decreased 25% to KRW68.6 billion
compared 2005 sales of KRW91.8 billion, while its net income
also decreased 82% to KRW120 million from KRW670 million, the
report points out.

The company told Dong-A that it is unable to afford the
construction because the balance of the apartment prices was
unpaid, and when the banks recollected their loan it depended on
deposit banks for capital -- the interest on which the company
was incapable of handling.

Korea Housing Guarantee, Co. Ltd., Sejong Construction sale
guarantor, plans to implement measures to prevent contract
breach by selecting a new construction company, the report says.

Dong-A adds that Sejong Construction's bankruptcy is thrusting a
threat of chain bankruptcy throughout the housing business
circle.


UAL CORP: Provides Update on Resale of 4.50% Senior Notes
---------------------------------------------------------
UAL Corp. separately filed with the U.S. Securities and Exchange
Commission, on July 7, 2007 and Aug. 14, two further supplements
to the prospectus dated April 23, 2007, relating to the resale
by selling security holders of up to US$726,000,000 aggregate
principal amount of 4.50% Senior Limited-Subordination
Convertible Notes due 2021 and shares of UAL's common stock
issuable upon conversion of the notes or in payment of accrued
interest on the notes.

The Third and Fourth Supplement to the Prospectus provides an
updated list of the Selling Securityholders and the total number
of UAL shares they beneficially own after the offering:

A. Third Supplement


Selling         Principal Amount of  UAL Shares   Shares Owned
Securityholder  Notes Owned/Offered   Offered    After Offering
--------------  -------------------  ----------  --------------
Credit Suisse          US$34,200,000     981,659               -
Securities Europe
Ltd.

Goldman, Sachs &           8,500,000     243,979       2,101,369
Co.

Total                  US$42,700,000   1,225,638       2,101,369


B. Fourth Supplement

Selling          Principal Amount of  UAL Shares   Shares Owned
Securityholder   Notes Owned/Offered   Offered    After Offering
--------------   -------------------  ----------  --------------
Fidelity                US$21,090,000     605,356              -
Devonshire Trust:
Fidelity Equity-
Income Fund

Fidelity                  10,500,000     301,386               -
Financial Trust:
Fidelity
Convertible
Securities Fund

Variable Insurance         8,680,000     249,146               -
Products Fund:
Equity Income
Portfolio

Fidelity Puritan           7,730,000     221,878               -
Trust: Fidelity
Puritan Fund

Fidelity Advisor           5,200,000     149,258          19,200
Series II: Fidelity
Advisor High Income
Advantage Fund

Fidelity Financial         2,000,000      57,407               -
Trust: Fidelity
Strategic Dividend
& Income Fund

Pension Investment         1,800,000      51,666               -
Committee of
General Motors
Employees Domestic
Group Pension Trust

Fidelity Large Cap           120,000       3,444               -
Value Fund

JPMorgan Securities        5,935,000     170,355               -
Inc.

Total                  US$63,055,000   1,809,896          19,200

UAL stated that the information concerning the Selling
Securityholders may change from time to time.  Any changed
information will be set forth in prospectus supplements or
amendments from time to time, if required.

The Selling Securityholder's notes are assumed at a conversion
rate of 28.7035 shares of UAL's Common Stock per US$1,000
principal amount of the notes and a cash payment in lieu of any
fractional shares.

The Third Supplement to the Prospectus is available for free at:

http://sec.gov/Archives/edgar/data/100517/000095013707009664/c16
501e424b7.htm

The Fourth Supplement to the Prospectus is available for free
at:

http://sec.gov/Archives/edgar/data/100517/000095013707012351/c17
791b7e424b7.htm

                          About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The company filed for chapter 11 protection on
Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191).  James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman,
Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis,
represented the Debtors in their restructuring efforts.  Fruman
Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented
the Official Committee of Unsecured Creditors before the
Committee was dissolved when the Debtors emerged from
Bankruptcy.  Judge Wedoff confirmed the Debtors' Second Amended
Plan on Jan. 20, 2006.  The company emerged from bankruptcy
protection on Feb. 1, 2006.  At Dec. 31, 2006, the company's
balance sheet showed total assets of US$25,369,000,000
and total liabilities of US$23,221,000,000.

The airline flies to Brazil, Korea and Germany.

                           *     *     *

Fitch Ratings this month affirmed the Issuer Default Ratings of
UAL Corp. and its principal operating subsidiary United
Airlines, Inc. at 'B-'.

Moody's Investors Service assigned ratings in July 2006 to
United Air Lines Inc.'s Pass Through Trust Certificates, Series
2000-1: Ba3 rating to US$233,244,336 Class A-1 Certificates; Ba3
rating to US$324,913,300 Class A-2 Certificates; and B3 rating
to US$186,368,450 Class B Certificates.


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

ARK RESOURCES: Swings Back to Black w/ MYR93MM Net Profit in 2Q
---------------------------------------------------------------
Ark Resources Bhd posted a profit after tax of MYR93.37 million
on MYR6.35 million of revenues in the quarter ended June 30,
2007, as compared with a net loss after tax of MYR44.44 million
on MYR44.66 million of revenues in the same period in 2006.

In a filing with the Bursa Malaysia Securities Bhd, the company
said that the decrease of its revenue by 85.8% for the second
quarter of 2007 as compared against the corresponding quarter in
2006 was due to the completion of all its previous projects.

The significant increase in profit is mainly attributable to the
effects of deconsolidating its wholly owned unit, Lankhorst
Pancabumi Contractors Sdn Bhd which was liquidated on May 15,
2007, in line with the company's restructuring plan approved by
the Securities Commission.  The liquidation of the unit gave
rise to a net gain of MYR93.8 million to the Group.

As of June 30, 2007, the company's unaudited balance sheet
showed strained liquidity with current assets of
MYR11.23 million available to pay MYR125.22 million of current
liabilities.

The company's June 30 balance sheet also showed total assets of
MYR12.76 million and total liabilities of MYR125.94 million,
resulting to a shareholders' equity deficit of
MYR113.17 million.


ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005 category.
It is, therefore, required to submit and implement a plan to
regularize its financial condition.


KNOLL INC: Declares US$0.11 Per Share Quarterly Cash Dividend
-------------------------------------------------------------
Knoll Inc.'s Board of Directors has declared a quarterly cash
dividend of US$0.11 per share payable Sept. 28, 2007, to
stockholders of record on Sept. 14, 2007.

Knoll is aligned with the U.S. Green Building Council and can
help companies achieve Leadership in Energy and Environmental
Design workplace certification.  Knoll is the contract furniture
industry's first member of the Chicago Climate Exchange and is
the founding sponsor of the World Monuments Fund Modernism at
Risk program.

                        About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                          *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's USUS$200 million senior secured
revolver and USUS$250 million senior secured term loan carry
Moody's Ba2.  Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.


TRANSMILE GROUP: New Director Optimistic on Turnaround
------------------------------------------------------
Transmile Group Bhd assured its shareholders in a closed door
annual meeting that it will return to being profitable, after it
was rocked by an accounting scandal, Reuters reports.

However, the report notes that Transmile could not give a
definite timeline for the promised turnaround.

Asked by reporters to give a definite time for the company to
swing back to profit, the company's new managing director, Wong
Yoke Ming, said: "Can we just say there is no cause to be
pessimistic?"

Mr. Wong also told the company's shareholders and the reporters
that the firm's major client, courier firm DHL, a unit of
Deutsche Post, was sticking by Transmile.  Pos Malaysia, a major
Transmile shareholder and customer, was also supportive, sources
say.

Mr. Wong also said the firm was talking to its creditors and
that it had no concerns about meeting its debt obligations,
Reuters relates.

Transmile Group Berhad's principal activities are the provision
of air transportation and related services and leases of
aircrafts.  Other activities include dealings in aircrafts,
aircraft parts and equipment, provision of management, aircraft
engineering, line and base maintenance, aircraft ground handling
and investment holding services.  The Group operates principally
in Malaysia.

RAM has downgraded the AA3/P1 ratings of Transmile Air Services
Sdn Bhd's MYR150 million Commercial Papers/Medium-Term Notes
Programme, to BB3/NP.  Concurrently, the Rating Watch (with a
negative outlook), which has been in place since May 10, 2007,
has been maintained.

TAS, a wholly owned subsidiary of Transmile Group Berhad, is
principally involved in the provision of air-cargo
transportation, including aircraft-chartering and leasing
services.

The steep downgrade has been prompted by the findings of a
special audit conducted by Moores Rowland Risk Management Sdn
Bhd, which had uncovered MYR622 million of fictitious revenue
reported by Transmile between FY 2004, and FY 2006.  After
adjusting for the accounting fraud, Transmile's audited
financial statements show MYR417.00 million and
MYR124.68 million of pre-tax losses in FY December 2005 and FY
December 2006, respectively.  In consonance with this, a total
of MYR797 million has been wiped out from Transmile's retained
profits compared to what had been reported earlier.


TRANSMILE GROUP: Introduces New Management Team
-----------------------------------------------
Transmile Group Bhd has made several changes to its board in the
hopes of turning around the company after facing accounting
scandals, which uncovered MYR622 million of "fictitious revenue"
between 2004 and 2006, Bernama News reports.

According to the news agency, Transmile's current director, Tan
Sri A. Razak Ramli, has been redesignated to assume duty as the
company's new chairman after former transport minister Tun Dr
Ling Liong Sik resigned on September 3.

In addition, Bernama relates that there have been several
changes in Transmile board after the accounting woes came to
light.

Apart from its new managing director Wong Yoke Ming, other new
board members include Soh Chin Teck, Liu Tai Shin, Datuk Oh Siew
Nam, and Leong Choy Ying.

The company's former directors, including its founder and former
chief executive officer, Gan Boon Aun, were charged by the
authorities with providing misleading information on the
company's 2006 financial statements.

Meanwhile, Dr. Ling held a press conference and explained that
he opted not to "overstay" in the company and that his move has
nothing to do with the air cargo company's financial scandal,
the news agency relates.

"I think I have tried my best (contributing to the company) and
it would be fair to call it a day," Dr. Ling was quoted by media
reports as saying in his press conference.

Transmile Group Berhad's principal activities are the provision
of air transportation and related services and leases of
aircrafts.  Other activities include dealings in aircrafts,
aircraft parts and equipment, provision of management, aircraft
engineering, line and base maintenance, aircraft ground handling
and investment holding services.  The Group operates principally
in Malaysia.

RAM has downgraded the AA3/P1 ratings of Transmile Air Services
Sdn Bhd's MYR150 million Commercial Papers/Medium-Term Notes
Programme, to BB3/NP.  Concurrently, the Rating Watch (with a
negative outlook), which has been in place since May 10, 2007,
has been maintained.

TAS, a wholly owned subsidiary of Transmile Group Berhad, is
principally involved in the provision of air-cargo
transportation, including aircraft-chartering and leasing
services.

The steep downgrade has been prompted by the findings of a
special audit conducted by Moores Rowland Risk Management Sdn
Bhd, which had uncovered MYR622 million of fictitious revenue
reported by Transmile between FY 2004, and FY 2006.  After
adjusting for the accounting fraud, Transmile's audited
financial statements show MYR417.00 million and MYR124.68
million of pre-tax losses in FY December 2005 and FY December
2006, respectively.  In consonance with this, a total of MYR797
million has been wiped out from Transmile's retained profits
compared to what had been reported earlier.


TRANSMILE GROUP: New Management Team Sees Turnaround in 5 Years
---------------------------------------------------------------
Transmile Group Bhd's new management team, led by group managing
director Wong Yoke Ming, is developing a strategic roadmap to
bring the company back to profitability in the next three to
five years, The Edge Daily reports.

Under the roadmap, Mr. Wong said Transmile was reviewing the
possibility of reducing unprofitable charters and "right-sizing"
by cutting jobs if necessary, the paper relates.

Moreover, the director also plans to increase aircraft leases,
add more profitable routes to its existing 14 cargo routes to
improve aircraft utilization and re-negotiate certain contracts
with its service agents, the report says.

"If we use the aircraft and our landing rights in the right
combination in terms of routing, and if we use the right revenue
sources to generate the cargo that we need to carry, we are
confident that the performance of Transmile will improve in
time.  We will return to profitability.  We aim to return to
profitability on a sustainable platform," The Edge quotes
Mr. Wong as saying.

According to Mr. Wong, Transmile's niche business, namely
aircraft chartering and leasing and air express transportation,
was still viable.  He also pointed out that its relationship
with DHL was still intact, and expected DHL to contribute 48% to
its revenue from July 2007 to June 2008.

On network expansion, Transmile would look at network
reconfiguration to serve additional routes, and planned to
request for more "attractive" cargo routes, such as the
Malaysia-Singapore route, the newspaper notes.  The company
would also plan a fuel-hedging policy to cut total operational
cost as fuel is its single largest cost item.

Aside from that, Mr. Wong also stressed that the company
continued to receive strong support from its three largest
institutional shareholders, namely the Kuok Group, which has a
17.87% stake, Pos Malaysia Bhd (14.98%) and US-based Capital
Group International (9.78%).

Moreover, the report adds, Mr. Wong assured that his team did
not see any indication of any further misstatements of the
group's financials.

Transmile Group Berhad's principal activities are the provision
of air transportation and related services and leases of
aircrafts.  Other activities include dealings in aircrafts,
aircraft parts and equipment, provision of management, aircraft
engineering, line and base maintenance, aircraft ground handling
and investment holding services.  The Group operates principally
in Malaysia.

RAM has downgraded the AA3/P1 ratings of Transmile Air Services
Sdn Bhd's MYR150 million Commercial Papers/Medium-Term Notes
Programme, to BB3/NP.  Concurrently, the Rating Watch (with a
negative outlook), which has been in place since May 10, 2007,
has been maintained.

TAS, a wholly owned subsidiary of Transmile Group Berhad, is
principally involved in the provision of air-cargo
transportation, including aircraft-chartering and leasing
services.

The steep downgrade has been prompted by the findings of a
special audit conducted by Moores Rowland Risk Management Sdn
Bhd, which had uncovered MYR622 million of fictitious revenue
reported by Transmile between FY 2004, and FY 2006.  After
adjusting for the accounting fraud, Transmile's audited
financial statements show MYR417.00 million and
MYR124.68 million of pre-tax losses in FY December 2005 and FY
December 2006, respectively.  In consonance with this, a total
of MYR797 million has been wiped out from Transmile's retained
profits compared to what had been reported earlier.


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

114 DOMINION: Court Sets Wind-Up Hearing for October 18
-------------------------------------------------------
A petition to have the operations of 114 Dominion Rd Ltd. Wound
up will be heard before the High Court of Auckland on Oct. 18,
2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
July 19, 2007.

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


AIR NEW ZEALAND: To Revamp Tasman and Pacific Island Services
-------------------------------------------------------------
Air New Zealand Ltd will refurbish its Tasman and Pacific Island
services "to provide customers with a compelling new travel
experience," the carrier said yesterday in a filing with the New
Zealand Stock Exchange.

Most of ANZ's customers, in a survey, revealed their preference
that the carrier focuses on upgrading and enhancing its
services, Group General Manager Short Haul Airlines Norm
Thompson states.

"Over the next 18 months, Air New Zealand will progressively
introduce changes including a more spacious section of economy
seating, new state-of-the art in-flight entertainment services
and new food and beverage menus," ANZ relates.

The switch from Freedom to ANZ meant the latter would add nine
new city pairs, including one new Australian port (Coolangatta)
and two new New Zealand ports (Dunedin and Hamilton) to its
international network.  From Australia, Air New Zealand will now
fly directly to more New Zealand ports than any other carrier,
Mr. Thomson points out.

ANZ also plans to replace the services on the Tasman of low-cost
subsidiary, Freedom Air, starting March 30, 2008.

The reality, Mr. Thomson says, is that the price of airfares has
fallen dramatically over the past ten years, and today there is
little difference between Freedom and Air New Zealand fares."

As part of the move, ANZ also intends to alter the configuration
on its 767 and A320 aircraft to create greater seat pitch at the
front of the aircraft, where frequent fliers often travel,
without affecting the pitch at the back of the aircraft.
According to Mr. Thomson, this will be achieved through the
removal of a galley on the A320 aircraft and the removal of a
row of economy seating on the 767.

"We are confident that the new measures . . . will continue to
see Air New Zealand's share of the Tasman market strengthen, as
it has done over the past 12 months, and clearly position Air
New Zealand's Tasman and Pacific Island services into the
future," Mr. Thomson adds.

                      About Air New Zealand

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

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

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


ALFA HOMES: Subject to CIR's Wind-Up Petition
---------------------------------------------
The Commissioner of Inland Revenue filed on July 19, 2007, a
petition to have the operations of Alfa Homes 2003 Ltd. wound
up.

The petition will be heard before the High Court of Rotorua on
October 8, 2007, at 10:45 a.m.

The CIR's solicitor is:

         R. L. Scott
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0416


CER GROUP: Completes Acquisition of Vital Resource Management
-------------------------------------------------------------
CER Group has completed the purchase of Australian sustainable
environmental management group Vital Resource Management (VRM)
for NZ$5 million.

The purchase price will be met through an initial cash payment
of AU$750,000 and the issue of some 18 million ordinary CER
Group shares at an issue price of 10 cents a share, together
with deferred cash and share elements.

Managing Director of CER Group David Warrick said the
acquisition of VRM will add a third core business stream to CER,
based around specialist biological management products which
treat soil and water.

VRM has significant contracts with Queensland sugar cane
growers, expected to total some AU$4.5 million in the next year.
Sugar cane growers are under increasing regulatory pressure to
protect the Great Barrier Reef by reducing nutrient run-off into
waterways that flow into the sea, said Mr. Warrick.

"We are confident the acquisition will add $1 million to our
EBIT over the next 12 months," Mr. Warrick said.

He added that the acquisition was consistent with CER's
philosophy of investing in proven businesses that will provide
capital growth and have at their core natural products that
contribute to environmental sustainability.

"VRM is an established and successful Australian business with
excellent growth potential in both Australia and New Zealand, as
well as internationally."

"Through the use of VRM's microbial products, Queensland sugar
cane growers are achieving the same production levels while
reducing their chemical fertiliser inputs by as much as 50%, and
in the process supporting the Australian Environmental
Protection Agency's initiatives to protect the Great Barrier
Reef from environmental damage.

"Given New Zealand agriculture is facing similar challenges as
it wrestles with reducing nutrient run-off into groundwater and
waterways caused especially by the intensification of dairying,
we see a substantial markets for variants of its product range
in New Zealand."

VRM's operations will continue to be based in Queensland, and
will operate under the existing successful management team led
by Managing Director, Ken Bellamy.

VRM holds a variety of international patents and regulatory
consents relating to microbial products.

                         About CER Group

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

The Troubled Company Reporter-Asia Pacific, citing a report
from ShareChat News, said on March 5, 2007, that CER Group's
December 2006 full-year loss narrowed to NZ$53,000 from
NZ$327,000 in 2005.


DRYLAND CONTRACTING: Names Parsons & Kenealy as Liquidators
-----------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
as liquidators for Dryland Contracting Ltd. on August 6, 2007.

The Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         c/o Indepth Forensic Limited
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Web site: http://www.indepth.co.nz/


FEXTEX CARPETS: Groups Wants Independent Investigation
------------------------------------------------------
Groups representing dismissed personnel and shareholders who
lost their investments are asking for an independent
investigation over the collapse of Feltex Carpets Limited, media
reports say.

A nation trade union in New Zealand, National Distribution Union
believes an inquiry will remove uncertainties surrounding the
carpet maker's acquisition.

Australia's Godfrey Hirst Carpets bought Feltex after the
receivers were called in by the ANZ Bank in September 2006, Paul
Gorman of The Press relates.  The union reportedly holds some
concerns about the timing of the sale to Godfrey Hirst.
Feltex's downfall led to around 180 workers losing their jobs.

According to reports, the carpet maker's fall also led thousands
of shareholders to lose some US$29,400 on average.

Around 8,500 shareholders are mobilized to help fund a lawsuit
to sue, for as much as NZ$250m, directors, vendors, issuers and
promoters involved in the public float of Feltex in 2004, The
Press relates.

"We will be looking hard at what happened and we want as many
others to be looking as hard as possible," the paper quoted
Auckland Investment Banker Tony Gavigan as saying.  Mr. Gavigan
set up a shareholder group to help out-of-pocket shareholders
recover their losses.  "We want all the documents in the public
arena," he added.

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan,
the United States, the Middle East and other key world markets.

Feltex listed on the local stock exchange in mid-2004 in a
NZ$254-million initial public offering -- the year's largest in
New Zealand.  However, the company fell short of its prospectus
earnings projections, reporting a net profit of NZ$11.8 million
in the fiscal year to June 30, 2005, about half the forecast
NZ$23.9 million.  The company has struggled with losses and
earnings downgrades, flogging sales, and a dipping share price.
The company closed plants and in October 2005, axed 235 jobs,
mostly in Australia, and by 2006, abandoned merger talks with
Australian competitor Godfrey Hirst after it suggested that the
apparent "whiteknight" investor was more interested in a reverse
takeover.  Godfrey Hirst later sold out its nearly 9% stake in
the company.  In February 2006, Feltex reported a first-half
after tax loss of NZ$11.83 million, down almost 200% compared
with the net loss in the previous year.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of
an application by the Shareholders Association against Feltex
Carpets Limited.  The Court had put Feltex into liquidation and
appointed John Vague as liquidator.


GOOD OLD: Faces Trillian Trust's Wind-Up Petition
-------------------------------------------------
On July 31, 2007, Trillian Trust filed a petition to have the
operations of Good Old Boy's Investments Ltd. wound up.

The petition will be heard before the High Court of Auckland on
November 29, 2007, at 10:00 a.m.

Trillian Trust's solicitor is:

         Merran Chisholm
         c/o Walters Law
         Qantas House, Level 23
         191 Queen Street
         PO Box 1972, Auckland
         New Zealand
         Telephone: (09) 921 0225
         e-mail: merran.chisholm@walterslaw.co.nz


GOODMAN LTD: Fixes November 9 as Last day to File Claims
--------------------------------------------------------
On August 9, 2007, the shareholders Goodman Limited appointed
John Anthony Waller and Colin Thomas McCloy as the company's
liquidators.

Messrs. Waller and McCloy are accepting proofs of debt from the
company's creditors until November 9, 2007.

The Liquidators can be reached at:

         John Anthony Waller
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         188 Quay Street, Auckland
         New Zealand
         Telephone:(09) 355 8800
         Facsimile:(09) 355 8013


HARBOUR FERRIES: Fixes September 13 as Last Day to File Claims
--------------------------------------------------------------
The creditors of Harbour Ferries Group Ltd. are required to file
their proofs of debt by September 13, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

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


HM E & C NEW: Court to Hear Wind-Up Petition on Sept. 13
--------------------------------------------------------
The High Court of Auckland will hear on September 13, 2007, at
10:45 a.m., a petition to have the operations of HM E & C New
Zealand Ltd. wound up.

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

Modus Project's solicitor is:

         Paul Reid Cogswell
         c/o cogswell+jaduram
         Wyndham Towers, Level 8
         38 Wyndham Street, Auckland 1010
         New Zealand
         PO Box 6343, Wellesley Street
         Auckland 1140
         New Zealand
         Telephone:(09) 368 7062


MARBLE MAGIC: Subject to Elizabeth Linda's Wind-Up Petition
-----------------------------------------------------------
The High Court of Auckland will hear on November 15, 2007, at
10:00 a.m., a petition to have the operations of Marble Magic
Ltd. wound up.

Elizabeth Linda Jones filed the petition on July 24, 2007.

Elizabeth Linda's solicitor is:

         K. N. Sharpin
         c/o Duthie Whyte
         120 Mayoral  Drive
         Auckland
         New Zealand


MR. COMPUTER: Faces TMC Computers' Wind-Up Petition
---------------------------------------------------
TMC Computers Limited filed on July 19, 2007, a petition to have
the operations of Mr. Computer Ltd. wound up.

The High Court of Rotorua will hear the petition on October 8,
2007, at 10:45 a.m.

TMC Computers' solicitor is:

         Debra M. Law
         c/o Debtor Management Limited
         9 Freeman Way, Unit 11
         Manukau City, Auckland
         New Zealand
         Facsimile:(09) 263 9108


SWARBRICK EXCAVATING: Commences Liquidation Proceedings
-------------------------------------------------------
On August 3, 2007, the shareholders of Swarbrick Excavating
(Christchurch) Ltd. appointed Andrew Marchel Oorschot as the
company's liquidator.

Creditors who were not able to file their claims by the Aug. 31,
2007 due date will be excluded from sharing in the company's
dividend distribution.

The Liquidator can be reached at:

         Andrew Marchel Oorschot
         Ashton Wheelans & Hegan
         Chartered Accountants
         PO Box 13042, Christchurch
         New Zealand
         Telephone:(03) 366 7154


WEIGHT WATCHERS: Declares US$0.175 Per Share Quarterly Dividend
---------------------------------------------------------------
Weight Watchers International Inc.'s Board of Directors has
declared its quarterly cash dividend of US$0.175 per share,
which corresponds to an annual dividend rate of US$0.70 per
share.  This quarterly dividend will be payable on
Oct. 12, 2007, to shareholders of record at the close of
business on Sept. 28, 2007.

Headquartered in New York, U.S.A., Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/
-- provides weight management services, with a presence in 30
countries around the world, including Brazil, Netherlands, and
New Zealand.  The company serves its customers through Weight
Watchers branded products and services, including meetings
conducted by Weight Watchers International and its franchisees.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 06, 2007, Weight Watchers International, Inc., had total
assets of US$1 billion, total liabilities of US$2 billion,
resulting in a total stockholders' deficit of US$1 billion as of
March 31, 2007.

The company's balance sheet as of Mar. 31, 2007, also showed
strained liquidity with total current assets of US$268.2 million
and total current liabilities of US$186.6 million.

For the first quarter of 2007, net revenues increased
US$57.4 million or 16.8% to US$399.4 million, up from
US$342 million in the first quarter of 2006.  Net income for the
first quarter of 2007 was US$53.8 million, as compared with
US$57 million for the first quarter of 2006.


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

ATLAS CONSOLIDATED: Unit Inks Supply Deal with Billiton Group
-------------------------------------------------------------
Atlas Consolidated Mining and Development Corp.'s subsidiary,
Berong Nickel Corp., signed a five-year laterite ore supply
agreement with Queensland Nickel Pty Ltd., a BHP Billiton
company, the Philippine Star reports.

PhilStar cites Atlas President and Chairman Alfredo Ramos as
saying that the nickel offtake agreement with a BHP Billiton
group company "gives the Berong nickel project both stability
and status enhancement."

"Berong generates a valuable cash flow for Atlas while we wait
for production of copper concentrates from the company's Cebu-
based copper mine," PhilStar quotes Mr. Ramos.

Moroever, according to the report, Mr. Ramos said that the full
rehabilitation of the Carmen copper mine in Cebu is "well
underway with expected first export of copper concentrates
during the second quarter of 2008."

PhilStar's Marianne V. Go writes that the ore supply agreement
covers a five-year period with options on the part of Queensland
Nickel to extend the term for another five years.

The contract volume is up to 500,000 wet metric tons per
calendar year at a nickel grade of greater than 1.5%, Ms. Go
relates.  The average grade of ore shipped from Berong has been
greater than 1.5%.

The article notes that shipments will be up to a maximum of
70,000 wet metric tons in weight depending upon the size of the
ship.  The first shipment under the contract is scheduled for
loading at Berong on Sept. 21.

The laterite ore will be shipped to the Yabulu refinery in North
Queensland, Australia, PhilStar says.

PhilStar adds that Berong is reported to be the fourth largest
nickel laterite resource worldwide.

                          *     *    *

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, total liabilities of PHP3.81 billion
exceeded total assets of PHP2.99 billion, resulting in a capital
deficiency of PHP820.5 million.  Total current liabilities of
PHP1.91 billion as of December 31, 2006, also exceeded total
current assets of PHP305.22 million.


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

AAR CORP: Increases Credit Line by US$110 Mil. to US$250 Mil.
-------------------------------------------------------------
AAR Corp disclosed on September 5, 2007, that it has amended its
senior, unsecured credit agreement.  The amendment increases the
revolving credit amount from US$140 million to US$250 million,
which may be increased to US$325 million under certain
circumstances.  LaSalle Bank National Association serves as the
lead bank in the syndicate of banks making this credit line
available to AAR.

"We continue to see excellent opportunities in the markets where
AAR participates and the amended agreement positions the company
to capitalize on these growth opportunities," said Rick Poulton,
Vice President and Chief Financial Officer for AAR CORP.  "We
are very pleased that our bank team recognizes the significant
accomplishments of AAR over the last year as we were able to
improve the size, pricing and certain terms of the agreement."

Under the amended agreement the interest rate fluctuates between
LIBOR plus 100 to 225 basis points, based on certain financial
measurements, and the termination date was extended one year, to
August 31, 2011.

                         About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR
Corp.'s corporate credit rating from 'BB-' to 'BB'.  The outlook
is stable.

The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment.  The ratings outlook is stable.


AAR CORP: Names Don Wetekam President of AAR Aircraft Services
--------------------------------------------------------------
AAR Corp. appoints Donald J. Wetekam as President of AAR
Aircraft Services -- Oklahoma.  Mr. Wetekam, who previously
served as Deputy Chief of Staff for Installations and Logistics
with the U.S. Air Force, will lead operations at AAR's 300,000-
square-foot, full-service maintenance, repair, and overhaul
(MRO) facility at Will Rogers World Airport, as well as AAR's
Hot Springs, Arkansas and Roswell, New Mexico MRO facilities.

"Don's extensive experience with MRO operations, private/public
partnerships and his proven leadership ability make him uniquely
qualified to head up these businesses," said Timothy J.
Romenesko, President and Chief Operating Officer of AAR Corp.
"Don is an excellent addition to our team and brings a deep
understanding of process and efficiency improvements that should
serve us well as we build upon the success of our MRO
operations."

Mr. Wetekam directed operations at Warner Robins Air Logistics
Center and played key leadership roles at the Oklahoma City Air
Logistics Center at Tinker Air Force Base.  As Deputy Chief of
Staff for Installations and Logistics he was a staunch advocate
for the adoption of commercial process improvement techniques,
such as Lean and Six Sigma, within the U.S. Air Force.

With locations in Oklahoma City, Oklahoma; Indianapolis,
Indiana; Hot Springs, Arkansas; and Roswell, New Mexico, AAR
Aircraft Services provides major maintenance inspections, line
maintenance, aircraft modifications and upgrades to the world's
major, regional and cargo airline fleets, and for the U.S.
military and government agencies.  Additional capabilities
include avionic service and installations; structural repair;
exterior and interior refurbishment; aircraft storage and
teardown as well as complete engineering services and support.

                          About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR
Corp.'s corporate credit rating from 'BB-' to 'BB'.  The outlook
is stable.

The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment.  The ratings outlook is stable.


COMPACT METAL: Posts SGD1.5-Mil. Net Profit in Half-Year 2007
-------------------------------------------------------------
Compact metal Industries Limited posted its financial results
for the half-year period ended June 30, 2007.

For the first half of 2007, the groups' revenue decreased by 32%
to SGD23.9 million from SGD35 million in the first half of 2006.

Compact Metal also posted SGD1.6-million net profit in the first
half of 2007, an improvement compared with the SGD3.8-million
net loss in the first half of 2006.

Although the construction industry may be turning around, the
Group's ability to secure new construction projects has been
adversely affected due to financial difficulties prior to
restructuring.  This has adversely affected the Group's
operating performance in HY2007.

The Group's turnover for the six months ended June 30, 2007,
declined by 32% to SGD23.9 million compared to SGD35.1 million
for corresponding period in 2006.  This was primarily due to
reduction of business activities, resulted in project division
and aluminium products division suffering a reduction in revenue
of SGD7.8 million and SGD3.4 million respectively.

The Group's profit before taxation of SGd1.6 million for the six
months ended June 30, 2007, is an improvement from loss before
taxation of SGD3.6 million in HY2006.  This was mainly
attributable to lower finance cost of SGD1.6 million, write back
of accrued finance cost of SGd3.7 million, recognition of tax
credit from dividend received of SGD1.1 million in HY2007 and a
charge of SGD1.2 million for value of employee services received
for grant of management options.

As of June 30, 2007, the group's consolidated balance sheet
showed SGD74.9 million of total assets and total liabilities of
SGD62.3 million, resulting in a shareholders' equity of
SGD12.6 million.

Moreover, the company's balance sheet as of end-June 2007
reflected SGD56 million of total assets and SGD38.2 million of
total liabilities, resulting in SGD17.9 million of total equity.

                       About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

The TCR-AP's "Large Companies with Insolvent Balance Sheets"
column on Aug. 31, 2007, listed Compact Metal Industries Ltd.,
with US$47.42 million in total assets and US$36.47 million in
total shareholders' equity deficit.

The company's 2006 income statement showed SGD14.4 million of
net loss.


FLEXTRONICS INT'L: Inks Acquisition Deal with Avail Medical
-----------------------------------------------------------
Flextronics International Ltd. has entered into a definitive
agreement with Avail Medical Products Inc. to acquire Avail.

The addition of Avail's medical design, manufacturing and
logistics capabilities for disposable medical device products
and medical capabilities afforded by the pending Solectron
acquisition will broaden Flextronics Medical segment's
offerings, and establish Flextronics as supplier and partner for
the medical industry.

"When our core medical business is combined with the
capabilities of Avail and the services that we will add from the
pending Solectron acquisition, Flextronics Medical will increase
the range of services it offers customers to include design,
manufacturing and logistics of disposable medical devices, hand
held diagnostics and drug delivery devices and imaging, lab and
life sciences equipment," Dan Croteau, president of Flextronics
Medical, said.  "Not only will we have one of the broadest
ranges of capabilities in the medical industry, this strategic
combination of world-class resources demonstrates our commitment
to providing our medical customers with an unmatched level of
global capabilities."

"The combination of Avail and Flextronics Medical will allow us
to build upon our combined global manufacturing footprint and
supply chain organization to provide customers with the services
they require to sustain a competitive edge in the global
marketplace for complex medical products," J. Randall Keene,
president and chief executive officer of Avail, said.
"Together, we will also have the ability to accelerate product
development and simplify customer supply chains by building upon
Flextronics's advanced electronics capabilities and adding the
disposable medical device experience of Avail."

Avail is expected to generate approximately $250 million of
sales in calendar 2007, from a product portfolio that consists
of disposable medical products that includes catheters, wound
management and drug delivery devices.

The acquisition is expected to close before the end of the
calendar year and it is expected that this acquisition will be
neutral to the diluted earnings per share guidance for all
periods provided by Flextronics.  Additional terms of the deal
were not disclosed.

               About Avail Medical Products Inc.

Headquartered in Fort Worth, Texas, Avail Medical Products Inc.
-- http://www.availmed.com/-- is a privately-held company in
disposable medical devices.

                 About Flextronics International

Headquartered in Singapore Flextronics International Ltd.
(Nasdaq: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering complete design, engineering and manufacturing
services to automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents.

                          *     *     *

Moody's Investor Services placed Flextronics Intenational's long
term corporate family and probability of default ratings at
"Ba1" in June 4, 2007.


LEAR CORPORATION: Moody's Affirms B2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed Lear Corporation's Corporate
Family Rating of B2 with a stable outlook.  Ratings on the
company's term loan of B2 and on its unsecured notes of B3 were
similarly affirmed but with slight revisions to their respective
LGD point estimates.  The company's liquidity rating of SGL-2,
designating good liquidity, was also affirmed.

Lear's quantitative metrics reflect noticeable improvement over
earlier periods, and, if sustained, could lead to an upward
revision of the rating or outlook.  However, at this time,
weakness in the outlook for automotive demand, coupled with
uncertainties relating to the potential for disruptions during
UAW labor negotiations temper rating prospects.  Moreover, while
Lear has reaffirmed its strategic plans following the failed
acquisition of the company by AREP Car Acquisition, controlled
by Mr. Carl Icahn, the current ratings continue to reflect an
element of event risk.

Lear's results demonstrate achievements in restoring its margins
and reducing its leverage from a combination of divesting its
unprofitable interior business, lowering costs through
restructuring actions and contributions from the roll-out of new
business awards.  Those accomplishments produced positive free
cash flow over the last quarter and twelve-month period ending
June 30, and, in turn solidified its liquidity profile.  At the
end of June, Lear's debt/EBITDA declined to roughly 3.8 times,
and its EBIT/interest increased to 2.1 times on an LTM basis
(These ratios exclude the impact of its restructuring costs but
are considered reflective of recurring profitability and
coverage capacity of the business).

Nonetheless, Moody's concerns included awaiting a resolution of
labor negotiations between the Michigan based OEMs and the UAW,
which could impact Lear's operating results if disruptions to
production volumes were to occur from labor disputes.  In
addition, the outcome of those negotiations could affect the
longer-term viability of major customers of Lear's North
American seating business.  Similarly, macro issues of consumer
sentiment, GNP growth and pressure on disposable income from
several factors could impact aggregate automotive demand over
the intermediate term. Should less favorable conditions evolve,
the strength of Lear's more recent financial performance could
begin to ebb.

Ratings affirmed with revised LGD point estimates:

-- Corporate Family Rating, B2

-- Probability of Default, B2

-- Senior Secured Term Loan, B2 (LGD-3, 47%) from B2 (LGD-4,
    50%)

-- Senior Unsecured Notes to B3 (LGD-4, 58%) from B3 (LGD-4,
    61%)

-- Shelf ratings for senior unsecured, subordinated and
    preferred, (P)B3 (LGD-4, 58%), (P)Caa1(LGD-6, 97%), and
    (P)Caa1 (LGD-6, 97%) respectively from (P)B3 (LGD-4, 61%),
    (P)Caa1 (LGD-6, 97%), and (P)Caa1 (LGD-6, 97%) respectively.

-- Speculative Grade Liquidity Rating, SGL-2

The last rating action was in May 2007 when Moody's confirmed
Lear's ratings and changed its outlook to stable from ratings
under review for possible downgrade.

The stable outlook considers the beneficial impact of improved
operating margins and free cash flow in Lear's continuing
seating and electronics businesses as well as its liquidity
profile. Positive free cash flow is expected over the
intermediate term absent unexpected events.  Lear may have to
contribute up to an additional US$40 million to its interest in
the entity that was formed from the disposition of the North
American interior business.  Other future cash expenditures
include pension contributions under the defined benefit plans of
US$35 million to US$40 million during the remainder of 2007.
The company continues with exposure to build rates at General
Motors, Ford and Chrysler, and the current mix of vehicles it
supports may be adversely affected by recent trends in consumer
vehicle preferences.

The SGL-2 rating represents good liquidity over the next twelve
months.  The company had cash and equivalents of US$565 million
at the end of June, expectations of future positive free cash
flow generation as well as access to its un-drawn US$1.7 billion
revolver.  In addition, the company has a US$150 million off-
balance sheet accounts receivable securitization facility whose
liquidity line is typically renewed annually in October.  The
facility was not utilized at the end of June.  In late 2006,
Lear refinanced the majority of its debt maturities resulting in
no significant debt maturities through 2010.

At June 30, headroom under financial covenants in Lear's
revolving credit facility, which expires in March 2010, was
ample with the company expected to maintain a comfortable
cushion over the next twelve months.  The bank debt has a
partial collateral package over certain assets and shareholdings
in subsidiaries.  While Lear continues with a portfolio of
investments in subsidiaries and joint ventures, an effect of the
terms of the bank debt could be to constrain the company's
remaining ability to arrange alternate liquidity.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.


SEA CONTAINERS: Completes US$170 Mil. Wells Fargo DIP Financing
---------------------------------------------------------------
Robert MacKenzie, president and chief executive officer of Sea
Containers Ltd., disclosed in a filing with the Securities and
Exchange Commission that on July 24, Sea Containers completed
its US$170,000,000 debtor-in-possession financing with Wells
Fargo Bank Northwest, N.A., as administrative and collateral
agent, pursuant to an order signed July 3, in the U.S.
Bankruptcy Court for the District of Delaware.

The DIP Financing provides for a single-draw term loan of a
maximum principal amount of US$145,000,000 and revolving loans
in a maximum principal amount outstanding at any time of
US$25,000,000.

The company's obligations under this credit agreement are
secured by its equity interest in SPC Holdings Ltd., a
bankruptcy-remote Bermuda subsidiary of the company.

SPC Holdings guaranteed the company's obligations under the DIP
Financing in a limited amount; this guaranty is secured by SPC
Holdings's equity interest  and all other assets, if any, Mr.
MacKenzie says.

As part of the DIP Financing:

    (a) Sea Containers and SPC Holdings, as guarantor, completed
        a Secured Super-Priority Debtor-in-Possession Credit
        Agreement with Wells Fargo Bank Northwest, N.A., as
        administrative agent and collateral agent , and Mariner
        Investment Group, Inc., and Dune Capital LP, as co-
        arrangers and initial lenders, which provided for the
        credit and guaranty arrangements;

    (b) Sea Containers, Wells and Commerce Bank, N.A., entered
        into a Clearing Account Agreement so as to further
        secure the Company's obligations under the DIP
        Financing; and

    (c) SPC executed and delivered an Intercompany Demand
        Promissory Note reflecting obligations exceeding
        US$100,000,000 of SPC to the Company at the time of the
        consummation of the DIP Financing.

According to Mr. MacKenzie, on the day on which Sea Containers
entered into the DIP Financing, the company borrowed
US$145,000,000 as a term loan.

Proceeds of the US$145,000,000 term loan were contributed as
surplus capital to SPC, which used those funds along with other
funds available to satisfy its indebtedness -- the 2006
Securitization -- including various fees and expenses, to
Wachovia Bank, National Association and Abelco Finance LLC and,
thereby, to terminate the debt.

The indebtedness under the 2006 Securitization had been secured
by substantially all of the of Sea Containers SPC's assets, by
SPC Holdings's equity interest in Sea Containers SPC, and by
certain Class B Quotas of the company with respect to GE SeaCo
SRL, a Barbados society with restricted liability.

The company is permitted from time to time to borrow money on a
revolving basis pursuant and subject to the DIP Financing for
working capital purposes.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 25; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants Court Nod on 333 Capital as Advisors
----------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the District of Delaware's authority to
employ 333 Capital Pty Ltd. as advisors to Sea Containers
Limited and Sea Containers Australia Limited, nunc pro tunc to
August 16, 2007, in connection with the anticipated sale of the
International Reefer Services Pty Ltd. and Independent Reefer
Services Ltd. Companies' businesses and assets.

Laura Barlow, Sea Containers' chief restructuring officer, says
333 Capital is well qualified to provide the services being
sought by the Debtors.  333 Capital specializes in, among
others, advising entities which are considering sale, merger or
acquisiton transactions.  The firm's boutique advisory practice
is designed to specifically enhance its clients' transaction
execution capabilities, she says.

The firm's advisory expertise, Ms. Barlow notes, spans
traditional corporate finance advisory services as well as due
diligence and transaction management roles.

The professionals at 333 Capital, Ms. Barlow tells the
Court, have vast experience in the restructuring and sale of
large and small businesses with complex operations.  In
particular, she says, David Scoullar, a managing director at the
firm is well qualified to serve as team leader for the
anticipated sale transaction.  Mr. Scoullar has over 12 years of
national and international corporate finance transaction
experience.

The Debtors, thus, believe that the firm's employment will
greatly contribute to the process of selling the IRS Companies.

Under the Debtors' supervision, 333 Capital will:

  (a) design and implement overall sale process that will
      conclude in two months;

  (b) review the businesses and assets to obtain understanding
      of the asset's real potential;

  (c) prepare an information memorandum to be circulated to
      interested parties on a confidential basis;

  (d) market the businesses and assets within Australia, New
      Zealand, and internationally if appropriate;

  (e) enter into confidentiality agreements with interested
      parties;

  (f) establish an electronic "data room" to provide secure,
      confidential access to information;

  (g) liaise with interested parties and attend to requests
      for additional information;

  (h) procure indicative offer letters form interested parties;

  (i) advance discussions and negotiations with short-listed
      interested parties; and

  (j) instruct and supervise a qualified solicitor to draft all
      necessary legal documentation to effect the sale.

A non-refundable retainer of AU$100,000 will be paid by SCAL to
333 Capital on the basis of the scope of services within two
months.  If the engagement and sale process exceeds two months,
333 Capital will charge SCAL an incremental retainer of
AU$25,000 per month.

Out-of-pocket expenses incurred by 333 Capital will be charged
to SCAL at cost, including travel and accommodation.

In addition, SCAL will pay 333 Capital a success fee of 5% of
the Gross Sale Proceeds of the IRS Companies that exceed
US$1,000,000.

Mr. Scoullar assures the Court that 333 Capital is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code, as modified by Section 1107(b).  The firm
does not hold or represent any interest adverse to the Debtors
and their estates.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 25; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


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

TMB BANK: Capital Increase to Complete in December
--------------------------------------------------
TMB Bank acknowledged on Wednesday that its capital increase
plan would be delayed further, but insisted that it could occur
by the end of the year, the Bangkok Post reports.

The Nation, citing Finance Minister Chalongphob Sussangkarn,
notes that TMB Bank is expected to complete its THB35-billion
recapitalization in December.

"The bank is still in the process of developing its capital
adequacy plan.  The plan has not been completed.  The bank will
provide official details of the plan when it is approved by its
board of directors," Bangkok Post relates, citing the bank's
statement.

According to Bangkok Post, the bank's statement comes amid
growing signs that Development Bank of Singapore, the second-
largest shareholder at 16%, was unlikely to support the
recapitalization due to growing questions about TMB's long-term
strategy and internal conflicts.

The Nation report says that Minister Chalongphob declined to
comment on news report that ING Group is in talks with TMB as
its new partner and that the Thai bank has indeed stopped
negotiating with DBS.

The Troubled Company Reporter-Asia Pacific reported on May 23,
2007, TMB Bank originally expected to complete its plan for
recapitalization with partner DBS Bank of Singapore by June or
July.

According to the TCR-AP report, TMB Chairman Somchainuk
Engtrakul told Minister Chalongphob that while the bank has
sound finances, it wishes to raise capital to maintain its
competitiveness in the industry.  The bank seeks to obtain
THB35 billion in order to raise its capital adequacy ratio by
14%.

A subsequent TCR-AP report on July 30 stated that Holland-based
ING Group is negotiating with TMB Bank for a strategic
investment with the bank.  The TCR-AP report cited bank sources
as telling Reuters that the deal is expected to be concluded by
September.


Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.
The TCR-AP also reported on June 13, 2007 that Standard & Poor's
Ratings Services has raised the outlook on TMB Bank PCL's debt
rating from negative to stable.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Allstate Explora                  ALX      12.65      -51.62
Austar United Communications
   Limited                        AUN     411.16      -43.72
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial
   Bldg (Group) Co                672      24.47       -2.40
Bao Long Orienta               600988      15.78      -11.00
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.            0121     316.12       -8.92
China Liaoning International
   Cooperation (Group) Ltd        638      20.12      -42.96
Chongqing Int'l Enterprise
   Investment Co               000736      19.88      -15.67
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.39
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.67
Hisense Kelon Electrical
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                   600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.40
Hunan Hengyang                 600762      61.08      -44.00
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiaozuo Xin'an-a                  719      56.77       -6.52
Junefield Department
   Store Group Limited            758      16.80       -6.34
Lan Bao Technology
   Information Co.,Ltd            631     110.90      -79.00
Loulan Holdings Limited          8039      13.01       -1.04
Mianyang Gao Xin Industrial
   Dev (Group)                 600139      23.90      -15.65
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     253.47      -25.00
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry
   Stock Co.,Ltd               600381      55.85      -55.04
Regal Real Estate
   Investment Trust              1881     945.38     -234.38
Sanjiu Yigong Biopharmaceutical
   & Chem                      000403     218.51       -3.48
Shanghai Xingye Housing
   Co.,Ltd.                    600603      16.23      -49.40
Shanghai Worldbest
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      39.13     -224.64
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -138.00
Shenzhen Kondarl (Group)
   Co., Ltd.                   000048     112.05      -15.98
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92      -44.65
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suntek Technology Co., Ltd     600728      49.03      -15.00
Suntime International
   Economic Trading            600084     359.49      -47.93
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.51
The First Investment &
   Merchant Co,, Ltd           600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      37.76      -71.08
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.00
Core Healthcare Ltd.             CPAR     214.36     -150.72
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Ltd                 DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.38       -1.80
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Gujarat State Fi                  GSF     153.48     -157.00
Himachal Futuris                 HMFC     574.62      -39.00
HMT Limited                       HMT     238.05     -288.85
Hindustan Organic
   Chemicals Limited              HOC     109.22      -15.18
IFCI Limited                     IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson & Nic Ltd                   JN      15.41       77.32
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Phil Corporation                NPPII      22.13       -5.00
RPG Cables Ltdd                  NRPG      51.43      -20.00
Saurashtra Cemen                  SRC     112.31       -4.60
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.00
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -23.00
Singer India Ltd                 SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     619.95     -111.52
UB Engineeering                   UBE      47.78       -2.77
Uniflex Cables                    UFC      17.22       -5.04


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Dharmala Intiland Tbk            DILD     197.91       -6.60
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -46.00
Panca Wiratama Sakti Tbk         PWSI      39.72      -19.00
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Orient Corporation               8585   37956.19    -1109.02
Sumiya Co., Ltd.                 9939      89.32      -11.57
Tasco System Co., Ltd            2709      48.45      -14.07
Trustex Holdings, Inc.           9374     102.84       -7.82


KOREA

BHK Inc                          3990      24.36      -17.38
BNG Steel Co., Ltd.              4560     476.66      -70.65
Daerim Corporation, Ltd.         3960     127.38      -28.08
DaeyuVesper Co. Ltd.            41140       6.77       -3.50
DaiShin Information &
   Communication Co.            20180     740.50     -158.00
DongYang GangChul Co., Ltd.    001780     108.79       -9.80
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      23.15       -5.10
Hanshin Development &
   Power Co., Ltd.              12170      29.44      -16.11
Hyundai IT Corp.                48410     137.08      -48.00
Inno Metal Izirobot Inc.        70080      28.56       -0.03
Jico Co., Ltd.                  10580      47.70       -6.20
Korea Cement Co., Ltd.           3660     145.94      -16.00
Korea Technology Industry
   Co., Ltd.                     8320      26.62       -1.80
KP Co., Ltd.                     9810      15.03       -3.81
Lotte Midopa Co Ltd.             4010     446.98       -1.90
Oricom Inc.                     10470      82.65      -40.04
PaperCorea Inc.                  1020     310.53     -154.00
Seji Co., Ltd                   53330      37.25       -0.30
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.50


MALAYSIA

Ark Resources Bhd                 ARK      25.91      -28.00
Boustead Heavy Industries
   Corp. Bhd                     BHIC      62.80     -116.18
Gefung Holdings Bhd              GFHB      21.68       -1.74
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Pan Malay Industries             PMRI     199.08       -6.30
PanGlobal Berhad                  PGL     189.92      -50.36
Paxelent Corp                    PAXE      13.16       -4.51
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.47      -69.79
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.00
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.00
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon                    UPM      21.19      -21.52
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

ADV Systems Auto                  ASA      14.32       -8.50
Compact Metal Industries Ltd.     CMI      47.42      -36.00
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      20.42      -11.65
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.00
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.00
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -19.00
Thai-Wah PCL                      TWC      91.56      -41.24




                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***