TCRAP_Public/070914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Friday, September 14, 2007, Vol. 10, No. 183
  
                            Headlines

A U S T R A L I A

APOCH PTY: To Declare First Dividend on October 21
CHRYSLER LLC: Appoints Jan A. Bertsch to Lead ITM Organization
COLES GROUP: Wesfarmers Integrates Executives in Office
COLONIAL GOURMET: To Declare Dividend on September 28
D. & L. CLANCY: Members to Receive Wind-Up Report on Oct. 4

FOUR WINDS: Members & Creditors to Meet on September 27
GREAT AUSTRALIA: Sets Joint Meeting for September 24
IFTRANS SALES: Members and Creditors to Meet Today
KENRICK VALLEY: General Meeting Set for Today
PRAETT PTY: Joint Meeting Slated for September 20

PRESLITE AUSTRALIA: Final Meeting Slated for Sept. 20
SIMONOSKI PTY: Liquidator to Give Wind-Up Report Today
THE IMAGEMAKING: Liquidator to Give Wind-Up Report on Sept. 20
TONIC CONSTRUCTIONS: Members and Creditors to Meet on Sept. 20
WAS SALES: Taps Robert M. H. Cole as Liquidator


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Former Official Executed for CNY15-Mil. Fraud
ASAT HOLDINGS: Interest Payment Cues S&P to Up Ratings to CCC-
BALLY TOTAL: AGT Crunch, et al., Balk at Modified Plan
BALLY TOTAL: Files Supplement to Modified First Amended Plan
BALLY TOTAL: Asks Court to Deny Prepayment of Premium Claims

BOWA BANK: TRC Lifts Credit Rating to twB- From twR
CITIC PACIFIC: Looks to Raise Up To HK$5 Bil. in Hong Kong IPO


I N D I A

BALLY TECHNOLOGIES: Signs Contract with Fantasy Springs Casino
ICICI BANK: RBI to Decide on Holding Co. Structure in 2-3 Weeks


I N D O N E S I A

BANK DANAMON: Hires Siddharta Siddharta & Widjaja as Auditor
COMVERSE TECH: Reports Prelim Fin'l Results in Second Quarter
FOSTER WHEELER: Unit Wins Contract From GlaxoSmithKline
GARUDA INDONESIA: Ties Up With Bank Rakyat for New Payment Mode
PERTAMINA: Unit Signs Deal w/ Reykjavik for Geothermal Projects

PERTAMINA: Increases Company Spending by 33% to Boost Production
PERUSAHAAN GAS: ConocoPhillips Will Supply US$112 Million Gas


J A P A N

ALL NIPPON: Cancels 19 Flights to Check on Bombardier Planes
ALL NIPPON: To Start Codeshare Agreement with 2 Chinese Airlines
ALL NIPPON: Plans to Eliminate Two Domestic Routes
HANKYU-HANSHIN: Fitch Upgrades Foreign and Local Issuer to BBB-
JAPAN AIRLINES: Code Shares with China Airlines on 13 Routes

SOLO CUP: Selling Hoffmaster Biz to Kohlberg Unit for US$170 Mln


K O R E A

ARROW ELECTRONICS: Partners w/ IBM Global Engineering Solutions
DAEWOO ELECTRONIC: Says Largest Shareholders Changed
DAEYUVESPER CO: Signs Contract With Daelim Industrial Co


M A L A Y S I A

BOUSTEAD HEAVY: Unit Inks US$12.85MM Contract with Sealink
BOUSTEAD HEAVY: Unit to Build Tanjung's Ship for MYR47.8 Mil.
DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2
FA PENINSULAR: White Knight Offers Help, Director Says
PROTON HOLDINGS: Abdullah Denies VW Reports Asking for 20% Stake

PROTON HOLDINGS: Unit Bags MYR4 Mil. Supply Deal with Toyota


N E W  Z E A L A N D

CBD BARS: Shareholders Agree on Voluntary Liquidation
GLENBROOK GARDENS: Fixes November 2 as Last Day to File Claims
GPM PERFORMANCE: Names Lawrence and McCullagh as Liquidators
J W FOSTER: Names Grant Bruce Reynolds as Liquidator
LEISUREWORLD LTD: Court Sets Wind-Up Petition Hearing on Nov. 15

ORIGON LTD: Commences Liquidation Proceedings
POLY-X MANUFACTURING: Court to Hear Wind-Up Petition on Oct. 8
TECH GROUP: Appoints Raymond G. Burgess as Liquidator


P H I L I P P I N E S

BANGKO SENTRAL: Feels Bullish on Country's Ability to Meet Risks
BANGKO SENTRAL: Gov't Mulls PHP40-Bil. Issue for Capitalization
BANGKO SENTRAL: Bank Sector Exceeds Capital Adequacy Requirement
FIL-ESTATE CORP: Elects Board Members for 2007-2009
GUESS? INC: Deutsche Bank Maintains Buy Rating on Firm's Shares

GUESS? INC: Brean Murray Holds Buy Rating on Firm's Shares
METROPOLITAN BANK: Unit Lowers Stock Market Index Expectations
METROPOLITAN BANK: To Bid for Refinancing of MRT's US$865MM Loan
RIZAL COMMERCIAL: Plans New Branches, Remittance Centers Abroad
* S&P Issues Ratings and Transfer & Convertibility Assessments


S I N G A P O R E

AAR CORP: To Release 1st Qtr. 2008 Results on Sept. 19
BURKILL TECHNOLOGIES: Court to Hear Wind-Up Petition Today
CHINA CIVIL: Court Releases Wind-Up Order
CKE RESTAURANTS: Paying US$0.06 Per Share Dividends on Nov. 26
KLS INVESTMENTS: Court to Hear Wind-Up Petition Today

SCOTTISH RE: UBS Maintains Neutral Rating on Firm's Shares
SCOTTISH RE: Clearwater Closes US$555-Mil. Financing Transaction


T H A I L A N D

POWER-P: Jutharat Phanjamgampattana Leaves Post as Director
POWER-P: Faces Delisting After Failing to Submit Financials
SIAM CITY BANK: Sells Off 12.99% Holdings in Island Resort Hotel
SIAM CITY BANK: 2nd Quarter 2007 Net Income Dips 52% to THB354MM
THAI-GERMAN: 2nd Quarter 2007 Net Income Climbs to THB9.065MM

* S&P Issues Ratings and Transfer & Convertibility Assessments

* Large Companies with Insolvent Balance Sheets

     - - - - - - - -


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

APOCH PTY: To Declare First Dividend on October 21
--------------------------------------------------
Apoch Pty Ltd, which is in liquidation, will declare its first
dividend on October 21, 2007.

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

The company's liquidator is:

         Terry Grant Van Der Velde
         SV Partners
         SV House
         138 Mary Street
         Brisbane, Queensland 4000
         Australia

                         About Apoch Pty

Apoch Pty Ltd is a distributor of durable goods.  The company is
located at Brisbane, in Queensland, Australia.


CHRYSLER LLC: Appoints Jan A. Bertsch to Lead ITM Organization
--------------------------------------------------------------
Chrysler LLC has confirmed its leadership plans for its
Information Technology Management organization.  Effective
immediately, Jan A. Bertsch leads the ITM organization as vice
president and chief information officer for Chrysler.

Previously, Ms. Bertsch held the position of CIO for Chrysler
Group and Mercedes-Benz in North America.

"Chrysler's ITM team is world-class and an innovator of
information technology," said Ms. Bertsch.  "By collaborating
with our operational partners, we will continue to support the
recovery and transformation of Chrysler."

Ms. Bertsch blazed a trail as a female executive in the
automotive industry.  She joined DaimlerChrysler in 2001 as vice
president of Finance for Chrysler Group's Global Sales and
Marketing organization.

She spent 22 years with Ford Motor Company and Visteon
Corporation, where she held numerous positions, including
assistant treasurer of Ford Motor Company and treasurer of
Visteon Corporation.

As one of the few women in the auto industry to head up a global
information technology organization, Ms. Bertsch is responsible
for directing Chrysler's worldwide systems and computer hardware
strategy, systems applications development, data center
operations and telecommunications network operations.  She
reports to Ron Kolka, Chrysler's chief financial officer.

Ms. Bertsch was named to the 2005 Automotive News list of the
"100 Leading Women in the North American Auto Industry."  She
holds a number of board positions with non-profit organizations,
including Wayne State University School of Medicine, the
Chrysler Women's Forum, among others.

                    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.


COLES GROUP: Wesfarmers Integrates Executives in Office
-------------------------------------------------------
The first meeting of the Business Engagement and Integration
Committee to accelerate transition planning will be held in
Melbourne this week.

Following the announcement on 5 September 2007 of the agreement
to form the committee, as part of Wesfarmers' enhanced proposal
to acquire Coles, the two companies have finalized its
composition.

Coles Group will be represented by CEO, John Fletcher; Chief
Operating Officer Coles Retail Business, Mick McMahon; Chief
Financial Officer, Gary Kent; Group General Manager Human
Resources, Ian Clubb, and Group General Manager Corporate
Affairs, Pamela Catty.

The Wesfarmers team will be led by Keith Gordon, currently
Managing Director of CSBP Limited, who has been appointed to the
new role of Business Integration Director, with responsibility
for planning and implementing the integration of the Wesfarmers
and Coles Group businesses.  He will be joined by John Gillam,
Managing Director of Bunnings Group Limited, Tom O'Leary,
General Manager, Business Development at Wesfarmers Limited and
Chris Ryan, General Manager Human Resources.  Wesfarmers
Managing Director Richard Goyder will have a standing invitation
to attend.

Mr. Fletcher and Mr. Goyder said the establishment of the
Committee was an important step forward in the completion of the
proposal by Wesfarmers to acquire Coles Group.

"That proposal needs to receive the support of Coles'
shareholders at a meeting planned for early November before
ownership transfer can occur," they said.

"But given the unanimous recommendation by the Coles Board of
the enhanced proposal last week and the greater certainty of
completion this has delivered, it is in the interests of
shareholders and all other stakeholders to speed up integration
and transition plans.

"The work of this high level group will enable Wesfarmers to
increase its knowledge and understanding of the operations of
the Coles Group so that the transition proceeds smoothly and
there is a minimum of delay in implementing Wesfarmers' plans
for the Coles' businesses."

Mr. Goyder said Keith Gordon, a Wesfarmers' employee since 1999,
had experience at senior managerial level of integration
projects in the former Wesfarmers Landmark rural services
division.  He was appointed three years ago to run CSBP, the
Chemicals and Fertilisers division of Wesfarmers.

"John Gillam has led Bunnings very successfully since 2004 and
brings his considerable retail expertise to this task," said Mr
Goyder.

"Tom O'Leary has managed the Coles transaction on a day-to-day
basis and was central to the due diligence process leading up to
the submission of our original proposal on 30 June.  Chris Ryan
has been responsible for overseeing Wesfarmers group human
resources strategies for the past seven years."

Mr. Fletcher said the Coles' team looked forward to working with
Wesfarmers to ensure that the potential disruption of ownership
change was kept to a minimum.

"Following a period of significant uncertainty for our
businesses, we are now keen to help Wesfarmers put in place
plans which will both provide for business continuity and give
our teams some clarity about their future," Mr. Fletcher said.

As previously announced, Wesfarmers expects to provide further
details on the proposed management structure for Coles in
November.


COLONIAL GOURMET: To Declare Dividend on September 28
-----------------------------------------------------
Colonial Gourmet Meats Pty Ltd will declare its first and final
dividend on September 28, 2007.

Creditors who were not able to file by the September 7 due date
will be excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         S. L. Horne
         Draper Dillon
         499 St Kilda Road
         Melbourne 3004
         Australia

                     About Colonial Gourmet

Colonial Gourmet Meats Pty Ltd operates meat packing plants.  
The company is located at Toukley, in New South Wales,
Australia.


D. & L. CLANCY: Members to Receive Wind-Up Report on Oct. 4
-----------------------------------------------------------
D. & L. Clancy Stores Pty Ltd will hold a final meeting for its
members on October 4, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Neil J. Puddy
         3/302 Canterbury Road
         Heathmont, Victoria 3135
         Australia

                      About D. & L. Clancy

D. & L. Clancy Stores Pty Ltd operates miscellaneous general
merchandise stores.  The company is located at Bonnie Doon, in
Victoria, Australia.


FOUR WINDS: Members & Creditors to Meet on September 27
-------------------------------------------------------
The members and creditors of Four Winds Administrational
Services Pty Ltd will meet on September 27, 2007, at 3:30 p.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Paul Burness
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5515
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au

                        About Four Winds

Four Winds Administrational Services Pty Ltd provides
miscellaneous personal services.  The company is located at
Heidelberg, in Victoria, Australia.


GREAT AUSTRALIA: Sets Joint Meeting for September 24
----------------------------------------------------
A joint meeting will be held for the members and creditors of
Great Australia Free Range Pty Ltd on September 24, 2007, at
10:00 a.m.

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

The Liquidator can be reached at:

         David H. Scott
         Scott Partners Consulting
         Insolvency & Forensic Accounting Specialists
         Level 1, 173 Burke Road
         Glen Iris, Victoria 3146
         Australia

                     About Great Australia

Great Australia Free Range Pty Ltd operates meat packing plants.  
The company is located at Dandenong South, in Victoria,
Australia.


IFTRANS SALES: Members and Creditors to Meet Today
--------------------------------------------------
The members and creditors of Iftrans Sales Pty Ltd will meet
today, September 14, 2007, at 11:15 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

                      About Iftrans Sales

Iftrans Sales Pty Ltd operates investment offices.  The company
is located at Somerton, in Victoria, Australia.


KENRICK VALLEY: General Meeting Set for Today
---------------------------------------------
A general meeting will be held for the members and creditors of
Kenrick Valley Pty Ltd today, September 14, 2007, at 10:15 a.m.

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

The Liquidator can be reached at:

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

                      About Kenrick Valley

Kenrick Valley Pty Ltd operates investment offices.  The company
is located at Hoppers Crossing, in Victoria, Australia.


PRAETT PTY: Joint Meeting Slated for September 20
-------------------------------------------------
Praett Pty Ltd will hold a joint meeting for its members and
creditors on September 20, 2007, at 10.00 a.m.

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

The Liquidator can be reached at:

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

                        About Praett Pty

Located at Mildura, in New South Wales, Australia, Praett Pty
Ltd is an investor relation company.


PRESLITE AUSTRALIA: Final Meeting Slated for Sept. 20
-----------------------------------------------------
A final meeting will be held for the members and creditors of
Preslite Australia Pty Ltd on September 20, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         David Laurence McEvoy
         c/o PricewaterhouseCoopers
         2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia

                    About Preslite Australia

Preslite Australia Pty Ltd is a dealer of motor vehicle parts
and accessories.  The company is located at Reservoir, in
Victoria, Australia.


SIMONOSKI PTY: Liquidator to Give Wind-Up Report Today
------------------------------------------------------
Simonoski Pty Ltd will hold a meeting for its members and
creditors today, September 14, 2007, at 12.15 p.m.

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

The Liquidator can be reached at:

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

                       About Simonoski Pty

Simonoski Pty Ltd is involved with electrical work.  The company
is located at Mill Park, in Victoria, Australia.


THE IMAGEMAKING: Liquidator to Give Wind-Up Report on Sept. 20
--------------------------------------------------------------
The Imagemaking Centre Pty Ltd will hold a joint meeting for its
members and creditors on September 20, 2007 at 10:30 a.m.

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

The Liquidator can be reached at:

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

                     About The Imagemaking

The Imagemaking Centre Pty Ltd is a distributor of durable
goods.  The company is located at South Yarra, Victoria,
Australia.


TONIC CONSTRUCTIONS: Members and Creditors to Meet on Sept. 20
--------------------------------------------------------------
The members and creditors of Tonic Constructions Pty Ltd will
meet on September 20, 2007, at 11.00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

                   About Tonic Constructions

Tonic Constructions Pty Ltd is a general contractor of
industrial buildings and warehouses.  The company is located at
Westmeadows, in Victoria, Australia.


WAS SALES: Taps Robert M. H. Cole as Liquidator
-----------------------------------------------
On August 7, 2007, the creditors of Was Sales & Repairs Pty Ltd
agreed to liquidate the company's business.

Robert M. H. Cole was named as liquidator.

The Liquidator can be reached at:

         Robert M. H. Cole
         Robert M H Cole & Co
         Unit 2, 6 Marabou Street
         Geelong, Victoria 3220
         Australia

                      About Was Transport

Was Transport Dande Pty Ltd is involved in the business of
trucking, except local.  The company is located at Dandenong,  
in Victoria, Australia.


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

AGRICULTURAL BANK: Former Official Executed for CNY15-Mil. Fraud
----------------------------------------------------------------
A former official of the Agricultural Bank of China, Beijing
branch, was executed on Sept. 11, 2007, for taking bribes and
embezzling about CNY15 million (US$1.97 million), Xinhuanet News
reports, citing a statement from Beijing No. 1 Intermediate
People's Court.

Wen Mengjie, former director of the information technology
department of the ABC Beijing branch, was found guilty of taking
bribes worth CNY10.73 million (US$1.4 million) during the bank's
purchase of electronic equipment and computer software from
February 1999 to February 2004, the court was cited by the news
agency as stating.

In addition, Mr. Wen was also accused of embezzling another
CNY4.32 million (US$570,000) from the bank during the purchase
of ATMs, Beijing Evening News reports.

According to Xinhuanet, Mr. Wen pled not guilty by saying he did
not ask for money, but negotiated kickbacks with four supplying
companies after signing purchase contracts.  Company managers
and accountants had testified that Mr. Wen sought kickbacks "in
various forms."

In order to secure supply contracts, the four companies had to
put money into Mr. Wen's private bank account and make extra
payments to Beijing Jinxin Sichuang Technology Co., Ltd., a
company established by Mr. Wen, the court said.


The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the  
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter - Asia Pacific reported on
June 27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


ASAT HOLDINGS: Interest Payment Cues S&P to Up Ratings to CCC-
---------------------------------------------------------------  
Standard & Poor's Ratings Services today raised its long-term
corporate credit rating on ASAT Holdings Ltd. to 'CCC-' from 'D'
following the company's announcement on Aug. 28, 2007, that it
had paid the overdue interest on US$150 million 9.25% senior
notes due 2011.  The outlook is negative.
     
At the same time, Standard & Poor's raised the issue rating on
the notes to 'CCC-' from 'D'.  This rating level indicates that
the notes are vulnerable to nonpayment.  The notes were issued
by New ASAT (Finance) Ltd. and are guaranteed by ASAT.
     
ASAT's cash position is extremely weak, based on the company's
financial disclosures as at April 30, 2007, with only US$7.3
million in unrestricted cash.  The company has paid its US$6.9
million semi-annual interest payment on the senior notes and its
accumulated penalty interest.
     
"ASAT's ability to make its next interest payment is highly
dependent on its ability to secure new financing arrangements,"
said Standard & Poor's credit analyst Jacphanie Cheung.  "The
negative outlook reflects the company's very weak cash position,
heavy interest burden, persistent operating losses, and limited
financial flexibility."
     
Bondholders have agreed to waive or relax certain covenants.  
For example, they have lifted the restrictions on the value of
assets that its subsidiary in China, ASAT Semiconductor
(Dongguan) Ltd., may hold.  The new arrangements could give the
company added flexibility to secure financing from banks in
China.
     
However, under a liquidation scenario, claims on the current
senior notes could become subordinated to obligations (secured
or unsecured) incurred by the company's operating subsidiaries
in China.  The issue rating could be lowered if subsidiary
borrowings exceed 15% of ASAT's consolidated assets.
     
ASAT is a small operator in the highly fragmented and
competitive semiconductor sector.  Standard & Poor's has very
limited access to the company's management and financial
information.  The rating is based on publicly available
information.


BALLY TOTAL: AGT Crunch, et al., Balk at Modified Plan
------------------------------------------------------
Several creditors filed objections to Bally Total Fitness
Holding Corporation and its debtor-affiliates' disclosure
statement and accompanying Modified First Amended Joint
Prepackaged Plan of Reorganization.

A. AGT Crunch

Counsel for AGT Crunch Acquisition LLC, Glenn E. Siegel, Esq.,
at Dechert LLP, in New York, states that the Debtors' proposed
Plan is not feasible under Section 1129(a)(11) of the Bankruptcy
Code because it does not make adequate allowance for the payment
of AGT Crunch's disputed claim.

As previously reported, AGT Crunch has a litigation claim in
excess of US$10,000,000 against the Debtors.

Under the Plan, AGT Crunch's Claim is treated under Class 3 --
Unimpaired Unsecured Claims.  Class 3 claimholders are presumed
to accept the Plan and are not entitled to vote.  Class 3 Claims
incurred by the applicable Debtor in the ordinary course of
business may be paid in the ordinary course of business in
accordance with the terms and conditions of any relating
agreements, without further notice to or order of the U.S.
Bankruptcy Court for the Southern District of New York in
Manhattan.

Mr. Siegel notes that in essence, the Plan provides that on the
initial distribution date, in full and final satisfaction of the
claims, each Holder of an Allowed Class 3 Claim would receive
Cash in an amount equal to the Holder's Allowed Class 3 Claim.  
However, the Plan fails to provide any real reserve for
contingent, disputed or liquidate claims, he adds.

"In the absence of an adequate reserve, [AGT] Crunch seriously
questions whether it will be paid in full, like all other
unsecured creditors," Mr. Siegel asks the Court.

Moreover, he says, the Plan and its accompanying disclosure
statement do not provide any evidence that funds will be
available to pay a large litigation judgment.  "[A] judgment in
the magnitude of AGT Crunch's claim could cause a default under
the Debtors' exit financing agreement, Mr. Siegel tells Judge
Lifland.

B. Messrs. Dwyer and Hillman

John W. Dwyer and Lee S. Hillman, former officers of Bally Total
Fitness Holding Corporation, states that the Plan with the
enhancements provided by Harbinger Capital Partners Master Fund
I, Ltd. and Harbinger Capital Partners Special Situations Fund
L.P. represents a significant advance over the initial plan
filed by the Debtors.  However, the Plan still falls short of
the requirements imposed by the Bankruptcy Code for confirmation
of a plan of reorganization in at least four respects, Stephen
L. Ascher, Esq., at Jenner & Block LLP, in New York, explains.

Specifically, Mr. Ascher says:

   * the Plan places Messrs. Dwyer and Hillman's indemnification
     claims in classes consisting of other claims to which they
     are not substantially similar, contrary to the Bankruptcy
     Code;

   * the Plan proposes various amendments to the current and
     existing Restated Certificate of Incorporation, which is
     prohibited by Delaware state law, which in turn, governs
     the affairs of the reorganized company;

   * Mr. Dwyer's claim for damages arising from the Debtors'
     failure to honor its obligations under certain options
     contracts, and Mr. Hillman's claim for damages arising from
     Bally's failure to maintain a registration statement
     relating to certain warrants are improperly classified; and

   * the Plan calls for claims for rejection damages to be
     placed in a class separate from the Unimpaired Unsecured
     Claims, contrary to the Bankruptcy Code provisions.

Under Bally's amended and restated bylaws, and certain other
indemnification agreements, the Debtors agreed to indemnify
Messrs. Dwyer and Hillman, Mr. Ascher tells Judge Lifland.

When Messrs. Dwyer and Hillman resigned from their positions,
their individual separation agreements reaffirmed the Debtors'
obligation to indemnify the Former Officers based on their
individual acts or omissions during each of their tenure as an
officer or director for Bally.

Between May 2004 and April 2006, several lawsuits were commenced
against the Former Officers relating to their alleged acts or
omissions as part of their service as officers or directors of
the Debtors.

C. Novi Town Center Investors

Novi Town Center Investors LLC are parties to an unexpired
lease, which the Debtors intend to assume under the Plan.

Richard J. Bernard, Esq., at Baker & Hostetler LLP, in New York,
states that Novi Town objects to the Debtors' proposed Plan, to
the extent that the Plan provides for release by Novi Town of
"any claims, demands, debts, rights, causes of Action or
liabilities under the Lease which is being assured pursuant to
the terms of the Proposed Plan."

Mr. Bernard notes that the proposed release improperly fails to
contain a similar exclusion and, so, contravenes the
requirements of Section 365 of the Bankruptcy Code in respect of
cure and adequate assurance of future performance.

Novi Town reserves its rights in respect of cure amounts and
resolution procedures, Mr. Bernard adds.  Novi Town, he
explains, has not received payment for the September 2007 rent
yet, which constitutes an administrative expense of the Debtors.  
Novi Town is entitled to payment by the effective date of the
Proposed Plan, and would be otherwise required as part of Novi
Town's monetary cure.

D. Pima County

Pima County is a secured creditor in the Debtors' Chapter 11
proceedings asserting US$6,704 for personal property tax, for
the year 2007.

According to German Yusufov, deputy county attorney for Pima
County's civil division, Pima County's Claim continues to accrue
interest at a statutory rate of 16% per annum, prorated monthly.

Pima County objects to confirmation of the Debtors' proposed
Plan because it does not provide for the County's statutory
interest rate of 16%, Mr. Yusufov says.

E. The Mattone Group

The Mattone Group Ltd. and The Mattone Group Jamaica, Co. LLC,
are parties to a non-residential real property lease with Jack
La Lanne Fitness Centers, Inc., one of the Debtors.

The Mattone Group asserts that the Debtors them $74,296 for
basic rent and related expenses under the Lease, which includes
fees and expenses incurred by Mattone in connection with the
Debtors' Chapter 11 proceedings.

The Mattone Group are certain that they will be able to resolve
all of their disputes and issues with the Debtors, Andrew I.
Silfen, Esq., at Arent Fox LLP, in New York, states.  However,
in the event a consensual resolution is not achieved, Mattone
presents to the Court, their limited objection to the Debtors'
proposed Plan.

Specifically, The Mattone Group asserts that the Disclosure
Statement and the Plan do not indemnify the amounts the Debtors
intend to cure on the effective date of the Plan.  Thus, even if
Mattone were assured that the Debtors intended to assume the
Lease, the Plan and the Disclosure Statement provide no
mechanism by which Mattone can determine if there is a dispute,
and the amount of any discrepancy.

If The Mattone Group disputes the cure amount alleged by the
Debtors, under the Plan and Disclosure Statement, it could be
required to litigate the issue outside the Bankruptcy Court,
notes Mr. Silfen.

"This is impermissible under the Bankruptcy Code," Mr. Silfen
asserts.  "It can serve no purpose other than to frustrate the
legitimate efforts of Mattone and other landlords to exercise
their rights under Section 365 of the Bankruptcy Code."

The Mattone Group, therefore, objects to confirmation of the
Plan because it would permit the Debtors to avoid their
obligations to cure the Lease, if assumed.

F. Objecting Landlords

Various landlords ask the Court to deny approval of the Debtors'
Disclosure Statement, arguing that it doesn't provide adequate
information as required under Section 1125 of the Bankruptcy
Code.

Kevin M. Newman, Esq., at Menter, Rudin & Trivelpiece, PC, in
Syracuse, New York, counsel for Inland Commercial Property
Management, Inc., states that under the Debtors' proposed
Disclosure Statement, the Plan provides that all unexpired
leases to which the Debtors are party to, will be deemed assumed
on the effective date of the Plan, unless the leases are
rejected prior to the Effective Date.  Moreover, the Disclosure
Statement provides that the Debtors will cure monetary defaults
existing under assumed unexpired leases on the Effective Date.

However, the Debtors do not identify the amounts they intend to
cure in either the Disclosure Statement or the Plan, notes Mr.
Newman.

"The Disclosure Statement fails to provide the Objecting
Landlords with adequate information of the process by which
proposed cure amounts will be identified, disputed and paid
under the Plan," he says.

Mr. Newman also notes that under the Plan, if a dispute exists
with respect to any amount necessary to cure the the defaults,
the cure amount will be paid upon resolution of the dispute.

"Again, there is nothing in the Disclosure Statement or the Plan
that identifies the amounts to be paid by the Debtors to cure
defaults under assumed leases in order to determine if a dispute
exists, nor are any firm deadlines set forth by which disputes
must occur," Mr. Newman contends. "Any dispute as to cure
amounts to be paid in connection with the assumption of the
Leases should be decided by this Court if the parties cannot
work out their disputes."

Certain Objecting Landlords also object to the Disclosure
Statement and Plan to the extent that the Plan restructuring
transactions permit the Debtors to assign any of the Leases to
non-debtor third parties in a way that eliminates any guarantees
that have been executed by the Debtors in connection with the
Leases.

Dustin P. Branch, Esq., at Katten Muchin Rosenman LLP, in Los
Angeles, California, counsel for RREEF USA Funds and West Valley
Properties, Inc., contends that the Debtors may not assume the
Leases unless there is adequate assurance of future performance,
as required by Section 365(b) of the Bankruptcy Code.

The Objecting Landlords, and their Leases' cure amounts, if any,
are:

   Objecting Landlords                              Cure Amounts
   -------------------                              ------------
   Inland Commercial Property, managing agent for:   
      Six Corners Shopping Center                        $85,576
      Park Center Plaza                                   32,261
      Chatham Ridge Shopping Center                       22,804
      University & Dunlap                                176,721

   Inland U.S. Management, managing agent for:   
      Towson Circle                                       56,217
      Lincoln Plaza                                       38,283

   Thrifty Payless, Inc.                                  41,227

   PREIT Services LLC, managing agent for:
      PR North Dartmouth LLC                              26,329
      PR Prince Georges Plaza LLC                              -

   RREEF USA Funds' Deerbrook Shopping Mall               77,000

   West Valley Properties Inc.'s The Terraces              5,751

   The Taubman Landlords                                       -

   Sywest Development, asset manager for:
      Contra Costa Retail Center, LLC                     41,472
  
   CLPV, LLC                                                   -

   Hawthorne LP                                           20,141

   Wheaton Plaza Regional Shopping Center LLP             62,362

   Centro Property Group                                       -

   Federal Realty Investment Trust                             -

   Simon Property Group Inc.                             199,591

   Waterways Plaza LLC                                   185,882
                              

G. High Definition and Waterways

High Definition Realty LLC and Waterways Plaza LLC object to the
the Debtors' Disclosure Statement and Plan because neither of
the two specifically address the effects of a blanket assumption
of all leases, and leases in which the Debtors are in default of
a non-monetary obligation that cannot be cured.

Contrary to the Debtors' assertion that the reorganization
process would not affect the landlords of their facilities, the
Debtors asked the Court to approve their application to employ
Hilco Real Estate LLC as their real estate consultant, notes Mr.
Hall.

Hilco's employment, he asserts, evidences an intent by the
Debtors to utilize the bankruptcy process to affect the rights
of the Landlords, and creates doubt that the Debtors intend to
comply with Section 365(d)(4) of the Bankruptcy Code.

Hence, notes Mr. Hall, the Disclosure Statement does not provide
adequate information because it fails to inform creditors that
the Debtors have hired a consulting firm whose function is to
the change the Debtors' relationship with the Landlords of the
Leased properties, even though the Debtors have stated an intent
to assume all leases.

In addition, High Definition and Waterways Plaza have
essentially the same objections to the Disclosure Statement as
the Objecting Landlords.

Against this backdrop, the High Definition and Waterways Plaza
ask the Court to deny:

   * approval of the Debtors' Disclosure Statement;

   * confirmation of the Debtors' Plan; and

   * assumption of the High Definition and Waterways Plaza Lease
     Agreements.

                    About Bally Total Fitness

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

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.  The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.  
(Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or  
215/945-7000)


BALLY TOTAL: Files Supplement to Modified First Amended Plan
------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates delivered to the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan a copy of their
Liquidation Analysis, to supplement their Modified First Amended
Joint Prepackaged Chapter 11 Plan of Reorganization.

David S. Heller, Esq., at Latham & Watkins LLP, in Chicago,
Illinois, explains that the initial Liquidation Analysis filed
on July 31, 2007, inadvertently omitted certain portions.

The Debtors' Liquidation Analysis states that the Plan meets the
"best interest of creditors" test as set forth in Section
1129(a)(7) of the Bankruptcy Code.  

The Liquidation Analysis was prepared by the Debtors'
management, with the assistance of their professionals, and
assumes the case would convert to Chapter 7 soon after initially
filing for Chapter 11.  The Analysis provides that:

   * priority unsecured claims are assumed to be paid from the
     net proceeds available, if any, after the payment of
     liquidation costs, secured claims, and administrative
     claims;

   * Prepetition Senior Notes Claims are assumed to be paid on a
     pro rata basis from the net proceeds available for all
     unsecured creditors, plus the pro rata distribution that
     would be payable with regard to the Prepetition Senior
     Subordinated Notes Claims absent the subordination
     provisions in the Prepetition Senior Subordinated Notes
     Indenture;

   * although unsecured claims against only Bally Total Fitness
     Holding Corporation would likely receive a smaller
     distribution in a liquidation than unsecured claims against
     the Affiliate Debtors because Bally is a holding company
     with limited assets, for the purposes of the Liquidation
     Analysis, it is assumed that all unsecured claims will be
     paid on a pro rata basis from the net proceeds available
     for all unsecured creditors; and

   * no pro rata proceeds are estimated to be available solely
     for the Prepetition Senior Subordinated Notes Claims.
                                            
A full-text copy of the Debtors' Liquidation Analysis is
available for free at http://researcharchives.com/t/s?234e

The Debtors believe the Liquidation Analysis and the conclusions
set forth in the Analysis are fair and accurate, and represent
management's best judgment with regard to the results of a
Chapter 7 liquidation of the Debtors.

                    Bally Board of Directors

The Debtors were scheduled to identify the members of their
board of directors in a supplemental filing that was supposed to
be submitted to the Court on September 7, 2007.

However, the Plan Supplement is not yet final, Mr. Heller tells
Judge Lifland.

The Debtors will file the Plan Supplement as soon as possible,
before the confirmation hearing on the Debtors' Plan scheduled
for September 17, 2007, Mr. Heller adds.

                    About Bally Total Fitness

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

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.  The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.  
(Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or  
215/945-7000)


BALLY TOTAL: Asks Court to Deny Prepayment of Premium Claims
------------------------------------------------------------
Last month, the U.S. Bankruptcy Court for the Southern District
of New York in Manhattan approved, on a final basis, Bally Total
Fitness Holding Corporation and its debtor-affiliates' request
to obtain secured postpetition financing for US$292,000,000 from
Morgan Stanley Senior Funding Inc.

The Court's DIP Order provided the Debtors with authority to
enter into a US$292,000,000 DIP financing facility comprised of
a US$50,000,000 revolver and a US$242,000,000, pursuant to a
superpriority secured DIP financing agreement -- the DIP Credit
Agreement.

David S. Heller, Esq., at Latham & Watkins LLP, in Chicago,
Illinois, states that the DIP Facility has been consummated, and
most of the proceeds have been used to repay obligations owed to
the Debtors' prepetition secured lenders, under a US$284,000,000
Prepetition Credit Facility.

Pursuant to the terms of the DIP Facility, certain Prepetition
Secured Lenders that participated in the DIP Facility elected to
waive their Prepayment Premium Claims in exchange for the
payment of a lender participation fee equal to 0.125% of the
greater of their prepetition loan obligations or their financing
commitments under the DIP Facility.

However, as reflected in the Court's DIP Order, the other
Prepetition Secured Lenders retained their right to assert their
Prepayment Premium Claims, and the Debtors reserved their right
to dispute any of the claims.

Accordingly, the Debtors object to the allowance of any
Prepetition Premium Claims that may be asserted by a Non-Waiving
Prepetition Secured Lender, and ask the Court to deny the
payment of the Prepayment Premium Claims.

To avoid delay in the refinancing of the Prepetition Credit
Facility, the Debtors and JPMorgan Chase Bank, N.A. -- the
Prepetition Agent -- on behalf of the Non-Waiving Prepetition
Secured Lenders, have agreed to escrow the aggregate amount at
issue.

Pursuant to the DIP Order, the Parties also agree that:

   * on or before September 12, 2007, any Non-Waiving
     Prepetition Secured Lender wishing to assert a Prepayment
     Premium Claim must file a response to the Debtors'
     Objection; and

   * any Non-Waiving Prepetition Secured Lender which fails to
     file a timely response will be barred from asserting and
     deemed to have waived its Prepayment Premium Claim.

The Court will convene a hearing on September 17, 2007, to
determine the allowability of the Prepayment Premium Claims
asserted by the Non-Waiving Prepetition Secured Lenders that
filed timely responses to the Debtors' Objection.

                    About Bally Total Fitness

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

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.  The hearing to consider confirmation
of the Debtors' prepackaged plan is set for Sept. 17, 2007.  
(Bally Total Fitness Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or  
215/945-7000)

  
BOWA BANK: TRC Lifts Credit Rating to twB- From twR
----------------------------------------------------
Taiwan Ratings Corp revised its counterparty credit ratings on
Bowa Commercial Bank Ltd. to 'twB-' from 'twR'.  The outlook is
negative.

The rating revisions reflect increased certainty that Bowa,
currently under regulatory supervision, will fulfill payments on
most of its obligations along with the government's plan to
clean up most of the other supervised banks' assets and
liabilities over the near to medium term.  

That being said, Bowa's ability to fulfill payment on its
subordinated debentures at a total value of NT$1.047 billion (or
approximately 0.7% of Bowa's outstanding obligations rated
'twC') is particularly frangible, considering that such
securities are not under regulatory protection.  Still, the
Taiwan government may provide a mediocre degree of resources,
directly or indirectly, primarily to assist Bowa to service most
other residual obligations, especially those held by
individuals, under the government's commitment to secure system
stability in Taiwan.

The regulator is likely to use auctions to clean up Bowa's
balance sheet, as it did with Central Deposit Insurance Corp.'s
administration.  Based on the regulator's previous auction cases
under Regulatory Supervision, most of the entities' valuable
assets and liabilities (mainly deposits) will be opened to
bidding; and by Law, the Financial Restructuring Fund will
provide protection on deposit obligations (and any obligations
specifically identified previously).

The rating on Bowa was previously revised to 'twR' on Aug. 13,
2007, after the regulator announced it was taking full control
of the bank's operations.

The negative outlook reflects Taiwan Rating's expectation that
Bowa is likely to miss its payment obligation on subordinated
debentures that are not under regulatory protection, regardless
of whether the bank continues to service the rest of its
obligations.

If non-payment of such a subordinated bond occurs, the
subordinated bond will be rated 'D', and the counterparty rating
will be temporarily lowered to 'SD' (selective default) and will
last until the bank misses payment on the obligation of all
subordinated debentures that are not under regulatory
protection.


CITIC PACIFIC: Looks to Raise Up To HK$5 Bil. in Hong Kong IPO
---------------------------------------------------------------
CITIC Pacific Ltd plans to raise up to HK$5 billion from a
separate listing of its unit Dah Chong hong Ltd on the Hong Kong
bourse, Infocast News relates, citing a report from The
Standard.

The initial public offering is expected to boost Citic's
earnings this year by about HK$3 billion, the report said.

According to the unidentified sources of The Standard, CITIC
Pacific may offer for sale up to 35% of Dah Chong Hong's
existing shares, while new shares will represent about 10% of
the latter's existing issued share capital.

Dah Chong Hong's listing is expected sometime next month.

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of  
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


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

BALLY TECHNOLOGIES: Signs Contract with Fantasy Springs Casino
--------------------------------------------------------------
Bally Technologies Inc. has signed a comprehensive contract with
Fantasy Springs Resort Casino in Indio, California, near Palm
Springs to provide bonusing technology, a table games management
solution and 2,000 iVIEW slot machine displays.

The iVIEW displays in all of the casino's slot machines will
allow Fantasy Springs to offer its players Bally Power
Winners(TM), a configurable random progressive jackpot
technology that rewards players using their player's club cards.  
The iVIEW displays will also allow Fantasy Springs to become the
first casino in the world to launch powercash, a patented
technology that will change the way players access their funds
on the casino floor.

The first product from a joint venture with Cash Systems, Inc.
(Nasdaq: CKNN) and Scotch Twist, powercash will work with
Fantasy Springs' Bally Power Bank(TM) technology to enable
casino patrons to enroll in the casino player's club program and
then be able to access funds from their desired credit, debit or
checking accounts while sitting at the gaming device.  Players
will be able to request funds from the designated financial
account, transfer those funds into their player's club account
and then transfer down to the gaming device the amount of money
that they want to use.

Additionally, Fantasy Springs has future plans to give its
guests the ability to use their player's club card to make
purchases in the retail shops, restaurants, spa, hotel, golf
course and any of the entertainment facilities.

Fantasy Springs' contract with Bally also includes the
TableView(TM) technology from Bally Table Management Systems
(TMS(TM)), allowing the casino to utilize automated pit tracking
at its 40 table games.

"When all of this advanced technology is rolled out in the fall
timeframe, Fantasy Springs will have one of the most
technologically advanced casino floors in the country," said
Paul Ryan, General Manager of Fantasy Springs.  "This means our
players will have a new level of bonusing excitement available
to them and a new way to manage their funds when they visit.  
This agreement with Bally is yet another indication of our
commitment to upgrade our resort for the benefit of our
players."

"Adding powercash to the growing list of functionality on our
iVIEW displays is an important step forward for our Systems
division and our commitment to offer networked floor solutions
today," said Tom Doyle, Vice President of Product Management for
Bally Systems.  "The progressive management team at Fantasy
Springs recognizes the player benefits of Power Winners and the
operational efficiencies products like TableView and powercash
bring to the property."

Recognized as the industry systems leader with more than 363,000
machines at casino, bingo, Class II, central determination and
lottery locations worldwide - including more than 195 locations
currently running Bally eTICKET(TM) on more than 233,000 slot
machines - the Bally Technologies systems product line offers
slot machine cash monitoring, table management, cashless,
accounting, security, maintenance, marketing, promotional and
bonusing capabilities, enabling operators to accurately analyze
performance and accountability while providing an enhanced level
of customer service.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implication on its ratings for Bally Technologies
Inc. to developing from negative.  The corporate credit rating
on the company is 'B-'.  The ratings were initially placed on
CreditWatch on Sept. 9, 2005, and several rating actions have
occurred since the original CreditWatch listing.


ICICI BANK: RBI to Decide on Holding Co. Structure in 2-3 Weeks
---------------------------------------------------------------
The Reserve Bank of India's decision on a holding company
structure for ICICI Bank Ltd will be out in one to three weeks,
Thomson Financial reported yesterday citing a statement made by
Deputy Governor V. Leeladhar.

ICICI Bank planned to transfer its insurance and mutual fund
business to a wholly owned subsidiary, ICICI Financial Services.  
As previously reported by the Troubled Company Reporter-Asia
Pacific, the Foreign Investment Promotion Board had given the
bank the go signal to have the unit hold those businesses and
for it to sell up to 24% of the unit to foreign investors.

The bank's plan, however, met a roadblock with RBI's proposal of
a holding company structure for banking groups in which banks do
not own any subsidiaries.  In a discussion paper circulated on
Aug. 28, RBI said the creation of the holding company may lead
to a problem of regulation.

RBI thinks that intermediary holding companies may throw up
problems like over extending the bank's responsibilities and
increasing its risk, and sees possible difficulties in getting
information about the holding company and enforcing prudential
norms.  Since the holding companies would be engaged in
financial activities like insurance and stock brokerage, among
others, these units will be regulated by other regulators like
the Insurance Regulatory and Development Authority and
Securities and Exchange Board of India and Securities and
Exchange Board of India, RBI points out.  Since the bank is the
parent of the holding companies, the overall supervisory
responsibility for the entire group will rest with RBI.

Hence, RBI believes a proper legal framework needs to be created
before such structures are floated to ensure that no unregulated
entities are present within the structure.

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

The bank has operations in Russia and the United States.

                          *     *     *

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

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


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

BANK DANAMON: Hires Siddharta Siddharta & Widjaja as Auditor
------------------------------------------------------------
PT Bank Danamon Tbk has appointed Public Accountant Office of
Siddharta Siddharta & Widjaja as the new company auditor for
fiscal year 2007, Reuters reports.

According to the report, the firm is affiliated with KPMG.

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

The Troubled Company Reporter-Asia Pacific reported on Aug. 15,
2007, that Fitch Ratings has upgraded the National Long-term
rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-
(idn)') while affirming all its other ratings as follows:

   * Long term foreign currency Issuer Default Rating (IDR)
     'BB-' with a Positive Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.

The Outlook on the National rating remains Stable.

On May 8, 2007, Moody's Investors Service published the rating
results for Indonesia's PT Bank Danamon Indonesia Tbk as part of
the application of its refined joint default analysis and
updated bank financial strength rating methodologies.

The specific ratings changes are as follows:

      * BFSR is changed to D with a positive outlook from D-

         -- This action also concludes a review for possible
            upgrade on the BFSR initiated on July 4, 2006

      * Foreign Currency Deposit Ratings are unchanged at B2/Not
        Prime

      * Foreign Currency Debt Rating for subordinated
        obligations is unchanged at Ba3.

      -- Foreign Currency Deposit and Foreign Currency Debt
         Ratings have positive outlooks in line with the outlook
         on the country's sovereign ratings outlook


COMVERSE TECH: Reports Prelim Fin'l Results in Second Quarter
-------------------------------------------------------------
Comverse Technology Inc. disclosed its preliminary unaudited
selected financial information for the second quarter of fiscal
2007 ended July 31, 2007.

For the second quarter, GAAP revenue, which excludes US$7.5
million in Witness Systems deferred maintenance and service
revenue not recognizable through purchase accounting following
its acquisition by Verint Systems, was US$446.5 million, and
adjusted (non-GAAP) revenue, which includes the Witness deferred
revenue, was US$454.0 million.  By comparison, both on a GAAP
and adjusted (non-GAAP) basis, revenue was US$394.1 million for
the second quarter of 2006, and US$405.7 million for the first
quarter of 2007.  Second quarter 2007 loss from operations on a
GAAP basis was US$73.6 million, compared with a loss from
operations on a GAAP basis of US$24.7 million for the second
quarter of fiscal 2006, and US$61.3 million for the first
quarter of fiscal 2007.  Adjusted (non-GAAP) income from
operations was US$32.2 million for the second quarter of fiscal
2007, compared with adjusted (non-GAAP) income from operations
of US$40.7 million for the second quarter of fiscal 2006, and
US$7.7 million for the first quarter of fiscal 2007.

                        Comverse Technology

Andre Dahan, President and Chief Executive Officer of Comverse
Technology, Inc. said, "We are making considerable progress
toward our goal of significantly improved profitability, as each
of our major operating subsidiaries achieved sequential
expansion in adjusted (non-GAAP) operating margin, leading to an
increase in consolidated adjusted (non-GAAP) operating margin to
7.1% in the second quarter, up from 1.9% in the first quarter.
We are focused on realizing our opportunities for profitable
growth in the future, and we are confident we will, as each of
Comverse Technology's major subsidiaries holds a leading
position in its key markets, providing valuable, differentiated
products to a global customer base that derives considerable
economic benefits and competitive advantages from the use of our
products."

"We are drawing closer to becoming current in our financial
filings.  At the same time, we are advancing and refining our
planning with respect to the Comverse Technology portfolio, and
its corporate and capital structure.  In this process, our focus
remains on the goal of maximizing shareholder value."

                           Comverse Inc.

Mr. Dahan said, "Comverse increased its adjusted (non-GAAP)
operating margin to 6.7% in the second quarter, from 3.0% in the
first quarter, achieving both year-over-year and sequential
revenue growth, and a significant sequential increase in product
bookings.  We have focused our efforts on building a Framework
for Profitable Growth, and our early actions driving
profitability and revenue enhancements are clearly evident in
second quarter results.  Comverse is on track to achieve its
near-term objective of achieving double-digit adjusted (non-
GAAP) operating margin, and we believe this goal will be reached
over the next couple of quarters.  We are now focused on
enhancing operational performance through horizontal process
improvements and reinvigorating business momentum by better
identifying and capitalizing on market growth drivers, and
better leveraging our valuable product portfolio.  Building on
the foundation of industry-leading, high-value products enabling
messaging and content services, converged IP communications, and
real-time converged billing, customer care and revenue
management, we believe our transformation framework will lead us
into a new era of profitable growth."

                          Verint Systems

"During the quarter, Verint Systems completed its strategic
acquisition of Witness Systems, and increased its adjusted (non-
GAAP) operating margin to 10.7%, from 10% in the first quarter.
The combination of Verint and Witness creates a new leader in
workforce and enterprise optimization, and opens new
opportunities for profitable growth.  Verint has been focused on
the integration of the two organizations and operations, and is
now turning its attention to realizing the opportunities for
growth synergies through cross-selling and up-selling what is
now the market's most comprehensive and valuable portfolio of
solutions," said Mr. Dahan.

                           Ulticom Inc.

"Ulticom's revenue at key telecom OEM customers rebounded, and
its next-generation IP/IMS-based nSignia product line is now
beginning to contribute to performance, and as a result, Ulticom
returned to double-digit adjusted (non-GAAP) operating margin,"
said Mr. Dahan.

                          Starhome B.V.

"Strong revenue growth led Starhome to an adjusted (non-GAAP)
operating margin of 2.7%, up from negative levels in the first
quarter," said Mr. Dahan.

                         Special Committee

The company continues to make substantial progress toward the
restatement of past financial statements, after which its
independent registered public accounting firm can begin the
audit process.  As projected last quarter, the company continues
to expect it will become current in its filings with the
Securities and Exchange Commission by the end of fiscal 2007.
Also as projected, Special Committee investigation and related
expenses declined substantially, from US$32.8 million in the
first quarter, to US$17.0 million in the second fiscal quarter
of 2007.  Any additional information that may be discovered in
the subsequent reviews or procedures performed by the company's
finance and accounting staff or any additional adjustments
proposed in the subsequent reviews and audits by the company's
independent registered public accounting firm could result in
delays to the restatement and filing process, and in adjustments
to the financial information presented herein, and such
adjustments could be material.  The timing of the company's
restatements and filings may be dependent on the timing of the
completion of similar activities at its Verint Systems Inc. and
Ulticom, Inc. subsidiaries.  The company continues to believe
that the aggregate historical sales and total cash flows as
previously reported are not likely to materially change.

                  Second Quarter 2007 Financial
                     and Operational Review

Revenue and Operations

Comverse Technology reported consolidated GAAP revenue, which
excludes US$7.5 million in Witness Systems deferred revenue not
recognizable through purchase accounting following its
acquisition by Verint Systems, of US$446.5 million, a US$52.4
million, or 13%, increase over revenue of US$394.1 million for
the prior-year period, and a US$40.8 million, or 10%, increase
from revenue of US$405.7 million for the first quarter.
Consolidated adjusted (non-GAAP) revenue of US$454.0 million for
the second quarter of 2007 was a US$59.9 million, or 15%,
increase over revenue for the prior-year period, and a US$48.2
million, or 12%, increase from the first quarter.  Witness
Systems, which was acquired by Verint Systems on May 25, 2007,
contributed US$37 million in GAAP revenue, and US$44.5 million
in adjusted (non-GAAP) revenue, in the second quarter of fiscal
2007.

Revenue at the company's Comverse, Inc. subsidiary was US$288.2
million for the second quarter of 2007, a US$13.2 million, or
5%, increase over revenue of US$275.0 million for the prior-year
period, and a US$3.7 million, or 1%, increase over revenue of
US$284.5 million for the first quarter.  Comverse achieved a
significant sequential increase in product bookings, and end-
user adoption of wireless value-added services and VoIP-based
services, two major demand drivers for Comverse, Inc.'s products
and services, remains healthy, as does demand for next-
generation billing and customer care solutions for service,
content, and e-commerce providers.  These solutions are designed
to reduce customers' operating costs, while enabling services
that foster customer loyalty and satisfaction.

During the second quarter, Comverse, Inc. enhanced its
leadership position in messaging, content delivery, converged IP
communications, and converged real-time billing and customer
care.  Comverse announced new product launches and enhancements
including: IMS Application Suite 2.0, allowing operators to
offer a superior service value and end-user experience, by
blending voice and video telephony services with converged
messaging, conferencing, presence, and network-based address
book capabilities, for seamless multimedia communications; and
the launch of a next-generation MyCall Converged Communications
suite, an integrated solution for the delivery of converged
consumer services over fixed broadband and mobile networks.
This new fixed-mobile convergence  solution was recently
selected to support "quad play" services in Norway.
Comverse also announced new customer selections or deployments
across a range of products, including converged billing and
customer care in the telecom, travel, and benefit card
processing industries, wireless content delivery, including
ringback tone service, SMS "texting," and the Insight IP Open
Services Environment for messaging and other Value-Added
Services.  In addition, customer interest in visual voicemail
has seen a notable increase, with some initial bookings, and
Comverse expects commercial launches in the coming months.
Overall, Comverse, Inc. products and applications are used by
hundreds of millions of people, through more than 500 service
providers in more than 130 countries, presenting significant
opportunities for the company to expand its market presence by
leveraging its broad product portfolio.

Verint Systems' GAAP revenue, which excludes US$7.5 million in
Witness Systems deferred revenue not recognizable through
purchase accounting following its acquisition by Verint on
May 25, 2007, was US$129.6 million for the second quarter of
2007, a US$37.3 million, or 40%, increase over revenue of
US$92.3 million for the prior-year period, and a US$28.3
million, or 28%, increase over revenue of US$101.3 million for
the first quarter.  Verint's revenue on an adjusted (non-GAAP)
basis was US$137.0 million for the second quarter of 2007, a
US$44.8 million, or 49%, increase over revenue for the prior-
year period, and a US$35.8 million, or 35%, increase over
revenue for the first quarter.  Witness Systems contributed
US$37 million in GAAP revenue, and US$44.5 million in adjusted
(non-GAAP) revenue, in the second quarter of fiscal 2007.
Verint experienced continued demand for its solutions for
security and business interaction intelligence, and through the
combination of Verint and Witness, in workforce and enterprise
optimization solutions, with the broadest portfolio of solutions
in the market for contact centers, back-offices, and branch
operations.  The growth in unstructured data, in the form of
captured voice, video, and text, has created opportunities for
Verint's analytic software to deliver timely actionable
intelligence to enhance security and improve business
performance.  Verint is focused on the successful integration of
Witness, and now expects to begin realizing growth synergies
through the cross-selling, up-selling, and strategic bundling of
their combined complementary products.  Verint also announced
new customer selections in both workforce performance
optimization, and video security.

Revenue at the company's Ulticom, Inc. subsidiary was US$17.4
million for the second quarter of 2007.  This represents a
US$0.2 million, or 1%, increase over revenue of US$17.1 million
for the prior-year period, and a US$5.9 million, or 52%,
increase over revenue of US$11.4 million for the first quarter.
Revenue from large telecommunications OEM customers rebounded,
and Ulticom began to realize revenue from its next-generation
nSignia IP/IMS-based products, in addition to its established
SS7/Sigtran signaling products.

Revenue at the company's Starhome B.V. subsidiary was US$12.7
million for the second quarter of 2007, a US$2.5 million, or
24%, increase over revenue of US$10.2 million for the prior-year
period, and a US$3.0 million, or 31%, increase over revenue of
US$9.7 million for the first quarter.  Starhome's leading
solution helps carriers maximize their subscribers' wireless
roaming network usage.

                             Backlog

Backlog represents signed purchase orders or customer
commitments deemed to be firm that have not yet been recognized
as revenue as of the balance sheet date but are expected to be
recognized in the next 12 months.

Consolidated 12-month orders backlog of US$848.6 million at
July 31, 2007 was 12.2% above the US$756.2 million backlog at
the prior-year period, and 11.8% above the US$758.7 million
backlog at April 30, 2007.  The majority of the year-over-year
and sequential backlog increase was attributable to Verint's
acquisition of Witness on May 25, 2007.

                     Operating Income/Margin

GAAP Basis -- Loss from operations on a GAAP basis was US$73.6
million for the second fiscal quarter of 2007, compared to a
loss from operations of US$24.7 million for the second quarter
of fiscal 2006.  This decline reflects a number of items
delineated in the GAAP to adjusted (non-GAAP) reconciliation
table, and described in the "Special Items" section that
follows. Operating margin on a GAAP basis for the second fiscal
quarter of 2007 was negative 16.5%, compared with negative 6.3%
for the prior-year period, and negative 15.1% for the first
quarter of 2007.

Second quarter 2007 loss from operations on a GAAP basis
increased by US$12.3 million compared to the US$61.3 million
GAAP loss from operations for the first quarter of 2007.  This
change reflects a number of items delineated in the GAAP to
adjusted (non-GAAP) reconciliation table, and described in the
"Special Items" section that follows.

Adjusted (Non-GAAP) Basis -- Adjusted (non-GAAP) income from
operations was US$32.2 million for the second quarter of fiscal
2007, compared to adjusted (non-GAAP) income from operations of
US$40.7 million for the prior-year period, and adjusted (non-
GAAP) income from operations of US$7.7 million for the first
quarter of 2007.  Adjusted (non-GAAP) operating margin was 7.1%
for the second quarter of fiscal 2007, compared with 10.3% for
the prior-year period, and 1.9% for the first quarter of fiscal
2007.

           Cash, Cash Equivalents, Bank Time Deposits
                   and Short-Term Investments

The company ended the second quarter of fiscal 2007 with cash
and cash equivalents, bank time deposits and short-term
investments of US$1,431.4 million, compared to US$1,827.1
million at April 30, 2007, for a decrease of approximately
US$395.7 million.  During the second quarter, the company
purchased US$293 million in preferred stock from its Verint
Systems subsidiary, which used the proceeds to fund, in part,
its US$950 million acquisition of Witness Systems.  During the
quarter Verint used US$40 million to pay down debt, as described
below.

                              Debt

The company ended the quarter with convertible debt of US$419.6
million. During the second quarter, the company's Verint Systems
subsidiary entered into a US$650 million 7-year term loan
facility to fund, in part, its acquisition of Witness Systems,
and later paid down US$40 million of that debt, resulting in a
balance of US$610 million at July 31, 2007.

                          Special Items

Loss from operations on a GAAP basis primarily reflects the
incurrence of the following special items:

  -- Exclusion of Witness Systems deferred maintenance and
     service revenue of US$7.5 million not recognizable through
     purchase accounting following its acquisition by Verint.

  -- Stock-based compensation expense of US$18.8 million.

  -- Special Committee investigation and related expenses
     totaled approximately US$17.0 million for the three months
     ended July 31, 2007.

  -- Amortization of acquisition-related intangibles of
     US$15.3 million.

Because of limitations on the company's ability to issue equity-
based compensation prior to regaining compliance with its
reporting obligations under the federal securities laws, the
Boards of Directors of the company and certain of its
subsidiaries previously authorized and disclosed additional cash
compensation in lieu of equity-based compensation as a key
employee retention tool in the aggregate amount of approximately
US$61.9 million.  In the second quarter of fiscal 2007, US$15.0
million of this retention compensation was charged as an
expense, for a total of US$35.9 million charged through
July 31, 2007, and the company expects the balance to be
recorded in the current fiscal year ending January 31, 2008.

Workforce reduction and restructuring charges of US$14.8
million, including US$13.2 million related to the previously
announced reduction in workforce at Comverse, Inc.

Acquisition related charges of US$5.2 million, including US$4.8
million related to the acquisition by Verint of Witness Systems.
In-process R&D charges of US$5.6 million related to the
acquisition of Witness Systems.

                    About Comverse Technology

Comverse Technology, Inc. (NASDAQ: CMVT) --
http://www.comverse.com/-- provides software and systems that  
enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products
to generate  revenues, strengthen customer loyalty and improve
operational efficiency.

Comverse has offices all over the world, including Indonesia,
Malaysia and the Philippines.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.


FOSTER WHEELER: Unit Wins Contract From GlaxoSmithKline
-------------------------------------------------------
Foster Wheeler Ltd.'s Singapore subsidiary Foster Wheeler
Eastern Private Limited, part of its Global Engineering and
Construction Group, has been awarded an engineering,
procurement, construction management and commissioning services
contract by GlaxoSmithKline Biologicals for a new biotechnology
production facility in Singapore.

The value of the contract was not disclosed.  The engineering
and procurement services were included in Foster Wheeler's
first-quarter 2007 bookings and the construction management and
commissioning services will be included in its third-quarter
2007 bookings.

This state-of-the-art facility includes two production
buildings, a quality control and administration building, and a
utilities building, all on a site of more than 8.8 hectares in
Tuas Biomedical Park, in Singapore.

"This latest award from GSK Biologicals reflects our client's
continued confidence in the quality of our people and in our
biotechnology expertise and track record," said Franco Anselmi,
chief executive officer of Foster Wheeler Asia Pacific.  "Key to
our success in winning this contract was the performance of the
Foster Wheeler team on GSK Biologicals' new vaccine facility in
Hungary, which is now complete, and our ability to leverage this
successful experience for the new Singaporean facility.  In
addition, our 30-year track record of delivering safe and
successful projects in Singapore strongly demonstrates our
position as one of the leading engineering, procurement and
construction contractors in Singapore."

                       About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of      
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                         *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  The outlook is stable.

                  Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.


GARUDA INDONESIA: Ties Up With Bank Rakyat for New Payment Mode
---------------------------------------------------------------
PT Garuda Indonesia and Bank Rakyat Indonesia signed an
agreement to provide a new payment option to travelers reserving
flights via the Garuda Call Center, The Jakarta Post reports.

According to the report, the Online Payment option allows the
customer to pay for his ticket through a BRI automatic teller
machine after first making a reservation

The traveler can then exchange his payment slip for an air
ticket at any airport GIA ticket sales counter, the report adds.

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

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

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

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


PERTAMINA: Unit Signs Deal w/ Reykjavik for Geothermal Projects
---------------------------------------------------------------
PT Pertamina (Persero)'s unit PT Pertamina Geothermal Energy has
signed an agreement with Iceland-based firm Reykjavik Energy for
development of geothermal projects in Indonesia, The Jakarta
Post reports.

According to the report the agreement was signed by Pertamina
Geothermal President Director Bambang Kusnanto in Iceland.

PGE Operations Director Suryadarma said that other companies
interested in developing geothermal projects in Indonesia
included the Philippines' PNOC and Enel Corp of Italy, the
report adds.

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

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

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


PERTAMINA: Increases Company Spending by 33% to Boost Production
----------------------------------------------------------------
PT Pertamina's President said that they will increase their
spending by 33 percent next year to boost production and will
step up efforts to sell its non-core businesses, Menafn reports
citing Bloomberg News.

The report relates that Pertamina plans to spend US$2 billion in
2008, of which US$1.5 billion will be earmarked for oil and gas
drilling and the rest to expand downstream businesses, including
retail.  The company expects to spend US$1.5 billion on its
projects this year, the report adds.

The report notes that The Indonesian government wants Pertamina
to boost production to reverse a decade-long decline in oil
output, adding that the company aims to double total crude
output to 300,000 barrels a day in four years.

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

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

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


PERUSAHAAN GAS: ConocoPhillips Will Supply US$112 Million Gas
-------------------------------------------------------------
ConocoPhillips will supply PT Perusahaan Gas Negara with
additional gas to Batam Island worth around US$112 million over
two years, Reuters reports citing President Director Sutikno.

Mr. Sutikno told the news agency that the gas price is US$3.85
per million British Thermal Units with volume of around 40
million cubic feet per day.

The report notes that Mr. Sutikno said that the demand for
natural gas from industries in Batam and surrounding areas is
increasing.

Batam island, near Singapore, is an Indonesian industrial area
where the government has set up a special zone aimed at
attracting foreign investors, the report says.

Headquartered in Jakarta, Indonesia, -- http://www.pgn.co.id/--   
is a gas and energy company that is comprised of two core
businesses: distribution and transmission.  For distribution,
PGN signs long-term supply agreements with upstream operators,
which give the company scheduled and reliable gas volumes and
fixed gas prices.  These volumes are subsequently sold to
commercial and industrial customers under gas sales agreements.  
Under these agreements, sales volumes are take-or-pay and the
gas pricing is fixed and in US dollar.  On the transmission
business, PGN ships gas on behalf of the upstream suppliers
under a fixed US dollar tariff with ship-or-pay volumes
agreements.   The company is 59.4% owned by the Government of
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


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

ALL NIPPON: Cancels 19 Flights to Check on Bombardier Planes
------------------------------------------------------------
All Nippon Airways Co., Limited, canceled 19 morning flights to
check-up on its fleet of Bombardier planes, Chris Cooper of
Bloomberg News reports.

ANA spokeswoman Nana Kon revealed to Mr. Cooper that the airline
company has to keep its 14 Bombardier planes on the ground after
Canada's air transport authorities recommended checks.  However,
ANA, according to the article, has not made any decision if it
is going to cancel afternoon flights.

In a September 12 article by Mr. Cooper, he reported that the
Japanese government recommended that airlines stop flying
Bombardier's DHC-8-400 planes following an accident in Europe
which experienced technical difficulties.

                      About All Nippon

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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


ALL NIPPON: To Start Codeshare Agreement with 2 Chinese Airlines
----------------------------------------------------------------
All Nippon Airways Co., Limited, will commence a code-sharing
agreement with Shanghai Airlines and Air China on flights
operated by ANA and Shanghai Airlines between Tokyo's Haneda
Airport and Shanghai's Hongqiao Airport, from September 29 this
year.

Until now, Haneda and Hongqiao have almost exclusively served
their respective domestic markets.  However, in a move to
commemorate the 35th anniversary of the normalisation of
diplomatic ties between China and Japan, they will be opened for
international flights on the very date of the said anniversary.

Both Haneda and Hongqiao airports are close to, and can be
accessed speedily and easily from, their respective city
centres, making journeys between Tokyo and Shanghai shorter and
more convenient.  Furthermore, as the flights will carry the
respective flight codes of each airline - NH for ANA, FM for
Shanghai Airlines and CA for Air China - customers will be given
a greater choice of flights for the airline they wish to fly.  
As all three airlines enjoy reciprocal mileage benefits,
customers may accrue and redeem mileage on any of the flights.  
Shanghai Airlines and Air China will also join ANA as fellow
members of the world's foremost airline grouping, Star Alliance,
at the end of this year.

With this agreement in place, the three airlines will offer
between them 104 weekly flights between Japan and Shanghai,
including Shanghai's Pudong Airport.  In total, they will offer
281 flights per week between Japan and China.

You can see a detailed list of ANA's routes in their website for
free at: http://www.ana.co.jp/eng/aboutana/press/index_sm.html

                      About All Nippon

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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


ALL NIPPON: Plans to Eliminate Two Domestic Routes
--------------------------------------------------
All Nippon Airways Co., Limited, plans to scrap two domestic
routes with low profitability at the end of this fiscal year,
sources of Jiji Press revealed.

According to Jiji's sources, the profitability of the two routes
-- Fukuoka-Sendai and Fukuoka-Niigata -- have been deteriorating
due to the surging fuel prices.

In addition, the seat occupancy rate stood low at 59.2% for the
Fukuoka-Sendai route and 55.3% for the Fukuoka-Niigata route in
fiscal 2006, against the average of 64.8% for ANA's all domestic
routes in the same year, the sources said.

Jiji writes that six domestic routes have already been abolished
by ANA since the beginning of this fiscal year and the sources
further revealed that ANA is considering scrapping some other
low-profit-earning routes before the end of the current year.  

Instead, ANA will give more attention on its high-earning
routes, including those linking big Japanese cities like Tokyo,
Sapporo and Osaka, and international services, mainly flights
between Japan and other Asian countries and regions, discloses
the sources.

                      About All Nippon

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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


HANKYU-HANSHIN: Fitch Upgrades Foreign and Local Issuer to BBB-
---------------------------------------------------------------
Fitch Ratings has upgraded Hankyu Hanshin Holdings, Inc.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB-'
(BBB minus) from 'BB+'.  The Outlook of the IDRs is Stable.  The
ratings of HHHD's guaranteed bonds have also been upgraded to
'BBB-' (BBB minus) from 'BB+'.

"The rating upgrades follow the sustained strengthening of the
company's financial profile through FYE06 and FYE07, with
improved operating results and consistent restructuring efforts
including the disposal of non-core assets -- thus enabling a
constant reduction in leverage.  This is despite the additional
JPY440 billion debt the company assumed at the acquisition of
Hanshin Electric Railway Co in June 2006," said Satoru Aoyama,
Director in Fitch's Corporate Team.  During FYE07, the company
raised over JPY60bn from asset sales while reducing cash on hand
by JPY35.4 billion, as part of a post-acquisition restructuring
exercise. Although net debt increased to JPY1,209.4 billion at
FYE07 from JPY889.6 billion a year earlier, debt/total
capitalization improved slightly to 69.8% from 71%.  Leverage
has also improved: adjusted net debt/EBITDAR improved to 8.8x at
FYE07 from 9.1x a year ago.  Management provides pro forma
financial statements incorporating Hanshin's full-year results,
versus the reported financial statements, which only incorporate
the nine-month results following the acquisition, which led to
Fitch's calculation of pro forma FYE07 leverage of 8x.

The upgrades also reflect the improving business environment and
the progress of the persistent business restructuring and
rationalization efforts.  Through the period FYE05-FYE07, HHHD's
railway operations -- though still declining -- have slowed the
pace of decline in passenger volume and fare revenue, presenting
a slow but steady recovery trend.  A recovery in the real estate
market also supported high property sales activities and the
rising trend of rents and utilization, boosting the real estate
business.  Moreover, overall business restructuring and
rationalization efforts, which focus on cost-reduction and
profitability improvements, have helped to generate constant
EBITDA with sustained high EBITDA margins (FYE07: 17.9%), which
is better than that of the similarly diversified private railway
companies (e.g. Tokyu Corporation, 11.8%).

The ratings factor in a moderate deterioration in leverage from
FYE08 onwards, which reflects a planned high capex and decline
in EBITDA caused by the post-acquisition business restructuring,
as well as a lack of robust property sales done in the previous
year.  Fitch notes, however, that the company raised JPY39.5
billion via equity issuance in August and September 2005, to
finance part of its capex programs while strengthening its
capital structure.  The equity finance indeed reduced debt,
being a main attribute of leverage improvement in FYE06 -
adjusted net debt to EBITDAR was reduced to 9.1x at FYE06 from
10.4x at FYE05.  The agency expects the company to likely
maintain the leverage below the FYE05 level; therefore, the
current rating level can accommodate a moderate deterioration in
leverage.

HHHD is a diversified conglomerate with principal operations in
railways, real estate, entertainment and retail.  HHHD is a
holding company for these diversified businesses and its debt is
guaranteed jointly and severally by wholly-owned subsidiaries,
Hankyu Corporation and Hanshin Electric Railway Co., Ltd.  These
two railway companies' total passenger volume and fare revenue
are the third- and forth-largest of the 15 major private railway
companies.

                      About Hankyu Hanshin

Hankyu Hanshin Holdings,Inc., -- http://www.hankyu-
hanshin.co.jp/english/index.html -- formerly Hankyu Holdings,
Inc., is a holding company with seven business segments. The
City Transportation segment is involved in the railway, bus,
taxi, automobile maintenance, car rental and vehicle
manufacturing businesses. The Real Estate segment leases,
purchases, sells and manages real estates and operates
investment assets. Travel and International Transportation
segment is involved in traveling and cargo delivery services.
Hotel segment is engaged in the hotel business. Entertainment
and Communication segment is involved in the opera business,
theater operations, advertising agency services and the
publishing business. Retail segment is engaged in the retail, as
well as food and drink businesses. Others segment is involved in
finance services, information, human resource and accounting
agency services, golf course management, movie entertainment,
construction and broadcasting. Headquartered in Osaka, Japan, it
has 68 subsidiaries and 12 associates.


JAPAN AIRLINES: Code Shares with China Airlines on 13 Routes
------------------------------------------------------------
Japan Airlines International Company, Limited 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 day, 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 Japan Airlines

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

                          *     *     *

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

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

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


SOLO CUP: Selling Hoffmaster Biz to Kohlberg Unit for US$170 Mln
----------------------------------------------------------------
Solo Cup Company has signed an agreement to sell its Hoffmaster
business to an affiliate of funds managed by Kohlberg & Company,
LLC for approximately US$170 million.  Subject to regulatory
approvals and other customary closing conditions, the
transaction is expected to close within the next 45 days.
Kohlberg has received a commitment to obtain financing for the
transaction, subject to customary conditions.

Under the terms of the agreement, a newly formed affiliate of
Kohlberg will acquire all of the assets of the company's
Hoffmaster business, including its product portfolio of
disposable tableware and special occasions consumer products and
associated manufacturing equipment, as well as two manufacturing
facilities located in Oshkosh and Appleton, Wis., a leased
distribution center located in Indianapolis, Ind., and a
sourcing subsidiary in Hong Kong.

"This decision is one that comes from our previously discussed
initiative to divest non-core assets," said Robert M. Korzenski,
CEO, Solo Cup Company.  "While the Hoffmaster business is
strong, this divestiture allows us to reduce our overall debt
burden and increase our focus and investment on improving
performance and positioning the Company for growth."  The
proceeds from the sale are expected to be applied to the
Company's term loan.

"This transaction, when complete, combined with the previously
announced sale-leaseback of six properties and improved working
capital management will have reduced our debt by approximately
US$300 million since the beginning of the year," added Mr.
Korzenski.

Solo will provide certain support services to the business. "We
will work closely with the Hoffmaster leadership team to ensure
a smooth transition," Mr. Korzenski continued.  "I also want to
thank the Hoffmaster employees for their many years of dedicated
service to the Solo and Sweetheart companies.  I believe this is
a great opportunity for Hoffmaster to achieve its potential as a
stand-alone entity."

Hoffmaster manufactures specialty napkins, placemats, table
covers and other items for the restaurant and lodging
industries.  Through its Sensations(R) brand and Creative
Expressions Group, the company produces premium disposable
tableware for special occasions sold through supermarkets and
party stores.

Kohlberg & Company, L.L.C. is a leading U.S. private equity firm
with offices in Mt. Kisco, New York and Palo Alto, California.
Since its inception in 1987, Kohlberg has completed over 90
platform and add-on acquisitions as the control investor in a
variety of industries, including manufacturing, healthcare,
consumer products and service industries.  Kohlberg has invested
a total of US$1.8 billion in equity across six private equity
funds with an aggregate transaction value of approximately US$7
billion.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Fitch Ratings has affirmed the ratings for Solo
Cup Company as:

-- Issuer default rating (IDR) 'B-';
-- Senior secured first lien term loan 'B+/RR2';
-- Senior secured revolving credit facility 'B+/RR2';
-- Senior subordinated notes 'CCC/RR6'.


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

ARROW ELECTRONICS: Partners w/ IBM Global Engineering Solutions
---------------------------------------------------------------
Arrow Electronics Inc.'s North American Components business
entered into a new relationship with IBM Global Engineering
Solutions to broaden Arrow's silicon portfolio by coupling
Arrow's custom chip design and logistics capabilities with IBM's
foundry products and services.

"Arrow is pleased to expand its long-standing relationship with
IBM," said Michael J. Long, president, Arrow Global Components.
"In addition to expanding Arrow's portfolio of IBM products and
services, this foundry relationship completes our custom silicon
offering.  Our customers now can benefit from a complete
portfolio of solutions, ranging from field programmable gate
arrays (FPGA) to foundry designs."

Arrow has more than 20 years of custom logic design expertise.
Custom Logic Solutions, a division of Arrow NAC, offers a
comprehensive portfolio of design engineering, technical sales
and fulfillment logistics for FPGA, structured and standard cell
Application-Specific Integrated Circuits, and foundry
engagements.  Through Arrow's relationship with IBM and other
industry-leading electronic components manufacturers, customers
gain access to the right combination of semiconductor
technology, design services and intellectual property to meet
their custom logic needs for a variety of end-market segments,
including communications, consumer electronics and industrial
equipment.

"With this relationship, we can bring IBM's industry-leading
semiconductor manufacturing, IP library, and extensive foundry
related services to an even broader client base," said Adalio
Sanchez, general manager, IBM Global Engineering Solutions.
"IBM's collaboration with Arrow will also enable our clients to
leverage Arrow's custom logic design experience to fulfill their
needs for advanced component solutions."

               About Arrow North American Components

The North American Components business of Arrow Electronics,
Inc. is a leading provider of semiconductors and passive,
electromechanical and connector products, computing solutions,
services and supply chain solutions tailored to serve distinct
customer segments with dedicated sales teams.  Two primary,
customer-focused NAC groups serve these market segments: The
Arrow Electronics Components Group serves North American-based
OEM and contract manufacturing customers and the Arrow/Zeus
Electronics Group targets the aerospace and military markets.

                     About Arrow Electronics

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

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

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


DAEWOO ELECTRONIC: Says Largest Shareholders Changed
----------------------------------------------------
Daewoo Electronic Components Co. Ltd.'s largest shareholders
have been changed from Cheon Cheon Development Co. Ltd., Nobless
Development Co. Ltd., and Cha Jung Hoon to Lee Nam Hee and one
other person, Reuters reports.

The Troubled Company Reporter-Asia Pacific reported on Sept. 12,
2007, that the company's shareholders, namely Cheon Development,
Nobless Development and Cha Jung Hoon have signed a contract to
sell its shares of Daewoo.

According to TCR-AP, the shareholders signed the pact with a
Korea-based company and Lee Nam Hee to sell 1,500,000 shares of
the company.  The shares that are to be sold are worth
KRW16,500,000,000, TCR-AP says.

As a result, Lee Nam Hee and one other person now hold 13.75% of
the company, Reuters adds.

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

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

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

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


DAEYUVESPER CO: Signs Contract With Daelim Industrial Co
--------------------------------------------------------
DaeyuVesper Co. Ltd has signed a contract with Daelim Industrial
Co. Ltd. worth KRW1,244,100,000, Reuters reports.

According to the report, based on the contract DaeyuVesper Co
will provide construction services and construction materials to
the latter.

Headquartered in Gyoenggi Province, Korea, DaeyuVesper Co. Ltd.
-- http://www.emoris.co.kr/-- formerly SungKwang Co., Ltd., is  
a manufacturer specialized in the provision of wastewater
treatment equipment.  The company provides its products under
two categories: wastewater treatment and water treatment
equipment. Its wastewater treatment includes aerated grit
chambers, bar screens and micro screens, pumps, mixers and
aerators, clarifiers, skimmer systems, sludge collectors,
dissolved air flotation systems, ultraviolet (UV) disinfections
systems, spiral-type rotating biological contractors and
sequencing batch reactors.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on September 7, 2007,
showed that DaeyuVesper has a US$1.60-million shareholders'
deficit on total assets of US$19.06 million.


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

BOUSTEAD HEAVY: Unit Inks US$12.85MM Contract with Sealink
----------------------------------------------------------
Boustead Heavy Industries Corp. Bhd disclosed with the Bursa
Malaysia Securities Bhd that its wholly-owned subsidiary,
Boustead Penang Shipyard Sdn. Bhd. (formerly known as Penang
Ship Building & Construction Sdn. Bhd.) entered into a
Shipbuilding Contract with Sealink Sdn Bhd on Sept. 12, 2007.

Under the contract, the company's unit is tasked to build one
unit of 67 metres Dynamic Positioning/Anchor Handling Tug Supply
Vessel at a contract price of US$12,850,000.00.

The transaction is expected to have a positive impact on the net
assets and earnings of BHIC Group for the financial year ending
December 31, 2008.

Kuala Lumpur-based, Boustead Heavy Industries Corp Bhd's, f.k.a.
PSC Industries Berhad, principal activities are shipbuilding and
ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is formulating a regularization plan pursuant to
Practice Note 17/2005 of the Bursa Malaysia Securities Berhad's
Listing Requirements.  The PN17 listing is based on the
unaudited consolidated nine month quarterly results of the
company for the period ended September 30, 2005, PSCI has a
deficit in the adjusted shareholders' equity of approximately
MYR376.68 million on a consolidated basis.  The reason for the
deficit in the adjusted shareholders' equity is mainly due to
losses incurred as a result of high financing cost, provision
for doubtful debts and revision of profit margin for the
Offshore Patrol Vessels project.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2007, the company has a shareholders' deficit of
US$116.18 million on total assets of US$62.80 million.


BOUSTEAD HEAVY: Unit to Build Tanjung's Ship for MYR47.8 Mil.
-------------------------------------------------------------
Boustead Penang Shipyard Sdn. Bhd, a wholly owned unit of
Boustead Heavy Industries Bhd, entered into a shipbuilding
contract with Tanjung Offshore Services Sdn Bhd on Sept. 12,
2007.

Under the contract, the unit is tasked for the engineering,
construction, commission, testing and deliver of one unit of
60.8 metres Well Testing and Servicing, Hull Number H025
together with the machinery, equipment, tools and any other
materials to be incorporated in the Vessel, for a total contract
price of MYR47.8 million.

The transaction is expected to have a positive impact on the net
assets and earnings of BHIC Group for the financial year ending
December 31, 2008.

Kuala Lumpur-based, Boustead Heavy Industries Corp Bhd's, f.k.a.
PSC Industries Berhad, principal activities are shipbuilding and
ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is formulating a regularization plan pursuant to
Practice Note 17/2005 of the Bursa Malaysia Securities Berhad's
Listing Requirements.  The PN17 listing is based on the
unaudited consolidated nine month quarterly results of the
company for the period ended September 30, 2005, PSCI has a
deficit in the adjusted shareholders' equity of approximately
MYR376.68 million on a consolidated basis.  The reason for the
deficit in the adjusted shareholders' equity is mainly due to
losses incurred as a result of high financing cost, provision
for doubtful debts and revision of profit margin for the
Offshore Patrol Vessels project.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2007, the company has a shareholders' deficit of
US$116.18 million on total assets of US$62.80 million.


DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Dynea International OY to B1 from B2.  The outlook is
stable.

The rating action is supported by the significant deleveraging
of the group and the renegotiation of the terms of the remaining
bank facility allowing greater operational flexibility, as well
as an overall reduction in business risk profile of the group
following its timely disposal of the North American operations
that were reliant to a large extent on the performance of the US
construction and housing market.

Dynea has sold its North American operations to Teachers'
Private Capital for US$350 million.  The transaction was closed
on July 11, 2007.  North America accounted for almost 40% of LTM
April 2007 group sales and 41% of the group's EBITDA.  The
proceeds from the disposal were largely applied to debt
reduction with pro-forma debt post closing declining to EUR229
million from EUR460 million at the end of 2006 leading to a
substantial improvement in debt and cash flow metrics.

The rating outlook is stable reflecting Moody's expectation that
Dynea's debt and cash flow metrics will remain strong and will
allow Dynea to maintain its financial flexibility and pursue its
strategy of organic growth and small bolt-on acquisitions.

Moody's notes that the current rating would come under further
upward pressure if the company's EBITDA and cash flow generation
were to strengthen with Debt / EBITDA dropping below 3.0 and
Adjusted RCF / Adjusted Debt of more than 25% on a sustainable
basis.

These ratings were upgraded from B2 to B1:

-- Corporate Family Rating
-- Probability of Default Rating

Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesion and surfacing  
solutions.  In 2005, Dynea International had revenues of EUR1.2
billion.  After the transaction Dynea International has 39
production units and some 2,200 employees in 23 countries in
Europe, South America and Asia Pacific, including in Malaysia.


FA PENINSULAR: White Knight Offers Help, Director Says
------------------------------------------------------
A white knight from the securities industry plans to claim a
stake in FA Peninsular Bhd, a move which will save the company
from being delisted from the Main Board of Bursa Malaysia
Securities Bhd, executive director Che Ismail Mohd told The Edge
Daily.  

The talks, however, had been halted pending a decision by Bursa
Securities on its application for another extension of the
deadline to submit its regularization plan, Mr. Che said.

FA Peninsular has been classified under Amended Practice Note 17
since May 2006.  Several extensions have been given since with
the latest deadline on Aug 31, 2007 which FAP has failed to
deliver, the newspaper said.

Director Che Ismail, however, is confident that another
extension would be accorded to the company as it would be
submitting a sound restructuring plan, including the interest of
the white knight.

Asked if the white knight would assume control of the company,
the director said: "Our plans are not finalized yet.  We don't
know whether the white knight will be the majority shareholder
or not."

The director however stressed that the main restructuring plan
was to enhance its current core business, which is in
securities.  "We have other new business proposals that have
come our way.  These are fairly new to us but we have had some
previous history of those industries.

"I think it is also workable but we want to concentrate on just
one or two core business first.  We just want to get the
restructuring done.  Once we clear up everything, we will look
at other possibilities," he added.

Asked if it would raise capital, he said: "It is one of the
possible methods but it depends on whether we require cash."

Further, asked on the possibility that it may not obtain the
extension, the director replied: "If we are not listed, we can
do any restructuring we want.  Either way it will be almost the
same where the company is concerned.  The minority shareholders
would of course prefer the company to be still listed."


Headquartered in Kuala Lumpur, FA Peninsular's principal
activities are processing and trading cocoa.  Other activity
includes stock and share-broking.  Operations are carried out
mainly in Malaysia.

The company is currently listed in the Amended PN-17 list of
companies in the Bursa Malaysia Securities Bhd.

FA Peninsular Bhd's unaudited balance sheet as of Dec. 31, 2006,
went upside down with total assets of MYR15.86 million and total
liabilities of MYR22.08 million, resulting in a shareholders'
deficit of MYR6.22 million.


PROTON HOLDINGS: Abdullah Denies VW Reports Asking for 20% Stake
----------------------------------------------------------------
German carmaker Volkswagen AG has not yet made any formal
proposal regarding its interest in taking a stake in Malaysia's
state-controlled carmaker Proton Holdings, Malaysian Prime
Minister Abdullah Ahmad Badawi told Reuters.

In an earlier report, Reuters, citing a person familiar with the
situation in Frankfurt, noted that VW wants to take a 20% stake
in Proton and could increase its interest to 50% within five
years.

There's no formal request and there's no formal proposal," Mr.
Abdullah told reporters.

VW's chief executive, Martin Winterkorn, also denied the
agreement report in an interview with the Frankfurter Allgemeine
Zeitung newspaper by saying: "This has not yet been agreed, but
it could go in that direction."

According to Reuters, the idea of the planned stake purchase is
for the Malaysian Government to gradually pull out while taking
on any losses during the starting phase.

The German carmaker has long been interested in strengthening
its position in Southeast Asia, the report relates.

                      About Proton Holdings

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

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

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

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


PROTON HOLDINGS: Unit Bags MYR4 Mil. Supply Deal with Toyota
------------------------------------------------------------
Miyazu (Malaysia) Sdn Bhd, a unit of Proton Holdings Bhd, has
secured a MYR4-million contract from Toyota Auto Body Malaysia
to supply car chassis for the next three years, The Edge Daily
reports.

The contract is expected to account for 80% of the unit's
production capacity, the report adds.

At the handing over of the first blanking sheet to TABM,
Proton's manufacturing director Datuk Kamarulzaman Darus said
the contract would see the company supplying 29 auto parts to
TABM, which would be delivered four times daily on the basis of
pull system in compliance with TABM's production cycle.  The
system is expected to increase Miyazu's overall equipment
effectiveness by 15%, the news agency relates.

Mr. Kamarulzaman added that the cooperation with TABM would
benefit Proton, as it would contribute towards the group's
overall revenue as well as providing Proton and Miyazu's
employees an opportunity to enhance and upgrade their
capabilities.

In addition, Proton also aims to be a key stamping dies and
parts supplier for TABM and Toyota Group globally from its
newly-set up plant in Shah Alam, Selangor.

Miyazu Chief Operating Officer Amrizal Abdul Majid said the
company planned to implement the stamping production line in its
Tanjung Malim plant in the next fiscal year after monitoring the
performance of its Shah Alam facility.

                      About Proton Holdings

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

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

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

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


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

CBD BARS: Shareholders Agree on Voluntary Liquidation
-----------------------------------------------------
On August 20, 2007, the shareholders of CBD Bars Ltd. resolved
to voluntarily liquidate the company's business.

Paul Alexander Glass was named as liquidator.

The Liquidator can be reached at:

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


GLENBROOK GARDENS: Fixes November 2 as Last Day to File Claims
--------------------------------------------------------------

The creditors of Glenbrook Gardens Ltd. are required to file
their proofs of debt by November 2, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Vivian Judith Fatupaito
         c/o PricewaterhouseCoopers
         188 Quay Street  
         Private Bag 92162, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


GPM PERFORMANCE: Names Lawrence and McCullagh as Liquidators
------------------------------------------------------------
GPM Performance Ltd. went into liquidation on August 14, 2007,
through a special resolution passed on that day.

Stephen Mark Lawrence and Anthony John Mccullagh were named as
liquidators.

The Liquidators can be reached at:

         Stephen Mark Lawrence
         Anthony John Mccullagh
         c/o Horwath Corporate (Auckland) Limited
         PO Box 3678, Auckland 1140
         New Zealand
         Telephone:(09) 306 7421
         Facsimile:(09) 302 0536


J W FOSTER: Names Grant Bruce Reynolds as Liquidator
----------------------------------------------------
On August 21, 2007, the shareholders of J W Foster Transport
Ltd. agreed to voluntarily wind up the company's operations.

Grant Bruce Reynolds was named as liquidator.

The Liquidator can be reached at:

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


LEISUREWORLD LTD: Court Sets Wind-Up Petition Hearing on Nov. 15
----------------------------------------------------------------
A petition to have the operations of Leisureworld Ltd. will be
heard before the High Court of Auckland on November 15, 2007, at
10:00 a.m.

WHK Gosling Chapman filed the petition on July 23, 2007.

WHK Gosling's solicitor is:

         P. L. Rice
         Grove Darlow & Partners
         Tower One, Level 10
         The Shortland Centre
         51-53 Shortland Street
         Auckland
         New Zealand


ORIGON LTD: Commences Liquidation Proceedings
---------------------------------------------
On August 22, 2007, the shareholders of Origon Ltd. resolved to
liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 22,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

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


POLY-X MANUFACTURING: Court to Hear Wind-Up Petition on Oct. 8
--------------------------------------------------------------
The High Court of Rotorua will hear on October 8, 2007, at 10:45
a.m., a petition to have the operations of Poly-X Manufacturing
Ltd. wound up.

The petition was filed by the Commissioner of Inland Revenue on
April 13, 2007.

The CIR'S solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         Legal and Technical Services
         1 Bryce Street
         PO Box 432, Hamilton
         New Zealand
         Telephone:(07) 959 0373
         Facsimile:(07) 959 7614


TECH GROUP: Appoints Raymond G. Burgess as Liquidator
-----------------------------------------------------
Tech Group Ltd., which is in liquidation, requires its creditors
to file their proofs of debt by October 5, 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:

         Raymond G. Burgess
         PO Box 82100, Auckland
         New Zealand
         Telephone:(09) 576 7806
         Facsimile:(09) 576 7263


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

BANGKO SENTRAL: Feels Bullish on Country's Ability to Meet Risks
----------------------------------------------------------------
Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr.
expressed optimism on the country's ability to meet risks of
further financial volatility as its macroeconomic environment is
currently its most stable in 10 years, the Philippine Daily
Inquirer reports.

The BSP will maintain a resilient economy and set up a strong
and flexible financial system in order to deal with possible
risks, Mr. Tetangco told the Inquirer.  The strength of the peso
should reduce importation costs and ease the country's debt
burden, he added.

"What concerns us . . . is any rapidity in the peso's up moves,"
Mr. Tetangco said.  Mr. Tetangco went on to say that rapid
growth by the peso could disrupt business planning and adversely
impact specific segments of the country's economy.  The BSP had
liberalized foreign exchange transactions in order to allow the
markets greater access to foreign exchange, Mr. Tetangco added.  

"[Global] risk appetite . . . has increased [because of] yield-
seeking activity of agents who have been faced with plentiful
liquidity and generally low global interest rates," the BSP
governor explained.  Yields on emerging market issues are
substantially lower because of excess funds trying to find a
home in assets with higher yields, he added.

Mr. Tetangco also cited a potential credit crunch and investor
flight as possible challenges, the report relates.


The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is  
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


BANGKO SENTRAL: Gov't Mulls PHP40-Bil. Issue for Capitalization
---------------------------------------------------------------
The Philippine Government may issue a PHP40-billion obligational
authority in order to complete the PHP50-billion infusion into
the Bangko Sentral ng Pilipinas' capital mandated from it by the
New Central Bank Act of 1993, the Philippine Star reports.

Budget Secretary Rolando Andaya Jr. told the Star that the
Government and BSP officials are discussing how they can comply
with the remaining PHP40-billion obligation and have talked
about a possible multi-year obligational authority.

The Government might issue a single instrument for the entire
amount, Mr. Andaya revealed to the Star, and the BSP could
securitize the instrument at a discount.  "As long as [the BSP]
has that guarantee, it will not default," Mr. Andaya said.

However, the Star's sources within the BSP have indicated, the
BSP recapitalization was not included in the 2008 budget and
that it would probably take place in 2009 at the earliest, if
officials could come to an agreement.  Sources also said that
the BSP needs to amend its charter in order to prevent its
authority over problem banks from eroding from the constant
threat of legal harassment.

The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is  
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


BANGKO SENTRAL: Bank Sector Exceeds Capital Adequacy Requirement
----------------------------------------------------------------
The Philippine banking sector has exceeded the 10% capital
adequacy ratio requirement despite the stricter rules imposed by
the new Basel 2 accord, Bangko Sentral ng Pilipinas Governor
Amando M. Tetangco Jr. told the BusinessWorld Online.

During a midyear economic briefing for investors, Mr. Tetangco
said that despite the incorporation of Basel 2's elements along
with operational risks and international accounting standards,
the sector's capital position still exceeded 10%.

According to the article, the BSP traced the sector's better
ration to an increased higher qualifying capital of PHP453.3
billion, which is 4.49% or PHP19.5 billion higher compared to
the December level on a solo basis.  Capital rose 3.37% or PHP17
billion to PHP522 billion from December's PHP505 billion on a
consolidated basis, the report added.

The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is  
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


FIL-ESTATE CORP: Elects Board Members for 2007-2009
---------------------------------------------------
Fil-Estate Corp. has elected the nine members of its Board of
Directors for the fiscal year 2007-2009 during the annual
stockholders' meeting held on September 13.

These persons will now serve on the company's Board for 2007:

    * Robert John L. Sobrepena
    * Ferdinand T. Santos
    * Noel M. Carino
    * Roberto S. Roco
    * Laurito E. Serrano
    * Alice Odchigue-Bondoc
    * Rafael Perez de Tagle Jr.
    * Enrique A. Sobrepena Jr.
    * Ruben R. Payumo  (Independent)

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.


GUESS? INC: Deutsche Bank Maintains Buy Rating on Firm's Shares
---------------------------------------------------------------
Deutsche Bank Securities analyst Gabrielle Kivitz has kept her
"buy" rating on Guess? Inc's shares, Newratings.com reports.

Newratings.com relates that the target price for Guess?'s shares
was increased to US$62 from US$59.

Ms. Kivitz said in a research note that Guess? surpassed second
quarter earnings estimates as well as the consensus.

Ms. Kivitz told Newratings.com that Guess? generated 48% total
sales growth.  All its business sectors surpassed expectations.

According to Newratings.com, Guess? raised its earnings per
share guidance for this year by US$0.04 to up to US$1.84, which
is still conservative in view of the firm's strong performance
in the first six months.

The earnings per share estimates for 2007 and 2008 were
increased to US$1.92 from US$1.88 and US$2.30 from US$2.28,
respectively, Newratings.com states.

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

                       *     *     *

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


GUESS? INC: Brean Murray Holds Buy Rating on Firm's Shares
----------------------------------------------------------
Brean Murray analyst Eric M. Beder has kept his "buy" rating on
GUESS? Inc's shares, Newratings.com reports.

According to Newratings.com, the target price for Guess?'s
shares was set at US$57.

Mr. Beder said in a research note that Guess?'s reported its
second quarter 2007 results with earnings per share surpassing
estimates and the consensus.

Newratings.com notes that Guess? issued a "cautious guidance"
for the second half of this year.

Mr. Beder told Newratings.com that Guess? remains in touch with
some "key fashion trends, which should result in continued
robust results in the domestic and European" markets.

The earnings per share estimates for 2007 and 2008 were
increased to US$1.86 from US$1.81 and US$2.20 from US$2.18,
respectively, Newratings.com states.

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

                       *     *     *

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


METROPOLITAN BANK: Unit Lowers Stock Market Index Expectations
--------------------------------------------------------------
First Metro Investment Corp., the Metropolitan Bank and Trust
Co.'s investment banking subsidiary, has lowered its
expectations on the Philippine stock market index from 4,000 to
3,500 in light of economic slowdown speculations in the United
States, the Philippine Daily Inquirer reports.

However, FMIC Vice President Eduardo Banaag Jr. told the
Inquirer that the company remains bullish on the economic
fundamentals of the Philippines.

The property sector has continued to post growth, Mr. Banaag
revealed in a briefing last Wednesday.  The construction sector
has also been instrumental to economic expansion, as large
property companies announced high capital expenditures.  
Corporate balance sheets are also stronger, he added.

"We think it's sustainable [economic growth]," FMIC President
Francisco Sebastian concluded.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006 that Moody's Investors Service has revised the outlook of
Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On March 3, 2006, the TCR-AP reported that Standard and Poor's
Rating Service assigned a CCC+ rating on Metrobank's US$125-
million non-cumulative capital securities, whereas Moody's
Investors Service Rating Agency issued a B- rating on the same
capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


METROPOLITAN BANK: To Bid for Refinancing of MRT's US$865MM Loan
----------------------------------------------------------------
First Metro Investment Corp. will submit its bid this week for
the refinancing of the Manila Railway Transit Corp.'s
US$865-million loan that the government is eyeing to take over,
Forbes.com reports.

First Metro is the Metropolitan Bank and Trust Co.'s investment
arm.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service has revised the outlook of
Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On March 3, 2006, the TCR-AP reported that Standard and Poor's
Rating Service assigned a CCC+ rating on Metrobank's US$125-
million non-cumulative capital securities, whereas Moody's
Investors Service Rating Agency issued a B- rating on the same
capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


RIZAL COMMERCIAL: Plans New Branches, Remittance Centers Abroad
---------------------------------------------------------------
Rizal Commercial Banking Corp. plans to establish overseas bank
branches and add more remittance centers in the US, Canada, the
United Kingdom and the Middle East in addition to its current 17
international remittance contact points, a bank press release
says.

Aiming to reach out to all overseas Filipinos and serve their
financial services requirements beyond just remittance, RCBC
plans to establish its first batch of overseas banking branches
in the US and Europe over the next 3 years.

"Our goal is to be able to serve the banking and financial needs
of overseas Filipinos not just in terms of money transfers or
fund remittance to their beneficiaries in Philippines but also
in terms of other requirements that are Philippine based, such
as deposit accounts for themselves or their family, investments,
trust, bancassurance, as well as business and property
solutions. We want to be the overseas Filipinos Philippine bank
of choice," said Alfredo S. del Rosario, Jr., head of the bank's
Overseas Filipino Banking Group.

"A key challenge for us is to capture and serve the banking
needs of Filipinos, who we consider as the present and future
Middle Class at the point of income generation. In order to
achieve this, there is a need for us to expand our network
overseas," Mr. del Rosario added.

It is with this mission that the Overseas Filipino Banking Group
has been envisioned by the present leadership of RCBC.  It is
tasked to push for the establishment of additional overseas
branches or channels in key areas around the world where there
is significant presence of Overseas Filipino (OFW or Filipino
immigrant or both).  Necessarily part of this is the equally
important task of developing products, services and channels
that would cater to the evolving financial needs of the overseas
Filipinos.

Meanwhile, the bank is also embarking on other initiatives to
markedly improve its share in the remittance market.  It is in
the process of identifying at 6 to 8 more remittance centers in
the US to augment its present network of 9 branches operating in
California, Nevada, Illinois and Hawaii.  It is also pursuing
actively the establishment of remittance outlets in Canada and
in London.  It has also recently tied-up with the Bank of China
to serve the money transfer needs of other nationalities in
Italy.  Moreover, since the start of the year, it has added
seven new tie-ups in the Middle East to complement its 44 tie-up
network in the area.

By the last quarter of this year, the bank intends to launch a
personal loan product to serve the Hong Kong OFWs.  This
product, in the same or modified form, will eventually be made
available to other locations by next year.

                            About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

                          *     *     *

On November 2, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings has assigned a final rating of 'B-'
to Rizal Commercial Banking Corporation's hybrid issue of up to
US$100 million.  The rating action follows the receipt of final
documents conforming to information previously received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable, the TCR-AP said.

The TCR-AP reported on October 24, 2006, that Standard & Poor's
Ratings Services assigned its 'CCC' rating to Philippines' Rizal
Commercial Banking Corp's (RCBC; B/Stable/B) US$100 million non-
cumulative step-up callable perpetual capital securities.


* S&P Issues Ratings and Transfer & Convertibility Assessments
---------------------------------------------------------------
Standard and Poor's Ratings Services has issued its sovereign
ratings and transfer & convertibility assessments for the
Philippines.

S&P gave these ratings for the Philippines:

     * BB+ long-term sovereign local currency rating
     * B short-term sovereign local currency rating
     * BB- long-term sovereign foreign currency rating
     * B short-term sovereign foreign currency rating
     * Sovereign foreign currency recovery rating of 3
     * BB+ Transfer and convertibility assessment    

Outlook for all ratings is Stable.


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

AAR CORP: To Release 1st Qtr. 2008 Results on Sept. 19
------------------------------------------------------
AAR Corp. will release its financial results for its first
quarter of Fiscal Year 2008, ended August 31, 2007, before the
market opens on Wednesday, September 19, 2007.

At 10:30 a.m. CDT, AAR will hold a conference call to discuss
the results.  The conference call can be accessed by calling
866-219-5264 from inside the U.S. or 703-639-1118 from outside
the U.S.

A replay of the conference call will also be available by
calling 888-266-2081 from inside the U.S. or 703-925-2533 from
outside the U.S. (access code 1140068).  The replay will be
available from 2:30 p.m. CDT on September 19, 2007, until 11:59
p.m. CDT on September 26, 2007.

                         About AAR Corp.

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

                          *     *     *

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

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


BURKILL TECHNOLOGIES: Court to Hear Wind-Up Petition Today
----------------------------------------------------------
A petition to have the operations of Burkill Technologies (S)
Pte Ltd wound up will be heard before the High Court of
Singapore today, September 14, 2007, at 10:00 a.m.

Globell Chemical Co Pte Ltd filed the petition on August 24,
2007.

Globell Chemical's solicitor is:

         Christopher Bridges
         No. 16 Jalan Kilang Timor
         #03-03 Redhill Forum
         Singapore 159308


CHINA CIVIL: Court Releases Wind-Up Order
-----------------------------------------
On August 31, 2007, the High Court of Singapore released an
order directing the wind up of China Civil Engineering
Construction Corporation Singapore Branch's operations.

China Civil's liquidator is:

         Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CKE RESTAURANTS: Paying US$0.06 Per Share Dividends on Nov. 26
--------------------------------------------------------------
CKE Restaurants Inc.'s Board of Directors declared a third
quarter dividend of US$0.06 per share of common stock to be paid
on Nov. 26, 2007, to its stockholders of record at the close of
business on Nov. 5, 2007.  The company had 57,218,903 shares of
common stock issued and outstanding as of Sept. 7, 2007.

As of the end of its fiscal 2008 first quarter ended May 21,
2007, CKE Restaurants, Inc., through its subsidiaries, had a
total of 3,022 franchised, licensed or company-operated
restaurants in 43 states and in 13 countries, including 1,101
Carl's Jr. restaurants and 1,905 Hardee's restaurants.

Headquartered in Carpinteria, California, CKE Restaurants Inc.
(NYSE: CKR) -- http://www.ckr.com/-- through its subsidiaries,  
franchisees and licensees, operates some of the most popular
U.S. regional brands in quick-service and fast-casual dining,
including the Carl's Jr (R), Hardee's(R), Green Burrito(R) and
Red Burrito(TM) restaurant brands.  The CKE system includes more
than 3,000 locations in 43 states and in 13 countries, including
Singapore.  As of the end of its fiscal 2008 first quarter ended
May 21, 2007, through its subsidiaries, had a total of 3,022
franchised, licensed or company-operated restaurants in 43
states and in 13 countries, including 1,101 Carl's Jr.
restaurants and 1,905 Hardee's restaurants.

                       *     *     *

As reported in the Troubled Company Reporter - Asia Pacific, on
Sept. 10, 2007, Standard & Poor's Ratings Services has revised
its outlook on Carpenteria, California-based CKE Restaurants
Inc. to negative from stable.  At the same time, S&P's has
affirmed all the ratings, including the 'BB-' corporate credit
rating, on the company.


KLS INVESTMENTS: Court to Hear Wind-Up Petition Today
-----------------------------------------------------
The High Court of Singapore will hear today, September 14, 2007,
at 10:00 a.m., a petition to have the operations of KLS
Investments Pte Ltd wound up.

Sutarman Sukamto filed the petition against the company on
August 23, 2007.

Sutarman Sukamto's solicitor is:

         Rajah & Tann
         4 Battery Road #15-01
         Bank of China Building
         Singapore 049908


SCOTTISH RE: UBS Maintains Neutral Rating on Firm's Shares
----------------------------------------------------------
UBS analysts have kept their "neutral" rating on Scottish Re
Group's shares, Newratings.com reports.

Newratings.com relates that the one-year target price for
Scottish Re's shares was decreased to US$3.70 from US$5.40.

The analysts said in a research note that Scottish Re has
considerably greater exposure to the "subprime and Alt-A
mortgages relative to the life group."

The analysts told Newratings.com that 53% of Scottish Re's
equity is rated "below AA, compared to 2% of that of the life
group."  According to Fitch Ratings and the UBS Fixed Income
group, "credit losses were mostly confined to below AA rated
mortgages."

Scottish Re's operations wouldn,t have "a turnaround in the near
term," Newratings.com states, citing UBS.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.  Moody's
insurance financial strength ratings are opinions of the ability
of insurance companies to repay punctually senior policyholder
claims and obligations.


SCOTTISH RE: Clearwater Closes US$555-Mil. Financing Transaction
----------------------------------------------------------------
Scottish Re Group Ltd. said on Sept. 6 that its Clearwater Re
Ltd. closed a transaction that provides up to US$555 million of
Regulation Triple-X peak reserve financing for a minimum of 15
years.

Citibank NA and Calyon New York Branch have committed to
purchasing up to US$555 million of notes issued by Clearwater
Re.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


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

POWER-P: Jutharat Phanjamgampattana Leaves Post as Director
-----------------------------------------------------------
Jutharat Phanjamgampattana has resigned as a director and member
of the audit committee of Power-P PCL's board.

Ms. Jutharat said in her resignation letter that she is unable
to dedicate time to her company duties because of numerous
business engagements.

The company's Board of Directors will appoint Ms. Jutharat's
replacement at its next meeting.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of   
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.  

The company is currently undergoing debt restructuring.  
Moreover, the company carries the Stock Exchange of Thailand's
SP -- or suspension -- sign for its failure to submit its
financial statements as of March 31, 2007.


POWER-P: Faces Delisting After Failing to Submit Financials
-----------------------------------------------------------
The Stock Exchange of Thailand may delist Power-P PCL's
securities after failing to submit its correct financial
statements for the periods ending June 30, 2006, September 30,
2007, and for the year 2007 by the August 27, 2007 deadline.

The company has until February 25, 2008, to submit the financial
statements.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of   
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.  

The company is currently undergoing debt restructuring.  
Moreover, the company carries the Stock Exchange of Thailand's
SP -- or suspension -- sign for its failure to submit its
financial statements as of March 31, 2007.


SIAM CITY BANK: Sells Off 12.99% Holdings in Island Resort Hotel
----------------------------------------------------------------
Siam City Bank PCL has sold 5.195 million common shares in
Island Resort Hotel Co. Ltd. to Angkana Apiwattanaporn for
THB14.400 million as part of its drive to decrease investment
proportion.

The 5.195 million shares represents the bank's previous 12.99%
holding in Island Resort Hotel and has now been acquired by
Mr. Angkana.

According to a disclosure with the Stock Exchange of Thailand,
Mr. Angkana will make four monthly installment payments.

Siam City Bank Public Company Limited's --
http://www.scib.co.th/-- principal activity is the provision of  
commercial banking services which includes deposits, payments,
credit cards, consumer loans and e-banking. Other activities
include real estate development, computer consultancy and
provision of capital market services.

Operations are carried out primarily in Thailand.

The Troubled Company Reporter-Asia Pacific reported that on
October 19, 2006, that Fitch assigned these ratings to Siam City
Bank:

* Long-term foreign currency Issuer Default rating of BB;
* Short-term foreign currency rating of B;

The outlook on the ratings is Stable.


SIAM CITY BANK: 2nd Quarter 2007 Net Income Dips 52% to THB354MM
----------------------------------------------------------------
Siam City Bank PCL's consolidated net income for the second
quarter of 2007 dipped 52.3% to THB354.098 million from the
THB743.294-million net income recorded for the same period in
2006.

For the three-month period ending June 30, 2007, the bank earned
a net interest and dividend income of THB3.072 billion
comprising of THB6.081 billion in gross interest and dividend
income minus THB3.009 billion in interest expenses.  The bank
also earned a non-interest income of THB1.097 billion while
incurring non-interest expenses of THB2.560 billion.

The bank's first half net income is also 72.1% lower year-on-
year at THB558.694 million, as compared to the 2006's
THB2.008 billion.

Net interest and dividend income for the first half reached
THB6.376 billion, comprising of THB12.282 billion in gross
interest and dividend income minus THB6.376 billion in interest
expenses.  The bank's non-interest income reached THB2.535
billion for the first six months of 2007, while non-interest
expenses reached THB4.995 billion.

As of June 30, 2007, the bank's consolidated balance sheets
showed THB423.584 billion in total assets and THB386.185 billion
in total liabilities, resulting in a shareholders' equity of
THB37.398 billion.

Siam City Bank Public Company Limited's --
http://www.scib.co.th/-- principal activity is the provision of  
commercial banking services which includes deposits, payments,
credit cards, consumer loans and e-banking. Other activities
include real estate development, computer consultancy and
provision of capital market services.

Operations are carried out primarily in Thailand.

The Troubled Company Reporter-Asia Pacific reported that on
October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

* Long-term foreign currency Issuer Default rating of BB;
* Short-term foreign currency rating of B;

The outlook on the ratings is Stable.


THAI-GERMAN: 2nd Quarter 2007 Net Income Climbs to THB9.065MM
-------------------------------------------------------------
Thai-German Products PCL has reported a net income of
THB9.065 million for the quarter ended June 30, 2007, an
increase of 293% from the THB2.303 million net income reported
for the same period in 2006.

The company reported a higher second quarter revenue for 2007 at
THB442.823 million as compared to the THB384.251 million net
income in the April-June 2006 period.  With this, the company's
operating expenses rose to THB428.939 million from the
THB381.721 million reported in second quarter 2006.  Interest
expenses also rose to THB4.818 million in the quarter ended June
30, 2007, as compared to the THB225,860 in the quarter ended
June 30, 2006.

The company's first half net profit also rose 486% year-on-year
from 2006's THB3.079 million to 2007's THB18.057 million.  The
company recorded a revenue of THB1.004 billion for the first
half of 2007 as compared to the THB812.916 million for the
January-June 2007 period, while expenses rose from 2006's
THB808.568 million to this year's THB975.945 million.  Interest
expenses for the first six months of 2007 reached THB10.996
million as compared to the  

As of June 30, 2007, the company had THB1.888 billion in total
assets and THB1.740 million in total liabilities, resulting in a
THB147.907-million shareholders' equity.

                      Going Concern Doubt

After reviewing the company's financial statements for the
second quarter of 2007, Chaovana Viwatpanachati at Pitisevi &
Co. raised substantial doubt on the company's ability to
continue as a going concern.

The auditor pointed out that while the Central Bankruptcy Court
ordered the termination of the company's rehabilitation plan
because it has only its type B debts remaining unpaid.  The
company still has to comply with the plan.  The company and the
creditors are still bound by the agreements stipulated by the
plan unless the type B debts are full repaid.  Thus, the auditor
pointed out an uncertainty in the company's ability to comply
with the remaining parts of its rehabilitation plan, and thus an
uncertainty in it business operations.  The outcome of this
matter depends upon the company's ability to generate future
profitability.

                    About Thai-German Products

Thai-German Products Public Co., Ltd -- http://www.tgpro.co.th/
-- manufactures stainless steel pipe, tube, and sheet in
Thailand under the name "TGPRO" founded by Pracha Leelaprachakul
in 1973.

The company has suffered a series of capital deficits, the
widest being in 2003 with a THB5.31-billion deficit.  That and a
series of net losses and the fact that it was operating below
full production capacity, ushered the company into the REHABCO -
- Companies under Rehabilitation -- sector of the Stock Exchange
of Thailand.

In July 2006, the SET reclassified the whole sector and
categorized the company under the "non-performing group."  
Companies under the group will retain their listing status and
will be obligated to comply with the SET requirements.


* S&P Issues Ratings and Transfer & Convertibility Assessments
---------------------------------------------------------------
Standard and Poor's Ratings Services has issued its sovereign
ratings and transfer & convertibility assessments for Thailand.

S&P gave these ratings for Thailand:

     * A long-term sovereign local currency rating
     * A-1 short-term sovereign local currency rating
     * BBB+ long-term sovereign foreign currency rating
     * A-2 short-term sovereign foreign currency rating
     * A Transfer and convertibility assessment    

Outlook for all ratings is stable.


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

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

AUSTRALIA

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


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial  
   Bldg (Group) Co                672      24.47       -2.40
Bao Long Orienta               600988      15.78      -11.00
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.60
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises  
   International Ltd.            0121     316.12       -8.92
China Liaoning International
   Cooperation (Group) Ltd        638      20.46      -41.20
Chinese.Com Logi                  805      13.75      -32.30
Chongqing Int'l Enterprise  
   Investment Co               000736      19.88      -15.67
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon  
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group
   Co., Ltd.                      529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.60
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.39
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.00
Hisense Kelon Electrical  
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group  
   Co., Ltd.                   600225      52.77      -42.00
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -77.92
Hunan Hengyang                 600762      61.08      -44.00
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiaozuo Xin'an-a                  719      56.77       -6.52
Junefield Department
   Store Group Limited            758      16.80       -6.34
Lan Bao Technology
   Information Co.,Ltd            631     110.90      -79.00
Loulan Holdings Limited          8039      13.01       -1.04
Mianyang Gao Xin Industrial  
   Dev (Group)                 600139      23.90      -15.70
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     253.47      -25.00
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry  
   Stock Co.,Ltd               600381      55.85      -55.00
Regal Real Estate
   Investment Trust              1881     945.38     -234.38
Sanjiu Yigong Biopharmaceutical  
   & Chem                      000403     218.51       -3.48
Shanghai Xingye Housing  
   Co.,Ltd.                    600603      16.23      -49.40
Shanghai Worldbest  
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      39.13     -225.00
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -138.00
Shenzhen Kondarl (Group)  
   Co., Ltd.                   000048     112.05      -16.00
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92      -44.65
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Direct-A                  757     143.71      -94.30
Sichuan Langsha Holding Ltd.   600137      13.82      -62.10
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suntek Technology Co., Ltd     600728      49.03      -14.70
Suntime International
   Economic Trading            600084     359.49      -47.93
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.50
The First Investment &  
   Merchant Co,, Ltd           600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      37.76      -71.08
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.30
Core Healthcare Ltd.             CPAR     214.36     -150.72
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Ltd                 DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.00
Gujarat State Fi                  GSF     153.48     -157.00
Himachal Futuris                 HMFC     574.62      -38.70
HMT Limited                       HMT     238.05     -288.85
Hindustan Organic
   Chemicals Limited              HOC     120.31      -37.53
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson & Nic Ltd                   JN      15.41       77.32
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Phil Corporation                NPPII      22.13       -4.96
RPG Cables Ltdd                  NRPG      51.43      -20.20
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.40
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd                 SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     619.95     -111.52
UB Engineeering                   UBE      47.78       -2.77
Uniflex Cables                    UFC      17.22       -5.04


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.80
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.40


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
NIWS Co., HQ Ltd.                2731     541.08      -33.00
Orient Corporation               8585   37956.19    -1109.02
Sumiya Co., Ltd.                 9939      71.26       -1.53
Tasco System Co., Ltd            2709      48.45      -14.07
Trustex Holdings, Inc.           9374     102.84       -7.82


KOREA

BHK Inc                          3990      24.36      -17.38
BNG Steel Co., Ltd.              4560     476.66      -70.65
Daerim Corporation, Ltd.         3960     127.38      -28.08
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
DaiShin Information &
   Communication Co.            20180     740.50     -158.00
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.30
Everex Inc                      47600      23.15       -5.10
Hanshin Development &
   Power Co., Ltd.              12170      29.44      -16.11
Hyundai IT Corp.                48410     137.08      -48.10
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Jico Co., Ltd.                  10580      47.70       -6.17
Korea Cement Co., Ltd.           3660     145.94      -15.80
Korea Technology Industry
   Co., Ltd.                     8320      26.62       -1.79
KP Co., Ltd.                     9810      15.03       -3.81
Lotte Midopa Co Ltd.             4010     446.98       -1.89
Oricom Inc.                     10470      82.65      -40.04
Seji Co., Ltd                   53330      37.25       -0.31
Shenz China Bi-B               200613      18.34       -8.39
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.50


MALAYSIA

Ark Resources Bhd                 ARK       9.21      -58.16
Boustead Heavy Industries  
   Corp. Bhd                     BHIC      62.80     -116.18
FED Furniture                    FFHB      38.94       -1.10
Gefung Holdings Bhd              GFHB      21.68       -1.74
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Pan Malay Industries             PMRI     199.08       -6.30
PanGlobal Berhad                  PGL     189.92      -50.36
Paxelent Corp                    PAXE      13.16       -4.51
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.47      -69.79
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.10
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.30
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

ADV Systems Auto                  ASA      14.32       -8.54
Compact Metal Industries Ltd.     CMI      47.42      -36.50
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      20.42      -11.65
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -57.00
Central Paper Industry PCL      CPICO      40.41      -37.00
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.10
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.90
Thai-Wah PCL                      TWC      91.56      -41.24





                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***