TCRAP_Public/070911.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, September 11, 2007, Vol. 10, No. 180

                            Headlines

A U S T R A L I A

CAHOJO PTY: To Declare Unsecured Dividend on Sept. 28
CHRYSLER LLC: UAW Open to Health Care Trust Fund; Seeks Pact
CHRYSLER LLC: U.S. Sales Dip 6% to 168,203 Units in August 2007
COLES GROUP: ACCC Ponders on Woolworths Assets Acquisition
CURRARONG INVESTMENTS: Placed Under Voluntary Liquidation

FORTESCUE METALS: Magnitogorsk Applies to Gov't for Higher Stake
HOPE ISLAND: Commences Liquidation Proceedings
HUNGRY DOG: Members to Hold Final Meeting on September 18
JOHN MORELLO: Members Resolve to Liquidate Business
K & C STAPLETON: Members to Hold General Meeting on Sept. 17

KOALA TIMBER: Creditors' Proofs of Debt Due on Sept. 12
MASTER DECORE: Members and Creditors to Meet on September 21
RALPH WILLIAMS: To Declare First and Final Dividend on Sept. 27
ROO GROUP: Posts US$7.4 Mil. Net Loss in Quarter Ended June 30
TRIPOS INC: Common Stock to be Delisted from NASDAQ Stock

TUGLOW (N.S.W): Creditors' Proofs of Debt Due Today
ZINIFEX LTD: Launches Joint Venture with Umicore and Nyrstar


C H I N A   &   H O N G  K O N G

AMERICAN UNITY: June 30 Balance Sheet Upside-Down by US$1.3 Mil.
BALLY TOTAL: Delays Filing of 2nd Quarter 2007 Financial Report
GRAFTECH INT'L: June 30 Balance Sheet Upside-Down by US$8 Mln
GRAFTECH INT'L: Better Cash Flow Cues Moody's to Revise Outlook
FIAT SPA: Quells Rumors on Joint Bid for Jaguar & Land Rover

NEO-CHINA: To Acquire Yi Jia for US$198 Mil. Plus Shares
SANMINA-SCI CORP: Names Joseph Bronson as President and COO
SANMINA-SCI CORP: Posts US$27.6MM Net Loss in Quarter to June 30
TYSON FOODS: CEO Richard Bond Outlines Financial Turnaround
* Fitch: Taiwan Insurance Sector Safe from US Subprime Exposure


I N D I A

AES CORP: Deciding on Argentine Investments After October Polls
AMPLE COMMS: Mindspeed to Acquire Product Portfolio & IP Assets
BANK OF BARODA: Looking for Partner to Revive Card Division
BAUSCH & LOMB: Settles Merger-Related Shareholder Suits
CANARA BANK: Considers Tie-Up for Canbank Venture Funds

GENERAL MOTORS: UAW Open to Health Care Trust Fund; Seeks Pact
GENERAL MOTORS: Inks Settlement Agreement with Delphi Corp.
VEDANTA RESOURCES: S&P Affirms 'BB' Sr. Unsecured Debt Rating
* Moody's Says India Structured Finance Issuance Almost Doubles


I N D O N E S I A

ARPENI PRATAMA: Acquires Panamax Vessel MV Mustikawati in July
BAKRIE SUMATERA: To Build US$25-Million Biodiesel Plant in 2009
BANK NIAGA: Fitch Affirms Long-Term Foreign Currency IDR at BB-
BANK LIPPO: Fitch Affirms 'B' Short-Term Foreign Currency Rating
BANK RAKYAT: To Pay IDR61 Billion for Bank Jasa Acquisition

DIRGANTARA INDONESIA: Bankruptcy Ruling is Wrong, Says Minister


J A P A N

BOSTON SCIENTIFIC: Board Elects Ray Elliot as Director
FORD MOTOR: UAW Open to Health Care Trust Fund; Seeks Pact
FORD MOTOR: Fiat & Tata Motors Mull Joint Bid, Reports Say
GK L-JAC: S&P Rates Low-B Rating on 7 Trust Certificates
HMV GROUP: Total Group Sales Up 12.2% for 18-Week Ended Sept. 1

SANYO ELECTRIC: Advantage Outbids LongReach for Semicon Unit
* Moody's says Food Companies Are Stable Despite Cost Pressure


K O R E A

DAEWOO ELECTRONICS: Partners w/ LG Electronics for Outsourcing
HANAROTELECOM: Carlyle Group & Macquarie Bank Plan to Buy Stake
KOREAN EXPRESS: Kumho Asiana Group Plans to Take Over Firm


M A C A U

MELCO PBL GAMING: Moody's Assigns First-Time (P)Ba3 Ratings
MELCO PBL GAMING: S&P Assigns 'BB-' Corporate Credit Rating


M A L A Y S I A

AYER MOLEK: Requisitionists Held EGM; Appoints New Board
AYER MOLEK: Securities Commission Orders Freeze of Assets
PROTON HOLDINGS: Plans Another Cut on Dealer Network
TENCO BERHAD: Looks to Resume Trading After Reform Exercise


N E W  Z E A L A N D

AUTUMN LODGE: Accepting Proofs of Debt Until Sept. 14
BARNARD STREET: Commences Liquidation Proceedings
CARROW HOLDINGS: Court Sets Wind-Up Hearing on Sept. 13
FELTEX CARPETS: Legal Action Against Firm Will be Filed Soon
FINANCE AND INVESTMENTS: Principals Place Firm in Receivership

GLASS EARTH: Completes Otago Airborne Geophysical Survey
GLENBROOK LODGE: Names Heath and Lamacraft as Liquidators
METRO MOTOR: Court to Hear Wind-Up Petition on Sept. 13
NEW ZEALAND LIFE: Fixes Sept. 14 as Last Day to File Claims
NORTHRIDGE CONSTRUCTION: Court Set to Hear Petition on Sept. 13

NSW ENTERPRISES: Fixes Sept. 28 as Last Day to File Claims
PLS CONSTRUCTION: Accepting Proofs of Debt Until Sept. 28
REDWOOD LIFESTYLE: Proofs of Claim Due on Sept. 14
REDWOOD LODGE: Appoints Heath and Lamacraft as Liquidators
SOUTHERN MAN: Taps Paul Alexander Glass as Liquidator

SUNSET LODGE: Names Heath and Lamacraft as Liquidators
THE BOOMS: Creditors' Proofs of Debt Due on Sept. 14
TRIKKE NEW ZEALAND: Subject to PMP Print's Wind-Up Petition
YESKY LTD: Appoints Official Assignee as Liquidator
* Security Commission Proposes New Powers for Trustees


P H I L I P P I N E S

PRIMETOWN PROPERTY: Enters into MOA with Eurovek
ZIPPORAH REALTY: Pays PHP80,800 Penalty to Securities Commission


S I N G A P O R E

HLG ENTERPRISE: Moves Location of Share Register
NAM WHATT: Accepting Proofs of Debt Until September 21
TANG'S CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 21
VISION ONE: Pays First and Final Dividend


T H A I L A N D

ARVINMERITOR INC: Closes 13 Plants to Initiate Restructuring
OROPLUS THAILAND: Parent to Dissolve Firm Due to Losses


* BOND PRICING: For the Week 10 September to 14 September 2007

     - - - - - - - -

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

CAHOJO PTY: To Declare Unsecured Dividend on Sept. 28
-----------------------------------------------------
Cahojo Pty Ltd, which is in liquidation, will declare the first
and final dividend for its unsecured creditors on September 28,
2007.

Accordingly, creditors are required to file their proof of
claims on or before September 26, 2007, will be included from
sharing in the company's dividend distribution.

The company's liquidator is:

         R. L. Cardwell
         14 Barry Place
         Cherrybrook, New South Wales 2126
         Australia

                        About Cahojo Pty

Cahojo Pty Ltd, which is also trading as Guildhall 5 Star
Supermarket, operates grocery stores.  The company is located at
Boorowa, in New South Wales, Australia.


CHRYSLER LLC: UAW Open to Health Care Trust Fund; Seeks Pact
------------------------------------------------------------
The United Auto Workers union is amenable to creating a trust
fund for retiree health-care benefits as long as all of the
parties involved can reach an agreement on funding terms, The
Detroit News relates.

UAW leaders understand that transferring tens of billions of
dollars in liability from the books of Detroit's "Big Three"
automakers -- General Motors Corp., Ford Motor Co., and Chrysler
LLC -- to trust funds controlled by them could work, Bryce G.
Hoffman writes for The Detroit News, quoting sources close to
the contract negotiations.

According to the report, executives of the three companies
believe that paying the United Auto Workers to assume
responsibility for retiree health benefits is the best way to
make their companies cost-competitive again.  However, the
automakers' plan to fund part of their workers' benefits with
company stock could make it quite difficult for union members to
accept the offer.

Patterned after similar deals at Goodyear Tire & Rubber Co. and
Dana Corp., the three car makers want to pay the union to
establish what are called voluntary employee beneficiary
associations, or VEBAs, that would assume responsibility for
hourly retiree health benefits.  They had proposed VEBAs in
their initial economic offers to the UAW, Mr. Hoffman of The
Detroit News states.

A VEBA would cost each automaker billions -- as much as
US$35 billion in GM's case -- but it would permanently remove
billions more in liabilities from their balance sheets.  It also
guarantees the union's right to protect those benefits should
any of the automakers file for bankruptcy, The Detroit News
reveals.

Meanwhile, the UAW's top negotiator on its General Motors Corp.
bargaining team vowed that retirees won't have to pay more for
their health care in the next national contract, Louis Aguilar
writes for The Detroit News.

"I can tell you one thing, we are determined not to put any more
costs on retirees for their health care," said UAW Vice
President Cal Rapson.

In June 2007, that the car companies are trying to deal with
health care costs that GM CEO Rick Wagoner says cost them a
combined US$12 billion in 2006.  Providing health care to 2
million employees, retirees and dependents contributed to losses
at each of the U.S. automakers last year, while Japanese rivals
posted record profits.  The difference is made even more
significant by higher pensions and retiree health care costs.

GM and Ford hourly labor costs -- US$73.26 and US$70.51,
respectively -- are about US$30 an hour higher than those paid
by Japanese competitors operating U.S. plants.  The UAW's
current four-year contract with the "Big Three" automakers
expires Sept. 14, 2007.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                          *    *    *

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


CHRYSLER LLC: U.S. Sales Dip 6% to 168,203 Units in August 2007
---------------------------------------------------------------
Chrysler LLC reported U.S. sales for August 2007 of 168,203
units; down 6% compared to August 2006 with 179,165 units sold.
All sales figures are reported as unadjusted.

"Overall, the industry experienced softer sales in August than a
year ago," Darryl Jackson, vice president of U.S. Sales, said.
"Our fleet sales are down more than 20% versus August 2006.
While this has driven the overall sales decrease for the month,
it is directly in line with the company's Recovery and
Transformation Plan to reduce sales of our daily rental fleet
during the second half of the year."

Chrysler brand car sales were led by Sebring Sedan which posted
sales of 4,929 for August, up 66% over the prior month.
Chrysler Sebring Convertible finished the month with sales of
2,730 units improving 8% over July.  Chrysler Aspen sales also
rose 62% versus July with 3,599 units, posting its best month
ever.

The Jeep brand was down 1% versus last year while Wrangler and
Compass posted gains over August 2006.  Jeep Wrangler and
Wrangler Unlimited posted sales of 9,464 units, up 58% compared
to August 2006 with 6,002 units sold.  The Jeep Compass finished
the month with sales of 3,625 units, up 76% from last year.

Dodge brand car sales increased 13% over last year led by
Dodge Caliber which posted a gain of 5%.  Dodge truck sales were
down 14% over August 2006.  The all-new Dodge Nitro was up 51%
over July 2007.

"Our exciting new 2008 models combined with the new Chrysler
Lifetime Powertrain Warranty continues to drive showroom traffic
and contributed to stronger closing rates in August," Michael
Keegan, vice president for Volume Planning and Sales
Operations, said.  "Chrysler will continue to support 2007 model
year close-out with a highly competitive 0% APR into September."

Chrysler finished the month with 446,249 units of inventory, or
a 72-day supply.  Inventory is down by 11% compared to August
2006 when it was at 502,946 units.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                          *    *    *

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


COLES GROUP: ACCC Ponders on Woolworths Assets Acquisition
----------------------------------------------------------
The Australian Competition and Consumer Commission is seeking
comment on the proposed acquisition by Woolworths Ltd. of some
Coles Group Limited assets, The Sydney Morning Herald reports.

Woolworths, according to SMH, is interested in acquiring Coles'
Officeworks, Kmart and Target brands.

SMH writes that ACCC seeks comment about competition issues that
might arise from the sale of the three brands, following the
release of a statement of issues.  SMH quotes ACCC as saying,
"The ACCC invites further submissions from the market focused on
these matters by 19 September."

Wesfarmers Ltd., which has recently taken over Coles in a
AU$20-billion deal, said that it could sell some of the assets
to other parties, relates SMH.

ACCC's final decision on the matter is expected to be released
on October 3, states SMH.

                     About Coles Group

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

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


CURRARONG INVESTMENTS: Placed Under Voluntary Liquidation
---------------------------------------------------------
On August 3, 2007, a special resolution was passed providing for
the wind-up of Currarong Investments Pty Limited's operations.

Anthony M. Sims was appointed as liquidator.

The Liquidator can be reached at:

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

                   About Currarong Investments

Located at Yagoona, in New South Wales, Australia, Currarong
Investments Pty Limited is an investor relation company.


FORTESCUE METALS: Magnitogorsk Applies to Gov't for Higher Stake
----------------------------------------------------------------
Fortescue Metals Group Ltd.'s fourth-biggest shareholder,
Magnitogorsk Iron & Steel, is seeking the Australian
Government's approval to increase its stake in the Perth-based
mining company, Tan Hwee and Maria Kilesnikova write for
Bloomberg News.

Bloomberg, citing a government gazette, notes that Magnitogorsk,
which has recently acquired a 5.4% stake in Fortescue, plans to
buy additional "substantial" stake in the iron-ore company.
Under the Foreign Acquisitions and Takeovers Act 1975, overseas
acquirers need approval to own 15% or more of an Australian
company, conveys Bloomberg.

Magnitogorsk spokeswoman Yelena Azovtseva disclosed to Bloomberg
through telephone that the Russian company is "thinking" about
buying a bigger stake in Fortescue but declined to say if
negotiations have started or who Magnitogorsk might buy the
stake from.

The article quotes Ms. Azovtseva as saying, "If the decision is
made, we should be prepared and have a technical ability to do
it."

Mr. Hwee and Ms. Kilesnikova, citing an Australian paper, state
that U.S. investment manager Leucadia National Corp., may want
to sell its 9.9% stake to the Russian steelmaker.  However,
Leucadia Chairman Ian Cumming declined to comment on this issue.

Analysts interviewed by Mr. Hwee and Ms. Kilenikova shared their
opinion on this development.  BBY Ltd. analyst John Veldhuizen
expressed to Bloomberg by phone that Fortescue has been
"fundamentally undervalued, and others are starting to see it."
Meanwhile, Uralsib analyst Kirill Chuiko told Bloomberg that
this move by the Russian steelmaker probably signals "a desire
to get a controlling stake in the company."

According to a report by Matthew Stevens and Nigel Wilson of The
Australian, Magnitogorsk applied to the Foreign Investment
Review Board to lift its 5.4% stake to about 15% in a deal that
would be worth at least AU$1.5 billion.

                     About Fortescue Metals

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

                          *     *     *

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

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


HOPE ISLAND: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting held on August 8, 2007, the
members of Hope Island Resort Holdings Pty Limited met and
agreed to voluntarily liquidate the company's business.

John Gibbons and Keiran Hutchison were named as liquidators.

The Liquidators can be reached at:

         John Gibbons
         Keiran Hutchison
         Ernst & Young
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9248 5862

                       About Hope Island

Hope Island Resort Holdings Pty Ltd deals with real estate
agents and managers.  The company is located at Concord West, in
New South Wales, Australia.


HUNGRY DOG: Members to Hold Final Meeting on September 18
---------------------------------------------------------
A final meeting will be held for the members of Hungry Dog Pty
Ltd on September 18, 2007.

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

The company's liquidator is:

         M. A. Hodgett
         7 Coastview Place
         Harbord, New South Wales 2096
         Australia

                        About Hungry Dog

Hungry Dog Pty Ltd -- http://www.classiccountrycottages.com
-- which is also trading as Classic Country Cottages, is a
general contractor of single-family houses.  The company is
located at Narrabeen, in New South Wales, Australia.


JOHN MORELLO: Members Resolve to Liquidate Business
---------------------------------------------------
During a general meeting held on July 27, 2007, the members of
John Morello & Associates Pty Ltd resolved to liquidate the
company's business.

Andrew Mctaggart was named as liquidator.

The Liquidator can be reached at:

         Andrew Mctaggart
         Leonard Page McTaggart Pty Limited
         PO Box 173
         The Junction, New South Wales 2291
         Australia
         Telephone:(02) 4961 6618

                       About John Morello

John Morello & Associates Pty Ltd provides management consulting
services.  The company is located at Nelson Bay, in New South
Wales, Australia.


K & C STAPLETON: Members to Hold General Meeting on Sept. 17
------------------------------------------------------------
The members of K & C Stapleton Pty Limited will have their
general meeting on September 17, 2007, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Gerry Farlanga
         c/o Arnold Stevens Finlay
         Chartered Accountants
         Level 6, 410 Church Street
         North Parramatta, New South Wales
         Australia

                      About K & C Stapleton

K & C Stapleton Pty Limited, which is in liquidation, and
formerly trading as Akro-Pak, is involved in the business of
commercial laundry, drycleaning and pressing machines.  The
company is located at Castle Hill, in New South Wales,
Australia.


KOALA TIMBER: Creditors' Proofs of Debt Due on Sept. 12
-------------------------------------------------------
Koala Timber Products Pty Limited, which is subject to a deed of
company arrangement, will declare dividend on October 5, 2007.

Creditors must file their claims by Sept. 12, 2007, to be
included in the company's dividend distribution.

The company's deed administrator is:

         Richard Albarran
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                       About Koala Timber

Koala Timber Products Pty Limited is a distributor of lumber,
plywood, millwork and wood panels.  The company is located at
Ingleburn, in New South Wales, Australia.


MASTER DECORE: Members and Creditors to Meet on September 21
------------------------------------------------------------
The members and creditors of Master Decore Painting Services Pty
Ltd will meet on September 21, 2007, at 11:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Geoffrey Mcdonald
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                      About Master Decore

Master Decore Painting Services Pty Ltd is a distributor of
paintings and paper hangings.  The company is located at
Blacktown, in New South Wales, Australia.


RALPH WILLIAMS: To Declare First and Final Dividend on Sept. 27
---------------------------------------------------------------
Ralph Williams Consulting Engineers Pty Limited, which is
subject to deed of company of arrangement, will declare first
and final dividend on September 27, 2007.

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

                       About Ralph Williams

Ralph Williams Consulting Engineers Pty Limited provides
business services.  The company is located at Springwood, in New
South Wales, Australia.


ROO GROUP: Posts US$7.4 Mil. Net Loss in Quarter Ended June 30
--------------------------------------------------------------
ROO incurred a net loss of approximately US$7.4 million in the
second quarter of 2007, including US$1.2 million of non-cash
related items.  This compares to a net loss of US$3.2 million
for three months ended June 30, 2006, including US$700,000 of
non-cash related items.

The company reported consolidated revenues of US$3.6 million for
the quarter, an increase of 78% compared to consolidated
revenues of US$2.0 million for the second quarter ended June 30,
2006.

As of June 30, 2007, the company had a cash and cash equivalents
balance of approximately US$23.8 million.

"During the second quarter, we continued to build on our core
features in our ROO VX platform, enabling greater automation,
which facilitated a large number of video player deployments,"
said Robert Petty, chairman and chief executive officer.

"The number of ROO video players deployed grew from
approximately 400 at the beginning of the quarter to 880, with
another 350 in the pipeline.  In addition, just after the close
of the quarter, we completed our acquisition of certain Wurld
Media assets, which enable us to offer a hybrid streaming P2P
platform that will provide enterprise businesses with a
stronger, more robust solution for the delivery of online video
and targeted advertising solutions."

During the second quarter, revenues in the Online Digital Media
segment were US$2.2 million, an increase of 146% compared to
revenues of US$900,000 for the second quarter ended June 30,
2006. Revenues in the Advertising Agency segment were US$1.3
million for the second quarter, an increase of 22% compared to
revenues of US$1.1 million for the second quarter of 2006.

Mr. Petty continued, "At the Advertising Agency segment, our
performance was stronger than expected due to increased customer
activity."

On July 19, 2007, ROO announced the completion of its
acquisition of strategic P2P assets of Wurld Media, a leading
peer-to-peer (P2P) distribution company, for total consideration
of US$4.3 million.  The addition of P2P technology enables ROO
to deliver cost effective, high quality video and digital media
to the computer as well as respond to market trends and emerging
devices, such as IPTV.

At June 30, 2007, the company's consolidated balance sheet
showed US$34.1 million in total assets, US$5.6 million in total
liabilities, and US$28.5 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?231e

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 18, 2007,
Moore Stephens PC expressed substantial doubt about ROO Group
Inc.'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 pointed to the
company's recurring losses and negative cash flows from
operations.

                         About ROO Group

Headquartered in New York, ROO Group Inc. (OTC BB: RGRP) --
http://www.roo.com/-- is a global provider of digital media
solutions and advercasting technology that enables the
activation, marketing and distribution of digital media video
content over the Internet and emerging broadcasting platforms
such as set top boxes and mobile communication devices.   ROO
was founded in 2001 and went public in 2003.  ROO has over 100
employees with worldwide operations in New York, Los Angeles,
London and Australia.


TRIPOS INC: Common Stock to be Delisted from NASDAQ Stock
---------------------------------------------------------
The NASDAQ Stock Market will delist the common stock of Tripos,
Inc.  The company's stock was suspended July 6, 2007, and has
not traded on NASDAQ since that time.  NASDAQ will file a Form
25 with the Securities and Exchange Commission to complete the
delisting.  The delisting becomes effective ten days after the
Form 25 is filed.

As previously reported, Nasdaq has determined that the company
was not in compliance with the shareholders' equity and market
capitalization requirements for continued listing.

Furthermore, after the recent sale of Tripos' Discovery Research
Sales and Services Business, Tripos is deemed to be a "public
shell" and therefore not eligible for continued listing on The
Nasdaq Global Market.

Tripos was advised that bid/ask quotations for its common stock
will be made on the Over-the-Counter Bulletin Board(R)
maintained by the NASD following the withdrawal of its
securities from The Nasdaq Global Market.

In addition, Tripos' common stock will continue to be eligible
for quotation on the Pink Sheets, an electronic quotation
service for securities traded over the counter.

                      About Tripos Inc.

Based in St. Louis, Tripos Inc. (Nasdaq Global Select Market:
TRPS) -- http://www.tripos.com/-- combines leading-edge
technology and innovative science to deliver consistently
superior chemistry-research products and services for the
biotechnology, pharmaceutical and other life science industries.

Tripos has sells its products in the United Kingdom, Brazil and
Australia, among others.

The company's Discovery Informatics business provides software
products and consulting services to develop, manage, analyze and
share critical drug discovery information.  Within its Discovery
Research business, Tripos' medicinal chemists and research
scientists partner directly with clients in their research
initiatives, leveraging state-of-the-art information
technologies and research facilities.

As reported in the Troubled Company Reporter on March 20, 2007,
shareholders of Tripos Inc. approved the company's plan of
dissolution and liquidation.


TUGLOW (N.S.W): Creditors' Proofs of Debt Due Today
---------------------------------------------------
Tuglow (N.S.W) Pty Limited, which is in liquidation, is
accepting proofs of debt from the company's creditors until
today, September 11, 2007.

The company will declare final dividend on Sept. 12, 2007.

The company's liquidator is:

         Ezio Marco Senatore
         SBR Insolvency & Reconstruction
         Level 7, 28 University Avenue
         Canberra ACT 2601
         Australia

                      About Tuglow (N.S.W.)

Tuglow (N.S.W.) Pty Limited is a distributor of durable goods.
The company is located at Queanbeyan, in New South Wales,
Australia.


ZINIFEX LTD: Launches Joint Venture with Umicore and Nyrstar
------------------------------------------------------------
Zinifex Limited announced that it had completed the transfer of
its zinc and lead smelting and alloying assets to Nyrstar,
thereby formally launching the joint venture with Umicore and
creating the world's largest zinc metal producer.

Incorporated in Belgium and headquartered in London, Nyrstar has
wholly owned operations in Australia, Belgium, France, the
Netherlands and the USA and joint ventures in Australia, China
and France as well as a 24.9% interest in Padaeng Industry
Public Company Limited in Thailand.

Nyrstar's shareholders, Umicore and Zinifex, have contributed
approximately 40% and 60%, respectively, of the relative value
of Nyrstar's assets.  Nyrstar is however structured on an equal
ownership basis, with Zinifex and Umicore each owning 50% of the
shares in Nyrstar and having equal voting rights, with an
appropriate equalization arrangement to be implemented at a
future point.

The formation of Nyrstar marks another significant milestone in
the transformation of Zinifex to a full-fledged mining company.
It is the intention of both Zinifex and Umicore to undertake an
initial public offering of shares in Nyrstar at an appropriate
time.

                        About Zinifex Ltd.

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

                          *     *     *

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


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

AMERICAN UNITY: June 30 Balance Sheet Upside-Down by US$1.3 Mil.
---------------------------------------------------------------
American Unity Investments Inc.'s consolidated balance sheet at
June 30, 2007, showed US$2.1 million in total assets and
US$3.4 million in total liabilities, resulting in a
US$1.3 million total stockholders' deficit.

The company's consolidated June 30 balance sheet also showed
strained liquidity with US$1.9 million in total current assets
available to pay US$3.1 million in total current liabilities.

The company incurred a net loss of US$201,015 in the three
months ended June 30, 2007, a reversal of the US$142,940 net
income reported in the same period last year.

The company disclosed US$0 revenue for the three months ended
June 30, 2007 compared to US$1.2 million for the three months
ended June 30, 2006.

Revenues in the quarter ended June 30, 2006, almost entirely
consisted of resales of forestry property and sales of forestry
products from the People's Republic of China.  The company
discontinued the forestry business in the last quarter of 2006
and had no revenues after Sept. 30, 2006.

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?2319

                      Going Concern Doubt

David M. K. Yeung & Co., in Hong Kong, expressed substantial
doubt about American Unity Investments Inc.'s ability to
continue as a going after auditing the company's consolidated
financial statements as of the year ended Dec. 31, 2006.  The
auditing firm reported that the company has recurring net losses
and an accumulated deficit of US$2,156,814 as of Dec. 31, 2006.

                      About American Unity

Headquartered in New York, American Unity Investments Inc. (OTC
BB: AUNI) -- http://www.ameriunity.com/-- is a global
investment company which is investigating business
opportunities, including acquisitions, in the People's Republic
of China.  The company also maintains a head office in Beijing.


BALLY TOTAL: Delays Filing of 2nd Quarter 2007 Financial Report
---------------------------------------------------------------
Bally Total Fitness Holding Corporation has advised the United
States Securities and Exchange Commission that it won't be able
to file its financial report on Form 10-Q for the quarter ended
June 30, 2007, on time without unreasonable effort and expense.

Bally is also unable to provide a reasonable estimate of its
second quarter 2007 results of operations.

The company continues to evaluate the impact that certain errors
in historical member data and certain assumptions relating to
attrition estimates have on its estimates of deferred revenue,
Marc D. Bassewitz, Bally's senior vice president, secretary and
general counsel, explains.

Mr. Bassewitz also cites Bally's ongoing discussions with
creditors, financial institutions and other parties on
bankruptcy matters.

"[Bally] cannot at this time estimate what significant changes
will be reflected in its second quarter 2007 results of
operations compared to its second quarter 2006 results of
operations," Mr. Bassewitz says.

Bally and substantially all of its domestic affiliates filed for
bankruptcy protection on July 31, 2007.

The considerable work associated with the evaluation
substantially delayed Bally's preparation of its 2006 financial
statements and its completion of the financial and other
information to be included in the 2006 Form 10-K filed June 29,
2007.  Bally also was unable to timely file its Form 10-Q for
the quarter ended March 31, 2007.

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally Total and
its affiliates filed for chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite
number of votes in favor of their pre-packaged chapter 11 plan.
Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents
the Debtors in their restructuring efforts.  As of June 30,
2007, the Debtors had US$408,546,205 in total assets and
US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.  The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.
(Bally Total Fitness Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000).


GRAFTECH INT'L: June 30 Balance Sheet Upside-Down by US$8 Mln
-------------------------------------------------------------
Graftech International Ltd.'s consolidated balance sheet at
June 30, 2007, showed US$787.9 million in total assets and
US$795.9 million in total liabilities, resulting in an
US$8 million total stockholders' deficit.

The company reported net income of US$62.4 million in the second
quarter ended June 30, 2007, an increase from the US$8.9 million
reported in the same period last year, mainly due to higher net
sales and the impact of a US$24 million gain on the sale of
assets in Italy.

Net sales rose to US$255.9 million from US$223.3 million.  Gross
profit increased 57 percent to US$93.9 million, as compared to
US$59.9 million in the second quarter of 2006.  Gross margin
improved nearly eight percentage points to 36.7%, after taking
into consideration a non-recurring charge in the second quarter
of  2006 associated with the closure of the carbon electrode
business.

Income from continuing operations before restructuring,
antitrust investigations and related lawsuits, impairment loss
on long-lived assets and other (income) expense, net, net of
tax, increased to US$41.9 million, versus US$13.7 million in the
second quarter of 2006.

Net cash provided by operating activities was US$36 million,
versus US$53 million in the second quarter of 2006.  Year-over-
year operating net cash was unfavorably impacted by a change in
working capital of US$19 million primarily associated with
higher cost inventory, approximately US$16 million in
performance-based incentive compensation pay outs associated
with 2006 operating results and approximately US$6 million in
cash taxes related to the sale of cathode operations in December
2006.

Partially offsetting this impact in the quarter was an US$8
million increase in the change of accounts receivable factoring.
Operating net cash in the second quarter 2006 included US$5
million in antitrust and US$3 million in restructuring payments.

Net debt was reduced by US$255 million year-over-year to
US$440 million.  Net debt excludes the unamortized bond premium
from its sale of US$150 million aggregate principal amount of
additional senior notes in May 2002 at a price of 104.5% of
principal amount.  GrafTech also excludes the fair value
adjustments for hedge instruments, which includes interest rate
swaps that have been marked-to-market and realized gains or
(losses) on interest rate swaps.

Craig Shular, chief executive officer of GrafTech, commented,
"Higher prices, good cost control and execution on productivity
initiatives have enabled the improvements in our financial
results.  In addition, GrafTech continues to delever, completing
the quarter with net debt of US$440 million, the lowest in our
company's history as a public company."

Interest expense was US$9.5 million in the 2007 second quarter,
as compared to US$12.1 million in the same period in 2006.  The
lower interest expense is a result of lower average borrowings
and a lower interest rate spread on the revolving credit
facility associated with an improved corporate credit rating.

Other income, net, was US$23.1 million in the second quarter
2007, as compared to US$1.6 million in the second quarter 2006.
The increase is largely due to the US$24 million gain on the
sale of certain assets in Italy, slightly offset by a charge of
US$3 million related to the cost associated with the redemption
of US$50 million of the company's Senior Notes in the second
quarter 2007.

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?230d

                         About GrafTech

Based in Parma, Ohio, GrafTech International Ltd. (NYSE: GTI) --
http://www.graftechaet.com/-- manufactures and provides high
quality synthetic and natural graphite and carbon based products
and technical and research and development services, with
customers in 80 countries engaged in the manufacture of steel,
automotive products and electronics.  The company manufactures
graphite electrodes, products essential to the production of
electric arc furnace steel.  The company also manufactures
thermal management, fuel cell and other specialty graphite and
carbon products for, and provide services to, the electronics,
power generation, semiconductor, transportation, petrochemical
and other metals markets.  GrafTech operates 11 state of the art
manufacturing facilities strategically located on four
continents.

The company has operations in China, France and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on May 14, 2007,
Standard & Poor's Ratings Services raised its corporate credit
rating on GrafTech International Ltd. to 'B+' from 'B'.  In
addition, S&P raised the rating on the company's US$215 million
senior secured revolving credit facility to 'BB-' from 'B+' and
affirmed the '1' recovery rating on the facility.  Also,
Standard & Poor's raised its rating on Graftech's convertible
notes to 'B-' from 'CCC+'.  Lastly, S&P affirmed the 'B-' rating
on GrafTech's US$550 million senior secured notes and assigned
them a '5' recovery rating.  S&P said the outlook is stable.


GRAFTECH INT'L: Better Cash Flow Cues Moody's to Revise Outlook
---------------------------------------------------------------
Moody's Investors Service has changed the ratings outlook for
GrafTech International Ltd. and GrafTech Finance, Inc. to
positive from negative as a result of improved cash flow
generation and anticipated strong business outlook for the
remainder of 2007 and 2008.  The speculative grade liquidity
rating was upgraded to SGL-1 from SGL-2.

Ratings affirmed for GrafTech International Ltd.:

  -- Corporate family rating, B1

  -- Probability of default rating, B1

  -- US$225 million 1.625% Gtd sr unsec conv debentures due
     2024, B2 (LGD4, 66%)

  -- Ratings changes for GrafTech International Ltd.:

  -- Speculative grade liquidity rating changed to SGL-1 from
     SGL-2

Ratings affirmed for GrafTech's special purpose financing
vehicle, GrafTech Finance, Inc.:

  -- US$215mm Gtd sr sec revolving credit facility due
     2010, Ba1 (LGD2, 11%)

  -- US$250mm 10.25% Gtd sr unsec global notes due 2012, B2
     (LGD4, 66%)

The positive outlook reflects GrafTech's improved margins,
positive free cash flow generation in each of the last five
quarters and debt reduction such that current credit metrics are
supportive of a higher rating.  The positive free cash flow in
2007 is largely due to GrafTech's success in achieving graphite
electrode selling prices that more than cover its substantial
increase in needle coke prices and energy costs as well as a
result of the divestiture of its lower margin cathodes business
in the fourth quarter of 2007.  The company typically sets its
graphite electrode prices annually and negotiates needle coke
prices with its suppliers on an annual basis, and as a result
Moody's expects the company to continue to enjoy attractive
operating margins in the second half of 2007.  The positive
outlook also reflects Moody's expectations that the company will
be able to offset higher energy and needle coke costs with price
increases in 2008 and that demand for graphite electrodes will
remain robust, supported by attractive steel industry
fundamentals.  Debt reduction has been achieved with free cash
flow as well as the proceeds from the sale of the company's
cathodes business (approximately US$135 million in gross
proceeds) and asset sales.

Continued strong performance by the company, supportive general
economic and industry conditions and the absence of any material
environmental issues or lawsuits could result in an upgrade of
the company's long-term debt ratings.  The loss given default
assessment on the company's senior secured revolving credit
facility due 2010 moved to LGD2 from LGD1, following the
reduction in unsecured debt below the revolver in the capital
structure.

The upgrade in the company's speculative grade liquidity rating
to SGL-1 from SGL-2, reflects the expectation for excellent
liquidity.  Positive free cash flow over the next twelve months
and an undrawn revolver (except for US$14.5 million in letters
of credit) support the company's liquidity.  Cash balances are
expected to be maintained at a low level as the company retires
debt with its excess cash.

                        About GrafTech

Based in Parma, Ohio, GrafTech International Ltd. (NYSE: GTI)
-- http://www.graftechaet.com/-- manufactures and provides high
quality synthetic and natural graphite and carbon based products
and technical and research and development services, with
customers in 80 countries engaged in the manufacture of steel,
automotive products and electronics.  The company manufactures
graphite electrodes, products essential to the production of
electric arc furnace steel.  The company also manufactures
thermal management, fuel cell and other specialty graphite and
carbon products for, and provide services to, the electronics,
power generation, semiconductor, transportation, petrochemical
and other metals markets.  GrafTech operates 11 state of the art
manufacturing facilities strategically located on four
continents.

The company has operations in China, France and Brazil.


FIAT SPA: Quells Rumors on Joint Bid for Jaguar & Land Rover
------------------------------------------------------------
Fiat S.p.A. chairman Luca Cordero di Montezemolo denied reports
that the company is interested in taking a minority stake in
Ford Motor Co.'s British brands, AFX News Ltd. reports.

"We are not interested," Mr. Montezemolo was quoted by AFX News
as saying.

In a report by Russel Hotten and Ben Harrington for the
Telegraph, Fiat is said to be in talks with India's Tata Motors
for a joint bid for Jaguar and Land Rover.

Unnamed sources told the Telegraph that Tata and Fiat were
expected to have finalized any plans for a joint venture by mid-
October, where the second-round bids are due.

Analysts said there was strategic logic behind Fiat and Tata co-
operating on a bid for the two U.K. brands.  Motor industry
experts at Mediobanca believed that Tata could get valuable
synergies and technology from Land Rover, but Jaguar could be of
less importance to Tata, the Telegraph relates.

Fiat understands luxury brands and may see more potential for
Jaguar, Telegraph added.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported in the TCR-Europe on Aug. 24, 2007, Moody's
Investors Service upgraded to Ba1 from Ba2 Fiat SpA's
Corporate Family Rating, and the group's other long-term senior
unsecured ratings.

At the same time, the positive outlook on all long-term ratings
was maintained.  The short term Not Prime rating remains
unchanged.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


NEO-CHINA: To Acquire Yi Jia for US$198 Mil. Plus Shares
--------------------------------------------------------
Neo-China Group will acquire a 100% equity interest in Tianjin
City Yi Jia He Zhi Ye Company Limited for US$198 million cash
and 140 million consideration shares priced at US$1.8 per share,
Infocast News relates.

The mode of payment, according to Infocast, was an amendment to
the original US$450 million total consideration, to be satisfied
with US$250 million consideration shares priced at US$1.8 per
share.

Neo-China announced in January this year that it agreed to
acquire 100% equity interest in Yi Jia He at an aggregate
consideration of US$668 million, Infocast recounts.  The
acquired target is a project company established to carry out a
property development project in Tianjin Beichen Qu Yi Xing Bu
Jiu Cun Redevelopment Project.

Neo China Group (Holdings) Limited is a Chinese property
developer engaged in residential and mixed-use developments.  It
has 11 major projects under development in 8 cities in China and
a land bank of over 9.8 million sqm (in saleable area),
including around 6.9 million sqm under title.  It also has two
primary land development projects in Tianjin and Chengdu with a
total area of 8.4 million sqm.

Moody's Investors Service has affirmed Neo-China Group Holdings'
B1 corporate family rating and senior unsecured bond rating in
view of the successful closing of its US$400 million bond
issuance.


SANMINA-SCI CORP: Names Joseph Bronson as President and COO
-----------------------------------------------------------
Sanmina-SCI Corporation elected Joseph R. Bronson President and
Chief Operating Officer and Director.  As President and COO,
Mr. Bronson will be responsible for the company's business
execution, financial and operational performance, and the
overall business development and growth strategy.

Mr. Bronson most recently served as President and Director of
FormFactor, Inc., a manufacturer of high performance advanced
semiconductor wafer probe cards.

Mr. Bronson also spent 20 years at Applied Materials in senior
level operations management positions concluding with Executive
Vice President and Chief Financial Officer of the company.  In
addition to his role as Chief Financial Officer, he was
responsible for the company's global quality function,
information technology, real estate, environmental health and
safety systems and corporate communications.

"We are extremely pleased to have Joe Bronson join Sanmina-SCI's
management team and Board of Directors.  [Mr. Bronson]'s
expertise and diverse backgrounds in high-end technology,
financial discipline, and operations management will be
invaluable to the strategic direction of the company," stated
Jure Sola, Chairman and Chief Executive Officer of Sanmina-SCI
Corporation.

              Joseph G. Licata, Jr. as New Director

On the same date, Sanmina-SCI appointed Joseph G. Licata Jr. to
the company's Board of Directors effective Aug. 20, 2007.
Mr. Licata will also serve as a member of the Compensation
Committee.

Mr. Licata meets the independent director requirements as
defined by NASDAQ and Institutional Shareholder Services.

Mr. Licata is an industry leader with over 25 years of cross-
functional high-end technology experience and currently serves
as President and Chief Executive Officer of SER Solutions, Inc.,
a global leader of call management & speech analytics solutions.
Mr. Licata also served as President of Siemens Enterprise
Networks, LLC and held executive positions at IBM and ROLM
Corporation.  He currently sits on the Board of Advisors of
Dave.TV, a broadcast media software company, and is on the
Advisory Board at Georgia Tech University.  Mr. Licata earned a
B.S. in Management Information Systems from Florida State
University and resides in Duluth, Georgia.

"We are fortunate to have someone of Joe's caliber join our
board of directors.  His unique insight and experience will add
significant value to this organization," stated Jure Sola,
Chairman and Chief Executive Officer of Sanmina-SCI Corp.

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Moody's Investors Service placed the ratings of Sanmina-SCI
Corporation on review for possible downgrade based on the
company's continued poor operating results, which reflect weak
demand from OEMs and operational inefficiencies in the
components business.  The ratings under review for possible
downgrade include: Ba3 Corporate Family Rating; Ba3 rating on
US$300 million floating rate notes due 2010; Ba3 rating on
US$300 million floating rate notes due 2014; B2 rating on
US$400 million senior subordinated notes due 2013; B2 rating on
US$600 million senior subordinated notes due 2016; and SGL -- 2
Speculative Grade Liquidity Rating.


SANMINA-SCI CORP: Posts US$27.6MM Net Loss in Quarter to June 30
----------------------------------------------------------------
Sanmina-SCI Corporation incurred a net loss of US$27.6 million
on net sales of US$2.5 billion for the three months ended
June 30, 2007, as compared with a net loss of US$54.8 million on
net sales of US$2.7 billion for the three months ended July 1,
2006.

The company had a net loss of US$25.5 million on net sales of
US$7.9 billion for the first half of 2007, as compared with a
net loss of US$113.5 million on net sales of US$8.2 billion for
the first half of 2006.

As of June 30, 2007, the company's balance sheet showed total
assets of US$5.8 billion, total liabilities of US$3.5 billion,
and total stockholders' equity of US$2.3 billion.

                  Liquidity and Capital Resources

Cash and cash equivalents were US$802.7 million at June 30,
2007, and US$505.6 million at Sept. 30, 2006, including
restricted cash of US$22.2 million and US$13.8 million at
June 30, 2007, and Sept. 30, 2006, respectively.

On June 12, 2007, the company issued US$300 million aggregate
principal amount of Senior Floating Rate Notes due 2010 and
US$300 million aggregate principal amount of Senior Floating
Rate Notes due 2014.  The Notes accrue interest at a rate per
annum, reset quarterly, equal to three-month LIBOR plus 2.75%,
which is payable in cash quarterly in arrears on March 15,
June 15, September 15 and December 15, beginning on Sept. 15,
2007.  The 2010 Notes will mature on June 15, 2010 and the 2014
Notes will mature on June 15, 2014.

The company incurred debt issuance costs of US$12 million which
were included in prepaid expenses and other current assets and
other non-current assets and amortized over the life of the debt
as interest expense.

The Notes are senior unsecured obligations and rank equal in
right of payment with all of the company's existing and future
senior unsecured debt.

A full-text copy of the company's quarterly report is available
for free at http://ResearchArchives.com/t/s?231f

                        About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Moody's Investors Service placed the ratings of Sanmina-SCI
Corporation on review for possible downgrade based on the
company's continued poor operating results, which reflect weak
demand from OEMs and operational inefficiencies in the
components business.  The ratings under review for possible
downgrade include: Ba3 Corporate Family Rating; Ba3 rating on
US$300 million floating rate notes due 2010; Ba3 rating on
US$300 million floating rate notes due 2014; B2 rating on
US$400 million senior subordinated notes due 2013; B2 rating on
US$600 million senior subordinated notes due 2016; and SGL -- 2
Speculative Grade Liquidity Rating.


TYSON FOODS: CEO Richard Bond Outlines Financial Turnaround
-----------------------------------------------------------
Tyson Foods Inc.'s President and Chief Executive Officer Richard
L. Bond described how the company will achieve a US$700 million
increase in pre-tax earnings in fiscal 2007 after absorbing
almost US$300 million in additional grain cost, resulting in a
US$1 billion operational improvement over last year.

Despite a financial loss in fiscal 2006 and the absorption of
increased grain costs, Tyson has experienced strong progress in
2007 with solid earnings in the first, second and third
quarters.  Market conditions have improved and some export
markets have reopened, but the factors under the company's
control are where the biggest improvements have been, according
to Bond.

Tyson rationalized three beef plants to improve capacity
utilization, closed two prepared foods plants that didn't fit
the company's business model, sold two commodity poultry plants
and chose not to rebuild another poultry plant destroyed by
fire.  The company also cut costs significantly through a cost
management initiative started in mid-2006, which is expected to
result in an excess of US$250 million in savings for fiscal
2007.

Diluted earnings per share through the first nine months of
fiscal 2007 totaled US$0.66 and all segments of Tyson's business
are expected to be profitable in the fourth quarter.

"However, we are revising our fiscal 2007 guidance to US$0.72 to
US$0.80 per share," Mr. Bond reports.  "The fourth quarter is
turning out to be more challenging than expected.  Our beef
business has been affected by higher than expected live cattle
costs and a decline in beef revenues due to a disruption in
South Korean beef trade.  Meanwhile, live hog prices were higher
due to speculation about Chinese pork imports.

"In chicken, we successfully implemented price increases earlier
in the year, but gave up some sales volume as a result,"
Mr. Bond adds.  "The company is now working through these larger
quantities of higher valued inventories."

Despite the fourth quarter, Mr. Bond says "I'm very excited and
optimistic about the company's long-term success because we've
made a lot of changes in how we run the business, and we've
reached a lot of milestones."

Tyson officials believe the company's long-term performance will
be enhanced by some new product initiatives.  Tyson's new 100%
All Natural(TM), Raised Without Antibiotics chicken, which was
launched in the third quarter, has been very well received.  It
has generated expanded distribution with current customers and
also resulted in new sales accounts.  Tyson will also soon roll
out advertisements to support a new line of restaurant-style
frozen snacks called Tyson(R) Any'tizers(TM), which was
successfully launched this summer.  In addition, this past
spring Tyson Food Service converted its entire line of
marinated, uncooked chicken to 100% All Natural(TM) to meet
growing consumer interest in all natural foods.

These product lines are examples of Tyson's efforts to continue
the creation of innovative and insight driven food solutions,
which is one of the key business strategies Bond will outline in
his presentation.  Other strategic principles the company is
implementing include optimization of commodity business models,
building a multi-national enterprise and efforts to
revolutionize the conversion of raw materials and by-products
into high-margin initiatives.

"In the food business...you must continually innovate to survive
and grow," according to Bond.  "This is why we finished building
our new Discovery Center research and development facility at a
time we were cutting costs elsewhere."

Tyson management is also continuing efforts to improve the
effectiveness of the company's business structure.  Mr. Bond
will report Tyson has started a new initiative called FAST,
which stands for focus, agility, simplify and trust.  The goal
is to place greater emphasis on doing only value-added
activities and encouraging faster decision making.

The evaluation process, which is now underway and will continue
through mid-October, is expected to help the company continue
streamlining the way it does business.  It is expected to
involve modifying or reducing some layers of management and
giving Team Members more decision-making authority.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.  The company has
operations in China, Japan, Singapore, South Korea, Taiwan, and
the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 24, 2007,
Moody's Investors Service affirmed Tyson Foods Inc.'s ratings,
including its Ba1 corporate family rating and Ba1 probability of
default rating.  The rating outlook is negative.


* Fitch: Taiwan Insurance Sector Safe from US Subprime Exposure
---------------------------------------------------------------
Fitch Ratings said on September 10, 2007, that it expects the
Taiwanese life insurance sector to have manageable exposure to
US subprime-related assets, based on its surveys of rated
companies and analysis of publicly available data.

According to the Financial Supervisory Commission, nine
Taiwanese life insurers have invested in US subprime-related
instruments, with a combined exposure of NT$30 billion
(US$0.9 billion), or 6.2% of the industry's shareholders' equity
as at end-June 2007.  This compares with the Taiwanese banking
sector's exposure of around NT$40 billion (US$1.2 billion).

Based on their disclosures so far, the larger publicly-listed
companies' subprime exposures, as a percentage of end-June 2007
shareholders' equity, are in the low- to mid-single digits.
Fitch notes that the subprime related CDOs held by the Taiwanese
life insurers are generally highly rated.  However, the agency
believes the deterioration in the credit markets has had a
negative impact on the market value of the insurers' fixed
income portfolios.  Impairment tests will also have to be taken
for investments classified as "held-to-maturity" or "instruments
with no active market".

Overall, the Taiwanese life sector reported strong earnings in
H107.  The 29 life insurers in the market recorded total pre-tax
income of NT$50.4 billion (US$1.5 billion) in the first half of
2007, up 276.1% yoy.  Annualized pre-tax ROA and ROE in H107 for
the market were 1.3% and 20.5%, respectively.

The majority of life insurers in Taiwan remain adequately
capitalized, in Fitch's opinion.  Nonetheless, the agency
believes that there are a handful of smaller life insurers with
more vulnerable capital positions.  In particular, three
companies reported negative shareholders' equity at end-June
2007 and remain in need of fresh capital.

The sector's solid performance in H107 reflects the 52% growth
in first-year premiums and improving interest margin.  Through
the first six months of 2007, total industry premiums reached
TWD920.9bn (USD27.9bn), an increase of 20.2% yoy.  Variable
universal life products, which offer higher margins than other
investment-linked and interest-sensitive products, accounted for
the bulk of new business written by the major players.

Fitch notes that the average guaranteed rates on the life
insurers' books have continued to trend downward.  On the asset
side, the life companies have also delivered consistently
satisfactory results.  Investment income in H107 was supported
mainly by strong equity market gains, marginal increases in
domestic interest rates and favorable foreign exchange rates.
The Taiwanese insurers are particularly sensitive to movements
in the TWD/USD exchange rate, as they seek to contain their
hedging costs in the range of 200 to 250 basis points.

At end-June 2007, the life sector's foreign investment holdings
amounted to NT$2,246.6 billion (US$68.1 billion), or 31.2% of
invested assets.  In Fitch's view, credit risk is manageable for
the industry's foreign investments.  That said, the agency
remains concerned over the sector's foreign exchange exposure.

Currently, only a portion of the companies' foreign currency
positions is directly hedged.  Proxy hedging is commonly
employed as an indirect hedging tool, though there is
significant basis risk involved.  In either case, the company's
foreign exchange exposures can only be managed on a short-term
rolling basis.  Should the favorable trend in exchange rates
reverse, the currency mismatch could affect the industry's
earnings and impair the balance sheets of the more weakly
capitalized insurers.


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

AES CORP: Deciding on Argentine Investments After October Polls
---------------------------------------------------------------
AES Corp. Chief Operating Officer Andres Gluski said at the
Lehman Brothers energy conference in New York that the firm will
decide on whether to make new investments in Argentina after
elections in the country, Business News Americas reports.

BNamericas says that Argentina will hold its presidential
elections on Oct. 28, 2007.

AES has focused on its Chilean and Panamanian operations
instead, BNamericas relates, citing Mr. Gluski.

According to BNamericas, Mr. Gluski said at the conference, "Our
focus in Latin America is much more on Chile and Panama in terms
of investment.  Argentina has elections this year and we'll see
if there's a change in policy."

Mr. Gluski told BNamericas that despite the natural gas shortage
affecting Argentina, AES is content with its technical
operations in the nation.

"We operate the only coal plant Argentina and had the foresight
to convert the plant to coal several years ago.  We also have
the most efficient gas plant in Argentina and operate hydro
plants, which have operated very well... we also have key
distribution companies in the country," Mr. Gluski commented to
BNamericas.

However, low government-regulated prices have affected AES'
distribution activities in Argentina, BNamericas notes.  The
company's distribution subsidiaries reached accords with the
Argentine federal government for certain value-added rate
increases, but "they haven't been 100% fulfilled."

Meanwhile, AES is increasingly concentrating on the production
of certified emission reduction credits, BNamericas says, citing
Mr. Gluski.  The firm is developing various projects in Latin
America.

AES will take a "portfolio approach" towards certified emission
reduction credits production, Mr. Gluski told BNamericas.  The
firm could produce the credits by increasing efficiency in
existing plants through the construction of new hydro projects
and collaboration with municipal dumps to lessen methane gas
emissions.

Mr. Gluski told BNamericas that AES has a project in El
Salvador, which involves the production of certified emission
reduction credits "by capping municipal dumps to reduce the
amount of methane gas released into the atmosphere."  AES don't
own dumps.  If sufficient quantities are being released, the
firm can produce power from the methane gas.

"We think there is going to be significant demand around the
world for these CERs [certified emission reductions].  We have a
very good footprint in countries that have signed the Kyoto
Protocol and are outside the OECD Organization for Economic
Cooperation and Development]," Mr. Gluski commented to
BNamericas.


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'.


AMPLE COMMS: Mindspeed to Acquire Product Portfolio & IP Assets
---------------------------------------------------------------
Mindspeed Technologies, Inc., said that it entered into an
agreement on Sept. 4, 2007 to acquire the product portfolio and
intellectual property assets of Ample Communications, Inc.

Mindspeed will pay approximately US$4.6 million in cash to
acquire the assets in a private foreclosure sale from Ample's
senior creditor and expects to complete the transaction before
the end of its current fiscal quarter subject to the
satisfaction of various closing conditions.  The company expects
revenues from the acquired products to contribute approximately
US$3 million in its fiscal year 2008 with margins generally in
line with the corporate average.  The company does not expect
any impact to its non-GAAP operating profitability in the first
half of fiscal 2008 and expects the acquisition to be accretive
in the second half of fiscal 2008 when the acquired products are
expected to contribute more meaningful revenues.

Ample's products ship to major OEM equipment customers for
installation in Ethernet metropolitan, access, and enterprise
networks, including wireless/cellular backhaul and Ethernet-
over-SONET applications.  Mindspeed intends to market, sell and
support these Ethernet aggregation products with densities
ranging from two to 24 ports and Ethernet transmission speeds
from 10 Mbps to 10 Gbps.  The company also expects to develop
and further extend the Ethernet MAC product line.

"With this acquisition Mindspeed will enter a strategic new
market segment which we believe will significantly diversify our
WAN portfolio," said Raouf Halim, chief executive officer of
Mindspeed.  "These products are in production and ship to a
number of tier-one OEM customers for use in next-generation
Ethernet switches, routers, and access devices for both carrier
and enterprise applications."

"With our network infrastructure expertise, strong customer
support and global sales force, we expect to begin building a
strong position in the Ethernet aggregation market once this
acquisition is completed," said Ron Cates, senior vice president
and general manager of Mindspeed's WAN business unit.

                 About Mindspeed Technologies(R)

Mindspeed Technologies, Inc. -- http://www.mindspeed.com/--
(NASDAQ:MSPD) designs, develops and sells semiconductor
networking solutions for communications applications in
enterprise, access, metropolitan and wide area networks.

The company's three key product families include high-
performance analog transmission and switching solutions,
multiservice access products designed to support voice and data
services across wireline and wireless networks, and WAN
communications solutions including T/E carrier physical-layer
and link-layer devices, as well as ATM/MPLS network processors.
Mindspeed's products are used in a wide variety of network
infrastructure equipment including voice and media gateways,
high-speed routers, switches, access multiplexers, cross-connect
systems, add-drop multiplexers and digital loop carrier
equipment.

                   About Ample Communications

Ample Communications -- http://www.amplecomm.com/-- is an
established supplier of high-speed Ethernet and SONET silicon
for enterprise and metropolitan area network equipment OEMs.
The company has established itself as both a technology and a
market share leader.  Wide customer acceptance at Tier 1 and
Tier 2 OEMs has resulted in more than 50 design wins for its 10
Megabit-to 40 Gigabit-per-second SONET and Ethernet silicon.
Ample Communications is located in Fremont, California, with
additional development facilities in Sacramento, California and
in Bangalore, India.


BANK OF BARODA: Looking for Partner to Revive Card Division
-----------------------------------------------------------
Bank of Baroda is scouting for a strategic partner to
resuscitate its loss-making credit card business, the Press
Trust of India reports.  As a second option, BoB is eying the
merger of the card unit with itself.

"We will take a call to either merge the card division with the
bank or take a strategic partner who has domain knowledge in the
credit card business," PTI quoted BoB Chairman And Managing
Director A. K. Khandelwal as saying.  No final decision,
however, had been taken and it would take some more time, Mr.
Khandelwal added.

According to PTI, the bank's card division booked a loss during
the fiscal year.


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

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

                          *     *     *

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

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


BAUSCH & LOMB: Settles Merger-Related Shareholder Suits
-------------------------------------------------------
Bausch & Lomb Inc. and Warburg Pincus LLC entered into a
memorandum of understanding with various shareholder plaintiffs
to settle certain shareholder lawsuits, including shareholder
lawsuits that, among other things, challenged the proposed
merger of the company with affiliates of Warburg Pincus LLC
pursuant to the Agreement and Plan of Merger, dated as of
May 16, 2007, by and among WP Prism LLC, WP Prism Merger Sub
Inc. and the company, and the other related transactions.

In connection with the settlement, the company agreed to make
certain additional disclosures to its shareholders, which are
contained in the proxy supplement filed with the U.S. Securities
and Exchange Commission.  Subject to the completion of certain
confirmatory discovery by counsel to plaintiffs, the memorandum
of understanding contemplates that the parties will enter into a
stipulation of settlement.  The stipulation of settlement will
be subject to customary conditions, including court approval
following notice to the company's shareholders and consummation
of the merger.

In the event that the parties enter into a stipulation of
settlement, a hearing will be scheduled at which the court will
consider the fairness, reasonableness and adequacy of the
settlement which, if finally approved by the court, will resolve
all of the claims that were or could have been brought in the
actions being settled, including all claims relating to the
merger, the merger agreement and any disclosure made in
connection with the merger.

In addition, in connection with the settlement and as provided
in the memorandum of understanding, the parties contemplate that
plaintiffs' counsel will seek an award of attorneys' fees and
expenses as part of the settlement.  There can be no assurance
that the parties will ultimately enter into a stipulation of
settlement or that the court will approve the settlement even if
the parties were to enter into such stipulation.  In such event,
the proposed settlement as contemplated by the memorandum of
understanding may be terminated.

A full-text copy of the proxy statement supplement is available
for free at http://ResearchArchives.com/t/s?2326

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).

                          *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


CANARA BANK: Considers Tie-Up for Canbank Venture Funds
-------------------------------------------------------
Canara Bank is mulling the sale of a stake in subsidiary Canbank
Venture Funds and has firmed up plans to float INR250-crore fund
to invest in small medium enterprises, Abhijit Lele of the
Business Standard reports.

The bank has reportedly received queries from prospective
investors.

According to the Business Standard, the bank wants to expand its
venture capital business to meet growing SME demand for risk
capital.  The bank also wants to address the Reserve Bank of
India's restriction on investment by banks in venture capital
funds.

BoB Chairman And Managing Director M. B. N. Rao told BS that the
bank has decided to focus on the venture capital business after
stabilizing its mutual fund business and initiating life
insurance business jointly with Hongkong and Shanghai Banking
Corporation and Oriental Bank of Commerce.

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

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


GENERAL MOTORS: UAW Open to Health Care Trust Fund; Seeks Pact
--------------------------------------------------------------
The United Auto Workers union is amenable to creating a trust
fund for retiree health-care benefits as long as all of the
parties involved can reach an agreement on funding terms, The
Detroit News relates.

UAW leaders understand that transferring tens of billions of
dollars in liability from the books of Detroit's "Big Three"
automakers -- General Motors Corp., Ford Motor Co., and Chrysler
LLC -- to trust funds controlled by them could work, Bryce G.
Hoffman writes for The Detroit News, quoting sources close to
the contract negotiations.

According to the report, executives of the three companies
believe that paying the United Auto Workers to assume
responsibility for retiree health benefits is the best way to
make their companies cost-competitive again.  However, the
automakers' plan to fund part of their workers' benefits with
company stock could make it quite difficult for union members to
accept the offer.

Patterned after similar deals at Goodyear Tire & Rubber Co. and
Dana Corp., the three car makers want to pay the union to
establish what are called voluntary employee beneficiary
associations, or VEBAs, that would assume responsibility for
hourly retiree health benefits.  They had proposed VEBAs in
their initial economic offers to the UAW, Mr. Hoffman of The
Detroit News states.

A VEBA would cost each automaker billions -- as much as
US$35 billion in GM's case -- but it would permanently remove
billions more in liabilities from their balance sheets.  It also
guarantees the union's right to protect those benefits should
any of the automakers file for bankruptcy, The Detroit News
reveals.


Meanwhile, the UAW's top negotiator on its General Motors Corp.
bargaining team vowed that retirees won't have to pay more for
their health care in the next national contract, Louis Aguilar
writes for The Detroit News.

"I can tell you one thing, we are determined not to put any more
costs on retirees for their health care," said UAW Vice
President Cal Rapson.

In June 2007, the car companies are trying to deal with health
care costs that GM CEO Rick Wagoner says cost them a combined
US$12 billion in 2006.  Providing health care to 2 million
employees, retirees and dependents contributed to losses at each
of the U.S. automakers last year, while Japanese rivals posted
record profits.  The difference is made even more significant by
higher pensions and retiree health care costs.

GM and Ford hourly labor costs -- US$73.26 and US$70.51,
respectively -- are about US$30 an hour higher than those paid
by Japanese competitors operating U.S. plants.  The UAW's
current four-year contract with the "Big Three" automakers
expires Sept. 14, 2007.

                       About General Motors

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

                          *     *     *

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

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


GENERAL MOTORS: Inks Settlement Agreement with Delphi Corp.
-----------------------------------------------------------
General Motors Corp. signed definitive settlement and
restructuring agreements with Delphi Corp.  Delphi Corp. also
proposed Joint Plan of Reorganization and related Disclosure
Statement with the U.S.  Bankruptcy Court for the Southern
District of New York.

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

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

The proposed plan also outlines Delphi's transformation
centering around five core areas:

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

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

   -- Delphi's future product portfolio and manufacturing
      footprint;

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

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

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

              Plan of Reorganization Framework

Delphi's plan of reorganization is based upon a series of global
settlements and compromises that involve every major group of
constituents in Delphi's reorganization cases, including:
Delphi, its principal U.S. labor unions, GM, the statutory
creditors' and equity holders' committees appointed in Delphi's
Chapter 11 cases and the lead plaintiffs in certain securities
and ERISA multidistrict litigation.

The Plan provides for a recovery through a plan distribution of
reorganized Delphi common stock and cash amounting to the
principal amount of the claim plus accrued interest at a
negotiated plan value for general unsecured creditors, and
agreed upon distributions to other classes of creditors and
interests.  GM will receive a US$2.7 billion cash distribution
in satisfaction of certain of its claims against Delphi.

As part of the settlement of the multidistrict ERISA and
securities litigation, distributions will be made under three
plan classes using plan currency in the same form, ratio, and
treatment as what will be used to satisfy the holders of general
unsecured claims.  Allowed claims and interests for these three
plan classes total US$24.5 million for the ERISA plan class and
a total of US$204 million for the debt securities class and the
common stock securities class.  Holders of existing Delphi
common stock will receive a distribution of shares of
reorganized Delphi, five-year warrants exercisable to purchase
shares of reorganized Delphi, and transferable and non-
transferable subscription rights to purchase shares of
reorganized Delphi.

The settlements embodied by the Plan feature rights offerings
that will be conducted after confirmation of the Plan and which
will allow Delphi's common stockholders, who are holders of
shares of Delphi common stock as of the date when the
Confirmation Hearing commences, to purchase,

   (i) through the exercise of transferable rights,
       approximately 28% of the common stock of reorganized
       Delphi at a discount to the negotiated plan value, and

  (ii) through the exercise of non-transferable rights, up to
       US$572 million worth of shares (in the aggregate) of
       reorganized Delphi at the negotiated plan enterprise
       value price of US$45 per share.

The rights offerings are expected to commence following
confirmation of Delphi's plan of reorganization and conclude 30
days thereafter prior to Delphi's emergence from Chapter 11
reorganization.

The rights will be issued only to those individuals who are
holders of Delphi's existing common stock as of the date the
Confirmation Hearing commences and after the Bankruptcy Court
has confirmed the company's Plan and the SEC has approved
Delphi's registration statement for the Rights Offerings.

                    Labor Transformation

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

                  GM Settlement Agreements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   c) GM and Delphi have agreed to certain additional terms and
      conditions if certain of its businesses and facilities
      are not sold or wound down by certain future dates; and

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

                        Pension Plans

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

As part of the resolution of its pension issues, Delphi obtained
temporary waivers of its minimum funding requirements from the
IRS and the PBGC, under the hourly plan and the salaried plan.
By obtaining the waivers, Delphi can delay its minimum funding
requirements from June 15, 2007, through the expected Effective
Date of its Plan of Reorganization.

Delphi will also facilitate the transfer of US$1.5 billion of
the company's net hourly pension obligations to GM's Hourly
Pension Plan under applicable federal law.  On the date of such
transfer, GM will receive a note in the principal amount of
US$1.5 billion that will be paid in full within 10 days of
issuance.  This transfer facilitates Delphi's resolution of its
pension issues and will help allow Delphi to make up required
contributions to the plans that were not made in full during
Chapter 11.

Full-text copies of the Global Settlement Agreement between
Delphi and GM, and Delphi's Plan of Reorgnization and Disclosure
Statement are available
for free at:

               http://ResearchArchives.com/t/s?231c

                        About Delphi Corp.

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

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

The Adequacy Hearing for the Disclosure Statement is scheduled
for Oct. 3, 2007.  The Debtors' exclusive plan-filing period
expires on Dec. 31, 2007.

                            About GM

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

                          *     *     *

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

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


VEDANTA RESOURCES: S&P Affirms 'BB' Sr. Unsecured Debt Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services today affirmed its 'BB' long-
term foreign currency corporate credit ratings on Vedanta
Resources PLC.  The outlook remains negative.  At the same,
Standard & Poor's affirmed the 'BB' rating on Vedanta's senior
unsecured debt.

The rating on Vedanta is constrained by various factors, such as
its exposure to cyclical trends in metal prices and rising
competition in the domestic markets.  There is also a potential
for increase in risks related to power generation and greenfield
investments, specifically the bauxite mining and aluminum
projects.

"Vedanta's capital commitments have risen significantly,
specifically in the aluminum segment and commercial energy
generation businesses, somewhat moderating the improvements in
the financial profile of the company," said Standard & Poor's
credit analyst Anshukant Taneja.  Notwithstanding the
improvements made in 2007, its overall competitive cost position
in aluminum is weak compared with domestic and global peers. The
company continues to face challenges related to stabilization of
its Zambian copper operations.

Nevertheless, Vedanta has some strengths.  Its integrated
operations and strong competitive position in zinc and low-cost
position in copper have boosted cash flows significantly.  The
company demonstrated technical capability in the construction of
new production facilities, which have resulted in time and cost
savings, delivering increased volumes in favorable market
conditions.

"Vedanta has widened its presence across the spectrum of base
metals and, with the recent acquisition of Sesa Goa, has added
iron-ore exports to its business portfolio," Mr. Taneja said.
"This is expected to mitigate the impact of price cyclicality."
Vedanta's financial profile is better than its similarly rated
peers.  However, the outlook on the rating remains negative,
reflecting the persistent uncertainty in obtaining licenses for
mining bauxite in Orissa, India.  Standard & Poor's remains
concerned that the company may not obtain the relevant court
approvals, or may suffer from inordinate delays in this mining
project, which would result in a weaker credit profile for its
investments in this segment.

Vedanta Resources plc is a holding company for a diversified
metals and mining group.  The company's principal operations are
in India, Zambia and Australia.


* Moody's Says India Structured Finance Issuance Almost Doubles
---------------------------------------------------------------
Moody's Investors Service says that domestic issuance of
structured finance transactions in India grew 90% to
US$5.5 billion in 1H07 from US$2.9 billion in 1H06.  Deal
numbers almost doubled as well.

"This vigor confirmed the market has recovered the fast pace
observed since 2000," says Dominique Gribot-Carroz, a Moody's
AVP in Hong Kong and the author of a new report jointly written
with Moody's affiliate in India -- ICRA --, which reviews the
market for 1H07 and examines the outlook for 2H07.

"With the retail lending business in India likely to grow,
although possibly at a slower rate, we expect ABS issuance to
increase in 2H07," says Gribot-Carroz, adding, "Banks,
especially those active in the retail finance business, are
likely to face capital constraints."

In 1H07, ABS issuance grew more than 90% compared to 1H06.  ABS
accounted for 64% of the issuance in 1H07, thus remaining the
largest product class.

Issuance volume was also propped up by the securitization of
single corporate loans, which accounted for 29% of issuance in
1H07.

Only 3 RMBS transactions closed in 1H07 and accounted for 7% of
issuance.  While RMBS has a huge potential -- given the significant
expansion in the underlying housing finance business -- the long
tenure of such paper together with the lack of secondary market
liquidity deters certain investors.

The India report is being released in conjunction with a similar
structured finance report for Korea, a combined report for
China, Hong Kong and Taiwan, another combined report for
Singapore, Malaysia, Thailand and Indonesia, a report
summarizing developments in the entire region, and another on
regional derivatives.

Copies of the report -- "Structured Finance in India: Vigorous
Growth due to ABS and Single Loan CLO" -- can be found at
http://www.moodys.com


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

ARPENI PRATAMA: Acquires Panamax Vessel MV Mustikawati in July
--------------------------------------------------------------
PT Arpeni Pratama Ocean Line Tbk has acquired MV Mustikawati, a
Panamax vessel, in July 2007, Reuters reports.

The vessel, which has a capacity of 73,395 deadweight tonnage,
was financed using the company's internal cash, the report
notes.

The acquisition increased the number of dry bulk vessels of the
company to eight.

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport dry cargoes such as
plywood and agricultural products.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Jul 05, 2007, that Fitch Ratings has affirmed the 'BB-'Long-term
Foreign and Local Currency Issuer Default Ratings, and the
'A+(idn)' National Long-term Rating of PT Arpeni Pratama Ocean
Line Tbk.  The Outlook for the ratings remains Stable.  At the
same time, Fitch has affirmed the 'BB-'rating on Arpeni's US$160
million senior notes due 2013.

The TCR-AP also reported on April 24, 2006, that Standard &
Poor's Ratings Services assigned its B+ corporate credit rating
to PT Arpeni.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.  The company intends to use a part of the net
proceeds -- about US$93 million -- for refinancing existing
debt, and the balance for capital expenditure and vessel
financing.


BAKRIE SUMATERA: To Build US$25-Million Biodiesel Plant in 2009
---------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk plans to build a
US$25-million biodiesel plant, Reuters reports.

According to the report, the company expects to complete the
project as well as the start of production in 2009.

The report notes that Bakrie Sumatera expects the plant to have
the capacity to produce 100,000 tons of biodiesel a year as a
substitute for diesel fuel.


Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

The Troubled Company Reporter-Asia Pacific reported on
March 1, 2007, that Moody's Investors Service affirmed the B2
senior secured debt rating for Bakrie Sumatera Plantations Tbk
following its decision to increase the existing bond size of
US$110 million by another US$45 million.  At the same time,
Moody's also affirmed the B2 corporate family rating for BSP.
The outlook for all the ratings is stable.


BANK NIAGA: Fitch Affirms Long-Term Foreign Currency IDR at BB-
---------------------------------------------------------------
Fitch Ratings has upgraded the Individual Ratings of PT Bank
Niaga Tbk to 'C/D' from 'D'.  All other ratings have been
affirmed as follows:

   * Long-term foreign currency Issuer Default Rating at 'BB-'
     with Positive Outlook

   * Support Rating at '4' and

   * Support Rating Floor at 'B'

The agency notes that the upgrade of Bank Niaga's Individual
Rating reflects its improved profitability, stable and
satisfactory capitalization, and its parentage in the CIMB
Group, the second largest banking group in Malaysia by assets.
The bank is expected to benefit from the technical expertise
provided by CIMBG, particularly in areas like risk management,
treasury, corporate and Islamic banking.

Financial support from the parent is also likely in the event of
need, although such support may still be limited by possible
state intervention noting that such risks are usually higher in
sub-investment grade sovereigns.  Integration efforts with the
parent have been stepped up with the establishment of a group
synergy committee, overseen by the CEO of CIMBG, which will
focus on re-aligning Bank Niaga's strategic objectives,
operations and systems with those of its parent's main banking
subsidiary, CIMB Bank Berhad.

Stronger profitability for Niaga in H107 reflected higher net
interest margin with increased earnings helping to raise CAR
ratios. Its NPLs deteriorated slightly over the period but
remained below the industry average of about 6%.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.


BANK LIPPO: Fitch Affirms 'B' Short-Term Foreign Currency Rating
----------------------------------------------------------------
Fitch Ratings has upgraded the Individual Ratings of PT Bank
Lippo Tbk to 'C/D' from 'D.  At the same time, the agency has
upgraded Bank Lippo's National Long-term Rating to 'AA-' from
'A+'.  The Outlook remains Stable.  All other ratings have been
affirmed as follows:

   * Long-term foreign currency IDR at 'BB-' with Positive
     Outlook,

   * Short-term foreign currency Rating at 'B',

   * Support Rating at 4 and Support Rating Floor at 'B',

The upgrade in Lippo Bank's Individual and National ratings
reflects the maintenance of a sound balance sheet, strong asset
quality and improved profitability under the leadership of the
Khazanah-appointed management team.  Although loans expanded
rapidly in 2005-2006 and may be relatively unseasoned, Fitch
takes comfort in the bank's overall low level of NPLs  and
strong provision cover.

The bank's strong deposit franchise, an offshoot from its
strength as a payment settlement bank for commercial customers,
is likely to help underpin margins in an increasingly price
competitive loan market.  Its total CAR ratio increased to 26.6%
following the issuance of USD200 million sub-debt in November
2006.  As the investment arm of the Malaysian government (Long-
term foreign currency IDR: 'A-'), Khazanah should be willing to
support Lippo as a going concern, although this could be limited
by similar risks noted above for sub-investment grade
sovereigns.

                        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.


BANK RAKYAT: To Pay IDR61 Billion for Bank Jasa Acquisition
-----------------------------------------------------------
PT Bank Rakyat Indonesia will pay IDR61 billion for the
acquisition of PT Bank Jasa Arta, Reuters reports, citing Asia
Pulse.

According to the report, Bank Rakyat will inject IDR439 billion
into Bank Jasa.

Bank Rakyat plans to convert the new company into an Islamic
bank, the report notes.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
December 31, 2005, the bank had one branch office in Cayman
Islands and two representative offices in New York and Hong
Kong, respectively.

                          *     *     *

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

The detailed ratings are:

   * Ba3 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, Baa2
     global local currency deposit rating and D+ BFSR were
     unaffected -- these ratings carry a stable outlook.


Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk's:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '4'.

The Outlook for the ratings was revised to Positive from Stable.


DIRGANTARA INDONESIA: Bankruptcy Ruling is Wrong, Says Minister
---------------------------------------------------------------
PT Dirgantara Indonesia's ruling by the Jakarta commercial
court bankruptcy is considered wrong since the company is
solvent, Antara News reports, citing Minister for State
Enterprises Sofyan Djalil.

The Troubled Company Reporter-Asia Pacific reported on Sept. 7,
2007, that the commercial court declared Dirgantara Indonesia
bankrupt at the request of some of the aircraft maker's
dismissed workers, in a bid to extract retirement funds.

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

TCR-AP relates that that the panel of judges was of the opinion
that the elements of bankruptcy were fulfilled, among which were
two or more creditors whose credits were not settled by the
company.

Mr. Djalil told Antara that the company had not yet paid its
obligations not because it was unable to but because the matter
was still under a dispute in court.  The amount of the claims is
far smaller than the value of its assets and the potentials it
has, he adds.

The financial conditions of the company had continued to improve
from time to time and, at present, orders from various sides had
kept coming, Antara quotes Mr. Djalil as saying.

President Yudhoyono has asked for immediate solution to the
problem so that the company would remain operational, the
minister added.

                   About Dirgantara Indonesia

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

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

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


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

BOSTON SCIENTIFIC: Board Elects Ray Elliot as Director
------------------------------------------------------
Boston Scientific Corporation's Board of Directors elected Ray
Elliott as member.

Mr. Elliott, 58, is Chairman of the Board of Zimmer Holdings,
Inc.  Previously, he served as Chairman, President and Chief
Executive Officer of Zimmer from 2001 to 2007 and President of
Zimmer since 1997.  Mr. Elliott has extensive operating and
director experience in medical devices, orthopaedics and other
industries.  In 2005, Mr. Elliott was selected by Institutional
Investor Magazine as the "Best CEO in America" for Healthcare
(Medical Supplies and Devices).

Prior to his roles at Zimmer, Mr. Elliott was President and
Chief Executive Officer of Cybex International, Inc.  Before
assuming his role at Cybex, he was a President and Chief
Operating Officer of Southam, Inc., and Group President of John
Labatt, Ltd.  Previously, he served for 15 years in a number of
executive capacities with American Hospital Supply Corporation,
a predecessor to Baxter International, including President of
their Far East divisions in Tokyo.  He holds a B.A. from the
University of Western Ontario.

"Ray is a highly regarded health care industry executive who has
successfully led complex global businesses for more than 20
years," said Pete Nicholas, Chairman of the Board of Boston
Scientific.  "He has a keen understanding of the role of
technology in improving health outcomes, and he will bring a
wealth of valuable experience to our board.  We are pleased to
welcome Ray to Boston Scientific."

With the election of Mr. Elliott, the Boston Scientific Board
increases to 15 members.

                    About Boston Scientific

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

                          *     *     *

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


FORD MOTOR: UAW Open to Health Care Trust Fund; Seeks Pact
----------------------------------------------------------
The United Auto Workers union is amenable to creating a trust
fund for retiree health-care benefits as long as all of the
parties involved can reach an agreement on funding terms, The
Detroit News relates.

UAW leaders understand that transferring tens of billions of
dollars in liability from the books of Detroit's "Big Three"
automakers -- General Motors Corp., Ford Motor Co., and Chrysler
LLC -- to trust funds controlled by them could work, Bryce G.
Hoffman writes for The Detroit News, quoting sources close to
the contract negotiations.

According to the report, executives of the three companies
believe that paying the United Auto Workers to assume
responsibility for retiree health benefits is the best way to
make their companies cost-competitive again.  However, the
automakers' plan to fund part of their workers' benefits with
company stock could make it quite difficult for union members to
accept the offer.

Patterned after similar deals at Goodyear Tire & Rubber Co. and
Dana Corp., the three car makers want to pay the union to
establish what are called voluntary employee beneficiary
associations, or VEBAs, that would assume responsibility for
hourly retiree health benefits.  They had proposed VEBAs in
their initial economic offers to the UAW, Mr. Hoffman of The
Detroit News states.

A VEBA would cost each automaker billions -- as much as
US$35 billion in GM's case -- but it would permanently remove
billions more in liabilities from their balance sheets.  It also
guarantees the union's right to protect those benefits should
any of the automakers file for bankruptcy, The Detroit News
reveals.


Meanwhile, the UAW's top negotiator on its General Motors Corp.
bargaining team vowed that retirees won't have to pay more for
their health care in the next national contract, Louis Aguilar
writes for The Detroit News.

"I can tell you one thing, we are determined not to put any more
costs on retirees for their health care," said UAW Vice
President Cal Rapson.

In June 2007, the car companies are trying to deal with health
care costs that GM CEO Rick Wagoner says cost them a combined
US$12 billion in 2006.  Providing health care to 2 million
employees, retirees and dependents contributed to losses at each
of the U.S. automakers last year, while Japanese rivals posted
record profits.  The difference is made even more significant by
higher pensions and retiree health care costs.

GM and Ford hourly labor costs -- US$73.26 and US$70.51,
respectively -- are about US$30 an hour higher than those paid
by Japanese competitors operating U.S. plants.  The UAW's
current four-year contract with the "Big Three" automakers
expires Sept. 14, 2007.

                      About Ford Motor Co.

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

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

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

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

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

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


FORD MOTOR: Fiat & Tata Motors Mull Joint Bid, Reports Say
----------------------------------------------------------
Tata Motors Limited is in talks with Fiat SpA for a possible
tie-up in bidding for Ford Motor Co.'s Jaguar and Land Rover,
media reports say.

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

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

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

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

                        About Tata Motors

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

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

                          *     *     *

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

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


GK L-JAC: S&P Rates Low-B Rating on 7 Trust Certificates
--------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its
ratings to L-JAC Five's JPY63.63-billion trust certificates,
classes A to J-1 and class X, due August 2015.

Class   Rating   Amount         Coupon Type     O/C Ratio
-----   ------   ------         -----------     ---------
A       AAA      JPY41.5 bil.   Floating Rate   34.8%
B       AA       JPY7.2 bil.    Floating Rate   23.5%
C       A        JPY6.1 bil.    Floating Rate   13.9%
D-1     BBB      JPY1.7 bil.    Floating Rate   19.0%
D-2     BBB      JPY1.75 bil.   Floating Rate   9.9%
D-3     BBB      JPY0.64 bil.   Floating Rate   0.0%
E-1     BBB-     JPY0.5 bil.    Floating Rate   15.8%
E-2     BBB-     JPY0.8 bil.    Floating Rate   5.4%
F-1     BB+      JPY0.5 bil.    Floating Rate   12.6%
F-2     BB+      JPY0.58 bil.   Floating Rate   2.2%
G-1     BB       JPY0.5 bil.    Floating Rate   9.4%
G-2     BB       JPY0.4 bil.    Floating Rate   0.0%
H-1     BB-      JPY0.53 bil.   Floating Rate   6.0%
I-1     B+       JPY0.56 bil.   Floating Rate   2.4%
J-1     B        JPY0.37 bil.   Floating Rate   0.0%
X       AAA      JPY63.63 bil.  N/A             N/A

The trust certificates are ultimately secured by:

   1) Seventeen nonrecourse loans originated by New Century
      Finance Co. Ltd. (New Century Finance) and backed by 17
      real estate properties; and

   2) Three nonrecourse loans originated by Lehman Brothers
      Japan Inc. and backed by 64 real estate properties.  This
      transaction has been arranged by Lehman Brothers Japan
      Inc.

Standard & Poor's ratings address the full and timely payment of
interest and the ultimate repayment of principal by the
transaction's legal final maturity date in August 2015 for the
class A to J-1 trust certificates, and the timely payment of
available interest for the interest-only class X certificates.

The ratings are based on:

   * The quality of the nonrecourse loans that ultimately secure
     the trust certificates;

   * The quality of the real estate properties that ultimately
     secure the nonrecourse loans;

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

   * Ample liquidity support provided by an advancing agent; and

   * The sound nature of the transaction's legal structure.

Norinchukin Trust & Banking Co. Ltd. (hereinafter Norinchukin
Trust) is entrusted with the nonrecourse loan receivables and
issues JPY63.63 billion in trust certificates.  The entrusted
assets consist of 17 loan receivables originated by New Century
Finance and three J-REIT (Japan real estate investment trust)
loan receivables originated by Lehman Brothers Japan Inc.
The loans are ultimately secured by beneficial interests in
property trusts and first-lien security rights on 81 real estate
properties held by Norinchukin Trust.  Norinchukin Trust has
appointed Premier Asset Management Co. as the servicer.


HMV GROUP: Total Group Sales Up 12.2% for 18-Week Ended Sept. 1
---------------------------------------------------------------
HMV Group Plc issued trading update at its annual general
meeting on Sept. 6, 2007.

The company said that total group sales were up 12.2% for the 18
weeks ended Sept. 1, 2007, with like for like sales up 5.8%.
This excludes the result of HMV Japan, the disposal of which was
completed on Aug. 25, 2007.

At HMV U.K. & Ireland, total sales were up 12.5% over the same
18-week period, including like for like growth of 9.6%.  This
performance reflected a stronger than expected DVD market,
continuing growth in games and further market share gains in all
formats, driven by an improved retail offer and competitor
capacity withdrawal.

The HMV.com website, which has been enhanced by new branding and
customer communication, continued to grow by over 100% year on
year, thereby increasing its share of the online entertainment
market.  HMV UK & Ireland has made further progress with gross
margin management, which is in line with previous guidance.

In Waterstone's, like for like sales were up 2.7% during the 18-
week period, reflecting very strong sales of Harry Potter and
the Deathly Hallows.  Total sales were up 16.4% reflecting the
impact of the Ottakar's acquisition in July 2006.

Waterstones.com continues to show good progress, with registered
users up over 90% since the beginning of the calendar year.
Waterstone's has continued to improve gross margins, which were
up 40bps on last year, before the impact of Harry Potter and the
Deathly Hallows.

In HMV's international businesses, which, following the sale of
HMV Japan, now comprises HMV Canada and seven stores in Hong
Kong and Singapore, like for like sales were down by 1.6% in the
last 18 weeks.

Following the simplification of the Group's operations,
resulting from the disposal of HMV Japan, Simon Fox will
continue as Group Chief Executive and Managing Director of HMV
U.K. & Ireland.

"The Group has made a pleasing start to the current financial
year, with good momentum in sales, margins and cost management.
Solid progress is being made on our strategic plans announced in
March, including a successful disposal of HMV Japan for a
consideration which the Board believes represents best value for
our shareholders.  Furthermore, this week, HMV U.K. is opening
its first 'next generation' store trials and Waterstone's
customer loyalty card is being launched nationally," Carl Symon,
HMV Group Plc chairman commented.

"At this point in our trading calendar we have much work to do,
but we expect to approach the key Christmas period in good
operational shape and with exciting offers for our customers,"
Mr. Symon added.

As required by the Interim Management Statement provisions, the
company confirmed that there has been no significant change in
the financial position of the Group in the period since the
Preliminary results to the date of the AGM, save for the
completion and receipt of the cash proceeds from the disposal of
HMV Japan.

The Group's next trading update will be at the announcement of
its Interim results on Dec. 12, 2007.

                          About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group plc --
http://www.hmvgroup.com/-- is engaged in the retailing of pre-
recorded music, video and electronic games under the HMV brand,
and the retailing of books under the Waterstone's brand.
Including the acquisition of Ottakar's Plc, the Group operates
over 730 stores in eight countries, with the principal markets
being those of the United Kingdom, Japan and Canada.

At April 28, 2007, HMV Group plc's balance sheet showed GBP637.8
million in total assets, GBP651 million in total liabilities and
GBP13.2 million in stockholders' deficit.

The company's April 28 balance sheet also showed strained
liquidity with GBP358.1 million in total current assets
available to pay GBP627.4 million in total liabilities coming
due within the next 12 months.


SANYO ELECTRIC: Advantage Outbids LongReach for Semicon Unit
------------------------------------------------------------
Japanese private equity firm Advantage Partners has moved into a
leading position in a bidding war for Sanyo Electric Co. Ltd.'s
semiconductor unit, sources revealed to Alison Tudor and Kentaro
Hamada of Reuters.

Reportedly, Advantage outbid The LongReach Group Ltd.'s
JPY110 billion offer, but Reuters sources were unable to confirm
the exact amount of the Japanese private firm.

According to the report, it is not certain whether Advantage
placed the bid on its own or with its consortium partners
Boston-based Bain Capital and Japan Industrial Partners.

In line with this development, it is likely that Sanyo will
grant Advantage Partners priority negotiating rights this month,
however, Sanyo spokesman Akihiko Oiwa said nothing has been
decided yet.

Financial sources of Reuters expressed that Sanyo's asking price
of JPY150-200 billion for the unit is very ambitious given the
chip unit needs costly restructuring.  Ms. Tudor and Mr. Hamada
quote one of its financial sources as saying, "This is a
troubled company that will take an enormous effort to turn
around."

There have been previous entities expressing interest in Sanyo's
semiconductor unit but have withdrawn from the bid for different
reasons.  Among those firms were Blackstone, who was in a
consortium with CVC Asia Pacific and Vestar Capital Partners.
Before Blackstone, well-known investment firm specializing in
technology deals, Francisco Partners who was in a consortium
with LongReach, CCMP Capital Asia alongside MKS, withdrew from
the auction.

                      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.


* Moody's says Food Companies Are Stable Despite Cost Pressure
--------------------------------------------------------------
Despite production cost increases leading to earnings pressure,
the outlook for Moody's-rated Japanese food companies generally
remains stable thanks to cost reductions and improved
efficiency, says Moody's Investors Service in a new report on
the Japanese food industry.

The report, entitled, "Japanese Food Industry Outlook," notes
that a combination of rising raw material costs in FY2007 and
consolidation of large-scale retailers, has resulted in growing
price pressures on Japan's food producers.  The report also
highlights the expected impact on food consumption from Japan's
shrinking domestic market, due to its rapidly aging population
and lower birth rate.

However, the report also notes that food companies have
responded by enhancing their brand equity and product line-ups.
Moody's also expects that the strengthening of their overseas
operations as they seek growth opportunities is helping
diversify their business portfolios and maintain the sector's
overall performance.

Meanwhile, being able to passing rising costs onto retail prices
and increasing the percentage of high-value added products will
be important factors as food companies try to match the
increasing buying power of the large retailers, says the report.

Industry consolidation is likely to accelerate while the
domestic market continues to shrink.  However, Moody's does not
expect rated food companies to engage in transactions which
could significantly deteriorate their financial profiles, and
therefore a significant impact on their ratings is not
anticipated

Moody's-rated Japanese food companies include Ajinomoto,
Kikkoman, Toyo Suisan, Nichirei, Nippon Meat, Itoham and
Marudai.


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

DAEWOO ELECTRONICS: Partners w/ LG Electronics for Outsourcing
--------------------------------------------------------------
Daewoo Electronics Corporation is in talks with LG Electronics
to outsource part of its production of LCD TVs in Europe, The
Korean Times reports.

According to the report, if the contract is signed, Daewoo is
highly likely to produce some 100,000 mid-sized LCD TVs at its
plant in Poland for LG by the end of this year.

An unnamed LG spokesman confirmed to the news agency that the
deal is done, adding that the plant in Poland is not big enough
to meet soaring demand for flat panels in Europe.

The report adds that LG will additionally invest KRW500 billion
in its LCD cluster there over the next four years in a bid to
boost annualized production capacity of 37, 42, 47, 52 and 55-
inch LCD TVs to 10 million by 2010.

                     About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter - Asia Pacific,
Daewoo Electronics has been under a debt workout program since
January 2000, months after its parent group -- the Daewoo Group
-- collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


HANAROTELECOM: Carlyle Group & Macquarie Bank Plan to Buy Stake
---------------------------------------------------------------
Carlyle Group and Macquarie Bank Ltd. asked banks to fund rival
bids for Hanarotelecom Inc, Bloomberg News reports.

The Troubled Company Reporter-Asia Pacific reported on June 28,
2007, that several foreign investors have shown interest in
acquiring a controlling stake in Hanarotelecom Inc, which is
currently held by American International Group Inc. and TPG
Capital.

According to Bloomberg, Carlyle Group and Macquarie Bank plan to
buy 39% of Hanaro, valued at KRW762 billion, which is based on
the Sept. 3 closing price.

Denise Kee of Bloomberg says that the two companies may be among
the six bidders competing for assets.

Macquarie and Carlyle are competing for the stake after Hanaro
reported net income of KRW2.1 billion for the three months ended
June, its first profit since the first quarter of 2005,
Bloomberg points out.

Bloomberg recounts that this is Carlyle's second attempt to buy
Hanaro.  It teamed up with LG Group in 2003 to bid for the
telecommunications company.  Their bid included shares in an LG
unit as partial payment, failing to address Hanaro's need to pay
KRW300 billion in debt and increase investment, the report adds.

                       About Hanarotelecom

Seoul, South Korea-based hanarotelecom Inc. --
http://www.hanaro.com/-- is the second  largest player in the
Korean local telephone market.  It provides high-speed Internet
services in Korea.  It provides high-speed Internet services in
Korea.  In June 2001, the company integrated broadband Internet
access services which included ADSL, Hybrid Fiber Coaxial cables
and Broadband Wireless Local Loop into a single brand called
HanaFOS.  hanarotelecom offers VoIP services to its broadband
business customers as a bundled service and also as a stand
alone service.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 28, 2006 that Fitch Ratings assigned hanarotelecom Inc. a
Long-term foreign currency Issuer Default rating of 'BB'.  The
rating outlook is stable.

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


KOREAN EXPRESS: Kumho Asiana Group Plans to Take Over Firm
----------------------------------------------------------
Kumho Asiana Group plans to take over Korea Express Co. to boost
the former's logistic business and create synergy with other
group affiliates, The Korean Times reports.

According to The Wall Street Journal, the selling of Korea
Express is set to begin in September, citing a Seoul Central
District Court judge.  Korea Express, which has been under court
receivership since November 2000, plans to find a new owner by
selling new shares equal to 50% of enlarged capital plus one
share, the report adds.

The Times cites deteriorating finances as the reason for Korea
Express' going into court receivership.

The Journal recounts that the sale has been delayed for years
because of worries over possible contingent liabilities stemming
from a continuing Libyan waterway project, where it is building
pipelines to deliver underground water in the Sahara desert to
Mediterranean cities.

Group Chairman Park Sam-koo told the Times that it will take
around 30-35% additional stake to secure management control
since Kumho Asiana already has a 13.47% stake in the company.

The Times says that Kumho Asiana is currently competing with
several logistic-oriented business groups, including Hanjin,
STX, CJ, Shinsegae and Lotte, causing the Korea Express' value
to rise as high as KRW5 trillion won, compared to the estimated
price of less than KRW2 trillion when sale talks first surfaced.

The company is receiving applications from financial services
companies to broker its sale until Sept. 19, and plans to select
a sales manager by late this month and receive bids from
potential buyers afterwards, The Times adds.

                     About Korea Express Co.

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.


=========
M A C A U
=========

MELCO PBL GAMING: Moody's Assigns First-Time (P)Ba3 Ratings
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3
corporate family rating to Melco PBL Gaming (Macau) Limited
(MPBL Gaming).  At the same time, Moody's has assigned a
provisional (P)Ba3 rating to the company's proposed
US$1.75 billion senior secured syndicated loan facility.  The
outlook for the ratings is stable.

This is the first time that Moody's has assigned ratings to MPBL
Gaming.  The rating agency expects to remove the ratings from
their provisional status upon the completion of the syndicated
loan facility.

"MPBL Gaming's (P)Ba3 corporate family rating primarily reflects
the material uncertainties surrounding the rapid evolution of
Macau's gaming market as well as the significant development and
execution risk exposure associated with its casino projects, and
which will dominate its credit profile over the next two years,"
says Kaven Tsang, a Moody's Analyst.  The projects are Crown
Macau and City of Dreams.

"At the same time, partly mitigating this concern is the fact
that the company has successfully completed the development of
Crown Macau," adds Tsang, also Moody's lead analyst for MPBL
Gaming.

In addition, it is expected to benefit from the successful
experience of PBL -- one of the major shareholders -- in the
construction process and day-to-day operations.  Moody's further
anticipates that PBL will be likely to provide some level of
financial support if MPBL Gaming encountered financial distress.
Reflecting this implied support, the corporate family rating has
been uplifted by two notches from a stand-alone basis.

At the same time, while MPBL Gaming's financial profile will
remain weak in the next 1-2 years, it could materially change
once its projects, particularly City of Dreams, become
operational, allowing it to capture significant market share as
well as the associated cash flows of Macau's rapidly expanding
market.

As a result, successful completion of its projects and an
effective ramp-up would be a key rating driver in the near-to-
medium term.

Current liquidity at MPBL Gaming is modest with a cash holding
of around US$140 million as of June 2007, mainly from the NASDAQ
listing last year. The proposed syndicated loan will largely be
used to fund the sizable capex for City of Dreams.

The rating outlook is stable, reflecting Moody's expectation
that MPBL Gaming will successfully execute its business plan,
such that its key credit metrics will improve materially in the
next 18-24 months.  The stable outlook further takes into
account the continuous support from PBL.

The rating may come under downward pressure if:

1) there are material delays or cost overruns in the City of
   Dreams project;

2) Crown Macau fails to attract the expected level of revenue;
   and/or

3) the company engages in further debt-funded acquisitions or
   development projects, such that its key financial metrics
   fall below Moody's expectation.

For instance, indications that EBITDA interest coverage is
failing to recover to over 2.5-3x or Debt/EBITDA will stay above
6-7x over the next two years could be signals for considering a
downgrade.  Also, evidence of a weakening in PBL's willingness
and/or ability to provide support would be negative for the
ratings.

Upward rating pressure will be restrained in the next 12-18
months until concerns over the construction risk associated with
City of Dreams have been alleviated and Crown Macau develops an
appropriate track record of operations.  Any rating upgrade
consideration would also require the company to improve EBITDA
interest coverage to above 4-4.5x and to successfully de-
leverage, such that Debt/EBITDA falls below 4.5-5x on a
sustainable basis.

Melco PBL Gaming (Macau) Limited, a subsidiary of NASDAQ-listed
Melco PBL Entertainment (Macau) Limited (MPEL), holds one of 6
concessions/sub-concessions for gaming activities in Macau.  It
currently operates one casino under Crown Macau, which opened in
May 2007, and around 1,000 slot machines under Mocha Clubs.


MELCO PBL GAMING: S&P Assigns 'BB-' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to Melco PBL Gaming
(Macau) Ltd. (MPGL).  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'BB-' bank loan rating to a loan
package that consists of US$1.5 billion in Series A (amortizing)
debt with a seven-year term and a five-year US$250 million
revolver.

"The rating on MPGL reflects the company's aggressive financial
leverage; significant construction and execution risks
associated with City of Dreams, a gaming project in Macau; and
its high exposure to the mass and VIP gaming markets in Macau,
which are yet to be proven," said Standard & Poor's credit
analyst Judy Kwok-Cheung.  "Execution risks also include heavy
competition, the lack of sufficient transportation
infrastructure and labor in Macau, a dependency on the Chinese
market for the bulk of visitors, and regulatory risks, such as
visa restrictions."

These risks are significantly offset by the robust growth
prospects for Macau's gaming market.  The rating also reflects
operational and financial support from the joint venture's
owners: Australia-based Publishing and Broadcasting Ltd. (PBL;
BBB+/Watch Neg/A-2) and Hong Kong-based Melco International
Development Ltd. (Melco).

MPGL's financial metrics are weak for the rating and a key
operating risk for the group.  To improve its financial leverage
to a level consistent with the rating category, the City of
Dreams gaming project will need to generate strong demand when
it opens, scheduled for 2009, as the company targets that the
facility will provide about 60% of its EBITDA by 2010.

Significant delays in project construction or weaker-than-
expected demand will have a negative impact on the company's
financial performance and would impair its ability to
meet its financial obligations.  We expect MPGL's ratio of debt
to EBITDA to exceed 7x in fiscal 2008.  The company is likely to
generate negative free cash flows through 2009 during the
construction period of the City of Dreams project.  MPGL's
business fundamentals are favorable, reflecting the robust and
rapidly growing gaming market in Macau.

Melco PBL Gaming (Macau) Limited, a subsidiary of NASDAQ-listed
Melco PBL Entertainment (Macau) Limited (MPEL), holds one of 6
concessions/sub-concessions for gaming activities in Macau.  It
currently operates one casino under Crown Macau, which opened in
May 2007, and around 1,000 slot machines under Mocha Clubs.


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

AYER MOLEK: Requisitionists Held EGM; Appoints New Board
--------------------------------------------------------
The Ayer Molek Rubber Company Bhd's minority shareholders
proceeded to conduct their own Extraordinary General Meeting
(EGM) on September 7, 2007, where they formed a new board of
directors for the company, The Edge Daily reports.

A total of 51 shareholders attended the meeting.  Four
requisitionists, Goh Joon Hai, Teh Kim Seng, Lim Hock Ser, and
Chor King Chun, called for the EGM to effect the board changes.

According to the report, in the absence of the incumbent board,
the minority shareholders claimed they had successfully removed
its seven directors and formed the new board comprising their
own four nominees.

During the meeting, the minority shareholders claimed to have
voted in Mr. Goh (executive director), Datin Mariam Prudence
Yusof (executive chairperson), Dr. Jamal Yusof and Syed Khalil
Syed Ibrahim.

"All existing directors have been sacked as of this date," Mr.
Goh was quoted by the news agency as saying at the meeting,
referring to the passing of the first resolution.

The minority shareholders also purportedly removed members of
the board Low Kok Hwa, Jamal Yusof, Keow Hock Sheah, Adlin
Shaharudin, Mahadi Affendi Mohd Anuar, Tay Chong Boon and
Norizad Medah.

In addition, the minority shareholders also resolved to cancel
the Sept. 14 scheduled EGM of the incumbent board and to change
the company's office from the existing lot in Wisma UOA to Heng
Monterio Consultants Sdn Bhd in Jalan Tun Sambanthan 3.

The validity of the recently conducted EGM is questioned by the
incumbent board, which alleged that it was unlawful and
wrongfully convened, the newspaper relates.

In a separate report by The Edge, the newspaper said that the
incumbent board argued that although the court did not grant its
injunction, the issue of the legality of the requisitioned EGM
had not been decided.  The incumbent board also said that the
company will not honor any resolution passed at the EGM and
instead, it urged its shareholders to attend the EGM that it had
scheduled to be held on Sept 14.

The incumbent board had brought the matter to court, but had an
injunction application dismissed, Sharmila Ganapathy of The Edge
Daily writes.

Meanwhile, one of the newly appointed directors, Mr. Goh,
claimed that the newly formed board had received the endorsement
from the Companies Commission of Malaysia.

Speaking to reporters after the meeting, Mr. Goh said the
minority shareholders' immediate concern was the restructuring
of Ayer Molek's capital, adding that bonus and rights issues
were part of the plan.  "The rights issue will need financial
support and Leasing Corporation Sdn Bhd has consented to inject
capital to finance the rights issue," he said.

According to Mr. Goh, Mr. Mariam, Dr. Jamal and Syed Khalil were
from Leasing Corp, which owns a 25.11% stake in Ayer Molek.
Before the meeting, Mr. Goh was quoted by the news agency as
saying: "Four directors will be nominated to lead the company.

Once the new board is formed, the first agenda to do is to
publish Ayer Molek's financial statements for the year ended
Dec. 31, 2006, to comply with Bursa Malaysia's listing
requirement.  The new board will then restructure Ayer Molek's
capital structure to achieve the minimum requirement with a
paid-up capital of MYR60 million through a bonus issue and
rights issuance," he added.

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

Ayer Molek has suffered recurring losses since the early 90s
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts.  The
company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.


AYER MOLEK: Securities Commission Orders Freeze of Assets
---------------------------------------------------------
Malaysia's Securities Commission has confirmed The Edge
Financial Daily report that it has obtained an injunction to
prevent The Ayer Molek Rubber Company Bhd and its solicitors,
Messrs. Ropizah Ambri & Co., from disposing of or dealing with
or dissipating any of its assets up to MYR20 million in or
outside of Malaysia.

The amount, according to the report, represents the company's
sale proceeds of several pieces of land in 2006 and 2007.

In a statement obtained by the news agency from the commission's
Web site -- http://www.sc.com.my/-- the office said it filed
for an injunction following an investigation into the 2006 and
2007 sales of land made by Ayer Molek.  "The findings revealed
that these sales were undertaken without shareholders'
approval," it said.

The SC characterized the disposal of the land at below its
market value as "asset stripping", a separate report by the
newspaper says.  The two pieces of land are the only items
listed in Ayer Molek's 2005 annual report under the "list of
properties" section.  Both the Segamat and Jasin land were
acquired by Bintang-Bintang Sdn Bhd.

The commission's statement added that the sale of the land to
Bintang-Bintang Sdn Bhd for MYR8 million in 2007 represented
Ayer Molek's remaining plantation land measuring 91.15ha.
Other issues that were highlighted by the SC include the
allegation that former group managing director and chief
executive officer of Ayer Molek Ismail Ahmad is an undischarged
bankrupt.  Mr. Ismail held the posts from 1993 and resigned on
May 22, 2007.

Further, the SC explained that its action is a pre-emptive
action to preserve the assets of the company in the interest of
the investors.  "This underlines its strong emphasis on investor
protection and that public listed companies operate in a
responsible and accountable manner."

On a different report by The Edge, Leela Barrock writes that
Ayer Molek must furnish SC's solicitors with information on all
its assets in or outside Malaysia, including the location, value
and nature of the assets, and whether or not the assets are
jointly or solely owned.

According to observers, the SC's move to seek civil remedies in
this case will give minority shareholders a much-needed boost.
The SC appears to be moving towards seeking civil remedies for
such cases, which could signal an important policy shift for the
commission. Lawyers say there are compelling reasons to bring
charges for criminal breach of trust in the Ayer Molek case.


Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

Ayer Molek has suffered recurring losses since the early 90s
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts.  The
company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.


PROTON HOLDINGS: Plans Another Cut on Dealer Network
----------------------------------------------------
Proton Holdings Bhd plans to slash its current 310-dealer
network to as low as 200 by end-2007 to boost its earnings, The
Edge Daily reports.

The move, according to the newspaper, was planned to arrest
declining earnings, realign some of its offerings to target the
broader market segment and drop dealers that failed to perform
after having lost significant market share in recent years.

Speaking to reporters after its Annual General Meeting held
recently, Proton managing director Datuk Syed Zainal Abidin
Mohamed Tahir said the distribution rationalization would
include identifying areas with oversized dealer network.

"When we first started last year, there were about 400 outlets,
both between EON and EDAR.  Today we stand about 310 but it is
not the right size yet.  We will continue with our
rationalization, and in fact, we want each and every one of our
dealers to perform.  Subject to their performance we will manage
them properly and if they perform they will be with us. If not,
they have to give up," he said.

Director Syed Zainal was also quoted by the news agency as
saying that the national carmaker was also realigning itself to
introduce products of mass appeal to capture loss ground, adding
that its latest model Persona and the planned Iswara replacement
model slated to hit the market next January were for the broader
market segment.  "Going forward, we will be very mindful about
product positioning, and we will try to produce models of
various derivatives on selective platforms.  We want to have
more carry-over from existing components."

Meanwhile, Proton Edar Dealers' Association president Wan Ahmad
Sepwan agreed to the plan by saying: "If Proton car sales volume
in total per month is 14,000 units, there should not be any
issue with 310 dealers.  However sales over the last year have
been very low, but last month it was an encouraging 12,000
units, especially with the Persona model coming along.  It would
be ideal to have 250 dealers, as it would mean you have the best
performers and they in turn receive good returns for their
efforts."

                      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.


TENCO BERHAD: Looks to Resume Trading After Reform Exercise
-----------------------------------------------------------
Tenco Bhd, which has been suspended since Aug. 15, 2007, to
facilitate its capital reconstruction, expects to resume trading
following the completion of its restructuring exercise within
this month, Chairman Datuk Tan Yik Huay told The Edge Daily.

"The restructuring is almost complete, and is targeted to be
done by end of September," Mr. Tan said after the company's
Annual General Meeting.  "Upon completion the company will apply
to Bursa Malaysia to lift the PN17 status.  We target to resume
trading by the third week of the month."

This will be Tenco's second attempt at restructuring after its
first attempt involving a reverse takeover by corporate figure
Tan Chew Piau did not pan through, the news agency recounts.

In addition, Mr. Tan said that during the AGM, Tenco
shareholders approved its proposal for a name change to Nagamas
International Bhd.  "Now we just need the Companies Commission
to issue the certificate," he said.

Headquartered in Selangor, Malaysia, Tenco Berhad's --
http://www.tenco.com.my--  principal activities are
manufacturing and selling of polymer, chemicals, adhesive,
decorative coatings and related products, building materials,
equipment and consumer products.  Other activities include
investment holding and provision of management services.
The Group operates in Malaysia, Singapore and Canada.

Tenco is classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration.


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

AUTUMN LODGE: Accepting Proofs of Debt Until Sept. 14
-----------------------------------------------------
The creditors of Autumn Lodge Limited are required to file their
proofs of debt by Sept. 14, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


BARNARD STREET: Commences Liquidation Proceedings
-------------------------------------------------
On August 20, 2007, the shareholders of Barnard Street
Investments Ltd. resolved to liquidate the company's business.

Paul Alexander Glass was named as liquidator.

The Liquidator can be reached at:

         Paul Alexander Glass
         44 York Place, Dunedin
         New Zealand
         Telephone:(03) 477 5432
         Facsimile:(03) 474 1564


CARROW HOLDINGS: Court Sets Wind-Up Hearing on Sept. 13
-------------------------------------------------------
A petition to have the operations of Carrow Holdings Ltd. wound
up will be heard before the High Court of Auckland on Sept. 13,
2007, at 10:45 a.m.

Christos Limited and Dunamis Limited filed the petition against
the company on May 16, 2007.

The Petitioners' solicitor is:

         G. R. Webb
         Nolans
         Treble Court, First Floor
         180 Palmerston Road
         PO Box 1141, Gisborne
         New Zealand
         Telephone:(06) 867 1209
         Facsimile:(06) 867 9835


FELTEX CARPETS: Legal Action Against Firm Will be Filed Soon
------------------------------------------------------------
The former shareholders of Feltex Carpets Limited will soon file
a NZ$250-million legal action against the carpet manufacturer,
the New Zealand Press Association reports, citing a statement
made by lawyer Garry Wakefield.

Feltex was listed on the local stock exchange in mid-2004 in a
NZ$254-million initial public offering.  However, the company
fell short of its prospectus earnings projections, reporting a
net profit of NZ$11.8 million in the fiscal year to June 30,
2005, about half the forecast NZ$23.9 million.  The company has
since struggled with losses and earnings downgrades, flogging
sales, and a dipping share price.  ANZ Bank placed the company
in receivership on Sept. 22, 2006.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale were used to ease the company's
NZ$128-million debt to ANZ Bank.  Thousands of shareholders,
however, lost over NZ$250 million when the company's shares
became worthless.

According to NZPA, Mr. Wakefield said a claim was to be filed
soon alleging misleading and deceptive conduct, and that
negligent misstatements were made in the company's float
prospectus.  About 650 shareholders are currently involved in
the legal action with another eight or nine making approaches
each day, Mr. Wakefield added.

Groups representing dismissed personnel and shareholders who
lost their investments have been asking for an independent
investigation over the collapse of Feltex Carpets, the TCR-AP
said on Sept. 7.

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

On Dec. 13, 2006, the High Court in Auckland ruled in favor of
an application by the Shareholders Association against Feltex
Carpets Limited putting the carpet maker into liquidation.  John
Vague was appointed as liquidator.


FINANCE AND INVESTMENTS: Principals Place Firm in Receivership
--------------------------------------------------------------
The principals of Finance and Investments, Andrew Harding and
Murray Scholfield has placed the finance company into
receivership, The National Business Review reports.

Finance and Investment, reportedly the 9th New Zealand company
to experience difficulties in the last 16 months, owes about
NZ$16 million to its investors.

Based in Tahanui, Finance and Investments was founded in 1973 to
provide vehicle financing and subsequently expanded into other
areas of finance, the report adds.


GLASS EARTH: Completes Otago Airborne Geophysical Survey
--------------------------------------------------------
Glass Earth Limited disclosed the completion of its Airborne
Geophysical Survey in the Otago Region, South Island, New
Zealand and the execution of a joint venture agreement over that
Region.

                    Geophysical Survey Complete

Glass Earth embarked on its second region-wide Airborne
Geophysical Survey and "Data Intervention" project in New
Zealand on January 15, 2007, in search of new large Mesothermal
gold occurrences.  The Survey used Fugro's ultra-detailed
helicopter-borne ResolveTM EM system, combined with horizontal
gradient-array magnetometry.  This Survey is one of the largest
ResolveTM EM surveys ever undertaken by Fugro worldwide, and the
largest airborne geophysical survey ever conducted in New
Zealand.

The Geophysical Survey (fixed gross cost C$3.2m/NZ$4m including
a contribution from the Otago Regional Council NZ$1m (C$0.75m))
took 7 months to complete and involved ElectroMagnetic, Magnetic
and DTM remote data collection exceeding 52,000 line kilometres.

The Geophysical Survey covered 13,000km2 of prospective gold
bearing terrain, encompassing the historic Otago Alluvial
Goldfields (8 million ounce historic gold production) and the
7.2 million ounce Macraes Gold Mine, New Zealand's largest
producing hard-rock gold mine (providing a geophysical template
of a major Mesothermal gold system).

Preliminary results indicate there is more variation and
structural complexity in the Otago Schist than has been
previously mapped or interpreted and the new interpretation will
basically rewrite the geology of the Otago Region. The leap in
detail provided by the Survey will locate structures bearing a
similar geophysical signature to that of the Macraes gold mine's
Hyde-Macraes shear.  The Company believes that the potential for
discovering new large mesothermal gold deposits is substantially
increased.

The completion of this Geophysical Survey process marks the
commencement of the interpretation and targeting, which will be
followed by an extensive on-ground evaluation of the Company's
Otago Region tenement position in the first quarter of 2008.

A Joint Venture Agreement has been executed with New Zealand
Minerals Limited, whereby it will contribute its Prospecting
Permit 39-320 (1,793 km) and NZ$437,500 (C$328,000) towards the
Geophysical Survey costs in return for a 10% equity in Glass
Earth's combined Otago Region tenement portfolio covering over
23,000 km.

                       Qualified Persons

Glass Earth's exploration programmes are carried out under the
supervision of Glass Earth's VP Exploration and Chief Operating
Officer, Simon Henderson, M.Sc, M.AUSIMM. Mr. Henderson meets
the qualified person requirements (as defined by National
Instrument 43-101) with more than 30 years of experience in the
gold mining and exploration industry.

                        About Glass Earth

Glass Earth Ltd -- http://www.glassearthlimited.com/-- and its
Subsidiaries' principal activity is the exploration for and
mining of gold deposits in New Zealand.  Glass Earth has
established a large portfolio of gold prospecting and
exploration permits in New Zealand, including advanced gold
prospects in the Hauraki-Waihi area; advanced and greenfields
gold prospects at the Mamaku-Muirs Reef area between Rotorua and
Tauranga; Greenfield gold prospects in the Central Volcanic
Region between Rotorua and Taupo, and advanced and greenfields
gold prospects in the Otago mesothermal gold fields, including
priority over a 20,550km2 prospecting permit area which it
believes is prospective for Macraesstyle gold mineralisation.
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

As of June 30, 2007, the company booked a deficit of
CD$3,422,000, compared with the CD$1,953,000 deficit as of
May 31, 2006.


GLENBROOK LODGE: Names Heath and Lamacraft as Liquidators
---------------------------------------------------------
On August 17, 2007, Arron Leslie Heath and Michael Lamacraft
were named as liquidators of Glenbrook Lodge Limited.

Messrs. Heath and Lamacraft require the company's creditors to
file their proofs of debt by Sept. 14, 2007.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


METRO MOTOR: Court to Hear Wind-Up Petition on Sept. 13
-------------------------------------------------------
The High Court of Auckland will hear on September 13, 2007, at
10:45 a.m., a petition to have the operations of Metro Motor
Holdings (2003) Ltd. wound up.

The petition was filed by the Commissioner of Inland Revenue on
May 28, 2007.

The CIR's solicitor is:

         Simon John Eisdell Moore
         c/o Meredith Connell
         Forsyth Barr Tower, Level 17
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand
         Telephone:(09) 336 7556)


NEW ZEALAND LIFE: Fixes Sept. 14 as Last Day to File Claims
-----------------------------------------------------------
New Zealand Life Care Investments Ltd requires its creditors to
file their proofs of debt by September 14, 2007.

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

The company's liquidator is:

         Mike Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


NORTHRIDGE CONSTRUCTION: Court Set to Hear Petition on Sept. 13
---------------------------------------------------------------
A petition to have the operations of Northridge Construction
Ltd. wound up will be heard before the High Court of Auckland on
September 13, 2007, at 10:00 a.m.

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

Accident Compensation's solicitor is:

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


NSW ENTERPRISES: Fixes Sept. 28 as Last Day to File Claims
----------------------------------------------------------
The creditors of NSW Enterprises Ltd. are required to file their
proofs of debt by September 28, 2007, to be included in the
company's dividend distribution.

The company started to liquidate its business on August 24,
2007.

The company's liquidator is:

         P. J. Kendall
         PO Box 33070, Takapuna
         North Shore City 0740
         New Zealand
         Telephone:(09) 486 8370
         Facsimile:(09) 489 3091


PLS CONSTRUCTION: Accepting Proofs of Debt Until Sept. 28
---------------------------------------------------------
PLS Construction Ltd., which is in liquidation, is accepting
proofs of debt from the company's creditors until September 28,
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 liquidators are:

         Stephen Mark Lawrence
         Anthony John Mccullagh
         Horwath Corporate (Auckland) Limited
         PO Box 3678, Auckland 1140
         New Zealand
         Telephone:(09) 306 7425
         Facsimile:(09) 302 0536


REDWOOD LIFESTYLE: Proofs of Claim Due on Sept. 14
--------------------------------------------------
The creditors of Redwood Lifestyle Cottages Limited are required
to file their proofs of debt by September 14, 2007, to be
included in the company's dividend distribution.

The company's liquidators are:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


REDWOOD LODGE: Appoints Heath and Lamacraft as Liquidators
----------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were named as
liquidators for Redwood Lodge Limited on August 17, 2007.

Messrs. Heath and Lamacraft are accepting proofs of debt from
the company's creditors until September 14, 2007.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


SOUTHERN MAN: Taps Paul Alexander Glass as Liquidator
-----------------------------------------------------
On August 20, 2007, the shareholders of Southern Man Hospitality
Ltd. agreed to voluntarily liquidate the company's business.

Paul Alexander Glass was named as liquidator.

The Liquidator can be reached at:

         Paul Alexander Glass
         44 York Place, Dunedin
         New Zealand
         Telephone:(03) 477 5432
         Facsimile:(03) 474 1564


SUNSET LODGE: Names Heath and Lamacraft as Liquidators
------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were named as
liquidators for Sunset Lodge Limited on August 17, 2007.

The Liquidators fixed Sept. 14, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


THE BOOMS: Creditors' Proofs of Debt Due on Sept. 14
----------------------------------------------------
The creditors of The Booms Lodge Limited are required to file
their proofs of debt by Sept. 14, 2007, so as to be included in
the company's dividend distribution.

The company's liquidators are:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


TRIKKE NEW ZEALAND: Subject to PMP Print's Wind-Up Petition
-----------------------------------------------------------
PMP Print Limited filed on June 11, 2007, a petition to have the
operations of Trikke New Zealand Ltd. wound up.

The High Court of Auckland will hear the petition on Sept. 13,
2007, at 10:45 a.m.

PMP Print's solicitor is:

         C. R. Vinnell
         c/o Anthony Harper
         Anthony Harper Building, Level 5
         47 Cathedral Square
         PO Box 2646, Christchurch
         New Zealand
         Facsimile:(03) 366 9277


YESKY LTD: Appoints Official Assignee as Liquidator
---------------------------------------------------
On August 20, 2007, the official assignee was appointed as
liquidator of Yesky Ltd.

The Liquidator can be reached at:

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


* Security Commission Proposes New Powers for Trustees
------------------------------------------------------
The Securities Commission has proposed immediate changes to the
law to strengthen the position of trustees of finance companies
and to assist them to perform their supervisory roles in the
interests of investors.

In advice to the Minister of Commerce the Commission has advised
that trustees be given enhanced powers to obtain up to date and
accurate information about the financial position of the finance
companies they oversee.

The Commission has proposed these changes after meeting with all
finance company trustees on Sept. 5.  Many of the changes
proposed are already in the Trustee Corporations Association
guidelines and in some existing trust deeds.  However, other
deeds do not contain all the powers trustees need.

"It is important that trustees have up to date and reliable
information about the companies they supervise", said Commission
acting Chairman Colin Beyer.  "The changes we are proposing will
ensure that all trust deeds provide trustees with robust powers
to get the information they need to carry out their duties in
the interests of investors."

The changes the Commission is proposing will automatically
become part of all finance company trust deeds (including
existing deeds).  The changes are:

Reporting

A finance company must give to its trustee:

   * Annual and half-yearly audited financial statements

   * Quarterly attestations by the directors on compliance with
     prospectus and trust deed requirements

   * Monthly management accounts

   * Monthly reports on liquidity, asset quality, reinvestment
     rates, and any breaches of financing arrangements with
     third parties

   * Notice of any changes in controlling shareholders,
     directors, and senior management

   * Advance notice of any major transactions.

The trustee may also require further reports.

Verification

The trustee may:

   * Appoint an independent expert such as an investigating
     accountant or valuer to report on the true financial
     situation of the finance company

   * Enter a finance company's offices to inspect its books and
     other papers

Audit

A finance company must:

   * Consult its trustee before appointing an auditor

   * Tell its trustee if an auditor has refused appointment or
     resigned together with reasons

   * Engage its auditors to:

        -- confirm their audit opinion to the trustee

        -- give a copy of the audit management letter to the
           trustee

        -- report separately to the trustee on matters relevant
           to the powers and duties of the trustee or the
           interests of investors, and on whether all reports
           given by the company to the trustee were accurate

        -- meet privately with the trustee after each audit and
           answer any questions the trustee may ask

A trustee may appoint an additional auditor at the finance
company's expense if the audit firm chosen by the finance
company does not have at least five partners and earn at least
20% of its revenue from assurance work, or otherwise, in the
trustee's opinion, does not have sufficient experience or
capacity to undertake the audit of the finance company.

Changes to the law to give effect to the new powers will be made
by regulations under the Securities Act 1978 on the
recommendation of the Securities Commission.  The Commission
expects to provide its formal recommendations by the end of
September.


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

PRIMETOWN PROPERTY: Enters into MOA with Eurovek
------------------------------------------------
Primetown Property Group, Inc.'s board of directors approved a
Memorandum of Agreement with Eurovek Building Solutions, Inc.,
on July 30, 2007.

Primetown Property, in a disclosure with the Philippine Stock
Exchange, said that the transaction will upstart its compliance
with the rehabilitation process, while for Eurovek, it will
realize expansion from construction to the higher level of land
and property development.

Under the MOA, Primetown will be infused with new capital up to
PHP11,341,760.  The company explained that its massive negative
equity renders it financially incapable of rehabilitation, thus
the need for new cash infusions to at least meet its immediate
obligations particularly the Philippine Stock Exchange.

More details about the Eurovek MOA is available for free at:

http://www.pse.org.ph/html/disclosure/pdf/2007/pdf/dc2007-5690_PMT.pdf


Makati City-based Primetown Property Group, Inc., is engaged in
the buying, development and selling of real estate.  The company
has completed and launched several residential and commercial
development projects within the Maakti Central Business
District, Fort Bonifacio, Cebu City, Tagaytay City and Boracay
Island, including condominium-hotel projects.

                       Going Concern Doubt

F.B. Santos at San Jose Verde Santos and Associates raised
significant doubt on the company's ability to continue as a
going concern after auditing its financial statements for the
year ended dec. 31, 2006.  The accountants cited the company's
recurring losses since 1998 and capital deficiency.

The Troubled Company Reporter - Asia Pacific reported that the
company reported a net loss of PHP20.44 million for the year
ending Dec. 31, 2006, only a third of the previous year's net
loss of PHP69.71 million.

Primetown Property Group Inc. posted a capital deficiency of
PHP809.77 million as of March 31, 2007, as compared to an
PHP808.52 million deficit at December 31, 2006.


ZIPPORAH REALTY: Pays PHP80,800 Penalty to Securities Commission
----------------------------------------------------------------
Zipporah Realty Holdings Inc. informs the Philippine Stock
Exchange that on Sept. 7, 2007, it paid the Securities and
Exchange Commission PHP80,800 as penalty for the company's
alleged failure to comply with Sec. 17.1(1)(A)(i) of the Amended
Securities Regulation Code Rules.

Zipporah Realty Holdings, Inc. was originally incorporated as a
mining firm.  Presently, it is primarily engaged in real estate
holding and development with mining as its secondary purpose.
Its main source of revenue comes from sales of real estate
properties.

The company's subsidiary, EBEDEV, Inc., launched its first
project, the Westmont Village Project along Dr. A. Santos Avenue
in Sucat, Paranaque, which started commercial operations in
January 1996.  The Westmont Village was conceptualized primarily
to answer the needs of young urban professionals and the growing
demands of the medium income market for a condominium project
accessible to the centers of commerce and industry, affordable
and with the amenities of a first-class condominium.

The company registered a PHP746.12 million deficit for the year
2006.


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

HLG ENTERPRISE: Moves Location of Share Register
------------------------------------------------
Starting on September 15, 2007, HLG Enterprise Limited's Share
Registrar, KCK CorpServe Pte. Ltd., will be located at:

         333 North Bridge Road
         #08-00 KH Kea Building
         Singapore 188721

Accordingly, the address of the company's Register of Members
and Index will be maintained in the new location.

                       About HLG Enterprise

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
Subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

As of June 30, 2007, the group's consolidated balance sheet
showed total assets of US$170 million and total liabilities of
US$176 million resulting in a shareholders' equity deficit of
US$6 million.

Moreover, the company's balance sheet as of June 30, 2007,
reflects US$119 million of total assets and total liabilities of
US$149 million leaving a shareholders' equity deficit of US$30
million.


NAM WHATT: Accepting Proofs of Debt Until September 21
------------------------------------------------------
The creditors of Nam Whatt Textile Merchants Private Limited are
required to file their proofs of debt by September 21, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


TANG'S CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 21
--------------------------------------------------------------
Tang's Construction Pte Ltd., which is in liquidation, requires
its creditors to file their proofs of debt by September 21,
2007.

The company's liquidator is:

         Beverly Wee
         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


VISION ONE: Pays First and Final Dividend
-----------------------------------------
Vision One Audio Visual Pte Ltd, which is in liquidation, has
paid the first and final dividend to its creditors on Sept. 3,
2007.

The company paid 6.125% to all received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

ARVINMERITOR INC: Closes 13 Plants to Initiate Restructuring
------------------------------------------------------------
ArvinMeritor, Inc., is consolidating its three North American
ride control facilities into one, including the closure of its
Toronto, Ontario original equipment shock absorber operation,
and its Chickasha, Oklahoma packaging and distribution center.
The 700-person closure is part of a restructuring plan affecting
2,800 employees from 13 North American and European plants.

"The company must operate from a global manufacturing footprint
that optimizes capacity and reduces costs, while creating the
highest levels of service and value for our customers," Ed
Frutig, vice president and general manager, Chassis Systems,
said.  "Our site closures are in no way a reflection of our
dedicated workforce. Our talented and highly-skilled employees
have consistently delivered quality products for our customers."

A majority of the shock absorber production will be transferred
from Toronto to Queretaro, Mexico by June 2008, with an
anticipated closure by June 2009.  The Chickasha site will move
its packaging and distribution business to a U.S.-based third
party logistics company by April 2008.  Employees were advised
of the closure plans during a series of meetings on Sept. 7,
2007.  ArvinMeritor will offer severance and benefits packages
to affected employees.

                     About ArvinMeritor Inc.

Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets.  The company employs approximately 19,000
people in 25 countries.  These countries include: 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.

                          *     *     *

Moody's Investor Services rated B3 ArvinMeritor Inc.'s long term
corporate family and probability of default on January 2007.
Moody's said the outlook is stable.


OROPLUS THAILAND: Parent to Dissolve Firm Due to Losses
-------------------------------------------------------
At a meeting on Sept. 7, 2007, Goldfine Manufacturers Public
Company Limited's board of directors approved a resolution to
dissolve the operations of its subsidiary, Oroplus (Thailand)
Co., Ltd., due to accumulated loss.

According to a disclosure submitted by Goldfine with the Stock
Exchange of Thailand, jewelry distributor Oroplus had total
assets of THB5,350,161, total liabilities of THB4,508,308, and
shareholders' equity of THB841,852 as of June 30, 2007.  The
company's accumulated loss figure was THB4,158,147.

Golfine stated that Oroplus' performance has not been according
to target.  In addition, the parent firm believes that future
business prospects do not seem attractive.  Therefore,
Goldfine's board decided to dissolve the unit to prevent any
impact it may have on the performance of its parent company.

Goldfine assures the SET that Oroplus' dissolution will not
impact it negatively.


* BOND PRICING: For the Week 10 September to 14 September 2007
--------------------------------------------------------------

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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.74
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.90
Antares Energy Limited        10.000%  10/31/13     AUD     1.82
Arrow Energy NL               10.000%  03/31/08     AUD     2.48
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.95
Becton Property Group          9.500%  06/30/10     AUD     9.95
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Bounty Industries Limited     10.000%  06/30/10     AUD     0.12
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.25
Cardno Ltd                     9.000%  06/30/08     AUD     6.99
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.20
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.06
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.81
First Australian              10.000%  10/31/09     AUD     0.66
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.50
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.50
Fletcher Building Ltd          7.550%  03/15/11     NZD     8.90
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.48
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.10
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.20
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.00
IMF Australia Ltd             11.500%  06/30/10     AUD     0.70
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.50
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.09
LongReach Group Limited       10.000%  10/31/08     AUD     0.22
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Minerals Corp.                10.500%  09/30/07     AUD     0.90
Minerals Corp.                 9.000%  03/31/08     AUD     1.00
Nylex Limited                 10.000%  12/08/09     AUD     1.93
Nuplex Industries Limited      9.300%  09/15/07     NZD     9.50
Primelife Corporation         10.000%  01/31/08     AUD     1.00
Renison Consolidated
   Mines N.L                  10.000%  10/01/17     AUD     0.17
Renison Consolidated
   Mines N.L                  10.000%  03/31/09     AUD     0.17
Salomon SB Aust                4.250%  02/01/19     USD     8.58
Silver Chef Limited           10.000%  08/31/08     AUD     1.02
Speirs Group Ltd.             10.000%  06/30/49     NZD    30.00
TrustPower Ltd                 8.300%  09/15/07     NZD    10.25
TrustPower Ltd                 8.300%  12/15/08     NZD     9.00
TrustPower Ltd                 8.500%  09/15/12     NZD     9.00
TrustPower Ltd                 8.500%  03/15/14     NZD     8.65


CHINA
-----
Shang Expo Land                4.050%  02/15/17    CNY     71.21


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.74
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.83
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.22
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.63
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.81
EG Industries Berhad           5.000%  06/16/10     MYR     0.61
Equine Capital                 3.000%  08/26/08     MYR     2.63
Gadang Holdings Berhad         2.000%  12/24/08     MYR     0.76
Greatpac Holdings              2.000%  12/11/08     MYR     0.16
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.46
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.46
Insas Bhd                      8.000%  04/19/09     MYR     0.66
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.43
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.60
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.01
Kumpulan Jetson                5.000%  11/27/12     MYR     0.47
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.73
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.70
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.70
Lebuhraya Kajang Bhd           2.000%  06/12/19     MYR    72.48
Media Prima Bhd                2.000%  07/18/08     MYR     1.82
Mithril Bhd                    8.000%  04/05/09     MYR     0.24
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.60
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     1.97
Pelikan International          3.000%  04/08/10     MYR     1.80
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.83
Ramunia Holdings               1.000%  12/20/07     MYR     1.89
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.23
Rubberex Corporation (M)
   Berhad                      4.000%  08/14/12     MYR     0.73
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.32
Southern Steel                 5.500%  07/31/08     MYR     1.50
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.10
Tradewinds Corp.               2.000%  02/08/12     MYR     1.00
Tradewinds Plantation Berhad
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.80
Wah Seong Corp.                3.000%  05/21/12     MYR     5.35
WCT Land Bhd                   3.000%  08/02/09     MYR     3.20
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.10


SRI LANKA
---------
Sri Lanka Govt                 7.000%  08/01/11     LKR    74.29
Sri Lanka Govt                 7.000%  10/15/11     LKR    73.36
Sri Lanka Govt                 6.850%  04/15/12     LKR    70.77
Sri Lanka Govt                 8.500%  10/15/13     LKR    72.92
Sri Lanka Govt                 8.500%  07/15/13     LKR    72.32
Sri Lanka Govt                 7.500%  08/01/13     LKR    67.53
Sri Lanka Govt                 7.500%  11/01/13     LKR    66.71
Sri Lanka Govt                 8.500%  02/01/18     LKR    67.58
Sri Lanka Govt                 8.500%  07/15/18     LKR    66.99
Sri Lanka Govt                 7.500%  08/15/18     LKR    61.67
Sri Lanka Govt                 7.000%  10/01/23     LKR    53.58


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     3.00





                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***