TCRAP_Public/070910.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Monday, September 10, 2007, Vol. 10, No. 179
   
                            Headlines

A U S T R A L I A

ACYZ LTD: Members to Receive Wind-Up Report on September 14
AUSTRALIAN CAPITAL: Creditors Will Recover 60% of Investment
BASIS YIELD: Liquidators' Motion for Recognition in Insolvency
BASIS YIELD: S&P Withdraws Fund Rating After Picking Liquidators
CARGO HOLDINGS: Members and Creditors to Meet on Sept. 12

GORES ROAD: Liquidator to Give Wind-Up Report on Sept. 14
GRS CONTRACTING: To Declare Priority Dividend on October 12
MARTINES PTY: Liquidator Presents Wind-Up Report
MIDWAY-PARK: Creditors Receive Wind-Up Report
NORD RESOURCES: Posts US$1.5MM Net Loss in Qtr. Ended June 30

NRG ENERGY: Executives Formulate Plans to Buy and Sell Stocks
PIE H PTY: To Declare Ordinary Unsecured Dividend on October 12
R L P HAULAGE: Members Resolve to Liquidate Business
RANCHER ENTERPRISES: General Meeting Slated for September 21
SPE JOANNA: Members' Final Meeting Set for September 14

WESTPOINT GROUP: Norman Carey's Assets Ordered for Preservation


C H I N A   &   H O N G  K O N G

AEROFLEX INC: Moody's Lifts Senior Secured Credit Rating to Ba3
ASHMORE ENERGY: Resumes Transredes Stake Sale with Bolivia
BIG STAR: Taps Fulton and Tang as Liquidators
BNP PARIBAS: Names Kwong Chi Choi as Liquidator
COSMOS BANK: Shin Kong Wants Debt Converted to Shares

DANA CORP: Wants Court Approval on Chrysler Settlement Agreement
DANA CORP: Wants Court Nod on Ford Commercial Agreements
EMI GROUP: Prices EUR425 Million Cash Tender Offer
FLEXIBLE SPACE: Court to Hear Wind-Up Petition on October 17
HONG KONG LEATHERGOODS: Appoints Lee Yat Fai Derek as Liquidator

INTERMOST CORP: New Auditors to Release Report on Schedule
LEADING MEDICAL: Members' Final Meeting Set for October 15
LUEN BONG: Accepting Proofs of Debt Until October 10
PLATINUM TECHNOLOGY: Creditors' Proofs of Debt Due on October 5


I N D I A

AES CORP: Regulator OKs Unit's Planned US$25MM Bond Issuance
AES CORP: Shortlisted in Termoelectrica's Galati Thermal Bid
AES CORP: Deutsche Bank Puts Buy Recommendation on Firm's Shares
GLOBAL BROADCAST: Reports INR35MM Net Loss in Qtr. Ended June 30
ICICI BANK: To Set Up US$2-Billion Infrastructure Fund

RPG CABLES: Net Loss Narrows to INR32.5 Mil. in 1st Qtr. FY2008
SINGER INDIA: Incurs INR6.3MM Net Loss in First Quarter FY2008
SUN MICROSYSTEMS: To Hold Annual Stockholders' Meeting on Nov. 8
TATA STEEL: Signs Bonus Agreement with Workers' Union
TATA TELESERVICES: First Qtr. Profit Narrows to INR284.3 Million

VISTEON CORP: Completes Sale of Powertrain Business in India


I N D O N E S I A

BANK LIPPO: 1st Semester Net Profit Up 65% to IDR375 Billion
DIRECTED ELECTRONICS: Second Quarter 2007 Sales Up 12%
GEOKINETICS INC: Hires Two New Executive Officers


J A P A N

ALL NIPPON: Typhoon Fitow Causes 38 Flight Cancellations
JAPAN AIRLINES: To Sell Major Hangars to Repay Debts
JAPAN AIRLINES: Cancels 82 Flights Due to Typhoon Fitow
JVC CORP: UK Unit Slammed Over Dismissal of 99 Employees
SANYO ELECTRIC: Plans on Selling Appliance Unit


K O R E A

ARROW ELECTRONICS: Closes Centia & AKS Acquisition for US$32MM
DURA AUTOMOTIVE: Tim Trenary to Serve as CEO Effective Sept. 13
DURA AUTOMOTIVE: Closes US$160.2-Mil. Sale of Atwood Mobile Unit
HYNIX SEMICONDUCTOR: Gets S&S Advice Regarding Patent Claims


M A L A Y S I A

CHIN FOH: Court Extends Restraining Order to December 12
PROTON HOLDINGS: Persona Model Seen as Vehicle to Profitability
PROTON HOLDINGS: Volkswagen Ready to Intensify Talks w/ Gov't
TEXCHEM RESOURCES: To Acquire Electronic Trader for MYR3 Million


N E W  Z E A L A N D

COTTLE DESIGNER: Accepting Proofs of Debt Until September 20
FIVE STAR: PwC Provides Updates on Firm's Receivership
HERITAGE GOLD: Names Endeavor Group's Trent Lash as CEO
LION FILM: Taps Black and Downey as Liquidators
M.A.D INVESTMENTS: Commences Liquidation Proceedings

NOT JUST TILES: Faces Accident Compensation's Wind-Up Petition
OKATO HOMEKILL: Court Sets Wind-Up Petition Hearing for Sept. 24
OLC LTD: Fixes September 15 as Last Day to File Claims
ORICLE ROOFING: Taps Anthony Charles Harris as Liquidator
RARE HOLDINGS: Court to Hear Wind-Up Petition Today

REGAL SOUTH: Appoints Anthony Charles Harris as Liquidator
SULZBERGER ASSOCIATES: Creditors' Proofs of Debt Due Today


P H I L I P P I N E S

GUESS? INC: Earns US$37.5 Million in Second Quarter Ended Aug. 4


S I N G A P O R E

DIGITAL TYPHOON: Requires Creditors to File Claims by Oct. 5
FLEXTRONICS INT'L: Solectron Stockholders Want to Vote on Merger
LAZARD LTD: Opens Boston Office; Hires Messrs. Murray & Dolins
MUSIC IMPACT: Requires Creditors to File Claims by Sep. 23
TECHNOLOGY FUND: Accepting Proofs of Debt Until October 5


T H A I L A N D

ARVINMERITOR INC: Partners with Chery to Design Chassis Systems
FEDERAL-MOGUL: Court Extends Lease Decision Deadline to Dec. 1
FEDERAL-MOGUL: Post US$21.1 Million Net Loss in July 2007
FEDERAL-MOGUL: 40 Plan Objections Filed as of August 21
LIVING LAND CAPITAL: Gives Rehabilitation Plan Update to SET

LIVING LAND: Gain on Restructuring Brings THB66MM 1H Profit
UNITED COMMUNICATION: SET Announces Delisting of Securities
UNITED COMMUNICATION: Posts THB939MM Net Income for 2nd Quarter

     - - - - - - - -

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

ACYZ LTD: Members to Receive Wind-Up Report on September 14
-----------------------------------------------------------
A final meeting will be held for the members of Acyz Ltd on
September 14, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Brian Mcmaster
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia
         Australia

                         About Acyz Ltd

Located at Perth, in Western Australia, Acyz Ltd is an investor
relation company.


AUSTRALIAN CAPITAL: Creditors Will Recover 60% of Investment
------------------------------------------------------------
Seven thousand noteholders of Australian Capital Reserve Limited
will get back a guaranteed 60% of their AU$330 million
investment after administrators agreed to sell the assets of its
construction arm to Becton Property Group, Danny John of The Age
reports.

Mr. John writes that Becton Property is to pay AU$533 million
for the completed, part-built and greenfield development site
portfolio of ACR's parent company, Estate Property Group.  The
money will clear all of EPG's bank debt, amounting to
AU$311 million, plus AU$207 million of the total sum that is
owed to ACR's investors, states The Age.

Reportedly, administrators PricewaterhouseCoopers clarified that
Sam Pogson and Murray Lapham, among others, are now in their
sights as they seek to recover the remaining AU$130 million owed
to the company's noteholders.

PwC, according to the article, has set aside a AU$5-million
fighting fund from the Becton sales to pursue legal action and
claims for damages.  The target will be the valuations used to
support the property assets, which at the time the group went
bust were priced at AU$624 million in EPG's books.  These
suggested that EPG had enough money to cover its liabilities to
the banks and ACR, but subsequently proved to be far too high,
conveys Mr. John.

The Age further states that, according to administrator Phil
Carter, their only proposal to help ACR's investors was an
intention to pay them back in three years.  

According to Mr. John, should ACR's noteholders and creditors
nod to the Becton deal, the investors will receive their first
set of the promised 62 cents in the dollar payment in December.  
That will total AU$53.5 million, equal to 15 cents in every
dollar, followed by a larger AU$84 million, 25 cents, payment on
July 1 next year and a final tranche of AU$69.6 million, equal
to 22 cents, by December 31, 2008.

The investors, adds Mr. John, have been offered the option of
exchanging their notes for units in one of Becton's property
funds, producing a return of 65 cents in the dollar.

                   About Australian Capital

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

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

PricewaterhouseCoopers is its administrators.


BASIS YIELD: Liquidators' Motion for Recognition in Insolvency
--------------------------------------------------------------
As previously reported, Hugh Dickson, Stephen John Akers, and
Paul Andrew Billingham, as joint provisional liquidators and
foreign representatives of Basis Yield Alpha Fund (Master),
asked the U.S. Bankruptcy Court for the Southern District of New
York to recognize the Fund's liquidation proceeding before the
Grand Court of the Cayman Islands as a foreign main proceeding
pursuant to Section 1517 of the Bankruptcy Code.

To prove that Basis Yield's center of main interests is in the
Cayman Islands, U.S. counsel for the Joint Provisional
Liquidators, Karen B. Dine, Esq., at Pillsbury Winthrop Shaw
Pittman LLP, in New York, tells the Court that approximately
10.5% of all beneficial investors in Basis Yields are located in
the Cayman Islands and as of May 31, 2007, only three countries
had equal or greater concentrations of beneficial investors.  In
addition, beneficial investors are located in approximately 20
countries, but none are in the United States.

Basis Yield's Cayman Islands investors are two feeder funds.
Beneficial investors are investors in the feeder funds and,
through the feeder funds, may be thought to be the final equity
stakeholders in Basis Yield.

Ms. Dine contends that:

   * Basis Yield pays significant regularly recurring fees to
     its investment manager, administrator, and auditor, all of
     whom are Cayman Island entities;

   * Basis Yield's agreements with its investment manager and
     administrator are governed by the laws of the Cayman
     Islands; and

   * Basis Yield's register of shareholders, principal books and
     records, and books of account are all located in the Cayman
     Islands.

Accordingly, the Liquidators ask the U.S. Bankruptcy Court to
grant their request to recognize the Fund's Cayman Islands
liquidation proceeding as a foreign main proceeding.

             Citigroup Responds to Injunction Request

As previously reported, Judge Gonzalez directed all parties-in-
interest to appear at a hearing before the Honorable Robert E.
Gerber at 9:45 a.m. today in Manhattan to show why a preliminary
injunction should not be granted in the Chapter 15 case.

Representing Citigroup Global Markets Limited, Lindsee P.
Granfield, Esq., at Cleary Gottlieb Steen & Hamilton LLP, in New
York, relates that while Citigroup Global Markets does not
currently object to the entry of a preliminary injunction, it
reserves its rights to object to the request to recognize the
main proceeding as foreign.

Ms. Granfield contends that it does not appear that either the
Preliminary Injunction Motion or the Chapter 15 Petition include
the necessary facts to make a prima facie case for recognition
of Basis Yield's Cayman liquidation proceeding as either a
foreign main proceeding or a foreign non-main proceeding as
defined in Section 1502.

Ms. Granfield further contends that while the Petition and
Preliminary Injunction Motion indicate that Basis Yield is
incorporated in and regulated by the Cayman Islands, it did not
provide information on whether:

   * Basis Yield staffed any employees or managers in the  
     Cayman Islands;

   * any of Basis Yield's assets are or were located in the
     Cayman Islands;

   * the location of the majority of Basis Yield's creditors
     whose interests will be affected by recognition;

   * the location from which Basis Yield's funds were managed;
     or

   * where Basis Yield's books and records are maintained and
     stored.

The declarations of Hugh Dickson and Sandra Corbett, filed
together with the request, do not disclose the basis or factual
support for their conclusion, Ms. Granfield says.

According to Ms. Granfield, without factual support, neither
creditors nor the Court can make any determination as to whether
Basis Yield has its "center of main interests" in the Cayman
Islands.

Although the Liquidators filed a supplement to their request,
Ms. Granfield argues that the supplement does not answer all of
the factual questions that are relevant to whether recognition
is proper as either a main or non-main proceeding.

Citigroup wants any preliminary injunction order to be without
prejudice to future objections to the Petition.

                      About Basis Capital

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.

Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Bloomberg relates Basis Capital was declared "Fund of the Year"
at the 2005 AsiaHedge awards.  It was also named "Skilled
Manager of the Year" by Macquarie Bank Ltd. in 2004.

                      Road to Bankruptcy  

Following the volatility in the market related to the United  
States sub-prime lending defaults, by June 2007, Basis Yield  
began to suffer a significant devaluation of its asset  
portfolio.   The devaluation of the Fund's secured assets led to
margin calls from trade counterparties, which Basis Yield was
ultimately unable to meet.  This, in turn, resulted in the
issuance of several default notices by the counterparties and
the exercise of their rights under their agreements to close out
trades and to seize or sell Basis Yield assets that had been the
subject of repurchase agreements or over which they held
security interests.

Default notices were issued by, inter alia, J.P. Morgan Chase
Bank N.A., Goldman Sachs International, Citigroup Global Markets
Limited, Morgan Stanley, Lehman Brothers International (Europe),
and Merrill Lynch International.

In addition, two counterparties issued bid lists for Basis
Yield's assets, which resulted in additional downward pressure
on the relevant asset classes and a further devaluation of the
Fund's assets.

Basis Yield disputed many of the default notices issued or
purportedly issued by various parties.

Basis Capital stopped redemptions from its Yield Alpha Fund and
Aust-Rim Opportunity Fund in July 2007 after both funds lost 9%
and 14% in June, Bloomberg says.

Basis Capital retained The Blackstone Group to act as financial
advisor to the Yield Alpha Fund and Pac-Rim Opportunity Funds.   
Blackstone's role included negotiating with investment banks to
prevent adverse pricing and selling of both funds' assets.

For the past five years, the Yield Alpha Fund returned 15.5% on
average while the Aust-Rim Opportunity Fund provided almost 15%
return on average, according to Bloomberg, citing a July 2007  
report by Zenith Investment Partners posted on Basis Capital's  
Web site.

Bloomberg notes that the Basis Capital funds had the highest  
five-star ratings from Standard & Poor's before the ranking was
put "on hold" on July 17, 2007, because of "issues potentially  
affecting the management of the fund," according to S&P.

                    Chapter 15 Ancillary Case

On August 29, 2007, the Liquidators filed a petition before the
U.S. Bankruptcy Court for the Southern District of New York
seeking recognition of Basis Yield's liquidation in the Cayman  
Islands as a "foreign main" proceeding under Chapter 15 of the
U.S. Bankruptcy Code.  The Liquidators also asked the U.S. Court
to enjoin and restrain U.S. creditors from commencing actions
with respect to the Fund's assets in the United States.

Basis Yield is estimated to have more than US$100,000,000 in
total assets and total liabilities, and less than 49 creditors,
the Chapter 15 petition said.

The Liquidators noted that in excess of US$50,000,000 of Basis
Yield's assets, held by various financial institutions, are
located within the United States.

Basis Capital has said losses in Basis Yield could exceed 80%,
Tiffany Kary and Jenny Strasburg at Bloomberg report.


BASIS YIELD: S&P Withdraws Fund Rating After Picking Liquidators
----------------------------------------------------------------
Standard & Poor's Fund Services announced that it has withdrawn
its fund rating on the Basis Yield Fund as a result of the
fund's appointment of joint provisional liquidators.

The Yield Fund was placed "On Hold" by S&P on July 18, 2007.
The decision to place the rating "On Hold" was made after the
management of Basis Capital failed to provide S&P a sufficient
explanation of its June performance estimates and the subsequent
announcement that the fund was suspended due to the inability
tocalculate a NAV (Net Asset Value).

"S&P has withdrawn its rating following the announcement that
the master fund has been placed into liquidation, with
representatives of Grant Thornton announced as joint provisional
liquidators," said S&P fund analyst David Erdonmez.  S&P
understands that Grant Thornton is currently assessing the
fund's financial position.

S&P's "On Hold" rating of the Basis Aust Rim Opportunity Fund
remains, pending the provision of additional information by the
management of Basis Capital.  To date, management has not
advised S&P on the positioning of this fund due to legal
restrictions.

The funds affected by this announcement are:

       APIR        Fund Name                          Rating
       ----        ---------                          ------
       BCF0100AU   Basis Aust Rim Opportunity Fund    On Hold
       BCF0001AU   Basis Yield Fund                   Withdrawn

                      About Basis Capital

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.

Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Bloomberg relates Basis Capital was declared "Fund of the Year"
at the 2005 AsiaHedge awards.  It was also named "Skilled
Manager of the Year" by Macquarie Bank Ltd. in 2004.

                       Road to Bankruptcy  

Following the volatility in the market related to the United  
States sub-prime lending defaults, by June 2007, Basis Yield  
began to suffer a significant devaluation of its asset  
portfolio.   The devaluation of the Fund's secured assets led to
margin calls from trade counterparties, which Basis Yield was
ultimately unable to meet.  This, in turn, resulted in the
issuance of several default notices by the counterparties and
the exercise of their rights under their agreements to close out
trades and to seize or sell Basis Yield assets that had been the
subject of repurchase agreements or over which they held
security interests.

Default notices were issued by, inter alia, J.P. Morgan Chase
Bank N.A., Goldman Sachs International, Citigroup Global Markets
Limited, Morgan Stanley, Lehman Brothers International (Europe),
and Merrill Lynch International.

In addition, two counterparties issued bid lists for Basis
Yield's assets, which resulted in additional downward pressure
on the relevant asset classes and a further devaluation of the
Fund's assets.

Basis Yield disputed many of the default notices issued or
purportedly issued by various parties.

Basis Capital stopped redemptions from its Yield Alpha Fund and
Aust-Rim Opportunity Fund in July 2007 after both funds lost 9%
and 14% in June, Bloomberg says.

Basis Capital retained The Blackstone Group to act as financial
advisor to the Yield Alpha Fund and Pac-Rim Opportunity Funds.   
Blackstone's role included negotiating with investment banks to
prevent adverse pricing and selling of both funds' assets.

For the past five years, the Yield Alpha Fund returned 15.5% on
average while the Aust-Rim Opportunity Fund provided almost 15%
return on average, according to Bloomberg, citing a July 2007  
report by Zenith Investment Partners posted on Basis Capital's  
Web site.

Bloomberg notes that the Basis Capital funds had the highest  
five-star ratings from Standard & Poor's before the ranking was
put "on hold" on July 17, 2007, because of "issues potentially  
affecting the management of the fund," according to S&P.

                     Chapter 15 Ancillary Case

On August 29, 2007, the Liquidators filed a petition before the
U.S. Bankruptcy Court for the Southern District of New York
seeking recognition of Basis Yield's liquidation in the Cayman  
Islands as a "foreign main" proceeding under Chapter 15 of the
U.S. Bankruptcy Code.  The Liquidators also asked the U.S. Court
to enjoin and restrain U.S. creditors from commencing actions
with respect to the Fund's assets in the United States.

Basis Yield is estimated to have more than US$100,000,000 in
total assets and total liabilities, and less than 49 creditors,
the Chapter 15 petition said.

The Liquidators noted that in excess of US$50,000,000 of Basis
Yield's assets, held by various financial institutions, are
located within the United States.

Basis Capital has said losses in Basis Yield could exceed 80%,
Tiffany Kary and Jenny Strasburg at Bloomberg report.


CARGO HOLDINGS: Members and Creditors to Meet on Sept. 12
---------------------------------------------------------
The members and creditors of Cargo Holdings Pty Ltd will meet on
September 12, 2007, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         D. Mclay
         PO Box 1595
         Booragoon, Western Australia 6954
         Australia
         Telephone: (08) 9330 4658
         Facsimile: (08) 9330 9028

                      About Cargo Holdings

Cargo Holdings Pty Ltd is involved with the business of
refrigerated warehousing and storage.  The company is located at
Pickering Brook, in Western Australia.


GORES ROAD: Liquidator to Give Wind-Up Report on Sept. 14
---------------------------------------------------------
A final meeting will be held for the members of Gores Road
Vineyards Pty Ltd on September 14, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         R. A. Ferguson
         c/o Fergusons Chartered Accountants
         Level 8, 115 Grenfell Street
         Adelaide, South Australia 5000
         Australia

                        About Gores Road

Located at Adelaide in South Australia, Gores Road Vineyards Pty
Ltd is an investor relation company.


GRS CONTRACTING: To Declare Priority Dividend on October 12
-----------------------------------------------------------
GRS Contracting Pty Ltd, which is in liquidation, will declare a
dividend for its priority creditors on October 12, 2007.

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

The company's liquidators are:

         Andrew Fielding
         David Whyte
         PPB Chartered Accountants & Business
         Reconstruction Specialists
         Australia

                     About GRS Contracting

GRS Contracting Pty Ltd is involved with excavation work.  The
company is located at Emerald, in Queensland, Australia.


MARTINES PTY: Liquidator Presents Wind-Up Report
------------------------------------------------
On September 3, 2007, the creditors of Martines Pty Ltd had a
meeting and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         M. A. Rudaks
         Maris Rudaks & Associates
         Chartered Accountants
         Level 2, 99 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone: (08) 8236 1500

                       About Martines Pty

Located at Adelaide, in South Australia, Martines Pty Ltd is an
investor relation company.


MIDWAY-PARK: Creditors Receive Wind-Up Report
---------------------------------------------
The creditors of Midway-Park Investments Pty Ltd met on Aug. 30,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         M. A. Rudaks
         Maris Rudaks & Associates
         Chartered Accountants
         Level 2, 99 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone: (08) 8236 1500

                 About Midway-Park Investments

Midway-Park Investments Pty Ltd is an operator of nonresidential
buildings.  The company is located at Prospect, in South
Australia, Australia.


NORD RESOURCES: Posts US$1.5MM Net Loss in Qtr. Ended June 30
-------------------------------------------------------------
Nord Resources Corp. incurred a net loss of US$1.5 million in
the second quarter ended June 30, 2007, compared to a net loss
of US$1.5 million in the same period in 2006.  

The company reported US$-0- revenues in both periods due to the
fact that the Johnson Camp Mine was on a care and maintenance
program during these periods.

Operating expenses increased from US$1.2 million to
US$1.5 million, mainly due to an increase of US$486,031 in
drilling costs at Coyote Springs and an increase in labor costs
of US$237,297 resulting primarily from the bonuses earned as a
result of the completion of the recent financings.  

Interest expense decreased by US$176,983 for the three months
ended June 30, 2007, compared to the three months ended June 30,
2006.  This decrease was due primarily to a reduction in the
amortization of debt issuance costs of US$80,811 and US$102,406
related to the company's outstanding US$5,000,000 secured bridge
loan from Nedbank Limited and the outstanding US$600,000
revolving line of credit from related parties, respectively, as
well as the accretion of expenses related to the issuance of
warrants in conjunction with these transactions.

During the three months ended June 30, 2006, the company
recognized a gain of US$50,165 on its investment in Allied Gold.  
This gain was partially offset by a decline in the value of the
copper put options the company purchased in conjunction with the
bridge loan from Nedbank during the three months ended June 30,
2006, in the amount of US$3,185.  The company liquidated its
holdings in Allied Gold and its copper put options during the
year ended Dec. 31, 2006.

Miscellaneous income increased by US$168,856 for the three
months ended June 30, 2007, as compared to the three months
ended June 30, 2006.  This increase was due primarily to
US$150,000 the company received from Platinum Diversified Mining
pursuant to the PDM Settlement Agreement entered into during the
first quarter of 2007 and a US$50,917 increase in interest
income.

At June 30, 2007, the company's consolidated balance sheet
showed US$16.0 million in total assets, US$1.8 million in total
liabilities, and US$14.2 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2315

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 10, 2007,
Mayer Hoffman McCann PC, in Denver, expressed substantial doubt
about Nord Resources Corporation's ability to continue as a
going concern after auditing the company's consolidated
financial statements as of the years ended Dec. 31, 2006, and
2005.  The auditing firm company reported that the company
incurred a net loss of US$6.3 million and US$3.1 million during
the years ended Dec. 31, 2006, and 2005, respectively.  

The company's continuation as a going concern is dependent upon
its ability to generate sufficient cash flow to meet its
obligations on a timely basis, to obtain additional financing to
resume mining operations at Johnson Camp Mine, and to produce
copper to sell at a level where the company becomes profitable.

                      About Nord Resources

Based in Tucson, Ariz., Nord Resources Corporation (Pink Sheets:
NRDS) -- http://www.nordresources.com/ -- is an emerging copper  
producer, which controls a 100% interest in the Johnson Camp SX-
EW copper project in Arizona.  Nord's near term objective is to
resume mining and leaching operations at the Johnson Camp mine,
which has been on care and maintenance status since August 2003.
Nord has decided to proceed with its mine plan bases on an
updated feasibility study that was completed in October 2005,
subject to raising sufficient financing.  The company also owns
approximately 4.4 million shares of Allied Gold Limited, an
Australian company.


NRG ENERGY: Executives Formulate Plans to Buy and Sell Stocks
-------------------------------------------------------------
David Crane, NRG Energy Inc.'s president and chief executive
officer, and Robert Flexon, the company's executive vice
president and chief financial officer, and other senior NRG
executives, have established trading plans in accordance with
Rule 10b5-1 of the Securities Exchange Act.  Rule 10b5-1 permits
individuals who are not then in possession of material nonpublic
information to establish prearranged plans to buy or sell stock.  

The rule allows individuals to buy or sell shares of stock at a
specific price in the future, regardless of any subsequent
material nonpublic information.

It is the viewpoint of the company that enabling prudent
financial planning is an essential component of management
retention.  In order to mitigate potential market concerns about
the timing of share transactions, the company has requested that
all of its Section 16 officers, including its CEO and CFO, who
elect to buy or sell NRG shares, do so pursuant to Rule 10b5-1
plans.

Under their individual plans, Mr. Crane and Mr. Flexon intend to
exercise a portion of their original grants, including vested
stock options, and sell the underlying net shares of NRG common
stock.  

After completion of all of the sales contemplated by the trading
plans, both Mr. Crane and Mr. Flexon will continue to hold
ownership interests in NRG well in excess of the company's
current stock ownership guidelines.

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) --
http://www.nrgenergy.com/-- owns and operates a diverse  
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on May 7, 2007,
Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s $4.7 billion unsecured bonds to 'B' from 'B-' and
assigned its 'B-' rating to the proposed $1 billion delayed-draw
term loan B at NRG Holdings Inc., a newly created holding
company that would own 100% of NRG's equity.  In addition,
Standard & Poor's affirmed the 'B+' corporate credit rating on
NRG and affirmed the 'BB-' rating on NRG's $3.148 billion term
loan B; the 'CCC+' rating on the company's preferred stock, and
the 'B-2' short-term rating.  The outlook on all ratings is
stable.


PIE H PTY: To Declare Ordinary Unsecured Dividend on October 12
---------------------------------------------------------------
Pie H Pty Ltd, which is in liquidation, and formerly trading as
Piper & Holmes Pty Ltd, will declare dividend for its ordinary
unsecured creditors on October 12, 2007.

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

The company's liquidator is:

         M. G. Mccann
         Grant Thornton
         Ground Floor, Grant Thornton House
         102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone: (07) 3222 0200
         Facsimile: (07) 322 0446

                           About Pie H

Pie H Pty Ltd provides accounting, auditing and bookkeeping
services.  The company is located at Labrador, in Queensland,
Australia.


R L P HAULAGE: Members Resolve to Liquidate Business
----------------------------------------------------
During a general meeting held on July 27, 2007, the members of R
L P Haulage Pty Ltd resolved to voluntarily liquidate the
company's business.

Ginette Muller and John Shanahan, of KordaMentha (Queensland),
were appointed as liquidators.

The Liquidators can be reached at:

         Ginette Muller
         John Shanahan
         KordaMentha (Queensland)
         22 Market Street, Brisbane
         Australia

                       About R L P Haulage

R L P Haulage Pty Ltd is involved in the arrangement of
transportation of freight and cargo.  The company is located at
Wanora, in Queensland, Australia.


RANCHER ENTERPRISES: General Meeting Slated for September 21
------------------------------------------------------------
Rancher Enterprises Pty Ltd will hold a general meeting for its
members and creditors on September 21, 2007, at 10:00 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive the liquidator's report on the company's wind-up  
      proceedings and property disposal;

   -- ratify the liquidator's remuneration; and

   -- discuss the disposal of the company's books and records.

The company's liquidator is:

         A. H. Douglas-Brown
         Bentleys MRI Perth
         1st Floor, 10 Kings Park Road
         West Perth Western Australia 6005
         Australia
         Telephone: (08) 9480 2000

                    About Rancher Enterprises

Located at Como, in Western Australia, Australia, Rancher
Enterprises Pty Ltd is an investor relation company.


SPE JOANNA: Members' Final Meeting Set for September 14
-------------------------------------------------------
The members of SPE Joanna Pty Ltd will have their final meeting
on September 14, 2007, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         R. A. Ferguson
         c/o Fergusons Chartered Accountants
         Level 8, 115 Grenfell Street
         Adelaide, South Australia 5000
         Australia

                         About Spe Joanna

Located at Adelaide, in South Australia, Spe Joanna Pty Ltd is
an investor relation company.


WESTPOINT GROUP: Norman Carey's Assets Ordered for Preservation
---------------------------------------------------------------
Australian Securities & Investments Commission has obtained
orders in the Federal Court of Australia in Perth which have the
effect of extending orders preserving the assets of Norman
Phillip Carey and other entities associated with the Westpoint
Group of companies.

The Court made various receivership and freezing orders as to
the assets of Mr. Carey and other entities associated with him
and his family (Richstar Enterprises Pty. Ltd., Bowesco Pty.
Ltd., Keypoint Developments Pty. Ltd., Silkchime Pty. Ltd. and
Healthcare Properties Pty. Ltd).  The orders apply until 31
January 2008.  These assets were originally subject to asset
preservation orders made during 2006 and subsequently extended
on 29 January 2007.  Apart from one matter regarding a transfer
of funds from Healthcare Properties Pty Ltd to Mr. Carey, the
orders were made with the consent of the parties.

ASIC sought the orders as a result of its continuing concerns
that the assets associated with the Westpoint Group may be
shifted or dissipated to the detriment of the Westpoint Group's
creditors and/or investors.

The revised asset preservation orders streamline the Court's
previous orders by further defining and focusing the role of the
Court-appointed receiver/supervisor while still preserving the
assets which were previously the subject of the orders.  The
revised orders also secure the assets of an additional 26
entities associated with Mr. Carey and/or the Westpoint Group,
although the precise asset position of these additional entities
is yet to be determined.

Additional 26 entities:

   1. Dockpride Pty Ltd atf Dockpride Unit Trust;

   2. Etnas Pty Ltd atf Etnas Trust;

   3. Heca Nominees Pty Ltd atf Heca Nominees Trust Deed;

   4. Jevwood Pty Ltd atf HH Unit Trust;

   5. Huntingdale Village Pty Ltd as trustee for (atf)
      Huntingdale Village Unit Trust;

   6. Midpride Pty Ltd atf Midpride Trust;

   7. Mossregal Pty Ltd atf Mossregal Unit Trust;

   8. Westpoint Management Limited atf Paragon Commercial
      Syndicate (formerly Centreways Property Trust Deed);

   9. Slatetop Holdings Pty Ltd atf Rockdale Property Trust;

   10. Vannin Pty Ltd atf Vannin Trust;

   11. Cinema City Investments Pty Ltd;

   12. Dockpride Pty Ltd;

   13. Dosius Pty Ltd;

   14. Etnas Pty Ltd;

   15. Heca Nominees Pty Ltd;

   16. Jevwood Pty Ltd;

   17. Mossregal Pty Ltd;

   18. Paquero Pty Ltd;

   19. Sunchance Pty Ltd;

   20. Vannin Pty Ltd;

   21. Video Management Pty Ltd;

   22. Westpoint Financial Services Pty Ltd;

   23. Creations Management Pty Ltd atf Creations Management
       Trust;

   24. Bridgeview Holdings Pty Ltd; and

   25. Creations Management Pty Ltd.


ASIC did not pursue an extension of the previous Court orders
made against two companies associated with the Westpoint Group,
being Westpoint Realty Pty. Ltd. (In Liquidation) and Redchime
Pty. Ltd.  An extension of the orders in relation to Westpoint
Realty was not sought because the company is now in liquidation
and is, therefore, under the control of the liquidators
appointed to that company.  ASIC did not seek an extension in
relation to Redchime having regard to the report of the
receiver, dated 14 June 2007, filed with the Federal Court, and
since ASIC has completed its existing investigations.

The existing orders in relation to Mr. Cedric Richard Palmer
Beck and Mr. Graeme John Rundle have been extended to 12
September 2007, and the orders against Mr. John Norman Dixon
have been extended to 26 September 2007.

                    About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property   
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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

AEROFLEX INC: Moody's Lifts Senior Secured Credit Rating to Ba3
---------------------------------------------------------------
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 by
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 has 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.
Approximately US$695 million of rated debt affected.

These ratings were upgraded:
  
-- US$50 Million Senior Secured First Lien Revolver due 2010
     to Ba3 (LGD-2, 21%) from B1 (LGD-2, 27%)

  The following 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%)

  The following 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%)

  The following ratings were affirmed:

  -- Corporate Family Rating -- B3

  -- Probability of Default Rating -- B3

  -- Speculative Grade Liquidity Rating -- SGL-2

Headquartered in Plainview, New York, Aeroflex Inc. is a
specialty provider of microelectronics and test and measurement
products to the aerospace, defense, wireless, broadband and
medical markets.  For the twelve months ended March 31, 2007,
revenues were US$577 million.  Aeroflex has offices in China,
France, Germany, and Argentina.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services removed its
'B' corporate credit rating on Plainview, New York-based
Aeroflex Inc. from CreditWatch, where it was placed with
negative implications on May 30, 2007.  The 'B' corporate credit
rating is affirmed; the outlook is negative.  The rating action
follows a review of a revised buyout offer for the company from
a private equity consortium led by Veritas Capital.

"At the same time, we assigned our 'B+' bank loan rating and '2'
recovery rating to Aeroflex's proposed US$560 million first-lien
credit facilities, consisting of a $60 million revolving credit
and a US$500 million term loan," said Standard & Poor's credit
analyst Lucy Patricola.  The '2' recovery rating indicates that
lenders can expect substantial (70%-90%) recovery of principal
in the event of payment default.  The 'B+' rating is one notch
higher than the 'B' corporate credit rating on Aeroflex.  All
ratings are based on preliminary offering statements and are
subject to review upon final documentation.


ASHMORE ENERGY: Resumes Transredes Stake Sale with Bolivia
----------------------------------------------------------
Ashmore Energy International will continue negotiations with
Bolivian President Evo Morales on the sale of its 14% stake in
Bolivian gas transporter Transredes, Business News Americas
reports, citing Bolivian hydrocarbons minister Carlos Villegas.

According to BNamericas, Transredes head Ernesto Blanco admitted
that the talks had not advanced.

"Transredes has sent a proposal to the government to continue
talks under the nationalization decree framework," Minister
Villegas commented to reporters.

Formal negotiations could be launched in 10 to 15 days,
BNamericas relates, citing Minister Villegas.

Once the government acquires the stake, state-run hydrocarbons
firm Yacimientos Petroliferos Fiscales Bolivianos, which is a
minority shareholder in Transredes, would have a majority stake
in the gas transporter, as stipulated in the nationalization
decree, BNamericas states.

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of  
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, including China.  The
company's largest asset is Brazilian electric distribution
company, Elektro, which represents approximately 43% of EBITDA,
and 55.3% of fiscal 2006 consolidated cash flow to parent
company Ashmore Energy.  The company also operates a power plant
in the Dominican Republic.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook was
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.


BIG STAR: Taps Fulton and Tang as Liquidators
---------------------------------------------
James T. Fulton and Cordelia Tang were named as liquidators for
Big Star (H.K.) Limited on September 3, 2007.

The Liquidators can be reached at:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


BNP PARIBAS: Names Kwong Chi Choi as Liquidator
-----------------------------------------------
Kwong Chi Choi, Oliver, was appointed as liquidator for BNP
Paribas Peregrine Futures Limited on September 3, 2007.

The Liquidator can be reached at:

         Kwong Chi Choi, Oliver
         C C Kwong & Co.
         Hennessy Road, 11th Floor
         Wanchai, Hong Kong


COSMOS BANK: Shin Kong Wants Debt Converted to Shares
-----------------------------------------------------
Taiwan's Shin Kong Financial Holding plans to convert the debt
of money-losing Cosmos Bank worth NT$3.825 billion (US$116
million) into the shares, Reuters reports.

Citing the company's statement, Reuters relates that Shin Kong
Financial has signed a memorandum of understanding with Cosmos
to convert the debt that its banking and insurance units hold in
Cosmos into equity.

The move, the company said, is aimed at reducing its losses from
its Cosmos holding.

Headquartered in Taipei, Taiwan, Cosmos Bank Taiwan --
http://www.cosmosbank.com.tw/-- provides financial services for  
individuals and small and medium-sized enterprises in Taiwan.  
The bank's products and services include deposits, loans,
discounted notes, investment in marketable securities, domestic
remittances, commercial drafts acceptance, domestic letter of
credit issuance, corporate bond issuance guarantees, domestic
guarantees, and collection and payment.  The bank also offers
brokerage services for government bonds, treasury bills, and
corporate bonds and stocks; custodian and storage services; safe
deposit box rental; credit card services; brokerage services for
gold bullion, gold coins and silver coins; regular incoming and
outgoing remittances, and foreign currency deposits, loans and
payment guarantees. In addition, the Bank is engaged in the
trust business, the trading of government bonds, short-term bill
brokerage, underwriting, issuing cash cards with stored value,
financial consulting services and other financial services.
Cosmos reported a net loss of 11.29 billion New Taiwan dollars
(US$342.1 million) for 2006, on assets of NT$244.69 billion. Its
capital-adequacy ratio fell to 7.51% as of the end of March,
below the 8% level required by Taiwan's regulator.  In April,
Cosmos said it planned to increase its capital by the third
quarter to avoid being taken over by the government.
On September 4, 2007, Fitch Ratings downgraded the Individual
rating of Cosmos Bank to 'F' from 'E' and affirmed its Support
rating at '5'.

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


DANA CORP: Wants Court Approval on Chrysler Settlement Agreement
----------------------------------------------------------------
Chrysler Company LLC, on behalf of itself and Chrysler Motors
LLC and Chrysler Canada Inc., is one of the Dana Corp.'s largest
customers, Robert J. Feinstein, Esq., at Pachulski Stang Ziehl
Young Jones & Weintraub, LLP, in New York, relates.  The Debtors
supply approximately US$500,000,000 in Component Parts to
Chrysler annually.

However, the supply of certain Component Parts was not
profitable for the Debtors, thus they undertook negotiations
regarding revised pricing that would enable them to continue to
supply the Parts to Chrysler under improved terms.

Also, prior tofiling for bankruptcy, certain Debtors purchased
axles from Chrysler.  The Debtors and Chrysler signed an
agreement to permit triangular set-offs whereby the parties
agreed that Chrysler may debit the accounts of certain Dana
entities for sums they owe to Chrysler relating to the
prepetition axles.  Dana Corp. questioned whether it had
authority to enter into the Setoff Agreement on behalf of its
subsidiaries and whether the Setoff Agreement was enforceable in
its entirety.  Chrysler placed all accounts owing to certain
Dana entities as of the bankruptcy filing on administrative hold
due to the dispute on the Setoff Agreement.

In September 2006, Chrysler filed claims against each of the
Debtors with each claim seeking recovery of:

  -- US$715,290 for axles shipped from Chrysler to certain
     Debtors before the Petition Date;

  -- US$75,706 for warranty claims as of September 8, 2006; and

  -- unliquidated amounts for postpetition warranty claims.

Chrysler asserts that its Claims are secured claims to the
extent of its set-off and recoupment rights.

Thus, the Debtors and Chrysler engaged in negotiations regarding
a comprehensive, consensual resolution of all customer pricing
issues in connection with certain prepetition purchase orders
and a related prepetition Setoff Agreement.

As a result, the parties entered into a settlement agreement,
which provides that:

  (a) The Debtors modify purchase orders and assume them.  The
      Modified Purchase Orders provide for increased piece
      prices for the Component Parts.  The Debtors will also
      assume existing purchase orders with Chrysler.

  (b) The Debtors and Chrysler will cooperate to support an axle
      co-sourcing initiative targeted to lower component
      acquisition costs.

  (c) The parties will share any Value Analysis/Value
      Engineering program savings for the duration of each of
      the programs in question and will memorialize those
      agreements periodically via appropriate purchase order
      amendments and price reductions.

  (d) The Debtors will assume the Setoff Agreement.  Chrysler
      will be allowed to set off its Claims against any amounts
      it owes to any Debtor.

  (d) Chrysler will withdraw with prejudice its Claims, provided
      that the Debtors will continue to be responsible for all
      warranty claims under the Purchase Orders.

  (e) The Debtors will waive and release all claims they have
      against Chrysler, excluding any obligations under the
      Settlement Agreement and claims for payment of bona fide
      invoices for Component Parts issued by the Debtors after
      the Petition Date and any warranty claims.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
Southern District of New York to approve the Chrysler Settlement
Agreement.

The Debtors have sought and obtained the Court's permission to
file certain exhibits and the Settlement Agreement under seal
because, according to Mr. Feinstein, they contain confidential
information that may harm the Debtors and Chrysler if disclosed
to the public.

                       About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries, including China.  Dana is focused on
being an essential partner to automotive, commercial, and off-
highway vehicle customers, which collectively produce more than
60 million vehicles annually.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Dana continues to close plants in North America, moving business
to other countries such as Mexico.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' filed their Joint Plan of Reorganization on Aug.
31, 2007.  (Dana Corporation Bankruptcy News, Issue No. 51;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


DANA CORP: Wants Court Nod on Ford Commercial Agreements
--------------------------------------------------------
Dana Corp. and its debtor-affiliates manufacture vehicle frames
Ford Motor Company's F-150 full-size pickup truck.  Ford is the
largest customer of the Debtors and their nondebtor affiliates,
Corinne Ball, Esq., at Jones Day, in New York, relates.  Global
sales of the Debtors' Frames to Ford have produced annual
revenues for the Debtors in hundreds of millions of dollars.

However, before filing for bankruptcy, the manufacture and sale
of Frames became unprofitable as a result of a number of
factors, including rising commodity and energy costs, declining
market share for the Debtors' OEM customers and significant
legacy costs.  Thus, as part of their restructuring efforts, the
Debtors reviewed their customer relationships as a whole and
undertook negotiations with each of their customers regarding
potential changes to commercial terms that would enable them to
manufacture and supply Frames at an economically sustainable
level.

With Ford, these negotiations largely were conducted in late
2006 and resulted in an agreement in principle between the
parties that was reached in December 2006, Ms. Ball says.  The
negotiations ultimately resulted in the execution of a series of
commercial agreements in August 2007.

The Commercial Agreements with Ford, among other things:

  (a) modify the commercial terms of certain existing agreements
      between the parties, including purchase orders;

  (b) establish the terms and conditions upon which the sale of
      Frames from Dana to Ford will be conducted going forward;

  (c) resolve certain issues relating to the future sourcing of
      F-150 Frames;

  (d) resolve related disputes and claims that previously have
      been asserted by Dana against Ford and provide for
      appropriate releases; and

  (e) resolve other commercial issues.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
Southern District of New York to approve the Ford Commercial
Agreements.

The Debtors have sought and obtained the Court's permission to
file the Commercial Agreements under seal.  Ms. Ball says the
Agreements contain confidential and commercially sensitive
pricing information and other commercial terms that if disclosed
will harm both the Debtors and Ford.

                       About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries, including China.  Dana is focused on
being an essential partner to automotive, commercial, and off-
highway vehicle customers, which collectively produce more than
60 million vehicles annually.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Dana continues to close plants in North America, moving business
to other countries such as Mexico.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' filed their Joint Plan of Reorganization on Aug.
31, 2007.  (Dana Corporation Bankruptcy News, Issue No. 51;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


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 Troubled Company Reporter-Latin America 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'.  S&P
affirmed the rating at the same time and were put on CreditWatch
with negative implications.


FLEXIBLE SPACE: Court to Hear Wind-Up Petition on October 17
------------------------------------------------------------
The High Court of Hong Kong will hear on October 17, 2007, at
9:30 a.m., a petition to have the operations of Flexible Space
Systems Limited wound up.

The petition was filed by Chan Kam Leung Tommy on August 8,
2007.


HONG KONG LEATHERGOODS: Appoints Lee Yat Fai Derek as Liquidator
----------------------------------------------------------------
At an extraordinary general meeting held on August 3, 2007, a
special resolution providing to the appointment of Lee Yat Fai
Derek as the company's liquidator was passed.

The Liquidator can be reached at:

         Lee Yat Fai Derek
         Tamson Plaza
         Room 1004, 10th Floor
         161 Wai Yip Street, Kwun Tong
         Kowloon, Hong Kong


INTERMOST CORP: New Auditors to Release Report on Schedule
----------------------------------------------------------
Intermost Corporation said that its auditing process has been
smooth and that it will release its 2006-2007 Annual Report on
schedule.  The new independent auditors, Samuel H. Wong &
Company, LLC, are auditing the Company's whole operation, from
Hong Kong to Shenzhen.

The new independent auditors are very disciplined and
responsible and dedicated in their work.  They are satisfied
with the company's operation, especially with the company's fast
and accurate financial reporting.

The Company's President & CEO, Mr. Rocky Wulianghai said that he
is pleased with the performance of the new independent auditors.  
Their support and suggestions to the Company's new management
team will aid the Company to become a more successful
corporation and a better platform for incubating other potential
small & medium companies.

                   About Intermost Corporation

Headquartered in Shenzhen, China, Intermost Corporation --
http://www.intermost.com/-- is a service provider of electronic  
exchange platforms for equity exchanges and financial products
in China.  It also provides value-added service to overseas
financing and listing for medium and small sized companies.  The
company was established in USA in September 1998.  It was quoted
on US OTC Bulletin Board (stock symbol: IMOT) in December 1998.  
As a financial service provider, Intermost Corporation is the
first Chinese Internet Company quoted on the US OTC BB.

The Troubled Company Reporter-Asia Pacific reported that E.
Randall Gruber, CPA, PC, expressed substantial doubt about
Intermost Corporation's ability to continue as a going concern
after it audited the company's financial statements for the
fiscal year ended June 30, 2006.  The auditing firm pointed to
the company's recurring losses and negative cash flows from
operations and has accumulated deficit.


LEADING MEDICAL: Members' Final Meeting Set for October 15
----------------------------------------------------------
The members of Leading Medical Group Company Limited will have
their final meeting on October 15, 2007, at 10:00 a.m., at Suite
818 of Central Building, 1 Pedder Street, in Central, Hong Kong.

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


LUEN BONG: Accepting Proofs of Debt Until October 10
----------------------------------------------------
Luen Bong Association Limited requires its creditors to file
their proofs of debt by October 10, 2007.

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

The company's liquidator is:

         Yuen Shu Tong
         Malaysia Building, 3rd Floor
         50 Gloucester Road
         Wanchai, Hong Kong


PLATINUM TECHNOLOGY: Creditors' Proofs of Debt Due on October 5
---------------------------------------------------------------
The creditors of Platinum Technology Limited are required to
file their proofs of debt by October 5, 2007, to be included in
the company's dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor, The Landmark
         15 Queen's Road, Central
         Hong Kong


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

AES CORP: Regulator OKs Unit's Planned US$25MM Bond Issuance
------------------------------------------------------------
AES Corp. unit AES Andres has secured authorization for its
planned bond issuance of up to US$25 million from the Dominican
Republic's securities regulator Superintendency of Securities,
according to a statement by government information center CIG.

Regulator chief Haivanjoe Ng Cortinas told Business News
Americas that AES Andres will use bond proceeds to "optimize the
structure of its working capital."

AES has appointed BHD Valores to be the placing agent for the
18-month bonds to be issued in four tranches.  The bonds
received a BBB(dom) rating from Fitch and Feller Rate,
BNamericas states.

                        About AES Andres

Headquartered in the Dominican Republic, AES Andres is a unit of
The AES Corporation.  It operates a 319-megawatt gas-fired plant
35 kilometers east of Santo Domingo.

                         About AES Corp.

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

                          *     *     *

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

                          *     *     *

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

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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


AES CORP: Shortlisted in Termoelectrica's Galati Thermal Bid
------------------------------------------------------------
The AES Corp. has been included in Romanian state-run power firm
Termoelectrica's short list of bidders for its Galati thermal
power plant, Thomson Financial reports.

Termoelectrica told Thomson Financial that it short-listed six
bidders to become a strategic partner for the plant,
Termoelectrica said today.

According to Thomson Financial, other bidders include:

          -- Czech utility CEZ,
          -- European energy production unit Eletrabel,
          -- Italian utility Enel,
          -- Gaz de France, and
          -- Italy's Edison.

The winning bidder will collaborate with Termoelectrica in
upgrading the 535-megawatt plant and possibly construct new
units in Galati, Thomson Financial states.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

                          *     *     *

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

                          *     *     *

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

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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


AES CORP: Deutsche Bank Puts Buy Recommendation on Firm's Shares
----------------------------------------------------------------
Deutsche Bank Securities analysts have assigned a "buy" rating
on The AES Corporation's shares, Newratings.com reports.

According to Newratings.com, the target price for AES' shares
was set at US$25.

The analysts said in a research note that "there is limited
downside" to AES' share price, after the "recent downturn."

The analysts told Newratings.com that AES is ready to capitalize
on the developing huge power infrastructure needed in the
emerging and developed markets.

AES currently has expansion projects at or near sites where it
has a presence, which increases the probability of success,
Newratings.com states, citing Deutsche Bank Securities.

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

                          *     *     *

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

                          *     *     *

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

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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


GLOBAL BROADCAST: Reports INR35MM Net Loss in Qtr. Ended June 30
----------------------------------------------------------------
Global Broadcast News Ltd incurred a net loss of
INR35.05 million on revenues of INR243.5 million in the three
months ended June 30, 2007.  In the prior quarter -- January to
March 2007 -- the company booked a net profit of
INR27.84 million on income totaling INR290.7 million.

For the latest quarter, Global Broadcast's expenses aggregated
INR238.23 million, bringing the operating profit of the company
to just around INR5 million.  The company booked interest
charges of INR24.62 million, depreciation expenses of
INR13.59 million and taxes totaling INR2.11 million.

A copy of the company's financial results for the quarter ended
June 30, 2007, is available for free at:

               http://ResearchArchives.com/t/s?2321

Headquartered in New Delhi, Global Broadcast News Limited --
http://www.ibnlive.com/-- owns and operates a 24-hour English  
language news and current affairs channel called CNN-IBN, which
was launched in December 2005.  The Company has an agreement
with CNN for an exclusive, limited, non-transferable right to
use and reproduce, inter alia, the CNN name and principal logo.  
It also has news services deal with Turner for production and
broadcasting services and is part of the TV 18 group, which owns
and operates some business channels and Internet portals.

The Troubled Company Reporter-Asia Pacific reported on Sept. 7,
2007, that Global Broadcast has a stockholder's equity deficit
of US$1.27 million.


ICICI BANK: To Set Up US$2-Billion Infrastructure Fund
------------------------------------------------------
ICICI Bank Ltd will be setting up a US$2-billion infrastructure
fund, media reports say.

The bank will seek the money from overseas investors to tap
demand for roads, ports and power, Bloomberg News reports.
Chanda Kochhar, the bank's deputy managing director, told
Bloomberg that the fundraising will be finished in about three
months.

ICICI Bank is now in the process of setting up the fund, which
fund Credit Suisse will help raise, George Smith Alexander and
Boby Kurian writes Tamil News Network.  Roadshows have started
and the bank already received soft commitments for around US$500
million, TNN says citing unnamed sources.

The bank plans to create a separate entity for the fund, in
which entity it is likely to contribute around 15-20%, TNN adds.

ICICI is reportedly looking at investors abroad with commitments
of above seven years.

                         About ICICI Bank

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

The bank has operations in Russia and the United States.

                          *     *     *

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

ICICI Bank carries Fitch Ratings' BB Subordinated Debt Rating.


RPG CABLES: Net Loss Narrows to INR32.5 Mil. in 1st Qtr. FY2008
---------------------------------------------------------------
RPG Cables Ltd. reported a net loss of INR32.5 million in the
first quarter ended June 30, 2007, an improvement compared to
the INR79.8-million loss incurred in the same quarter in 2006.

RPG Cables' net sales increased from INR373.1 million in the
April-June 2006 quarter to INR562.6 million in the latest
quarter under review.  Other income, however, decreased by 50%
to INR21 million, bringing the company's total income to
INR583.6 million.

The company's expenditures for the period aggregated
INR549.2 million, which gives the company an operating profit of
INR34.4 million.

Interest charges totaled INR58 million, depreciation booked
aggregated INR8.6 million while taxes were at INR300,000.

During the April-June 2007 quarter, the company concluded a one
time settlement with certain lenders, consequent to which
interest of INR15.40 million waived by the lenders, has been
included in Other Income, the company notes in its first quarter
financial results filed with the Bombay Stock Exchange.  The
principal amount waived on the settlement of INR88.80 million
has been credited to Capital Reserve being a capital receipt.

A copy of the company's financial results for the quarter ended
June 30, 2007, is available for free at:

               http://ResearchArchives.com/t/s?2324

The State Bank of India, the company's operating agency
appointed by the Board for Industrial and Financial
Reconstruction, has prepared a modified rehabilitation scheme
for the revival of the company and is expected to be submitted
to the BIFR soon.

Headquartered in Mysore, India, RPG Cables Ltd. operates in two
segments: Power cables and Telecommunication cables.  The
Company manufactures power and control cables, jelly filled
telephone cables, optical cables and housewiring cables.

The Troubled Company Reporter-Asia Pacific reported on Sept. 7,
2007, that RPG Cables has a stockholder's equity deficit of
US$20 million.


SINGER INDIA: Incurs INR6.3MM Net Loss in First Quarter FY2008
--------------------------------------------------------------
Singer India Limited's net loss for the first quarter ended
June 30, 2007, narrowed to INR6.3 million from the
INR10.8 million incurred in the same period last year.

A slight improvement can be seen on its revenues from the
INR102.9 million in the 1st quarter in FY2007 to the latest
quarter's INR118 million.  With the increased profit also came
the rise in expenditures -- up 11% to INR112.3 million.  
Expenditures for the period includes:

   Decrease in Stock in Trade: INR2.60 million
   Purchases of Finished Goods: INR95.70 million
   Staff Cost: INR3.30 million
   Other Expenditure: INR10.70 million

A copy of the company's financial results for the quarter ended
June 30, 2007, is available for free at:

             http://ResearchArchives.com/t/s?2325

Singer India Limited manufactures, among others, sewing
machines.  Singer India, hoping to meet the entire needs of an
Indian household, also makes food processors, juicer mixer
grinders, microwave ovens, fans, washing machines, televisions,
and airconditioners.  The company is a 49% subsidiary of Singer
Company N.V.

Singer India has been declared sick by the Board for Industrial
and Financial Reconstruction constituted under Sick Industrial
Companies (Special Provision) Act, 1985.  The company has filed
the restructuring plan for its revival.  It's factory at Jammu
continues to be under lay off since April 06, 2005.


SUN MICROSYSTEMS: To Hold Annual Stockholders' Meeting on Nov. 8
----------------------------------------------------------------
Sun Microsystems Inc. will be holding an annual stockholders'
meeting on Nov. 8, 2007, 10:00 a.m. Pacific Standard Time, at
Santa Clara Campus, 4030 George Sellon Circle, in Santa Clara,
California.

Among the matters to be voted upon by the stockholders in that
meeting is a one-for-four reverse split of the company's common
stock, which has been approved by the company's Board of
Directors.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network     
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the  
globe India.

                          *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and Sept.
22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


TATA STEEL: Signs Bonus Agreement with Workers' Union
-----------------------------------------------------
A Memorandum of Settlement has been signed on Sept. 5, 2007,
between Tata Steel and the Tata Workers' Union for Annual Bonus
for the accounting year 2006-2007.

The Memorandum of Settlement dated Aug. 20, 2002, which was
valid for five years till the accounting year 2005-06, has been
extended for the accounting year 2006-07 also.

In accordance with it, the annual bonus for the accounting year
2006-07 is to be calculated on the basis of 50% on Production
and 50% on Profitability.  Based on this calculation, the Annual
Bonus works out to 9.7% on Production and 10% on Profitability
-- thus making a total of 19.7% of salary/wages (Basic and
Dearness Allowance) paid for the year 2006-2007.

However on the request of the Union and in consideration of
satisfactory performance during 2006-07 and in order to keep up
the morale of the employees, it was agreed to round-off the
Bonus percentage for the accounting year 2006-07 from 19.7% to
20% (twenty) of salary/wages (Basic and Dearness Allowance) paid
for the year.

Since all employees of the steel company are drawing
salary/wages higher than the limit laid down in the Payment of
Bonus Act, 1965, no employee of the Company is eligible for
bonus under the Act.  However, respecting old traditions, the
company is going to pay bonus to all employees in the unionized
category.

At 20% percent bonus, the minimum and the maximum annual bonus
payable will be INR9,083 and INR69,452 respectively.  The total
payout on account of annual bonus for the year 2006-2007 will be
INR107 crore approximately.  Nearly 33,000 employees would be
paid an annual bonus.

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

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

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


TATA TELESERVICES: First Qtr. Profit Narrows to INR284.3 Million
----------------------------------------------------------------
Tata Teleservices (Maharashtra) Limited reported a net profit of
INR284.3 million in the first quarter ended June 30, 2007, a
huge improvement compared to the INR1.13-billion loss booked in
the corresponding quarter last year.

The improved bottom line was brought about by increased sales,
and reduced interest charges and depreciation expense.

The company's revenues went up by 26% from INR3.24 billion in
April-June 2006 to INR4.09 billion in the first quarter of
FY2008.  Operating expenditures increased by 16% to INR3.08
billion, bringing the company's 1st Qtr. FY2008 profit of INR1
billion.

The company's interest charges was almost cut in half from
INR464.6 million in the quarter ended June 30, 2006, to the
INR250 million in the latest quarter under review.   
Depreciation expense went down by 16% to INR1.03 billion.

A copy of the Tata Teleservices' financial results for the
quarter ended June 30, 2007, is available for free at:

              http://ResearchArchives.com/t/s?2327

A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services.  The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.

The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended Mar. 31, 2007,
and INR5.41 billion in FY2006.


VISTEON CORP: Completes Sale of Powertrain Business in India
------------------------------------------------------------
Visteon Corporation has completed the sale of Visteon Powertrain
Control Systems India in Chennai to Adyar River Ltd.  This
transaction is another restructuring action the company has
achieved to improve its business.

The agreement covers the VPCSI operation in Chennai, which
manufactures starters and alternators for global car makers.
The transaction supports the company's strategy to invest
proceeds from the sale of non-core assets in its market-leading
businesses.  Employees in the operation will continue to be
employed as part of the transaction.  Terms of the agreement
were not disclosed.

"This is another accomplishment in the process of restructuring
our business to focus on our key products and core
technologies," Donald J. Stebbins, Visteon president and chief
operating officer, said.  "With this sale, our restructuring
program is now more than 50 percent complete, and this gives us
even more flexibility to improve and grow our business."

For more than seven years, Visteon, a supplier of automotive
climate control systems, interiors and electronics, has had a
significant presence in India where it continues to expand and
grow.  Today, the Visteon India footprint includes four
manufacturing plants and two technical centers, employing more
than 2,000 people.  India is an important part of Visteon's
expansion in Asia, the fastest growing automotive market in the
world.  Visteon has 55 facilities and 38 manufacturing plants in
Asia, which the company expects to become its largest region by
2009, generating nearly 50% of its revenue.

Adyar River Limited is a joint venture between Argyle Street
Management Limited and Leticia Investments Corp.  Founded in
2002, the principal business of Argyle Street Management Limited
is management of funds investing in special situations in Asia.
Argyle manages approximately US$800 million of assets including
equity and debt instruments as well as real estate investments
under ASM, Asia Recovery Fund, ASM Hudson River Fund, certain
property fund and discretionary accounts.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company has more than
170 facilities in 24 countries and employs around 50,000 people.

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.

At March 31, 2007, the company's balance sheet showed a
stockholders' deficit of US$106 million, compared to a deficit
of US$188 million at Dec. 31, 2006.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has taken these actions regarding the ratings of
Visteon Corp.: Issuer Default Rating affirmed 'CCC'; Senior
Secured Bank Facility affirmed 'B/RR1'; and Senior unsecured
downgraded to 'CC/RR6' from 'CCC-/RR5'.


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

BANK LIPPO: 1st Semester Net Profit Up 65% to IDR375 Billion
------------------------------------------------------------
PT Lippo Bank Tbk's 2007 first semester net profit increased 65%
to IDR375 billion with the bank's strong lending performance,
which expanded by 53%, The Jakarta Post reports, citing
President Director Henk G. Mulder.

According to the report, Bank Lippo's loan portfolio is composed
of 32% corporate loans, 45% commercial loans, including SMEs,
and 23% consumer loans.

Mr. Mulder told the news agency that that the bank's strong
lending expansion had been accompanied by prudent credit quality
checks, as reflected in the bank's low non-performing loan ratio
of 1.7% as of the end of the first semester, compared to 2% for
the same period in 2006.

The growth in lending pushed up the bank's net interest income
up by 19 percent to IDR910 billion, from IDR766 billion a year
ago, The Post notes.

The report relates that Chief Commissioner Md. Ali Dewal said
the bank's strong financial performance was the result of the
ongoing transformation initiated by Khazanah since it took the
bank over in 2005.

                        About Bank Lippo

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:  
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.

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

The detailed ratings are:

   * Ba3/Ba3 issuer/foreign currency 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 and D
     BFSR were unaffected -- these ratings carry a stable
     Outlook.

On Jul 12, 2007, Standard & Poor's Ratings Services assigned
'B+' long-term and 'B' short-term counterparty credit ratings to
Indonesia-base Lippo Bank.  The outlook is stable.  Standard &
Poor's also assigned its 'D' bank fundamental strength rating to
the bank.  At the same time, Standard & Poor's assigned its 'B-'
issue rating to Lippo Bank's US$200 million subordinated notes
due in 2016.  The differential between the 'B+' counterparty
credit rating on Lippo Bank and the 'B-' rating on its
subordinated notes reflects the subordinated feature of the
notes.

On December 28, 2005, Fitch Ratings Services has affirmed Bank
Lippo's Individual rating at 'D', while upgrading its support
rating to '4' from '5' to reflect the entry of Khazanah
Nasional Berhad, the investment arm of the Malaysian government,
as the majority shareholder of the bank.


DIRECTED ELECTRONICS: Second Quarter 2007 Sales Up 12%
------------------------------------------------------
Directed Electronics, Inc. disclosed financial results for the
second quarter and six months ended June 30, 2007.

                     Second Quarter Results

Net sales in the second quarter of 2007 were US$86.7 million, an
increase of 12% over the prior year second quarter net sales of
US$77.7 million.  Gross sales of security and entertainment
products in the second quarter 2007 were US$62.4 million, an
increase of 64% over US$38.0 million in the prior year second
quarter.  Polk Audio represented US$24.3 million of gross
security and entertainment sales in the second quarter. Gross
sales of satellite radio products decreased 31% to US$28.3
million in the second quarter 2007, compared with US$41.3
million in the second quarter 2006.  Mobile audio and mobile
video both experienced double digit declines reflecting
continued market softness.

"In terms of our sales, for the second quarter 2007, our higher
margin security and entertainment products increased 64%
primarily due to an increase in our home audio business and
constituted approximately 69% of our overall sales compared with
48% in 2006," commented James E. Minarik, Directed's President
and Chief Executive Officer.  "This shift to a greater
percentage of sales in our higher margin businesses resulted in
our gross margin increasing to 32.7% from 26.6% last year."

"Consumer demand for audio-based entertainment, such as home
theater systems and portable music devices, continues to drive
purchases of our high-quality, Polk and Definitive Technology
branded speaker systems.  As a result, our overall sales
increase was driven principally by greater than 20% growth in
our home audio business, compared against prior year as if we
acquired Polk on January 1, 2006.  Our strength in home audio
was partially offset by a 31% decrease in our satellite radio
sales due principally to greater-than-anticipated sales of our
lower priced satellite radio sales, due principally to our
retailers working through their remaining overstocks from the
end of 2006, and fewer new retail satellite radio subscriber
additions than anticipated in our original plan.  We continue,
however, to be the leading provider of retail satellite radio
receivers with a 59% market share in the second quarter. We also
represented approximately 94% of SIRIUS's aftermarket hardware
sales in the second quarter."

"In the second quarter, we also experienced lower-than-expected
sales in our security and convenience business which we believe
is principally attributable to general softness in the consumer
electronics retail environment and more specifically double
digit sales declines at one of our major customers who is going
through a well publicized transformation process.  While we are
disappointed with our second quarter results in this category,
we continue to have confidence in the long-term growth potential
of the security and remote start market based both on what we
hear regularly from retail partners and the results of a
research study conducted for us earlier this year by a leading
consulting firm."

"This study confirmed our leadership position in this profitable
market, estimating our market share at approximately 45% and
citing Viper as the leading brand among retailers and consumers.
Additionally, the study suggests ample runway in this product
category as consumer awareness and market penetration of
security and remote start products remain low, while existing
owners of our products report extremely high satisfaction rates
and a strong inclination to repurchase. Consequently, while we
are intensely focused on controlling expenses given the decline
in our satellite radio sales, we are also making strategic long-
term investments by testing new advertising campaigns,
developing innovative merchandising displays for retailers, and
investing in new product development in the security and
convenience category."

"From an earnings perspective, as we stated in our last two
conference calls, we anticipated our net income in the second
quarter to be approximately one-half of our earnings in the
comparable period in 2006, or roughly US$0.06 as compared with
US$0.12.  We anticipated this earnings decline principally due
to lower expected sales of satellite radio as well as the impact
of our acquisitions in Canada as their sales consist of remote
start products which are seasonal and therefore dilutive in the
warm weather quarters but accretive on an annual basis.  Both of
these assumptions turned out to be accurate, but in addition we
also experienced modestly lower than expected sales in our
security and convenience category as well, and as a result our
EBITDA for the second quarter was down approximately 2% to
US$9.6 million.  However, we also experienced a few unforeseen
events which effectively reduced our net income to nearly flat,
or US$11,000, including an increase in our accounts receivable
reserves which we believe is prudent based on current general
economic softness, additional interest expense due to larger
working capital, and a significantly higher effective tax rate
in the quarter than our annual rate," concluded Mr. Minarik.

                      Year-to-Date Results

Net sales for the first six months 2007 were US$164.7 million,
an increase of 8.3% over the first six months 2006 net sales of
US$152.0 million.  Gross sales of security and entertainment
products for the first six months 2007 were US$127.1 million, an
increase of 64.6% compared with US$77.2 million in the
comparable period of the prior year.  Gross sales of satellite
radio products were US$43.8 million, a decrease of 43.5%
compared with US$77.5 million in the first six months 2006.

Pro forma net income for the first six months 2007 was US$1.3
million, or US$0.05 per diluted share, compared with pro forma
net income available to common shareholders of US$6.6 million,
or US$0.26 per diluted share, in the prior year period. GAAP net
loss for the first six months 2007 was US$2.8 million, or
US$0.11 per diluted share, which includes US$5.1 million of
expense related to the previously disclosed Omega lawsuit. GAAP
net income for the first six months 2006 was US$7.1 million, or
US$0.27 per diluted share, which included US$0.4 million of one-
time income tax benefit related to the revaluation of deferred
tax assets and liabilities.

               Gross Profit and Operating Margins

For the first six months 2007, gross profit increased 38.2% to
US$60.0 million, compared with US$43.4 million in the prior year
period.  The gross margin improvement was due to increased sales
of higher margin Polk Audio and Definitive Technology products
combined with reduced sales of lower margin satellite radio
receivers.

For the second quarter 2007, EBITDA was down slightly from
US$9.8 million to US$9.6 million.  For the first six months
2007, pro forma EBITDA increased 3.2% to US$21.0 million, from
US$20.4 million in the prior year period.

                  Balance Sheet and Cash Flows

The Company had US$13.1 million in cash as of June 30, 2007, and
generated US$31.1 million of operating cash flow in the first
half of 2007, compared with US$14.4 million for the first half
of 2006.  The Company's working capital as of June 30, 2007, was
US$138.8 million, compared with US$144.5 million as of March 31,
2007.  The Company had total debt of US$327.7 million as of June
30, 2007, which included US$24.0 million drawn on the company's
revolving loan, primarily funding for the Trilogix acquisition
and Omega litigation.

                       Outlook for 2007

For the full year of 2007, the Company is revising net sales
estimates and now expects net sales to be between US$415 and
US$440 million.  Further, the Company expects that it will
achieve gross sales growth in security and entertainment
products in the range of 35% to 40%.  The Company expects
security and convenience to generate revenue growth in the high
single digits compared with last year, mobile audio is expected
to increase 25% compared with the same period last year, home
audio is expected to double compared with the same period last
year, and the Company's smallest category as a percent of
revenue, mobile video, is expected to decrease 40% compared with
the same period last year.  As disclosed on July 10, the Company
expects sales of satellite radio products to decline by
approximately 35% to 40% for the full year of 2007 compared to
2006.

The Company expects gross margins to continue to improve
compared with last year, and overall pro forma EBITDA for 2007
is expected to be between US$66 and US$72 million compared with
US$69 million in 2006.  For the latter half of 2007, the Company
expects its higher margin security and entertainment sales to be
approximately 70% of sales compared with 52% in 2006, which the
Company believes will continue to result in higher gross profit
margins for the latter half of 2007.

"For the latter half of 2007, we have refocused our efforts on
implementing a number of cost improvement initiatives, as well
as effectively managing our working capital", stated Mr. Ron
Dutt Chief Financial Officer.  "With 2007 EBITDA expected to be
more than 2 1/2 times expected interest expense, we will
continue to use cash flow to invest in product innovation and
strategic marketing improvements as well as meet other working
capital needs of the business."

For the full year 2007, the Company now expects pro forma net
earnings per diluted share to be in the range of US$0.72 to
US$0.82.  This guidance includes $0.02 of non-cash stock-based
compensation expense.

The tax rate for the second quarter was unusually high,
reflecting the impact of several discrete items on pre-tax
income that was only about US$500,000.  The primary discrete
items included one related to the settlement of Restricted Stock
Units and one for revaluation of state deferred taxes related to
recent state law changes.

When this tax deduction "shortfall" in the second quarter is
added to the Company's normal tax rate of 38.7%, the rate
reached 100%.  The Company's full year effective tax rate,
including the discrete items, is projected at 40%.

                   About Directed Electronics

Directed Electronics, Inc. (Nasdaq: DEIX) --
http://www.directed.com/-- is the largest designer and marketer    
of consumer branded vehicle security and convenience systems in
the United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radioproducts.  As
the sales leader in the vehicle security and convenience
category, Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names. In the home audio
market, Directed designs and markets Definitive Technology(R)
and a/d/s/(R) premium loudspeakers.  Directed's mobile audio
products include speakers, subwoofers, and amplifiers.  Directed
also markets a variety of mobile video systems under the
Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names.  Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base.  The company has Asian Sales offices, including
in Indonesia, Japan, Malaysia, Singapore, Korea and Thailand.

The Troubled Company Reporter-Asia Pacific reported on Oct. 13,
2006, that Standard & Poor's Ratings Services lowered its
ratings on consumer electronics maker Directed Electronics Inc.
following its acquisition of Polk Audio Inc., a provider of
loudspeakers and audio equipment for homes and cars, for US$136
million in cash.  The corporate credit rating was lowered to B+'
from 'BB-', and was removed from CreditWatch negative where it
was placed on Aug. 25.


GEOKINETICS INC: Hires Two New Executive Officers
-------------------------------------------------
Geokinetics Inc. has appointed two executive officers effective
Sept. 1, 2007.

Jim White, a senior executive with over 25 years of operational
experience in the seismic industry, was appointed Executive Vice
President -- North American Operations reporting to Richard F.
Miles, the President and Chief Executive Officer of Geokinetics.
In this role, Mr. White will manage all acquisition, processing,
and interpretation operations in the United States and Canada.
Mr. White joined Geokinetics in Dec. 2005 through the
acquisition of Trace Energy Services, Inc., where he served as
the President and Chief Executive Officer since Feb. 2004.
Prior to that, Mr. White spent 25 years with WesternGeco in a
variety of operational roles, including Vice President for North
and South America.  Mr. White holds a Bachelors degree in
Geological Sciences from Penn State University.

Lee Parker, a senior executive with over 15 years of technical
and managerial experience in the seismic industry, was appointed
Executive Vice President -- International Operations reporting
to Mr. Miles.  In this role, Mr. Parker will manage all
international acquisition operations. Mr. Parker joined
Geokinetics in September 2006 through the acquisition of Grant
Geophysical, Inc., where he spent over 14 years in various
technical and managerial roles in Europe, Africa, South America,
and the United States, most recently serving as Vice President
-- Technology.  Mr. Parker holds a Bachelors degree in
Electronic Engineering from the University of Southampton.

Mr. Miles commented, "On behalf of the Board of Directors, I am
pleased to announce the promotions of Jim and Lee as executive
officers of Geokinetics.  We are fortunate to have these two
highly qualified individuals as part of our management team.
They both have a wealth of seismic operational experience and
will play a key role as we continue upon our growth
initiatives."

                     About Geokinetics Inc.

Geokinetics Inc., based in Houston, Texas, is a leading global
leader of seismic acquisition and high-end seismic data
processing and interpretation services to the oil and gas
industry.  Geokinetics provides seismic data acquisition
services in North America, Indonesia, Norway and Brazil.  
Geokinetics operates in some of the most challenging locations
in the world from the Arctic to mountainous jungles to the
transition zone environments.

The Troubled Company Reporter reported on Aug 21, 2007, that
Moody's Investors Service has withdrawn all the ratings for
Geokinetics Inc. following the company's redemption of all of
its rated bonds with the proceeds of an equity offering.
Moody's does not rate any other debt for Geokinetics.

The ratings withdrawn are the B3 corporate family rating and
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD 4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.

On Dec. 22, 2006, that Standard & Poor's Ratings Services
affirmed its 'CCC+' issue rating and '3' recovery rating on
Geokinetics' second priority floating rate notes due in 2012,
after the disclosure that the offering will be increased to
US$110 million from US$100 million.


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

ALL NIPPON: Typhoon Fitow Causes 38 Flight Cancellations
--------------------------------------------------------
All Nippon Airways Co., Limited cancelled flights due to typhoon
Fitow, writes Chris Cooper of Bloomberg News.

In a fax statement acquired by Mr. Cooper, JAL said on Sept. 7,
it cancelled a total of 38 flights affecting 6,200 passengers.

                      About All Nippon

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that Moody's Investors Service placed the Ba1
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
under review for possible upgrade.  The rating action reflects
ANA's high and stable profitability despite the ongoing price
hikes of aircraft fuel, as well as Moody's view that the
company's financial flexibility is likely to be further improved
by its recently announced asset disposition related to its hotel
business.


JAPAN AIRLINES: To Sell Major Hangars to Repay Debts
----------------------------------------------------
Japan Airlines International Company, Limited's officials
revealed that the company will sell its aircraft hangars in
Narita, Haneda, and other major Japanese airports by the end of
September, Jiji Press reports.  

According to Jiji Press, JAL will acquire a total of
JPY10 billion from the sale, which they plan to repay interest-
bearing debts to improve its finances.

The facilities, writes Jiji Press, will be leased back and the
struggling airlines will continue to use them.

                      About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


JAPAN AIRLINES: Cancels 82 Flights Due to Typhoon Fitow
-------------------------------------------------------
Japan Airlines International Company, Limited, cancelled flights
due to typhoon Fitow, writes Chris Cooper of Bloomberg News.

In a fax statement acquired by Mr. Cooper, JAL said it cancelled
a total of 82 flights affecting 15,530 people.

                      About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


JVC CORP: UK Unit Slammed Over Dismissal of 99 Employees
--------------------------------------------------------
Victor Company of Japan, Limited's United Kingdom unit was
strongly criticized by the labor union after sacking 99 workers
at its Scottish plant, reports Kyodo News.

Kyodo writes that the union Unite has criticized the move of
firing 99 of the 400 employees in the production of televisions
in the Scotland plant located in East Kilbride.

However, the move by Victor, known overseas for its JVC brand,
has prompted a 30-day mandatory consultation period in which the
dismissed workers will continue to be paid, conveys Kyodo News.

                       About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is   
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

The Troubled Company Reporter-Asia Pacific reported on June 4,
2007, that JVC reported a net loss of JPY7.9 billion for fiscal
year 2006.  This is its fourth consecutive annual loss.


SANYO ELECTRIC: Plans on Selling Appliance Unit
-----------------------------------------------
Sanyo Electric Co. Ltd. is considering selling off in stages its
home electrical appliance unit, it was learned by The Yomiuri
Shimbun.

According to the report, aside from the home appliance division,
its air conditioner and refrigerator lines will be sold as well.  
In addition, Sanyo will also consider selling shares of Sanyo
Electric Logistics Co., a subsidiary listed on the Jasdaq
Securities Exchange, which delivers Sanyo home appliance
products.

The company's home appliance unit, which is a major part of the
firm contributing about 10% of its consolidated net sales, has
been in the red for the six years, conveys Yomiuri Shimbun.  

Sanyo, relates Yomiuri Shimbun, intends to announce its reforms
at the end of November to promote streamlining its entire
operation wherein it is likely to examine its product lines to
determine whether to transfer production, collaborate with other
firms or sell the lines in stages.   

Reportedly, undergoing corporate rehabilitation, the Osaka-based
manufacturer plans to survive by concentrating on such
competitive fields as rechargeable batteries and commercial
electric appliances such as refrigerators for supermarkets.  In
line with this, should the withdrawal of the home electric
appliance industry, a few Sanyo-brand products, including
digital cameras and televisions and "eneloop" rechargeable
batteries will still be around for general consumers.

Yomiuri Shimbun states that the manufacturing of its
refrigerators have been entrusted to China-based Haier Co.,
while it is possible that some products, such as Aqua washer-
dryer, may be excluded from the plan.

                      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
=========

ARROW ELECTRONICS: Closes Centia & AKS Acquisition for US$32MM
--------------------------------------------------------------
Arrow Electronics Inc. has completed its previously announced
acquisition of Centia Group Limited and AKS Group Nordic AB
for approximately US$32 million, including the assumption of
debt.

"We are excited by the opportunities that the acquisition of
Centia/AKS, Europe's leading specialty distributors of access
infrastructure, security and virtualization software solutions,
brings to our enterprise computing solutions business.  This
transaction further strengthens our strategic focus on the fast-
growing software market segment and diversifies our product
portfolio in the European region, just as Alternative
Technology, Inc. enhanced our capabilities in North America,"
said Kevin Gilroy, president, Arrow Enterprise Computing
Solutions.

Centia/AKS has over 120 employees throughout Denmark, Finland,
France, Germany, Great Britain, the Netherlands, Norway and
Sweden.  The joint linecard includes leading suppliers such as
Citrix, VMware, and RSA.  Centia/AKS support value-added
resellers in delivering solutions that optimize, accelerate,
monitor and secure an end user's IT environment.  Total sales
for 2007 are expected to exceed US$120 million.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and    
solutions to industrial and commercial users of electronic
components and computer products.  Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

On March 29, 2007, Moody's Investors Service affirmed the
(P)Ba1, (P)Ba2 and (P)Baa3 Shelf Registration Ratings to Arrow
Electronics, Inc.'s subordinated, preferred, and senior
unsecured stocks respectively.  Moody's also affirmed the Baa3
senior long-term debt rating of Arrow Electronics and revised
the outlook to positive from stable.


DURA AUTOMOTIVE: Tim Trenary to Serve as CEO Effective Sept. 13
---------------------------------------------------------------
DURA Automotive Systems Inc. disclosed that C. Timothy Trenary
will join the company as vice president and chief financial
officer, effective Sept. 16, 2007.  He succeeds David L.
Harbert, a Tatum LLP Partner, who has served as DURA's interim
chief financial officer during restructuring.  Mr. Harbert will
remain with DURA through September to ensure a smooth
transition.

"Tim's extensive financial and management experience with major
automotive suppliers make him a great fit for DURA Automotive,"
said Larry Denton, chairman and chief executive officer of DURA.
"We're excited to have Tim on board.  I'd also like to thank
David for his many contributions as interim chief financial
officer through our reorganization."

Mr. Trenary brings nearly 30 years of financial expertise,
including capital formation and transactions, in the automotive
and telecommunications industries.  Since 2005, Trenary has been
at Collins & Aikman Corporation, an automotive interiors
supplier, first as vice president and treasurer and then as
executive vice president and chief financial officer.  There, he
joined a new management team and provided operational focus to
the finance function and strategic vision to the company.
Between 2001 to 2005, Mr. Trenary served at Federal-Mogul
Corporation, a global auto parts supplier, in several positions,
most recently as director of financial services and processes.
Mr. Trenary previously was chief financial officer and chief
operating officer of James Cable Partners, L.P. He began his
career as an auditor for what is now Ernst & Young.

Mr. Trenary said, "I'm excited by the opportunity to help DURA
complete its reorganization plans and I look forward to working
with DURA's talented employees.  The company has a strong
reputation for offering high-quality, innovative automotive
products and outstanding service.  DURA also has a competitive
market position with a strengthened balance sheet and has
tremendous potential to grow and attract new customers around
the world."

Mr. Trenary is a certified public accountant.  He earned an MBA
with honors from the University of Detroit and a bachelor's
degree in accounting with honors from Michigan State University.

On Oct. 30, 2006, DURA Automotive Systems, Inc., and its
domestic and Canadian affiliates filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code in the United
States Bankruptcy Court for the District of Delaware.  On
Aug. 22, 2007, the company filed its chapter 11 plan of
reorganization and the related disclosure statement.  The
company expects to exit chapter 11 during the fourth quarter of
2007.  DURA and its domestic and Canadian affiliates continue to
operate their businesses as Chapter 11 debtors-in-possession.

                      About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


DURA AUTOMOTIVE: Closes US$160.2-Mil. Sale of Atwood Mobile Unit
----------------------------------------------------------------
DURA Automotive Systems, Inc. has completed the sale of its
Atwood Mobile Products division to Insight Equity I L.P for
US$160.2 million.  Insight made the acquisition through Atwood
Mobile Products LLC (f/k/a Atwood Acquisition Co., LLC), the
investment vehicle Insight created for the acquisition of
Atwood, the nation's leading independent manufacturer of gas
appliances, windows, doors, electronics and hardware to the
Recreation Vehicle (RV) industry.

"We are excited to add Atwood Mobile Products to the Insight
portfolio.  Our vision for the future is to continue to build
the company into the industry's leading manufacturer of RV
components," Ted Beneski, managing partner and CEO of Insight,
said.

With approximately US$330 million in 2006 sales, Atwood Mobile
Products designs and manufactures furnaces, water heaters,
ranges, hardware, windows and doors, and electronics for use in
RVs, manufactured homes, specialty trailers, and other vehicles.
Headquartered in Elkhart, IN, Atwood serves hundreds of
customers through nine plants located in Tennessee, Utah, Ohio,
Iowa and Indiana.

Atwood provides the most extensive product line of any supplier
to the recreation vehicle industry.   More than 90% of the
recreation vehicles on the road today use Atwood products.  The
RV industry has experienced strong growth historically, with RV
ownership currently at record levels.  Industry trends point
toward significant future growth as well due to favorable
population demographics and increasing interest in RV's.

"Atwood is a profitable business poised for growth with
Insight," Larry Denton, chairman and chief executive officer of
DURA, said.  "This divestiture allows DURA to focus on its core
automotive parts business while we position DURA for long-term
success and emergence from Chapter 11 this year."

Insight Principal Conner Searcy noted, "While the financing
markets were as difficult as I have ever seen them, Insight
delivered on its original commitment to purchase Atwood for
US$160.2 million through Dura's 363 bankruptcy sale process.  
This is a testament to Insight's ability to get difficult
transactions done while other buyout firms are pulling back from
the market and walking away from deals."

For the operationally focused private equity firm, Eliot Kerlin,
a vice president with Insight, observed, "Atwood is a classic
Insight acquisition -- strong strategic positioning and a well-
known platform in its industry, yet with significant operational
and growth opportunities ahead.  We are excited to partner with
the Company's employees as we begin a 'new day' at Atwood."

Atwood is the eighth acquisition in Insight's current fund,
which closed in July 2005.  Atwood also represents the 4th
investment Insight has made during the last eleven months in
domestic transportation manufacturing companies.

DURA was advised by Miller Buckfire, AlixPartners and Kirkland &
Ellis in connection with this transaction.  Insight Equity was
represented by Hunton & Williams.

                      About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


HYNIX SEMICONDUCTOR: Gets S&S Advice Regarding Patent Claims
------------------------------------------------------------
Hynix Semiconductor Inc. has been advised by Simmons & Simmons
in relation to 'patent ambush' claims against US technology
corporate Rambus Inc.

The European Commission has confirmed that it has sent a formal
Statement of Objections to Rambus Inc alleging 'patent ambush'
concerning DRAMs.  This is the first time that the Commission
has dealt with a 'patent ambush' under EC antitrust law.

Rambus is accused of an anti-competitive 'patent ambush':
allowing technology over which it claims patent rights to be
adopted as a standard by an industry body of which it was a
member, later demanding large sections of the industry to pay
royalties for its use.

The Commission's preliminary conclusion is that Rambus Inc's
conduct amounts to an abuse of its dominant position and
therefore an infringement of EC competition law.  If it holds to
this position, the Commission may impose a fine on Rambus and
limitations on the licensing of its patents.

                    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.


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

CHIN FOH: Court Extends Restraining Order to December 12
--------------------------------------------------------
Chin Foh Bhd disclosed with the Bursa Malaysia Securities Bhd
that it has obtained from the Kuala Lumpur High Court an
extension of its restraining order to December 12, 2007.

The company's restraining order was initially due to expire on
Sept. 11, 2007.

With the court's order, the company said that any parties or
person is barred "from taking any action or proceeding against
CFB and its group of companies."

Chin Foh added that the extension of the Restraining Order is
not expected to have material financial and operational impact
on the Group's existing operations in view that the said
extension is necessary pending the approval of the proposed
Regularization Plan.

Malaysia-based Chin Foh Berhad -- http://www.chinfoh.com.my--  
is principally involved in trading and distribution of metal
base and non-metal base products, construction materials, panels
and non-ferrous metal products.  Its other activities include
manufacturing of glass, aluminium extrusions, stainless steel
and related products, rotary aluminium ventilators, providing,
cutting and slitting of metal and other related services,
general contracting, design, fabrication, supply and
installation of curtain wall and cladding and holding properties
and investments.  Operations are carried out in Malaysia,
Australia, and China.

Chin Foh is listed under Bursa Malaysia's Amended Practice Note
17 category and is therefore required to submit a regularization
plan to the Securities Commission and other relevant authorities
for approval.

On May 31, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Securities Commission did not approve of the
company's reform plan proposals.

Chin Foh's balance sheet as of April 30, 2007, also went upside
down with shareholders' deficit of MYR50.21 million from total
assets of MYR186.57 million and total liabilities of
MYR236.78 million.


PROTON HOLDINGS: Persona Model Seen as Vehicle to Profitability
---------------------------------------------------------------
Proton Holding's latest Persona car model has become its
fastest-selling model from the last two decades, boosting the
troubled company on its continued drive to profitability, Agence
France Press reports.  

Citing a report from the New Sunday Times, AFP notes that since
Persona's launch in the middle of last month, some 14,000
bookings have been placed for the four-door saloon.

"So far in terms of response, it has beaten all other (Proton)
models.  The figure of 14,000 is a lot," Syed Zainal Abidin,
Proton Holdings Bhd's managing director, was quoted as saying by
the daily.

The Persona, which replaced the 14-year old Wira model, has been
touted as the car that will change Proton's fortunes, the news
agency relates.

However, the new model will face stiff competition from top
sellers like Perodua's Myvi, the Toyota Vios and the Honda City,
which are in demand and command a better resale value.

The Persona is the fifth new model launched since 2000.  It
joins a stable that includes the Waja, the Savvy, the Satria Neo
and the Gen-2.


                      About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race   
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


PROTON HOLDINGS: Volkswagen Ready to Intensify Talks w/ Gov't
-------------------------------------------------------------  
Germany's Volkswagen has arranged high-level talks in coming
weeks on further steps towards linking up with Malaysian
carmaker Proton Holdings Bhd, Reuters reports.

"The talks with the main shareholder, Khazanah, and the
Malaysian government will now be further intensified, in order
to examine the possibilities of either a cooperation or taking a
stake in Proton," Volkswagen said in a statement last week, the
news agency relates.

Reuters recounts that Volkswagen has long been interested in
strengthening its position in Southeast Asia and first agreed to
a "long-term" strategic partnership with Proton in October 2004,
only to say in January 2006 that it had scrapped the plans after
Malaysia ruled out VW taking control of Proton.  

                      About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race   
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


TEXCHEM RESOURCES: To Acquire Electronic Trader for MYR3 Million
----------------------------------------------------------------
Texchem Resources Bhd is buying electronic components trader New
Material (Malaysia) Sdn Bhd from Mitsui Bussan Frontier Co Ltd
for MYR3 million cash, The Edge Daily reports, citing a
statement from Texchem.   

According to Texchem, its subsidiary, Texchem Materials Sdn Bhd,
had entered into a share purchase agreement with Mitsui to
acquire the entire 920,000 shares of MYR1 each in New Material.

The proposed acquisition, the company said, would allow it to
tap into New Material's database and derive synergistic benefits
along with added business opportunities.  

Texchem will use internal funds to finance the transaction,
which is expected to be completed by the fourth quarter of the
year, the newspaper notes.  

Meanwhile, pursuant to the SPA, New Materials is allowed to
declare a net dividend of up to MYR2 million to Mitsui prior or
on the completion date.

                     About Texchem Resources

Headquartered in Penang Malaysia, Texchem Resources Berhad --
http://www.texchemgroup.com/-- is principally engaged in  
trading in industrial chemicals and other products.  Its other
activities include manufacturing of family care products and
household insecticides and distribution and marketing of a wide
range of consumer and family care products; manufacturing and
marketing of raw surimi, fishmeal, feedmeal and seafood
products; manufacturing and selling of packaging products for
the electronics, electrical, semiconductor and disk drive
industries and investment holding.  The Group's operations are
located in Malaysia, Thailand, Singapore, Indonesia, China,
Vietnam, Myanmar and Italy.

Texchem is currently undergoing a financial rationalization and
restructuring program, which involves the disposal of a number
of dormant subsidiaries.


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

COTTLE DESIGNER: Accepting Proofs of Debt Until September 20
------------------------------------------------------------
Cottle Designer Homes Ltd. requires its creditors to file their
proofs of debt by September 20, 2007.

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

The company's liquidator is:

         Lloyd Hayward
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


FIVE STAR: PwC Provides Updates on Firm's Receivership
------------------------------------------------------
The receivers of Five Star Consumer Finance,
PricewaterhouseCoopers partners Richard Agnew and Anthony
Boswell, disclosed information on the number of investors and
the value of debenture holders' investments in relation to the
company.

Richard Agnew said his team was working through the loan books
of Five Star and its three subsidiary companies with a view to
establishing the likely value. "Our work is progressing well and
we hope to provide investors with an indication of their likely
returns in two to three weeks," he said.

According to information supplied by the company:

  -- 2,145 investors are affected by the receivership, and
     secured debenture stock totalled NZ$51.1 million.  Funding
     was sourced throughout New Zealand (75% from the Auckland,
     Waikato/Bay of Plenty, and Canterbury/Marlborough regions)
     predominantly from private investors.

  -- As at 31 March 2007, 65% of money lent by Five Star was in
     the commercial sector, with the remaining 35% being lent in
     the retail sector.  The geographical spread of where the
     company lent its funds was concentrated on the Auckland
     region.

Incorporated in 1988, Five Star Consumer Finance Limited is a  
wholly owned subsidiary of Antares Finance Holdings Ltd, owned  
by North Island shareholders.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2007, Covenant Trustee Co. appointed Richard Agnew and
Anthony Boswell, partners at PricewaterhouseCoopers, as
receivers to Five Star and its subsidiaries.

Five Star's board of directors sought the appointment because of
serious concerns as to the state of the debenture market and the
ability of the company to attract new funds and retain existing
investments.  The board, after  consulting with the Five Star's
auditors and advisers concluded that the company was unable to
operate in this market.


HERITAGE GOLD: Names Endeavor Group's Trent Lash as CEO
-------------------------------------------------------
Heritage Gold NZ Limited has entered into a management contract
with Endeavour Group Limited.  Under that management contract,
Trent Lash (a shareholder and director of EGL) will provide
management services to Heritage Gold akin to those of a CEO.

Heritage Gold is pleased to announce the appointment of Trent
Lash as the company's new chief executive officer.

Heritage Gold has been searching for a replacement since Peter
Atkinson announced his intention to step down earlier this year.
Mr. Atkinson will continue to act as a consultant for the
company and remain a director of Heritage Gold.

Trent has 15 years direct and indirect experience in underground
and open pit mining for a range of mineral resource companies in
Australia, Canada and South America.  This included experience
with the gold industry of Western Australia.

Trent has a Bachelor of Applied Science in Mining (Hons) degree
from University of Otago, and is a qualified civil engineer
(University of Auckland).  He has a strong track record of
developing business strategies in the resource related sector.

Heritage Gold Chairman Geoffrey Hill says: "Trent's expertise in
mining and geology will be of significant value to the company."

Trent's previous roles include CEO positions in mid-sized public
and private companies, and as divisional manager for large
multinational organisations with a market capitalization of up
to NZ$200 million.

Trent says he is delighted to be joining Heritage Gold when it
is entering a new phase, particularly with its gold mining
projects near Waihi and its Australian-based projects in cobalt
and uranium.

"The gold mining industry is at an exciting stage of its
development, making this the perfect opportunity to take on this
role," he says.  "Heritage Gold has a great deal of potential,
in particular its ability to crystallize the value of its
existing asset base and advancing the Waihi properties."

The management contract is effective for three years from
Sept. 1, 2007, to Aug. 31, 2010.  The base payment is
incremented annually in the second and third years by 7.5% and
7% respectively and an annual 10% performance bonus for
achieving material advances in the Company or significant
milestones is included.

To incentivize performance under the management contract,
Heritage Gold has today issued 8,000,000 Options to EGL. The
Options are in three series: the first series being exercisable
between years one and four after the date of issue, at nine
cents per option; the second series being exercisable between
years two and five after the date of issue, at 12 cents per
option; and the third series being exercisable between years
three and six after the date of issue, at 16 cents per option.

Termination fees apply if the Company or the Contractor
terminates the management contract.  Depending on the
circumstances, the termination fee is a nine month payment for
termination within the first twelve months and after twelve
months the termination fee is three to six months payment.

In announcing the new appointment, Mr. Hill took the opportunity
to thank outgoing managing director Mr. Atkinson for his long
serving contribution to the company.  "Peter has been with
Heritage Gold since it floated in 1986 and has been instrumental
in guiding the company through from its formative years. We look
forward to continuing to work with Peter in his capacity as a
consultant to ensure a smooth transition for Trent."

                     About Heritage Gold

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

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


LION FILM: Taps Black and Downey as Liquidators
-----------------------------------------------
The High Court of Auckland on August 9, 2007, appointed William
Guy Black and Kerryn Mark Downey as liquidators for Lion Film
Productions Ltd.

The Liquidators can be reached at:

         William Guy Black
         Kerryn Mark Downey
         McGrath Nicol + Partners (NZ) Limited
         18 Viaduct Harbour Avenue
         PO Box 91644, Auckland
         New Zealand
         Telephone:(09) 366 4655
         Facsimile:(09) 366 4656


M.A.D INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On August 15, 2007, M.A.D Investments Ltd. started liquidating
its business.

Trevor James Croy was named as liquidator.

The Liquidator can be reached at:

         Trevor James Croy
         PO Box 582, Ashburton
         New Zealand
         Telephone:(03) 308 8353
         Facsimile:(03) 308 1535


NOT JUST TILES: Faces Accident Compensation's Wind-Up Petition
--------------------------------------------------------------
Accident Compensation Corporation filed on April 3, 2007, a
petition to have the operations of Not Just Tiles Ltd. wound up.

The petition will be heard before the High Court of Auckland on
September 23, 2007, at 10:00 a.m.

Accident Compensation's solicitor is:

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


OKATO HOMEKILL: Court Sets Wind-Up Petition Hearing for Sept. 24
----------------------------------------------------------------
On June 22, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of Okato Homekill Butchery Ltd.
wound up.

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

The CIR's solicitor is:

         Kay S. Morgan
         Australia
         Telephone:(07) 959 0373


OLC LTD: Fixes September 15 as Last Day to File Claims
------------------------------------------------------
The creditors of OLC Ltd. are required to file their proofs of
debt by September 15, 2007, to be included in the company's
dividend distribution.

The company went into liquidation on August 14, 2007.

The company's liquidator is:

         N. P. Fagerlund
         c/o HFK Limited
         PO Box 39100, Christchurch 8545
         New Zealand
         Telephone:(03) 352 9189


ORICLE ROOFING: Taps Anthony Charles Harris as Liquidator
---------------------------------------------------------
Anthony Charles Harris was appointed as liquidator of Oricle
Roofing Limited on July 2, 2007.

Accordingly, Mr. Harris started collecting the company
creditors' proof of claims which ended on August 31, 2007.  
Creditors who were not able to file their proofs of debt on the
due date will be excluded from sharing in the company's dividend
distribution.

The Liquidator can be reached at:

         Anthony Charles Harris
         c/o Harris Neil & Associates Limited
         PO Box 14216, Tauranga
         New Zealand


RARE HOLDINGS: Court to Hear Wind-Up Petition Today
---------------------------------------------------
The High Court Rare Holdings Ltd. will hear on September 15,
2007, at 10:45 a.m., a petition to have the operations of
Rare Holdings Limited wound up.

The petition was filed by the Commissioner of Inland Revenue on
June 15, 2007.

The CIR's solicitor is:

         Kay S. Morgan
         Australia
         Telephone:(07) 959 0373


REGAL SOUTH: Appoints Anthony Charles Harris as Liquidator
----------------------------------------------------------
On July 2, 2007, Anthony Charles Harris was appointed as
liquidator of Regal South Island Ltd.

Creditors who were not able to file their proofs of debt on the
August 31 due date will be excluded from sharing in the
company's dividend distribution.

The Liquidator can be reached at:

         Anthony Charles Harris
         c/o Harris Neil & Associates Limited
         PO Box 14216, Tauranga
         New Zealand


SULZBERGER ASSOCIATES: Creditors' Proofs of Debt Due Today
----------------------------------------------------------
On August 13, 2007, David Stuart Vance and Bruce McCallum were
named as liquidators for Sulzberger Associates Ltd.

Messrs. Vance and McCallum are accepting proofs of debt from the
company's creditors until today, September 10, 2007.

The Liquidators can be reached at:

         David Stuart Vance
         Bruce McCallum
         c/o Nick Flack
         PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


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

GUESS? INC: Earns US$37.5 Million in Second Quarter Ended Aug. 4
----------------------------------------------------------------
Guess?, Inc. has reported record net earnings of US$37.5 million
for the second quarter of its 2008 fiscal, which ended
Aug. 4, 2007.  An increase of 81.5% compared to net earnings of
US$20.6 million for the recast quarter ended July 29, 2006.
Diluted earnings per share increased 81.8% to US$0.40 per share
in the current quarter versus US$0.22 per share in the prior
year quarter.

Paul Marciano, Chief Executive Officer, commented, "We are very
pleased with our record financial results this quarter, which
reflect the continued strength of the Guess brand, the success
of our ongoing investments in long-term initiatives, such as
Europe, Asia, and our accessories lines, and the consistency
with which we are growing our business in North America and
abroad.  We increased our revenues by 48%, as all of our
businesses delivered double digit revenue increases."

Mr. Marciano continued, "Strong performance across all of our
product lines in our retail business in North America led to a
16.2% same store sales increase for the quarter.  This was our
18th consecutive quarter of same store sales growth.  Our
European segment was especially strong, and contributed nearly
half of the Company's revenue growth with a 121% increase in
revenues. Strength in our Asian business, driven mainly by our
South Korean operation, contributed to a 75% revenue increase in
the wholesale segment.  Our licensing business also continued to
perform well above our expectations -- posting revenue growth of
51% in the quarter."

Mr. Marciano concluded, "On a consolidated basis, we increased
net earnings by 82%, with each of our business segments
contributing to this growth.  Our operating margin also improved
to 15.3% from 12.8% last year, even with the investments we made
in our long-term initiatives during the quarter.  This marks
another quarter of record earnings for our company, and the 16th
consecutive quarter of earnings growth."

Total net revenue for the second quarter of fiscal 2008
increased 48.2% to US$388.3 million from US$261.9 million in the
prior-year period.  The company's retail stores in the U.S. and
Canada generated revenue of US$201.6 million in the second
quarter of fiscal 2008, a 21.4% increase from US$166.1 million
in the same period a year ago.  Comparable store sales increased
16.2% for the quarter ended Aug. 4, 2007, compared to the
thirteen weeks ended Aug. 5, 2006.  The company operated 347
retail stores in the U.S. and Canada at the end of the second
quarter of fiscal 2008 versus 322 stores a year earlier.

Net revenue from the Company's wholesale segment, which includes
the company's Asian operations, increased 74.5% to US$57.3
million in the second quarter of fiscal 2008, from US$32.8
million in the prior-year period.

Net revenue from the Company's European segment increased 121.2%
to US$107.9 million in the second quarter of fiscal 2008,
compared to US$48.8 million in the prior-year period.

Licensing segment net revenue increased 51.1% to US$21.5 million
in the second quarter of fiscal 2008, from US$14.3 million in
the prior-year period.

Operating earnings for the second quarter of fiscal 2008
increased 76.4% to US$59.4 million from US$33.6 million in the
prior-year period.  Operating margin in the second quarter
improved 250 basis points to 15.3%, compared to the prior year's
quarter.  This margin expansion was driven by improved leverage
over occupancy costs and the positive impact of higher margin
businesses in the period.

                          Outlook

The company's expectations for the fiscal year ending
Feb. 2, 2008, are:

-- Consolidated net revenues are expected to range from
    US$1.56 billion to US$1.60 billion.

-- Operating margin is expected to be about 17.5%.

-- Diluted earnings per share are expected to be in the range
    of US$1.79 to US$1.84.

The fiscal year ending Feb. 2, 2008, will include 52 weeks and a
four-week January period, compared to the recast year ended
Feb. 3, 2007, which included 53 weeks and a five-week January
period.

                            Dividend

The company also announced today that its Board of Directors has
increased its quarterly cash dividend by 33.3% to US$0.08 per
share on the company's common stock.  The dividend will be
payable on Oct. 5, 2007 to shareholders of record at the close
of business on Sept. 19, 2007.

The Company will hold a conference call at 4:30 pm (ET) on
Sept. 4, 2007, to discuss the news announced in this press
release.  A live webcast of the conference call will be
accessible at http://www.guessinc.comvia the "Investor's Info"
link.  The webcast will be archived on the website for 30 days.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                          *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.


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

DIGITAL TYPHOON: Requires Creditors to File Claims by Oct. 5
-------------------------------------------------------------
Digital Typhoon Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by
October 5, 2007.

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

The company's liquidator is:

         Timothy James Reid
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


FLEXTRONICS INT'L: Solectron Stockholders Want to Vote on Merger
----------------------------------------------------------------
Flextronics International Ltd. disclosed that Solectron
Corporation's stockholders wish to make an election with respect
to the merger consideration to be received in the proposed
acquisition by Flextronics of Solectron must deliver a properly
completed election form to Computershare Shareholder Services,
Inc. by 5:00 p.m., New York City time, on Sept, 27, 2007 (the
Election Deadline).

Solectron stockholders who hold their shares through a bank,
broker or other nominee may have an election deadline earlier
than the Election Deadline.  These Solectron stockholders should
carefully review any materials they receive from their bank,
broker or other nominee to determine the election deadline
applicable to them.

Pursuant to the terms of the merger agreement, Solectron
stockholders are entitled to elect to receive either 0.3450 of a
Flextronics ordinary share or US$3.89 in cash, without interest,
for each share of Solectron common stock, subject to proration
as provided in the merger agreement.  Solectron stockholders who
do not make a timely election or fail to deliver a properly
completed election form to Computershare Shareholder Services,
Inc. by the Election Deadline will not be able to elect the form
of merger consideration they will receive in the merger.  These
non-electing stockholders will receive all cash, all Flextronics
ordinary shares or a combination of cash and Flextronics
ordinary shares according to the allocation rules set forth in
the merger agreement.

If, after submitting its election form, a Solectron stockholder
wishes to sell or otherwise transfer some or all of the shares
covered by its election, the stockholder will have to revoke its
election in order to deliver the shares to the purchaser or
other transferee.  Such revocation must be received by
Computershare Shareholder Services, Inc. prior to the Election
Deadline.  A Solectron stockholder may revoke its election and
submit a new election for shares it does not sell or otherwise
transfer.  Such election must be received by Computershare
Shareholder Services, Inc. prior to the Election Deadline.
Because a Solectron stockholder may revoke its election only
prior to the Election Deadline, after the Election Deadline and
prior to the effective time of the merger such stockholder will
not be able to sell or otherwise transfer shares for which an
election is effective as of the Election Deadline.

Beginning on Aug. 13, 2007, the required election forms and
accompanying instructions were mailed to Solectron stockholders
of record as of Aug. 6, 2007.  Solectron stockholders, including
those that acquired their shares after Aug. 6, 2007, may request
copies of these election documents by calling Innisfree M&A
Incorporated toll free from within the United States and Canada
at (877) 825-8971.  Solectron stockholders who hold their shares
through a bank, broker or other nominee should contact their
bank, broker or other nominee to obtain additional copies of the
election documents.

As provided by the merger agreement, exchangeable shares of
Solectron Global Services Canada Inc., other than exchangeable
shares owned by Solectron, any of its subsidiaries or their
affiliates, will be automatically exchanged for shares of
Solectron Corp. common stock, on a one-for-one basis, prior to
the effective time of the merger.  The merger agreement provides
that holders of exchangeable shares will be entitled to elect to
receive the same consideration in the merger, and to participate
directly in the merger, as a holder of shares of Solectron
common stock.  Therefore, for all purposes above, references to
Solectron stockholders are intended to also include holders of
exchangeable shares.

Both companies also announced that the companies have satisfied
merger control requirements in Canada, China, the European
Union, Mexico, Turkey, Ukraine and the United States. Merger
control notifications remain pending in Brazil and Singapore,
but neither affects the parties' ability to close the
transaction.

Thomas J. Smach, chief financial officer of Flextronics, stated,
"Assuming a successful shareholder vote for both companies,
which is scheduled for Sept. 27, 2007, we now expect to close
this transaction on Oct. 1, 2007."

                       About Solectron

Solectron Corporation -- http://www.solectron.com-- is one of  
the world's largest providers of complete product lifecycle
services. Solectron Corp. offers collaborative design and new
product introduction, supply chain management, Lean
manufacturing and aftermarket services such as product warranty
repair and end-of-life support to leading customers worldwide.
Solectron Corp. works with the world's premier providers of
networking, telecommunications, computing, storage, consumer,
automotive, industrial, medical, self-service automation and
aerospace and defense products.  The company's industry-leading
Lean Six Sigma methodology (Solectron Production System(TM))
provides OEMs with quality, flexibility, innovation and cost
benefits that improve competitive advantage.  Based in Milpitas,
California, Solectron Corp. operates in more than 20 countries
on five continents and had sales from continuing operations of
US$10.6 billion in fiscal 2006.

                     About Flextronics

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics  
manufacturing services through a network of facilities in over
30 countries worldwide.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

The company has operations in Brazil and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Fitch has placed Flextronics' ratings on Rating
Watch Negative:

    -- Issuer Default Rating at 'BB+';
    -- Senior Unsecured credit facility at 'BB+';
    -- Senior subordinated notes at 'BB';

The decision follows the announcement by Flextronics
International Ltd. of its agreement to acquire Solectron Corp.
(Issuer Default Rating [IDR] of 'BB-' on Rating Watch Positive
by Fitch) for US$3.6 billion in a combination of cash and stock.

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and 'BB-' subordinated debt ratings on Singapore-based
Flextronics International Ltd. on CreditWatch with negative
implications following the company's announcement that it
intends to acquire Solectron Corp. for cash and stock valued at
about US$3.6 billion.


LAZARD LTD: Opens Boston Office; Hires Messrs. Murray & Dolins
--------------------------------------------------------------
Lazard Ltd. is entering the Boston market, as part of its global
technology and North American Financial Advisory expansion.  The
firm has hired Michael Murray, Managing Director, and Mark
Dolins, Director, to lead the firm's activities for the new
Boston office.

Mr. Murray has joined the firm from Deutsche Bank, where he was
a Managing Director and co-head of the Technology Investment
Banking group in North America.  Mr. Dolins joined Lazard
recently from Cowen and Company, where he headed Software
Investment Banking.

"Boston is a major technology corridor and gives us a locally
based foothold into New England.  This move underscores our
strategy to expand our financial advisory business by sector and
geography," said Kenneth M. Jacobs, CEO of Lazard North America.
"Mike Murray and Mark Dolins have each built strong reputations
in investment banking and in the technology sector, and we
welcome them to Lazard's global technology team."

Mr. Murray joined Alex. Brown & Sons (later acquired by Deutsche
Bank) in Boston in 1994.  Prior to that he worked in the Lehman
Brothers Technology Investment Banking Group in New York.  Mr.
Murray earned a BA from Brown University and an MBA from Harvard
University.  Mr. Dolins spent the past eight years with Cowen
and Company in Boston, most recently heading the firm's Software
Investment Banking group.  He earned a BA from Denison
University and a JD from Duke University School of Law.

Over the past few months, Lazard has continued to invest in its
Financial Advisory business.  The firm recently acquired
Goldsmith Agio Helms, a U.S. middle-market advisory firm,
focused on advising U.S. mid-sized private companies.  The firm
also acquired Carnegie, Wylie & Company, Australia's leading
independent financial advisory firm, and announced plans to
acquire 50 percent of MBA Banco de Inversiones, extending
Lazard's reach across Central and South America.  In addition,
Lazard signed a cooperation agreement with Raiffeisen
Investment, the M&A advisory business for Austria's largest
banking group, strengthening its footprint across Russia,
Central and Eastern Europe.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a  
preeminent financial advisory and asset management firms that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.

The company has locations in Australia, Brazil, China, France,
Germany, India, Japan, Korea and Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007


MUSIC IMPACT: Requires Creditors to File Claims by Sep. 23
----------------------------------------------------------
Music Impact Entertainment (Singapore) Pte Limited, which is in
liquidation, requires its creditors to file their proofs of debt
by September 23, 2007.

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

The company's liquidator is:

         Teh Kwang Hwee
         c/o 7 Maxwell Road #05-07
         Annexe B, MND Complex
         Singapore 069111


TECHNOLOGY FUND: Accepting Proofs of Debt Until October 5
---------------------------------------------------------
The creditors of Technology Fund Pte Ltd are required to file
their proofs of debt by October 5, 2007.

Failure to file claims by the due date will be excluded from
sharing in the company's dividend distribution.

The company's liquidator is:

         Timothy James Reid
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


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

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

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

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

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

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

                          *     *     *

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

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

Ratings lowered:

ArvinMeritor Inc.

  -- Corporate Family Rating to Ba3 from Ba2

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

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

  -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

  -- Speculative Grade Liquidity rating, SGL-2


FEDERAL-MOGUL: Court Extends Lease Decision Deadline to Dec. 1
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware to extend
the period within which Federal-Mogul Corporation and its
debtor-affiliates may assume or reject non-residential real
property leases through and including the earlier of:

(a) Dec. 1, 2007; or
(b) the effective date of a plan of reorganization.

As reported in the Troubled Company Reporter on Aug. 15, 2007,
the Real Property Leases relate to numerous facilities integral
to the Debtors' ongoing business operations, notes James E.
O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub LLP, in Wilmington, Delaware.  While the Debtors'
management has largely completed the process of evaluating each
of the Real Property Leases for their economic desirability and
compatibility with the Debtors' long-term strategic business
plan, and a number of economically improvident Real Property
Leases have been rejected by the Debtors with the Court's
approval, several Real Property Leases are continuing to be
evaluated, Mr. O'Neill tells Judge Fitzgerald.  He notes that
the process of evaluating Real Property Leases has taken place
as the Debtors seek to (i) consolidate their facilities to
eliminate redundancies and inefficiencies; and (ii) shift
certain manufacturing efforts to portions of the country and the
world more suitable to their businesses, consistent with their
overall business plan.

An extension, Mr. O'Neill asserted, should be granted to:

(1) allow time for the Debtors' evaluation process to
     continue; and

(2) afford the Debtors maximum flexibility in restructuring
     their business.

"Given the inherent fluidity in the operation of a large,
complex business enterprise such as the Debtors', circumstances
may arise during the pendency of there Chapter 11 cases that
will cause the Debtors to rethink the need to continue leasing a
particular facility or their decision to reject a given Real
Property Lease," Mr. O'Neill points out.  "In the absence of an
extension . . . the Debtors could be forced prematurely to
assume Real Property Leases that may later be burdensome, giving
rise to large potential administrative claims against the
Debtors' estates and hampering the Debtors' ability to
reorganize successfully.  Alternatively, the Debtors could be
forced prematurely to reject Real Property Leases that would
have been of benefit to the Debtors' estates, to the collective
detriment of all stakeholders."

The Debtors request does not prejudice the lessors under the
Real Property Leases because the Debtors will continue to
perform all of their obligations under the Leases in a timely
fashion, including payment of all postpetition rent due, Mr.
O'Neill assured the Court.

                    About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some US$6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The confirmation hearing
started on June 18, 2007 and is expected to end on Oct. 1, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 146; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FEDERAL-MOGUL: Post US$21.1 Million Net Loss in July 2007
---------------------------------------------------------

                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
                For the Month Ended July 31, 2007
                          (In millions)

Net sales                                              US$233.1
Cost of products sold                                     196.2
                                                       --------
Gross margin                                               37.0

Selling, general & administrative expenses                (43.9)
Amortization                                               (1.2)
Reorganization items                                       (6.3)
Interest income (expense), net                            (15.1)
Other income (expense), net                                 8.6
                                                       --------
Earnings before Income Taxes                              (20.8)

Income Tax (Expense) Benefit                               (0.3)
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                                (21.1)
                                                       --------
Net Earnings (loss)                                    (US$21.1)


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
                For the month ended July 31, 2007
                          (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                  (US$21.1)
Adjustments to reconcile net earnings (loss) to net cash:
   Depreciation and amortization                           12.2
   Adjustment of assets held for sale and
      other long-lived assets to fair value                   -
   Asbestos charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg. principle            -
   Change in post-employment benefits                      (9.8)
   Decrease (increase) in accounts receivable              55.7
   Decrease (increase) in inventories                     (10.9)
   Increase (decrease) in accounts payable                (15.2)
   Change in other assets & other liabilities             (15.9)
   Change in restructuring charge                             -
   Refunds (payments) against asbestos liability              -
                                                       --------
Net Cash Provided From Operating Activities                (4.9)

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment            (7.2)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                           -
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                       --------
Net Cash Provided From (Used By) Investing Activities      (7.2)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                             (9.3)
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                    0.7
                                                       --------
Net Cash Provided From Financing Activities                (8.6)

Increase (Decrease) in Cash and Equivalents               (20.7)

Cash and equivalents at beginning of period                79.8
                                                       --------
Cash and equivalents at end of period                   US$59.1

The Debtors' assets totaled US$6,483,000,000 as of July 31,
2007.  Liabilities were at US$8,014,000,000.

Headquartered in Southfield, Mich., Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts  
company with worldwide revenue of some US$6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.  The confirmation hearing began June 18, 2007, and
is set to conclude on Oct. 1, 2007.  (Federal-Mogul Bankruptcy
News, Issue No. 146; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


FEDERAL-MOGUL: 40 Plan Objections Filed as of August 21
-------------------------------------------------------
The U.S. Bankruptcy Court for the District 0f Delaware had set
Aug. 21, 2007, as the deadline for Plan Objectors to file briefs
on issues relating to confirmation of Federal-Mogul Corporation
and its debtor-affiliates' Fourth Amended Joint Plan of
Reorganization.

As of Aug. 21, more than 40 Plan Objectors filed briefs opposing
the Fourth Amended Plan:

     Plan Objectors                         Contention
     --------------                         ----------
Ace Property & Casualty Ins. Co.;      Plan A fails to comply
AIG Casualty Co.; AIU Ins. Co.;        with Section 524(g) of
                                       the Bankruptcy Code.
Allianz Global Corporate & Specialty
AG; Allianz Underwriters Ins. Co.;
Allianze Global Risks U.S. Ins. Co.;
American Home Assurance Co.; Central
Nat'l Ins. Co. of Omaha; Century
Indemnity Co.; Columbia Casualty Co.;
Continental Casualty Co.;
DaimlerChrysler Corp.; Federal Ins.
Co.; Fireman's Fund Ins. Co.; First
State Ins. Co.; Ford Motor Co.;
Granite State Ins. Co.; Hartford
Accident & Indemnity Co.; Ins. Co. of
N. America; Ins. Co. of the State of
Pennsylvania; Lexington Ins. Co.; Mt.
McKinley Ins. Co.; Nat'l Union Fire
Ins. Co. of Pittsburgh, Pa; Nat'l
Surety Co.; New England Ins. Co.; New
Hampshire Ins. Co.; One Beacon
America Ins. Co.; Pacific Employers
Ins. Co.; PepsiAmericas, Inc.; Seaton
Ins. Co.; St. Paul Mercury Ins. Co.;
Stonewall Ins. Co.; The Continental
Casualty Co.; U.S. Fire Ins. Co.; and
Volkswagen of America, Inc.

ACE Insurers; AIG Member Cos.;         Plan A exceeds the limits
Allianz; CNA Entities; Federal Ins.;   of the Court's subject-
Fireman's Fund Ins. Co.; Mt.           matter jurisdiction and
McKinley; PepsiAmericas; The Hartford  fails to satisfy the
Cos.                                   Bankruptcy Code's good-
                                       faith requirements.

ACE Insurers; AIG Member Cos.;         Certain insurers have
Allianz; CNA Entities; Federal Ins.;   standing to object to
Fireman's Fund Ins. Co.; Mt.           confirmation of Plan A
McKinley; One Beacon; PepsiAmericas;   and Plan A is not
Seaton; Stonewall; The Hartford        insurance neutral.
Cos.

CNA Entities; Fireman's Fund Ins.      The Pneumo-Abex Trust
Co.; Mt McKinley; PepsiAmericas        Distribution Procedures
                                       cannot be approved.

PepsiAmericas                          The Plan's proposed
                                       treatment to
                                       PepsiAmericas is not
                                       fair, reasonable, or in
                                       compliance with
                                       applicable law.

Ford Motor Co.; PepsiAmericas          Ford Motor Co. has
                                       standing to object to
                                       confirmation of Plan A.

Employers Ins. Co. of Wausau;          The Plan's treatment of
Fireman's Fund Ins. Co.; Globe         Fel-Pro and Vellumoid
Indemnity Co.; One Beacon; Royal       Claims does not comply
Indemnity Co.; Seaton; Stonewall;      with the Bankruptcy Code.
The Travelers Indemnity Co.;
Travelers Casualty & Surety Co.

Fireman's Fund Ins. Co.; Globe         The Insurers have
Indemnity; One Beacon; Royal           standing to object to
Indemnity; Seaton; Stonewall;          confirmation.
Travelers; Wausau

ACE Insurers; AIG Member Cos.; CNA     The Court may not approve
Entities; Fireman's Fund Ins. Co.;     the Plan's purported
Globe Indemnity; One Beacon;           assignment of insurance
PepsiAmericas; Royal Indemnity;        rights.
Seaton; Stonewall; The Hartford Cos.;
TIG Ins. Co.; Travelers; Wausau

AIG Member Cos.; Allianz; Certain      The Court cannot approve
Underwriters at Lloyds, London and     the assignment of
Certain London Market Cos.; Fireman's  insurance rights as a
Fund Ins. Co.; Mt. McKinley;           matter of law under the
Travelers; Wausau                      Bankruptcy Code.

One Beacon; Seaton; Stonewall; Wausau  Plan B fails to comply
                                       with applicable
                                       bankruptcy and
                                       non-bankruptcy law.

In addition, Rothschild Inc. objects to the Fourth Amended
Plan's supplemental injunction and exculpation provision to the
extent that they could be interpreted as:

  (1) restricting Rothschild's rights to assert claims,
      counterclaims, affirmative defenses or other causes of
      action against the released parties in the event that any
      of them asserts a claim of any kind against Rothschild;

  (2) eliminating, reducing or otherwise affecting the Debtors'
      continuing obligations to indemnify and exculpate
      Rothschild in accordance with the parties' engagement
      letter;

  (3) modifying the legal standard that would apply in the event
      that any claims are asserted against Rothschild; or

  (4) limiting Rothschild's right to receive compensation earned
      and reimbursement of expenses incurred as administrative
      expenses under the Plan.

From the Debtors' bankruptcy filing to Nov. 30, 2003, Rothschild
provided the Debtors with financial advisory and investment
banking services.

Bradford J. Sandler, Esq., at Benesch, Friedlander, Coplan &
Aronoff LLP, in Wilmington, Delaware, clarifies that Rothschild
is not seeking to jeopardize Plan confirmation, or to delay the
Debtors' emergence from Chapter 11.  Rather, Rothschild seeks to
clarify that its rights will not improperly be limited by the
Supplemental Injunction or the Exculpation Provision,
Mr. Sandler clarifies.

Furthermore, Owens-Illinois, Inc., an alleged joint tortfeasor
and co-defendant in certain state court litigation with the
Debtors, maintains that the TDP was not proposed in good faith
in accordance with Section 1129(a)(3) of the Bankruptcy Code.

Katharine L. Mayer, Esq., at McCarter & English, LLP, in
Wilmington, Delaware, contends that the Asbestos Personal Injury
Trust enhances the rights available to asbestos plaintiffs at
the expense of the co-defendants.  She argues that the Trustees,
comprised of asbestos personal injury plaintiff lawyers, cannot
properly fulfill their obligations to all beneficiaries of the
Trust if:

  (1) those beneficiaries have interests directly adverse to
      each other; and

  (2) the Trustees themselves are biased because one of those
      adverse groups represents their own clients.

The Plan Proponents' allegation that indirect claimants voted in
favor of the Plan is misleading, Ms. Mayer argues.  "The Plan
Proponents unilaterally put indirect claimants in the same class
as the hundreds of thousands of claims submitted by the asbestos
plaintiff lawyers and then negotiated a deal for those lawyers
to support the Plan.  The acceptance by that class in no way
negates the validity of Owens-Illinois' objection."

Owens-Illinois asks the Court to deny confirmation of the Plan
with the TDP as written.

The Estate of Thurston Little, the Estate of Billy R. Scruggs,
and the plaintiffs in the civil action styled Doris Everitt, et
al. v. Pneumo Abex, LLC, pending in the U.S. District Court for
the Southern District of Mississippi, Jackson Division, join in
the Plan Objectors' contention that Plan A fails to comply with
Section 524(g).  The Plan's Channeling Injunction and other
structural deficiencies would impermissibly violate the asbestos
claimants' constitutional and equitable rights, the Pneumo Abex
Claimants assert.

                   Plan Proponents Respond

The Debtors, the Official Committee of Unsecured Creditors, the
Official Committee of Asbestos Claimants, the Official Committee
of Equity Security Holders, the Legal Representative for Future
Asbestos Claimants, JPMorgan Chase Bank, N.A., Cooper
Industries, LLC, and Pneumo Abex LLC, argue that for the most
part, the Plan Objectors are not creditors of, and have no legal
interest in, the Debtors' estates.

The Plan Objectors' arguments that the Plan and the Trust
Distribution Procedures violate the cooperation and voluntary
payment provisions of their policies and that the Plan
discharges the Debtors' obligations for those violations are a
gross mischaracterization of the Plan, the Plan Proponents
assert.

The Plan Objectors have not demonstrated the constitutionally
required injury in fact and the direct adverse impact on their
interests required of a putative party in interest under Section
1109 of the Bankruptcy Code, James E. O'Neill, Esq., at
Pachulski, Stang, Ziehl, Young, Jones  & Weintraub LLP, in
Wilmington, Delaware, contends, on the Debtors' behalf.  "Nor
can they do so, given the sweeping insurance neutrality language
of the Plan, which expressly provides that it does not adversely
affect the insurers' rights under their contracts in any way,
save for the Insurance Rights Assignment under Plan B."

The Objecting Insurers' contention that their pecuniary
interests are affected by the Plan is faulty, Mr. O'Neill
continues.  The proceeds of the Debtors' asbestos insurance
policies, he points out, are property of the Debtors, not the
Insurers.   The Plan does not obligate the Insurers to pay
amounts exceeding their pre-existing policy limits.

Moreover, the Objecting Insurers are not within the class of
persons protected by Section 524(g) and cannot assert the rights
of the asbestos claimants whose interests that provision seeks
to protect.  Thus, they have no standing to assert objections
based on alleged non-compliance with Section 524(g).

The Plan Proponents maintain that Plan A satisfies Section
524(g) and all of the other statutory requirements of the
Bankruptcy Code.  Mr. O'Neill notes that Plan A has the
"overwhelming" approval of the asbestos personal injury
claimants and all of the Debtors' other creditors -- the real
stakeholders in the Debtors' reorganization.

The prospect of Plan A's increased "complexity" in itself, Mr.
O'Neill asserts, does not provide any substantive basis for
denying Plan A.

Accordingly, the Plan Proponents ask the Court to confirm the
Fourth Amended Plan, including Plan A.

                          *     *     *

Judge Fitzgerald denied the Plan Proponents' request to strike
the testimony of Mark A. Behrens, one of the Objecting Insurers'
witnesses.

Judge Fitzgerald will hear closing arguments on Oct. 1, 2007.

                       About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The confirmation hearing
started on June 18, 2007 and is expected to end on Oct. 1, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 146; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


LIVING LAND CAPITAL: Gives Rehabilitation Plan Update to SET
------------------------------------------------------------
Nopadol Thongprasert, the Rehabilitation Plan Administrator for
Living Land Capital Public Company Limited, submitted to the
Stock Exchange of Thailand a report on the progress of the
company's efforts to solve its financial issues and of its
rehabilitation plan.

The Rehabilitation Plan Administrator had processed the business
rehabilitation plan for three months (April-June 2007) as
follows:

   April 23             Living Land registered paid-up capital:
                        THB8,596,938 debt to equity swap (tranch
                        5)

   May 4                Living Land changed directors and
                        authority of directors as follows:

                        1. Wanchai Subhaphayak
                        2. Kamol Chirapathama
                        3. Nopadol Thongprasert
                        4. Manop Khaewchaoom
                        5. PeePat Rang-guphan

   May 23               Living Land registered additional paid-
                        up capital -- THB100 million -- from a
                        specific investor, so registered capital
                        totals THB113,831,448.

   June 7               The Central Bankruptcy Court approved
                        the Plan edition No. 1 dated March 23,
                        2007, and April 27, 2007.

                        Moreover, Living Land moved its head
                        office to 64/40 Moo 6 Ratpattana Rd.,
                        Sapansoong, in Sapansoong, Bangkok
                        10240 since June 29, 2007.

   June 12              The Court ordered Living Land to change
                        its name, affixed sealed and regulation.
                        Hence, the company's name was changed
                        from "Hantex Public Company Limited" to
                        "Living Land Capital Public Company
                        Limited," and the registered capital was
                        increased from THB114,999,993 to
                        THB1,015,000,000 since June 29, 2007.

Headquartered in Bangkok, Thailand, Living Land Capital PCL
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  Formerly known as
Hantex PCL, the company drifted further to being insolvent in
2005, with THB608 million in liabilities -- almost double the
THB319.86 million in assets reported.


LIVING LAND: Gain on Restructuring Brings THB66MM 1H Profit
-----------------------------------------------------------
Living Land Capital PCL turned around with a net profit of
THB65,614,072.44 in the six-month period ended June 30, 2007,
from a net loss of THB7,374,067.89 in the same half-year period
in 2006.

According to the company, the 2007 first-half net profit was
brought about by its THB71,604,734.04 gain on debt
restructuring.

Living Land management submitted with the Stock Exchange of
Thailand a report that discussed its current financial
condition, stating that the company continuously suffered
losses, which declined because it "stopped producing to face a
loss at least."

For the six months to June 30, 2006, Living Land did not have
revenue from goods sold, but had total revenues of THB941,606.24
due to a loss from ordinary activities of THB7.37 million, which
is 18.72% more than the loss from ordinary activities of
THB5.99 million for the same period this year.

The company's balance sheet as of June 30, 2007, recorded total
current assets of THB13,162,608.72 and total current liabilities
of THB6,723,367.33.

As of end-June this year, the company's balance sheets showed
total assets of THB68,162,608.72 and total liabilities of
THB7,891,228.75, resulting in a total shareholders' equity of
THB60,271,379.97.

According to Living Land's management, the current asset has a
increasing trend -- from a THB0.92 million total current asset
figure as of Dec. 31, 2006 -- because new investor injected cash
flow to raise liquidity and invested in property business that
will make the revenue in the future.

Moreover, total asset was trended downside -- from
THB384.21 million as of Dec. 31, 2006 -- due to fixed assets
such as land, building and machine, which the Debtor placed as
collateral and transferred to settle debt, aggregating
THB382.0 million.

The company had current liabilities of THB2.07 million and total
liabilities of THB498.15 million as of the end of 2006.  
According to Living Land management, total liabilities as of
end-2006 were high because of its debt under the Plan, totaling
THB496.08 million as of Sept. 25, 2006.

Current liabilities increased as of end-June 2007 because the
company had trading debt totaling, management explained.  
However, total debt decreased to THB7.89 million from the figure
reported as of end-Dec. 2006 because of the transferred
collateral, debt to equity swap, and repayment of certain debt
under the Plan.  The remaining liabilities are trading debtor,
working capital debtor and labor debtor, which totaled
THB1.17 million.

                          Plan Update

The Court had approved the Plan according to Bankruptcy
legislation B.E.2483 Act. 90/58 dated September 25, 2007, and
the edition of the Plan No.1 dated June 7, 2007.  The company
has responsibility to report the progressive of the Plan every
three months to the Business Rehabilitation Office.  If the
company does anything apart from the Plan, it must submit the
petition to the Court for approval.  The company expects to
thoroughly implement the Plan and complete it by the end of
2007.

                  Return to the Normal Sector

Living Land is in the Non-Performing Group, but still has a
listed status.  

A listed company that completely resolves its financial and
operational problems may apply for a transfer to its normal
sector.  The SET will consider a listed company's status based
on the quarterly financial statements reviewed by the auditors
or the audited annual financial statements using all of the
following criteria:

   1. show positive shareholder equity (after adjustment in
      accordance with the auditor's opinion);

   2. show a net profit from the firm's core business in three
      consecutive quarters or for one year prior to the
      submission of the application;

   3. has successfully restructured over 75% of total debt; has
      the ability to settle debt with creditors in a timely
      manner during the period specified; and debt-restructuring
      plans protect minority shareholder rights;

   4. show the firm's strong financial position and performance
      on a continuous basis, with supporting consideration of
      cash flows.

Headquartered in Bangkok, Thailand, Living Land Capital PCL
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  Formerly known as
Hantex PCL, the company drifted further to being insolvent in
2005, with THB608 million in liabilities -- almost double the
THB319.86 million in assets reported.


UNITED COMMUNICATION: SET Announces Delisting of Securities
-----------------------------------------------------------
United Communication Industry Public Company Limited has already
proceeded with its restructuring plan and asked for the
voluntary delisting of its securities.

Thus, by virtue of Section 171 (4) of the Securities and
Exchange Act B.E. 2535 (1992), the Board of Governors of the SET
has approved the delisting of UCOM.

UCOM's securities will remain listed until Sept. 13, 2007, and
on Sept. 14, will formally be delisted from the SET.

The Meeting also approved the restructuring plan of UCOM's unit,
Total Access Communication Public Company Limited (DTAC), which
plan comprises of:

   (a) the proposed delisting tender offer by DTAC to acquire
       all shares of UCOM pursuant to which UCOM will be
       delisted from the SET.  The Delisting Tender Offer will
       be on the basis of 1.95 shares of DTAC of par value THB2
       each in exchange for 1 share of UCOM of par value THB10
       each (DTAC proposes to sub-divide its shares from one
       issued ordinary share of par value THB10 each to 5 issued
       ordinary shares of par value THB2 each);
    
   (b) the proposed issue of up to 847,692,965 new ordinary
       shares of DTAC of par value THB 2 each to UCOM's
       shareholders in order to meet the consideration for the
       Delisting Tender Offer; and
    
   (c) the proposed selective capital reduction of DTAC to
       cancel 847,692,965 shares of DTAC of par value THB 2 each
       held by UCOM (after the proposed sell down by UCOM of
       140,000,000 DTAC shares of par value THB 2 each during
       the Initial Public Offering of new shares by DTAC).  UCOM
       will receive consideration from DTAC for the Selective
       Capital Reduction in the total amount of
       THB1,695,385,930.
    
Headquartered at Chatuchak, in Bangkok, Thailand, United
Communication Industry Public Company Limited was incorporated
as a public limited company under Thai laws and listed on the
Stock Exchange of Thailand in 1993.  The Company operates in
Thailand and is formerly principally engaged in the provision of
network solution services including trunked radio sales and
services.  

UCOM is currently undergoing financial restructuring.  In
disclosure with the Stock Exchange of Thailand on May 10, 2007,
the company informed that its shareholders approved its
restructuring plan on April 30, 2007.


UNITED COMMUNICATION: Posts THB939MM Net Income for 2nd Quarter
---------------------------------------------------------------
United Communication Industry Public Company Limited posted
total income of THB939,504,000 for the quarter ended June 30,
2007, compared with the THB407,070,000 net income recorded for
the same quarter in 2006.

UCOM's total revenues for the 2007 second quarter was
THB3,486,000, versus the THB499,910,000 of total revenues
recorded for the same period the previous year.

For the six-month period ended June 30, 2007, UCOM's total net
loss was THB1,364,633,000, compared with the THB676,657,000 net
income posted for the same period in 2006.

As of June 30, 2007, UCOM's balance sheet showed total current
assets of THB5,519,378,000 and total current liabilities of
THB3,949,599,000.  The company's total assets as of end-June
2007 was THB7,298,922,000, with total shareholders' equity of
THB3,349,323,000.

Headquartered at Chatuchak, in Bangkok, Thailand, United
Communication Industry Public Company Limited was incorporated
as a public limited company under Thai laws and listed on the
Stock Exchange of Thailand in 1993.  The Company operates in
Thailand and is formerly principally engaged in the provision of
network solution services including trunked radio sales and
services.  

UCOM is currently undergoing financial restructuring.  In
disclosure with the Stock Exchange of Thailand on May 10, 2007,
the company informed that its shareholders approved its
restructuring plan on April 30, 2007.




                           *********

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
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Peter A. Chapman, Editors.

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