TCRAP_Public/070918.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, September 18, 2007, Vol. 10, No. 185

                            Headlines

A U S T R A L I A

ABB FINANCIAL: Liquidator to Give Wind-Up Report on October 8
ALLCO STEEL: Members to Hear Wind-Up Report on October 8
AM HOSPITALITY: Members and Creditors to Meet on October 5
AUSTRALIAN INTEGRATED: Members and Creditors to Meet on Oct. 1
BALANCE DESIGN: Undergoes Wind-Up Proceedings

BROWN-FORMAN: Members Resolve to Liquidate Business
CHRYSLER LLC: Health Fund Remains Main Sticking Point in Talks
CHRYSLER LLC: Phil F. Murtaugh Appointed as Asia Operations CEO
CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007
COLES GROUP: Expert Says Wesfarmers Bid Undervalues Company

GRAY & MULRONEY: Undergoes Wind-Up Proceedings
JAN YEE: Placed Under Voluntary Wind-Up
NOMURA DARLING: Members to Receive Wind-Up Report on Sept. 28
SCANLINE EMPLOYEE: Members' Final Meeting Set for September 16
* Sydney Stocks Decline on Financials


C H I N A   &   H O N G  K O N G

ACTIVE ALLIANCE: Liquidator Quits Post
ASIA PREMIUM: To Cancel US$4-Mil. Bonds to Cut Long-Term Debt
BOMBARDIER INC: Supports Transport Canada Directive for Q400
CITIC PACIFIC: Expects to Gain US$3.1 Bil. On Unit's Spin-Off
DANA CORP: New Jersey Objects to Disclosure Statement

EMERGENCY RELIEF: Commences Liquidation Proceedings
EMI GROUP: Redeems Outstanding GBP325 Million Bonds
FLASH CONCEPT: Sets Final General Meeting for October 15
FORTUNEX INVESTMENT: Members to Hold Final Meeting on October 15
FULLYWELL HOLDINGS: Undergoes Wind-Up Proceedings

GALAXY DISTRIBUTION: Liquidator Quits Post
GLOBAL POWER: Court Extends Exclusivity Period to September 28
GLOBAL POWER: Disclosure Statement Hearing Set for October 9
HAINAN AIRLINES: Big Revenue Lifts First Half Profit to CNY190MM
MATTEL VENDOR: Liquidator to Give Wind-Up Report on October 15

MOMENTIVE PERFORMANCE: Taps Moyes and Yuen as Liquidators
SHINHAN FINANCE: Requires Creditors to File Claims by October 12
TAI SHING: Shareholders Resolve to Liquidate Business
TCL CORP: Plans to Invest CNY1 Bil. in Stock Market Purchases
XINHUA FINANCE: S&P Cuts Rating to B on Management Issues

XINHUA FINANCE: Calls S&P Rating Downgrade "Unmerited"
ZTE CORP: To Build Manufacturing Plant in India


I N D I A

AXIS BANK: To Venture in Overseas Retail; Ties Up w/ Rothschild
BAUSCH & LOMB: Shareholders Urged to Vote "FOR" Warburg Deal
GENERAL MOTORS: Health Fund Remains Main Sticking Point in Talks
SINGER INDIA: Shareholders OK Sale of Sahibabad Land & Building
TATA POWER: Shareholders Approve INR9.5 Dividend for FY2007

TATA TELESERVICES: To Roll Out 500 Telecom Outlets by March 2008


I N D O N E S I A

ADARO INDONESIA: May Pay Premium to Refinance US$400-Mil. Debt
BANK MANDIRI: Former Executives Found Guilty of Corruption
GARUDA INDONESIA: Says Sydney-Bali Route Expansion a Success
MOBILE-8: Moody's Affirms 'B2' Corporate Family Rating
NORTEL NETWORKS: Wins Contract From Mumbai International

TUPPERWARE BRANDS: S&P Affirms BB Corporate Credit Rating


J A P A N

CREDIA CO: Files for Bankruptcy with JPY75.8 Billion Debt
FORD MOTOR: Health Fund Remains Main Sticking Point in Talks
GAP INC: Reports US$1.2-Billion Net Sales for August 2007
INTERNATIONAL RECTIFIER: Accounting Errors Cue 10-K Filing Delay
MITSUI LIFE: Hopes To Apply Listing in Tokyo Stock Exchange

SAMSONITE CORP: Incurs US$16.8-Mil. Net Loss in 2007 Second Qtr.
SANYO ELECTRIC: Hasn't Decided to Sell Handset Business Yet
* Fitch: Corporate Bail-outs in Japan to Become More Selective
* Moody's Says Solvency Margin Changes to Impact Japan Insurers


K O R E A

CORECROSS INC: To Raise KRW17,993,902 From Stock Offering
DAEWOO ELECTRONIC: Issues Common Shares Through Public Offering
HYNIX SEMICONDUCTOR: Sees 15% Sales Increase in Greater China


M A L A Y S I A

ASPEN TECHNOLOGY: Reports Preliminary 2007 4th Quarter Results
CNLT (FAR EAST): Faces Vaaibz's Wind-Up Petition
KNOLL INC: Inks Asset Purchase Agreement with Edelman Leather
KNOLL INC: Inks Deal to Acquire Edelman for US$67 Mil. in Cash
PAN MALAYSIAN: Discloses Regularization Plan Proposals


N E W  Z E A L A N D

4SHORE DEVELOPMENTS: Appoints Parsons and Kenealy as Liquidators
CLIFTON DEVELOPMENTS: Fixes Sept. 25 as Last Day to File Claims
COMTECH GROUP: Shareholder Resolve to Liquidate Business
ENERGY HOMES: Taps Parsons and Kenealy as Liquidators
HORTSPEC WAIKATO: Appoints Parsons and Kenealy as Liquidators

MANAIA BUILDERS: Subject to CIR's Wind-Up Petition
PREPINE FORESTRY: Names Parsons and Kenealy as Liquidators
S.R. ABERCROMBIE: Names Parsons and Kenealy as Liquidators
SEALEGS CORP: Delays Rights Issue Due to Poor Market Conditions
SSS MARKETING: Faces CIR's Wind-Up Petition

TASI CO: Court to Hear Wind-Up Petition on September 27


P H I L I P P I N E S

BANGKO SENTRAL: Rising Oil Prices May Adversely Impact Inflation
BANGKO SENTRAL: PHP40BB Capitalization Would Boost Credit Rating
BANGKO SENTRAL: Infra Spending May Have Good Effect on Economy
CHIQUITA BRANDS: Eyes Higher Operating Expenses in Third Quarter
CHIQUITA BRANDS: CEO Answers DOJ's Memorandum on Colombia Unit

GLOBE TELECOM: Holds 4th Profitability Ranking in PSE Listing
PAL HOLDINGS: Sees US$1.4-Billion Expenses in PAL's Refleeting
PAL HOLDINGS: PSE Gives Rating as Fifth Most Profitable Entity
PHIL LONG DISTANCE: PSE Rates PLDT Most Profitable for 2Q 2007
SAN MIGUEL: Ranks 3rd in Profitability in PSE Quarterly Listing

SAN MIGUEL: Unit's First-Half Losses Decline 90% to HKD2.87 Mil.


S I N G A P O R E

FLEXTRONICS INT'L: Reports Solectron Stockholders' Merger Terms
MAXWAY CONSTRUCTION: Court Enters Wind-Up Order
STATS CHIPPAC: Jewler Quits as Executive VP & Chief Strategist
UCHEM REALTY: Requires Creditors to File Claims by October 15
WELLMANN ASIA: Court to Hear Wind-Up Petition on September 28


T H A I L A N D

BANGKOK RUBBER: Sells Off 12,000 Common Shares in PI Industries
BLOCKBUSTER INC: Names Two New Senior Level Executives
BLOCKBUSTER INC: Nick Shepherd to Step Down as CEO
CIRCUIT ELECTRONICS: Reduces Registered Capital to THB500 Mil.


V I E T N A M

* S&P Affirms Vietnam Sovereign Credit Ratings at BB


* BOND PRICING: For the Week 17 September to 21 September 2007

     - - - - - - - -

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

ABB FINANCIAL: Liquidator to Give Wind-Up Report on October 8
-------------------------------------------------------------
A final meeting will be held for the members of ABB Financial
Services Australia Pty Ltd on October 8, 2007, at 10:00 a.m.

Murray Smith, the company's liquidator, will give at the meeting
a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

         Murray Smith
         McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone: +61 2 9338 2600
         Web site: http://www.mcgrathnicol.com/

                       About ABB Financial

ABB Financial Services Australia Pty Limited provides
engineering services.  The company is located at Sydney, in New
South Wales, Australia.


ALLCO STEEL: Members to Hear Wind-Up Report on October 8
--------------------------------------------------------
A final meeting will be held for the members of Allco Steel
Erectors Pty Ltd on October 8, 2007, at

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

The company's liquidator is:

         Murray Smith
         McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:+61 2 9338 2600
         Web site: http://www.mcgrathnicol.com

                        About Allco Steel

Allco Steel Erectors Pty Ltd operates offices of holding
companies.  The company is located at Tomago, in New South
Wales, Australia,


AM HOSPITALITY: Members and Creditors to Meet on October 5
----------------------------------------------------------
A final meeting will be held for the members and creditors of AM
Hospitality Services Pty Ltd on October 5, 2007, at 9:30 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:

         Adam Shepard
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9223 2944

                      About AM Hospitality

AM Hospitality Services Pty Ltd provides miscellaneous personal
services.  The company is located at Yarraville, in Victoria,
Australia.


AUSTRALIAN INTEGRATED: Members and Creditors to Meet on Oct. 1
--------------------------------------------------------------
The members and creditors of Australian Integrated Suppliers Pty
Limited will meet on October 1, 2007, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robert Elliott
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                   About Australian Integrated

Australian Integrated Suppliers Pty Ltd, which is also trading
as Guven Kebab Factory, is a distributor of meats and meat
products.  The company is located at Wetherill Park, in New
South Wales, Australia.


BALANCE DESIGN: Undergoes Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on August 16, 2007, the
members of Balance Design Pty Ltd resolved to voluntarily
liquidate the company's business.

Chris Wykes was tapped as liquidator.

The Liquidator can be reached at:

         Chris Wykes
         c/o Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                      About Balance Design

Balance Design Pty Ltd provides custom computer programming
services.  The company is located at Neutral Bay, in New South
Wales, Australia.


BROWN-FORMAN: Members Resolve to Liquidate Business
---------------------------------------------------
During a general meeting held on August 16, 2007, the members of
Brown-Forman Beverages Australia Pty Ltd agreed to voluntarily
liquidate the company's business.

David Lombe and Simon Cathro were named as liquidators.

The Liquidators can be reached at:

         David Lombe
         Simon Cathro
         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                       About Brown-Forman

Brown-Forman Beverages Australia Pty Ltd --
http://www.brown-forman.com.-- is a distributor of wine and
distilled alcoholic beverages.  The company is located at
Milsons Point, in New South Wales, Australia.


CHRYSLER LLC: Health Fund Remains Main Sticking Point in Talks
--------------------------------------------------------------
Detroit's "big three" automakers and the United Auto Workers are
continuing to hammer out vital points concerning the biggest
issue in its contract negotiations -- the  creation of a
multibillion-dollar, union-controlled health care trust fund,
Jeffrey Mccracken writes for the Wall Street Journal, citing
people familiar with the matter.

According to the report, sources close to the matter claim that
the parties involved have largely come to agreement on issues
such as health care inflation and actuarial figures about the
721,000 active workers, retirees and spouses covered by the auto
makers.   The trust fund is expected to cut about US$95 billion
from the carmakers' retiree costs.

The three automakers are believed to be pushing to finance the
health care fund at no more than 70 cents on the dollar, which
would create a trust fund in excess of US$60 billion, making it
one of the largest investment funds in the country, WSJ states.

However, a huge gap remains between funding proposed by the auto
makers and the level discussed by the UAW, described as "still
well into the several-billion-dollars range" by a person
familiar with the talks, although the two have narrowed the gap
over the past week, WSJ relates.  The UAW is amenable to
creating a trust fund for retiree health-care benefits as long
as all of the parties involved can reach an agreement on funding
terms.

While the contract negotiations continue, the UAW has helped GM,
Ford and Chrysler in their respective turnaround efforts by
reducing the number of workers eligible for "jobs bank" programs
through buyout programs that have cut over 55,000 factory jobs,
Reuters reports, quoting UAW president Ron Gettelfinger.

Under the jobs bank provision, workers get paid nearly their
full salaries if they are laid off.  As part of the jobs bank,
workers can do volunteer community work or go to school or just
report to the plant, Jui Chakravorty writes for Reuters.

Mr.  Gettelfinger had earlier said that the jobs bank was "not
an issue" but after the UAW gave up union jobs, he would not go
into these talks "in a concessionary mode."  The jobs bank
benefit is part of the concerns to be discussed in the ongoing
talks, Reuters says.

                       About Chrysler LLC

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

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

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

                          *    *    *

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


CHRYSLER LLC: Phil F. Murtaugh Appointed as Asia Operations CEO
---------------------------------------------------------------
Chrysler LLC has appointed Philip Murtaugh as chief executive
officer for the company's Asia Operations.

In this role, Mr. Murtaugh will be responsible for all of
Chrysler's Asian operations, including China and India.  He will
report to Michael Manley, executive vice president for
International Sales.

"I can't think of anyone more qualified to lead our business
activities in this critical growth region," said Mr. Manley.
"Phil has a proven track record and we are excited he has joined
our team."

"Growth in international markets and leveraging partnerships are
cornerstones of the Chrysler Recovery and Transformation Plan,"
said Thomas W. LaSorda, vice-chairman and president.

Mr. Murtaugh was executive vice president of Chinese automaker
Shanghai Automotive Industry Corp.  SAIC is China's largest
automotive company with sales of 1.3 million vehicles per year.
SAIC has over 70 subsidiary companies in the automotive
business, including well-known joint ventures with General
Motors and Volkswagen.

Before joining SAIC, Mr. Murtaugh served as chairman and CEO of
the General Motors China Group from June 2000 until April 2005.
Based in Shanghai, he was responsible for the overall
coordination of GM's extensive operations in mainland China and
Taiwan.  He also was a member of GM's Asia Pacific Strategy
Board.

Mr. Murtaugh earlier served as executive vice president of
Shanghai General Motors and General Manager of GM China's
Shanghai representative office.  He was part of the negotiating
team and played a key role in the launch of Shanghai General
Motors, GM's largest venture in China.

Since joining GM in 1973 as a General Motors Institute student
with Fisher Body, Mr. Murtaugh held several positions in
production, manufacturing, die and metal stamping, and product
planning in the United States, Japan and China.  These include
director of manufacturing for GM Overseas Corporation in Japan,
executive assistant to the executive director of product
planning at Isuzu Motors and President of IBC in Luton, England.

In addition to a bachelor's degree from GMI (now Kettering
University), Mr. Murtaugh holds a master's degree in industrial
management from Stanford University.  A U.S. citizen, Murtaugh
is married with four children.

                      About Chrysler LLC

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

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

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

                          *    *    *

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


CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007
--------------------------------------------------------------
Chrysler LLC has disclosed that it will continue its low-rate
financing through Oct. 1, 2007, with a 0% APR offering for 72
months or a 0% APR offering for 60 months on select 2007 model
year vehicles.

Separately, the company will offer consumer cash and competitive
lease rates.  These different options give customers many
choices when purchasing a new Chrysler, Jeep or Dodge vehicle.

"Chrysler will extend its low-rate financing into September,
with a 0% APR offering for 72 months on select 2007 models,"
said Michael Keegan, vice president for Volume Planning and
Sales Operations.  "We will continue to focus on our great
products and the 2007 model year-end clearance while emphasizing
the new Lifetime Powertrain Warranty."

The 0% APR offering for 72 months includes the following 2007
model year vehicles: Chrysler Aspen; Chrysler Town & Country and
Dodge Grand Caravan minivans; Jeep Commander; Dodge Dakota and
the Dodge Durango.

The 0% APR on select 2007 models for 60 months includes the
following vehicles: Chrysler Pacifica; Jeep Grand Cherokee; Jeep
Liberty and the Dodge Ram 1500 Regular and Quad-Cab Pickup
Trucks.

                      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: Expert Says Wesfarmers Bid Undervalues Company
-----------------------------------------------------------
An independent expert's report has declared the Wesfarmers
Ltd.'s bid to be in the best interest of Coles Group Limited's
shareholders but also found that it wasn't in the "fair value"
range, writes Jennifer Hewett of The Australian.

Various report say that advisory firm Grant Samuel, which
examined last week's revised offer, expressed that it valued
Coles shares between AU$16.21 to AU$18.23, as compared to
Wesfarmers' cash and scrip offer worth AU$14.87 to AU$15.44 a
Coles share.

Stephen Mcmahon of the Herald Sun notes that Grant Samuel took
into account that the ownership uncertainty is damaging the
company and especially the underperforming supermarkets
division.

The Australian further writes that Mr. Allert said that his main
focus at the moment was getting the right people to run the
business on the basis that shareholders would approve the bid as
the best available offer.

Australian Shareholders Association Chairman Ian Curry expressed
to the Australian Associated Press that there was no other offer
for Coles.

AAP quotes Mr. Curry as saying, "It's not a happy situation.
What they're (the report) saying is: No on else is interested.
It's not really the value that you could attribute to the
business.  As there's nothing else, you really better take it."

However, Coles Chairman Rick Allert, in a company-issued
statement said that it will continue to recommend the offer to
shareholders in the absence of a superior offer.  Shareholders
are expected to approve the deal on November, various reports
say.

                        About Coles Group

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

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


GRAY & MULRONEY: Undergoes Wind-Up Proceedings
----------------------------------------------
During a general meeting held on August 25, 2007, the members of
Gray & Mulroney (Woollahra) Pty Limited agreed to voluntarily
liquidate the company's business.

The company's liquidator is:

         Andy Choi
         c/o A W Choi & Co Pty Limited
         Suite 53, 301 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                      About Gray & Mulroney

Gray & Mulroney (Woollahra) Pty Ltd deals with real estate
agents and managers.  The company is located at Woollahra, in
New South Wales, Australia.


JAN YEE: Placed Under Voluntary Wind-Up
---------------------------------------
During a general meeting held on August 16, 2007, the members of
Jan Yee Australia Pty Ltd resolved to voluntarily wind up the
company's operations.

Murray Campbell Smith was appointed as liquidator.

The Liquidator can be reached at:

         Murray Campbell Smith
         c/o McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2600
         Web site: http://www.mcgrathnicol.com

                          About Jan Yee

Jan Yee Australia Pty Ltd is engaged in the business of security
brokers and dealers.  The company is located at Bellevue Hill,
in New South Wales, Australia.


NOMURA DARLING: Members to Receive Wind-Up Report on Sept. 28
-------------------------------------------------------------
Nomura Darling Park Development Pty Ltd will hold a meeting for
its members on September 28, 2007, at 10:00 a.m.

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

The company's liquidators are:

         David Clement Pratt
         Timothy James Cuming
         PricewaterhouseCoopers
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia

                      About Nomura Darling

Nomura Darling Park Development Pty Ltd is involved in the
business of real estate investment trusts.  The company is
located at Sydney, in New South Wales, Australia.


SCANLINE EMPLOYEE: Members' Final Meeting Set for September 16
--------------------------------------------------------------
The members of Scanline Employee Share Plan Pty Limited will
have their final meeting on September 16, 2007, at 10:00 a.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

        Nick Plat
        PT Partners
        3 Albion Street Harris Park
        New South Wales 2150
        Australia

                     About Scanline Employee

Located at Kellyville, in New South Wales, Australia, Scanline
Employee Share Plan Pty Limited is an investor relation company.


* Sydney Stocks Decline on Financials
-------------------------------------
Australian stocks declined early Monday on financials on
concerns related to the health of the global credit markets,
reports MarketWatch.

According to the article, National Australia Bank's shares
declined 1.7%, while Commonwealth Bank stock lost 0.8%.

In Sydney, the S&P/ASX 200 index fell 0.4% to 6283, giving up
some of its gains after it rose 1.2% on Friday, notes
MarketWatch.


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

ACTIVE ALLIANCE: Liquidator Quits Post
--------------------------------------
Ho Wai Chi ceased to act as liquidator of Active Alliance
Limited on September 6, 2007.

The former Liquidator can be reached at:

         Ho Wai Chi
         Golden Centre, 20th Floor
         No. 188 Des Voeux Road Central
         Hong Kong


ASIA PREMIUM: To Cancel US$4-Mil. Bonds to Cut Long-Term Debt
-------------------------------------------------------------
Chinese marketing and ad sales firm Asia Premium Television
Group, Inc., reached an agreement with Hershop Ltd. to cancel a
total of US$4 million ATVG's convertible bonds held by Her Shop,
TMC Net reports.

In exchange, the company will issue Her Shop 596,766 shares of
the company's common stock.

Citing the company's statement, TMC Net says that the
cancellation was aimed at eliminating most of Asia Premium's
long-term debt and prevents any possibility of excess dilution
due to the convertibility of these bonds.

Asia Premium added in its statement that it is currently working
to expand its business to include mobile phone-based marketing,
and believes that a stronger financial base will provide
beneficial support for such business expansion.

Beijing-based Asia Premium Television Group was incorporated in
Nevada in 1989 and is operating in China.  The company's ASTV,
together with its subsidiaries, operates as a single segment
business and provides advertising, media and marketing solutions
to product manufacturers, service providers and other clients
located in China.

Asia Premium Television Group, Inc., provides marketing, brand
management, advertising, media planning, public relations and
direct marketing services to clients in the People's Republic of
China.  The Company's primary operating activities are
publishing advertisements as agents for clients; Media
consulting services; and Advertising production.

                       Going Concern Doubt

At Sept. 30, 2006, the company had a working capital deficiency
of US$3,470,665.  The company's management expressed substantial
doubt about the company's ability to continue as a going concern
due to liquidity problems.  However, management believes the
going concern is mitigated because of these factors:

   a) convertible notes payable in the amount of  US$4,000,000
      is included in current liabilities but the note is held by
      a significant shareholder and will be repaid by conversion
      into common stock;

   b) the Company has shown a net profit in each of the two most
      recent fiscal years and expects the trend to continue; and
      the Company has generated positive cash flows in each of
      the two most recent fiscal years and expects the trend to
      continue.


BOMBARDIER INC: Supports Transport Canada Directive for Q400
------------------------------------------------------------
Transport Canada issued an Airworthiness Directive applicable to
Bombardier Inc.'s Q400 turboprop aircraft following two recent
incidents of right main landing gear collapse.

Bombardier has been working closely with safety and regulatory
authorities to establish a proactive course of action to ensure
a high level of safety is maintained.  The AD, effective
immediately, requires the operators to implement these
corrective actions:

    * All Q400 aircraft operators must conduct a general visual
      inspection of the left and right main landing gear system
      and main landing gear retract actuator jam nut. This
      applies to all Q400 aircraft.

    * A detailed visual inspection of the main landing gear
      retract actuator be immediately conducted on actuators
      that have accumulated 8,000 or more landings, or been in
      service for more than four years since new, whichever
      comes first. Bombardier estimates that this affects
      approximately 85 Q400 aircraft.

Newer actuators will also be inspected with varying timelines
depending on the age of the actuator.

"We understand that this proactive measure will unfortunately
inconvenience many of our customers and their passengers.
However, safety remains our primary concern.  We are working
diligently with our customers to ensure the affected aircraft
return to revenue service as quickly as possible," said Steven
Ridolfi, President, Bombardier Regional Aircraft.

Bombardier has sent two separate air safety teams to the sites
of the two recent incidents to assist in the investigations
involving the Q400 aircraft operated by SAS.  The first incident
occurred at Aalborg, Denmark on Sept. 9, 2007.  The second
incident occurred on September 12, 2007 at Vilnius, Lithuania.

As a precautionary measure, Bombardier and Goodrich, the landing
gear manufacturer, recommend in an All Operator Message (AOM)
that operators of Q400 aircraft having accumulated more than
10,000 landing gear cycles (a cycle is one take-off and
landing), be grounded until an inspection of the landing gear is
carried out.

Bombardier has delivered more than 160 Q400 aircraft to airlines
around the world, of these there are currently about 60 Q400
aircraft with more than 10,000 landing gear cycles.

Transport Canada (TC) has been briefed on these recent events
and Bombardier is working with TC to establish the requirement
for further corrective actions, if required.

A Bombardier Air Safety representative has been dispatched to
the second incident site to provide assistance to the
investigating authorities. Until such time as investigations are
concluded by the relevant aviation authorities, Bombardier
cannot speculate or comment as to the cause of these incidents.

Bombardier continues to provide its support to the
investigations being conducted by the Danish and Canadian
regulatory authorities.  Until such time as investigations are
concluded by the relevant aviation authorities, Bombardier
cannot speculate or comment as to the cause of these incidents.

                         About Bombardier

Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B)
manufactures innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  Headquartered in Canada, the company also
has offices in the U.S., Northern Ireland, United Kingdom,
Germany, Switzerland, Sweden, Austria, and Australia.

                          *     *     *

As reported in the TCR-Europe on May 24, 2007, Standard & Poor's
Ratings Services revised the outlook on Montreal, Quebec-based
Bombardier Inc. to stable from negative.  At the same time, the
ratings, including the 'BB' long-term corporate credit rating on
Bombardier, were affirmed.


CITIC PACIFIC: Expects to Gain US$3.1 Bil. On Unit's Spin-Off
-------------------------------------------------------------
CITIC Pacific expects to gain US$2.1 billion to US$3.1 billion
from the proposed spin-off of its unit, Dah Chong Holdings Ltd,
if the over-allotment clause is exercised, Infocast News
reports, citing a statement from the company.

However, if the company chooses not to exercise its over-
allotment option, Citic Pacific forecasts a gain in the range of
US$1.8 billion to US$2.7 billion.

The statement obtained by the news agency from the company
revealed that the number of existing Dah Chong shares and new
Dah Chong shares subject to the global offering are tentatively
proposed to be 601.2 million existing shares and 180 million new
shares respectively.  The total of 781 million shares will be
priced at US$4.22-US$5.5 per share to raise a total of
US$3.3-US$4.3 billion.

The gross proceeds will amount to US$3.8-5.0 billion if the
over-allotment option is exercised in full.

Qualifying shareholders of CITIC Pacific will be entitled to
subscribe on an assured basis for 1 reserved share for every
whole multiple of 25 existing shares held, the report says.

Meanwhile, A pre-listing dividend US$900 million will be
declared by Dah Chong, Infocast relates.

CITIC Pacific expects that it will hold 50.1-56.6% DCH after
DCH's listing.  The audited consolidated profits attributable to
the shareholders of DCH for the three financial years ended
December 31, 2004, 2005 and 2006 were US$238 million,
US$242 million and SU$322 million respectively.

The proposed spin-off is subject to approval by the Listing
Committee of HKEx and the shareholders of CITIC Pacific.

DCH currently plans to use such net proceeds in these manners:

    -- approximately 46% will be spent over the next three years
       for expansion of motor vehicle business;

    -- approximately 23% will be spent over the next three years
       for expansion of food and consumer products trading
       business;
    -- approximately 30% will be spent over the next three years
       for expansion of logistics and food supply chain
       business; and

    -- the balance in an amount of not more than 10% of the
       aggregate proceeds as funding for general working capital
       and general corporate uses.

CITIC Pacific is expected to execute a non-competition
undertaking in favor of DCH pursuant to which CITIC Pacific will
not engage in any business that may compete with the business of
DCH, but the joint ventures between CITIC Pacific and Wal-Mart
China will not be affected.

                        About Dah Chong

DCH is one of the largest major distributors in Hong Kong and
distributes a wide range of vehicles, food commodities and
edible oil. It has presence in mainland China, Hong Kong,
Singapore, Japan and Canada.

                      About CITIC Pacific

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.


DANA CORP: New Jersey Objects to Disclosure Statement
-----------------------------------------------------
The state of New Jersey Department of Environmental Protection
tells the U.S. Bankruptcy Court for the Southern District of New
York that Dana Corp. and its debtor-affiliates' disclosure
statement explaining their Joint Plan of Reorganization failed
to mention their environmental obligations to the State and the
administrative action that the State has taken against them for
violation of environmental state laws.

Rachel Jeanne Lehr, Esq., in Trenton, New Jersey, relates that
Dana Corp., as an owner of an industrial establishment that
emitted hazardous substances, is required by the State, pursuant
to a Remediation Agreement, to establish and maintain a funding
source of $100,000 to guarantee the completion of remediation
and clean-up costs in its facility.

Dana Corp. owned and operated a facility located in the city of
Hurffville, Gloucester County, in New Jersey.

Ms. Lehr asserts that bankruptcy does not relieve the debtor of
its obligation to remediate its site of operations according to
State law and the Remediation Agreement.

                        About Dana Corp.

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  (Dana Corporation Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


EMERGENCY RELIEF: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on August 24, 2007, the
members of Emergency Relief Foundation Limited resolved to
voluntarily wind up the company's operations.

Chui Chi Yun, Robert was named as liquidator.

The Liquidator can be reached at:

         Chui Chi Yun, Robert
         China Resources Building, Room 2109
         26 Harbour Road, Wanchai
         Hong Kong


EMI GROUP: Redeems Outstanding GBP325 Million Bonds
---------------------------------------------------
EMI Group Plc redeemed all of the outstanding GBP250 million
8.25% bonds due 2008 and GBP75 million 8.25% bonds due 2008 on
Sept. 11, 2007.

The bonds were redeemed at the price set out in the company
announcement on Sept. 7, 2007.

The bonds, which are listed in the London Stock Exchange, will
be canceled and there are no further bonds outstanding.

                            About EMI

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

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

The company issued two profit warnings since January 2007.

                          *     *     *

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

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

EMI Group plc

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

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

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

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

Moody's ongoing review will now be focused on :

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

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

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

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

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


FLASH CONCEPT: Sets Final General Meeting for October 15
--------------------------------------------------------
The members of Flash Concept Limited will hold their final
general meeting on October 15, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held on the 12th Floor, No. 3 Lockhart Road,
in Wanchai, Hong Kong.


FORTUNEX INVESTMENT: Members to Hold Final Meeting on October 15
----------------------------------------------------------------
A final meeting will be held for the members of Fortunex
Investment Limited on October 15, 2007, at 10:00 a.m., at the
7th Floor of Allied Kajima Building, in 138 Gloucester Road,
Hong Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


FULLYWELL HOLDINGS: Undergoes Wind-Up Proceedings
-------------------------------------------------
Fullywell Holdings Limited went into liquidation on Sept. 10,
2007.

Lui Wan Ho and To Chi Man were named as liquidators.

The Liquidators can be reached at:

         Lui Wan Ho
         To Chi Man
         Olympia Plaza, Room 1701
         255 King's Road, North Point
         Hong Kong


GALAXY DISTRIBUTION: Liquidator Quits Post
------------------------------------------
On September 12, 2007, Cheung Hing Chik ceased to act as
liquidator of Galaxy Distribution System Limited.

The former Liquidator can be reached at:

         Cheung Hing Chik
         West Tower, Room 2506
         Shun Tak Central
         168-200 Connaught Road Central
         Hong Kong


GLOBAL POWER: Court Extends Exclusivity Period to September 28
--------------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware issued a fourth bridge order
extending Global Power Equipment Group Inc., and its debtor-
affiliates' exclusive period to file a chapter 11 plan until
Sept. 28, 2007.  Judge Shannon also extended the Debtors'
exclusive period to solicit acceptance of the plan to Nov. 27,
2007.

The Court has scheduled a hearing on September 28 to consider
further the Debtors' request to extend their exclusive periods.

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

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

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

At Sept. 30, 2005, the Debtors' balance sheet showed total
assets of US$381,131,000 and total debts of US$123,221,000.


GLOBAL POWER: Disclosure Statement Hearing Set for October 9
------------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware set a hearing at 1:00 p.m., on
Oct. 9, 2007, to consider the adequacy of the Disclosure
Statement explaining Global Power Equipment Group Inc., and its
debtor-affiliates' Joint Chapter 11 Plan of Reorganization.

The Debtors filed their plan and disclosure statement on
September 10.

The Debtors relate that their businesses will continue to be
operated in substantially their current form.  However, debtor-
affiliates The Deltak Construction Services, Inc., and Deltak,
L.L.C., will continue to wind-down their heat recovery steam
generation business segment.

Also, pursuant to certain transactions, the Debtors utilized a
centralized cash management system wherein cash received by the
operating subsidiaries is transferred to the Global Power's cash
accounts and then subsequently transferred to subsidiaries to
meet operating needs.

                         Debtor Groups

For purposes of voting on the Plan, the Debtors relates that the
estates of certain debtor-affiliates are treated as a single
estate.  The groups are:

    * GPEG Debtor Group, comprised of:

         -- Global Power Equipment Group Inc.
         -- Global Power Professional Services, L.L.C.;

    * Braden Debtor Group, comprised of:

         -- Braden Manufacturing, L.L.C.
         -- Braden Construction Services, Inc.; and

    * Williams Debtor Group, comprised of:

         -- Williams Industrial Services Group, L.L.C.
         -- Williams Industrial Services, LLC
         -- Williams Specialty Services, LLC
         -- Williams Plant Services, LLC
         -- WSServices, LP.

The Debtors however relates that Deltak Construction Services,
Inc. and Deltak, L.L.C. will not be treated as comprising one
estate.

                       Treatment of Claims

Under the Plan, Administrative Claims and Tax Claims will be
paid in full.

1. GPEG Debtor Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Holders of Subordinated Note Claims will
receive a pro rata share of the Noteholder Settlement Amount in
accordance with the Noteholder Settlement Agreement.  Claimants
under this class are expected to recover 96% of their claims.

Holders of WARN Act (Individual) Claims will receive cash equal
to their pro rata share of the WARN Act (Individual) Settlement
Amount while holders of WARN Act (Putative Class) Claims will
receive cash equal to their pro rata share of the WARN Act
(Putative Class) Settlement Amount.  Holders under these two
classes are estimated to recover 100% of their claims.

All Equity Interests in Global Power Equipment will be
cancelled.  Holders, on the Plan Distribution Date, will receive
one share of New Common Stock in New GPEG for each share of
common stock of GPEG owned; and ratable rights proportion of
rights to acquire new common stock in New GPEG in accordance
with the Rights Offering described in the Plan.  Allowed Equity
Interest in other GPEG Debtors will be fully reinstated and
retained.

2. Williams Debtor Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Equity Interest will be fully reinstated
and retained.

3. Braden Debtor Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Equity Interest will be fully reinstated
and retained.  Holders of Subordinated Note Guarantee Claims
will receive the same treatment given to GPEG Debtors.

4. Deltak Claims

Holders of Priority Claims and Secured Claims will be paid in
full.  Holders of Subordinated Note Guarantee Claims will
receive the same treatment given to GPEG Debtors.

Holders of WARN Act (Individual) Claims will receive cash equal
to their pro rata share of the WARN Act (Individual) Settlement
Amount while holders of WARN Act (Putative Class) Claims will
receive cash equal to their pro rata share of the WARN Act
(Putative Class) Settlement Amount.  Holders under these two
classes are estimated to recover 100% of their claims.

If Deltak's general unsecured creditors accept the plan, then as
determined by the Deltak Plan Administrator, they will receive a
pro rata share of:

* the Deltak Settlement Amount of US$34 million in cash;
* the Deltak Avoidance Action Recoveries; and
* the Deltak Warranty Recoveries.

If unsecured creditors reject the plan, they will instead
receive a pro rata share of the Deltak Plan Reserve.  However,
if the Deltak Plan Reserve isn't established pursuant to the
plan, then general unsecured creditors will receive a pro rata
share, in cash, of the Alternative Deltak Settlement of US$30
million.

Equity Interest in Deltak will be reinstated and retained.

5. Deltak Construction Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Equity Interest will be fully reinstated
and retained.  Holders of Subordinated Note Guarantee Claims
will receive the same treatment given to GPEG Debtors.

                        About Global Power

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

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

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

At Sept. 30, 2005, the Debtors' balance sheet showed total
assets of US$381,131,000 and total debts of US$123,221,000.


HAINAN AIRLINES: Big Revenue Lifts First Half Profit to CNY190MM
----------------------------------------------------------------
Hainan Airlines posted a CNY189.71 million (US$25.18 million)
net profit in the first half of 2007, a better-than-eightfold
increase over the CNY20.8 million earned in the year-ago period,
on a 13.1% lift in operating revenues to CNY6.53 billion, ATW
Online reports.

According to ATW, the airline credited the strong performance to
improvements in operating efficiency and "reinforcement of its
branding value," while industry analysts also cited "bullish
domestic market demands" and appreciation of the yuan.

Operating expenses rose 16.14% to CNY5.36 billion.  Passenger
boardings jumped 21.2% to 7.47 million while cargo traffic grew
15.45% to 1.14 billion FTKs, the report notes.

Concurrent with the earnings announcement, the company said that
Grand China Air Holding has decided to purchase 31.7% of HNA
subsidiary Lucky Air from another subsidiary, Shanxi Airlines.
This is in line with HNA's plan for the launch of its Grand
China Air Entity.

Earlier this year, HNA Group Chairman Cheng Feng noted that
Grand China Air Entity will merge its subsidiaries including
Hainan Airlines, Xinhua Airlines, Changan Airlines and Shanxi
Airlines to become the country's fourth-largest commercial
carrier.  HNA currently holds 60% of Xinhua, 93.75% of Shanxi
and 81.16% of Changan.

An internal source told ATW that Grand China Air Holding will
purchase the remaining outstanding shares of the carriers "very
soon."

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 31, 2005.


MATTEL VENDOR: Liquidator to Give Wind-Up Report on October 15
--------------------------------------------------------------
A final general meeting will be held for the members of Mattel
Vendor Operations China Limited on October 15, 2007, at 10:00
a.m., at the 7th Floor of Alexandra House, 18 Chater Road, in
Central, Hong Kong.

At the meeting, Philip Brendan Gilligan, the company's
liquidator, will give a report on the company's wind-up
proceeding and property disposal.


MOMENTIVE PERFORMANCE: Taps Moyes and Yuen as Liquidators
---------------------------------------------------------
Paul David Stuart Moyes and Yeung Betty Yuen were named as
liquidators of Momentive Performance Materials Holdings Limited
on September 4, 2007.

The company went into liquidation also on that day.

The company's liquidators are:

         Paul David Stuart Moyes
         Yeung Betty Yuen
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


SHINHAN FINANCE: Requires Creditors to File Claims by October 12
----------------------------------------------------------------
The creditors of Shinhan Finance Limited are required to file
their proofs of debt by October 12, 2007, to be included in the
company's dividend distribution.

The company started to liquidate its business on September 3,
2007.

The company's liquidators are:

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


TAI SHING: Shareholders Resolve to Liquidate Business
-----------------------------------------------------
At an extraordinary general meeting held on September 6, 2007,
the members of Tai Shing Lan Limited resolved to voluntarily
liquidate the company's business.

Accordingly, creditors of the company are required to submit
their proofs of claim on or before October 15, 2007, to share in
the company's dividend distribution.

The company's liquidator is:

         Chan Kwok Keung, Peter
         c/o Messrs. Peter K. K. Chan, C.P.A.
         Summit Insurance Building, Room 709, 7th Floor
         789-793 Nathan Road, Mongkok
         Kowloon


TCL CORP: Plans to Invest CNY1 Bil. in Stock Market Purchases
-------------------------------------------------------------
TCL Corp. will set aside CNY1 billion of its own fund to invest
in the stock market, mainly subscribing to initial public offers
by other companies, Infocast News says, citing a statement from
the company.

According to company's disclosure with the Shenzhen Stock
Exchange, TCL Corp. said that by purchasing new shares in IPOs,
the company could expect an average annual investment return of
15% or above, much higher than that offered by the one-year bank
deposit rate of 3.87%.

In addition, the company said that it will establish a financial
settlement center, which will take charge of the investment.

TCL currently has three major businesses: color televisions,
handsets, and PCs.  The TVS and the handsets businesses are
operated by TCL Multimedia Technology Holdings Ltd and TCL
Communication Technology Holdings Ltd, both of which are listed
in Hong Kong.

                          *     *    *

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the
manufacture of TV sets and handset products.

TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication .

Xinhua Far East China Ratings has downgraded on April 7, 2006,
the domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


XINHUA FINANCE: S&P Cuts Rating to B on Management Issues
---------------------------------------------------------
On Sept. 14, 2007, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on Xinhua Finance Ltd to
'B' from 'B+'.  The rating was removed from CreditWatch, where
it had been placed with negative implications on May 23, 2007,
following a series of senior executive departures.  The outlook
is stable.

At the same time, Standard & Poor's lowered its issue rating on
Xinhua Finance's US$100 million senior unsecured notes due 2011
to 'B' from 'B+' and removed it from CreditWatch.

"We lowered the rating on Xinhua Finance to reflect our
continued concern over the company's evolving corporate
governance issues, stabilization of the senior management team,
and the potential business impact of the negative media coverage
of the company since May 2007," said Standard & Poor's credit
analyst Bei Fu.  "We acknowledge that the successors for the
departed executives at various levels are now in place;
nevertheless, no matter how competent the new members of the
management might be, the company is unlikely to be able to
reverse the damage done and restore its franchise and earnings-
generating ability over the short term."

The company's financial results for the six months ended June
30, 2007 underperformed our expectations, particularly the
EBITDA figure, which was just US$8.5 million.  Our EBITDA
calculation does not add back US$3.3 million in non-cash
Employee Stock Ownership Plan expenses.  It also excludes other
non-operating cash income of US$2.7 million and US$4.2 million
in interest income.  Including finance leases as part of the
company's total debt--and after adjusting for the cash pledged
to secure some bank loans--Xinhua Finance's ratio of total debt
to EBITDA from July 1, 2006 to June 30, 2007 was a high 11.6x.
Its EBITDA interest coverage ratio was 1.1x for the first six
months of 2007, also weaker than our expectation.

Standard & Poor's believes that Xinhua Finance may face
challenges in achieving our original full-year forecast for
2007, despite the management's confidence that its financial
performance in the second half of 2007 will outperform the first
six months, particularly by its subsidiary Xinhua Finance Media.
In addition, the company's access to the equity capital markets
has weakened, as its stock price is close to an historical low.
It may also have difficulty in tapping the debt capital markets.


XINHUA FINANCE: Calls S&P Rating Downgrade "Unmerited"
-----------------------------------------------------
Xinhua Finance Limited, China's premier financial information
and media-company, indicated on Sept. 17, 2007, its disagreement
with the rationale behind the ratings downgrade announced by
Standard & Poor's.  S&P lowered XFL's corporate credit rating to
"B" from "B+", while maintaining its stable outlook for the
Company.

In its report, S&P lowered the rating "to reflect its continued
concern about the company's evolving corporate governance
issues, stabilization of the senior management team, and the
potential business impact of the negative media coverage of the
company since May 2007".  Furthermore, S&P supports its
rationale with financial metrics that the Company believes have
been calculated in a manner that does not accurately reflect the
Company's operations.

The Company believes S&P's downgrade is not merited and remains
confident in its creditworthiness.  The Company emphasizes that
it is currently in full compliance with, and in some cases
exceeds, the corporate governance requirements of the Tokyo
Stock Exchange, and its subsidiary Xinhua Finance Media is in
full compliance with NASDAQ and Sarbanes-Oxley requirements.

S&P also expressed concern over recent senior management changes
at the Company.  Since June 2007, there have been two departures
of senior management at the Company, XFL CFO, Gordon Lau and XFL
Investor Relations Managing Director, Sun Jiong.  Neither of
these management changes has compromised the Company's earnings-
generating ability as suggested by S&P since these roles do not
have direct impact on earnings-generation.  Senior management
overseeing operations such as CEO and Founder, Fredy Bush, COO,
Daniel Connell, and President, Jae Lie, have been with the
Company for many years.

Moreover, the Company has had in place an effective succession
planning process for changes in senior management.  Current XFL
CFO David Wang worked alongside Gordon Lau for more than six
months before the departure to ensure a smooth transition.
Current Investor Relations Director Jennifer Chan Lyman has been
at the Company for more than three years, worked with Sun Jiong
for over a year and continues to manage the Company's global
investor relations program.

XFL CEO Ms. Fredy Bush said, "We understand the ratings agencies
are under enormous pressure at this time given the sub prime
debt situation.  However, it does not merit unduly punishing
companies with subjective rather than objective criteria, based
on innuendo rather than concrete examples.  The Company is in
full compliance with all relevant regulations, and the executive
management team is strong and producing better returns than the
Company forecasted going into this year, notwithstanding the
misleading and inaccurate news articles."

With regard to the financial metrics cited by S&P, the Company
believes that the calculations behind the 11.6x of total debt to
EBITDA ratio from July 1, 2006 to June 30, 2007 and the 1.1x
EBITDA interest coverage ratio of for the first six months of
2007 do not reflect the true financial condition of the Company.
S&P provides their methods for calculating EBITDA and total debt
in their report.  For first half 2007 EBITDA, S&P excludes
US$3.3 million in non-cash Employee Stock Ownership Plan
expenses, non-operating cash income of US$2.7 million and US$4.2
million in interest income.  These cash-related items reflect
the ability of the Company to service its long term liabilities.
Including the items, the Company's first half 2007 EBITDA would
be US$18.7 million and trailing twelve month EBITDA would be
US$30.8 million.  As clarified in their report, S&P's total debt
for the company includes finance leases of US$117.3 million
arising from XFMedia's operating agreements and license
agreements.  Excluding these finance leases, the Company's total
debt would be US$$106.9 million rather than US$224.2 million.
Based on the above, ratio of total debt (including finance
leases) to EBITDA from July 1, 2006 to June 30, 2007 is 7.3x and
ratio of total debt (excluding finance leases) to EBITDA is
3.5x.  The EBITDA to interest coverage ratio 2.4x for the first
six months of 2007.

The Company believes that these ratios better reflect its true
financial condition and debt-servicing capability.

Lastly, even using S&P's total debt figure of US$224 million,
the Company's net debt figure is at US$28 million, based on
total debt of US$224 million (which includes finance leases),
less consolidated cash on hand of US$156 million and less US$40
million in short-term note investments that mature in late
October 2007.

Ms. Bush added, "Our business remains strong.  We continue to
leverage the Company's unique position in China to pursue growth
opportunities and increase shareholder value."


ZTE CORP: To Build Manufacturing Plant in India
-----------------------------------------------
ZTE Corp is now in the process of finalizing plans to set up a
manufacturing base in India and make it a hub for regional
markets, India's Economic Times reports.

According to the report, India has now become the second largest
market for ZTE and accounts for a third of the company's handset
sales by volume after China.  ZTE's revenues from India in 2006
was about US$600 million and the company is confident that this
will increase to over US$1 billion for the current fiscal.

Based on ZTE's pan to build a regional hub, the company will
export handsets from its India center to other South East Asian
countries on the likes of other handset makers such as Nokia,
Motorola and LG, the newspaper relates.

ZTE's announcement comes just weeks after Nokia also revealed
that India had overtaken the U.S. and the U.K. in the second
quarter to become its second biggest market by volumes after
China, the report adds.

"ZTE's s target is to produce 30 million handsets this year and
it hopes to ship over 10 million of these to India.  In 2006,
the company produced about 15 million handsets and shipped about
6 million of it to India," company handset systems senior vice-
president, He Shiyou, told ET.  According to He Shiyou, though
ZTE's repair and maintenance facility near Gurgaon was already
undertaking handset assembly on a limited scale, the company was
watching market developments closely and studying component
suppliers to set up a full-fledged plant in another part of the
country.

Earlier this year, Vodafone had entered into a global deal with
ZTE for low-cost bundled handsets.  ZTE executives confirmed
that as per the deal, Vodafone Essar would be providing a wide
array of their low cost handsets to its Indian subscribers, EE
Times says.

While ZTE currently runs an R&D centre in India for developing
value added services, the company at the same time, is also open
to a tie-up with a local partner to undertake research and
development in other sectors such as broadband and internet
protocol TV, the report notes.

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

The group operates both in the domestic and international
market.

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


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

AXIS BANK: To Venture in Overseas Retail; Ties Up w/ Rothschild
---------------------------------------------------------------
Axis Bank Ltd, formerly known as UTI Bank Limited, is planning
to venture into retail banking operations abroad, media reports
say.

According to The Economic Times, the bank will start off with
offering wealth management for non-resident Indians.

To offer the wealth management services, Axis Bank has tied up
with Banque Privee Edmond de Rothschild Europe.  Pursuant to a
deal signed in Luxembourgh, Rothschild will give its expertise
in wealth management while Axis will take care of customer
relations.  "Wealth management is an area of focus for Axis,"
the Business Standard says.

"As we have embarked on creating an international franchise for
the bank, a key aspect of our international strategy is to focus
on financial advisory services and wealth management solutions
for overseas Indians," BS quotes PJ Nayak, chairman and chief
executive officer, of Axis Bank.

Part of the Geneva-based LCF Rothschild Group, Banque Privie
Edmond de Rothschild Europe is Luxembourg's largest Swiss bank,
The Times notes.  The Group is currently present in over 19
countries with over 30 offices.

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations. The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

                          *     *      *

The bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which rating was placed on
July 1, 2005.


BAUSCH & LOMB: Shareholders Urged to Vote "FOR" Warburg Deal
------------------------------------------------------------
Bausch & Lomb said Friday that four leading independent U.S.
proxy advisory firms, Institutional Shareholder Services, Egan-
Jones Proxy Services, Glass Lewis & Co. and PROXY Governance
Inc., have each recommended that Bausch & Lomb shareholders vote
"FOR" the proposed transaction with affiliates of Warburg Pincus
at Bausch & Lomb's Sept. 21, 2007, special meeting of
shareholders.

On May 16, 2007, Bausch & Lomb entered into a definitive merger
agreement whereby affiliates of Warburg Pincus will acquire
Bausch & Lomb for US$65.00 in cash for each Bausch & Lomb share,
representing a total purchase price of approximately
US$4.5 billion, including approximately US$830 million of debt.

"The recommendations of four leading independent proxy advisory
firms confirm our Board of Directors' unanimous view that the
transaction with Warburg Pincus delivers significant cash value
and is in the best interests of Bausch & Lomb and all of our
shareholders," said Ronald L. Zarrella, chairman and CEO of
Bausch & Lomb.  "We urge all Bausch & Lomb shareholders to vote
"FOR' the proposed transaction with Warburg Pincus today so that
their votes can be counted at the Company's upcoming special
meeting."

In its analysis, ISS stated*:

". . . given that the Warburg Pincus buyout offer provides
certainty of value to current shareholders, we believe that the
merger agreement warrants shareholder support."

In its analysis, Egan-Jones stated*:

". . . Egan Jones views the proposed merger agreement as a
desirable approach in maximizing stockholder value. . .we believe
that the merger agreement is in the best interests of the
company and its stockholders and its advantages and
opportunities outweigh the risks associated to the transaction."

In its analysis, Glass Lewis stated*:

"During the [go-shop] period, the Company's advisors contacted
multiple financial and strategic parties. . . .  The proposed
agreement offers shareholders a valuation that is, on balance,
in line with the valuations presented by the special committee's
financial advisor."

In its analysis, PROXY Governance stated*:

". . . the premium appears reasonable in light of the company's
historic trading price and is supported by the available equity
analyst opinions.  Moreover, based on the board's reasoning and
the opinion of several equity analyst reports, we believe that
shareholders are better off with Warburg's all cash merger
consideration than they would have been with a competing
stock/cash offer from AMO."

Shareholders who have questions or need any assistance in
submitting their proxy or voting their shares should contact
Bausch & Lomb's proxy solicitor, MacKenzie Partners Inc., toll-
free at 1-800-322-2885 or through e-mail at
proxy@mackenziepartners.com.

The special meeting will be held on Sept. 21, 2007, at 10:00
a.m. local time at the Clarion Riverside Hotel, located at 120
East Main Street, in Rochester, N.Y. Shareholders of record as
of August 10, 2007, are entitled to vote at the special meeting.

* Permission to use quotations was neither sought nor obtained.

                       About Bausch & Lomb

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: Health Fund Remains Main Sticking Point in Talks
----------------------------------------------------------------
Detroit's "big three" automakers and the United Auto Workers are
continuing to hammer out vital points concerning the biggest
issue in its contract negotiations -- the  creation of a
multibillion-dollar, union-controlled health care trust fund,
Jeffrey Mccracken writes for the Wall Street Journal, citing
people familiar with the matter.

According to the report, sources close to the matter claim that
the parties involved have largely come to agreement on issues
such as health care inflation and actuarial figures about the
721,000 active workers, retirees and spouses covered by the auto
makers.   The trust fund is expected to cut about US$95 billion
from the carmakers' retiree costs.

The three automakers are believed to be pushing to finance the
health care fund at no more than 70 cents on the dollar, which
would create a trust fund in excess of US$60 billion, making it
one of the largest investment funds in the country, WSJ states.

However, a huge gap remains between funding proposed by the auto
makers and the level discussed by the UAW, described as "still
well into the several-billion-dollars range" by a person
familiar with the talks, although the two have narrowed the gap
over the past week, WSJ relates.  The UAW is amenable to
creating a trust fund for retiree health-care benefits as long
as all of the parties involved can reach an agreement on funding
terms.

While the contract negotiations continue, the UAW has helped GM,
Ford and Chrysler in their respective turnaround efforts by
reducing the number of workers eligible for "jobs bank" programs
through buyout programs that have cut over 55,000 factory jobs,
Reuters reports, quoting UAW president Ron Gettelfinger.

Under the jobs bank provision, workers get paid nearly their
full salaries if they are laid off.  As part of the jobs bank,
workers can do volunteer community work or go to school or just
report to the plant, Jui Chakravorty writes for Reuters.

Mr.  Gettelfinger had earlier said that the jobs bank was "not
an issue" but after the UAW gave up union jobs, he would not go
into these talks "in a concessionary mode."  The jobs bank
benefit is part of the concerns to be discussed in the ongoing
talks, Reuters says.

                      About General Motors

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

                          *     *     *

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

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


SINGER INDIA: Shareholders OK Sale of Sahibabad Land & Building
---------------------------------------------------------------
Singer India Ltd's members, at their annual general meeting on
Aug. 29, 2007, have agreed to the sale of land & building of the
company's Sahibabad factory for which an agreement for sale was
entered into in March 2004 and possession handed over in March
2005, a regulatory filing with the Bombay Stock Exchange says.

During the meeting, the shareholders also accorded to the:

   -- adoption of the company's audited accounts for the year
      April 1, 2006, to March 31, 2007, and the auditors' report
      and directors' report on the accounts;

   -- appointment of Theo Noel Renard, Phillip Watson and Deepak
      Sabharwal as directors liable to retire by rotation; and

   -- appointment of M/s. Ray & Ray, Chartered Accountants, New
      Delhi, as auditors for the financial year 2007 to hold
      office until the conclusion of the next AGM.

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

Singer India has been declared sick by the Board for Industrial
and Financial Reconstruction constituted under Sick Industrial
Companies (Special Provision) Act, 1985.  The company has filed
the restructuring plan for its revival.  Its factory at Jammu
continues to be under lay off since April 6, 2005.


TATA POWER: Shareholders Approve INR9.5 Dividend for FY2007
-----------------------------------------------------------
The shareholders of Tata Power Company Ltd, at the company's
88th annual general meeting, has agreed to the declaration of a
dividend of INR9.50 per share on the equity shares for the year
ended March 31, 2007, the company informed the Bombay Stock
Exchange in a regulatory filing.

During the meeting, the shareholders also approved the
reappointments of:

   -- Deloitte Haskins & Sells, Chartered Accountants, as
      auditors; and

   -- Hoda Vasi Chowdhury & Co., Bangladesh, as branch auditors.

The two firms started to hold office from the conclusion of the
meeting until the conclusion of next AGM.

At the meeting, the R. K. Misra and A. J. Engineer were
reappointed while N. H. Mirza and P. R. Menon were appointed as
directors.

Mr. Menon was also named as the managing director for the period
from Oct. 16, 2006, to January 31, 2011.

Two top executives resigned from their post:

   1. G. F. Grove-White, relinquished his post as executive
      director and chief operating officer effective close of
      business on July 20, 2007.

   2. Anil Kumar Sardana resigned as executive director
      effective Aug. 2, 2007.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Moody's Investors Service, on July 3, 2007, downgraded the
corporate family rating of Tata Power Company to Ba3 from Ba1.
At the same time, Moody's has downgraded its senior unsecured
bond rating to B1 from Ba2.  The ratings outlook is negative.

On May 9, 2007, Standard & Poor's Ratings Services placed its
'BB+' long-term foreign and local currency corporate credit
ratings on Tata Power Co. Ltd. on CreditWatch with negative
implications reflecting significantly greater concerns on the
company's debt and on its exposure to higher project completion,
stabilization, and counterparty risks.


TATA TELESERVICES: To Roll Out 500 Telecom Outlets by March 2008
----------------------------------------------------------------
To strengthen its presence, Tata Teleservices (Maharashtra)
Limited plans to set up a pan-Indian network of 500 retail
telecom outlets by March 2008, Zee News reports citing an
unnamed company source.  No figure on the planned investment,
however, was disclosed.

The company is confident up with the plan with the recent growth
in the economy.

According to Zee News' source, the outlets will offer consumers
a wide range of mobile phones, and a host of services like bill
collection and bill payment.

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

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


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

ADARO INDONESIA: May Pay Premium to Refinance US$400-Mil. Debt
--------------------------------------------------------------
PT Adaro Indonesia may have to pay a premium to refinance
US$400 million of debt that's restricting expansion and a share
sale, Bloomberg News reports, citing two unnamed sources.

According to the report, the company has asked banks to submit
plans for borrowing as much as US$700 million.

Edwin Soeryadjaya, who leads the group controlling the Jakarta-
based firm, told Bloomberg that Adaro needs to redeem the debt,
which carries terms hindering an initial public offering and
investment in production.

The report recounts that Adaro's 8.5% bonds maturing in 2010
were sold two years ago with terms that restrict the company's
expansion.

Arthur Lau, who helps manage JF Asset Management Ltd., said that
if Adaro is going to refinance in U.S. dollars, it will be a
tough sale, Bloomberg relates.

                     About PT Adaro Indonesia

Headquartered in Indonesia, PT Adaro Indonesia
-- http://www.adaro-envirocoal.com-- operates one of the
world's largest sub-bituminous coalmines in Kalimantan,
Indonesia.  The company operates under a Coal Cooperation
Agreement with the Government of Indonesia, which gives it the
right to mine coal within its agreement area in the Tanjung
district of South Kalimantan Province until the year 2022 with
rights to extend by mutual agreement.  There are four deposits
within the Agreement Area, which contain total coal resources of
approximately 3.0 billion tones of open cut coal characterized
by extremely thick seams of up to 50 meters with relatively low
overburden.

The coal is exceptionally clean with 0.1% sulphur, 1.2% ash and
low nitrogen and has been trademarked internationally as
Envirocool.  Production commenced in 1991 and has increased
steadily since that time with sales to both export and domestic
markets reaching 25 million tonnes in 2004 making  Indonesia's
largest coal producer.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on PT Adaro Indonesia.  The outlook is
stable.

At the same time, Standard & Poor's affirmed its 'B+' rating on
the senior secured notes issued by Adaro's wholly owned
subsidiary, Adaro Finance B.V.  The issue is unconditionally and
irrevocably guaranteed by Adaro, and its related company, PT
Indonesia Bulk Terminal.  Adaro had total assets or
US$1.4 billion at March 31, 2006.  It is the largest single-mine
coal producer in Indonesia, with capacity of 38 million tons per
year in 2006 and reserves of at least 14 years.

Moody's Investors Service, on May 19, 2006, affirmed the Ba3
local currency corporate family rating for PT Adaro Indonesia
and the Ba3 foreign currency rating for Adaro Finance B.V.  The
outlook for the ratings remains stable.

Moody's says that the upgrade of Indonesia's foreign currency
sovereign rating to B1 from B2 does not have any impact on
Adaro's ratings.


BANK MANDIRI: Former Executives Found Guilty of Corruption
----------------------------------------------------------
PT Bank Mandiri's three former executives -- Managing Director
E.C.W. Neloe, Risk Management I Director I Wayan Pugeg and
Corporate Banking Director M. Sholeh Tasripan -- were sentenced
by the Supreme Court to 10 years in prison for corruption, media
reports say.

According to Tempo Interactive, aside from the jail sentence,
the former executives were also fined IDR50 million each.
Reuters, however, says that the fine imposed is IDR500 million
each.

Prosecutors launched an investigation into Mandiri after the
State Audit Agency reported in March 2005 that the bank had more
than US$210 million of problem loans, Reuters relates.  The
three former executives stood trial in October 2005 charged with
causing losses to the state of US$18.5 million as a result of
lending to property firm PT Cipta Graha Nusantara, the agency
adds.

The South Jakarta District Court, on Feb. 20, 2006, however,
decided that the element of each person breaking the law and
obtaining wealth for oneself or a corporation has been found but
the element of the state's loss was not found, Tempo relates.

Reuters recounts that the South Jakarta District Court last year
acquitted the three bankers.  They had then sought to clear
their names, while the state had appealed the acquittal.

The Supreme Court ruling annulled the District Court decision.

A lawyer for the three said that he would apply for a judicial
review of the case if his clients asked for it, adding that it
was a super-quick execution and he was shocked with the ruling,
Reuters adds.
                       About Bank Mandiri

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

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

The detailed ratings are:

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

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

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


GARUDA INDONESIA: Says Sydney-Bali Route Expansion a Success
------------------------------------------------------------
PT Garuda Indonesia's expanding flight schedules from Sydney to
Bali have been a resounding success, with the additional Sydney
flight achieving average load factors of 90%, and Perth and
Melbourne also reporting surging demand, a company press release
states.

The new GA717 Wednesday flight from Sydney, launched on June 20,
added another 3,000 seats to the Sydney-Bali route up to the end
of August.  However, even with this additional capacity, demand
has been high for both Economy and Executive Class.

"Perth has been an outstanding performer too." says the
airline's Regional General Manager, Southwest Pacific, Mr.
Suranto Yitnopawiro.  "Our Perth services - expanded this year
to include direct Jakarta flights - are encountering extremely
high demand, and agents and consumers alike have learned that
early booking is essential.  This is quite different to the past
trend towards last-minute booking."

Victorian demand is also high with forward bookings from
Melbourne to Bali already showing load factors in the high
eighty percentile range.

The airline's high seat load factors reflect the expanding
Australian market to Bali where visitor numbers have grown more
than 50% in the first half of this year from 52,574 to 85,860.

"In addition to the growing Australian market, our Victorian
Sales Manager has just returned from a famil with 16 agents who
were amazed at the number of Europeans and Asians holidaying in
Bali.  It certainly changed their perspective - and showed how
different reality is from the picture often presented in the
general media."

Bali is now Australia's fourth most popular holiday destination,
behind only New Zealand, Thailand and the USA.  Its share of the
total Australian holiday market has grown by 44.5 per cent over
the most recent half year.  Garuda Indonesia has the greatest
number of non-stop flights to Bali, serving Sydney, Melbourne,
Perth and Darwin.

                    About Garuda Indonesia

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.


MOBILE-8: Moody's Affirms 'B2' Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of PT Mobile-8 Telecom Tbk.  At the same time, Moody's
has affirmed the B2 rating for the US$100m senior unsecured
11.25% bond due 2013 issued by Mobile-8 Telecom Finance Company
BV and guaranteed by Mobile-8 following the completion of the
bond issuance.  Both ratings have had their provisional status
removed. The outlook on the ratings is stable.

Moody's notes that the deal was downsized to US$100 million from
the proposed US$150 million and that the tenor was shortened to
5½ years from the initially envisaged 7-years.  "The change
in terms was a function of the current uncertainty in the bond
markets and does not adversely affect the company's financial
metrics or near-term liquidity profile to any material degree,"
says Laura Acres, Moody's Vice President.

The bond proceeds will be used to refinance existing loans, the
purchase of network equipment and for general corporate
purposes.  Moody's expects that the company will have to
downsize the capex plan in the near term in line with the
reduced bond issue and that to fund any additional capex it will
need to return to the debt or equity markets.

                      About Mobile-8 Telecom

Headquartered in Jakarta, Indonesia, PT Mobile-8 Telecom Tbk is
a part of Bimantara Group.  Established in 2002 and commercially
launched in 2003 is the fourth largest mobile cellular operator
in the country.  Its product is Fren, which offers pre-paid and
post-paid billing services.  The Company's other products and
services include Fren Prabayar, Fren Pascabayar, FrenSLI 01068,
Layanan, Value Added Services, Fren RingGo, TV MOBI and Fren
Mobile Internet.  Its subsidiaries, which provide mobile
cellular network services, are PT Komunikasi Selular Indonesia,
PT Metro Selular Nusantara and PT Telekomindo Selular Raya. As
of May 31, 2007, the three subsidiaries have been merged into
the Company.


NORTEL NETWORKS: Wins Contract From Mumbai International
--------------------------------------------------------
Mumbai International Airport Private Limited has chosen Nortel
Networks to build one of the most extensive and comprehensive IP
communications networks ever deployed by an international
airport in India.

Mumbai's Chhatrapati Shivaji International Airport, managed by
MIAL, plans to consolidate the majority of its data, telephony
and video systems onto a converged wired and wireless IP-based
network, powered by Nortel Enterprise Solutions and its
innovative Metro Ethernet-based Provider Backbone Bridging and
Provider Backbone Transport technologies.  As a long term
technology partner to MIAL, Tata Consultancy Services will
provide systems integration for the converged triple-play
communications upgrade project.

A joint venture between the GVK-SA consortium and Airports
Authority of India, MIAL was awarded a 30-year contract to
modernize, operate and maintain CSIA in April 2006.  When
completed, the new wired and wireless infrastructure will
provide network coverage throughout the airport terminal
buildings and outside maintenance areas.  Passengers, airline
staff, retailers, security and airport operations employees will
benefit from a variety of airport-wide WiFi and VoIP services.

A key element of the new infrastructure is a 10G DWDM fiber-
optic backbone designed by Nortel to cost-effectively leverage
optical networking technology to enable super-fast gigabit
Ethernet and storage connectivity.  This approach is expected to
help significantly reduce capital expenses while simplifying
network management and optimization.  Nortel's Metro Ethernet-
based PBB/PBT technologies will be used to provide VPN and
point-to-point Ethernet transport services for the airlines. PBT
is a Nortel innovation that marries carrier-grade reliability
and ease of management with the simplicity and cost-
effectiveness of Ethernet to provide a high-bandwidth network
with great efficiency and control.

Airport operations and customer service personnel will be
enabled to experience increased productivity by leveraging
unified communications capabilities such as SIP-based presence,
IM, collaboration, conferencing and messaging.  These advanced
communications services will simplify the way people connect and
communicate across the expansive airport area helping reduce
cost of operations and equipping staff to respond more quickly
to customer needs.  The solution includes the implementation of
a new emergency notification system for public safety.

"This overhaul is part of MIAL's long-term program aimed at
expanding the capacity at CSIA and making communications as
seamless as possible for anyone who visits or works at the
airport," said GV Sanjay Reddy, managing director, MIAL.  "The
state-of-the-art changes that this transformation will bring
will help raise CSIA to global standards, equipping it with
technology that meets or even exceeds what is currently present
at top airports across the world."

"The Indian aviation industry is poised for huge growth and to
support such dramatic growth, the airport infrastructure needs
to be scalable, resilient and future proof," said Ravi Chauhan,
managing director, Nortel India.  "With its depth of expertise
across optical, Ethernet and enterprise technologies, Nortel is
uniquely positioned to help airports like CSIA blend advanced
core infrastructure with the latest applications to improve and
simplify the airport experience while also providing new
revenue-generating opportunities."

"As a long term strategic technology partner for MIAL, TCS will
design, program manage and implement this state-of-the-art
network that will seamlessly integrate various stakeholders
within the airport eco-system," said S Venkatramani, India
geography head, TCS.  "This will serve as a backbone to support
MIAL's long term vision of leveraging technology for revenue
generation and benchmark it against the most efficient airports
in the world."

The CSIA network infrastructure will be based on the Nortel
Metro Ethernet Network portfolio's Optical Metro 5200 DWDM
multi-service platform and Metro Ethernet Routing Switch 8600
platform with PBB and PBT solutions.  As the first vendor to
support PBT technology, Nortel is transforming Ethernet into a
true carrier-class technology that is simpler to deploy and
supports a richer set of business connectivity and
triple/quadruple play services, wireless aggregation and
backhaul applications.

CSIA will also benefit from a comprehensive suite of Nortel's
Enterprise Solutions including Unified Communications from the
Nortel and Microsoft Innovative Communications Alliance, and
Nortel converged IP Telephony solutions including the
Communication Server 1000 new release 5.0 that further improves
service reliability, enables better security for VoIP calls, and
simplifies deployment and management.  Nortel Proactive Voice
Quality Management will provide real-time, proactive
notification and problem resolution without end-user involvement
or awareness.

From Nortel's Enterprise Data Networking portfolio, CSIA will
also benefit from Nortel's Enterprise Security, Application
Switching and VPN solutions.  The airport LAN will be powered by
Nortel's Ethernet Routing Switch 8600 platform with Nortel's
unique Split Multi-Link Trunking technology to support Secure
Always-on Networking and the airport's WiFi network will run on
Nortel's Wireless LAN solutions.  Nortel's Self Service
Portfolio will enable multimedia transaction processing.

                About Mumbai International Airport

Mumbai International Airport Pvt. Ltd. is a joint venture
between the GVK-SA consortium and Airports Authority of India.
MIAL was awarded the mandate of modernizing and upgrading
Chhatrapati Shivaji International Airport in April 2006. CSIA is
India's busiest airport, having catered to 22.2 million
passengers and 480,000 tonnes of cargo in 2006-07.  MIAL's
vision is to transform CSIA to one of the world's best airports
that consistently delights customers and be the pride of Mumbai.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                          *     *     *

On March 27, 2007, Moody's Investors Service affirmed Nortel
Networks' existing ratings, including its B3 corporate family
rating, and assigned a B3 rating to the proposed US$1 billion
convertible senior unsecured notes offering.  Proceeds of the
offering will be used to refinance a portion of the US$1.8
billion in 4.25% convertible notes due in 2008 when they become
payable at par.  Moody's said the outlook remains stable.

On March 26, 2007, Standard & Poor's Ratings Services assigned
its 'B-' debt rating to Canada-based Nortel Networks Corp.'s
proposed US$1 billion senior unsecured convertible notes, which
will consist of two tranches of USUS$500 million, maturing in
2012 and 2014, respectively.  Proceeds from the convertible
notes will be used to partially refinance NNC's US$1.8 billion
senior unsecured convertible notes due Sept. 1, 2008, and
therefore the overall debt


Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  DBRS says all trends are stable.  DBRS confirmed B (low)
Stb Senior Unsecured Notes; B (low) Stb Convertible Notes; B
(low) Stb Notes & Long-Term Senior Debt; Pfd-5 (low) Stb Class
A, Redeemable Preferred Shares; and Pfd-5 (low) Stb Class A,
Non-Cumulative Redeemable Preferred Shares.


TUPPERWARE BRANDS: S&P Affirms BB Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to Orlando, Florida-based Tupperware Brands
Corp.'s proposed US$750 million senior secured credit
facilities.  The facilities were rated 'BBB-', with a recovery
rating of '1', indicating S&P's expectation of very high (90%-
100%) recovery in the event of a payment default.  The ratings
are based on preliminary terms and are subject to review upon
final documentation.

Also, Standard & Poor's affirmed its 'BB' corporate credit
rating on the company.  The outlook is stable.

Net proceeds from the bank facilities will primarily be used to
refinance existing debt and for general corporate purposes.  The
total bank facilities will consist of a $200 million senior
secured revolving credit facility maturing in 2012 ($50 million
expected to be drawn at the close of the transaction) and a $550
million senior secured term loan A, also maturing in 2012.

"We don't expect total outstanding debt to materially increase
following the transaction," said Standard & Poor's credit nalyst
Christopher Johnson.

For the complete recovery analysis on Tupperware Brands'
proposed US$750 million financing, see Standard & Poor's
recovery report, to be published on RatingsDirect immediately
following the release of this report.

The ratings on Tupperware reflect the risks of direct-sales
distribution and the company's participation in the highly
competitive cosmetics industry.  These factors are somewhat
mitigated by Tupperware's well-known brand name and premium
product position within the mature molded-plastic storage
category, and improved product and geographic diversity as a
result of the December 2005 acquisition of the direct-selling
business of Sara Lee Corp.

Tupperware Brands Corporation -- http://www.tupperware.com/--
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.


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

CREDIA CO: Files for Bankruptcy with JPY75.8 Billion Debt
---------------------------------------------------------
Credia Co., Ltd., filed for bankruptcy protection on Sept. 14
with JPY75.8 billion in liabilities, Mariko Yasu and Finbarr
Flynn write for Bloomberg News.

According to Bloomberg, a filing with the Tokyo District Court
stated that Credia had JPY34.5 billion of short-term bank debt,
including JPY21 billion from regional banks, while long-term
bank debt was JPY22 billion, including JPY15 billion from
regional banks.

The consumer lender, which ranked 16th among Japan's consumer
lenders, said that it expects difficulty in raising capital and
repaying debt, Bloomberg relates.

Credia, in a statement to the Tokyo Stock Exchange disclosed
that its financial condition worsened rapidly after changes in
regulations and accounting rules applied to non-bank lenders,
which made it difficult to raise funds and pay debt, Mr. Yasu
and Mr. Flynn report.

Reportedly, last year, the Japanese Government moved to cap the
maximum interest consumer lenders can charge, while new
accounting standards forced them to add reserves against
possible customer demands for refunds.

Bloomberg quotes Minoru Hattori, a Tokyo-based analyst at Okasan
Securities Co., as saying, "I'm surprised by the failure of this
company.  I question what JCB is doing, letting this happen."

Credit card issuer JCB Co., the article explains, is Credia's
biggest shareholder with a 21% stake.

                         About Credia Co.

Shizuoka, Japan-based Credia Co., Ltd. --
http://www.credia.co.jp/-- is engaged in the financial service
business.  The company has operations in five divisions:
finance, credit guarantee, debt collection services, installment
purchase brokerage and credit card.  The company is also
involved in advertisement agency, information processing service
and real estate leasing businesses.

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Rating and Investment Information, Inc., has removed
Credia Co. Ltd. from its Rating Monitor and downgraded the
company's Issuer Ratings by one notch from BBB- to BB+.
The rating outlook following the review is stable.


FORD MOTOR: Health Fund Remains Main Sticking Point in Talks
------------------------------------------------------------
Detroit's "big three" automakers and the United Auto Workers are
continuing to hammer out vital points concerning the biggest
issue in its contract negotiations -- the  creation of a
multibillion-dollar, union-controlled health care trust fund,
Jeffrey Mccracken writes for the Wall Street Journal, citing
people familiar with the matter.

According to the report, sources close to the matter claim that
the parties involved have largely come to agreement on issues
such as health care inflation and actuarial figures about the
721,000 active workers, retirees and spouses covered by the auto
makers.   The trust fund is expected to cut about US$95 billion
from the carmakers' retiree costs.

The three automakers are believed to be pushing to finance the
health care fund at no more than 70 cents on the dollar, which
would create a trust fund in excess of US$60 billion, making it
one of the largest investment funds in the country, WSJ states.

However, a huge gap remains between funding proposed by the auto
makers and the level discussed by the UAW, described as "still
well into the several-billion-dollars range" by a person
familiar with the talks, although the two have narrowed the gap
over the past week, WSJ relates.  The UAW is amenable to
creating a trust fund for retiree health-care benefits as long
as all of the parties involved can reach an agreement on funding
terms.

While the contract negotiations continue, the UAW has helped GM,
Ford and Chrysler in their respective turnaround efforts by
reducing the number of workers eligible for "jobs bank" programs
through buyout programs that have cut over 55,000 factory jobs,
Reuters reports, quoting UAW president Ron Gettelfinger.

Under the jobs bank provision, workers get paid nearly their
full salaries if they are laid off.  As part of the jobs bank,
workers can do volunteer community work or go to school or just
report to the plant, Jui Chakravorty writes for Reuters.

Mr.  Gettelfinger had earlier said that the jobs bank was "not
an issue" but after the UAW gave up union jobs, he would not go
into these talks "in a concessionary mode."  The jobs bank
benefit is part of the concerns to be discussed in the ongoing
talks, Reuters says.

                      About Ford Motor Co.

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

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

                        *     *     *

As reported in the TCR-Europe on July 31, 2007, Moody's
Investors Service said that the performance of Ford Motor
Company's global automotive operations for the second quarter of
2007 was significantly stronger than the previous year and
better than street expectations.

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

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


GAP INC: Reports US$1.2-Billion Net Sales for August 2007
---------------------------------------------------------
Gap Inc. reported net sales of US$1.2 billion for the four-week
period ended Sept. 1, 2007, which represents a 4% increase
compared with net sales of US$1.15 billion for the same period
ended Aug. 26, 2006.

Due to the 53rd week in fiscal year 2006, August 2007 comparable
store sales are compared to the four-week period ended Sept. 2,
2006.  On this basis, the company's comparable store sales for
August 2007 decreased 1% compared with a 7% decrease as reported
in August 2006.

Year-to-date net sales of US$8.43 billion for the 30 weeks ended
Sept. 1, 2007, increased 2% compared with net sales of US$8.30
billion for the 30-weeks ended Aug. 26, 2006.  Due to the 53rd
week in fiscal year 2006, fiscal year 2007 year-to-date
comparable store sales are compared to the 30 week period ended
Sept. 2, 2006.

On this basis, the company's year-to-date comparable store sales
decreased 4% compared with a 7% decrease as reported in the
prior year.

Comparable store sales by division for August 2007 were:

   -- Gap North America: positive 2% versus negative 11% for
      2006;

   -- Banana Republic North America: positive 7% versus
      positive 2% for the same period in 2006;

   -- Old Navy North America: negative 4% versus negative 8%
      last year; and

   -- International: negative 7% versus flat in 2006.

"Although merchandise margins were below last year, we're
pleased with the progress we're making across our brands,"
Sabrina Simmons, executive vice president of Gap Inc. finance,
said.

                         About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2007,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer
Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes
to 'BB+' from 'BBB-'.  The Rating Outlook is Negative.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


INTERNATIONAL RECTIFIER: Accounting Errors Cue 10-K Filing Delay
----------------------------------------------------------------
International Rectifier Corporation disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that it
will be unable to timely file its Annual Report on Form 10-K for
the fiscal year ended June 30, 2007.

The company previously disclosed on April 9, 2007, that the
Audit Committee of the Board of Directors determined that the
company's financial statements for the preceding six quarters
and the fiscal year ended June 30, 2006, should no longer be
relied upon.

Additionally, on May 11, 2007, the Audit Committee has also
determined that the company's financial statements for the
quarters ended March 31, 2005 and June 30, 2005, and for the
fiscal year ended June 30, 2005 should no longer be relied upon.

These determinations were based on accounting irregularities
discovered at the company's Japan subsidiary by independent
investigators hired by outside legal counsel conducting an
investigation at the Audit Committee's request.

In addition to accounting irregularities discovered in
connection with the company's ongoing investigation, the company
has also identified issues associated with its transfer pricing
methodology and other tax issues for its fiscal years 2002
through 2007.

Review of potential tax liabilities, credits and related matters
is currently under way.  The company has not yet completed its
determination of the amount of additional tax liability, but
believes the amount of any potential tax liability is material
to income in fiscal years 2004 through 2007.

Accordingly, at a meeting on Aug. 29, 2007, the Audit Committee
concluded that, in addition to the periods specified in the
company's April 9, 2007 Current Report on Form 8-K and May 11,
2007 Current Report on Form 8-K/A, the Company's financial
statements for:

    (i) the fiscal quarters ended Sept. 30, 2003, Dec. 31, 2003,
        March 31, 2004 and June 30, 2004;

   (ii) the 2004 fiscal year ended June 30, 2004; and

  (iii) the fiscal quarters ended  September 30, 2004 and
        Dec. 31, 2004, should not be relied upon.

The Audit Committee has discussed the matters disclosed in this
filing with the company's independent registered public
accounting firm.

International Rectifier Corporation -- http://www.irf.com/--
(NYSE:IRF) is a world leader in power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.  Leading manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.  The company
has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.


MITSUI LIFE: Hopes To Apply Listing in Tokyo Stock Exchange
-----------------------------------------------------------
Mitsui Life Insurance Company Limited said it plans to apply for
the listing of its shares on the Tokyo Stock Exchange as early
as later this month, sources revealed to Jiji Press.

According to Jiji's sources, the Tokyo-based insurance firm has
expressed its hope to go public for the current business year
following its conversion from a mutual firm owned by
policyholders to a stock company in 2004.

Reportedly, Mitsui Life issued new shares worth JPY100 billion
to boost its capital base in the run-up to its planned stock
listing.

                      About Mitsui Life

Headquartered in Tokyo, Japan, Mitsui Life Insurance Company
Limited -- http://www.mitsui-seimei.co.jp-- is one of Japan's
major life insurance companies, with total assets of JPY8.1
trillion as of March 2006.

The Troubled Company Reporter - Asia Pacific reports on April
30, 2007 that Standard & Poors Ratings upgraded Mitsui Life's
long-term counterparty and financial strength rating to BB- with
a positive outlook.


SAMSONITE CORP: Incurs US$16.8-Mil. Net Loss in 2007 Second Qtr.
----------------------------------------------------------------
Samsonite Corporacion has reported revenue of US$292.9 million,
operating income of US$16.8 million and net loss to common
stockholders of US$7.0 million, or net loss of US$0.01 per
common share, for the quarter ended July 31, 2007.  These
results compare to revenue of US$257.5 million, operating income
of US$13.9 million and net loss to common stockholders of US$6.0
million, or net loss of US$0.03 per common share, for the second
quarter of the prior year.  Operating income was reduced by
charges of US$3.9 million in fiscal 2008 and US$4.9 million in
fiscal 2007 for the write-off of deferred offering costs related
to terminated secondary stock offerings which were commenced but
not completed in both years, as well as restructuring charges of
US$0.3 million in fiscal 2008 and US$1.8 million in fiscal 2007.
The restructuring charges relate to the closure of the company's
Denver, Colorado facilities and related consolidation of its
corporate functions in its Mansfield, Massachusetts office and
the planned relocation of its distribution function from the
company's Denver, Colorado facilities to Jacksonville, Florida.

Adjusted EBITDA (earnings before interest, taxes, depreciation
and amortization, as adjusted to exclude certain items of other
income and expense, minority interests, write-off of deferred
stock offering costs, restructuring charges, asset impairment
charges, stock-based compensation expense, ERP system
implementation expenses, preferred stock dividends, and to
include realized currency hedge gains and losses), a measure of
core business cash flow, was US$32.4 million for the second
quarter of the current year compared to US$30.7 million for the
second quarter of the prior year.

Chief Executive Officer, Marcello Bottoli, stated: "The company
posted a robust second quarter performance, underscoring the
continuing success of our strategy to transform Samsonite into
the world's leading travel lifestyle brand.  Sales during the
quarter increased 13.7% (10.8% on a constant currency basis),
with solid progress in each major region.  Importantly,
subsequent to the slowdown in shipments experienced in our North
American operations in the first quarter, due to the
implementation of our new ERP system in February 2007, we saw a
return to near normal shipments and store in-stock percentages
in the second quarter.  Sales in North America grew 5.6% in the
period, following an 11.0% decline in the first quarter.
Overall, I am very pleased with the Company's performance.  We
continue to strengthen our position in every market segment and
have built a solid platform for future growth.  Looking ahead,
we look forward to continuing our successful journey together
with CVC Capital Partners".

Richard Wiley, Chief Financial Officer, commented: "The company
continues to deliver increased Adjusted EBITDA, while
simultaneously achieving top line growth -- the latter driven by
growth in the Asian region, price increases and the
consolidation of new joint ventures in Asia and the U.S.,
subsequent to their acquisition in the second quarter of fiscal
2007.  Adjusted EBITDA rose 5.6% to US$32.4 million in the
second quarter, an increase of US$1.7 million over the prior
year.  Second quarter gross profit margins rose 270 basis points
year-on-year to reach 52.9%, driven by a combination of price
increases, increased sales of higher margin products and lower
fixed manufacturing and direct product costs.  The company
continues to make good progress on its working capital
efficiency, with average net working capital efficiency
improving 40 basis points over the prior year second quarter, to
15.3% of sales."

Samsonite is a leading manufacturer, marketer and distributor of
luggage and travel-related products.  The company's owned and
licensed brands, which include Samsonite, American Tourister,
Sammies, Lacoste and Timberland, are sold globally through
external retailers and 284 company-owned stores.  Net sales for
the 12-month period ended April 30, 2007 approached US$1.1
billion.  Executive offices are located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 11, 2007, Moody's Investors Service placed all ratings of
Samsonite Corporation under review for possible downgrade.

Ratings placed under review for possible downgrade are:

  -- US$80 million senior secured revolving credit facility at
     Ba3;

  -- US$450 million senior secured term loan at Ba3;

  -- Corporate Family Rating at B1; and

  -- Probability of Default rating at B2.


SANYO ELECTRIC: Hasn't Decided to Sell Handset Business Yet
-----------------------------------------------------------
Sanyo Electric Co. Ltd. denies reports that it has decided to
sell its mobile-phone production unit, as what was reported by
the Nikkei English News last week, Masaki Kondo and Hiroshi
Suzuki of Bloomberg News report.

The Troubled Company Reporter-Asia Pacific, on Sept. 17, 2007,
cited the Nikkei as having reported that Sanyo is into talks
with Kyocera Corp., which is negotiating to buy the mobile phone
handset business of the electronics manufacturer.

As per the Nikkei article, both companies aim to reach a final
agreement by autumn.

However, Sanyo spokesman Akihiko Oiwa clarified to Mr. Kondo and
Mr. Suzuki through telephone that they "haven't decided whether
to sell the handset business" and that they are "considering
every option to strengthen" its mobile-phone business.

On the other hand, Kyocera spokesman Masaaki Ito declined to
confirm or deny to the Bloomberg the rumored negotiation talks
between the two companies.

Due to the supposed negotiation talks, Sanyo's stocks rose 5.7%
to close at JPY185 on the Tokyo Stock Exchange, while Kyocera
gained 4.2% to JPY10,790, relates Bloomberg.

Osaka-based Sanyo, according to Mr. Kondo and Mr. Suzuki,
supplies phones to NTT DoCoMo Inc.,  KDDI Corp. and WIllcom Inc.

                      About Sanyo Electric

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

                          *     *     *

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


* Fitch: Corporate Bail-outs in Japan to Become More Selective
--------------------------------------------------------------
Fitch Ratings has commented that whilst corporate financial
rescues do occur in Japan, the theoretical possibility of such a
bail-out cannot be the basis for establishing a 'floor' under
Japanese corporates' ratings across the entire universe.

"The Japanese corporate environment tends to avoid large-scale
corporate failure.  Traditionally in Japan, when companies have
run into financial difficulty, corporate credit risk has often
been assumed by the main banks, the government and other parties
in a support system that has tended to protect public
bondholders.  The question then arises as to whether the
presence of this support system should be incorporated into the
credit ratings of Japanese corporate issuers," noted Satoru
Aoyama, director in Fitch's Asia-Pacific Corporate Ratings
Group.

"A bail-out will not occur unless it is in the interests of the
government, the main banks or other parties to provide financial
support.  In fact, with foreign and institutional investors now
accounting for a larger portion of share-ownership of Japanese
corporates, reflecting a gradual unwinding of traditional
corporate cross-shareholdings, the possibility of a bail-out
occurring in each restructuring case becomes lower.  This
increasing fragmentation of share ownership will tend to reduce
the probability of dominant shareholders coordinating rescue
financing packages, making it increasingly less likely that good
money will be thrown after bad.  Fitch is therefore of the view
that such bail-outs are -- and will continue to become -- an
increasingly rare phenomenon," Mr. Aoyama added.

However, in the report, titled "Japan's Insolvency Regime and
its Impact on Credit Ratings", Fitch notes instances where
support is provided by the corporate sector based primarily on
operational and strategic ties, such as in the case of
Mitsubishi Motor Company, even in the absence of a formal
parent-subsidiary relationship.  Therefore, the agency's
assessment of such linkages and possible rating support is
particularly important for Japanese corporates, given such
relationships can often be found between a company and its
affiliates and trading partners with minority stake investments,
rather than occurring only within more formal parent-subsidiary
relationships.  Additionally, Fitch notes that bail-outs are
substantially more likely to be arranged for Japan's largest
corporate issuers, with a much lower probability that support
will be provided for smaller enterprises in financial distress.

The report describes Japan's insolvency regime and its
historical development.  Also, Fitch highlights the support
system provided by government agencies, banks and other
corporates for companies in financial difficulties.  The report
concludes with an examination of how these interplaying factors
affect the agency's rating considerations for Japanese
corporates.

The publication of Fitch's report coincides with an increasing
level of leveraged buyout and capital market activity in Japan.
This has been facilitated by a number of factors including
improved macroeconomic fundamentals as well as strengthening
credit profiles of the corporate universe following the
recession in the 1990s.


* Moody's Says Solvency Margin Changes to Impact Japan Insurers
---------------------------------------------------------------
Moody's Investors Service says that clarity is finally emerging
on changes to Japan's solvency margin standards and their
implications for the country's insurance companies.

These changes would involve a two-staged revision to the ratio,
and the first revision -- when strict recognition of price
fluctuations (such as equity investment risks) is likely to be
implemented -- would have limited impacts, Moody's says in
separate reports on the implications for the Japanese life and
P&C industries.

Of greater importance will be the second revision, wherein the
solvency ratio is likely to move to an economic value-based
evaluation, according to the first report, "Solvency Margin
Revision Could Lead to Positive Credit Actions by Japanese Life
Insurers."

"This second revision could encourage life insurers to
drastically change the make-ups of their investment portfolios,
especially those whose ALM or internal risk managements lack
sophistication," says Masahiko Miwa, a Moody's Analyst and the
author of the two reports.

"A better match between a portfolio's investment and liability
characteristics would impact positively on life insurer
ratings," adds Mr. Miwa.

The second report -- "Solvency Margin Revision Could Have
Minimal Impacts on Japanese P&C Insurers" -- says that the
transition to economic value-based solvency would have minimal
impacts on the P&C industry.

"If major Japanese P&C insurers' portfolios remain unchanged, a
large part of their economic value-based risk would comprise
equity investment risk and catastrophe risk due to earthquakes
and typhoons in Japan," says Mr. Miwa.

"But insurers already measure risk much more strictly than
current regulations require.  The change in regulatory capital
would be consistent with insurers' current internal practices,
and hence minimal impacts are expected," adds Mr. Miwa.

For both life and P&C insurers, the revised solvency margin
ratios could lead to insurers disclosing more, and more
relevant, information, especially with regard to risk-based
capital situations.

This approach would allow for greater, more accurate
understanding of insurers' risk profiles.  As internal risk
profiles become more transparent, insurers would be encouraged
to further strengthen risk management, which would be positive
from a credit perspective.


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

CORECROSS INC: To Raise KRW17,993,902 From Stock Offering
---------------------------------------------------------
CoreCross Inc. will issue 784,311 common shares to raise
KRW17,993,902 through a private placement, Reuters Key
Developments reports.

According to the report, the company's par value and offer price
are KRW500 and KRW2,550, respectively.

The shares will be listed on October 9, 2007, the report adds.

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

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


DAEWOO ELECTRONIC: Issues Common Shares Through Public Offering
---------------------------------------------------------------
Daewoo Electronic Components Co. Ltd. has agreed to issue
6,000,000 common shares through a public offering to raise
KRW30,000,000,000, Reuters Key Developments reports.

According to the report, the par value and offer price are both
KRW5,000.

The listing date of the new shares is October 25, 2007, the
report 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.


HYNIX SEMICONDUCTOR: Sees 15% Sales Increase in Greater China
-------------------------------------------------------------
Hynix Semiconductor Inc. expects its 2007 sales to increase 15%
in Greater China to more than US$4 billion as rising wealth in
China boosts demand for personal computers, The Star Online
reports.

Seo Kyo-seok, president of Hynix's joint venture with
STMicroelectronics in China, told the news agency that Hynix
sees the overall memory chip market in the region expanding by
two-thirds to US$10 billion by 2010.

Sales in Greater China, consisting of China, Hong Kong and
Taiwan, account for 35% of the company's total revenue, the
report notes.

The report adds that Mr. Seo said that China, which served more
as a low-cost manufacturing base before, is now their top sales
market as well.

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

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

                          *     *     *

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

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

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

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


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

ASPEN TECHNOLOGY: Reports Preliminary 2007 4th Quarter Results
--------------------------------------------------------------
Aspen Technology Inc. has disclosed preliminary financial
results for its fiscal fourth quarter 2007 and fiscal year ended
June 30, 2007.

The company reported record license bookings during the fiscal
fourth quarter 2007, with license bookings defined as the total
net present value of all license contracts signed in the
quarter.  License bookings were US$67 million during the fiscal
fourth quarter, an increase of approximately 49% compared to
US$45 million in the fourth quarter of fiscal 2006.  The company
reported record fiscal 2007 license bookings of US$200 million,
an increase of approximately 23% from US$162 million in fiscal
2006.

The company ended the fourth quarter with US$132 million in
cash, up US$31 million from US$101 million at the end of the
prior quarter.  The increase in cash was driven primarily by
strong license bookings, which generated installments receivable
that were sold for cash during the quarter, and continued focus
on managing costs and expenses.  In addition, the company
received US$5 million of proceeds from exercises of stock
options, while it used US$2 million of cash for capital
expenditures during the fourth quarter.

Mark Fusco, Chief Executive Officer of Aspen Technology, said
"We were very pleased with the company's operating performance
in the fourth quarter, which was highlighted by robust growth in
license bookings that exceeded our expectations and the growth
of the market.  The fourth quarter capped off the most
successful annual operating performance in the history of
AspenTech, and our business was solid across each key metric
during the fourth quarter - vertical, major geography, product,
aspenONE and transactions of all sizes." Mr. Fusco added, "With
solid market demand, a differentiated value proposition and
industry leading domain expertise, we are optimistic about the
company's fundamental outlook as we begin fiscal 2008."

The company also announced that it is continuing work on the
restatement of previously issued financial statements.  The
restatement needs to be completed before the company can issue
final, complete results for its fiscal fourth quarter and year
ended June 30, 2007.

On June 11, 2007, the company has announced identified errors in
its accounting for sales of installments receivable.  The
company has reviewed thousands of installments receivable
transactions, dating back to fiscal 2003, as part of a process
to determine period-end balances for two new balance sheet
accounts, a collateral asset for secured borrowings and a
secured borrowing liability.  Based on the significant amount of
work that has been completed over the course of the past three
months, the company has updated its estimate of the balances of
these two new related balance sheet items, as follows:

-- approximately US$230 million as of June 30, 2005
-- approximately US$200 million as of June 30, 2006
-- approximately US$200 million as of June 30, 2007

Brad Miller, Chief Financial Officer of AspenTech, said "The
company's finance team and outside financial advisors have been
working diligently to complete the restatement and fiscal 2007
year-end financial statements.  We are committed to addressing
these matters as expeditiously and thoroughly as possible. While
we are completing this effort, AspenTech remains focused
on customer success and sales of our solutions into end markets
that continue to show strong demand."

                     About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has locations in
Brazil, Malaysia and France.

                          *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


CNLT (FAR EAST): Faces Vaaibz's Wind-Up Petition
-----------------------------------------------
CNLT (Far East) Bhd disclosed with the Bursa Malaysia Securities
Bhd that it is facing a wind-up petition by Vaaibz Pte Ltd over
unsettled amounts of US$1,110,515.32, calculated as at June 30,
2007.

According to the company, on March 31, 2006, it entered into an
agreement with CNLT wherein the petitioner had agreed to supply
raw materials of cotton, polyester and viscose fibers to CNLT in
amounts of USD$700,000.00 per month in 2006 and USD900,000.00
per month from 2007 until 2008 on a revolving basis.  At all
times, CNLT has no disputes with the invoices and with the
quality, quantity and the price of the goods and payment terms
of the bills issued by the petitioner.  CNLT had subsequently
defaulted on its payment of invoices issued by the petitioner.

The solicitors for the petitioner in Singapore, Navin & Co.,
had, on or about February 23, 2007, issued a written demand to
CNLT for payment of the amounts collectively due and owing by
CNLT to the petitioner totaling USD$1,468,046.97.

Subsequently, CNLT's solicitors, Messrs Skrine, had sent a
letter dated March 1, 2007, disputing the said demand made by
the petitioner's solicitors.  However, on July 9, 2007, the
petitioner received an audit verification dated July 2, 2007,
from CNLT which confirms that the balance outstanding owed by
CNLT to the petitioner as at June 30, 2007, is USD$1,110,515.32

On July 6, 2007, CNLT had confirmed that the total balance due
and outstanding by CNLT to the petitioner is USD$1,110,515.32.

Upon the petitioner's application dated August 15, 2007, the
High Court of Malaya at Seremban granted an Order on Sept. 6,
2007, that Mr. Ong Kong Lai and Mr. Wong Cham Mew be appointed
as the Provisional Liquidator of the Company pending the
disposal of the petition or until further order.

The High Court, in its order, authorized, among others, that the
provisional liquidators preserve the assets of CNLT, and, so far
only as may be necessary, to carry on the business of CNLT, for
the benefit of all the creditors of CNLT until further order.

The Provisional Liquidators are presently conducting a review of
the Company's affairs.

Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007,  as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

   (ii) The auditors of CNLT have expressed a modified opinion
        with emphasis on the Company's going concern in its
        latest audited accounts for the financial year ended
        December 31, 2005.


KNOLL INC: Inks Asset Purchase Agreement with Edelman Leather
-------------------------------------------------------------
Knoll Inc. has entered into an asset purchase agreement pursuant
to which it will acquire Teddy and Arthur Edelman, Limited,
purveyors of fine leathers to the residential, hospitality,
aviation and contract office furniture markets.

Andrew B. Cogan, Knoll Chief Executive Officer, said, "The
strategic acquisition of Edelman is consistent with our strategy
of building sales in our high design, high margin specialty
businesses, which appeal to both business buyers and consumers
worldwide.  Edelman's reputation in the design community for
unique leathers and its showroom network as well as its storied
history is highly complementary in terms of culture, customers,
markets and products.  We welcome Edelman Leather into the Knoll
fold."

John Edelman, a son of the company's founders, who will continue
to serve as President of Edelman Leather, commented, "It is a
joy to see Edelman become part of the Knoll family.  On behalf
of my parents, Teddy and Arthur, who founded the company over 25
years ago, we look forward to working with Knoll to continue to
expand our brand and presence globally."

Knoll Inc. will acquire Edelman for approximately US$67.0
million in cash, plus the assumption of debt not to exceed
US$3.7 million and certain contingent payouts based on the
future success of the business.  The company expects the
transaction to be accretive in 2008.  Consummation of the
transaction is subject to customary conditions, including
expiration or termination of the applicable Hart-Scott-Rodino
Antitrust Improvements Act waiting period, but is expected to be
completed early in the fourth quarter of 2007.

Edelman Leather will continue to operate as an independent
company and will maintain its own headquarters and distribution
center in New Milford, Connecticut.  In addition to Mr. John
Edelman continuing to serve as President of Edelman Leather,
John McPhee will continue in his role as Chief Operating
Officer.

                        About Knoll Inc.

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

                          *     *     *

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


KNOLL INC: Inks Deal to Acquire Edelman for US$67 Mil. in Cash
--------------------------------------------------------------
Knoll Inc.'s wholly-owned subsidiary entered an asset purchase
agreement pursuant to which it will acquire Teddy and Arthur
Edelman Limited for approximately US$67 million in cash, plus
the assumption of debt not to exceed US$3.7 million and certain
contingent payouts based on the future success of the business.

"The strategic acquisition of Edelman is consistent with our
strategy of building sales in our high design, high margin
specialty businesses, which appeal to both business buyers and
consumers worldwide," Andrew B. Cogan, Knoll CEO, said.

"Edelman's reputation in the design community for unique
leathers and its showroom network as well as its storied history
is highly complementary in terms of culture, customers, markets
and products," he continued.  "We welcome Edelman Leather into
the Knoll fold."

"It is a joy to see Edelman become part of the Knoll family,"
John Edelman, a son of the company's founders, commented.  "On
behalf of my parents, Teddy and Arthur, who founded the company
over 25 years ago, we look forward to working with Knoll to
continue to expand our brand and presence globally."

The company expects the transaction to be accretive in 2008.
Consummation of the transaction is subject to customary
conditions, including expiration or termination of the
applicable Hart-Scott-Rodino Antitrust Improvements Act waiting
period, but is expected to be completed early in the fourth
quarter of 2007.

Edelman Leather will continue to operate as an independent
company and will maintain its own headquarters and distribution
center.

In addition to John Edelman continuing to serve as president of
Edelman Leather, John McPhee will continue in his role as chief
operating officer.

            About Teddy and Arthur Edelman Limited

Based in New Milford, Connecticut, Teddy and Arthur Edelman
Limited - http://www.edelmanleather.com/-- is a purveyor of
fine leathers to the residential, hospitality, aviation and
contract office furniture markets.

                        About Knoll Inc.

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

                          *     *     *

Moody's Investors Service assigned a B1 corporate family rating
to Knoll Inc.  At the same time, the company's $200 million
senior secured revolver was rated B1 and its $250 million senior
secured term loan was rated Ba2.


PAN MALAYSIAN: Discloses Regularization Plan Proposals
------------------------------------------------------
Pan Malaysian Industries Bhd disclosed with the Bursa Malaysia
Securities Bhd the various proposals it plans to undertake under
its regularization plan.

The regularization plan was required from Pan Malaysian after it
became an affected listed issuer pursuant to Practice Note No.
17/2005 of the Listing Requirements of Bursa Securities.

Pan Malaysian triggered the PN17 category after posting a
deficit in its unaudited adjusted shareholders' equity on a
consolidated basis of MYR17.5 million as at December 31, 2005.

Thus, to reform, Pan Malaysian proposes to undertake these
proposals:

    (i) the divestment of 26.56% equity interest comprising
        515,405,240 ordinary shares of MYR1.00 each in Malayan
        United Industries Berhad held by the PMI Group by way of
        a restricted offer for sale by PMI on a renounceable
        basis;

   (ii) the acquisition of a 15-storey purpose built office
        building located at No. 2, Jalan Changkat Ceylon, 50200
        Kuala Lumpur by PMI from Pan Malaysia Holdings Berhad
        for a cash consideration of MYR39.0 million ("Proposed
        Office Building Acquisition"); and

  (iii) the acquisition of the entire issued and paid-up share
        capital of Two Holdings Sdn Bhd by PMI from MUI
        Properties Berhad for a cash consideration of
        MYR9.3 Million.


Pan Malaysian Industries Berhad is an investment holding
company.  The Company operates through two business segments:
Retailing and Property and investment holding.

The company is an Affected Listed Issuer pursuant to PN17 of the
Boursa Malaysia as it has a deficit in its unaudited adjusted
shareholders' equity on a consolidated basis of MYR17.55 million
as of December 31, 2005, computed on the basis stated in PN17.
The said deficit in the company's unaudited shareholders' equity
on a consolidated basis was mainly due to the net loss of the
PMI Group of MYR163.13 million for the unaudited nine month
financial period ended December 31, 2005 due mainly to the
sharing of losses of associated companies which comprised
substantially of impairment losses.


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

4SHORE DEVELOPMENTS: Appoints Parsons and Kenealy as Liquidators
----------------------------------------------------------------
On August 27, 2007, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as liquidators of 4Shore Developments
(2005) Ltd.

The Liquidators can be reached at:

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


CLIFTON DEVELOPMENTS: Fixes Sept. 25 as Last Day to File Claims
---------------------------------------------------------------
The creditors of Clifton Developments Ltd. are required to file
their proofs of debt by September 25, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

         Deane Cohen
         PO Box 33270, Takapuna
         Auckland
         New Zealand
         Mobile: (021) 268 3335


COMTECH GROUP: Shareholder Resolve to Liquidate Business
--------------------------------------------------------
On August 27, 2007, the shareholders of Comtech Group Ltd.
resolved to liquidate the company's business.

Only the creditors whose proofs of debt will be in by October 5,
2007, can share in the company's dividend distribution.

The company's liquidators are:

         John Albert Price
         Christopher Robert Ross Horton
         c/o Horton Price Limited
         PO Box 9125, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276


ENERGY HOMES: Taps Parsons and Kenealy as Liquidators
-----------------------------------------------------
On August 27, 2007, Dennis Clifford Parsons and Katherine Louise
Kenealy were named as liquidators of Energy Homes 2006 Ltd.

The Liquidators can be reached at:

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


HORTSPEC WAIKATO: Appoints Parsons and Kenealy as Liquidators
-------------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
as liquidators of Hortspec Waikato Ltd. on August 27, 2007.

The Liquidators can be reached at:

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


MANAIA BUILDERS: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On May 22, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of Manaia Builders Ltd. wound
up.

The petition will be heard before the High Court of Auckland on
September 20, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Adam R. A. Pell
         Inland Revenue Department
         Legal and Technical Services
         17 Putney Way
         PO Box 76198, Manukau, Auckland
         New Zealand
         Telephone:(09) 985 7214
         Facsimile:(09) 985 9473


PREPINE FORESTRY: Names Parsons and Kenealy as Liquidators
----------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
as liquidators of Prepine Forestry Specialists Ltd. on Aug. 27,
2007.

The Liquidators can be reached at:

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


S.R. ABERCROMBIE: Names Parsons and Kenealy as Liquidators
----------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
as liquidators of S.R. Abercrombie Ltd. on August 27, 2007.

The Liquidators can be reached at:

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


SEALEGS CORP: Delays Rights Issue Due to Poor Market Conditions
---------------------------------------------------------------
Sealegs Corporation Limited will delay the implementation of its
planned rights issue announced to shareholders during its annual
meeting on July 31, 2007, a filing with the New Zealand Stock
Exchange discloses.

The rights issue was aimed at raising up to NZ$15 million to
help with rapidly growing sales and marketing, the New Zealand
Press Agency relates.

According to Sealegs Chief Executive Officer David McKee Wright,
several factors have led to the company's decision to delay the
Rights Issue with the most significant being poor market
conditions. "The Company has no urgent need for significant
capital and is generating sufficient cash flow to fund its
current operation," he says.

The company also informed NZX that it has issued, for cash,
2,750,000 new ordinary shares at NZ$0.58 per share to four
professional investors, including Accident Compensation
Corporation.

Mr. Wright says the placement will ensure Sealegs has sufficient
funds on hand to enable it take advantage of discounts available
on bulk purchases of stock items it may wish to undertake during
the short term.

Sealegs recently announced a new revenue guidance target for the
full year ending March 2008, lifting revenue expectations from
NZ$9million to NZ$10million.

At the recent Westpac Enterprise North Shore Business Excellence
Awards, Sealegs won the Chelsea Sugar Excellence in Exporting
Award.

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.


SSS MARKETING: Faces CIR's Wind-Up Petition
-------------------------------------------
A petition to have the operations of SSS Marketing Ltd. wound up
was filed by the Commissioner of Inland Revenue on May 22, 2007.

The petition will be heard before the High Court of Auckland on
September 27, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Adam R. A. Pell
         c/o Inland Revenue Department
         Legal and Technical Services
         17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand
         Telephone:(09) 985 7214
         Facsimile:(09) 985 9473


TASI CO: Court to Hear Wind-Up Petition on September 27
-------------------------------------------------------
The High Court at Auckland will hear on September 27, 2007, at
10:00 a.m., a petition to have the operations of Tasi Co Ltd.
wound up.

The petition was filed by the Commissioner of Inland Revenue on
May 24, 2007.

The CIR's solicitor is:

         Adam R. A. Pell
         c/o Inland Revenue Department
         Legal and Technical Services
         17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand
         Telephone:(09) 985 7214
         Facsimile:(09) 985 9473


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

BANGKO SENTRAL: Rising Oil Prices May Adversely Impact Inflation
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas is worried over upward pressure
exerted on consumer prices arising from increasing prices of
oil, the Philippine Daily Inquirer reports.

The BSP might decide to keep its interest rates steady during
its next monetary policy meeting next month despite expectations
of lower US Federal Reserve rates this week, analysts told the
Inquirer.

BSP Deputy Governor Diwa Guinogundo said that while "outlook on
inflation continues to be benign and the risks continue to
moderate. . .oil prices are becoming a concern."

US crude oil traded above US$80 per barrel while the benchmark
Dubai crude oil's prices rose to about US$72 per barrel, the
report relates.

Accoridng to the Inquirer, Mr. Guinigundo said that the impact
of these prices on inflation would be felt next month, not in
September because "[oil companies] still have inventory."
However, Mr. Guinigundo said they're expecting room for
stabilization because of the Organization of Petroleum Exporting
Countries' decision to pump more oil.

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: PHP40BB Capitalization Would Boost Credit Rating
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas' credit rating would be greatly
improved when the government proceeds with its PHP40-billion
infusion into the bank's capital, BSP Governor Amando M.
Tetangco Jr. told the Philippine Star.

The rating improvement would benefit private borrowers, Mr.
Tetangco said.  Both the BSP and the government are benchmark
institutions for private sector loans, and an improved credit
rating would allow borrowers access to cheaper funds, he
explained.

"[The infusion] is good for a more effective conduct of monetary
policy to achieve stability," Mr. Tetangco said.

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: Infra Spending May Have Good Effect on Economy
--------------------------------------------------------------
The planned increase in government infrastructure spending will
not breach the inflation target but may actually cause expansion
in the economy's absorptive capacity, the Bangko Sentral ng
Pilipinas told the Philippine Star.

The BSP also said that the expansion could include higher
monetary growth, but only if the increase expenditure's short-
term impact on consumption is handled appropriately.

Amando M. Tetangco, the BSP governor, said that the short-term
effect on consumption is not expected to be significant and
cause problems in the inflation targets for this year and the
next.  In fact, "the wider base of infrastructure will have a
favorable effect on inflation," Mr. Tetangco 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.


CHIQUITA BRANDS: Eyes Higher Operating Expenses in Third Quarter
----------------------------------------------------------------
Chiquita Brands International expects its operating expenses to
increase US$30 million in the third quarter 2007, from the third
quarter of 2006, due to higher costs, the Business Courier of
Cincinnati reports.

Chiquita Brands told the Business Courier that the costs include
expenses for:

         -- new product introductions,
         -- brand support,
         -- merchandising, and
         -- food safety.

Higher banana prices in most of its markets wouldn't offset
increased expenses in the third quarter 2007, the Business
Courier says, citing Chiquita Brands.

According to Chiquita Brands' news release, no further charges
will be filed on the company's protection payments to Colombian
terrorist groups.

The Business Courier notes that these are increases in banana
prices:

         -- 5% in North American markets,
         -- 17% on a US dollar basis in core European markets,
         -- 12% in Asia Pacific and the Middle East, and
         -- 43% in trading markets, which include European and
            Mediterranean nations not belonging to the European
            Union.

Chiquita Brands Chief Executive Officer and Chairperson Fernando
Aguirre said in a news release, "Despite the near-term issues,
we believe we are on the right track and expect to report a
greater level of year-on-year improvement in the fourth quarter,
which would continue the positive year-on-year trend."

Chiquita Brands told the Business Courier that hurricanes Dean
and Felix "minimally affected" its banana supplies.  Meanwhile,
"European supplies suffered significant damage, which will
produce more favorable pricing."


Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Colombia, Panama and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) USUS$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  USUS$225 million 8.875% senior unsecured notes due
2015 at Caa2 (LGD5, 89%).  Moody's changed the rating outlook
for Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about USUS$1.3 billion as of March 31, 2007.


CHIQUITA BRANDS: CEO Answers DOJ's Memorandum on Colombia Unit
--------------------------------------------------------------
Fernando Aguirre, Chiquita Brands International Inc.'s chairman
and chief executive officer, responded to the sentencing
memorandum filed by the U.S. Department of Justice regarding the
disclosed investigation of protection payments made by the
company's former banana-producing subsidiary in Colombia,
saying, "Chiquita is pleased that the DOJ has formally
recommended that the U.S. District Court for the District of
Columbia approve the plea agreement entered into between the
company and the Justice Department last March."

"Chiquita is also pleased that the government has decided not to
prosecute any current or former company executives in connection
with its investigation," Mr. Aguirre added.  "We believe this is
the right decision and one that reflects the good faith efforts
of the company -- and its officers, directors and employees --
to address a very difficult situation involving the lives and
safety of our employees."

"In recommending final approval of the plea agreement, the
government credited the company for both its voluntary
disclosure and its 'significant' cooperation throughout the
entire investigation."

"This agreement is in the best interests of the company and
reflects a responsible resolution to a difficult dilemma faced
by the company several years ago," he continued.

"Chiquita looks forward to putting this difficult chapter behind
it, and remains committed to the highest standards of corporate
responsibility, ethical conduct and legal compliance, in the
United States and around the world, Mr. Aguirre said."

Under the terms of the agreement, the company will pay a fine of
US$25 million, payable in five annual installments.  The company
recorded a reserve in 2006 for the full amount of the fine in
anticipation of reaching an agreement.

The company does not anticipate that the fine will impact its
ability to operate its business.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Colombia, Panama and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) USUS$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  USUS$225 million 8.875% senior unsecured notes due
2015 at Caa2 (LGD5, 89%).  Moody's changed the rating outlook
for Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about USUS$1.3 billion as of March 31, 2007.


GLOBE TELECOM: Holds 4th Profitability Ranking in PSE Listing
-------------------------------------------------------------
Globe Telecom Inc. holds the fourth ranking in terms of
profitability among 50 corporations in the Philippine Stock
Exchange's quarterly listing after posting a net income of
PHP6.42 billion in the second quarter, the Philippine Star
reports.

Telecommunications conglomerate Philippine Long Distance
Telephone Co. is the most profitable in the second quarter with
a net income of PHP17 billion.  Ayala Corp. comes close second,
with profits of PHP11.49 billion.  san Miguel Corp. is at third
place with an income 80% higher year-on-year at PHP7.87 billion.

Following Globe Telecom, Philippine Airlines Inc.'s parent
company PAL Holdings Inc. is at fifth place with PHP6.32 billion
net income, an impressive 542.6% increase year-on-year in
profits.

Headquartered in Mandaluyong City, Philippines, Globe Telecom,
Inc. -- http://www.globe.com.ph/-- is one of the country's
major telecommunications companies.  It was incorporated on
January 15, 1935 as a traditional provider of telex/telegram and
VSAT services.  Thereon, it diversified its business into a
cellular, landline and international gateway facility services
provider for long distance telephone calls.

The company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.

According to a Troubled Company Reporter-Asia Pacific article on
August 24, 2007, Fitch Ratings has upgraded Globe Telecom's
Long-term local currency Issuer Default Rating to 'BBB-' (BBB
minus) from 'BB+'.  Following the upgrade, the Outlook is
Stable.

At the same time, Fitch has affirmed Globe's Long-term foreign
currency IDR of 'BB+' and its National Long-term rating at
'AAA(phl)'.  The rating Outlook remains Stable.  Meanwhile,
Fitch has also affirmed the rating on Globe's senior unsecured
debt instruments at 'BB+'.

On June 4, 2007, the TCR-AP reported that Moody's Investors
Service raised the local currency issuer rating for Globe
Telecom Inc. to Baa1 from Baa2 with a stable outlook.


PAL HOLDINGS: Sees US$1.4-Billion Expenses in PAL's Refleeting
--------------------------------------------------------------
PAL Holdings Inc. sees US$1.4 billion in expenses arising from
its subsidiary Philippine Airlines Inc.'s refleeting program,
ABS-CBN News reports.

According to PAL Holdings President Jaime Bautista, the company
will hold a stock offering as well as borrow fresh funds for
capital in order to finance PAL's refleeting program.
Mr. Bautista said during PAL Holdings' annual stockholders'
meeting that they are still "in the process of finalizing what
options to take," but he revealed that they might issue new
shares, as well as raise debt and internal cash.

Formerly known as Baguio Gold Holdings Corporation, the
Company's principal activity is that of a holding company. Based
in Makati City, Philippines, the Company's primary purpose is to
purchase, subscribe, acquire, hold, use, manage, develop, sell,
assign, exchange or dispose of real and personal property,
including shares of stocks, debentures, notes and other
securities of any domestic or foreign corporation.  The company
is a major shareholder of Philippines Airlines Inc.

On August 17, 2006, the Corporation acquired 100% ownership of
six holding companies that collectively own 81.5% of Philippine
Airlines Inc.

PAL Holdings Inc. reported a PHP13.4 billion shareholders'
equity deficit as of December 31, 2006.


PAL HOLDINGS: PSE Gives Rating as Fifth Most Profitable Entity
--------------------------------------------------------------
PAL Holdings Inc. has been ranked fifth place in terms of
profitability among 50 corporations in the Philippine Stock
Exchange's quarterly listing after posting a net income of
PHP6.32 billion in the second quarter, the Philippine Star
reports.

Telecommunications conglomerate Philippine Long Distance
Telephone Co. is the most profitable in the second quarter with
a net income of PHP17 billion.  Ayala Corp. comes close second,
with profits of PHP11.49 billion.  San Miguel Corp. is at third
place with an income 80% higher year-on-year at PHP7.87 billion.
At fourth place is Ayala Corp.'s telecommunications subsidiary
Globe Telecom Inc., posting a net profit of PHP6.42 billion.

Formerly known as Baguio Gold Holdings Corporation, the
Company's principal activity is that of a holding company. Based
in Makati City, Philippines, the Company's primary purpose is to
purchase, subscribe, acquire, hold, use, manage, develop, sell,
assign, exchange or dispose of real and personal property,
including shares of stocks, debentures, notes and other
securities of any domestic or foreign corporation.  The company
is a major shareholder of Philippines Airlines Inc.

On August 17, 2006, the Corporation acquired 100% ownership of
six holding companies that collectively own 81.5% of Philippine
Airlines Inc.

PAL Holdings Inc. reported a PHP13.4 billion shareholders'
equity deficit as of December 31, 2006.


PHIL LONG DISTANCE: PSE Rates PLDT Most Profitable for 2Q 2007
--------------------------------------------------------------
The Philippine Long Distance Telephone Co. has been rated as the
most profitable entity among 50 corporations by the Philippine
Stock Exchange's quarterly listing after posting a net income of
PHP17 billion in the second quarter, the Philippine Star
reports.

Ayala Corp. comes close second, with profits of PHP11.49
billion.  san Miguel Corp. is at third place with an income 80%
higher year-on-year at PHP7.87 billion.  Globe Telecom Inc.
ranks fourth, with earnings of PHP6.42 billion.  Philippine
Airlines Inc.'s parent company PAL Holdings Inc. is at fifth
place with PHP6.32 billion net income, an impressive 542.6%
increase year-on-year in profits.

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
November 3, 2006, Moody's Investors Service affirmed Philippine
Long Distance Telephone Company's Ba2 senior unsecured foreign
currency rating and changed its outlook to stable from negative.
At the same time, Moody's has affirmed PLDT's Baa3 domestic
currency issuer rating.  The outlook for this rating remains
positive.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.  Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.

On August 21, 2007, the TCR-AP reported that Fitch Ratings
upgraded Philippine Long Distance Telephone Company's Long-term
local currency Issuer Default Rating to 'BBB' from 'BBB-' (BBB
minus).  The Outlook is Stable.  At the same time, Fitch has
affirmed PLDT's Long-term foreign currency IDR of 'BB+' and its
National Long-term rating at 'AAA(phl)'.  The Outlook is Stable.
Also, PLDT's global bonds and senior notes have been affirmed at
'BB+'.


SAN MIGUEL: Ranks 3rd in Profitability in PSE Quarterly Listing
---------------------------------------------------------------
San Miguel Corp. ranks third in profitability among 50
corporations in the Philippine Stock Exchange's quarterly
listing after posting a net income of PHP7.87 billion in the
second quarter, the Philippine Star reports.

Telecommunications conglomerate Philippine Long Distance
Telephone Co. is the most profitable in the second quarter with
a net income of PHP17 billion.  Ayala Corp. comes close second,
with profits of PHP11.49 billion.  San Miguel Corp. is at third
place with an income 80% higher year-on-year at PHP7.87 billion.
Globe Telecom Inc. ranks fourth, with earnings of PHP6.42
billion.  Philippine Airlines Inc.'s parent company PAL Holdings
Inc. is at fifth place with PHP6.32 billion net income, an
impressive 542.6% increase year-on-year in profits.

According to the PSE listing, SMC also ranks first in terms of
sales, grossing revenues of PHP119.45 billion during the second
quarter.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

On August 22, 2007, Moody's Investor Service downgraded its
local currency corporate family rating for San Miguel
Corporation to Ba2 from Ba1.  The rating outlook is stable.

Standard & Poor's Ratings Services affirmed on August 22, 2007,
its 'BB' long-term foreign currency corporate credit rating on
San Miguel Corp. and removed it from CreditWatch, where it was
placed with negative implications on May 15, 2007.  The outlook
is negative.


SAN MIGUEL: Unit's First-Half Losses Decline 90% to HKD2.87 Mil.
----------------------------------------------------------------
The losses suffered by San Miguel Brewery Hong Kong Ltd. during
the first half of 2007 is 90% lower year-on-year at
HKD2.87 million, BusinessWorld reports, citing San Miguel
Corp.'s interim report to the Hong Kong local bourse.

According to the report, SMC said its subsidiary recorded an
11.68% increase in its gross profit from its earlier decision to
promote high-priced products in the South China area, and booked
HKD183.08 million in revenues.

As of June 30, 2007, SMB Hong Kong's net cash balances stood at
HKD215.7 million, while net assets remained at HKD1.99 billion
and debt-to-equity ratio is at 0.11.

SMC President Ramon Ang said in the report that despite the
growing popularity of wine and whiskey taking part of the beer
product's share in the Hong Kong alcohol market, SMB Hong Kong
managed to gain 0.5% in market share as reported by the AC
Nielsen Retail Audit last June 2007.  First half local sale
volume is almost the same as the figures in 2006, Mr. Ang added.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

On August 22, 2007, Moody's Investor Service downgraded its
local currency corporate family rating for San Miguel
Corporation to Ba2 from Ba1.  The rating outlook is stable.

Standard & Poor's Ratings Services affirmed on August 22, 2007,
its 'BB' long-term foreign currency corporate credit rating on
San Miguel Corp. and removed it from CreditWatch, where it was
placed with negative implications on May 15, 2007.  The outlook
is negative.


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

FLEXTRONICS INT'L: Reports Solectron Stockholders' Merger Terms
---------------------------------------------------------------
Flextronics International Ltd. and Solectron Corporation has
jointly announced that Solectron stockholder wishes to make an
election with respect to the merger consideration to be received
in the proposed acquisition by Flextronics of Solectron, but the
shares of Solectron common stock subject to such election are
not reflected in the stockholder's account, the stockholder may
nonetheless make such election if all of the following
conditions are met:

-- a properly completed and duly executed Election Form in the
   form provided by Flextronics and Solectron is received by
   Computershare Shareholder Services, Inc. (the Exchange
   Agent) prior to the Election Deadline described below;

-- a properly completed and duly executed Notice of Guarantee
   substantially in the form available as provided below is
   received by the Exchange Agent prior to the Election
   Deadline; and

-- the shares of Solectron common stock covered by the Election
   Form are delivered to the stockholder's account (and in the
   case of shares held through DTC, the applicable DTC
   participant inputs the election in accordance with DTC's
   procedures) within three New York Stock Exchange trading
   days following the Election Deadline.

Solectron stockholders may request copies of the Notice of
Guarantee by calling Innisfree M&A Incorporated toll free from
within the United States and Canada at (877) 825-8971.

The Notice of Guarantee may be delivered by mail or overnight
delivery or by facsimile transmission to the Exchange Agent as
indicated on the form of the Notice of Guarantee and must
include a guarantee by a financial institution that is a
participant in a Medallion Signature Guarantee Program (an
Eligible Institution) in the form set forth in the form of
Notice of Guarantee.

Flextronics and Solectron previously announced that the Election
Deadline by which Solectron stockholders that wish to make an
election with respect to the merger consideration to be received
in the proposed acquisition by Flextronics of Solectron must
deliver a properly completed election form to the Exchange Agent
is 5:00 p.m., New York City time, on Sept. 27, 2007.

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

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

                        About Solectron

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

                        About Flextronics

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

The company has operations in Brazil and Mexico.

                          *     *     *

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

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

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

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


MAXWAY CONSTRUCTION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on August 27, 2007,
directing the wind up of Maxway Construction Pte Ltd's
operations.

The company's liquidator is:

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


STATS CHIPPAC: Jewler Quits as Executive VP & Chief Strategist
--------------------------------------------------------------
Scott Jewler will quit, on September 30, 2007, as STATS ChipPAC
Ltd.'s Executive Vice President and Chief Strategy Officer, to
pursue other interests.  Mr. Jewler has been with the company
since 2004.

"Scott joined STATS ChipPAC at a very crucial time for our
company.  We had just completed our merger and were working to
build a strong foundation for our new company.  His insight and
leadership have been invaluable as we have worked to
significantly expand our geographic footprint, broaden our
portfolio of integrated backend solutions, and engage new
customers in Japan, Europe and the United States.  It has truly
been a pleasure to work with Scott and we appreciate the
important contributions he has made to our company," said Tan
Lay Koon, President and Chief Executive Officer, STATS ChipPAC.

"STATS ChipPAC has gone through a substantial transformation
over the last three years and I am very proud of all the
milestones we have achieved.  After 20 years in semiconductor
assembly and test, I have decided to take the opportunity to
explore some other career opportunities.  We have strong leaders
in place throughout our organization and I am confident they
will continue to lead STATS ChipPAC to achieve even greater
levels of success," said Scott Jewler.

"I would like to personally thank Scott for his dedication and
wish him success in his future endeavors," said Tan Lay Koon.
STATS ChipPAC's global sales, product line management and
business management organizations will report to Tan Lay Koon
until a replacement is appointed.

                       About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 30, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from
'BB'.  The outlook is stable.  The issue rating on the senior
unsecured debt has also been raised to 'BB+' from 'BB'.  The
ratings have been removed from CreditWatch, where they were
placed with positive implications on March 2, 2007.


UCHEM REALTY: Requires Creditors to File Claims by October 15
-------------------------------------------------------------
Uchem Realty Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by
October 15, 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:

         Aaron Loh Cheng Lee
         c/o One Raffles Quay
         North Tower, Level 18
         Singapore 048583


WELLMANN ASIA: Court to Hear Wind-Up Petition on September 28
-------------------------------------------------------------
The High Court of Singapore will hear on September 28, 2007, at
10:00 a.m., a petition to have the operations of Wellmann Asia
Pte Ltd wound up.

The petition was filed by Wellmann Asia Pte Ltd on September 4,
2007.

Wellmann Asia's solicitor is:

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


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

BANGKOK RUBBER: Sells Off 12,000 Common Shares in PI Industries
---------------------------------------------------------------
Bangkok Rubber PCL will set off 12,000 common shares in P.I.
Industries Co. Ltd. to Pan Asia Footwear Public Co. Ltd.

According to a disclosure with the Stock Exchange of Thailand,
the shares will be sold at a price of THB1000 per share for a
total of THB12 million.

After the transaction, the company will hold 30% of P.I.
Industries from the previous 40%.

Headquartered in Bangkok, Thailand, Bangkok Rubber Public
Company Limited -- http://www.pan-group.com/-- manufactures
shoes and footwear under Pan, Kodomo, Diadora, and Heel Care
brand names.

After reviewing Bangkok Rubber PCL's consolidated financial
statements for the second quarter of 2007, Nonglak Pumnoi at
Ernst & Young Office Ltd. raised substantial doubt on the
company's ability to continue as a going concern.

The auditor cited the company's THB2.326-billion capital deficit
and its postponement of debt payment under its rehabilitation
plan.  Mr. Pumnoi then stated that the company's ability to
continue as a going concern depends upon the its success in
revising the rehabilitation plan and complying with its
conditions, and to find additional sources of funding, and on
the outcome of their operations.


BLOCKBUSTER INC: Names Two New Senior Level Executives
------------------------------------------------------
Blockbuster Inc. has appointed two senior level executives to
its management team.  Keith Morrow has been named Chief
Information Officer for the company, and David Podeschi has been
named Senior Vice President, Merchandising, Distribution and
Logistics.

A veteran IT executive known for his ability to develop
innovative technology solutions, especially in retail
environments, Mr. Morrow was most recently the Chief Information
Officer and Senior Vice President of Information Systems at 7-
Eleven Inc. where he was responsible for leading
the company's North American information technology activities.

Prior to his tenure with 7-Eleven, Mr. Morrow held senior
management positions with Associates First Capital Corporation
(now CitiFinancial) and ADP, one of the nation's largest human
resources and payroll services companies.

With more than 30 years of experience in the retail industry,
Mr. Podeschi most recently served as the Senior Vice President,
Merchandising and Logistics at 7-Eleven Inc., where he was
responsible for all merchandising, marketing and supply-chain
processes for the convenience store company.

Messrs. Morrow and Podeschi were both part of the 7-Eleven
executive team that was widely regarded for its implementation
of creative retail system technologies, innovative distribution
logistics, and a collaborative approach with product suppliers,
which resulted in the unprecedented introduction of new products
and services for the convenience store chain.  Their efforts,
along with those of current Blockbuster Chairman and CEO Jim
Keyes, also resulted in 7-Eleven's record sales and profits
during Keyes' tenure as CEO of that company from 2000 to 2005.

"I am delighted to welcome Keith and David to the Blockbuster
management team," said Jim Keyes, Blockbuster Chairman and CEO.
"Their extensive experience in their respective fields, their
creative approach to providing business solutions and their
proven leadership skills should greatly contribute to our
efforts to transform Blockbuster into a brand that can deliver
media content to consumers in an ever growing variety of ways."

Mr. Morrow holds a Bachelor of Science degree in Business
Management and an MBA with an emphasis in e-commerce from Dallas
Baptist University.  He also serves on the board of the State of
Texas Department of Information Resources.  Mr. Podeschi
received a Bachelor of Arts degree in Communications from St.
Louis University and serves on the board of the Dallas Chapter
of the Juvenile Diabetes Research Foundation.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home
movie  and game entertainment, with more than 9,000 stores
throughout the Americas, Europe, Asia and Australia.  The
company maintains operations in Brazil, Mexico, Denmark, Italy,
Taiwan, Thailand, Australia, among others.

The Troubled Company Reporter-Asia Pacific reported on August 9,
2007 that Standard & Poor's Ratings Services lowered its ratings
on Dallas-based Blockbuster Inc. to 'B-' from 'B'.  The outlook
is negative.

The TCR-AP also reported on August 8, 2007 that Moody's
Investors Service downgraded Blockbuster Inc.'s corporate family
rating to Caa1, its senior secured credit facilities to B3, and
speculative grade liquidity rating to SGL-4.


BLOCKBUSTER INC: Nick Shepherd to Step Down as CEO
--------------------------------------------------
Blockbuster Inc. has announced that Nick Shepherd, Senior
Executive Vice President and Chief Operating Officer, will leave
the company at the end of this month.

"The Board of Directors and I greatly appreciate the leadership
Nick has provided to the company and the major role he has
played in helping us lay the foundation for the transformation
of Blockbuster from a video retailer into a company that
provides completely convenient access to media entertainment,"
said Jim Keyes, Blockbuster Chairman and CEO.  "I am personally
grateful for Nick's support during my early days here at the
Company and wish him well in his new endeavors."

Mr. Shepherd joined Blockbuster in 1995 as managing director of
the company's United Kingdom business and subsequently served in
several executive positions including senior vice president
international, chief marketing and merchandising officer, and
president worldwide stores.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home
movie  and game entertainment, with more than 9,000 stores
throughout the Americas, Europe, Asia and Australia.  The
company maintains operations in Brazil, Mexico, Denmark, Italy,
Taiwan, Thailand, Australia, among others.

The Troubled Company Reporter-Asia Pacific reported on August 9,
2007 that Standard & Poor's Ratings Services lowered its ratings
on Dallas-based Blockbuster Inc. to 'B-' from 'B'.  The outlook
is negative.

The TCR-AP also reported on August 8, 2007 that Moody's
Investors Service downgraded Blockbuster Inc.'s corporate family
rating to Caa1, its senior secured credit facilities to B3, and
speculative grade liquidity rating to SGL-4.


CIRCUIT ELECTRONICS: Reduces Registered Capital to THB500 Mil.
--------------------------------------------------------------
Circuit Electronic Industries PCL has reduced its registered
share capital to THB500.096 million from the previous
THB1.142 billion as dictated by its rehabilitation plan.

The reduction was facilitated by reducing the company's non-paid
up capital by 64,240,363 shares at par value of THB10 per share.

The share reduction was approved by the Central Bankruptcy Court
on June 21, 2007, and has been registered with the Ministry of
Commerce on August 21.

Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th/--
manufactures and exports various integrated circuit and chip on
board for many kinds of electronic equipment such as mobile
phone, computer, automobile assembly, household electronic
equipment and others.  The group operates in the United States
of America, Europe and Asia.

The company is currently under the Stock Exchange of Thailand's
Non-Performing sector.

The Troubled Company Reporter-Asia Pacific reported on August
23, 2007 that as of June 30, 2007, the company had THB775.475
million in total assets and THB3.521 billion in total
liabilities, resulting in a capital deficit of THB2.746
billion.  The company's balance sheet as of end-June 2007 also
reflected illiquidity as its current liabilities of THB394.181
million exceeded its current assets of THB385.362 million.


=============
V I E T N A M
=============

* S&P Affirms Vietnam Sovereign Credit Ratings at BB
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' foreign
currency and 'BB+/B' local currency sovereign credit ratings on
the Socialist Republic of Vietnam.  The outlook is stable.

"The ratings on Vietnam reflect its low-income economy and
developing financial system, which increase the vulnerability of
the economy to severe shocks that could significantly increase
the public financial burden," said Standard & Poor's credit
analyst Kim Eng Tan of the Sovereign Ratings group.  "In
addition, the strain of necessary infrastructure building is
heavy at this stage of Vietnam's economic development. This
prevents the government from building up an adequate financial
buffer against potential economic shocks."

The US$824 per-capita GDP forecast for 2007 makes Vietnam one of
the lowest-income countries among similarly rated sovereigns.
This reflects the country's partially reformed economy, in which
productivity is held down by structural impediments and the lack
of a sophisticated legal and regulatory system.  One area of
inadequacy is the banking sector, where the key institutions are
still adjusting to commercial operations from policy lending.
Partly because of this, macroeconomic management relies on
administrative measures rather than market-oriented policy
instruments.  Due to the significant need for infrastructure
investment, the government is expected to have to run deficits
amounting to 2.5%-3.0% of GDP in the next few years.  The
general government debt burden is also expected to remain at
above 35% of GDP in the same period, a level somewhat below that
for the median 'BB' sovereign.

"Nevertheless, structural reforms and infrastructure upgrades
implemented in recent years have helped to lift growth prospects
for the Vietnamese economy," Mr. Tan said.  "The brighter
economic outlook has attracted larger investment flows into the
country, which have in turn lifted the central bank's foreign
exchange reserves holdings and strengthened the economy's net
external position.  This improvement has increased the capacity
of the economy to withstand a large adverse economic shock."

The stable outlook on the ratings encompasses expectation that
the momentum of structural reforms in Vietnam will be sustained
in the near term.

This will further strengthen investor confidence in the country
and help maintain high rates of economic growth. The outlook
could be positively revised if steps are taken to accelerate the
reform process or to strengthen financial stability in the
country.  This could include substantially improving
transparency in the banking system through the successful
equitization of one or more large state-controlled banks.  A
sharp slowdown or reversal in the pace of economic
liberalization, however, could lower the projected trend growth
to trigger a negative change in the outlook.


* BOND PRICING: For the Week 17 September to 21 September 2007
--------------------------------------------------------------

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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.71
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.90
Antares Energy Limited        10.000%  10/31/13     AUD     1.85
Arrow Energy NL               10.000%  03/31/08     AUD     2.42
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     9.50
Becton Property Group          9.500%  06/30/10     AUD     0.96
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Bounty Industries Limited     10.000%  06/30/10     AUD     0.13
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.25
Cardno Ltd                     9.000%  06/30/08     AUD     7.35
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.20
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.02
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.71
First Australian              10.000%  10/31/09     AUD     0.68
Fletcher Building Ltd          8.600%  03/15/08     NZD    11.50
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.25
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.00
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.45
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.10
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.20
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.00
IMF Australia Ltd             11.500%  06/30/10     AUD     0.75
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     9.45
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.08
LongReach Group Limited       10.000%  10/31/08     AUD     0.22
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Minerals Corp.                10.500%  09/30/07     AUD     1.00
Minerals Corp.                 9.000%  03/31/08     AUD     0.85
Nylex Limited                 10.000%  12/08/09     AUD     1.93
Nuplex Industries Limited      9.300%  09/15/07     NZD     9.50
Primelife Corporation         10.000%  01/31/08     AUD     0.99
Renison Consolidated
   Mines N.L                  10.000%  10/01/17     AUD     0.19
Renison Consolidated
   Mines N.L                  10.000%  03/31/09     AUD     0.17
Salomon SB Aust                4.250%  02/01/19     USD     8.80
Silver Chef Limited           10.000%  08/31/08     AUD     1.03
Speirs Group Ltd.             10.000%  06/30/49     NZD    30.00
TrustPower Ltd                 8.300%  09/15/07     NZD    10.25
TrustPower Ltd                 8.300%  12/15/08     NZD     9.10
TrustPower Ltd                 8.500%  09/15/12     NZD     8.85
TrustPower Ltd                 8.500%  03/15/14     NZD     8.60


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00
JPN Fin Muni Ent               1.700%  10/30/08    JPY      1.86


JAPAN
-----
CBO All Japan                  1.150%  04/03/09     JPY    50.00
CBO All Japan                  1.250%  04/03/09     JPY    30.04
Nara Prefecture                1.520%  10/31/14     JPY     9.75

KOREA
-----
Korea Dev. Bank                8.450%  12/15/26     KRW    69.88


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.10
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.91
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.40
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.12
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.71
EG Industries Berhad           5.000%  06/16/10     MYR     0.44
Equine Capital                 3.000%  08/26/08     MYR     2.47
Exprwy Lingkaran               7.500%  02/28/14     MYR     6.72
Greatpac Holdings              2.000%  12/11/08     MYR     0.16
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.48
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.45
Insas Bhd                      8.000%  04/19/09     MYR     0.66
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.41
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.60
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.03
Kumpulan Jetson                5.000%  11/27/12     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.62
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.62
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.62
Lebuhraya Kajang Bhd           2.000%  06/12/19     MYR    72.48
Media Prima Bhd                2.000%  07/18/08     MYR     1.84
Mithril Bhd                    8.000%  04/05/09     MYR     0.23
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.55
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     1.97
Pelikan International          3.000%  04/08/10     MYR     1.80
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.83
Ramunia Holdings               1.000%  12/20/07     MYR     1.85
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.21
Rubberex Corporation (M)
   Berhad                      4.000%  08/14/12     MYR     0.72
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.33
Southern Steel                 5.500%  07/31/08     MYR     1.50
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.95
Tradewinds Corp.               2.000%  02/08/12     MYR     1.00
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.71
Wah Seong Corp.                3.000%  05/21/12     MYR     6.20
WCT Land Bhd                   3.000%  08/02/09     MYR     3.08
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.05


SRI LANKA
---------
Sri Lanka Govt                7.000%  08/01/11     LKR     73.77
Sri Lanka Govt                7.000%  10/15/11     LKR     72.81
Sri Lanka Govt                6.850%  04/15/12     LKR     70.21
Sri Lanka Govt                8.500%  10/15/13     LKR     69.94
Sri Lanka Govt                8.500%  07/15/13     LKR     71.64
Sri Lanka Govt                7.500%  08/01/13     LKR     64.33
Sri Lanka Govt                7.500%  11/01/13     LKR     66.88
Sri Lanka Govt                8.500%  02/01/18     LKR     66.69
Sri Lanka Govt                8.500%  07/15/18     LKR     66.08
Sri Lanka Govt                7.500%  08/15/18     LKR     60.81
Sri Lanka Govt                7.000%  10/01/23     LKR     52.73


SINGAPORE
---------
Sengkang Mall                  4.880%  11/20/12     SGD     2.80
Sengkang Mall                  8.000%  11/20/12     SGD     3.00




                           *********

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

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

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




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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.

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