TCRAP_Public/070913.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

         Thursday, September 13, 2007, Vol. 10, No. 182
  
                            Headlines

A U S T R A L I A

AUSTRALIAN GOLDEN: Court Enters Wind-Up Order
B S & L PTY: To Declare Final Dividend on October 3
CHRYSLER LLC: Five Star Dealers' Sales Up 5% to 10,204 Vehicles
CHRYSLER LLC: Grabs James Press from Toyota; Appointed as Pres.
COLES GROUP: S&P Ratings Still On Watch as Board Recommends Bid

FENCING PROJECTS: Members & Creditors to Meet on Sept. 27
FERN TREE: Taps James Patrick Downey as Liquidator
FLEET SYSTEMS: Sets Members' Final Meeting for September 17
ILLAG NOMINEES: To Declare Final Dividend on September 19
J.K.P.L. PTY: Sets Final Meeting for Sept. 25

JERVOIS PASTORAL: Placed Under Voluntary Liquidation
PLASTERWORKS PTY: Commences Liquidation Proceedings
PIGGOTT NOMINEES: To Declare Unsecured Dividend on October 9
STEEL IRON: Members Resolve to Wind Up Operations
SUNCORP-METWAY: Cautions Investors on Promina Synergies

SYMBION HEALTH: In New Merger Talks with Healthscope
SYMBION HEALTH: Moody's Continues Review of Ba1 Rating
SYMBION: Ratings Remain On CreditWatch Neg After Rejected Bid
W. F. & L. E. HOPKINS: Declares First & Final Dividend
ZIRCON TRADE: Taps K.L. Sutherland as Liquidator


C H I N A   &   H O N G  K O N G

CHINA EASTERN: Starts Code Sharing with Japan Airlines
GREENTOWN CHINA: Allots CNY5 Billion for Land Buys in 2nd Half
GREENTOWN CHINA: Posts CNY258.9-Mil. Profit in 2007 First Half
ZTE CORP: Philippines' Supreme Court Halts NBN Project
ZTE CORP: Calls Court's Restraining Order a Temporary Setback

ZTE CORP: Philippine Senator Obtains Copy of "Lost" NBN Deal
* Chinese Banks' Asset Improves; Still Needs Caution, Fitch Says


I N D I A

AES CORP: Hiring Independent Auditor for Brasiliana Appraisal
BANK OF INDIA: To Raise INR1 Billion From Perpetual Bond Sale
BHARTI AIRTEL: Names Olof Haag as Head of Sri Lanka Operations
BHARTI AIRTEL: Gets Singapore's Facility-Based Operator License
DECCAN AVIATION: UB Group's Open Offer Kicks Off

DECCAN AVIATION: Air Deccan to be Rebranded "Simplifly Deccan"
GARWARE POLYESTER: MS Adsul Named Director, AB Bhalerao Resigns
GENERAL MOTORS: Crossover Units Lure Drivers from Asian Cars
GENERAL MOTORS: Inks MOU with Isuzu for Commercial Car Deal
GLOBAL BROADCAST: Shareholders Okay Grant of Stock Options

* S&P Report Says Indian Banking System is Strongly Placed


I N D O N E S I A

ALLIANCE ONE: Starts Exchange Offer for Senior Notes Due 2012
CHAROEN POKPHAND: Shareholders Approves 2-for-1 Stock Split
GOODYEAR: Appoints Mark Purtilar as Chief Procurement Officer
INDAH KIAT: Appoints New High Officials
PERUSAHAAN LISTRIK: Shanghai Electric to Start Building Plant


J A P A N

BOSTON SCIENTIFIC: Says FDA Warning May Not Be Lifted This Year
DELPHI CORP: Discloses Treatment of Claims Under Chapter 11 Plan
DELPHI CORP: Asks Court to Bless Disclosure Statement
FORD MOTOR: Fiat Denies Joint Bid Plans for Two Brands
ICONIX BRAND: Inks Pact to Buy Official Pillowtex for US$231 Mln

KINTETSU CORP: Fitch Affirms Issuer Default Ratings at BB+
L-JAC THREE: S&P Lifts Ratings On 3 Classes of Trust Certs
SAPPORO HOLDINGS: Steel Partners CEO Discusses Earnings w/ Execs
SENSIENT TECH: Promotes Douglas Pepper as VP-Human Resources
* Fitch's Sovereign Hotspots Asia Conference Comes to Tokyo


K O R E A

CORECROSS INC: Completes Subscription of New Common Shares
HYNIX SEMICONDUCTOR: To Increase DRAM Production with Samsung
KRISPY KREME: Reports US$27 Million Second Quarter Net Loss


M A L A Y S I A

AYER MOLEK: Cancels Sept. 14 Extraordinary General Meeting
MALAYSIA AIRLINES: To Implement Ways to Cut Fuel Consumptions
KAI PENG: Unit Gets Notice of Default From Malayan Banking


N E W  Z E A L A N D

AIR NEW ZEALAND: Gets 20% Refund on Wellington Landing Fees
ANDROS TRANSPORT: Court to Hear Wind-Up Petition Today
ANYTIME AUTO: Subject to CIR's Wind-Up Petition
BARRYS CAR: Court Sets Wind-Up Hearing for Nov. 15
GENEVA FINANCE: S&P Places Ratings on Negative Watch

GEORGE CAMPBELL: Fixes Sept. 20 as Last Day to File Claims
GLG (NZ): Commences Liquidation Proceedings
MCKAY GROUP: Appoints Trevor Edwin Laing as Liquidator
MIDAS GOLD: Names Brown and Rodewald as Liquidators
MIRCHEE TELEVISION: Faces Wordcom Direct's Wind-Up Petition

NATIONAL TRADE: Creditors' Proofs of Debt Due on Sept. 14
NIUS HOLDINGS: Creditors' Proofs of Debt Due on Oct. 3
ROSEDALE PLAZA: Fixes November 23 as Last Day to File Claims
SEASIDE HOSPITALITY: Shareholders Resolve to Wind Up Operations
VICTOPIA MANAGEMENT: Commences Wind-Up Proceedings

WAYNES FRAMES: Appoints Brown and Rodewald as Liquidators


P H I L I P P I N E S

APEX MINING: Appoints Officers & Committees for Year 2007-2008
BANCO DE ORO-EPCI: Apex Names Bank as Transfer Agent for 2007
FIL-ESTATE: Inks Deal for Purchasing 30%-Equity in Camp John Hay
VULCAN IND'L: Annual Stockholders' Meeting Set For October 29
VULCAN IND'L: Board Approves PHP900-Million Increase in Capital


S I N G A P O R E

GIB AUTOMATION: Court to Hear Wind-Up Petition on September 21
ISOFT GROUP: Legislators Demand Independent Audit of IBA Health
MULTI-CON HOLDINGS: Requires Creditors to File Claims by Oct. 8
POLYONE: Posts US$5.4-Mil. Net Loss in 2nd Quarter to June 30
POLYONE CORP: Taps Kedrowski as Senior VP of Operations

SOON LAI: Court Enters Wind-Up Order


T H A I L A N D

ADVANCE AGRO: Incurs THB7.097-Mil. Net Loss in 2007 2nd Quarter
ADVANCE PAINT: Sets September 28 as Exercise Date for Warrants
DATAMAT: Court to Decide on Planner's Appointment on Sept. 17
G STEEL: Moody's Lowers Ratings to B3 from B2; Outlook Negative
NATURAL PARK: Opts Not to Sell Extra 30 Mil. Shares to HK Group

PICNIC CORP: Thananatt Thiantthirabunya Resigns as Director

     - - - - - - - -

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

AUSTRALIAN GOLDEN: Court Enters Wind-Up Order
---------------------------------------------
On July 27, 2007, the Federal Court of Australia entered an
order directing the wind-up of Australian Golden Way Pty Ltd's
operations.

Steven Nicols was named as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia

                     About Australian Golden

Australian Golden Way Pty Ltd provides business services.  The
company is located at Burwood, in New South Wales, Australia.


B S & L PTY: To Declare Final Dividend on October 3
---------------------------------------------------
B S & L Pty Ltd, which is in liquidation, will declare final
dividend on October 3, 2007.

Creditors who were not able to file their claims by the Sept. 12
due date will be excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                       About B S & L Pty

Located at Ferntree Gully, in Victoria, Australia, B S & L Pty
Ltd is an investor relation company.


CHRYSLER LLC: Five Star Dealers' Sales Up 5% to 10,204 Vehicles
---------------------------------------------------------------
Chrysler LLC has reported that its Five Star dealers sold a new
record of 10,204 Certified Pre-owned Vehicles in August 2007, a
5 percent increase from August 2006 sales of 9,713 units.

For the month of August, Chrysler brand sales dipped 3% to 3,201
units; Jeep brand sales spiked 19% to 2,890 units and Dodge
brand sales rose 3% to 4,113 units.

Year-to-date Chrysler is the only domestic auto company to grow
its market share in the non-luxury certified segment, the
fastest growing automotive segment in the U.S.

Chrysler, Jeep and Dodge year-to-date 2007 sales set a record by
rising 7% to 84,845 units, versus 2006 sales of 79,050 units.  
Select vehicles with marked sales improvement include the
Chrysler Pacifica and Dodge Magnum, which increased 24 and 26%
year-over-year, respectively.

"With the right combination of great certified pre-owned
Chrysler, Jeep and Dodge products and knowledgeable dealer
partners to communicate those benefits to our customers,
Chrysler CPOV sales are on the right track in 2007," said Peter
Grady, director of Remarketing.  "Moving into September, our
dealers are positioned to close the third quarter in record
fashion."

Chrysler LLC offers one of the most comprehensive Certified Pre-
owned Vehicle programs in the industry.  For a vehicle to be
certified under Chrysler's used-vehicle program, it must be a
2002 through 2007 model pre-owned vehicle with less than 65,000
miles and pass a stringent 125-point mechanical, safety and
condition standard inspection.

Chrysler CPO vehicles are backed by an eight-year/80,000-mile
powertrain limited warranty, 24-hour, 365-day full roadside
assistance with a US$35 per day rental car allowance and a
three-month or 3,000-mile Maximum Care warranty, in addition to
a Carfax Vehicle History Report and buyback guarantee.

Marketed as "Brand Spankin' Used" Chrysler CPO vehicles are sold
only through Chrysler, Jeep and Dodge dealerships that have
earned the automaker's Five Star certification.  Five Star
certification is a comprehensive validation of the dealership's
facilities, operational processes, salesperson and technician
training accreditation as well as customer satisfaction survey
ratings. About 2,000 Chrysler dealerships in the United States
are certified Five Star dealers.

                       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.

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                          *    *    *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


CHRYSLER LLC: Grabs James Press from Toyota; Appointed as Pres.
---------------------------------------------------------------
James E. Press has been appointed as vice chairman and president
of Chrysler LLC, Chairman and CEO Robert Nardelli disclosed.

Mr. Press, who was president and chief operating officer of
Toyota Motors in North America Inc. and a director of the parent
company, will now be responsible for North American Sales,
International Sales, Global Marketing, Product Strategy, and
Service and Parts for Chrysler.

"Tom LaSorda and I are thrilled that one of the most successful
executives in the history of the auto industry has joined our
leadership team at the New Chrysler," said Mr. Nardelli.  "Our
top team now consists of a world-class 'supply' leader in Tom
and an equally world-class 'demand' leader in Jim."

"I've known Jim for many years and know that he will hit the
ground sprinting," said Mr. LaSorda.  "I look forward to
partnering with him and Bob as part of the Office of the
Chairman."

Mr. Press joins Mr. LaSorda as a vice chairman and president,
reporting to Mr. Nardelli.  Mr. LaSorda's responsibilities will
continue to include Manufacturing, Procurement and Supply,
Employee Relations and Global Business Development and
Alliances.

"I am grateful for the support and opportunities I received
during my three-plus decades at Toyota," said Mr. Press.  "I
relish this new opportunity with the Chrysler team to be a part
of the resurgence of a true American icon here and around the
world.  Part of my new responsibilities will be strengthening
and energizing the dealer body.  This is something I was
passionate about at Toyota and will be passionate about at
Chrysler."

Mr. Press joins Chrysler after 37 years with Toyota, where he
most recently served as the first non-Japanese president of
Toyota Motor North America Inc., responsible for sales,
engineering and the company's 15 manufacturing plants with
41,000 employees in North America.  He was also the first non-
Japanese executive selected to the Board of Directors of Toyota
Motor Corporation.

During his tenure at Toyota, the company grew from an upstart
new company selling 100,000 vehicles per year to the second
largest auto company in the United States.

Mr. Press becomes a member of the Chrysler Board of Directors
and the Board of Managers of Cerberus Operations and Advisory
Co. (COAC), LLC.  Mr. Press joins Mr. LaSorda as vice chairman
of COAC.

                      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: S&P Ratings Still On Watch as Board Recommends Bid
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'A-' long-term
rating on Wesfarmers Ltd. and Wesfarmers' wholly owned insurance
subsidiaries -- Wesfarmers Federation Insurance Ltd., Lumley
General Insurance Ltd., and Lumley General Insurance (N.Z.) Ltd.
-- remain on CreditWatch with negative implications, where
they were placed on April 3, 2007.  This CreditWatch update
follows Wesfarmers' announced enhanced takeover offer for Coles
Group Ltd. (BBB/Watch Pos/A-2).  Coles shareholders will vote on
the revised offer at a meeting planned for early November 2007.
The ratings on Coles also remain on CreditWatch with positive
implications, where they were placed on April 3, 2007.

Wesfarmers' revised proposal provides Coles' shareholders with
greater certainty about the value of the Wesfarmers' share
entitlement through the offer of Wesfarmers' price-protected
shares (WPPS). The precise terms and conditions of the revised
offer will be included in the scheme booklet.

Should the offer by Wesfarmers be accepted by Coles'
shareholders, Standard & Poor's will assess the final funding
structure of the combined group, including the terms and
conditions of the WPPS.  S&P will also assess Wesfarmers'
ability to generate improved returns from the under-performing
Coles assets and the capital investment required to achieve a
turnaround from these sizable businesses.  S&P anticipates that
Wesfarmers will be able to "ring-fence" its insurance
underwriting activities to retain the 'A-' ratings
on its insurance subsidiaries.

The WPPS will be listed on the Australian Stock Exchange (ASX).
The precise terms of the WPPS are subject to consultation with
the ASX.  The WPPS provide downside share-price protection
should Wesfarmers' ordinary share price be less than AU$45 in
four years' time. The enhanced Wesfarmers offer has been
recommended and supported by the Coles board.  

In light of the increased debt burden and significant
company-transformation task, it is likely that the long-term
rating on Wesfarmers will fall into the 'BBB' category if the
scheme of arrangement is approved by Coles' shareholders.
Standard & Poor's will continue to monitor developments and will
update the CreditWatch on Wesfarmers and its insurance
subsidiaries and Coles as new information becomes available.

                     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.


FENCING PROJECTS: Members & Creditors to Meet on Sept. 27
---------------------------------------------------------
The members and creditors of Fencing Projects Pty Ltd will meet
on September 27, 2007, at 10.30 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Dean R. Mcveigh
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia

                     About Fencing Projects

Fencing Projects Pty Ltd is a distributor of durable goods.  The
company is located at Hawthorn, in New South Wales, Australia..


FERN TREE: Taps James Patrick Downey as Liquidator
--------------------------------------------------
During a general meeting held on August 8, 2007, the members of
Fern Tree Gully Timber & Joinery Pty Limited agreed to
voluntarily wind up the company's operations.

James Patrick Downey was appointed as liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         J P Downey & Co
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                         About Fern Tree

Fern Tree Gully Timber & Joinery Pty Limited is a dealer of
lumber and other building materials.  The company is located at
Ferntree Gully, in Victoria, Australia.


FLEET SYSTEMS: Sets Members' Final Meeting for September 17
-----------------------------------------------------------
A final meeting will be held for the members of Fleet Systems
Pty Ltd on September 17, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         George Georges
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 4922
         Facsimile:(03) 9642 5887

                       About Fleet Systems

Fleet Systems Pty Ltd is engaged in the business of truck rental
and leasing, without drivers.  The company is located at North
Ryde, in New South Wales, Australia.


ILLAG NOMINEES: To Declare Final Dividend on September 19
---------------------------------------------------------
Illag Nominees Pty Ltd, which is in liquidation, will declare
its final dividend on September 19, 2007.

Creditors who were not able to file their proofs of debt by the
Sept. 12 due date will be excluded from sharing in the company's
dividend distribution.

The company's liquidator is:

         John Georgakis
         Ernst & Young
         8 Exhibition Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9288 8000

                      About Illag Nominees

Located at Brighton North, in Victoria, Australia, Illag
Nominees Pty Ltd is an investor relation company.


J.K.P.L. PTY: Sets Final Meeting for Sept. 25
---------------------------------------------
J.K.P.L. Pty Limited will hold its final meeting on Sept. 25,
2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         George Jason Elias
         Level 6, 309 Kent Street
         Sydney, New South Wales
         Australia

                        About J.K.P.L. Pty

J.K.P.L. Pty Limited operates offices of holding companies.  The
company is located at Marrickville, in New South Wales,
Australia.


JERVOIS PASTORAL: Placed Under Voluntary Liquidation
----------------------------------------------------
During a general meeting held on August 6, 2007, the members of
Jervois Pastoral Co Pty Ltd resolved to voluntarily liquidate
the company's business.

Noel Robert Willis was named as liquidator.

The Liquidator can be reached at:

         Noel Robert Willis
         c/o KPMG
         KPMG Centre
         491 Smollett Street
         Albury, New South Wales 2640
         Australia

                     About Jervois Pastoral

Jervois Pastoral Co Pty Ltd is in the business of beef cattle
feedlots.  The company is located at Alice Springs, in NT,
Australia.


PLASTERWORKS PTY: Commences Liquidation Proceedings
---------------------------------------------------
During a general meeting held on August 7, 2007, the members of
Plasterworks Pty Ltd resolved to voluntarily liquidate the
company's business.

Robyn Erskine & Peter Goodin were appointed as liquidators.

The Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co, Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East 3123
         Australia
         Telephone:(03) 9882 6666

                 About Ornamental Plasterworks

Ornamental Plasterworks Pty Ltd is involved in the business of
plastering, drywall, acoustical and insulation work.  The
company is located at Thebarton, in South Australia, Australia.


PIGGOTT NOMINEES: To Declare Unsecured Dividend on October 9
------------------------------------------------------------
Piggott Nominees Pty Ltd, which is liquidation, will declare
dividend for its unsecured creditors on October 9, 2007.

Creditors who were not able to file their claims by the Sept. 11
due date will be excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         A. R. Yeo
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                     About Piggott Nominees

Piggott Nominees Pty Ltd, which is also trading as Promptair
Compressor Services, provides repair services.  The company is
located at Kilsyth, in Victoria, Australia.


STEEL IRON: Members Resolve to Wind Up Operations
-------------------------------------------------
At an extraordinary general meeting held on August 10, 2007, the
members of Steel Iron Security Pty Ltd resolved to voluntarily
liquidate the company's business.

Richard Herbert Judson was named as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Judson & Co Chartered Accountants
         Suite 4, Level 1
         10 Park Road
         Cheltenham, Victoria 3192
         Australia
         Telephone:(03) 9585 4155

                        About Steel Iron

Steel Iron Security Pty Ltd is involved in the business of
architectural and ornamental metal work.  The company is located
at Moorabbin, in Victoria, Australia.


SUNCORP-METWAY: Cautions Investors on Promina Synergies
-------------------------------------------------------
Suncorp-Metway Ltd cautioned investors against concluding that
synergies stemming from its AU$7.9-billion merger with Promina
Group will be higher than expected, The Age reports.

According to the report, Suncorp-Metway also confirmed that it
had no exposure to the U.S. sub-prime market and reiterated its
guidance for fiscal 2008.

Suncorp-Metway said that it was ahead of forecasts in realizing
synergies from the merger, which took place in March, during the
first phase, The Age says.

"While the quantum of synergy realization during this phase is
ahead of our pre-merger forecasts, I continue to caution against
using this data to draw conclusions about the overall quantum of
synergies available as a result of the merger," the report
quotes Suncorp-Metway Chief Executive Officer John Mulcahy.

The company still expected to incur about AU$355 million in one-
off integration costs to achieve AU$225 million a year in
synergy benefits, Mr. Mulcahy said during a presentation at the
Merrill Lynch Australia Investment conference in New York on
Tuesday.

"But (we) will rely on the detailed work being undertaken during
phase two of the integration to provide the level of confidence
necessary to accurately update the market when it is appropriate
to do so," Mr. Mulcahy said.

The Age also notes the CEO as having said that that would occur
no later than the company's next results announcement in
February.

Suncorp-Metway had locked in about AU$55 million worth of
synergy benefits from the tie-up as at June 30, the report
recounts.  That came through combining its reinsurance programs
with Promina, cutting the cost of reinsurance for the company by
AU$41 million.

Operationally, Suncorp-Metway also saved AU$14 million in costs
by getting rid of role duplication and other operating
efficiencies, The Age relates.

The report adds that Suncorp's 2006/07 net profit, which
included a 15-week contribution from Promina, rose 16.2% to a
record AU$1.064 billion.

Looking ahead, Mr. Mulcahy shared that the company expected to
grow profit before tax and bad debts in the banking business by
about 10%.  "But we would like to stress that this guidance
obviously excludes any impact from the dislocations in credit
markets," he said.

Meanwhile, the company expected to achieve the previous guidance
for an insurance trading result of between 16% and 19%, and for
Promina, an ITR of 10%-plus.

Suncorp said underlying profit from its wealth management
business was expected to grow more than 10%, excluding
investment returns on shareholder funds, The Age states.

Referring to the group's funding strategy, Mr. Mulcahy also said
that Suncorp-Metway had focused on increasing its
diversification in the last four years.  That included areas
such as benchmark issuance in Europe, the Australian dollar
domestic market, offshore subordinated debt issues.

                    About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and   
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's
Individual Rating.

Subsequently, on May 4, 2007, Moody's Investors Service rated
Suncorp-Metway's bank financial strength a 'B-'.


SYMBION HEALTH: In New Merger Talks with Healthscope
----------------------------------------------------
Symbion Health Limited has begun talks with Healthscope Limited
about an alternative merger proposal after rival Primary Health
Care blocked Healthscope's original AU$2.9-billion takeover
offer, The Age reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 12, 2007, Symbion disclosed that it had not received
adequate votes in favor of its scheme of arrangement with
Healthscope Ltd.  The report explained that despite almost
unanimous shareholder support for the scheme from Symbion
shareholders, Primary Health Care voted its shares against the
scheme and its 20% shareholding was enough to deprive Symbion
shareholders of the benefits of the Healthscope merger.

Under Healthscope's AU$4.49 a share bid, it would have acquired
Symbion's pathology, medical centres and diagnostic imaging
businesses, with Ironbridge and Archer buying Symbion's drug
distribution and vitamin-making units, The Age relates.  
However, Symbion, needing 75% of shares to be voted for the
Healthscope deal to proceed, missed out narrowly when only 73.9%
of votes were cast in its favor.

"As Symbion's largest shareholder, Primary would welcome the
opportunity to review a new proposal if it added value for
Primary and the other shareholders," Nabila Ahmed of The Age
quotes a spokeswoman for Primary Chief Executive Officer Ed
Bateman.

According to the report, Dr. Bateman has also been considering a
full takeover bid for Symbion.  However, the report notes,
Symbion CEO Robert Cooke said that Dr. Bateman had not made
contact with the company and criticized Primary for voting down
the deal without offering an alternative.

The Age says that Symbion began new talks with Healthscope on
Sept. 11, just hours after the shareholder meeting.  Under the
scheme agreement, the two companies have five days to decide the
next step.

Healthscope CEO Bruce Dixon was confident that they could agree
on an alternative structure for a merger, the report says.

One option being considered, the report says, is a direct sale
of Symbion's assets to Healthscope, which would require only
majority shareholder approval, instead of the 75% needed for the
scheme of arrangement.

The Age further notes that Healthscope's private equity
partners, Ironbridge and Archer Capital, expressed interest in
remaining part of the transaction.


Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                          *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


SYMBION HEALTH: Moody's Continues Review of Ba1 Rating
------------------------------------------------------  
Moody's Investors Service announced that the ratings of Symbion
Health Limited remain on review for possible downgrade.  This
follows the vote on Sept. 11, 2007, by Symbion's shareholders to
reject the scheme of arrangement with Healthscope Limited
(unrated), initially proposed on May 29, 2007.

The ratings review reflects the uncertainty surrounding
Symbion's financial and operating profile, following both
Symbion and Healthscope announcements that they are to consider
alternative transactions.  The rating review considers the
uncertainties surrounding Symbion's asset base going forward.

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                          *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


SYMBION: Ratings Remain On CreditWatch Neg After Rejected Bid
-------------------------------------------------------------
Standard & Poor's Ratings Services, on Sept. 11, 2007, said that
its 'BBB-' ratings on Symbion Health Ltd. and Symbion's
associated bank loans remain on CreditWatch with negative
implications, where they were first placed on May 1, 2007.

The CreditWatch update comes after Symbion shareholders rejected
a takeover offer by Healthscope Ltd. (Healthscope; not rated) at
a meeting on Tuesday.  The shareholder vote was 73.9% in favor
of the takeover; however, the scheme of arrangement required a
75% acceptance.  Symbion's largest shareholder Primary Health
Care Ltd. (not rated), which holds about
20% of the shares in Symbion, did not support the Healthscope
offer.

"Today's outcome leaves a high degree of uncertainty over the
ultimate ownership of Symbion," Standard & Poor's credit analyst
Peter Stephens said.  "The CreditWatch will not be resolved
until the various ownership-related alternatives play out in the
coming weeks."

                         About Symbion

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                          *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


W. F. & L. E. HOPKINS: Declares First & Final Dividend
------------------------------------------------------
W. F. & L. E. Hopkins Pty Ltd, which is in liquidation, declared
its first and final dividend on September 9, 2007.

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

The company's liquidator is:

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

                   About W. F. & L. E. Hopkins

W. F. & L. E. Hopkins Pty Ltd is a distributor of durable goods.  
The company is located at Maldon, in Victoria, Australia.


ZIRCON TRADE: Taps K.L. Sutherland as Liquidator
------------------------------------------------
A resolution directing the wind up of Zircon Trade Pty Ltd was
passed on August 7, 2007.

K.L. Sutherland was tapped as liquidator.

The Liquidator can be reached at:

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

                         About Zircon Trade

Zircon Trade Pty Ltd is a distributor of groceries and related
products.  The company is located at Thomastown, in Victoria,
Australia.


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

CHINA EASTERN: Starts Code Sharing with Japan Airlines
------------------------------------------------------
Japan Airlines and China Eastern Airlines will start code
sharing on flights operating between Haneda Airport, Tokyo and
Hongqiao International Airport, Shanghai.

JAL and China Eastern Airlines will both inaugurate their own
daily service between Haneda and Hongqiao airports from
September 29, 2007.  The bilateral code share agreement will
enable the airlines to place their airline code designators on
each others flights from that date.

JAL currently offers 5 flights a day between Narita
International Airport, Tokyo and Pudong International Airport,
Shanghai.  This already includes one daily code share flight
operated by China Eastern Airlines.

Flight frequency between the two cities will increase to 7
flights per week, once the new daily JAL Haneda - Hongqiao
flight is inaugurated and the new code share flight operated by
China Eastern Airlines begins.

The new route will provide customers traveling between the city
centers of Tokyo and Shanghai with even greater choice and
convenience.  Hongqiao International Airport is located only 13
kilometers away from Shanghai's city center, and central Tokyo
can be reached in just under 30 minutes from Haneda.

JAL and China Eastern have been code share partners since
September 2002.  The two airlines now code share on 13 routes
linking China and Japan.

At present, JAL serves 12 cities in China on 29 routes with a
total of 287 flights per week, including code shares.  From
September 29 2007, the network will increase to 30 routes and
301 flights per week.

                       About China Eastern

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com/-- principal  
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry.  Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training.  The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

Fitch Ratings gave China Eastern long-term issuer default,
foreign currency long-term debt, and local currency long-term
debt ratings of B+.

Xinhua Ratings also gave the company a local currency long-term
issuer credit rating of BB+.


GREENTOWN CHINA: Allots CNY5 Billion for Land Buys in 2nd Half
--------------------------------------------------------------
Greentown China's Chief Executive Officer Shou Bainian said the
company is expecting to pay CNY5 billion for land sites in the
second half of this year, Infocast News relates.

Infocast relates that the payment will not be a problem because
the company already has made its provisions.  According to
Mr. Shou, the company has already made CNY5 billion deposits and
will be receiving CNY5 billion from property presale in the
second half of the year, thus the payment for its land
acquisition in the second half is insured.

The company's sales or pre-sale in the first eight months this
year amounted to CNY8.9 billion, a significant rise of 2.34x
compared to the sales during the same period last year, the
report says.

Up to June 30, the company added 2.18 million square meters of
land sites, boosting the total construction area to 15.05
million square meters, of which 9.6 million square meters is
attributable to Greentown, Infocast says.

The company has received the land use rights for 8.98 million
square meters of the property area that will be sufficient for
development in the coming four to five years, Mr. Shou said.

                          *     *     *

Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region. It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys. Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

The Troubled Company Reporter-Asia Pacific reported on Dec. 4,
2006, Moody's Investors Service has affirmed Greentown China
Holdings Ltd's Ba2 corporate family rating and senior unsecured
bond rating in view of the successful closing of its US$400
million bond issuance.  Both ratings have had their provisional
status removed. The ratings outlook is stable.

The TCR-AP also reported that, on October 26, 2006, Standard &
Poor's Ratings Services said that it had assigned its 'BB' long-
term corporate credit rating to Greentown China Holdings Ltd.  
The outlook is stable.

At the same time, it assigned its 'BB' issue rating to a
proposed US$375 million issue of senior unsecured fixed-rate
notes.  The issue is due 2013 and redeemable after 2010.  The
proceeds will be used primarily for land acquisitions,
development costs, and general corporate purposes.


GREENTOWN CHINA: Posts CNY258.9-Mil. Profit in 2007 First Half
--------------------------------------------------------------
Greentown China Holdings Limited recorded profit attributable to
equity holders amounting to CNY258.891 million for the first
half of this year, up 0.77% from the figure reported a year ago,
Infocast News reports.

Excluding the adjustment for the fair value changes on embedded
derivatives, the net profit should have grown 16% to CNY311
million.

The company also made a provision of CNY132.705 million for the
Peoples Republic of China's land appreciation tax for the first
six months of 2007, Infocast reveals.

During the first half of this year, the group has added
2.182 million square meters to its land bank, increasing the
gross floor area (GFA) of its total land bank to approximately
15.05 million square meters.

In the first half of the year, the group had 20 projects/phases
commenced construction, and newly commenced GFA amounted to
1.06 million square meters, of which 630,000 square meters is
attributable to Greentown.

As at June 30, the group has 32 projects under development.  The
total GFA of projects under construction amounted to
3.42 million square meters.

The group (including associates) had a total of 7 projects or
phases completed and delivered for buyers' occupation in the
first half.  Total completed GFA amounted to 570,000 square
meters, of which saleable area reached 440,000 square meters.

By the end of June, saleable GFA of 370,000 square meters had
been sold and presale rate was 85%.  Up to the end of August,
pre-sale rate reached 90%.


Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region.  It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys.  Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

The Troubled Company Reporter-Asia Pacific reported on Dec. 4,
2006, that Moody's Investors Service has affirmed Greentown
China Holdings Ltd's Ba2 corporate family rating and senior
unsecured bond rating in view of the successful closing of its
US$400 million bond issuance.  Both ratings have had their
provisional status removed. The ratings outlook is stable.

The TCR-AP also reported that, on October 26, 2006, Standard &
Poor's Ratings Services said that it had assigned its 'BB' long-
term corporate credit rating to Greentown China Holdings Ltd.  
The outlook is stable.

At the same time, it assigned its 'BB' issue rating to a
proposed US$375 million issue of senior unsecured fixed-rate
notes. The issue is due 2013 and redeemable after 2010. The
proceeds will be used primarily for land acquisitions,
development costs, and general corporate purposes.


ZTE CORP: Philippines' Supreme Court Halts NBN Project
-------------------------------------------------------
The Supreme Court of the Philippines stopped the implementation
of the US$329-million national broadband network project between
the Government and China's ZTE Corporation, the Philippine Daily
Inquirer reports.

By a vote of 8-7, the Supreme Court stop the project which has
been tainted with allegations of bribery, overprice and sexual
favors, the report says.

The seven justices who voted against the temporary restraining
order were mostly new appointees to the tribunal, a lawyer who
asked not to be named told the paper.

"Now, therefore, effective immediately and continuing until
further orders from this Court, you, respondents ... and any and
all persons acting on their behalf are hereby enjoined from
?pursuing, entering into indebtedness, disbursing funds, and
implementing the ZTE-DOTC Broadband Deal and Project' as prayed
for," the high court was cited by the paper as saying in en banc
resolution.

Supreme Court spokesperson Jose Midas Marquez said the
respondents to the two petitions were given 15 days upon notice
to file their comments.

The respondents include the National Economic and Development
Authority and its former chief Romulo Neri; the Department of
Transportation and Communications and Secretary Leandro Mendoza
and Assistant Secretary Lorenzo Formoso III; the Commission on
Information and Communications Technology and Chair Ramon Sales;
ZTE Corp.; Arescom Inc.; the National Telecommunications
Commission; bids and awards for information and communications
technology committee, and the technical working group for ICT.


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

The group operates both in the domestic and international
market.

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


ZTE CORP: Calls Court's Restraining Order a Temporary Setback
--------------------------------------------------------------
ZTE Corp was saddened over the decision of the Supreme Court of
the Philippines to issue a temporary restraining order on the
implementation of the US$329-million national broadband network
deal it inked with the government, the Philippine Daily Inquirer
reports.

The Chinese firm, however, called the decision as a "temporary
setback" and said it will try to push through with the project,
as it believes that it has the best proposal and track record to
implement the project, the paper adds.

In a statement obtained by the Inquirer, ZTE said: "We are
saddened that the NBN project, which the Philippine government
has deemed necessary and urgent, has been placed on hold.  Even
as we respect the order of the Supreme Court, we hope that
during this period, concerned parties will take an objective and
dispassionate look at the merits of the project, our proposal,
and the conduct of the award.  All of these have been the
subject of numerous severe, unwarranted and unfair allegations."

Expectedly, ZTE's main rival for the NBN contract, Amsterdam
Holdings Inc., was elated with the Court's decision.

Meanwhile, the leading business groups in the Philippines
welcomed the Supreme Court's decision putting on hold the
controversial national broadband network project, but some said
it was not enough, the newspaper relates.

"The (Supreme Court decision) is good and we are happy about
it," said Alberto A. Lim, executive director of the Makati
Business Club.  However, Mr. Lim said that if, after the
temporary restraining order was lifted, the deal pushed through,
there could be a possible violation of laws, such as those on
government procurement and on the development of the
telecommunications sector.

Mr. Lim also aid the MBC believed that the contract should not
push through.  The newspaper recounts that Mr. Lim earlier
stated that the NBN project would cause overcapacity because
there were two existing telecommunications backbones and it
would lead to the imposition of more taxes.

For his part, Donald G. Dee, chair of the Philippine Chamber of
Commerce and Industry, said that the PCCI supported the Supreme
Court's move.  "Now that [implementation has been stopped], we
want to know, for instance, whether there really is a need for
an NBN," he said.

Recently, the Inquirer notes, a joint statement with the
Management Association of the Philippines, Financial Executives
Institute of the Philippines, Foundation for Economic Freedom,
and Action for Economic Reforms, said the NBN deal showed there
was "a growing culture of impunity among government officials."

The five groups also asked Commission on Elections Chair
Benjamin Abalos Sr. to resign for "his indiscreet conduct and
absence from his official duties" in his alleged involvement in
the deal.

The groups also called on Communications Secretary Leandro
Mendoza to rescind the contract with ZTE, which they said "would
be rejected by the court of public opinion and, sooner or later,
evaluated and ruled on by our own independent courts of law."


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

The group operates both in the domestic and international
market.

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


ZTE CORP: Philippine Senator Obtains Copy of "Lost" NBN Deal
-------------------------------------------------------------
Philippine Senator Panfilo Lacson has secured a purported copy
of the national broadband network deal between the Government
and China's ZTE Corporation after the original contract was
declared missing by officials responsible for its safekeeping,
ABS-CBN News reports.

"I have here a copy of the contract for the supply of equipment
and services for the national broadband project between the
government of the Republic of the Philippines through the
Department of Transportation and Communications and ZTE
Corporation," Sen. Lacson was quoted by the news agency as
saying in his privilege speech at the Senate on Sept. 11, 2007.

According to Sen. Lacson, the contract was "purposely hidden" by
President Gloria Macapagal-Arroyo and officials close to her
after allegations surfaced that the deal is disadvantageous to
the Philippine Government.

The agreement on the NBN project was entered into by the
Government on April 21, 2007 in Boao, China.  Secretary Leandro
Mendoza of the Department of Transportation and Communications
(DOTC) signed the contract on behalf of the Government while ZTE
Vice President Yu Yong represented the company.

Malacanang announced that the President witnessed the signing
during her brief visit to China, the news agency says.  The
US$329-million funding will be borrowed by the Philippine
Government from a bank or other sources from China, reports
said.

"I would say they were purposely hidden because as soon as the
President and Secretary Mendoza came back to this country, the
stink that is the NBN-ZTE mega-deal began to smell over," Sen.
Lacson said.

Based on Sen. Lacson's copy, the contract shows that
US$194.5 million will be spent for the equipment;
US$118.6 million for engineering services; US$14.8 million for
managed services; and US$1.9 million for training services.

Sen. Lacson added that he has talked to a witness who he said
will testify on the anomalies on the controversial supply
contract.  The witness will reveal the details on how the NBN
contract was made, how it was planned, how it was discussed and
what the onerous provisions are to show that the Philippine
government is in the losing end.

Lacson, meanwhile, called on those who have direct knowledge in
the controversy to come forward and speak up, particularly
Romulo Neri, former secretary-general of the National Economic
and Development Authority.

Mr. Neri had revealed that Chairman Benjamin Abalos Sr. of the
Commission on Elections has, in one way or another, lobbied for
the approval of the government's NBN deal with ZTE.


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

The group operates both in the domestic and international
market.

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


* Chinese Banks' Asset Improves; Still Needs Caution, Fitch Says
----------------------------------------------------------------  
Fitch Ratings, on Sept. 12, 2007, said that although credit risk
continues to represent the single largest threat to the safety
and soundness of banks in China, both the banks and the
government are more equipped today than at any point in the past
to deal with the asset quality issues that may arise.

In a special report on Chinese banks' entitled "China: Asset
Quality Improving, But Caution Still Warranted", the agency
highlighted that asset quality indicators have improved
dramatically over the past five years, and that for the first
time, Chinese banks now possess some standalone financial means,
albeit still modest, to absorb an asset quality shock
unassisted.

"Exposure to credit losses, while remaining sizeable, is
becoming increasingly manageable from both an institutional and
sovereign standpoint," said Charlene Chu, Director in Fitch's
Financial Institutions team in Beijing.  "Chinese banks' rising
loan loss provisioning and much-improved capitalization have
significantly bolstered institutional resources to absorb credit
losses, while at the same time the government's own financial
standing has dramatically strengthened."

Fitch notes that in the past, the level of non-performing loans
that banks could withstand before nearing the point of
insolvency used to be well below the actual level of bad loans,
highlighting just how deeply insolvent the banking system was.  
Today however, the situation is reversed, with the actual NPLs
of Chinese banks having fallen below this threshold.

"This is a very noteworthy change for a banking system that was
deeply insolvent for close to a decade," Chu added.

Nevertheless, Fitch stated that it remains cautious about the
current credit environment in China, knowing that several of the
factors that played a role in past asset quality problems still
linger today, including ongoing issues with accounting and
disclosure (for both banks and borrowers), the lack of trained
and experienced credit officers, widespread corruption, and only
partially reformed risk management practices.  Fitch also
emphasized that China is in the midst of a strong economic
upcycle, so NPL data collected during recent years may reveal
almost nothing about what would happen under bleaker economic
conditions.  As a result of this bias in the data, Fitch remains
concerned that Chinese banks could well be under-estimating
potential future credit losses.


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

AES CORP: Hiring Independent Auditor for Brasiliana Appraisal
-------------------------------------------------------------
The AES Corp., along with Banco Nacional de Desenvolvimento
Economico e Social SA, will hire an independent auditor to
appraise Brazilian power holding firm Brasiliana's value,
Business News Americas reports.

BNamericas relates that Banco Nacional wants to sell its 49.99%
stake in Brasiliana, where AES holds 50.01%.

AES unit AES Eletropaulo said in a filing with the Sao Paulo
stock exchange Bovespa that Banco Nacional and AES had performed
separate appraisals of Brasiliana and agreed to hire an auditor
to conduct the third appraisal, as results of the first two
differed by over 10%.

According to BNamericas, the minimum price for Brasiliana will
be set by a weighted average of the three appraisals.

Brazilian power firms EDB, Cemig and CPFL Energia are
considering the acquisition of the 49.99% stake.  AES has first
refusal, BNamericas states.

                      About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                           About AES

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'.


BANK OF INDIA: To Raise INR1 Billion From Perpetual Bond Sale
-------------------------------------------------------------
The Bank of India plans to raise INR1 billion through the sale
of perpetual bonds, Reuters reports, citing an unnamed "merchant
banker close to the deal" as source.

According to Reuters, the coupon is 10.45%, with a call option
after 10 years, which if not exercised rises the coupon to
10.95%.  The issue will close on Sept. 25, the banker told the
news agency.

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

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

                          *     *     *

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


BHARTI AIRTEL: Names Olof Haag as Head of Sri Lanka Operations
--------------------------------------------------------------
Bharti Airtel has appointed Olof Haag as Chairman & Country Head
of Bharti Airtel Lanka Pvt. Ltd.  A seasoned telecom industry
professional, Olof will spearhead Bharti Airtel's foray into the
Sri Lankan telecom market.        

Welcoming Olof's appointment, Sanjay Kapoor, President, Mobile
Services, Bharti Airtel Limited said "We are delighted to have
Olof on board.  I am confident that his rich experience in the
telecom sector will go a long way in fulfilling our objective of
providing world-class services to customers and becoming a
leading player in the Sri Lankan market."

Mr. Olof has extensive experience in the telecom sector.  He
began his career with Ericsson and has over the years worked in
various senior positions in the company in key markets across
the world, in particular Asia.  He was Vice President Ericsson
Asia Pacific Ltd. and was responsible for market development in
Asia Pacific.  He has been the Chairman of the Board of Ericsson
India and also chaired the Boards of Ericsson in several Asian
markets.

Prior to joining Bharti Airtel Lanka Pvt. Ltd., Mr. Olof was
Chairman of The Asia Consulting Bureau Pvt.  Ltd., Sri Lanka.  
He will be supported by a Chief Executive Officer, who will be
appointed in due course.

                       About Bharti Airtel

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

                          *     *      *

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

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


BHARTI AIRTEL: Gets Singapore's Facility-Based Operator License
---------------------------------------------------------------
Bharti Airtel (Singapore) Pte Ltd, a subsidiary of Bharti
Airtel, has been awarded the Facility Based Operator license in
Singapore.  Under the license, the company will now be able to
operate international carrier facilities from Singapore.  With
the license, the company will be able to provide highly reliable
services to its customers on its owned infrastructure.

Bharti Airtel will be establishing a Point of Presence in
Singapore for cable interconnection at the landing station and
another PoP for providing connectivity to service providers and
local carriers.  With the PoPs, the company will be able to
interconnect its cables with other service providers in
Singapore to offer enhanced connectivity options. Multiple cable
systems like Network i2i, SeMeWe4, Asia America Gateway, APCN2,
EAC and C2C will aggregate at Singapore, making Singapore the
interconnection hub for Airtel traffic between India and over 90
countries around the world.  This license will support Airtel's
robust portfolio of international voice and data services,
including Private Lines, Internet, MPLS, Long Distance, Toll
Free Services, and Mobile Roaming.

Speaking on the occasion, David Nishball, President, Enterprise
Services, Bharti Airtel Ltd. said, "The FBO license is yet
another important step in our journey towards ensuring that
Airtel is able to meet our customer's complete global
communication needs.  Our customers can now enjoy enhanced
reliability and quality, using the best of our own capabilities
and our strong partnerships with international carriers,
particularly SingTel with whom we have a preferred partnership
arrangement.  With Singapore becoming a network aggregation hub
for the multiple cable systems in our network, we will be able
to offer to our customers increased redundancy and a more
resilient network."

The grant of license is in sync with Bharti's strategy to focus
on the enterprise space by offering world-class, end-to-end
communication solutions to large corporates.

                       About Bharti Airtel

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

                         *     *      *

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

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


DECCAN AVIATION: UB Group's Open Offer Kicks Off
------------------------------------------------
UB Group's open offer to shareholders of Deccan Aviation Limited
has kicked off yesterday, Sept. 12, 2007, media reports say.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Deccan Aviation sold 26% of the company to UB Group
company Kingfisher Airlines for around INR5.5 billion.  Pursuant
to Indian takeover rules, UB Group will make an open offer for
20% more in the charter aviation company.

The open offer, supposedly scheduled on July 25 to Aug. 13, has
been delayed with Securities and Exchange Board of India
questioning details about financing.  Pursuant to the revised
open offer schedule, the offer is now set to conclude on Oct. 1.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in   
the private sector. Deccan Aviation, which runs budget airline
Air Deccan, provides company charters, tourism, medical
evacuation, off-shore logistics and a host of other services.

The Troubled Company Reporter-Asia Pacific reported on Sept. 7,
2007, that Deccan Aviation has a stockholder's equity deficit of
US$2.83 million.


DECCAN AVIATION: Air Deccan to be Rebranded "Simplifly Deccan"
--------------------------------------------------------------
Deccan Aviation Limited's low-fare carrier Air Deccan will be
rebranded as "Simplifly Deccan" and carry Kingfisher Airline's
bird logo, P.R. Sanjai of livemint.com reports.

According to the report, the rebranding was started after UB
Group acquired a 26% stake in Deccan Aviation.  As previously
reported by the Troubled Company Reporter-Asia Pacific, Deccan
Aviation has sold 26% of the UB Group company Kingfisher for
around INR5.5 billion.

"The word Deccan is a household name while Simplifly will
reflect the history of Air Deccan that broke the cost barriers
of flying for a middle class Indian," livemint quoted "a UB
Group executive who didn't want to be named" as saying.

The aircraft will now be painted with Kingfisher's colors and
its crew will now sport Kingfisher's uniform, the report ads.

"Simplifly Deccan" is expected to be launch by September end.

Air Deccan will be hived off from Deccan Aviation making both
Air Deccan and Deccan Aviation separate entities, according to a
report by the Tamil News Network.

"We have already begun a study on how to separate the two firms
and make them independent entities," TNN cites Deccan Aviation
Executive Chairman Captain Gopinath as saying.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in   
the private sector. Deccan Aviation, which runs budget airline
Air Deccan, provides company charters, tourism, medical
evacuation, off-shore logistics and a host of other services.

The Troubled Company Reporter-Asia Pacific reported on Sept. 7,
2007, that Deccan Aviation has a stockholder's equity deficit of
US$2.83 million.


GARWARE POLYESTER: MS Adsul Named Director, AB Bhalerao Resigns
---------------------------------------------------------------
Garware Polyester Ltd has informed the Bombay Stock Exchange of
changes to its top executives.

According to Garware Polyester, M.S. Adsul has been appointed as
a Director (Technical) on the company's board with effect from
Aug. 1, 2007.  Effective July 31, 2007, A.B. Bhalerao resigned
from as director.

Based in Mumbai, India, Garware Polyester Ltd. --
http://www.garwarepoly.com-- produces polyester film.  Its   
products range includes films that cater to the solar-control
industry, packaging industry and reprographic industry.  In
addition, the company's bi-axially oriented polyethylene
teraphthalate (PET) film range includes sun control films,
overhead projector films and film for packaging, cable
insulation, audiotapes, tracing and drafting.

                          *     *     *

On June 1, 2000, Credit Analysis and Research Ltd gave the


GENERAL MOTORS: Crossover Units Lure Drivers from Asian Cars
------------------------------------------------------------
General Motors Corp., which is struggling to stem losses and
increase lagging U.S. sales, has found a bright spot in the
three large crossover vehicles it launched in the past year,
namely Buick Enclave, GMC Acadia and Saturn Outlook, Neal
Boudette writes for the Wall Street Journal.

The units, which are all top-sellers, have achieved what other
Detroit vehicles are having a tough time doing -- enticing
drivers away from imported brands, particulary Asian-brand cars.
Due to the trio's brisk sales, a GM plant in Lansing, Michigan,
is now running at full capacity, Mr. Boudette of WSJ states.

According to the report, the trio each has three rows of seats
and looks like big sport-utility vehicles, but they are lighter,
have a smoother ride and get better gas mileage than SUVs.

GM, Ford Motor Co. and Chrysler LLC remain the dominant
manufacturers of trucks, but they are all experiencing a
continuing slump in pickup and SUV sales in the wake of high
gasoline prices and changing consumer tastes, WSJ relates.  The
three auto makers are each undergoing restructuring efforts to
turn around their North American operations and stem their
decades-long slide in market share.

GM doesn't disclose its vehicles' profit margins, but other
measures indicate the three crossovers are performing well
financially, such as the recent addition of a third shift at the
Michigan plant producing the vehicles, at a time when GM is
trimming production of its full-size SUVs and pickup trucks, Mr.
Boudette writes for WSJ.

Concurrently, a Chevrolet version is in the works, and could
skim buyers from the Buick, GMC and Saturn models.  The Chevy
model will be built in a separate plant in Spring Hill,
Tennessee, the report says.

                     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 MOU with Isuzu for Commercial Car Deal
-----------------------------------------------------------
General Motors Corp. and Isuzu Motors Limited have signed a
memorandum of understanding to reinforce their strategic
partnership and expand the sales of commercial vehicles in three
South American countries in the Andean region.

The agreement includes a full-scale feasibility study to assess
the establishment of a joint venture that will specialize in the
sales of Isuzu commercial vehicles badged as Chevrolet in
Colombia, Venezuela and Ecuador.

"GM and Isuzu have a long-standing commercial relationship and,
over the years, we have steadily increased sales and market
share of Isuzu commercial vehicles built by GM's manufacturing
operations in South America under the Chevrolet brand and
distribution channel.  Given the expected growth in this region,
we are very pleased to expand our relationship with Isuzu," said
Pablo Ross, president and managing director of GM's Andean
Region.

In 2006, GM sold 14,580 Isuzu trucks, capturing 24.7% of the
Andean commercial vehicle market that has more than doubled
since 2003.  GM and Isuzu plan to significantly increase sales
and market share of commercial vehicles in the region by
reinforcing sales functions and launching the new Isuzu N-series
and F-series trucks.

"The MOU and our agreement this time is in line with Isuzu's
efforts addressed in the mid-term business plan to expand
commercial vehicles sales in overseas markets.  Our reinforced
collaboration with GM will enable us to set a solid foundation
to aggressively promote the sales expansion and market share
increase of Isuzu's new N-series and F-series trucks," said
Yoshifumi Komura, executive officer in charge of International
Sales of Isuzu Motors Limited.

The feasibility study is expected to be completed by the end of
2007.

                        About Isuzu Motors

Headquartered in Tokyo, Japan, Isuzu Motors Limited --
http://www.isuzu.co.jp/-- is engaged in the manufacture and
sale of automobile, automobile parts, as well as industrial
engines.  The company carries products such as light commercial
vehicles (LCVs) and commercial vehicles, which include large-
size trucks and buses, small-size trucks and pickup trucks,
among others.  It also manufactures and sells engines and
components.  Through its subsidiaries, the company is also
engaged in the provision of logistics services and other
services.  The company has offices in Japan, the United States,
Mexico, Belgium, and Thailand, among others.

                      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.


GLOBAL BROADCAST: Shareholders Okay Grant of Stock Options
----------------------------------------------------------
Global Broadcast News Ltd's shareholders have approved the GBN
Employee Stock Option Plan 2007 including the grant of stock
options to the employees or directors of holding and subsidiary
companies.  The shareholders also authorized the granting of
options more than 1% of the issued capital of the company in any
one year to any of its employee or director of the company or
those of the holding or subsidiary company.

The shareholders gave their nods at its annual general meeting
on Sept. 7, 2007.

While considering the issue of 30,00,000 convertible warrants,
the shareholders agree that a wider participation would be
desirable for making the decision.  Hence, it was agreed that
shareholders' consent will be obtained via a postal ballot.

Hence, the shareholders passed Resolution Number 7:

   "Resolved that the consent of the Company in respect of
   issuance of 30,00,000 Convertible Warrants shall be taken
   through a postal ballot to enable the wider participation of
   the shareholders of the Company and the Board of Directors
   and / or any committee thereof be and is hereby authorised to
   do all the act(s), deed(s), matter(s), thing(s) and actions
   for seeking the a of Shareholders through Postal Ballot in
   respect of issuance of aforesaid Convertible Warrants at a
   price as determined by the SEBI (Disclosure & Investor
   Protection) Guidelines 2000 or INR815 per Warrants, whichever
   is higher."

Headquartered in New Delhi, Global Broadcast News Limited --
http://www.ibnlive.com/-- owns and operates a 24-hour English  
language news and current affairs channel called CNN-IBN. CNN-
IBN was launched in December 2005.  The Company has an agreement
with CNN for an exclusive, limited, non-transferable right to
use and reproduce, inter alia, the CNN name and principal logo.  
It also has news services agreement with Turner for production
and broadcasting services.  It is also part of the TV 18 group,
which owns and operates some business channels and Internet
portals. The TV 18 group owns and operates channels, such as
CNBC-TV18, Awaaz and South Asia World. In addition, the TV 18
group operates portals, such as www.moneycontrol.com and
www.commoditiescontrol.com.  The Company transferred its
interactive Internet portal, ibnlive.com, for real-time news and
affairs to Web 18 Software Services Limited, which is a
subsidiary of Web 18 Holdings Limited. As part of this
arrangement, the Company would hold 15% equity shares in Web 18
Holdings Limited.

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


* S&P Report Says Indian Banking System is Strongly Placed
----------------------------------------------------------
The Indian banking sector benefits from a supportive
institutional and regulatory environment and a healthy and
stable financial profile.  Although growth is expected to
continue for at least the next several years, there are still
weaknesses that need to be addressed, according to a report
published today by Standard & Poor's Ratings Services titled
"Indian Banking System: Strongly Placed But Weaknesses Cannot Be
Wished Away."

"For the past four years, India's economy expanded at an average
of 8.6% per year and Standard & Poor's expects this rate to be
close to 7.5% in the medium term," said Standard & Poor's credit
analyst, Ritesh Maheshwari.  "The country's business environment
benefits from higher consumption and private investment demand,
due to a growing middle class and favorable demographics.
Additionally, India has strengthened its regulatory environment
and banking reforms have gradually tightened operational,
prudential, and accounting standards, putting them mostly in
line with international benchmarks."

"The banking sector has experienced a considerable improvement
in credit quality in the past five years.  The overall
improvement in the past three to four years was supported by
good economic prospects and healthy earnings and represents a
sustainable trend," said Mr. Maheshwari.

Despite the benefits of scale to the banking business,
especially with the increasing role of marketing and technology
based systems, the banking sector in India is highly fragmented,
with 53 domestic banks accounting for about 93% of the system's
assets.  Risk management is still largely a work in progress,
although significant improvements occurred in the past decade.
With strong credit growth and weak risk management systems,
especially in smaller banks, the potential for an understatement
of problem assets increases.  These weaknesses could undermine
the potential growth of the Indian banking system, if a strategy
to address them is not put in place.

"India is in an enviable position. Nevertheless, the existing
strengths should not stop the banking sector from acknowledging
and acting on its weaknesses.  These issues will not disappear
and, in some cases, will worsen if a well-thought-out action
plan is not undertaken soon.  Increasing the pace of
consolidation and providing the sector with an efficient risk
management system, while closely monitoring the potential for
increased problematic assets, should form the basis of such a
strategy," Mr. Maheshwari noted.

The report is available to subscribers of RatingsDirect, the
real-time Web-based source for Standard & Poor's credit ratings,
research, and risk analysis, at http://www.ratingsdirect.com/  


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

ALLIANCE ONE: Starts Exchange Offer for Senior Notes Due 2012
-------------------------------------------------------------
Alliance One International, Inc. has commenced an exchange offer
for all of its outstanding 8-1/2% Senior Notes due 2012. The
company is offering to exchange up to US$150,000,000 aggregate
principal amount of its 8-1/2% Senior Notes due 2012 which have
been registered under the Securities Act of 1933, as amended,
for a like principal amount of its original unregistered 8-1/2%
Senior Notes due 2012.  The terms of the exchange securities are
identical in all material respects to the terms of the original
securities for which they are being exchanged, except that the
registration rights and the transfer restrictions, applicable to
the original securities are not applicable to the exchange
securities.

Alliance One will accept for exchange any and all original
securities validly tendered on or prior to 5:00 p.m., New York
City time, on the date the exchange offer expires, which will be
October 1, 2007, unless the exchange offer is extended by the
company.

The exchange offer is made only pursuant to Alliance One's
prospectus, dated August 30, 2007, which will be filed with the
Securities and Exchange Commission as part of Alliance One's
Registration Statement on Form S-4.  The Registration Statement
was declared effective by the Securities and Exchange Commission
on August 29, 2007.

Copies of the prospectus and transmittal materials governing the
exchange offer may be obtained from the Exchange Agent, Deutsche
Bank Trust Company Americas, at the following address:

             Deutsche Bank Trust Company Americas
             DB Services Tennessee, Inc.
             Reorganization Unit
             P.O. Box 305050
             Nashville, Tennessee  37211
             Phone (800) 735-7777
             Fax: (615) 835-3701
             e-mail: SPU-Reorg.Operations@db.com.

                        About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a  
leaf tobacco merchant.  The company has worldwide operations,
including those in Indonesia, Argentina, Brazil, Bulgaria,
Canada, China, France, India, Philippines, Malaysia, and
Singapore.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Sept. 29, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the US Consumer
Products, Beverage, Toy, Natural Product Processors, Packaged
Food Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Alliance One
International, Inc., and upgraded its B2 rating on the company's
US$300 million senior secured revolver to B1.  In addition,
Moody's assigned an LGD3 rating to notes, suggesting note
holders will experience a 37% loss in the event of a default.


CHAROEN POKPHAND: Shareholders Approves 2-for-1 Stock Split
-----------------------------------------------------------
PT Charoen Pokphand Indonesia Tbk's shareholders have approved a
2-for-1 stock split in order to improve trading in the company's
shares, Reuters reports, citing Vice President Director Thomas
Effendy.

According to the report, Mr. Effendy said that the stock split
is aimed at increasing the company's share trading liquidity.  
This will result to a decrease in the nominal price and become
more affordable for retail investors, he adds.

The Charoen Pokphand's share split will take place in October,
the report adds.

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.

The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that Fitch Ratings assigned a Long-term foreign currency
Issuer Default Rating of 'B+' to PT Central Proteinaprima Tbk.  
The Outlook on the rating is Stable.  At the same time, Fitch
has assigned an expected rating of 'B+' and an expected recovery
rating of 'RR4' to the proposed senior notes to be issued by
Blue Ocean Resources Pte Ltd and guaranteed by CPP and its
subsidiaries.  The ratings were assigned based on an indicative
issue size and tenor communicated to the agency by CPP; any
material deviations from these may result in a negative rating
action.  Further, the final ratings are contingent upon receipt
of final documents conforming to the information already
received.


GOODYEAR: Appoints Mark Purtilar as Chief Procurement Officer
-------------------------------------------------------------
The Goodyear Tire & Rubber Company appointed Mark Purtilar as
chief procurement officer, effective September 17.  He replaces
Gary Miller, who is retiring after 40 years as a Goodyear
associate.

Purtilar, formerly a procurement executive for ArvinMeritor
Automotive Inc., will oversee Goodyear's global procurement
strategy and be responsible for the company's approximately
US$10 billion in annual purchases.

"An innovative and aggressive procurement plan is a key element
of Goodyear's growth strategy," said Christopher W. Clark,
senior vice president of global sourcing.  "In Mark, we found an
individual with a successful history of developing global
procurement strategies to reduce costs, maximize efficiency and
maintain quality.  Moreover, he has done it in a very
competitive marketplace."

Prior to his Goodyear appointment, Purtilar was vice president
of global procurement for commercial vehicle systems for
ArvinMeritor, a global supplier of automotive parts based in
Troy, Mich.  Responsible for US$3 billion annually in company
purchases, he developed the company's global supplier strategy,
initiated a low-cost country strategy and routinely exceeded
purchasing performance targets.

Purtilar first joined ArvinMeritor in 1994 as manager of
purchasing and inventory planning and held several other
positions until being named vice president and general manager
of the Americas Commercial Vehicle Aftermarket Distributions
division in 2000.  He left ArvinMeritor from 2002 to 2004 to
serve as the chief executive officer of Auto Body Panels Inc. in
Cincinnati, Ohio.  He returned to ArvinMeritor in 2004 as the
vice president of global procurement.

Prior to ArvinMeritor, Purtilar worked for the Sara Lee
Corporation from 1983 to 1994 as a manager in purchasing,
production and capacity planning.

"This is an exciting time to join Goodyear's leadership team,"
said Purtilar.  "Through procurement strategies, we have the
opportunity to significantly impact the company and benefit its
customers and its shareholders."

Purtilar received his bachelor's degree in ancient history and
his master of business administration in international business
from Northern Kentucky University.

                          About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest   
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 8,
2007, that Standard & Poor's Ratings Services raised its ratings
on the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust to 'B' from 'B-' and removed them
from CreditWatch, where they were placed with positive
implications on May 14, 2007.

The rating actions reflect the May 31, 2007, raising of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., and its removal from
CreditWatch positive.

On March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of
SGL-2.  The outlook has reverted to stable from negative.


INDAH KIAT: Appoints New High Officials
---------------------------------------
PT Indah Kiat Pulp & Paper Tbk appointed former President
Director Mr. Teguh Ganda Wijaya as its new President
Commissioner, Reuters reports.

According to report, the company also appointed former President
Commissioner Mr. Yudi Setiawan Lin as its new President
Director.

Both appointments are effective September 6, 2007, the report
adds.


Headquartered in Jakarta, Indonesia, PT Indah Kiat Pulp & Paper  
Tbk is a manufacturing company engaged in the production of
paper and pulp.  

Finance Asia said on Nov. 13, 2006, that Indah Kiat, a
subsidiary of Asia Pulp & Paper, had defaulted on US$14 billion
of debt and is "one of the world's largest defaulters, if not
certainly Asia's."  The Widjaja family, the controllers of
Asia Pulp, have been struggling with their creditors since they
ceased all payments on their debt in 2001.

Indonesian ratings company Pefindo gave the company's long-term
debt an idD rating, effective on April 14, 2001.  Additionally,
Reuters reports that Indah Kiat delayed filing its first quarter
2006 financials, and that the company will not pay dividends for
FY2005.


PERUSAHAAN LISTRIK: Shanghai Electric to Start Building Plant
-------------------------------------------------------------
PT Perusahaan Listrik Negara said that a consortium led by
Shanghai Electric Group, with partner PT Maxima Infrastruktur,
will begin construction of a coal-fired power plant worth about
US$800 million in the west Java town of Pelabuhan Ratu, Antara
News reports.

According to the report, the power plant will have three power
generating units with a capacity of 350 megawatts each.

Antara adds that PLN Public Relations Head Ario Subijoko said
that the first unit is expected to start operating in February
2010.

Perusahaan Listrik will provide funding for not more than 15
percent of the project cost; this is a part of the company
program to boost their capacity by 10000 megawatts, the report
says.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity    
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

                          *      *      *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service assigned a B1
senior unsecured rating to PT Perusahaan Listrik Negara's
proposed U.S. dollar bond issuance.

At the same time, Moody's has affirmed PLN's B1 corporate family
rating and A1.id national scale rating.  The outlook for all the
ratings is positive, which is in line with the sovereign's
positive outlook.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. ollar enior unsecured notes issued by PLN's wholly
owned subsidiary, Majapahit Holding B.V.


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

BOSTON SCIENTIFIC: Says FDA Warning May Not Be Lifted This Year
---------------------------------------------------------------
Boston Scientific Corp. expects a warning letter from the Food
and Drug Administration to stay until next year despite its
advancing efforts to resolve the issues at hand, The Wall Street
Journal reports, citing a company official.

The FDA's warning letter, WSJ relates, stated that Boston
Scientific committed "serious violations" of federal regulations
by failing to report two deaths in a clinical trial.

The agency gave Boston Scientific three weeks to submit its
response, the report said.

Boston Scientific's chief operating officer, Paul LaViolette,
speaking during a Bear Stearns health-care conference, was cited
by WSJ as saying that the company expects to deliver results to
the FDA in the fourth quarter from a third-party audit of the
company's improved quality systems.

According to the source, the warning letter, sent Aug. 30,
relates to a small study of a stent to repair bulges in one of
the body's large arteries, the abdominal aorta.  Trivascular
Inc., which Boston Scientific bought in 2005 for about US$110
million, started the study in 2003 with 43 patients.  

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.


DELPHI CORP: Discloses Treatment of Claims Under Chapter 11 Plan
----------------------------------------------------------------
The joint plan of reorganization, filed September 6, 2007 by
Delphi Corp. and its debtor-affiliates with the U.S. Bankruptcy
Court for the Southern District of New York provides for
separate classes for holders of claims against and interests in
the Debtors.

A. Administrative and Priority Claims

As required by the Bankruptcy Code, administrative claims and
priority tax claims, which are entitled to full recovery under
the Plan, are not classified.  

Description      Treatment Under Plan
-----------      --------------------

DIP Claims       DIP Claims consist of the DIP Facility Revolver
                 Claim in the approximate amount of
                 US$682,000,000, the DIP Facility First Priority
                 Term Claim in the approximate amount of
                 US$250,000,000, and the DIP Facility Second
                 Priority Term Claim in the approximate amount
                 of US$2,495,000,000.  Under the Plan the DIP
                 Claim will be paid on the Effective Date in
                 full in Cash.

                 Estimated Amount of Claims:  US$3,427,000,000

                 Percentage Recovery:  100%

Administrative
Claims           An administrative claim is a claim for payment
                 of an expense of a kind specified in Section
                 503(b) of the Bankruptcy Code and entitled to
                 priority pursuant to Section 507(a)(1),
                 including, but not limited to, the actual,
                 necessary costs and expenses, incurred on or
                 after the Petition Date, of preserving the
                 Estates and operating the business of the
                 Debtors, including wages, salaries, or
                 commissions for services rendered after the
                 commencement of the Chapter 11 Cases,
                 Professional Claims, and certain other Claims.  
                 For illustrative purposes, the estimated
                 amounts of Administrative Claims include Cure
                 Claims.  Under the Plan and the procedures
                 provided therein, Administrative Claims will be
                 paid in full in Cash in the ordinary course or
                 as otherwise agreed.

                 Estimated Amount of Claims: US$735,000,000 plus
                 other Administrative Claims in the ordinary
                 course of business

                 Percentage Recovery: 100%

Priority Tax
Claims           A priority tax claim is a claim for payment of
                 taxes by governmental units as specified in
                 Section 507(a)(  of the Bankruptcy Code.  Under
                 the Plan, Priority Tax Claims will be paid (1)
                 equal cash payments, including postpetition
                 interest, over a period not to exceed six years
                 after the assessment of the tax totaling the
                 aggregate amount of the claim, (2) other
                 treatment that is agreed between the Debtors
                 and the holder of the priority tax claim, or
                 (3) payment in full in Cash plus postpetition
                 interest.

                 Estimated Amount of Claims: US$20,000,000 to
                 US$73,000,000

                 Percentage Recovery: 100%

B. Principal prepetition Claims and Interests in the Plan

The Debtors' investment banker and financial advisor,
Rothschild, performed a valuation of the Reorganized Debtors and
the New Common Stock as a going concern based on information and
financial projections provided by the Debtors.  Rothschild
estimated the total enterprise value range of Reorganized Delphi
to be between US$11,400,000,000 and US$14,400,000,000 with a
midpoint of approximately US$12,900,000,000 as of December 31,
2007.

As part of the Plan, and for the purpose of making distributions
to allow a par plus accrued at Plan value recovery, the Debtors,
Creditors' Committee, Equity Committee, GM, and Plan Investors,
negotiated an agreed deemed value of the reorganized debtors'
equity at US$45.00 per share.  The total enterprise value is
assumed to be US$12,800,000,000 for purposes of setting the
price of New Common Stock for the Discount Rights Offering and
for setting the initial conversion price of the new Series B
Senior Convertible Preferred Stock, par value US$0.01 per share,
of Reorganized Delphi.

For setting the initial conversion price of the new Series
A-1 Senior Convertible Preferred Stock of Reorganized Delphi,
par value US$0.01 per share, and the new Series A-2 Senior
Convertible Preferred Stock of Reorganized Delphi, par value
US$0.01 per share, the total enterprise value is assumed to be
US$11,750,000,000.

                         CLASSIFIED CLAIMS

Description      Treatment Under Plan
-----------      --------------------

Secured Claims   Secured Claims are claims, other than DIP
Lender  
                 Claims (which are treated as Administrative
                 Claims), that are secured by liens on property
                 in which the Debtors have an interest.  Under
                 the Plan, the legal, equitable, and contractual
                 rights of each holder of a Secured Claim will
                 be, at the option of the Debtor, paid in full
                 or be unimpaired and reinstated (which means
                 that the claim holder's rights will be
                 unaltered by the Plan and that Delphi will cure
                 outstanding payment defaults, if any).

                 Estimated Amount of Claims: US$29,000,000 to
                 US$34,000,000

                 Estimated Percentage Recovery: 100%

Flow-Through
Claims           A Flow-Through Claim is a claim arising from
                 (1) an Ordinary Course Customer Obligation, (2)
                 an Environmental Obligation (excluding those
                 environmental obligations that were settled or
                 capped during the Chapter 11 Cases (to the
                 extent exceeding the capped amount)), (3) an
                 Employee-Related Obligation (including workers
                 compensation and unemployment compensation
                 claims) asserted by an hourly employee that is
                 not otherwise waived pursuant to the Union
                 Settlement Agreements, (4) any Employee-Related
                 Obligation asserted by a salaried, non-
                 executive employee who was employed by Delphi
                 as of the date of the commencement of the
                 hearing on the Disclosure Statement, (5) any
                 Employee-Related Obligation asserted by a
                 salaried executive employee who was employed by
                 Delphi as of the date of the commencement of
                 the hearing on the Disclosure Statement and has
                 entered into a new employment agreement as
                 described in Article 7.8 of the Plan, and (6)
                 litigation exposures and other liabilities
                 arising from litigation that are covered by
                 insurance, but only in the event that the party
                 asserting the litigation ultimately agrees to
                 limit its recovery to available insurance
                 proceeds, except that all Estate Causes of
                 Action and  defenses to any Flow-Through Claim
                 will be fully preserved. Flow-Through Claims
                 will be unimpaired by the Plan and will be
                 satisfied in the ordinary course of Delphi's
                 business (subject to the preservation and flow-
                 through of all Estate rights, claims, and
                 defenses with respect to the Flow-Through
                 Claims).

                 Estimated Percentage Recovery: Unimpaired

General
Unsecured
Claims           General Unsecured Claims include claims arising
                 as a result of trade claims (other than GM's
                 claims, which are treated below), claims
                 arising from the Delphi's Senior Notes, TOPrS
                 Claims, and other general unsecured claims that
                 might result from, for example, the rejection
                 of executory contracts or unexpired leases.

                 Delphi cannot predict with certainty the total
                 amount of General Unsecured Claims that
                 ultimately may be allowed.  Under the Plan,
                 general unsecured creditors (other than TOPrS)
                 will receive cash in an amount equal to 20% of
                 the claim and the number of shares of New  
                 Common Stock in Reorganized Delphi equal to 80%
                 of the claim, subject to certain rounding
                 provisions in the Plan.  In resolution of
                 intercreditor disputes regarding subordination,
                 TOPrS will receive a distribution of 100% New
                 Common Stock.

                 Funded Debt Claims of US$2,500,000,000 plus
                 other General Unsecured Claims of
                 US$1,700,000,000 or less, which amount is
                 inclusive of Cure Claims and the treatment
                 provided to Section 510(b) Note Claims, Section
                 510(b) Equity Claims, and Section 510(b) ERISA
                 Claims

                 Estimated Percentage Recovery: 100 %

GM Claims        Delphi and GM are party to two agreements that
                 resolve issues arising from Delphi's Separation
                 from GM and address matters in Delphi and GM's
                 ongoing relationship.  The Plan serves as a
                 motion to approve those agreements. Under the
                 Plan, for good and valuable consideration
                 provided by GM under the Delphi-GM Definitive
                 Documents, and in full settlement and
                 satisfaction of the GM Claims, GM will receive
                 all consideration set forth in the Delphi-GM
                 Definitive Documents, including, without
                 limitation,

                 (1) Cash in the amount of US$2,700,000,000 to
                     be paid on the Effective Date,

                 (2) retention of the GM Surviving Claims as
                     provided for in Section 4.03 of the
                     Settlement Agreement,

                 (3) the effectuation of the IRC Section 414(l)
                     assumption as provided for in Section 2.03
                     of the Settlement Agreement, and

                 (4) the releases as provided for
                     in Sections 3.01, 4.02, and 4.03 of the
                     Settlement Agreement.

                Amount of Allowed Claim: Agreed Compromise

                Estimated Percentage Recovery: Agreed Compromise

Section 510(b)
Note Claims      Section 510(b) Note Claims arise from the
                 securities actions consolidated in the multi-
                 district litigation pending in the United
                 States District Court for the Eastern District
                 of Michigan and include claims asserted by
                 current or former holders of the Senior Notes
                 or TOPrS for damages or rescission in
                 connection with the purchase or sale of those
                 securities.  Pursuant to the terms of the
                 Securities Settlement (which
                 resolves the claims and causes of action
                 asserted by holders of Section 510(b) Note
                 Claims and Section 510(b) Equity Claims),
                 holders of Section 510(b) Note Claims and
                 Section 510(b) Equity Claims will receive a
                 claim valued at US$204,000,000.  The Debtors
                 will make a distribution of Cash and New Common
                 Stock, in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims, to fund
                 a portion of the Securities Settlement, which
                 will be divided between the Section 510(b) Note
                 Claims and the Section 510(b) Equity Claims
                 according to the plan of allocation approved by
                 the MDL Court.  If any holder of a Section
                 510(b) Note Claim opts out of the Securities
                 Settlement, and that holder's claim is
                 ultimately allowed, then the holder of the
                 Allowed Section 510(b) Opt Out Note Claim will
                 receive a distribution, from the Securities
                 Settlement, of Cash and Stock equal to the
                 amount of the Allowed Section 510(b) Opt Out
                 Note Claim in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims.
                   
                 Estimated Recovery: Allocated share of
                 US$204,000,000
       
                 Estimated Percentage Recovery: Agreed  
                 Compromise

Intercompany
Claims           An Intercompany Claim is a claim by Delphi or
                 one or more of its affiliates against other
                 Delphi affiliates on account of various matters
                 incurred in the ordinary course of business.
                 Under the Plan, at the option of Delphi with
                 certain exceptions, Intercompany Claims will
                 either be reinstated and treated in the
                 ordinary course of business or eliminated,
                 except that Intercompany Claims among Debtors
                 that will be substantively consolidated as a
                 Debtor group will be eliminated.  The ultimate
                 disposition of Intercompany Claims will be
                 based upon business planning reasons of
                 Reorganized Delphi and will not affect
                 distributions to other creditors under the
                 Plan.

                 Estimated Amount of Claims:             N/A

                 Estimated Percentage Recovery:          N/A

Existing Common
Stock            Delphi's Existing Common Stock will be canceled
                 on the Effective Date.  Each Holder of Delphi's
                 Existing Common Stock will receive a pro rata
                 distribution of (1) 1,476,000 shares of New
                 Common Stock in Reorganized Delphi (at a
                 US$45.00 per share negotiated plan value), (2)
                 transferable Rights to purchase 45,600,000 of
                 the total 147,627,046 shares of New Common
                 Stock (to be reduced by the guaranteed minimum
                 of 10% of the Rights for the Plan Investors) in
                 Reorganized Delphi for US$1,750,000,000 in the
                 aggregate (exercise price US$38.56 per share),
                 (3) five-year warrants to purchase, for
                 US$45.00 per share, an additional 5% of the New
                 Common Stock of Reorganized Delphi, and (4)
                 non-transferable Rights to purchase
                 approximately US$572,000,000 (in the aggregate)
                 of the New Common Stock of Reorganized Delphi
                 for a price of US$45.00 per share.

                 Estimated Recovery:  Agreed Compromise

Section 510(b)
Equity Claims    Section 510(b) equity claims arise from the
                 securities actions consolidated in MDL and
                 include claims by current or former holders of
                 Delphi's existing common stock for damages or
                 rescission in connection with the purchase or
                 sale of the common stock.  Pursuant to the
                 terms of the Securities Settlement (which
                 resolves the claims and causes of action
                 asserted by holders of Section 510(b) Note
                 Claims and Section 510(b) Equity Claims),
                 holders of Section 510(b) Note Claims and
                 Section 510(b) Equity Claims will receive a
                 claim valued at US$204 million.  The Debtors
                 will make a distribution of Cash and New
                 Common Stock, in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims, to fund
                 a portion of the Securities Settlement, which
                 will be divided between the Section 510(b) Note
                 Claims and the Section 510(b) Equity Claims
                 according to the plan of allocation approved by
                 the MDL Court.  If any holder of a Section
                 510(b) Equity Claim opts out of the Securities
                 Settlement, and that holder's claim is
                 ultimately allowed, then the holder of the
                 Allowed Section 510(b) Opt Out Equity Claim
                 will receive a distribution, from the
                 Securities Settlement, of Cash and Stock equal
                 to the amount of the Allowed Section 510(b) Opt
                 Out Equity Claim in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims.

                 Estimated Recovery: Allocated share of
                 US$204,000,000

                 Estimated Percentage Recovery: Agreed
                 Compromise

Section 510(b)
ERISA Claims     Section 510(b) ERISA claims arise from the
                 alleged failure of certain defendants to
                 exercise their fiduciary duties in
                 administering certain retirement plans'
                 investments in Delphi common stock.  The ERISA
                 based claims have been consolidated in the MDL.  
                 Pursuant to the terms of the ERISA Settlement,
                 holders of Section 510(b) ERISA Claims will
                 receive a claim valued at US$24,500,000.  The
                 Debtors will make a distribution of Cash and
                 New Common Stock, in the same proportion as the
                 distribution of Cash and New Common Stock made
                 to holders of General Unsecured Claims, to fund
                 a portion of the ERISA Settlement, which will
                 be distributed according to the plan of
                 allocation approved by the MDL Court.

                 Estimated Recovery: Allocated share of
                 US$24,500,000

                 Estimated Percentage Recovery: Agreed
                 Compromise

Other Interests  Other Interests consist of all options,
                 warrants, call rights, puts, awards, or other
                 agreements to acquire existing Delphi common
                 stock.  Under the Plan, all Other Interests
                 will be cancelled and holders of Other
                 Interests will not receive a distribution under
                 the Plan on account of those Other Interests.

                 Percentage Recovery:  0%

Interests In
Affiliate
Debtors          Interests in affiliate debtors consists of any
                 other stock, equity security, or ownership
                 interest in any affiliate Debtor.  Under the
                 Plan, interests in affiliate debtors will not  
                 be impaired or cancelled by the Plan.

                 Estimated Amount of Interests: N/A

                 Estimated Percentage Recovery: N/A

These classes of claims and interests are impaired under, and
are entitled to vote to accept or reject, the Plan:

   -- General Unsecured Claims,
   -- GM Claims,
   -- Section 510(b) Note Claims,
   -- Existing Common Stock,
   -- Section 510(b) Equity Claims, and
   -- Section 510(b) ERISA Claims.

Holders of interests or claims which do not retain or receive
any property and are deemed to reject the Plan under Section
1126(g).  Accordingly, the Debtors will not send ballots or
solicitation packages to holders of those claims and interests.

Under Section 1126(f), the Unimpaired Creditors are conclusively
presumed to have accepted the Plan, and solicitation of votes
from these creditors is not required.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  (Delphi Bankruptcy News, Issue No. 83 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


DELPHI CORP: Asks Court to Bless Disclosure Statement
-----------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve the
disclosure statement to their Joint Plan of Reorganization,
filed September 6, 2007.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher, in
Chicago, Illinois, contends the Disclosure Statement contains
adequate information within the meaning of Section 1125 of the
Bankruptcy Code.  He narrates that the Disclosure Statement is
both extensive and comprehensive and satisfies each of the
informational items outlined in In re Scioto Valley Mortgage
Co., 88 B.R. 168, 170-71 (Bankr. S.D. Ohio 1988); and In re
Ionosphere Clubs, Inc., 179 B.R. 24, 29 (S.D.N.Y. 1995).  The
Disclosure Statement contains descriptions and summaries of,
among other things:

     (i) the Plan,

    (ii) the Debtors' history and prepetition capital structure,      

   (iii) certain events leading to the commencement of the    
         Chapter 11 cases,

    (iv) the significant events during the Chapter 11 cases,

     (v) the claims asserted against the Debtors' estates,

    (vi) the new securities to be issued under the Plan,

   (vii) various risk factors affecting the Plan and the
         Debtors' restructuring,

  (viii) a liquidation analysis setting forth the estimated  
         return that creditors would receive in a hypothetical
         Chapter 7 case,

    (ix) financial information and valuations relevant to
         creditors' determinations of whether to accept or
         reject the Plan,

     (x) certain securities law and tax law consequences of the
         Plan, and

    (xi) a disclaimer indicating that no statements or
         information concerning the Debtors and their assets and
         securities are authorized other than those set forth in
         the Disclosure Statement.

Section 1125(b) prohibits postpetition solicitation of a
reorganization plan unless the plan and "a written disclosure
statement approved, after notice and a hearing, by the court as
containing adequate information" are transmitted to those
persons whose votes are being solicited.  

The Court will convene a hearing to consider the adequacy of the
Disclosure Statement on October 3, 2007.  Objections to approval
of the Disclosure Statement are due September 28, 2007.

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed  
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  (Delphi Bankruptcy News, Issue No. 83 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


FORD MOTOR: Fiat Denies Joint Bid Plans for Two Brands
------------------------------------------------------
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.

                        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.

                      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.


ICONIX BRAND: Inks Pact to Buy Official Pillowtex for US$231 Mln
----------------------------------------------------------------
Iconix Brand Group Inc. has entered into a definitive agreement
to purchase Official Pillowtex LLC for US$231 million in cash
with contingent payments of up to an additional US$15 million in
cash based upon the brands surpassing specific revenue targets.

Official Pillowtex is a licensing company that owns a large
portfolio of home brands including four primary brands, Cannon,
Royal Velvet, Fieldcrest and Charisma and numerous others home
brands including St. Mary's and Santa Cruz.  

The four primary brands are all currently licensed in the U.S.:
Cannon and Royal Velvet to Li & Fung USA, Fieldcrest to Target
Stores and Charisma to Westpoint Stevens. In the aggregate the
four brands are estimated to generate between US$35 and US$37
million in 2008 royalty revenue with direct expenses of between
US$5 and US$7 million, and will be accretive to earnings.  Total
aggregate guaranteed royalty revenue for the brands equals
approximately US$160 million or approximately 65% of the
purchase price.

According to Neil Cole, Chairman and CEO of Iconix Brand Group,
"This is a transformative acquisition for Iconix as our brand
portfolio now transcends the fashion industry with the addition
of four iconic home brands.  These brands have a combined three
hundred years of history and a level of awareness and
authenticity that few brands in any category can match.  We
believe that the home industry is an ideal fit for our first
acquisition outside of fashion as there is a lack of innovative
marketing and differentiation among brands.  I believe that our
marketing expertise will enable us to maximize the potential of
these iconic brands and realize numerous growth opportunities
including extending their reach into new categories in the home
as well as into new markets around the world and developing some
of the additional smaller brands within the Pillowtex
portfolio."

The purchase price for the acquisition will be paid by Iconix in
cash.  The acquisition is anticipated to close later this year
and is subject to customary closing conditions including
clearance under the Hart-Scott-Rodino Anti Trust Improvements
Act of 1976, as amended.

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON)
-- http://www.iconixbrand.com/-- owns fashion brands to retail  
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.


                          *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Standard & Poor's Ratings Services revised its ratings outlook
on Iconix Brand Group Inc. to negative.  At the same time,
Standard & Poor's assigned its 'B-' debt rating to Iconix's then
proposed US$250 million convertible senior subordinated notes
due 2012.  

As reported in the Troubled Company Reporter on June 18, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's then proposed US$250 million convertible senior  
subordinated note offering.


KINTETSU CORP: Fitch Affirms Issuer Default Ratings at BB+
----------------------------------------------------------
Fitch Ratings has affirmed Kintetsu Corporation's Long-term
foreign and local currency Issuer Default Ratings and senior
unsecured debt rating at 'BB+'.  The Outlook is Stable.  At the
same time, the agency has affirmed Kintetsu's Short-term foreign
and local currency IDRs at 'B'.

The ratings reflect a balanced assessment of Kintetsu's solid
operational base in the Osaka metropolitan area, the consistent
cash flow generation of its transport business and the
substantial restructuring efforts taken to overhaul its
diversified business portfolio.  The ratings also take into
account the difficult business environment Kintetsu operates in,
which includes a weak regional economy, the ongoing migration of
commuters towards motor vehicle transport, and a declining
population.  

Fitch notes that the company's management continues to emphasize
business consolidation and cost-cutting efforts, the results of
which are evident in its lower operating expenses and constant
EBITDA margin improvements.  These efforts, despite declining
revenue, have helped to stabilize Kintetsu's EBITDA performance.  
Lastly, the ratings also reflect the positive regulatory
environment, which underpins the railway operators' operational
stability, although no debt guarantee or explicit credit
enhancement is provided by the central or municipal governments.

At FYE07, the company reported a flat EBITDA on marginally
reduced revenue, demonstrating the trends outlined above.
Kintetsu's sustained debt reduction has improved its leverage
(adjusted net debt to EBITDAR) to 11.3x at FYE07 from 12.4x at
FYE05.  In FYE08, however, Kintetsu plans to increase capex
while again expecting a flat EBITDA.  This is likely to result
in minimal leverage improvement, if any.  Nevertheless, in
affirming the ratings and Outlook, Fitch has already taken into
account this potential slowdown in the company's financial
improvement in the near future.

The principal challenge facing Kintetsu is the need to improve
its profitability and reduce debt.  Kintetsu's revenue has been
falling for four consecutive years (FYE04 to FYE07), reflecting
the weak regional economy and the costs of its group business
restructuring efforts.  Despite the progress of its
restructuring efforts, the declining revenue suggests low
prospects for an organic business growth and a short-term
turnaround of its railway and non-railway businesses.  Moreover,
although improved, the company's financial profile is the
weakest among the rated private railway companies, with the
highest leverage among its peers; Kintetsu's funds from
operations have historically been volatile, due largely to
significant restructuring-related charges.  Thus, Fitch
considers Kintetsu's ability to stabilize and grow its cash flow
generation, further reduce debt and improve its leverage, as key
positive rating factors.  Conversely, material increases in
capex, with the company abandoning its debt-reduction and
business-restructuring objectives, will negatively affect its
ratings.

Kintetsu is a diversified conglomerate whose principal
operations are in railways, real estate, retail, and leisure and
services.  It is the largest and seventh-largest of the 15 major
private railway companies by fare revenue and passenger volume.


L-JAC THREE: S&P Lifts Ratings On 3 Classes of Trust Certs
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on three
classes of L-JAC Three's JPY70.889 billion floating-rate trust
certificates.  The rating on the class D-2 certificates was
raised to 'AAA' from 'AA+'; the rating on the class E-2
certificates was raised to 'AAA' from 'AA'; and the rating on
the class F-2 certificates was raised to 'AA+' from 'A+'.

At the same time, Standard & Poor's affirmed its ratings on the
class A, B, C, D-1, E-1, F-1, G-1, G-2, H-1, H-2, I, X-1, and
X-2 certificates (see list below).

The transaction is a multi-borrower CMBS transaction ultimately
backed by a pool of seven non-recourse loans that were initially
secured by 17 properties.  The overall loan pool is essentially
divided into two pools, with the constituent loans grouped into
either of the sub-pools according to their remaining terms.  The
class A to C certificates are backed by both pools, while the
remaining classes are backed by one of the two sub-pools.

According to the most recent report submitted by the servicer,
two properties ultimately backing the relevant trust
certificates in one pool were sold, with the sale leading to
progress in the prepayment of non-recourse loans.  As a result,
an amount corresponding to about 36.7% of the initial issue
amount of the relevant trust certificates (cumulative redemption
amount basis) is scheduled to be redeemed on the dividend
payment date in September and October.  The upgrades reflect a
rise in the subordination levels that serve as credit
enhancement for classes D-2, E-2, and F-2, as a result of a
decline in the LTV ratios following the redemption.     

One of the seven loans has been partially prepaid, and the
current number of underlying properties stands at eight.  The
servicer report does not specify any major concerns over the
remaining loans and underlying properties.  The arranger for
this transaction is Lehman Brothers Japan Inc., and the servicer
is Capital Servicing Co. Ltd.
          
Ratings Raised

L-JAC Three Trust Beneficial Interest
JPY70.889 billion floating-rate trust certificates due April
2013

Class   To    From   Current Balance   Initial Issue Amount
D-2     AAA   AA+    JPY3.2 bil.         JPY3.2 bil.
E-2     AAA   AA     JPY1.0 bil.         JPY1.0 bil.
F-2     AA+   A+     JPY1.1 bil.         JPY1.1 bil.

Ratings Affirmed

Class   Rating   Current Balance        Initial Issue Amount
A       AAA      JPY25.328435200 bil.     JPY40.0 bil.
B       AA       JPY7.0 bil.              JPY7 0 bil.
C       A        JPY7.0 bil.              JPY7.0 bil.
D-1     BBB      JPY4.0 bil.              JPY4.0 bil.  
E-1     BBB-     JPY1.4 bil.              JPY1.4 bil.    
F-1     BB+      JPY1.4 bil.              JPY1.4 bil.  
G-1     BB       JPY1.5 bil.              JPY1.5 bil.
G-2     BBB      JPY1.2 bil.              JPY1.2 bil.
H-1     BB-      JPY1.0 bil.              JPY1.0 bil.
H-2     BB-      JPY0.506 bil.            JPY0.506 bil.
I       B+       JPY0.583 bil.            JPY0.583 bil.
X-1     AAA      JPY70.889 bil.*
X-2     AAA      JPY70.889 bil.*

* Notional principal.
     
A Japanese-language version of this media release is available
on Standard & Poor's Research Online at
http://www.researchonline.jp/or via CreditWire Japan on  
Bloomberg Professional at SPCJ .


SAPPORO HOLDINGS: Steel Partners CEO Discusses Earnings w/ Execs
----------------------------------------------------------------
U.S.-based Steel Partners' chief executive officer, Warren
Lichtenstein, visited acquisition target Sapporo Holdings Ltd.
on Sept. 11, Japan Today reports.

Japan Times, citing unidentified "informed" sources, relates
that Mr. Lichtenstein held a one-hour meeting with Sapporo
executives in Tokyo to ask them about the brewery's recent
earnings performances.

The report recounts that Steel Partners announced a plan to
acquire 66.6% of voting shares in Sapporo Holdings through a
public tender offer, while the brewer asked the U.S. hedge fund
to answer questions on its future plans.

Mr. Lichtenstein gave no response to the Sapporo questions
during the meeting, Japan Times notes the sources as saying.

According to Japan Today, a Steel Partners spokesperson said
that Mr. Lichtenstein is now visiting Japan for a market survey,
including meetings with some market players as the U.S. hedge
fund has expanded its investments in Japan.

                     About Sapporo Holdings

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

                          *     *     *

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


SENSIENT TECH: Promotes Douglas Pepper as VP-Human Resources
------------------------------------------------------------
Sensient Technologies Corporation has promoted Douglas S. Pepper
to Vice President, Human Resources.

Mr. Pepper joined Sensient in 2005 as Chief Financial Officer of
the Sensient Color Group.  He has more than 25 years of
experience in accounting and administration.  Prior to joining
Sensient, he was a regional CFO of Omnicare, Inc., and a Senior
Vice President at Carboline Company, a specialty coatings
manufacturing company.

Mr. Pepper is a Certified Public Accountant with a Bachelor of
Science degree in Business Administration from Southern Illinois
University.

"Doug Pepper fills a key position as the Vice President of Human
Resources, and we welcome him to our headquarters in Milwaukee,"
said Kenneth P. Manning, Chairman and CEO of Sensient
Technologies Corporation.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and  
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Croatia, Czech Republic, Germany, United Kingdom,
France, Estonia, Poland, among others.  In Latin America, it has
operations in Argentina, Bolivia, Brazil, Colombia, Costa Rica,
Chile, Mexico, Peru, Uruguay and Venezuela.  In Asia, it has
operations in Japan.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Standard & Poor's Ratings Services has revised
its outlook on Milwaukee, Wis.-based Sensient Technologies Corp.
to stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB+' corporate credit and senior unsecured debt
ratings on the company.  Approximately US$508 million of debt
was outstanding as of June 30, 2007.


* Fitch's Sovereign Hotspots Asia Conference Comes to Tokyo
-----------------------------------------------------------
Fitch Ratings' Sovereign Hotspots Asia 2007 conference will end
its Asian tour with its last leg in Tokyo on Friday, Sept. 21,
where a team of Fitch's senior Sovereign Group analysts will
assess the economic risks facing global and emerging markets
today, particularly Asia, as well as Japan and the United
States.

David Riley, Group Managing Director of Fitch's Sovereign Group,
will open with an overview of global and emerging markets,
touching on global economic and credit conditions, as well as
emerging market capital flows.

Next, James McCormack, Head of Fitch's Asia Sovereign Group,
will discuss the regional sovereign credit trends in Asia, in
terms of economic growth and policy outlook, and the impact of
the global credit turmoil for emerging Asia sovereigns.  He will
also be looking at sovereign credit issues facing China, India,
Philippines, Korea, Hong Kong, Taiwan, Thailand and Vietnam.

After the break, Mr. Riley will touch on the outlook and risks
facing the US economy.  He will be followed by Mr. McCormack,
who will close the conference with a presentation on the
economic and sovereign credit issues of Japan.

Admission is complimentary but pre-registration is required. The
venue details and contacts for the conference are as follows:

   Japan
   Friday, 21 September 2007
   2:30 p.m.-5:50 p.m.
   The Bankers Club
   3-1 Marunouchi 1-Chome
   Chiyoda-ku


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

CORECROSS INC: Completes Subscription of New Common Shares
----------------------------------------------------------
CoreCross, Inc. has completed its subscription of 4,131,309 new
common shares, through a rights issue, Reuters Key Developments
reports.

According to the report, the number of shares remaining
unclaimed is 280,084, or 6.78% of the total offered shares.

The unclaimed shares will be offered through a public offering
from September 11, 2007 to September 12, 2007, the report adds.

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

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


HYNIX SEMICONDUCTOR: To Increase DRAM Production with Samsung
-------------------------------------------------------------
Hynix Semiconductor and Samsung Electronics plan to raise the
proportion of its current 1GB DRAM production from 10% to 30-40%
from the fourth quarter to change the expectations of DRAM
product cycle six months earflier, ET News reports.

According to the report, the two companies intend to lead the
market during the transition period of main DRAM unit from 512MB
to 1GB in order to lead the market and maximize price-
competitiveness and profitability in order to overcome the
unfavorable market conditions.

Hynix sees 1GB DRAM production as the turning point for the
company to surpass Samsung Electronics in order to dominate the
market, the report says citing an observer.  The short product
cycle of 512MB DRAM would reduce the company's profit, the
report adds.

                    About Hynix Semiconductor

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

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

                          *     *     *

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

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

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

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


KRISPY KREME: Reports US$27 Million Second Quarter Net Loss
-----------------------------------------------------------
Krispy Kreme Doughnuts Inc. posted a net loss of US$27.0 million
for the second quarter of fiscal 2008, compared to a net loss of
US$4.6 million in the comparable period last year.  For the
second fiscal quarter ended July 29, 2007, and announced certain
turnaround steps the company is taking.

Second quarter systemwide sales decreased approximately 0.5%
from the second quarter of last year.  Systemwide average weekly
sales per store decreased approximately 2.8% to approximately
US$37,500.  Company Stores average weekly sales per store
increased 1.6% to approximately US$51,800.  Systemwide average
weekly sales per store are lower than Company average weekly
sales per store principally because satellite stores, which have
lower average weekly sales than factory stores, are more
prevalent in franchise operations than in Company operations.

Revenues for the second quarter of fiscal 2008 decreased 7.5% to
US$104.1 million compared to US$112.5 million in the second
quarter of last year.  Company Stores revenues decreased 4.7% to
US$75.3 million, Franchise revenues were flat at US$5.1 million
and KK Supply Chain revenues decreased 16.8% to US$23.7 million.

Impairment charges and lease termination costs totaled US$22.1
million in the second quarter this year, compared to US$382,000
in the second quarter of fiscal 2007.  The current year charge
includes approximately US$10.6 million arising from the decision
to divest the company's manufacturing and distribution facility
in Illinois.  Most of the remainder of the charge relates to
underperforming stores, including stores closed and likely to be
closed.

"After several quarters of progress on our turnaround, second
quarter results did not meet our expectations," said Daryl
Brewster, the Company's President and Chief Executive Officer.  
"We are taking steps to transform the Company and improve its
performance."  These steps include:

   * Closing or improving underperforming Company shops

   * Planning to divest an underutilized manufacturing facility
     in the KK Supply Chain to lower costs, and evaluating
     strategic options related to other aspects of the supply
     chain

   * Realigning Company Stores and Franchise management and
     reducing the cost of store support functions

   * Continuing international expansion

   * Opening small retail stores through our domestic and
     international franchisees

   * Cooperating with franchisees who are restructuring their
     operations

   * Continuing to focus on reducing G&A costs

   * Continuing marketing efforts and driving product innovation

   * Developing plans to refranchise certain geographic markets

Consistent with its previously announced plans to increase the
percentage of stores operated by franchisees, the company is
developing a strategy to refranchise certain geographic markets,
consisting principally of markets outside the Company's
traditional base in the Southeast.  The franchise rights and
other assets in many of these markets were acquired by the
Company in business combinations in prior years.  The company's
strategy is to focus on the development of small retail stores,
including hot shops, fresh shops and kiosks, in a limited number
of geographic markets inside of the company's traditional base
in the Southeast where the company believes it can achieve
market scale.

During the second quarter of fiscal 2008, 19 new Krispy Kreme
stores, comprised of 3 factory stores and 16 satellites, were
opened systemwide, and 12 Krispy Kreme stores, comprised of 5
factory stores and 7 satellites, were closed systemwide.  This
brings the total number of stores systemwide at the end of the
second quarter of fiscal 2008 to 411, consisting of 299 factory
stores and 112 satellites.  The net increase of 7 stores in the
quarter reflects a net increase of 13 international stores and a
net decrease of 6 domestic stores.

During the second quarter, the company prepaid US$5.0 million of
the balance outstanding under its term loan, bringing total
prepayments for the six months ended July 29, 2007 to US$14.3
million, including US$4.3 million prepaid using the proceeds of
certain asset sales and a US$5.0 million prepayment in the first
quarter of the fiscal year.  As of July 29, 2007, the maximum
additional indebtedness permitted under the term loan financial
covenants was approximately US$8 million. Based on the company's
current forecast of fiscal 2008 results, the company anticipates
that an additional prepayment of approximately US$5 million will
be necessary in the third quarter of fiscal 2008 in order to
continue to comply with the financial covenants.  As of July 29,
2007, the company's consolidated balance sheet reflects cash and
indebtedness of approximately US$25 million and US$96 million,
respectively.

Several franchisees have been experiencing financial pressures
which, in certain instances, appear to have become more
exacerbated during the second quarter.  Franchisees closed 13
stores in the first six months of fiscal 2008, and the Company
believes that the closure of a significant number of additional
franchise stores is likely during the balance of the fiscal
year.  Royalty revenues and most of KK Supply Chain revenues are
directly correlated to sales by franchise stores and,
accordingly, store closures have an adverse effect on the
Company's revenues and results of operations.

Systemwide sales, a non-GAAP financial measure, include sales by
both company and franchise stores.  The company believes
systemwide sales data are useful in assessing the overall
performance of the Krispy Kreme brand and, ultimately, the
performance of the company.  The company's consolidated
financial statements include sales by company stores, sales
to franchisees by the KK Supply Chain business segment, and
royalties and fees received from franchisees, but exclude sales
by franchise stores to their customers.

                      About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded    
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

The Troubled Company Reporter-Asia Pacific reported on August 8,
2007, that Standard & Poor's Ratings Services has assigned its
ratings, including its corporate credit rating of 'B-', to
Winston Salem, N.C.-based Krispy Kreme Doughnuts Inc.  The
outlook is negative.

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to the US$160 million senior secured credit
facility borrowed by Krispy Kreme Doughnut Corp., a subsidiary
of Krispy Kreme.  The facility is rated 'B', one notch above the
corporate credit rating on Krispy Kreme, and assigned a '2'
recovery rating, indicating the expectation for substantial
(70%-90%) recovery of principal in the event of default.

Moody's Investors Service assigned a first-time corporate family
rating of Caa1 to Krispy Kreme Doughnuts Corp. and a
B3(LGD2,18%) rating to its US$160 million senior secured credit
facilities, which consist of a US$110 million term loan due 2014
and a US$50 million revolving facility due 2013.  The outlook is
stable.  Moody's concurrently assigned a speculative grade
liquidity rating of SGL-3 and probability of default rating of
Caa3 to Krispy Kreme.


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

AYER MOLEK: Cancels Sept. 14 Extraordinary General Meeting
----------------------------------------------------------
The Ayer Molek Bhd informed the Bursa Malaysia Securities Bhd
that it will cancel the extra ordinary general meeting scheduled
for Sept. 14, 2007.

The company did not state its reason/s but just said that the
board decided not to push through.

As reported by the Troubled Company Reporter?Asia Pacific on
Sept. 11, 2007, the incumbent board of the company has called
for an EGM on Sept. 14 after some requisitionists, composed of
minority shareholders, held their own EGM on Sept. 7.

The requsitionists formed its own board of directors, replacing
the incumbent board and immediately passed a resolution 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 TCR-AP added.

The incumbent board plans to file legal suits against the
requisitionists, the TCR-AP said on Sept. 12.


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.
  

MALAYSIA AIRLINES: To Implement Ways to Cut Fuel Consumptions
-------------------------------------------------------------
Malaysia Airlines will adopt a fuel efficiency program to reduce
fuel burning, which "are at relatively high level" managing
director/chief executive officer, Datuk Idris Jala, told Bernama
News.

Part of the program to reduce fuel burn is to cut on carrying
unnecessary weight, Mr. Idris said.

According to Bernama, the New York's main futures contract,
light sweet crude for October delivery, rose by 41 cents higher
to US$77.90 a barrel from US$77.49 in late US trading this week.  
On Aug 1, the price touched an all-time high of US$78.77 per
barrel.

Brent North Sea crude for October delivery was at US$75.76 a
barrel, the news agency relates.

Mr. Idris also said that the airline would introduce a new
schedule next January to incorporate buffer times to reduce
flight delays, he said.

"We have put in a very tight schedule in July.  That schedule
was meant to fully utilize our aircraft," he said when asked on
the airline's measures to improve On-Time Performance (OTP).

"It was to make sure that we do not have flight delays.  We are
confident to reintroduce the schedule in January with buffer
times," he said.

Mr. Idris also said MAS would have a spare aircraft for rescue
purposes because the additional revenue that the airline made
from the tight schedule was worth having one.


Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


KAI PENG: Unit Gets Notice of Default From Malayan Banking
----------------------------------------------------------
ASM Metal Sdn Bhd, a wholly owned unit of Maju Steel Sdn Bhd,
which is in turn a wholly owned subsidiary of Kai Peng Bhd,
received a "notice of default with respect to a charge" in favor
of the Malayan Banking Bhd.

According to the company's disclosure with the Malaysian bourse,
the bank will now take over the company's property known as H.S
(D) 72973 No. P.T 3891, at Mukim Petaling, in the District of
Kuala Lumpur, in respect of a banking facility which it
defaulted.

The total amount outstanding to the Malayan Banking as at
July 31, 2007, is MYR844,700.05


Headquartered in Selangor, Darul Ehsan, Malaysia, Kai Peng
Berhad Kai manufactures, markets and distributes steel products.
Other activities include provision of information and
communication technology services, undertaking steel fabrication
and engineering works and investment holding.  Operations are
carried out principally in Malaysia.

Kai Peng was, on May 9, 2006, classified under Practice Note 17
of Bursa Malaysia Securities Berhad after its shareholders'
equity failed to meet the listing requirement.  As an affected
listed issuer, the Company is required to submit a financial
regularization plan or risk the possibility of delisting.

On November 9, 2006, the Troubled Company Reporter-Asia
Pacific reported that the external auditors of Kai Peng Berhad,
Ernst & Young, have raised substantial doubt on the company's
and the group's ability to continue as going concerns after
auditing their financial statements for the fiscal year ended
June 30, 2006.

Specifically, Ernst & Young pointed out these factors in Kai
Peng's June 30, 2006, financial statements:

   -- The group and the company reported net losses of
      MYR62,181,981 and MYR53,789,921 respectively;

   -- The group and the company's current liabilities
      exceeded their current assets by MYR77,245,002 and
      MYR49,988,562 respectively; and

   -- The group and the company's June 30, 2006, balance
      sheet showed shareholder's deficit of MYR36,300,109 and
      MYR34,116,889 respectively.

As of June 30, 2007, Kai Peng Bhd's balance sheet went upside
down by MYR38.09 million on total assets of MYR103.33 million
and total liabilities of MYR141.42 million.


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

AIR NEW ZEALAND: Gets 20% Refund on Wellington Landing Fees
-----------------------------------------------------------
Air New Zealand Ltd was refunded 20% of its landing fees by
Welling International Airport during the past five years,
Roeland van den Bergh writes for The Dominion Post.

The refund was part of a five-year performance-based pact under
which the airline received a rebate if it exceeded passenger
growth targets, The Post says citing Wellington Airport Acting
Chief Executive Mike Basher.

According to The Post, the fall of Origin Pacific Airways and
Qantas Airways Ltd's reduction of services helped ANZ exceed its
targets. Qantas has pulled out of its Wellington-Christchurch
route while, in September 2006, Origin Pacific ceased its
operations, bringing their passengers to ANZ.

The airport wanted to renew the contract, which expired on June
30, but ANZ seemed disinterested.  ANZ instead filed for a
judicial review of the airport's new increased landing fees, the
news agency points out.

As reported by The Troubled Company Reporter-Asia Pacific on
Aug. 15, 2007, the carrier filed a legal complaint with the High
Court against Wellington Airport over the airport's fees and
charges.

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

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

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


ANDROS TRANSPORT: Court to Hear Wind-Up Petition Today
------------------------------------------------------
Today, Sept. 13, 2007, at 10:45 a.m., the High Court of Auckland
will hear a petition to have the operations of Andros Transport
Ltd. wound up.

The Commissioner of Inland Revenue filed the petition on June 6,
2007.

The CIR's solicitor is:

         Justine S. T. Berryman
         c/o Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


ANYTIME AUTO: Subject to CIR's Wind-Up Petition
-----------------------------------------------
A petition to have the operations of Anytime Auto Electrical
Ltd. wound up was filed by the Commissioner of Inland Revenue on
June 20, 2007.

The High Court at Blenheim will hear the petition on October 2,
2007, at 10:00 a.m.

The CIR's solicitor is:

         Julia Beech
         Inland Revenue Department
         Legal and Technical Services
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


BARRYS CAR: Court Sets Wind-Up Hearing for Nov. 15
--------------------------------------------------
The High Court of Auckland will hear on November 15, 2007, at
10:00 a.m., a petition to have the operations of Barrys Car
Sales Ltd. wound up.

Gareth Russel Hoole and Kevin David Pitfield filed the petition
on July 19, 2007.


GENEVA FINANCE: S&P Places Ratings on Negative Watch
----------------------------------------------------
Standard & Poor's has placed Geneva Finance Limited's credit
ratings on negative watch for possible downgrade citing the
company's likely inability to manage liquidity, media reports
say.

The move reflects "the potential impact of increasing pressure
on Geneva's liquidity and funding position on the back of
current disruptions caused by the failure of some New Zealand
finance companies," S&P says.  The rating agency believes that
there is a possibility that current financial market disruptions
may lead to Geneva being unable to manage liquidity and funding
pressures.

"Five New Zealand finance companies have fallen over in the past
three weeks and nine in the past 16 months," David Hargreaves if
Fairfax Media relates.

The negative publicity caused by the failures had reduced
investor confidence in Geneva and other finance companies, and
debenture retention rates had fallen below historical levels,
the New Zealand Press Agency quotes S&P Credit Analyst Derryl
D'silva as saying.

At the moment, Geneva has a B+ rating, which is a "speculative
grade" rating.  The so-called "investment grade" ratings are
BBB- or higher.  UDC, Marac and South Canterbury Finance all
have investment grade ratings.

Geneva Finance Limited -- http://www.genevafinance.co.nz/-- has   
21 professionally branded retail finance branches throughout New
Zealand to facilitate lending receivables collection and credit
management -- mirroring the trading bank consumer retail
distribution strategy while affording the company face-to-face
contact with applicants and security evaluations.  Geneva is
owned by Financial Investment Holdings.


GEORGE CAMPBELL: Fixes Sept. 20 as Last Day to File Claims
----------------------------------------------------------
The creditors of George Campbell Painting Ltd. are required to
file their proofs of debt by September 20, 2007, to be included
in the company's dividend distribution.

The company's liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


GLG (NZ): Commences Liquidation Proceedings
-------------------------------------------
On August 27, 2007, the shareholders of GLG (NZ) Ltd. resolved
to liquidate the company's business.

Douglas Kim Fisher was appointed as liquidator.

The Liquidator can be reached at:

         Douglas Kim Fisher
         Private Bag MBE M215, Auckland
         New Zealand
         Telephone:(09) 630 0491
         Facsimile:(09) 638 6283


MCKAY GROUP: Appoints Trevor Edwin Laing as Liquidator
------------------------------------------------------
The shareholders of McKay Group Ltd., on August 22, 2007, passed
a resolution providing for the wind-up of McKay Group Limited.

The company's liquidator is:

         Trevor Laing
         Trevor Laing & Associates
         PO Box 2468, Dunedin
         New Zealand
         Telephone: (03) 454 4559


MIDAS GOLD: Names Brown and Rodewald as Liquidators
---------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were named as
liquidators for Midas Gold Kiwifruit Co. Limited on August 20,
2007.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz/


MIRCHEE TELEVISION: Faces Wordcom Direct's Wind-Up Petition
-----------------------------------------------------------
Wordcom Direct Marketing Limited filed on August 10, 2007, a
petition to have the operations of Mirchee Television Network
Ltd. wound up.

The petition will be heard before the High Court of Auckland on
November 29, 2007, at 10:45 a.m.

Wordcom Direct's solicitor is:

         Paul Benjamin Friedlander
         Friedlander & Co
         4 Boston Road, Mt Eden
         Auckland
         New Zealand


NATIONAL TRADE: Creditors' Proofs of Debt Due on Sept. 14
---------------------------------------------------------
National Trade Manuals 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:

         Henry David Levin
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


NIUS HOLDINGS: Creditors' Proofs of Debt Due on Oct. 3
------------------------------------------------------
Nius Holdings Ltd. is accepting creditors' proofs of debt until
October 3, 2007.

The company went into liquidation on August 23, 2007.

The company's liquidators are:

         John Robert Buchanan
         Callum James Macdonald
         c/o Buchanan Macdonald Limited
         PO Box 101993, North Shore
         North Shore City 0745
         New Zealand         
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


ROSEDALE PLAZA: Fixes November 23 as Last Day to File Claims
------------------------------------------------------------
On August 23, 2007, Vivian Judith Fatupaito and Colin Thomas
McCloy were named as liquidators of Rosedale Plaza Ltd.

The Liquidators are accepting the creditors' proofs of debt
until November 23, 2007.

The Liquidators can be reached at:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         188 Quay Street
         Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


SEASIDE HOSPITALITY: Shareholders Resolve to Wind Up Operations
---------------------------------------------------------------
On August 20, 2007, the shareholders of Seaside Hospitality Ltd.
passed a resolution providing for the wind up of Seaside
Hospitality Limited.

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


VICTOPIA MANAGEMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Victopia Management Ltd. started to liquidate its business on
August 23, 2007.

Nikki White was appointed as liquidator.

The Liquidator can be reached at:

         Nikki White
         c/o Candy Gillespie Limited
         20 Arawa Street, Matamata
         New Zealand
         Telephone:(07) 888 7089
         Facsimile:(07) 888 7084


WAYNES FRAMES: Appoints Brown and Rodewald as Liquidators
---------------------------------------------------------
On August 20, 2007, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as liquidators of Waynes Frames Ltd.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz


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

APEX MINING: Appoints Officers & Committees for Year 2007-2008
--------------------------------------------------------------
Apex Mining Co. Inc.'s Board of Directors has appointed its
directors, officers and committee members for 2007-2008 during
the annual stockholders' meeting and board organizational
meeting on September 10, 2007.

These individuals were elected as directors of the company:

    * Joel D. Muyco
    * William LeClair
    * Simon Booth
    * Deogracias Contreras Jr.
    * David Puyat
    * Baiverth Diabo    (Independent)
    * Rodolfo Cruz      (Independent)

These officers were elected during the organizational meeting:

    * William LeClair           Board Chairman

    * Joel D. Muyco             President and CEO

    * Deogracias Contreras Jr.  Exec. Vice Pres. and Gen.
                                Counsel and Corporate Governance
                                Compliance Officer

    * David B. Puyat            Corporate Secretary


These committees were also set up during the meeting:

    Nomination Committee

    * Joel D. Muyco
    * Deogracias Contreras Jr.
    * Rodolfo Cruz

    Compensation & Remuneration Committee

    * Simon Booth               
    * Deogracias Contreras Jr.  
    * Baiverth Diabo

    Audit Committee

    * William LeClair    
    * David B. Puyat
    * Rodolfo Cruz

The Board also appointed Banco de Oro-Equitable PCI Inc. as its
new transfer agent, and Isla Lipana & Co. Price Waterhouse
Coopers as external auditor.

                        About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

Apex Mining reported a net loss of PHP53.92 million for the year
ended Dec. 31, 2006, its biggest net loss following the
PHP30.13 million and PHP7.31 million for the years 2005 and
2004, respectively.

As of Dec. 31, 2006, the company had total assets of
PHP464.44 million and total liabilities of PHP521.58 million,
resulting in a capital deficiency of PHP57.14 million.


BANCO DE ORO-EPCI: Apex Names Bank as Transfer Agent for 2007
-------------------------------------------------------------
Banco de Oro-EPCI Inc. will now act as Apex Mining Inc.'s new
stock transfer agent.

Apex's Board of Directors approved the appointment of the bank
during an organizational meeting held on September 10.

                          *    *     *

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banko de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007 that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


FIL-ESTATE: Inks Deal for Purchasing 30%-Equity in Camp John Hay
----------------------------------------------------------------
Fil-Estate Corp. has signed a deed of assignment with Fil-Estate
Management Inc. for the acquisition of a 30%-equity in Camp John
Hay Development Corp. which is owned by FEMI.

The interest would be assigned in exchange for 450 million
shares of the company for PHP1 per share.

The agreement is subject to these conditions:

    * A tax-free ruling for the transfer of the shares in the
      company's favor;

    * Execution of a certificate authorizing the registration of
      the share transfer to the company;

    * Endorsement of the stock certificates for the CJH shares
      in favor of the company;

    * Approval by the Securities and Exchange Commission of
      FEMI's subscription to 450 million shares in the company;

    * A confirmation of exemption from the registration
      requirements of the SEC's securities regulation code;

    * Delivery to FEMI of a duly executed stock certificate
      evidencing the company shares, and the payment for the
      documentary stamp tax; and

    * Approval by the Bases Conversion and Development Authority
      of the transfer of interest.

                      About Fil-Estate Corp.

Headquartered in Pasig City, Philippines, Fil-Estate Corporation
was originally incorporated as San Jose Oil Company, Inc. whose
primary purpose was to prospect for and market, oil, natural gas
and other minerals and secondarily invest in non-mining
corporation or other enterprises.  In July 1996, the Board of
Directors and the stockholders approved the change in the
company's primary purpose from oil exploration to that of a
holding company authorized to engage in property and
infrastructure development, as well as the increase in
authorized capital stock from PHP300 million to PHP2 billion
with par value of PHP1.00 per share.

On January 22, 1998, the Securities and Exchange Commission
approved the change in corporate name to Fil-Estate Corporation,
the change in primary purpose from oil exploration to a holding
firm, the change in par value from P0.01 to P1.00 per share, and
the declassification of the A and B shares.  The company shall
engage in infrastructure, privatization, leisure and real estate
investments through directly managed subsidiaries, associated
entities and strategic alliances. On December 31, 2002, the SEC
approved the company's increase in authorized capital stake from
PHP300 million shares to PHP2 billion shares.

The key investment of Fil-Estate Corporation is in the form of
equity interest in Metro Rail Transit Holdings, Inc., and Metro
Rail Transit Holdings 2.  The combined investment in these two
holding companies represents approximately 28.5% interest in the
MRT phase I train system which runs from North triangle and Taft
Avenue.

The Troubled Company Reporter-Asia Pacific reported that as of
September 30, 2006, Fil-Estate Corporation's balance sheet
revealed a stockholders' deficit of PHP310,171,379.


VULCAN IND'L: Annual Stockholders' Meeting Set For October 29
-------------------------------------------------------------
Vulcan Industrial and Mining Corp. will hold its annual
stockholders' meeting on October 29 at 3:00 p.m., at the Valle
Verde Club.

Only stockholders of record as of September 21, 2007 are
eligible to attend the said meeting.

Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                          *     *     *

J. Carlitos Cruz at Sycip Gorres Velayo raised significant doubt
on Vulcan Industrial & Mining Corporation's ability to continue
as a going concern, citing the company's and its subsidiary's
current liabilities exceeding their current assets by PHP204.5
million and PHP231.3 million, respectively.  In addition, the
company and its subsidiary had difficulty meeting their
obligations to their creditor banks.  

For the year ending 2006, the group suffered a net loss of
PHP32.5 million, its third consecutive annual net loss after
2005's PHP29.0 million and 2004's PHP47.9 million.


VULCAN IND'L: Board Approves PHP900-Million Increase in Capital
---------------------------------------------------------------
Vulcan Industrial and Mining Corp. is set to increase capital to
PHP1.5 billion from PHP600 million after its Board of Directors
approved the move during a meeting on September 7.

According to a disclosure with the Philippine Stock Exchange,
PHP525 million of the PHP900-million increase in capital will be
funded through private placement.  The remaining PHP300 million
will be issued through pre-emptive rights of 1 share for every
2 shares held by stockholders as of record date to be determined
by the Board.


Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                          *     *     *

J. Carlitos Cruz at Sycip Gorres Velayo raised significant doubt
on Vulcan Industrial & Mining Corporation's ability to continue
as a going concern, citing the company's and its subsidiary's
current liabilities exceeding their current assets by PHP204.5
million and PHP231.3 million, respectively.  In addition, the
company and its subsidiary had difficulty meeting their  
obligations to their creditor banks.  

For the year ending 2006, the group suffered a net loss of
PHP32.5 million, its third consecutive annual net loss after
2005's PHP29.0 million and 2004's PHP47.9 million.


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

GIB AUTOMATION: Court to Hear Wind-Up Petition on September 21
--------------------------------------------------------------
A petition to have the operations of GIB Automation Pte Ltd
wound up will be heard before the High Court of Singapore on
September 21, 2007, at 10:00 a.m.

The petition was filed by Jaya Sarana Engineering Pte Ltd on
August 31, 2007.

Jaya Sarana's solicitor is:

         Mallal & Namazie
         No. 50, Robinson Road
         #12-00, VTB Building
         Singapore 068882


ISOFT GROUP: Legislators Demand Independent Audit of IBA Health
---------------------------------------------------------------
Members of the parliament in the United Kingdom are demanding an
independent audit of IBA Health Ltd., which is on the verge of
closing a deal to acquire iSOFT Group plc, after speculations
over its accounts and a Malaysian joint venture, Josephine
Moulds writes for the Daily Telegraph.

IBA, however, states its accounts are open and transparent, and
expects the Malaysian venture to generate substantial profits in
the coming years.  Analysts earlier raised concerns that the
venture has merely generated the same amount in revenues that
IBA has ploughed into it.

The Daily Telegraph says politicians are concerned about iSOFT's
future since it is one of the main software suppliers for the
British government's National Programme for IT (NPfIT) aimed at
upgrading the National Health Service's computing system.

According to Shadow health minister Stephen O'Brien, a thorough
audit of any potential owner of iSOFT is necessary as the
contract involve "huge sums of taxpayers' money".

Meanwhile, Liberal Democrat MP John Pugh, a member of the
influential Public Accounts Committee, called for an independent
assessment from within the government to determine "whether or
not this looks like a good outcome from the point of view of the
NHS," the Daily Telegraph relates.

                         IBA Offer

On Aug. 29, 2007, CompuGROUP Holding AG said that it will not
increase its cash offer of 66 pence per iSOFT share.

Since IBA's cash offer offer of 69 pence per iSOFT share, with a
stock alternative of 1.65 new IBA shares per iSOFT share,
represents superior value for iSOFT shareholders compared with
that of CompuGROUP, iSOFT has therefore withdrawn its
recommendation of the CompuGROUP offer and intends to recommend
and proceed with the steps necessary to implement the revised
IBA offer by way of a scheme of arrangement.

A competitive situation no longer exists between IBA and
CompuGROUP.  Therefore, the Panel on Takeovers and Mergers will
not be proceeding to implement an auction procedure as described
in iSOFT's announcement of Aug. 23, 2007.

"Our advisory teams are already implementing the necessary
procedural steps to bring this acquisition to a close, Gary
Cohen, executive chairman of IBA, said.  "The merits of this
transaction have been strongly endorsed by our shareholders over
the last week during a difficult period.  I look forward to
providing the market with further details and an outline of the
timetable shortly. "

On Aug. 31, 2007, the Court Meeting and the Extraordinary
General Meeting, which were convened to consider the proposal by
CompuGROUP, were adjourned indefinitely.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                           *   *   *

In June 2006 iSOFT revealed a change in accounting policy for
revenue recognition, as a consequence of which it became
necessary to review and restate revenues in prior years.
Arising out of that review a number of possible accounting
irregularities came to light in which it appears that some
revenues reported in the financial years ended April 30, 2004
and 2005 may have been recognized earlier than they should have
been.

On July 20, 2006 the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006 it was confirmed that
there were indeed matters that needed further investigation and
we handed over relevant documents to the Financial Services
Authority (FSA), which is now conducting that investigation.
The Group is working closely and cooperatively with the FSA in
order to complete the investigation as quickly as possible.

On Oct. 25, 2006 the Accountancy Investigation and Discipline
Board (AIDB) announced that it will conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended April
30, 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities conducted
by Deloitte & Touche LLP in July and August 2006 did not uncover
evidence that any of the current non-executive directors had any
knowledge of the irregularities.

At the present time the Group has no indication of when either
the FSA or the AIDB intend to conclude their investigations and
report.  On the basis of information that has come to light so
far, the directors consider that the restatement of revenues in
the financial statements for the year ended April 30, 2006
corrected, where appropriate, the impact of these particular
matters.  As the investigation is not yet concluded, it is not
possible for the Board to finally determine what implications,
if any, may arise from the conclusion of the investigations into
these matters.  Nevertheless they must be thoroughly
investigated and the Group will continue to cooperate with both
organizations.

                      Going Concern Doubt

At April 30, 2007, in preparing their cash flow projections,
iSOFT's directors recognize that there are material
uncertainties that may cast significant doubt on the Group's
ability to continue as a going concern.

The nature of the Group's business is such that there can be
considerable unpredictable variation and uncertainty regarding
the timing and margin on sales, the quantum and timing of cash
flows from new business activity and the achievement of
contractual milestones.  In addition, until the proposed
CompuGROUP transaction legally completes, the successful
completion of the transaction (including shareholder and court
approval) and ongoing willingness and ability of CompuGROUP to
provide financial support to the Group remain uncertainties.
Should the transaction not proceed, it would be necessary to
extend or renegotiate the Group's banking agreements beyond
their current expiry date of Nov. 14, 2007.


MULTI-CON HOLDINGS: Requires Creditors to File Claims by Oct. 8
---------------------------------------------------------------
Multi-Con Holdings Pte Ltd -- which is in liquidation --
requires its creditors to file their proofs of debt by Oct. 8,
2007.

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

The company's liquidators are:

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


POLYONE: Posts US$5.4-Mil. Net Loss in 2nd Quarter to June 30
-------------------------------------------------------------
PolyOne Corporation reported its unaudited results for the
second quarter ended June 30, 2007, and for the first half of
2007.

For the second quarter ended June 30, 2007, the company
registered a net loss of US$5.4 million compared with the
US$42.5-million net income in the same quarter last year.

Sales in the second quarter of 2007 reached US$688.8 million, up
5% from the first quarter of 2007 and flat compared with second-
quarter 2006 sales.  PolyOne reported a US$0.06 per share loss
in the quarter.  Second quarter 2007 earnings included special
items, of which US$0.15 per share were charges associated with
the divestment of the Oxy Vinyls, L.P.  (OxyVinyls) joint
venture, which was sold on July 6, 2007, and the premium costs
associated with the redemption of US$100 million of the
company's 10.625% Senior Notes due 2010.  Adjusting for the
above and other special items, the Company earned US$0.10 per
share.

For the second quarter of 2006, the company earned US$0.46 per
share.  The year-over-year decline in second quarter 2007
earnings is primarily attributable to:

   -- The July 6, 2007, strategic divestment of the OxyVinyls
      joint venture and the redemption of US$100 million of the
      company's 10.625% Senior Notes due in 2010, which in
      combination resulted in charges of US$22.3 million;

   -- Lower income from the Resin and Intermediates (R&I) joint
      ventures (US$17.0 million) and the Vinyl Business segment
      (US$6.7 million);

   -- Non-recurring benefits to second quarter 2006 results that
      included one-time insurance, legal settlements and
      adjustments to related reserves of US$8.4 million; and

   -- A reversal totaling US$14.1 million of a deferred tax
      allowance associated with domestic earnings when compared
      to the second quarter of 2006.

A marked downward shift in residential building and construction
demand drove OxyVinyls earnings down US$40.4 million, dropping
from US$41.3 million for the first six months of 2006 to US$0.9
million for same period in 2007.  As previously noted, on July
6, 2007, the company divested its OxyVinyls equity interest for
US$261 million in cash.

With a portion of the net proceeds from the OxyVinyls
divestment, the company has called for redemption on August 9,
2007, of the entire outstanding balance of US$141.4 million of
its 10.625% Senior Notes due 2010.  The cumulative elimination
of US$241.4 million of these Senior Notes in the second and
third quarters of 2007 will lower annual interest expense by
approximately US$25 million in 2008 compared with 2006, with the
company realizing an anticipated US$5 million interest expense
reduction in the third quarter 2007 compared to the second
quarter.

"While the downturn in construction and residential housing
significantly affected our R&I joint ventures and Vinyl Business
in North America, we are encouraged by the operating performance
in our non-vinyl businesses," said Stephen D. Newlin, chairman,
president and chief executive officer.  "Second quarter
operating income for the four businesses that comprise the All
Other business segment improved 60%, led by increased gross
margins realized through specialization efforts.  Additionally,
in the second quarter, North American Color and Additives turned
profitable and our International Color and Engineered Materials
segment delivered double-digit sales and earnings growth."

For the second quarter of 2007, PolyOne reported operating
income of US$12.4 million and gross margin of 12.3%, down from
the same period in 2006, primarily due to weakness in the
chloro-vinyl businesses.  Gross margin in the Vinyl Business
segment declined due to continued softness in residential
construction demand.  Operating income in the aggregate for the
Company's non- vinyl operating segments increased 33%, or US$4.8
million, compared to the second quarter of 2006.  Reflecting
progress from the Company's specialization strategy, aggregate
gross margin as a percentage of sales for these businesses
improved 1.2 percentage points to 12.7% compared with the same
period a year ago.

Newlin added, "Although much work remains in our transformation,
our strategies are delivering results earlier than anticipated.
Moreover, with the divestment of our interest in the OxyVinyls
joint venture, we have significantly reduced our exposure to the
building and construction end markets, eliminated a major source
of earnings volatility and reduced our debt.  We now have
increased flexibility to explore new value-creating
opportunities for the company in support of our strategy."

Third-quarter 2007 Business Outlook

PolyOne anticipates that the overall North American economic
environment in the third quarter of 2007 will continue to be
challenging and reflect only modest improvement compared with
the second quarter of 2007.  North American construction and
automotive demand are projected to remain weak and below third
quarter 2006 levels.  Consequently, Vinyl Business sales are
expected to be flat sequentially, but decline up to 10% compared
with the third quarter of 2006.  Aggregate non-Vinyl business
sales, on the other hand, are anticipated to grow 6% to 9%
compared with the third quarter of 2006.  In particular, solid
demand is expected in most key international markets, driving
continued growth in sales and earnings.  Total gross margin is
projected to increase year-over-year reflecting early benefits
from the company's specialization strategy.

SunBelt earnings are anticipated to decline moderately compared
with the prior year, but overall chlor-alkali margins are
projected to remain relatively strong.  After the divestment on
July 6, 2007, OxyVinyls results will no longer be reported.

In the third quarter of 2006, the company realized US$6.8
million net benefit from legal settlements and adjustments to
related reserves.  The company does not anticipate realizing a
similar benefit this year. The Company anticipates that third
quarter "Corporate and eliminations," excluding non-operational
charges, should be consistent with the first half 2007 average.

The Company projects that interest expense for the third quarter
will decline approximately US$5 million sequentially as a result
of its planned redemption on August 9, 2007, of the outstanding
balance of the 10.625% Senior Notes due 2010.

The completion of the OxyVinyls divestiture will result in a
US$31.5 million non-recurring tax benefit in the third quarter
from the reversal of deferred tax liabilities.  Partially
offsetting this benefit will be debt premium costs and the
write-off of unamortized debt issuance fees associated with the
redemption of the US$141.4 million outstanding balance of the
Senior Notes as well as other factors that should total
approximately US$10.5 million.

Consistent with the first and second quarters of this year, the
company will record tax expense related to domestic earnings in
the third quarter of 2007 in contrast with the same period in
2006.  Recording this tax expense will not affect cash flow due
to PolyOne's remaining domestic net operating loss carry-
forwards.  Cash taxes will continue to be associated principally
with non-U.S. earnings.

As of June 30, 2007, the company's balance sheet shows total
assets of US$1.76 million and US$1.16 million of total
liabilities, resulting in a shareholders' equity of
US$601 thousand.

                         About PolyOne

Headquartered in Avon Lake, Ohio, PolyOne Corp. --
http://www.polyone.com/-- is a global compounding and North      
American distribution company with operations in thermoplastic
compounds, specialty polyvinyl chloride (PVC) vinyl resins,
specialty polymer formulations, color and additive systems, and
thermoplastic resin distribution, with equity investments in
manufacturers of PVC resin and its intermediates.  The company
has 53 manufacturing sites and 14 warehouses in North America,
Europe and Asia.  The company maintains operations in China,
Colombia, Thailand and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Fitch Ratings upgraded PolyOne Corporation's Issuer Default
Rating to 'BB-' from 'B', Senior unsecured debt and debentures
to 'BB-' from 'B+/RR3', and rating outlook to stable.


POLYONE CORP: Taps Kedrowski as Senior VP of Operations
-------------------------------------------------------
On September 10, 2007, Tom Kedrowski was appointed as PolyOne
Corporation's senior vice president of operations

Prior to joining PolyOne, Mr. Kedrowski served as vice president
for the H.B. Fuller Company, where he served in various
executive-level leadership positions, both domestically and
internationally, during his 24-years with the company.

"Tom is a seasoned, global executive leader with an
exceptionally strong background in manufacturing, supply chain
strategy and Lean Six Sigma implementation.  He brings to
PolyOne an extremely high level of senior expertise in
operational excellence that will drive continuous improvements
throughout our manufacturing, sourcing, logistics and supply
chain organizations," said Stephen D. Newlin, PolyOne's
chairman, president and chief executive officer.  "With the
addition of Tom, we have further strengthened our talented
leadership team in our relentless pursuit to drive our strategic
direction."

Kedrowski began his career at H.B. Fuller as a chemist and
applications engineer.  He advanced to several executive level
operations and business leader positions and also headed up key
roles in Asia Pacific and Japan for the company.  In addition,
he served as vice president of Global Operations and Lean Six
Sigma Deployment Champion.

                         About PolyOne

Headquartered in Avon Lake, Ohio, PolyOne Corp. --
http://www.polyone.com/-- is a global compounding and North      
American distribution company with operations in thermoplastic
compounds, specialty polyvinyl chloride (PVC) vinyl resins,
specialty polymer formulations, color and additive systems, and
thermoplastic resin distribution, with equity investments in
manufacturers of PVC resin and its intermediates.  The company
has 53 manufacturing sites and 14 warehouses in North America,
Europe and Asia.  The company maintains operations in China,
Colombia, Thailand and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Fitch Ratings upgraded PolyOne Corporation's Issuer Default
Rating to 'BB-' from 'B', Senior unsecured debt and debentures
to 'BB-' from 'B+/RR3', and rating outlook to stable.


SOON LAI: Court Enters Wind-Up Order
------------------------------------
On August 24, 2007, the High Court of Singapore entered an order
directing the wind-up of Soon Lai Seng Teck Construction Pte
Ltd' operations.

The company's liquidator is:

         Abuthahir Abdul Gafoor
         ELTICI Financial Advisory Services Pte Ltd
         1 Raffles Place, #20-02
         OUB Centre
         Singapore 048616


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

ADVANCE AGRO: Incurs THB7.097-Mil. Net Loss in 2007 2nd Quarter
---------------------------------------------------------------
Advance Agro PCL reported a net loss of THB7.097 million for the
quarter ended June 30, 2007, a reverse from the
THB336.805-million net income recorded for the same period in
2006.

For the three months ended June 30, the group earned revenues of
THB6.124 billion while incurring operating expenses of
THB5.644 billion, and interest expenses and financial charges of
THB488.156 million.

The group also posted a net loss of THB188.303 million for the
first six months of 2007, a reversal of its THB1.359 billion net
income for the first half of 2006.  Revenues for the first half
reached THB11.781 billion while operating expenses totaled
THB10.998 billion.  The group's interest expenses and finance
charges for the six-month period ended June 30 reached
THB972.216 million and corporate income tax totaled THB877,000.

Advance Agro's 2007 second quarter financials can be viewed for
free at:

http://www.set.or.th/dat/news/200708/07029460.zip

Advance Agro Public Company Limited --
http://www.advanceagro.com/-- is a pulp and paper manufacturer   
and distributor.  It markets its products under the brand name
Double A.  The company also distributes its products through
Double A Copy Center with over 1,500 branches in Thailand and
overseas and Double A Stationery with approximately 100 shops
nationwide.  In addition, Advance Agro operates three power
plants.   Headquartered in Prachinburi Province, the company has
a branch office in Bangkok.  Advance Agro is comprised of a
number of subsidiaries.

The Troubled Company Reporter-Asia Pacific reported on Jan. 5,
2006, that Advance Agro Public Co. Ltd. received from Standard &
Poor's Rating Services a B- rating, an upgrade from the previous
CCC rating to its US$250 million 11 percent bonds due 2012.

The TCR-AP reported on Mar. 13, 2007, that Moody's Investor
Services has changed to positive from stable the outlook for
both Advance Agro's B3 corporate family rating and the senior
unsecured bond ratings on its notes due in 2007 and 2012.


ADVANCE PAINT: Sets September 28 as Exercise Date for Warrants
--------------------------------------------------------------
Advance Paint & Chemical (Thailand) PCL has set September 28 as
the exercise date for the warrants issued to existing
shareholders whose names appear in the company's register book
as of December 27, 2002.

The exercise will take place from 9:00 a.m. until 4:00 p.m. on
September 28 at the company's headquarters.  Holders interested
to exercise their warrants can submit their notice of exercise
to the company from September 21 until September 27.  Exercise
ratio is 1 share per warrant held at THB1 each.

Headquartered in Bangkok, Thailand, Advanced Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005. The company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Non-Performing Group Sector of the
Stock Exchange of Thailand.

                      Going Concern Doubt

After reviewing the company's 2007 second quarter and second
half financials, Atipong Atipongsakul at ANS Audit Co. Ltd.
raised substantial doubt on Advanced Paint and Chemicals
(Thailand) PCL's ability to continue as a going concern.

Mr. Atipong stated that the company continues to operate an
increased loss and has current liabilities substantially in
excess of current assets.  The Company's ability to continue
operations as a going concern is dependent on its ability to
generate sufficient profit and cash flows to serve its debts.


DATAMAT: Court to Decide on Planner's Appointment on Sept. 17
-------------------------------------------------------------
The Central Bankruptcy Court will hold a hearing on September 17
regarding the appointment of Datamat PCL as the planner for its
own business rehabilitation.

Of the company's creditors, 65.83% had voted to appoint the
company as planner on September 7.

The Troubled Company Reporter-Asia Pacific had reported that the
Central Bankruptcy Court appointed the company as planner on
June 12, 2007.  However, the Court cancelled the appointment on
July 24 due to a creditor's objection, and ordered the official
receiver to convene a creditors' meeting to vote for a new
planner.

Headquartered in Bangkok, Thailand, Datamat Public Co. Limited
-- http://www.datamat.co.th/-- distributes computers, provides  
computer technology services, and maintains computer and
software system.  It also provides software services using
programming and Java technologies, including a distributor of
software system and computer equipment of image processing.

The company is currently categorized under the "Non-Performing
Group" sector of the Stock Exchange of Thailand.

Datamat was ordered by the Central Bankruptcy Court on Aug. 11,
2005, to rehabilitate its business.  Advance Planner Co., Ltd,
was then appointed as Datamat's plan administrator on October
12, 2005.  

Datamat, in an October 18, 2006, filing with the Stock Exchange
of Thailand, disclosed that the Bankruptcy Court has ordered the
cancellation of the company's rehabilitation plan due to
disagreements among the parties involved.

On June 12, 2006, Datamat disclosed that the Court has ordered
it to undergo business rehabilitation, and that it has been
appointed as planner for its own rehabilitation.


G STEEL: Moody's Lowers Ratings to B3 from B2; Outlook Negative
---------------------------------------------------------------  
Moody's Investors Service has lowered the corporate family
rating and senior unsecured bond rating of G Steel Public
Company Limited to B3 from B2.  The outlook for both ratings is
negative.

"The rating downgrade reflects the company's weaker than
expected operating performance and the heightened refinancing
risk.  This follows the company's inability to term out the one
year US$120 million bridge loan arrangement made in August 2006
for the acquisition of Nakornthai Strip Mill Plc," says Alan
Greene, a Moody's Senior Vice President.

While the bridge loan has been temporarily extended for two
months, a longer-term solution at an affordable cost has yet to
be found under the current tight credit environment.  Moreover,
it is likely that longer-term funding, if available, will come
at a high cost and further pressure the company's key coverage
measures.

"Moody's expects some pick up in production from the levels seen
in Q2 FY07, when it was unusually outsold by NSM, and this will
improve its modest capacity utilization," says Greene, also
Moody's Lead Analyst for G Steel, adding, "However, the impact
on its credit metrics may be negligible, given the weak domestic
demand for hot rolled coil due to slower growth in the Thai
economy and the competitiveness of export markets, at a time of
rising costs."

Projected adjusted debt/EBITDA of around 6x and EBIT/interest of
about 1.0-1.2x over the next 1 to 2 years more appropriately
position G Steel at the B3 rating level.

The negative outlook reflects the near-term high refinancing
risk of G Steel.  The outlook would be stabilized if G Steel
could successfully put in place appropriate longer-term
refinancing arrangements for its bridge loan.

However, the rating could be downgraded if G Steel fails to
refinance or extend the bridge loan upon its maturity by the end
of October.

Downward rating pressure could also emerge if:

   1) G Steel's operating and liquidity profiles weaken further,
      due to poor management of working capital and high
      production costs, or negative impact from the political
      situation in Thailand;

   2) capex investments made and integration with NSM do not
      proceed as planned, with substantial cost overruns or
      challenges in completion; and/or

   3) HRC prices decline, such that revenue and operating cash
      flow falls beyond Moody's expectations.

The key credit metrics that Moody's would consider for a
downgrade include average EBIT/interest falling below 1.0x,
and/or average adjusted debt/EBITDA rising above 6.0 -- 7.0x on
a sustained basis.

G Steel, headquartered in Bangkok, is Thailand's second largest
HRC steel manufacturer and distributor.  It currently produces
about 1 million ton of steel per year using the electric arc
furnace and continuous casting methods.


NATURAL PARK: Opts Not to Sell Extra 30 Mil. Shares to HK Group
---------------------------------------------------------------
Natural Park PCL's Board of Directors opted not to sell an
additional 30 million shares in Sansiri PCL to a Hong Kong-based
group led by Dr. Allina Salim and will sell only the 95-million
shareholding that has been agreed upon earlier.

According to a disclosure with the Stock Exchange of Thailand,
the shares will be sold at THB3.09 per share for a total of
THB293.55 million.  Cash received from the sales will be used to
repay the company's loan to Krung Thai Bank PCL.

The Salim sale is part 2 of a 300-million share offering.  
According to a Troubled Company Reporter-Asia Pacific report on
August August 3, 2007, the second part of the offering was
postponed due to negotiations between the company and Dr.
Salim's group regarding an additional sale of 30 million shares
in Sansiri, which would have brought the group's acquired
holdings to 125 million shares.

Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park is facing a suit for bankruptcy filed by Sathorn
Asset Management with debt value of THB39.59 million.  It has
also been faced with a suit earlier by Ocean Life Insurance,
which is now appealing the junking of the case by the Central
Bankruptcy Court.

Natural Park has suffered consecutive annual losses for the
years ended December 31, 2006, and December 31, 2005.  The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.


PICNIC CORP: Thananatt Thiantthirabunya Resigns as Director
-----------------------------------------------------------
Thananatt Thiantthirabunya has resigned as director of Picnic
Corp. PCL effective August 31.

The company has not yet appointed a replacement according to a
disclosure with the Stock Exchange of Thailand.


Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

                     Going Concern Doubt

After reviewing Picnic Corp. PCL's financial statements for the
second quarter of 2007, Somchai Kurujitkosol at S.K. Accountant
Services Co. Ltd. raised substantial doubt on the company's
ability to continue as a going concern.

Mr. Somchai pointed out that the company's balance sheets showed
that its current liabilities exceeded current assets by
THB4.13 million as of December 31, 2006.  He further stated that
the continuation of the company's operations depends on its
ability to negotiate debt restructuring, share capital increment
and its ability to follow-up collections of debts from trading
account receivables.

The group's balance sheets as of end-June 2007 showed strained
liquidity, with current assets of THB1.78 billion insufficient
to pay current liabilities of THB6.09 billion.




                           *********

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
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                 *** End of Transmission ***