TCRAP_Public/070919.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

          Wednesday, September 19, 2007, Vol. 10, No. 186

                            Headlines

A U S T R A L I A

AERIAL DISTRIBUTION: Members and Creditors to Meet on Sept. 28
AMAZING PAINT: Declares First & Final Dividend
AYMTOLD PTY: Declares Final Dividend
BARROJEST PTY: Declares First and Final Dividend
DFKDFC PTY: Appoints Daniel Cvitanovic as Liquidator

FOOT LOCKER: Incurs US$18-Mil. Net Loss in Quarter Ended Aug. 4
HEALTHVISION MEDICAL: Placed Under Voluntary Liquidation
HOMEGOODS PTY: Liquidator to Give Wind-Up Report on September 28
R.D.T. PTY: Members' Final Meeting Set for October 5
ROBERTSON & CO: Declares First Dividend

SAIL VENTURE: Members to Receive Wind-Up Report on October 5
SYMBION HEALTH: In Talks with Healthscope on Alternative Plans


C H I N A   &   H O N G  K O N G

ANDREW CORP: Seeks to Overturn US Court Verdict Over Patent Suit
AGILE PROPERTY: Posts First Half Gross Profit of CNY1.13 Bil.
BALLY TOTAL: Bankruptcy Court Confirms Plan of Reorganization
BANIN COMPANY: Members' General Meeting Set for October 15
BECHTEL ENTERPRISES: Placed Under Voluntary Liquidation

FIAT SPA: Offers Tech Support to Tata's Bid on Ford Brands
FIAT SPA: European Commission Demands Technical Info Report
GRAFTECH INT'L: S&P Holds B+ Corp. Rating with Positive Outlook
GREENTOWN CHINA: Moody's Cuts Rating to Ba3 on Aggressive Buys
JOYFUL PEACE: Creditors' Proofs of Debt Due on October 15

KEYS INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 31
KONKA GROUP: To Mass Produce LCD TV on STMicro's Design
KRIPHARMA (HONG KONG): Faces Excel Asia's Wind-Up Petition
MATEWAY CORPORATION: Court to Hear Wind-Up Petition on Oct. 31
ORIGINAL POPULAR: Subject to Li Kar Yee's Wind-Up Petition

SUNBEAM REALTY: Commences Liquidation Proceedings
TALENT WISE: Court to Hear Wind-Up Petition on October 31
TONG YANG: Required Creditors to File Claims by October 14
WINOWNER GROUP: Warns of Possible Loss in First 9 Months of 2007
WINOWNER GROUP: Changsha Bank Branch Files Lawsuit on Defaults


I N D I A

BAUSCH & LOMB: Sets Special Shareholders' Meeting for Sept. 21
GENERAL MOTORS: Nears Deal with UAW on Healthcare Trust Fund
GENERAL MOTORS: EU Orders Technical Information Disclosure
LLOYDS FINANCE: Reports INR7.27-Million First Quarter Net Loss
LLOYDS STEEL: Books INR681-Million Loss in FY to Mar. 31, 2007

LLOYDS STEEL: Turns Around w/ INR21.6-Mil. Profit in 1Q FY2008
LOK HOUSING: Allots 2,41,600 Shares to Te-deum Finance
NOVELL INC: Posts US$3.43 Mln Net Loss for Third Quarter 2007
TATA MOTORS: To Reduce Vendor Network, Report Says


I N D O N E S I A

ALCATEL-LUCENT: Adverse Trading Update Cues S&P's BB- Ratings
ALCATEL-LUCENT: Expects Slight Revenue Growth in Third Quarter
ARMSTRONG WORLD: Wins Patent for Hardwood Flooring Technology
BANK INTERNASIONAL: To Choose Investment Bank as Adviser
FOSTER WHEELER: Conducting Second-Phase Studies for Panama Plant

GARUDA INDONESIA: Discussion w/ European Credit Agency Delayed


J A P A N

CREDIA CO: Moody's Places Two Notes for Possible Downgrade
FLOWSERVE CORP: To Sell Product Distribution Assets to Indutrade
FORD MOTOR: Suitors Move to Round Two of Jaguar, Land Rover Sale
JAPAN AIRLINES: To Sell Stake in Credit Card Business
MITSUBISHI MATERIALS: Seen to Post 12% Boost in FY2008 Profit

SAMSONITE CORP: Posts US$7 Mln Net Loss in Second Quarter 2007


K O R E A

ACTUANT CORP: Acquiring Templeton Kenly for US$48 Million
DAEWOO E&C: To Build Five-Star Hotel in Libya by 2010
KRISPY KREME: Moody's Junks Corporate Family Rating


M A L A Y S I A

AMSTEEL CORPORATION: Unit's Members Opt for Liquidation
EKRAN BHD: Returns to Black with Full-Year Profit of MYR16.51MM
MALAYSIAN AIRLINE: Incorporates Three Companies as Subsidiaries
SHAW GROUP: Bags EPC Contract for ExxonMobil's Singapore Unit
TAP RESOURCES: Auditors Express Going Concern Doubt

TAP RESOURCES: Triggers Another PN17 Listing Criteria
TAP RESOURCES: Creditors Voluntary Liquidate Unit's Operations


N E W  Z E A L A N D

ALPSS CO: Court to Hear Wind-Up Petition on September 27
BODY CONTROL: Require Creditors to File Claims by Sept. 24
BSL MANAGEMENT: Taps Kenneth Charles Oliver as Liquidator
CORPORATE HOST: Appoints Blanchett and Fatupaito as Liquidators
IRWIN BUILDERS: Court to Hear Wind-Up Petition on September 24

METRO MOTOR: Subject to CIR's Wind-Up Petition
ROCKCOTE ARCHITECTURAL: Proofs of Debt Due on Sept. 25
SOMETHING DIFFERENT: Faces Clearview's Wind-Up Petition
THEATRICAL WARDROBE: Fixes Sept. 24 as Last Day to File Claims


P H I L I P P I N E S

LODESTAR INVESTMENT: Reports PHP747,565 Equity as of June 30
NAT'L POWER: Inks Deal for Lower Generation Rates with MERALCO
PHIL AIRLINES: Improved Debt May Cue Rehab Exit in October
PHIL LONG DISTANCE: Lays Off 575 Employees Due to Tech. Changes
VULCAN IND'L: Plans PHP900-Million Pre-emptive Rights Offering

* Phil. Ranks 47th in Info. Technology Competitiveness Study


S I N G A P O R E

EXPRESS FACTORING: Receiving Proofs of Debt Until Sept. 28
FOX'S REALTY: Accepting Proofs of Debt Until October 15
INTEGRAL PERIPHERALS: Creditors' Proofs of Debt Due on Sept. 28
SEA CONTAINERS: Wants to Sell Speedinvest Shares to Triformity


T H A I L A N D

ARVINMERITOR INC: Appoints Joe Plomin as VP for CVS Truck Unit
PICNIC CORP: Sets September 28 as Exercise Date for Warrants
THAI WAH: Extraordinary Shareholders' Meeting Set for October 4


* Alvarez & Marsal Opens First Mainland China Office in Shanghai

* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AERIAL DISTRIBUTION: Members and Creditors to Meet on Sept. 28
--------------------------------------------------------------
Aerial Distribution Pty Ltd will hold a meeting for its members
and creditors on September 28, 2007, at 10:30 a.m.

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

The Liquidator can be reached at:

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

                    About Aerial Distribution

Aerial Distribution Pty Ltd provides business services.  The
company is located at Manly, in New South Wales, Australia.


AMAZING PAINT: Declares First & Final Dividend
----------------------------------------------
Amazing Paint Discounts Pty Ltd, which is liquidation, will
declare its first and final dividend today.

Creditors who were not able to file their claims by the Sept. 18
due date will be excluded from sharing in the company's dividend
distribution.

The company's deed administrators are:

         B. R. Silvia
         A. J. Love
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                       About Amazing Paint

Amazing Paint Discounts Pty Ltd operates paint, glass and
wallpaper stores.  The company is located at St. Mary's, in New
South Wales, Australia.


AYMTOLD PTY: Declares Final Dividend
------------------------------------
Aymtold Pty Ltd will declare its final dividend for its
creditors today.

Creditors whose proofs of debt were not filed by the Sept. 18
due date will be excluded from sharing in the company's dividend
distribution.

The company's deed administrators are:

         B. R. Silvia
         A. J. Love
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                        About Aymtold Pty

Aymtold Pty Ltd, which is also trading as Amazing Paints,
operates paint, glass and wallpaper stores.  The company is
located at St. Mary's, in New South Wales, Australia.


BARROJEST PTY: Declares First and Final Dividend
------------------------------------------------
Barrojest Pty Ltd will declare its first and final dividend
today, September 19, 2007.

Only the creditors who were able to file their claims by the
Sept. 18 due date will be included in the company's dividend
distribution.

The company's deed administrators are:

         B. R. Silvia
         A. J. Love
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                       About Barrojest Pty

Barrojest Pty Ltd operates paint, glass and wallpaper stores.
The company is located at St. Mary's, in New South Wales,
Australia.


DFKDFC PTY: Appoints Daniel Cvitanovic as Liquidator
----------------------------------------------------
On August 16, 2007, the creditors of DFKDFC Pty Limited had a
meeting and agreed to voluntarily wind up the company's
operations.

Daniel I. Cvitanovic was then appointed as liquidator.

The Liquidator can be reached at:

         Daniel I Cvitanovic
         Chartered Accountant
         Shop 5 Old Potato Shed
         74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia

                        About DFKDFC Pty

DFKDFC Pty Limited is in the business of air, water and solid
waste management.  The company is located at Unanderra, in New
South Wales, Australia.


FOOT LOCKER: Incurs US$18-Mil. Net Loss in Quarter Ended Aug. 4
---------------------------------------------------------------
Foot Locker Inc. reported a net loss of US$18.0 million for the
second quarter ended Aug. 4, 2007, compared to net income of
US$14.0 million last year.  Second quarter sales decreased 1.5%
to US$1.28 billion this year compared with sales of
US$1.30 billion for the corresponding prior year period.  Second
quarter comparable-store sales decreased 7.3%.

"Our second quarter results reflected lower than expected sales
and the impact of a strategic decision to significantly
accelerate the clearance of slow-selling merchandise inventory
in our U.S. stores," stated Matthew D. Serra, Foot Locker Inc.'s
chairman and chief executive officer.  "This inventory clearance
strategy resulted in markdowns increasing in our U.S. stores by
US$50.0 million, at cost, versus the second quarter of last
year.  As a result, we are now better positioned to offer more
exciting and compelling products for the fall season.  At the
same time, the division profit of our international stores
increased approximately 20.0% from the same period last year,
(excluding the US$17.0 million pre-tax charge recorded in 2006
to write down long-lived assets pursuant to SFAS 144)."

For the first six months of the year, the company reported a net
loss of US$1.0 million, compared with net income of
US$73.0 million last year.  Year-to-date sales decreased 2.6% to
US$2.60 billion compared with sales of US$2.67 billion last
year.  Comparable-store sales decreased 6.2%

At the end of the second quarter, the company's cash and short-
term investments totaled US$363.0 million.  The company's cash
position, net of debt, increased by US$86.0 million from the
same time last year.  During the second quarter, the company
repurchased 1.1 million shares of its common stock for
US$24.0  million.  For the first six months of the year, the
company repurchased 2.3 million shares for US$50.0 million.

The company's merchandise inventory at the end of the second
quarter was 1.6% lower than at the end of the second quarter
last year.  Stated in constant currency dollars, the company's
merchandise inventory decreased 3.2% versus last year.
Merchandise inventory in the company's U.S. stores was
approximately 4.0% lower than last year, with goods older than
12 months reduced from last year by approximately 40.0%.  At the
company's international stores, merchandise inventory was
essentially flat with last year.

                       Store Base Update

During the first six months of the year, the company opened 78
new stores, remodeled/relocated 129 stores and closed 115
stores.  At Aug. 4, 2007, the company operated 3,905 stores in
20 countries in North America, Europe and Australia.  In
addition, seven-franchised stores were operating in the Middle
East.  During the first week of the third quarter, the company
converted its Footquarters stores to Foot Locker and Champs
Sports outlet stores.

During the next six months of 2007, the company currently
expects to open approximately 40 stores and, as previously
announced, close 135 to 150 unproductive stores.  Approximately
90 of the estimated store closings are expected to occur at or
near their normal lease expiration and have minimal or no
expense impact to the company.  Depending on the outcome of
landlord negotiations, 50 to 60 of the stores are expected to
close prior to normal lease expiration.  The cash costs
associated with closing these 135 to 150 stores are expected to
be essentially offset by the cash benefits of the working
capital reduction.

Mr. Serra continued, "Given the uncertainty of several factors
that may affect our financial results, we are not providing a
financial forecast for the balance of the year at this time.
These uncertainties include the current challenging athletic
retail environment in the U.S. and incremental costs associated
with the closing of the additional stores.  In addition, we will
continue to assess the impact of the recent merchandise
initiatives on the financial results of our domestic businesses
during the fall 2007 season.  This assessment may include an
analysis of the recoverability of store long-lived assets
pursuant to SFAS 144 that may result in a non-cash impairment
charge."

At Aug. 4, 2007, the company's consolidated balance sheet showed
US$3.34 billion in total assets, US$1.10 billion in total
liabilities, and US$2.24 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Aug. 4, 2007, are available for
free at http://researcharchives.com/t/s?2364

                       Credit Facility

The company discloses that it has a US$200.0 million revolving
credit facility.  Other than to support standby letter of credit
commitments, of which US$14.0 million were in place at
Aug. 4, 2007, the revolving credit facility has not been used
during 2007.

In 2004, the company obtained a 5-year, US$175.0 million
amortizing term loan from the bank group participating in the
revolving credit facility, of which US$88.0 million is
outstanding as of Aug. 4, 2007.  Under the company's revolving
credit and term loan agreement the company is required to
satisfy certain financial and operating covenants, including a
minimum fixed charge coverage ratio.  In addition, this
agreement restricts the amount the company may expend in any
year for dividends to 50% of its prior year's net income.

As reported in the Troubled Company Reporter on Sept. 14, 2007,
the company disclosed that based on its second quarter financial
results and business uncertainties for the second half of the
year, it may not continue to be in compliance with the fixed
charge coverage ration.

                       About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, Europe, Australia,
and New Zealand as of Feb. 3, 2007.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 14, 2007,
Standard & Poor's Ratings Services said its ratings, including
the 'BB+' corporate credit rating, on Foot Locker Inc. will
remain on CreditWatch with negative implications, where they
were placed on Aug. 18, 2006.


HEALTHVISION MEDICAL: Placed Under Voluntary Liquidation
--------------------------------------------------------
At an extraordinary general meeting held on August 16, 2007, the
members of Healthvision Medical Communications Pty Limited
resolved to voluntarily liquidate the company's business.

Martin John Green was named as liquidator.

The Liquidator can be reached at:

         Martin John Green
         c/o GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                   About Healthvision Medical

Healthvision Medical Communications Pty Ltd is a distributor of
durable goods.  The company is located at Kings Cross, in New
South Wales, Australia.


HOMEGOODS PTY: Liquidator to Give Wind-Up Report on September 28
----------------------------------------------------------------
Homegoods Pty Limited will hold a final meeting for its members
and creditors on September 28, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         David J. Kerr
         RSM Bird Cameron Partners
         Level 12, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 8933
         Facsimile:(02) 9233 8521

                       About Homegoods Pty

Homegoods Pty Limited operates electrical repair shops.  The
company is located at St. Leonards, in New South Wales,
Australia.


R.D.T. PTY: Members' Final Meeting Set for October 5
----------------------------------------------------
The members of R.D.T. Pty Limited will have their final meeting
on October 5, 2007, at 10:30 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         P. Ngan
         c/o Ngan & Co
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                        About R.D.T. Pty

R.D.T. Pty Limited is a land subdivider and developer.  The
company is located at North Sydney, in New South Wales,
Australia.


ROBERTSON & CO: Declares First Dividend
---------------------------------------
Robertson & Co Pty Ltd will declare its first dividend today.

Creditors who were not able to file their claims by the Sept. 18
due date will be excluded from sharing in the company's dividend
distribution.

The company's deed administrators are:

         B. R. Silvia
         A. J. Love
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                      About Robertson & Co

Robertson & Co Pty Ltd provides services for insurance agents
and brokers.  The company is located at Brisbane, in Queensland,
Australia.


SAIL VENTURE: Members to Receive Wind-Up Report on October 5
------------------------------------------------------------
A final meeting will be held for the members of Sail Venture
Cruises Pty Limited on October 5, 2007.

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:

         P. Ngan
         c/o Ngan & Co
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                       About Sail Venture

Sail Venture Cruises Pty Limited provides water transportation
services.  The company is located at Darling Harbour, in New
South Wales, Australia.


SYMBION HEALTH: In Talks with Healthscope on Alternative Plans
--------------------------------------------------------------
Symbion Health Limited and Healthscope Ltd. plans to extend tie-
up talks as they search for alternatives to a failed
AU$2.9-billion takeover deal, sources close to the matter
revealed to Reuters.

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

Reuters relates that after Primary voted its 20% stake against
the Healthscope takeover deal, Symbion and Healthscope started
fresh talks and had five days to come up with a new bid.
However, the sources disclosed to Reuters that they will extend
that period.

"The idea is to conserve as much as possible the objectives of
the previous deal.  You have to belt these things with hammers
from every different angle.  There's a lot being done and it's
going to take time," expresses the source to Reuters.

Primary Health, writes Reuters, proposed buying some Symbion
assets and said earlier this month it might make a private
equity-backed bid for Symbion, and has subsequently only said
that it would welcome the opportunity to review any new
proposals from Healthscope and Symbion.

According to an analyst, one alternative is an asset sale, which
would require a lower threshold of shareholder support, allowing
Healthscope and Symbion to sidestep Primary's stake, notes
Reuters.

Teresa Ooi of The Australian cites unidentified sources as
saying that discussions between both companies focus on Symbion
selling its pathology, medical centers and diagnostic imaging
assets to Healthscope, and its pharmacy and vitamins business to
Healthscope's private equity partners Ironbridge Capital and
Archer Capital.

According to Ms. Ooi, with this in plan, the alternative deal
would only require the approval of a simple majority of Symbion
shareholders.

                     About Symbion Health

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

                          *     *     *

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


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

ANDREW CORP: Seeks to Overturn US Court Verdict Over Patent Suit
----------------------------------------------------------------
Andrew Corporation will seek to set aside the U.S. District
Court for the District of Delaware's verdict in a patent
infringement lawsuit and continue its focus on providing
innovative mobile location systems that benefit the world's
wireless operators and their customers.

Federal court jurors in Wilmington, Del., ruled in favor of
TruePosition, Inc., finding that Andrew had willfully infringed
a single TruePosition patent in providing a geolocation system
to a customer in the Middle East.  The jury's decision to award
US$45.3 million in damages, as well as the underlying issue of
Andrew's liability, is subject to the outcome of various post
trial motions and appeals that Andrew will vigorously pursue.
Although TruePosition may seek to increase the damages awarded,
up to trebling the amount, Andrew believes any damages awarded,
including any increase, are inappropriate.

"We are extremely disappointed in the jury's ruling and strongly
disagree with this outcome," said Terry Garner, group president,
Andrew Network Solutions.  "We will fight aggressively to
overturn this verdict, either at the trial court level or on
appeal, so that wireless operators all over the world are not
restricted from choosing geolocation systems that work best for
their networks.  Andrew believes that this verdict ultimately
will be reversed.

"Our number one focus has been, and continues to be, on the
needs of our customers.  We look forward to competing and
winning where it matters most-in the global communications
marketplace where wireless operators benefit from our industry
leading geolocation offerings."

TruePosition filed its complaint on Oct. 25, 2005, in the US
District Court for the District of Delaware.  At issue was a
patent that TruePosition argued was infringed by an Andrew
uplink time difference of arrival (U-TDOA) mobile location
system that is being deployed under a multiyear contract with a
Tier 1 operator in the Middle East.  Andrew has since won two
additional contracts with this customer for an expanded
deployment of this strategic project which, when completed, will
cover a network of thousands of cell sites.

Andrew does not believe today's ruling will affect its Middle
East customer or its installed mobile location system.  In
addition, the patent at issue relates only to certain
implementations using U-TDOA technology.  As a result, other
Andrew Geometrix(R) customer installations, including E-911
systems and Mobile Location Center offerings, that use different
geolocation technologies also are not impacted.

Geolocation systems installed in wireless networks are used to
determine the position of mobile devices.  With more than 30
customers around the world, Andrew's Geometrix location systems
have been installed by more operators than any competing system.
Geometrix precisely meets the location-based service
performance, deployment, and cost requirements of operators
worldwide.

                        About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                           *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Andrew Corp. to 'BB-' from 'BB' and placed the rating
on CreditWatch with negative implications, following
announcement of the merger with Commscope Inc.


AGILE PROPERTY: Posts First Half Gross Profit of CNY1.13 Bil.
-------------------------------------------------------------
Agile Property Holdings posted a gross profit of
CNY1.132 billion in the first half of 2007, representing a
growth of 11.3% from a year ago, Infocast News reports.

Sales amounted to CNY3.196 billion, representing a growth of
4.9% from the same period a year ago, the company said in a
statement, cited by the news agency.

For the six months ended June 30, 2007, the Group's recognized
sales from apartment properties achieved a GFA of 427,000 square
meter which represented a 24.9% increase as compared to 342,000
square meter in the corresponding period last year.  The Group's
overall recognized sales from properties reached a GFA of
525,169 square meter, representing an increase of 3.2% from a
year ago, the report notes.

Infocast notes that the cost of sales in the period was CNY3,495
per square meter, representing a decrease of 2.6% as compared to
CNY3,589 per square meter in the corresponding period last year.
Thus, the overall profit margin was still increased by 2
percentage points to 35.4% over 33.4% in the same period last
year.

As at September 17, 2007, the company had a total of 53 projects
and a total GFA of 24.547 million square meter, up from 16.16
million square meter from end December 2006, the statement
added.


Agile Property Holdings Ltd is one of the major property
developers in the Pearl River Delta region, targeting the mid-
to-high-end segment.  It has land banks in four cities --
Zhongshan, Guangzhou, Foshan and Huizhou -- with a total gross
floor area of 8.3 million sqm.  It listed on the Hong Kong Stock
Exchange in December 2005.

On November 13, 2006, Moody's Investors Service affirmed Agile
Property Holdings Ltd's Ba3 corporate family rating and senior
unsecured bond rating in view of the successful closing of the
US$400 million bond issuance.  Both ratings have had their
provisional status removed.  The ratings outlook is stable.


BALLY TOTAL: Bankruptcy Court Confirms Plan of Reorganization
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has entered an order confirming Bally Total Fitness Holding
Corporation's Amended Prepackaged Chapter 11 Plan of
Reorganization.

With this action, Bally expects to emerge from Chapter 11 by the
end of September 2007 and move forward with the restructuring
arrangements funded by Harbinger Capital Partners Master Fund I,
Ltd. and Harbinger Capital Partners Special Situations Fund L.P.

At the hearing, the Court ruled that Bally had met all of the
statutory requirements to confirm its Plan.  The Plan will
become effective, and the company will emerge from Chapter 11 as
a private company, once all conditions to funding of the
Harbinger proposal are satisfied.

"The Court's confirmation of our Plan paves the way for our
emergence from Chapter 11 and we look forward to a rejuvenated
Bally Total Fitness under Harbinger's leadership," Don R.
Kornstein, Interim Chairman and Chief Restructuring Officer of
Bally Total Fitness, said.  "We will exit bankruptcy as a
stronger company, with a capital structure that will enable us
to increase our level of investments in our clubs and pursue
other initiatives to add value for our members."

Under its proposal Harbinger would invest approximately
US$233.6 million in exchange for 100% of the common equity of
reorganized Bally.  Under the Harbinger proposal:

   * The Senior Noteholders will receive new Senior Second Lien
     Notes bearing at 13% as well as a consent fee equal to 2%
     of the face value of their Notes.

   * Subordinated Noteholders will receive an immediate cash
     payment of $123.5 million in the aggregate, with the
     remaining balance of the Subordinated Notes to be
     satisfied through the issuance of approximately
     $200 million in new subordinated notes of reorganized
     Bally.  The annual interest rate payable under the new
     subordinated notes will be 15-5/8% as the payment-in-kind
     interest rate and 14% as the cash pay interest rate.

   * Existing Bally shareholders and holders of certain equity-
     related claims will receive an aggregate distribution of
     $16.5 million as soon as practicable after the company can
     determine the maximum amount of the equity-related claims.
     That determination cannot be made until after the Oct. 31,
     2007, deadline for submission of proofs of claim for
     equity-related claims, and may require court approval.

In the event the transaction with Harbinger is not consummated,
the company can consummate the restructuring in the original
plan sponsored by Tennenbaum Capital Partners, LLC, Goldman,
Sachs & Co. and Anschutz Investment Company upon the
satisfaction of certain conditions.

A redlined copy of the company's Modified First Amended Plan is
available for free at: http://ResearchArchives.com/t/s?2370

                   About Bally Total Fitness

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

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


BANIN COMPANY: Members' General Meeting Set for October 15
----------------------------------------------------------
The members of Banin Company Limited will hold their general
meeting on October 15, 2007, at 11:00 a.m., at the 7th Floor of
Alexandra House, 18 Chater Road, in Central, Hong Kong.

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


BECHTEL ENTERPRISES: Placed Under Voluntary Liquidation
-------------------------------------------------------
On August 31, 2007, the members of Bechtel Enterprises (Hong
Kong) Limited resolved to voluntarily liquidate the company's
business.

Jeffrey Stewart Roehl was appointed as liquidator.

The Liquidator can be reached at:

         Jeffrey Stewart Roehl
         5275 Westview Drive
         Frederick MD 21703
         U.S.A.


FIAT SPA: Offers Tech Support to Tata's Bid on Ford Brands
----------------------------------------------------------
Fiat S.p.A. is willing to lend technical support to Tata Motors
Ltd. in its bid for Ford Motor Co.'s Land Rover and Jaguar
brands, Reuters reports.

"If Tata is interested in Jaguar and Land Rover, we are ready to
provide technical support," an unnamed Fiat spokesman was quoted
by Reuters as saying.

Sources told the Financial Times that Tata Motors has moved on
to the second round of the auction process along with Mahindra &
Mahindra and One Equity Partners.

As reported in the TCR-Europe on Sept. 10, 2007, Fiat S.p.A.
chairman Luca Cordero di Montezemolo denied reports that the
company is interested in taking a minority stake in Ford Motor's
British brands.

The TCR-AP also previously reported that Tata Motors has made it
to the list of selected bidders for final consideration in the
race for Jaguar and Land Rover.   The company, however, is
facing fierce competition from United States firms.  Other
bidders include TPG Capital, Ripplewood Holdings, One Equity
Partners, Cerberus Capital Management, and India's Mahindra &
Mahindra.

Ford aims to complete the sale by the end of 2007 or early 2008.

                         About Fiat SpA

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

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

                          *     *     *

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

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

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


FIAT SPA: European Commission Demands Technical Info Report
-----------------------------------------------------------
The European Commission has adopted four decisions that legally
bind DaimlerChrysler AG, Toyota Motor Corp., General Motors
Corp. and Fiat SpA to commitments to provide technical
information about car repairs to all independent garages in the
European Union.

The commitments were given after a Commission investigation
found that inadequate access to the full range of technical
information could drive independent repairers from the market
and that the agreements between the car makers and their
authorized repairers would therefore infringe EC Treaty rules on
restrictive business practices.

The resulting reduction in competition between car repairers
could lead to less choice and higher prices for consumers:
independent repairers are often cheaper than authorized outlets,
sometimes by over 50%.  In addition, if repairs were carried out
without the right technical information, this could lead to
vehicles being driven in an unsafe condition, and add to air
pollution and wasted fuel.

The commitments will be binding until the motor vehicle block
exemption expires in May 2010.  By that time, the vehicle
emissions regulation will have entered into force.  This places
an obligation upon vehicle manufacturers to provide independent
repairers with standardized access to all technical repair
information.

Competition Commissioner Neelie Kroes said: "Consumers benefit
from competition between repairers, through lower labor charges
and cheaper spare parts.  These decisions provide a concrete and
timely solution to the problems faced by independent repairers,
who might lose their ability to compete without access to the
relevant technical information."

The protection of competition on the EU car repair and
maintenance markets is one of the aims of the motor vehicle
block exemption regulation.  Independent repair outlets are
important to European consumers, because they exert competitive
pressure on the franchised networks.

Studies have shown, for instance, that prices charged by
authorized outlets in Germany are on average 16% higher than
those billed by independent repairers, while in the UK, the
difference for a typical service job between independents and
some of the highest priced brands of franchised dealer can be
more than 120%.  These differences are all the more significant
when one considers that over a car's lifetime, repair and
maintenance costs as much as the first owner paid for the car.

Cars are becoming increasingly complex, and even basic repairs
require qualified technicians with brand-specific technical
information.  The Commission's preliminary finding in all four
cases was that the car makers seem to have withheld certain
technical information from independent repairers and have
provided the rest in a way that does not meet their needs.

These apparent inadequacies could force independent repairers
from the markets, resulting in considerable consumer harm.  Such
behavior is prohibited by Regulation 1400/2002, which provides
that full and non-discriminatory access must be given in a
manner proportionate to independent repairers' needs.

                         About Fiat SpA

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

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

                          *     *     *

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

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

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

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


GRAFTECH INT'L: S&P Holds B+ Corp. Rating with Positive Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
GrafTech International Ltd. to positive from stable.  At the
same time, S&P's has affirmed all ratings on the company,
including its 'B+' corporate credit rating.

"The outlook revision reflects GrafTech's continued solid
operating results over the past few quarters due to higher
graphite electrode pricing and relatively steady demand, a trend
we expect will continue in the near term," said S&P's credit
analyst Marie Shmaruk.  As a result of the good operating
results, in addition to significant debt repayment due to the
sale of the company's cathodes business earlier in 2007, the
company's consolidated financial profile has improved to a level
that S&P's would consider to be more consistent with a higher
rating.

The ratings on GrafTech reflect its significant exposure to the
cyclical steel industry, limited supplier diversity, and
continued raw material cost pressure.  Still, the company
maintains a good market position in graphite electrodes,
possesses healthy margins driven by current favorable industry
conditions, and its liquidity position is adequate.

                         About GrafTech

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


GREENTOWN CHINA: Moody's Cuts Rating to Ba3 on Aggressive Buys
--------------------------------------------------------------
On September 18, 2007, Moody's Investors Service has downgraded
Greentown China Holdings Ltd's corporate family and senior
unsecured bond ratings to Ba3 from Ba2.  The outlook for both
ratings is stable.  This concludes the ratings review initiated
on June 25, 2007.

"The downgrade has been prompted by Greentown's aggressive
approach to land acquisitions, which is beyond Moody's original
expectation, against the uncertainties associated with
regulatory changes and ongoing government measures to control an
overheated property market.  Some of the acquisitions were
conducted before the equity structure and/or financing
arrangement had been finalized," says Kaven Tsang, a Moody's
analyst.

"The downgrade further reflects Moody's expectation of a weaker-
than-expected performance in the next 12-18 months because of
delays in certain projects as a result of government initiated
administrative measures," he says.

"In addition to the US$600 million fund raised through equity
placement and a convertible bond issuance, Greentown will still
have to rely on successfully achieving its sale and pre-sale
plans, asset disposals and uninterrupted refinancing if it is to
meet its sizeable land premium, construction expenditure and
debt repayment going forward," comments Tsang, also Moody's lead
analyst for Greentown.

Partly mitigating these concerns, Greentown has successfully
divested part of its interests in projects in Wenzhou and
Shaoxing, thereby lowering its capital commitment.  Despite
that, its adjusted debt/capitalization is expected to remain at
a high level of over 60% in the near-to-medium term.  This level
is considered as appropriate for the revised rating level.

Meanwhile, Greentown's Ba3 ratings continue to reflect its
strong operating and competitive positions in Zhejiang province,
well-established brand name, quality products and diversified
land bank covering 22 cities.

The ratings outlook is stable, reflecting Moody's expectation
that Greentown will successfully achieve its sales targets and
manage its development expenses, such that ongoing positive
operating cash flow will be generated.  The stable outlook
further reflects Moody's expectation that the company will
maintain continued uninterrupted access to bank financing.

The ratings could undergo a further downgrade if Greentown:

    1) fails to meet sales expectations;

    2) continues to execute aggressive debt-funded land
       acquisitions, such that its balance sheet liquidity is
       weakened and adjusted debt/capitalization fails to fall
       below 60% in the next 2-3 years.

Near term upward rating pressure is limited given its rapid
expansion amidst an uncertain regulatory and operating
environment.

For Moody's to consider a rating upgrade, Greentown has to
demonstrate:

    1) an ongoing ability in achieving sales plan and

    2) strong financial disciplines in managing expansion
       through China's property cycle.

In terms of financial metrics, Moody's would need to see
adjusted debt/capitalization consistently below 50% and
OCF/interest above 5-6x.

Greentown China Holdings Ltd is one of the major property
developers in China with a primary focus on Hangzhou and
Zhejiang Province.  It has land banks in 22 cities in China and
an attributable gross floor area of 9.6 million square meters.
Greentown was listed on the Hong Kong Stock Exchange in July
2006.


JOYFUL PEACE: Creditors' Proofs of Debt Due on October 15
---------------------------------------------------------
The creditors of Joyful Peace Limited are required to file their
proofs of debt by October 15, 2007, to be included in the
company's dividend distribution.

The company started to liquidate its business on September 11,
2007.

The company's liquidator is:

         Suen Man Fai
         Sing Pao Building, Room 2402, 24th Floor
         101 King's Road, Fortress Hill
         Hong Kong


KEYS INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 31
-------------------------------------------------------------
The High Court of Hong Kong will hear on October 31, 2007, at
9:30 a.m., a petition to have the operations of Keys
International Limited wound up.

The petition was filed by the Company of 906C on August 21,
2007.

The Petitioner's solicitor is:

         Victor Chiu Tsang & Partners
         Club Lusitano, 8th Floor
         16 Ice House  Street
         Central, Hong Kong
         Telephone: 2117 2662
         Facsimile: 2537 0908


KONKA GROUP: To Mass Produce LCD TV on STMicro's Design
-------------------------------------------------------
Konka Group has agreed to mass produce LCD integrated digital
televisions (iDTVs) based on STMicroelectronics NV's DTV100
design, EE Times reports, citing a statement from the Swiss
firm.

The company is expected to go into mass production in October in
time for the winter holiday season, the report adds.

The DTV100 design of television is built around ST's STD2000
high-definition integrated decoder and video processor, which
supports "all worldwide standards" ST claimed.

The DTV100 design includes software development and
customization tools that have enabled Konka to develop its own
version of the design.  Konka televisions based on DTV100 are
expected to be suitable for the Asian market the America ATSC
(Advanced Television Systems Committee) market, EE Times notes.

The DTV100 platform can be configured for all worldwide TV
standards.

The STD2000 single-chip high-definition processor is
manufactured in a 90-nm CMOS process.  It can decode and display
both analog and digital broadcasts, eliminating adjacent-channel
noise and multi-path interference, and can decode two
simultaneous standard-definition (SD) signals as well as
performing high-definition decompression, video processing and
display for flat-panel televisions.

Under FCC requirements, all televisions sold in the United
States after March 2007 must have built-in digital tuners.  The
DTV100 reference design and its development support enable
manufacturers to produce compliant products with the minimum of
design effort.  The DTV1000 supports all matrix displays LCD and
plasma up to 1080 lines progressively scanned.  The platform
also supports the CableCARD interface for U.S. OpenCable
specifications and interfaces to meet European terrestrial DVB
specifications.

Headquartered in Shenzhen, Guangdong Province, the People's
Republic of China, Konka Group Co., Ltd. --
http://www.konka.com/-- is a manufacturer of electronics and
telecommunications products.  The Company has established five
manufacturing bases, located in Mudanjiang, Shaanxi Province,
Dongguan, Anhui Province and Chongqing.  It also has a
nationwide sales and services network, with 300 sales branches,
7,000 retailers and 30,000 services centers.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on July 10, 2006.


KRIPHARMA (HONG KONG): Faces Excel Asia's Wind-Up Petition
----------------------------------------------------------
On July 26, 2007, Excel Asia (Hong Kong) Limited filed a
petition to have the operations of Kripharma (Hong Kong)
Healthcare Limited wound up.

The petition will be heard before the High Court of Hong Kong on
October 10, 2007, at 9:30 a.m.

Excel Asia's solicitors are:

         Yuen & Partners
         Chiyu Bank Building, 10th Floor
         78 Des Voeux Road, Central
         Hong Kong
         Telephone: 2815 2688
         Facsimile: 2541 2088


MATEWAY CORPORATION: Court to Hear Wind-Up Petition on Oct. 31
--------------------------------------------------------------
The Company of 906 filed on August 21, 2007, a petition to have
the operations of Mateway Corporation Limited wound up.

The petition will be heard before the High Court of Hong Kong on
October 31, 2007, at 9:30 a.m.

The Petitioner's solicitor is:

         Victor Chiu Tsang & Partners
         Club Lusitano, 8th Floor
         16 Ice House Street
         Central, Hong Kong
         Telephone: 2117 2662
         Facsimile: 2537 0908


ORIGINAL POPULAR: Subject to Li Kar Yee's Wind-Up Petition
----------------------------------------------------------
Li Kar Yee filed on August 28, 2007, a petition to have the
operations of Original Popular Concept Limited wound up.

The High Court of Hong Kong will hear the petition on Nov. 7,
2007, at 9:30 a.m.

Li Kar Yee's solicitor is:

         Victor Chiu Tsang & Partners
         Club Lusitano, 8th Floor
         16 Ice House  Street
         Central, Hong Kong
         Telephone: 2117 2662
         Facsimile: 2537 0908


SUNBEAM REALTY: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on September 5, 2007,
the members of Sunbeam Realty Development Limited agreed to
voluntarily liquidate the company's business.

Chan Kai Hung was named as liquidator.

The Liquidator can be reached at:

         Chan Kai Hung
         South China Building, 11th Floor
         1 Wyndham Street
         Central, Hong Kong


TALENT WISE: Court to Hear Wind-Up Petition on October 31
---------------------------------------------------------
On August 20, 2007, Leung Chak Lam filed a petition to have the
operations of Talent Wise Holdings Limited wound up.

The petition will be heard before the High Court of Hong Kong on
October 31, 2007, at 9:30 a.m.


TONG YANG: Required Creditors to File Claims by October 14
----------------------------------------------------------
The creditors of Tong Yang Hong Kong Limited are required to
file their proofs of debt by October 14, 2007, so as to be
included in the company's dividend distribution.


WINOWNER GROUP: Warns of Possible Loss in First 9 Months of 2007
----------------------------------------------------------------
Winowner Group Co., Ltd., warns its investors that it expects to
report a loss for the first three quarters of fiscal 2007,
Reuters reports.

The news agency recounts that for the same period in fiscal
2006, the company reported a loss of CNY40,259,400.


Formerly known as Wuhan Cheng Cheng Investment In Culture Group
Co., Ltd, Winowner Group Co., Ltd. -- http://www.winowner.com/
- - is principally engaged in the printing business, the
distribution of paper products, as well as the leasing and
renting of properties.  The company primarily provides package
printing services for beer and cigarette manufacturers.

The Troubled Company Reporter-Asia Pacific reported on Sept. 14,
2007, that the company has a capital deficiency of
US$23.34 million, on total assets of US$72.39 million.


WINOWNER GROUP: Changsha Bank Branch Files Lawsuit on Defaults
--------------------------------------------------------------
Winowner Group Co., Ltd., along with a Hunan-based biological
company, is facing a lawsuit filed by Jianxiang Sub-Branch of
Changsha Commercial Bank in the People's Court of Yuhua
District, Reuters reports.

The lawsuit alleged that the unnamed biological company should
return arrears of CNY6 million and interest charges to the
plaintiff, the report notes.

This lawsuit also required Winowner, who acted as a guarantor,
to undertake joint repayment liabilities.


Formerly known as Wuhan Cheng Cheng Investment In Culture Group
Co., Ltd, Winowner Group Co., Ltd. -- http://www.winowner.com/
-- is principally engaged in the printing business, the
distribution of paper products, as well as the leasing and
renting of properties.  The company primarily provides package
printing services for beer and cigarette manufacturers.

The Troubled Company Reporter-Asia Pacific reported on Sept. 14,
2007, that the company has a capital deficiency of
US$23.34 million, on total assets of US$72.39 million.


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

BAUSCH & LOMB: Sets Special Shareholders' Meeting for Sept. 21
--------------------------------------------------------------
Bausch & Lomb Inc. will convene a special meeting of
shareholders at 10 a.m. on Sept. 21, 2007, at the Bausch
Ballroom of Clarion Hotel Riverside at 120 East Main Street in
Rochester, New York.

Bausch & Lomb shareholders of record as of the close of
business on Aug. 10, 2007, will be entitled to vote at the
special meeting.

                  Foreign Regulatory Approvals

On Aug. 31, 2007, the proposed merger of B&L and WP Prism Merger
Sub Inc., an affiliate of Warburg Pincus LLC, satisfied the
requirements under Chinese competition laws.   On Aug. 21, 2007,
the company received an unconditional approval decision from the
Turkish Competition Board relating to the merger.

As reported in the Troubled Company Reporter on May 17, 2007,
Bausch & Lomb Inc. entered into a definitive merger agreement
with affiliates of Warburg Pincus, the global private equity
firm, in a transaction valued at approximately US$4.5 billion,
including approximately US$830 million of debt.

Under the terms of the agreement, affiliates of Warburg Pincus
will acquire all of the outstanding shares of Bausch & Lomb
common stock for US$65 per share in cash.

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: Nears Deal with UAW on Healthcare Trust Fund
------------------------------------------------------------
General Motors Corp. and the United Auto Workers union are
steadily closing the gap between their differences over GM's
proposal to transfer about US$55 billion in future health care
liabilities to a union-managed fund, known as a Voluntary
Employees' Beneficiary Association, The Financial Times reports,
citing sources familiar with the negotiations.

Both parties are expected to sign a final contract soon.

The TCR-Europe reported on Sept. 17, 2007, that GM, along with
Ford Motor Company and Chrysler LLC, 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.  The trust fund is expected to cut about US$95 billion
from the car makers' retiree costs.

The UAW is extending GM's contract on an hour-to-hour basis
while granting an indefinite extension to the other two Detroit
carmakers, Ford Motor Company and Chrysler LLC, pending the
outcome of talks with GM.  The UAW may use the GM settlement to
extract "pattern" concessions from the other two, Bernard Simon
writes for FT.

GM representatives said five GM plants in the United States were
operating on Saturday while more than 70 union-represented
facilities resumed production on Monday, Reuters relates.  The
UAW had initially threatened to call a strike against GM, before
agreeing to the hourly extension.  UAW's last major strike
against GM was in 1998, when a 59-day walkout at two GM parts
plants caused shortages that eventually shut down almost all of
the automaker's assembly plants and caused sales to plunge,
Reuters states.

                      About General Motors

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

                          *     *     *

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

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


GENERAL MOTORS: EU Orders Technical Information Disclosure
----------------------------------------------------------
The European Commission has adopted four decisions that legally
bind DaimlerChrysler AG, Toyota Motor Corp., General Motors
Corp. and Fiat SpA to commitments to provide technical
information about car repairs to all independent garages in the
European Union.

The commitments were given after a Commission investigation
found that inadequate access to the full range of technical
information could drive independent repairers from the market
and that the agreements between the car makers and their
authorized repairers would therefore infringe EC Treaty rules on
restrictive business practices.

The resulting reduction in competition between car repairers
could lead to less choice and higher prices for consumers:
independent repairers are often cheaper than authorized outlets,
sometimes by over 50%.  In addition, if repairs were carried out
without the right technical information, this could lead to
vehicles being driven in an unsafe condition, and add to air
pollution and wasted fuel.

The commitments will be binding until the motor vehicle block
exemption expires in May 2010.  By that time, the vehicle
emissions regulation will have entered into force.  This places
an obligation upon vehicle manufacturers to provide independent
repairers with standardized access to all technical repair
information.

Competition Commissioner Neelie Kroes said: "Consumers benefit
from competition between repairers, through lower labor charges
and cheaper spare parts.  These decisions provide a concrete and
timely solution to the problems faced by independent repairers,
who might lose their ability to compete without access to the
relevant technical information."

The protection of competition on the EU car repair and
maintenance markets is one of the aims of the motor vehicle
block exemption regulation.  Independent repair outlets are
important to European consumers, because they exert competitive
pressure on the franchised networks.

Studies have shown, for instance, that prices charged by
authorized outlets in Germany are on average 16% higher than
those billed by independent repairers, while in the UK, the
difference for a typical service job between independents and
some of the highest priced brands of franchised dealer can be
more than 120%.  These differences are all the more significant
when one considers that over a car's lifetime, repair and
maintenance costs as much as the first owner paid for the car.

Cars are becoming increasingly complex, and even basic repairs
require qualified technicians with brand-specific technical
information.  The Commission's preliminary finding in all four
cases was that the car makers seem to have withheld certain
technical information from independent repairers and have
provided the rest in a way that does not meet their needs.

These apparent inadequacies could force independent repairers
from the markets, resulting in considerable consumer harm.  Such
behavior is prohibited by Regulation 1400/2002, which provides
that full and non-discriminatory access must be given in a
manner proportionate to independent repairers' needs.

                      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.


LLOYDS FINANCE: Reports INR7.27-Million First Quarter Net Loss
--------------------------------------------------------------
With the cessation of operations, Lloyds Finance Ltd. booked a
net loss of INR7.27 million in the first quarter ended June 30,
2007.

There was no business operations of the company by virtue of the
restrictions imposed by the Reserve Bank of India in 1998.

Lloyds Finance recorded INR1.03 million in other income, which
income company said is miscellaneous in nature.  The company
recorded operating expenses of INR8.25 million.

A copy of the company's financial results for the quarter ended
March 31, 2007, is available for free at the Bombay Stock
Exchange or at http://ResearchArchives.com/t/s?2382


Lloyds Finance Ltd. provides financial services including
leasing, hire purchase, merchant banking, equity research,
corporate finance, portfolio management, forex and other
advisory services.

Pursuant to a winding up petition, the Honorable High Court of
Bombay on March 12, 2004, appointed a special committee to take
charge of the management and affairs of Lloyds Finance.  The
special committee has been appointed instead of an official
liquidator.  The committee has been empowered to take all
necessary steps to generate funds from the company's debtors and
frame the scheme of repayment to all creditors including
debenture holders.

In that regard, the committee formulated a scheme for repayment
to debenture holders and placed the plan before the High Court
for approval.  Approval of Securities and Exchange Board of
India to the scheme has already been accorded via order dated
May 5, 2006.  Repayment to debenture holders will commence after
approval of the High Court as per terms and conditions of
scheme.

The company's fixed deposits and senior unsecured debt carry
Credit Analysis and Research Limited's CARE D rating.
Additionally, Lloyds Finance's short-term FD 3800, long-term NCD
217 and OFCD 517 all carry a CARE D rating effective on
August 31, 2006.


LLOYDS STEEL: Books INR681-Million Loss in FY to Mar. 31, 2007
--------------------------------------------------------------
For the 12 months ended March 31, 2007, Lloyds Steel Industries
Limited incurred a net loss of INR681.42 million, up 8% from the
INR632.07-million loss booked in the same period ended March 31,
2006.

Sales, net of excise duty, for 2007 increased 23% to
INR17.26 billion from last year's INR13.99 billion.  Lloyds
Steel also earned INR39.24 representing other income in FY2007,
bringing total income for the year to INR17.65 billion.

Lloyds Steel incurred operating expenditures totaling
INR16.86 billion and interest charges aggregating
INR342.33 million, hence it reported a gross profit of
INR447.33 million.

What brought the bottom line to negative is the depreciation
expense of INR1.13 billion.  The company also booked taxes of
INR3.61 million.

A copy of the company's financial results for the financial year
ended March 31, 2007, is available for free at the Bombay Stock
Exchange or at http://ResearchArchives.com/t/s?237f


Headquartered in Mumbai, India, Lloyds Steel Industries Limited
-- http://www.lloydsgroup.com/-- is engaged in the business of
manufacturing and marketing of iron and steel products, and
manufacturing of capital equipments and Tumkey Projects.  The
company's products include hot rolled products, galvanized
products and pipes.

The company booked two years of consecutive net losses --
INR681.42 million in FY2007 (March 31, 2007) and
INR632.07 million in FY2006 (march 31, 2006).


LLOYDS STEEL: Turns Around w/ INR21.6-Mil. Profit in 1Q FY2008
--------------------------------------------------------------
Lloyds Steel Industries Limited turned around in the three
months ended June 30, 2007, with a net profit of INR21.6 million
compared to the INR429.14-million net loss booked in the same
period last year.

Lloyds Steel's revenues soared to INR5.23 billion in the April-
June 2007 quarter, up 27% from the INR4.07 billion earned in the
first quarter in FY 2006.  The company recorded expenditures of
INR4.88 billion bringing an operating profit of
INR354.35 million.

The company also booked depreciation expense of
INR281.28 million and interest charges of INR50.93 million.

The company noted in its first quarter financials filed with the
Bombay Stock Exchange that it has not provided for interest
amounting to INR472.746 million on loans for the quarter ended
June 30, 2007, (cumulative INR7.08 billion) in view of likely
restructuring.

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

               http://ResearchArchives.com/t/s?2380


Headquartered in Mumbai, India, Lloyds Steel Industries Limited
-- http://www.lloydsgroup.com/-- is engaged in the business of
manufacturing and marketing of iron and steel products, and
manufacturing of capital equipments and Tumkey Projects.  The
company's products include hot rolled products, galvanized
products and pipes.

The company booked two years of consecutive net losses --
INR681.42 million in FY2007 (March 31, 2007) and
INR632.07 million in FY2006 (march 31, 2006).


LOK HOUSING: Allots 2,41,600 Shares to Te-deum Finance
------------------------------------------------------
Lok Housing & Constructions Ltd has allotted 2,41,600 Equity
shares to warrant holder Te-deum Finance & investment Pvt Ltd on
Sept. 11, 2007, a filing with the Bombay Stock Exchange reveals.

The allotment follows after Te-deum Finance exercised its option
to convert its 2,41,600 warrants into shares.

Headquartered in Mumbai, India, Lok Housing and Constructions
Ltd constructs residential buildings.  Apart from housing
construction, the company manufactures concrete blocks catering
to in-house needs.  The company is also involved in the
construction of railway quarters, railway bridges and slum
rehabilitation programs through its associate companies.

Credit Rating Information Services of India Ltd, on June 27,
2007, reaffirmed its 'D' rating on Lok Housing's INR170-million
non-convertible debentures.  The rating continues to indicate
that the instrument is in default.  The arrears on interest and
principal payments have not been entirely cleared.


NOVELL INC: Posts US$3.43 Mln Net Loss for Third Quarter 2007
-------------------------------------------------------------
Novell Inc. released its financial results for its third fiscal
quarter ended July 31, 2007.

Novell posted US$3.42 million in net losses on US243 million in
net revenues for the third fiscal quarter 2007, compared with
US$6.47 million in net losses on US$236 million in revenues for
the same period in 2006.

The loss available to common stockholders from continuing
operations in the third fiscal quarter 2007 was US$3 million, or
US$0.01 loss per common share.  This compares to a loss
available to common stockholders from continuing operations of
US$17 million, or US$0.05 loss per common share, for the third
fiscal quarter 2006.  Foreign currency exchange rates favorably
impacted total revenue by approximately US$4 million and
negatively impacted the loss from operations by US$1 million
year-over-year.

On a non-GAAP basis, adjusted income from operations for the
third fiscal quarter 2007 was US$12 million.  This compares to
non-GAAP adjusted income from operations of US$6 million in the
same quarter in 2006.  Non-GAAP adjusted income available to
common stockholders from continuing operations for the third
fiscal quarter 2007 was US$16 million, or US$0.05 per adjusted
diluted common share.  This compares to non-GAAP adjusted income
available to common stockholders from continuing operations of
US$24 million, or US$0.06 per adjusted diluted common share, for
the third fiscal quarter 2006.

For the third fiscal quarter 2007, Novell reported US$22 million
of revenue from Open Platform Solutions of which US$21 million
was from Linux Platform Products, up 77 percent year-over-year.
Linux Platform Products invoicing was US$38 million, up 95%
year-over-year.  Revenue from Identity and Security Management
was US$30 million of which Identity and Access Management was
US$27 million, up 2%year-over-year. Revenue from Systems and
Resource Management was US$35 million, up 4% year-over-year.
Revenue from our Workgroup business unit declined 2% from the
year-ago period to US$83 million.

"We are encouraged by our Linux performance and the market's
continued enthusiasm for our desktop to datacenter strategy,"
said Ron Hovsepian, president and CEO of Novell.  "In addition,
we are pleased with our operating margin expansion and progress
on our strategic initiatives."

Cash, cash equivalents and short-term investments were
US$1.8 billion at July 31, 2007, consistent with last quarter.
Days sales outstanding in accounts receivable was 74 days at the
end of the third fiscal quarter 2007, down from 88 days at the
end of the year-ago quarter.  Total deferred revenue was US$734
million at the end of the third fiscal quarter 2007, up US$343
million, or 88 percent, from July 31, 2006. Cash flow from
operations was US$26 million for the third fiscal quarter 2007,
compared to US$36 million in the third fiscal quarter 2006.

                        Financial Outlook

Novell management issues these financial guidance:

For the full fiscal year 2007:

   -- net revenue is expected to be between US$925 million and
      US$955 million, in line with prior guidance;

   -- on a non-GAAP basis, adjusted income from operations is
      expected to exceed previously stated guidance of between
      break-even and US$10 million; and

   -- Novell reiterates fiscal 2007 non-GAAP exit rate operating
      margin, as defined below, of between 5% and 7%.

                       About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise based on Linux.  With more than
50,000 customers in 43 countries, Novell helps customers manage,
simplify, secure and integrate their technology environments by
leveraging best-of-breed, open standards-based software.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                            *   *   *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


TATA MOTORS: To Reduce Vendor Network, Report Says
--------------------------------------------------
Tata Motors Limited plans to reduce its vendor base in
Jamshedpur from around 700-800 to 250-300, Arindam Sinha writes
for The Financial Express.

Tata Motors does not have the resources to keep control of a
large number of vendors, Jamshedpur Plant Head SB Borwankar told
the news agency.  With a large vendor network, it is not easy to
keep a tab on quality standards and costs, he added.

As part of the cut of the vendor vase, Tata Motors has thought
of a three-vendor format.

"As per the proposed arrangement, while tier III suppliers will
be supplying material/products to tier II vendors, the latter
will supply those belonging to tier I, who in turn will supply
finished product to the company," The Financial Express relates.
"Thus, those who make parts (tier III vendors) will supply the
products to sub-assembly producers (tier II vendors), and they
will give it to main assembly producers (tier I vendors)."


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

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

                          *     *     *

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

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


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

ALCATEL-LUCENT: Adverse Trading Update Cues S&P's BB- Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
international equipment supplier Alcatel-Lucent and related
entity Lucent Technologies Inc. to stable from positive.  At the
same time, the 'BB-' long-term corporate credit ratings on the
group were affirmed.  The 'B' short-term corporate credit rating
on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

The outlook revision follows the group's communication of an
adverse update on its business activities and prospects.

"Standard & Poor's no longer expects a near-term rating upgrade
given the group's downward revision of its revenue growth
expectations for 2007 and the resulting detrimental effects on
profitability," said Standard & Poor's credit analyst Leandro de
Torres Zabala.

Alcatel-Lucent now expects revenues in 2007 to be flat to
slightly up at a constant euro-U.S. dollar exchange rate. This
compares with previous expectations of revenue growth in the mid
single digits.  As a result, the group will not see the
projected volume changes that would have mitigated ongoing
pricing pressures, with negative implications for profitability.
At the same time, the group has communicated that it continues
to execute on its integration plans and that it is planning to
achieve synergy-related pretax savings of EUR600 million this
year.  In light of fierce competition, however, Alcatel-Lucent
expects to continue passing on its gross margin savings through
lower pricing.  As a result, and given the change in revenue
mix, the group expects operating income in the third quarter of
2007 to be around breakeven.  Given the industry's exacerbated
competitive pressures, the group's CEO has disclosed steps to
accelerate the execution of its current restructuring program
and to implement additional cost reduction plans in markets that
require further action to be taken.  The group will provide an
update regarding its plans when announcing third-quarter
earnings on Oct. 31, 2007.

"We expect that the group's 2007 sales will at least be flat
compared with 2006 levels and that Alcatel-Lucent will continue
to execute its integration plan, achieve its synergy-related
pretax savings targets, and maintain its market position with
key customers," Mr. de Torres Zabala added.

For the outlook to be revised back to positive, Standard &
Poor's needs to see the group make successful progress with its
global integration plans, stabilize its wireless business in
North America, and make further headway in operating
profitability and cash flow generation.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/ -- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                          *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALCATEL-LUCENT: Expects Slight Revenue Growth in Third Quarter
--------------------------------------------------------------
Alcatel-Lucent revised its full year 2007 revenue outlook and
confirmed its previous statements regarding synergy targets for
the year.

Alcatel-Lucent now expects its full year 2007 revenue growth to
be flat to slightly up at a constant Euro/USD exchange rate.
Alcatel-Lucent had previously estimated that its revenue would
grow in the mid single digits at a constant rate.

To date, Alcatel-Lucent's revenue for the third quarter 2007 is
estimated to grow slightly compared to the second quarter 2007
at a constant Euro/USD exchange rate.  The company's revenue for
the fourth quarter 2007 is still expected to ramp-up strongly
over the third quarter 2007.  Additionally, the change in
revenue mix is expected to negatively impact the profitability
of the company, especially in the current quarter.  For the
third quarter 2007, the operating income (loss) is expected to
be around breakeven.

This downward revision in the revenue forecast is based on the
most recent and updated discussions with some wireless customers
in North America.  Alcatel-Lucent is now seeing a change in
capital spending with those customers in 2007, compared to what
it had anticipated.  As a result, the company is not seeing the
projected volume changes that would have mitigated the ongoing
pricing pressures it is experiencing.  In other regions and
businesses, in particular wireline, enterprise and Asia-Pacific
revenue performance continues to be strong.

The company continues to execute on its integration plans and is
planning to achieve its synergy related pre-tax savings of
EUR600 million this year.   As the company has previously said
for this year, it will not retain its gross margin savings due
to competitive market conditions but expects it will retain most
of its operating expense savings on a comparable basis.

Alcatel-Lucent continues to expect a strong sequential revenue
growth in the fourth quarter, driven by IP transformation,
broadband deployment and associated services.

Patricia Russo, Alcatel-Lucent CEO said, "Given ongoing dynamics
in the rapidly changing telecom industry, the company is taking
steps to accelerate the execution of its current restructuring
program and to implement additional focused cost reduction plans
in markets which require further actions to be taken.

While the company acknowledges that it is competing in a
challenging market environment and executing a complex merger,
it remains confident that it has the right combination of people
and assets to position the company as a  leading player in the
industry."

Alcatel-Lucent will provide an update regarding its plans when
announcing third quarter earnings on Oct. 31, 2007.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/ -- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                          *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ARMSTRONG WORLD: Wins Patent for Hardwood Flooring Technology
-------------------------------------------------------------
Armstrong World Industries, Inc. has been awarded U.S. Patent
No. 7,261,947 for its NextGen technology for locking engineered
hardwood flooring.  Locking hardwood flooring eliminates glue,
nails and staples, permitting faster, less expensive
installation.  NextGen technology provides increased lock
strength, resulting in a tighter fit between boards and a more
dimensionally stable floor with higher tolerance to moisture,
seasonal and climate changes.

"In North America, more than 70-percent of new homes have
foundations ideal for a floating, locking hardwood floor," says
Dick Quinlan, general manager of Armstrong's Bruce Hardwood
Floors business.  "Armstrong's NextGen flooring has a structure
that can withstand varying moisture levels, allowing it to
perform in most construction environments.  It is an ideal
hardwood floor for new home construction and remodeling
projects anywhere in the U.S."

NextGen flooring is available in two lines: Armstrong Locking
Hardwood and Bruce Turlington(TM) Lock & Fold(R) domestic
hardwood flooring, (TM)/(R) Represent trademarks owned by AWI
Licensing Company or Armstrong Hardwood Flooring Company.

                        About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                          *     *     *

As reported on March 13, 2007, Standard & Poor's Ratings Service
revised its outlook to developing from stable for Armstrong
World Industries Inc.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit and senior secured ratings for the Lancaster,
Pennsylvania-based company.

In October 2006, Moody's Investors Service assigned a Ba2 rating
on Armstrong World Industries, Inc.'s new credit facility and a
Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.


BANK INTERNASIONAL: To Choose Investment Bank as Adviser
--------------------------------------------------------
PT Bank Internasional Indonesia Tbk will appoint an investment
bank to advise it on how best to meet bank ownership rules,
including the option of being acquired, Reuters reports citing
Vice President Sukatmo Padmosukarso.

Mr. Padmosukarso told the news agency that the bank is currently
reviewing three options noting the central bank's regulation
prohibiting a single interest controlling more than one bank in
Indonesia.

The bank is currently talking to three Asian-based banks as
potential advisers, the report notes.

                     About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 15, 2007, that Fitch Ratings has affirmed all the ratings
of PT Bank Internasional Indonesia Tbk as follows:

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

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

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

   * National Rating 'AA-(idn)' (AA minus (idn)).

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 Internasional Indonesia Tbk on review
for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  The ratings are detailed
below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on August 1, 2007," says Beatrice Woo, a
Moody's VP/Senior Credit Officer.

The detailed ratings are:

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

   * Not Prime foreign currency short-term deposit rating, Baa3
     global local currency deposit rating and D BFSR were
     unaffected -- these ratings carry a stable outlook


FOSTER WHEELER: Conducting Second-Phase Studies for Panama Plant
----------------------------------------------------------------
Foster Wheeler will carry out second-phase studies for the
possible construction of a refinery in Panama, Business News
Americas reports.

According to BNamericas, US oil firm Occidental and Qatar
Petroleum hired Foster Wheeler to perform the studies.

BNamericas notes that the ports of Armuelles in Panama and
Quetzal in Guatemala were identified as possible locations for
the 350,000-barrel per day Mesoamerican plant.

The Panamanian trade and industry ministry said in a statement
that the studies for the plant will cover:

         -- project costs,
         -- plant configuration,
         -- site preparation analysis, and
         -- logistics.

The studies will last for months.  Due to the project's
complexity, results aren't expected by the end of this year,
BNamericas notes, citing an Oxy spokesperson.

The project would cost up to US$8 billion, BNamericas notes.  It
includes a 750-megawatt thermoelectric plant that would use coke
left over from the refining process.

BNamericas states that bids for the project are due
June 16, 2008.  Potential bidders are:

         -- Colombia's state oil firm Ecopetrol,
         -- Japan's Itochu,
         -- Indian company Reliance, and
         -- the US's Valero.

                      About Foster Wheeler

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

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

                         *     *     *

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

                  Asbestos Management Program

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


GARUDA INDONESIA: Discussion w/ European Credit Agency Delayed
--------------------------------------------------------------
PT Garuda Indonesia's continued discussions with the European
Export Credit Agency, which discussion was initially scheduled
in late August but had been delayed until late September due to
technical matters, Tempo Interactive reports, citing State
Minister for State-Owned Enterprises in Jakarta Sofyan Djalil.

The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

Mr. Djalil told Tempo that in the negotiations, Garuda will
propose options that will make the debt repayment easier, the
new options are diverse, and is still in progress.  They are
just waiting for the final conclusion, he adds.

Tempo notes that as regards to the state's co-financing
amounting to IDR1 trillion as the government's aid for
restructuring, Garuda has received this in full.   Garuda
Managing Director Emirsyah Satar said that the company, however,
has not yet used the amount as its performance is improving, the
report relates.

                      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.


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

CREDIA CO: Moody's Places Two Notes for Possible Downgrade
----------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of Series 2005-1 Class A and Class B Notes
issued by CABS Limited.  The Notes were issued in July 2005 and
are backed by a pool of unsecured consumer finance loan
receivables originated by Credia Co., Ltd.

Issuer: CABS Limited

Seller/Servicer: Credia Co., Ltd.

JPY 8,700,000,000 Series 2005-1 Class A Notes due August 2014,
rated Aa2, on review for possible downgrade

JPY 1,300,000,000 Series 2005-1 Class B Notes due August 2014,
rated Baa2, on review for possible downgrade

On September 14, 2007, Credia filed for civil rehabilitation
(minji saisei).  The transaction's servicer and servicing
arrangements hereafter will be determined by civil
rehabilitation procedures.

The rating actions reflect possible changes in the performance
of the securitized pool that could result from any changes in
servicer or servicing arrangements and obligors' payment
patterns.  Early amortization started in May 2007; Moody's will
determine any rating changes after monitoring the performance of
the securitized pool and credit enhancement.

                       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.

The TCR-AP reported on Sept. 18, 2007, that Credia Co. filed for
bankruptcy protection on Sept. 14 with JPY75.8 billion in
liabilities.


FLOWSERVE CORP: To Sell Product Distribution Assets to Indutrade
----------------------------------------------------------------
Flowserve Corp. has reached a definitive agreement to sell
certain product distribution assets of its small non-core
instrumentation and positioner facility in Karlstad, Sweden, to
Indutrade.

The Karlstad facility provides instrumentation products and
systems including gas analyzers, I/O devices, recorders,
radiation density meters and other non-core products used for
measurement and control of flow processes in industries such as
power, paper and machinery.  Under the terms of the agreement,
Indutrade will continue to sell Flowserve's products and
services, which should provide Flowserve wider access to sales
channels in the region.

Additional terms of the deal were not disclosed but are not
material to Flowserve.

"This agreement enables Flowserve to strengthen its focus on
core control valve solutions and manufacturing operations while
concurrently opening up some new sales channels for us
throughout Sweden and northern Europe," said Tom Pajonas,
president of Flowserve's Flow Control Division.

                         About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  Flowserve
has operations in Dominican Republic, Guatemala,Guyana, Belize,
Belgium, Netherlands, Indonesia, Singapore, Japan, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.


FORD MOTOR: Suitors Move to Round Two of Jaguar, Land Rover Sale
----------------------------------------------------------------
Tata Motors Ltd., Mahindra & Mahindra and One Equity Partners,
led by former Ford CEO Jacques Nasser, have advanced into the
second round of Ford Motor Company's auction process for its
Jaguar and Land Rover marques, Michael Strong and Abigail
Roberts write for the Financial Times, quoting sources familiar
with the matter.

Concurrently, the same sources said Texas Pacific Group and
Hyundai are also believed to have moved to the next step in the
sale process, FT states.

The sale of the two luxury brands is expected to add about
US$1.5 billion to US$2 billion to Ford's coffers.  Ford is
scrambling to beef up its finances in order to fund a potential
Voluntary Employment Benefits Association, as well as its
ongoing restructuring plans, FT relates.

Meanwhile, the head of Ford's European operations has revealed
it's too soon to say if the car maker would keep a stake in
either Jaguar or Land Rover, Breaking News.ie reports.

"We're selling the business because we need the money and we
need the focus," said Lewis Booth, executive vice president of
Ford's European units.  "We're not going out with the intention
of keeping an equity stake."

Ford expects to finalize a deal for the sale of Jaguar and Land
Rover by December or the early stages of Fiscal Year 2008, Mr.
Booth said, Breaking News.ie notes.  He added that Ford expects
to conclude its strategic review of Volvo for a potential sale
by the end of this year.

                      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.


JAPAN AIRLINES: To Sell Stake in Credit Card Business
-----------------------------------------------------
Japan Airlines International Company, Ltd, will start talks with
potential buyers next month about selling part of its credit
card business, sources told Reuters.

The report says that, as part of its restructuring plans, JAL is
considering unloading a 49% of its stake in JALcard Inc.

According to Reuters, JALcard is estimated to have a market
value of about JPY100 billion and boasts of a high percentage of
wealthy customers compared to its rivals.

Sources revealed that JAL asked Mizuho Securities Co, a unit of
Mizuho Financial Group Inc. to serve as financial adviser.

                      About Japan Airlines

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

                          *     *     *

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

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

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


MITSUBISHI MATERIALS: Seen to Post 12% Boost in FY2008 Profit
-------------------------------------------------------------
Mitsubishi Materials Corp. is expected to post pretax profit of
JPY120 billion in the year to March 2008 due to rising copper
prices, Yasuhiko Seki of Thomson Financial reports, citing the
Nikkei business daily.

The figure will be JPY10 billion higher than the company's
forecast, and is 12% up compared to the previous fiscal year,
notes Mr. Seki.

According to Thomson Financial, sales for the year ending
March 31, 2008, is seen to rise 3% to JPY1.5 trillion, up from a
previous estimate of JPY1.46 trillion, while operating profit is
likely to jump 14% to JPY90 billion, which is up from an earlier
projection of JPY86 billion.

The Nikkei, notes Mr. Seki, said that sales for the first half
through September are seen increasing 11% to JPY770 billion, as
compared to the previous approximation of JPY730 billion and
pretax profit to rise 2% to JPY60 billion, up from the company's
estimate of JPY54 billion.

                    About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company manufactures
metals and ceramics products.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

The Troubled Company Reporter-Asia Pacific reported on Feb.  19,
2007, that Standard & Poor's Ratings Services revised to
positive from stable the outlook on its 'BB' long-term corporate
credit rating on Mitsubishi Materials Corp. based on the
company's increasing level and stability of cash flows, and
expectations for further improvement in the company's financial
profile.


SAMSONITE CORP: Posts US$7 Mln Net Loss in Second Quarter 2007
--------------------------------------------------------------
Samsonite Corporation 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 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 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.


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

ACTUANT CORP: Acquiring Templeton Kenly for US$48 Million
---------------------------------------------------------
Actuant Corporation has acquired Templeton, Kenly & Co, Inc. for
approximately US$48 million in cash.  Funding for the completed
transaction came from the company's revolving credit facility.

TK will operate within Actuant's Industrial Segment, which
includes Enerpac. Mark Goldstein, Chief Operating Officer of
Actuant, stated: "TK is a great addition to our global
industrial platform.  Their leading positions in the mechanical
jack product line and the railroad end market represent
attractive market extensions for Actuant, and we are excited
about the prospects for utilizing our global distribution
network to accelerate the sales of these products.  In addition,
TK's hydraulic pumps and tools are an excellent complement to
our Enerpac product line.  TK President Tom Danza and his
management team have been successful in creating a growth
platform, and we look forward to them joining the Actuant team."

                            About TK

Headquartered in Broadview, Illinois, TK produces hydraulic
pumps and tools, mechanical jacks, wrenches, and actuators.  Its
products are sold under well-established brand names including
Simplex, Uni-Lift, and Pow'r-Riser.  TK generated approximately
US$33 million in sales in the last year, and has approximately
120 employees.

                        About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan,
United Kingdom and South Korea.  The Actuant businesses  are
market leaders in highly engineered position and motion  control
systems and branded hydraulic and electrical tools and
supplies.  Since its creation through a spin-off in 2000,
Actuant has grown its sales from US$482 million to over US$1
billion and its market capitalization from US$113 million to
over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


DAEWOO E&C: To Build Five-Star Hotel in Libya by 2010
-----------------------------------------------------
Daewoo Engineering & Construction Co. plans to build a five-star
hotel in Libya by 2010.

According to Yonhap News, the company will construct the hotel
in Tripoli, following the board's approval to invest in Daewoo
Tripoli Investment & Development Co., a joint venture with
Economic & Social Development Fund of Libya.

Asia News recounts that on May 15, 2007, Daewoo agreed to form
the joint venture with ESDF for the project according to an
agreement signed in 2000 between the company and the Libyan
government that involves reinvesting 25% of outstanding bills
from its work carried out in the country into local industry.

The company said that it will invest US$99.85 million, or 60% of
the total construction cost of US$166 million, while ESDF will
be in charge of the remainder, News Asia notes.

                     About Daewoo Engineering

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.

Daewoo Engineering was formed in 2000 by creditors after Daewoo
Group, then South Korea's second-largest industrial consortium,
collapsed under about KRW85 trillion in debt.

In early 2004, Daewoo Engineering's largest shareholder, the
Korea Asset Management Company, dislosed a proposed auction of
the construction firm.  Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.

The contractor turned around its finances and outlook, posting
KRW409.8 billion in net income in 2005, and has a backlog of
KRW18.47 trillion worth of orders from regions including Africa,
the Middle East and South Korea.  The company's market value
rose 70% in 2005 to KRW4.5 trillion.  Operating profit was
KRW432.1 billion in 2005, equal to 8.5% of revenue.  Debt
accounted for 130% of shareholder equity as of Dec. 31, 2005.


KRISPY KREME: Moody's Junks Corporate Family Rating
---------------------------------------------------
Moody's Investors Service lowered Krispy Kreme Doughnut
Corporation's Speculative Grade Liquidity rating to SGL-4 from
SGL-3, indicating weak liquidity.  Concurrently Moody's revised
the rating outlook to negative while affirming Krispy Kreme's
Caa1 corporate family rating and B3 rating of its US$160 million
senior secured credit facilities.

The downgrade to SGL-4 reflects Moody's belief that Krispy
Kreme's ongoing poor performance and weak cash flow generation
will likely pose serious liquidity challenges over the next 12
months as the company may have difficulty meeting its forecast
and covenant requirement.  Krispy Kreme's continued trend of
weak EBITDA generation is expected to persist over the next
twelve months, highlighted by further store closures and the
reduced supply chain revenues associated with a shrinking store
base, thereby causing very weak covenant cushion.  Although the
company does have a modest amount of cash (US$25 million as of
July 2007) on the balance sheet that could be used to pay down
some debt to provide temporary covenant cushion, Moody's expects
that Krispy Kreme will need to obtain covenant relief or a
waiver from its creditors to avoid a breach in the next twelve
months in absence of a significant improvement in cash flow
generation or alternative liquidity generated by asset sales.
With substantially all of Krispy Kreme's assets encumbered by
the credit facilities, the company's alternative liquidity
remains very limited.  Asset sales outside the normal course of
business are capped at US$10 million as governed by the credit
agreement.  In addition, Moody's expects Krispy Kreme will have
no or very limited access to its revolving credit facility in
the next twelve months due to the exhausted cushion under its
financial covenants. However, the SGL rating could be reversed
to SGL-3 if Krispy Kreme could improve the weakening covenant
cushion and resume its borrowing access to the revolver.

The negative outlook reflects the challenge management faces of
dramatically and quickly turning the operating performance to
avoid any potential covenant violations.  Ratings could be
further downgraded should the risk of a potential covenant
violation come to fruition, should liquidity become constrained,
or should the decline in operating performance not show signs of
improvement.

These ratings are affected:

Krispy Kreme Doughnut Corporation

-- Speculative Grade Liquidity rating -- lowered to SGL-4
    from SGL-3
-- Rating outlook -- revised to Negative from Stable

Ratings affirmed:

-- Corporate Family Rating, Caa1, affirmed
-- Probability of Default Rating, Caa3, affirmed
-- US$110 million senior secured bank credit facility due
    2014, B3(LGD2, 18%), affirmed
-- US$50 million senior secured revolving bank credit
    facility due 2013, B3(LGD2, 18%), affirmed

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
-- http://www.krispykreme.com/-- (NYSE: KKD) is a branded
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating system wide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.


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

AMSTEEL CORPORATION: Unit's Members Opt for Liquidation
-------------------------------------------------------
Terunaraya Sdn Bhd, a wholly owned subsidiary of Amsteel Corp.
Bhd, was voluntarily liquidated by its members and was dissolved
on August 31, 2007.

According to Amsteel's disclosure with the Bursa Malaysia
Securities Bhd, the members of its unit filed on May 31, 2007,
the relevant statutory forms together with the Liquidator's
Statement of Accounts in relation to the members' voluntary
winding-up with the Companies Commission of Malaysia.

Amsteel qualifies that the dissolution does not have any
material impact on the earnings and net assets of the Amsteel
Group.

Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As of June 30, 2006, the company's accumulated losses reached
MYR2,119,522,000.  The company was classified under Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category
and is required to submit and implement a financial
regularization plan to avert delisting procedures.


EKRAN BHD: Returns to Black with Full-Year Profit of MYR16.51MM
---------------------------------------------------------------
Ekran Bhd turned around by posting a net profit of
MYR16.51 million on MYR33.26 million of revenues for the fiscal
year ended June 30, 2007, as compared with a net loss of
MYR66.24 million on MYR26.33 million of revenues last year.

The company's unaudited balance sheet as of June 30, 2007,
showed current assets of MYR335.06 million available to pay
current liabilities of MYR238.94 million.

Ekran's unaudited balance sheet also showed total assets of
MYR1.06 billion and total liabilities of MYR339.66 million,
resulting to a shareholders' equity of MYR725.74 million.

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

As reported by the Troubled Company Reporter on August 8, 2006,
the company is facing a wind-up petition filed by United
Overseas Bank for defaulting on a bank loan.  Ekran has been
classified as an affected listed issuer under Amended Practice
Note 17, when the auditors have expressed a disclaimer opinion
on the company's audited financial report for the financial year
ended June 30, 2005, and for defaulting on various credit
facilities.


MALAYSIAN AIRLINE: Incorporates Three Companies as Subsidiaries
---------------------------------------------------------------
Malaysian Airline System Bhd disclosed with the Bursa Malaysia
Securities Bhd that it has incorporated and purchased the
following companies as its subsidiaries:

    1. Malaysian Aerospace Engineering Sdn. Bhd;

    2. MASWings Sdn. Bhd. (formerly known as Absolute Competence
       Sdn. Bhd.); and

    3. FlyFirefly Holiday Sdn. Bhd. (formerly known as Khidmat
       Stabil Sdn. Bhd.), a subsidiary of FlyFirefly Sdn. Bhd.
       (formerly known as Kelas Services Sdn. Bhd.).

The three companies, with paid-up capital of MYR2 million each,
are currently dormant and will be used for the national flag
carrier's future operations.


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

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


SHAW GROUP: Bags EPC Contract for ExxonMobil's Singapore Unit
-------------------------------------------------------------
The Shaw Group Inc.'s Energy & Chemicals Group has been awarded
a contract to provide technology, engineering, procurement and
construction services for a 1,000,000 tons-per-year olefins
recovery facility and a 220 megawatt power cogeneration unit at
Jurong Island, Singapore, for ExxonMobil Chemical.  The project
is part of ExxonMobil Chemical's second world-scale steam
cracker and associated derivative units being constructed at the
site.  The value of Shaw's contract, already included in the
company's previously announced backlog, was undisclosed.

"This award further establishes Shaw as a major EPC player in
Asia," said J.M. Bernhard Jr., chairman, president and chief
executive officer of Shaw.  "We will draw upon our 66 years of
global olefins experience and expertise in power generation to
successfully deliver a world-scale plant that will help
ExxonMobil Chemical meet the increasing global demand for
petrochemicals."

An established leader in ethylene technology, Shaw has provided
technology, design, engineering and/or construction for more
than 120 plants with a worldwide reputation for exceptionally
high operational reliability, rapid start-up and superior
performance.  Since 1990, Shaw technology has been selected for
35 percent of the world's ethylene capacity increases.
Currently, Shaw is providing technology and EPC services for
several other major olefins projects worldwide.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


TAP RESOURCES: Auditors Express Going Concern Doubt
---------------------------------------------------
Tap Resources Bhd informed the Bursa Malaysia Securities Bhd
that its external auditors have expressed a disclaimer opinion
after reviewing the company's financial statements for the year
ended April 30, 2007.

According to the company's statement, Messrs Horwath said in
their report that:

"At the balance sheet date, the Group has net current
liabilities amounting to MYR42,613,151 and accumulated losses
amounting to MYR134,848,679.  These conditions indicate that the
Group may not be able to discharge its liabilities as and when
they fall due.  As disclosed in [] the financial statements, the
Group has defaulted on the redemption of the 5% Redeemable
Convertible Secured Loan Stocks."

Thus, the external auditors qualified: "The financial statements
of the Group have been prepared on a going concern basis, the
validity of which is dependent on the continuous financial
support from the Group's bankers and creditors and the ability
of the Group to generate profits and positive cash flows in the
future."

The auditors added, "We have not been able to obtain sufficient
appropriate evidence regarding plans for the generation of
adequate positive cash flows from future operations and the
timely proposal and completion of any restructuring schemes
remain in doubt at this stage.  In the event that the basis of
preparing the financial statements of the Group on a going
concern is rendered inappropriate, adjustments would have to be
made to restate the carrying value of assets to their
recoverable amounts, to provide for further liabilities which
may arise, and to reclassify non-current assets and long term
liabilities as current assets and current liabilities
respectively."

                       About the Company

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

The company is classified under the PN17 category of the Bursa
Malaysia Securities Berhad because, for the nine months ended
January 31, 2006, its shareholders' equity on a consolidated
basis is equal to or less than 25% of the issued and paid up
capital of the Company and such shareholders equity is less than
the minimum issued and paid up capital as required under
paragraph 8.16A (1) of the Listing Requirements of Bursa
Malaysia Securities Berhad, plus it has a default in payments
and is unable to provide a solvency declaration.


TAP RESOURCES: Triggers Another PN17 Listing Criteria
-----------------------------------------------------
Tap Resources Bhd has triggered another enhanced Practice Note
17 criteria, leading to its continued listing under that
category by the Bursa Malaysia Securities Bhd.

According to a company's disclosure with the bourse, under the
enhanced PN 17/2005, TAP has fulfilled these prescribed
criteria:

    Criteria (d) : auditors have expressed an adverse or
                   disclaimer opinion in the listed issuer's
                   latest audited account; and

    Criteria (e) : the auditors have expressed a modified
                   opinion with emphasis on the listed issuer's
                   going concern in the listed issuer's latest
                   audited accounts and the shareholders' equity
                   of the listed issuer on a consolidated basis
                   is equal to or less than 50% of the issued
                   and paid up capital of the listed issuer.

                        About the Company

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

The company is classified under the PN17 category of the Bursa
Malaysia Securities Berhad because, for the nine months ended
January 31, 2006, its shareholders' equity on a consolidated
basis is equal to or less than 25% of the issued and paid up
capital of the Company and such shareholders equity is less than
the minimum issued and paid up capital as required under
paragraph 8.16A (1) of the Listing Requirements of Bursa
Malaysia Securities Berhad, plus it has a default in payments
and is unable to provide a solvency declaration.


TAP RESOURCES: Creditors Voluntary Liquidate Unit's Operations
--------------------------------------------------------------
The creditors of Tap Trading Sdn Bhd, a subsidiary of Tap
Resources Bhd, agreed to voluntary liquidate the company's
operations at a Extraordinary General Meeting held on Sept. 6,
2007.

Tap Trading was incorporated as a private limited company on
August 4, 1995, as Epic Bay Sdn Bhd.  It changed its name to TAP
Trading on December 27, 1995.

The authorized share capital of TAP Trading is MYR5,000,000
divided into 5,000,000 ordinary shares of MYR1.00 each and its
issued and paid-up share capital is MYR1,500,020 divided into
1,500,020 ordinary shares of MYR1.00 each.  TAP Trading is
currently dormant.

The liquidation of TAP Trading will not have a material
financial impact on TAP Resources.  The immediate and ultimate
holding companies of TAP Trading are TAP Builders Sdn Bhd ("TAP
Builders") and TAP.

On March 5, 2007, TAP Builders was placed under creditors'
voluntary liquidation which is part of the company's
restructuring exercise to regularize its financial condition in
accordance with the Amended Practice Note No.17/2005 of the
Listing Requirements of the Bursa Malaysia Securities Berhad.

                        About the Company

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

The company is classified under the PN17 category of the Bursa
Malaysia Securities Berhad because, for the nine months ended
January 31, 2006, its shareholders' equity on a consolidated
basis is equal to or less than 25% of the issued and paid up
capital of the Company and such shareholders equity is less than
the minimum issued and paid up capital as required under
paragraph 8.16A (1) of the Listing Requirements of Bursa
Malaysia Securities Berhad, plus it has a default in payments
and is unable to provide a solvency declaration.

TAP also triggers these additional PN17 critera, leading to its
continued listing under that category by the Bursa Malaysia
Securities Bhd:

    Criteria (d) : auditors have expressed an adverse or
                   disclaimer opinion in the listed issuer's
                   latest audited account; and

    Criteria (e) : the auditors have expressed a modified
                   opinion with emphasis on the listed issuer's
                   going concern in the listed issuer's latest
                   audited accounts and the shareholders' equity
                   of the listed issuer on a consolidated basis
                   is equal to or less than 50% of the issued
                   and paid up capital of the listed issuer.


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

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

The Commissioner of Inland Revenue filed the petition 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


BODY CONTROL: Require Creditors to File Claims by Sept. 24
----------------------------------------------------------
David Stuart Vance and Barry Phillip Jordan were named as
liquidators of Body Control Studios (Wellington) Limited on
August 27, 2007.

Accordingly, Messrs. Vance and Jordan require the company's
creditors to file their proofs of debt by September 24, 2007.

The Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


BSL MANAGEMENT: Taps Kenneth Charles Oliver as Liquidator
---------------------------------------------------------
BSL Management Ltd. went into liquidation on August 27, 2007.

Kenneth Charles Oliver was appointed as liquidator.

The Liquidator can be reached at:

         Kenneth Charles Oliver, M.B.A.
         Contract Management Limited
         46A Tanner Street
         PO Box 8253, Havelock North
         Hastings
         New Zealand
         Telephone:(06) 877 7561
         Facsimile:(06) 877 7562


CORPORATE HOST: Appoints Blanchett and Fatupaito as Liquidators
---------------------------------------------------------------
David Blanchett and Vivian Fatupaito were appointed as
liquidators of Corporate Host Event Management Ltd. on August 9,
2007.

The Liquidators can be reached at:

         David Blanchett
         Vivian Fatupaito
         c/o PricewaterhouseCoopers
         corner of Bryce and Anglesea Streets
         PO Box 191, Hamilton
         New Zealand
         Telephone:(07) 838 3838
         Facsimile:(07) 839 4178


IRWIN BUILDERS: Court to Hear Wind-Up Petition on September 24
--------------------------------------------------------------
The High Court of Palmerston North will hear on September 24,
2007, at 10:00 a.m., a petition to have the operations of Irwin
Builders Ltd. wound up.

Firth filed the petition on August 1, 2007.

Firth's solicitor is:

         Dianne S. Lester
         c/o Credit Consultants Debt Services NZ Limited
         Level 3, 3-9 Church Street
         PO Box 213, Wellington
         New Zealand
         Telephone:(04) 470 5972


METRO MOTOR: Subject to CIR's Wind-Up Petition
----------------------------------------------
The Commissioner of Inland Revenue filed on June 14, 2007, a
petition to have the operations of Metro Motor Holdings Penrose
Ltd. wound up.

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


ROCKCOTE ARCHITECTURAL: Proofs of Debt Due on Sept. 25
------------------------------------------------------
On August 28, 2007, David Stuart Vance and Barry Phillip Jordan
were named as liquidators of Rockcote Architectural Coatings
(N.Z.) Ltd.

Messrs. Vance and Jordan are accepting creditors' proofs of debt
until September 25, 2007.

The Liquidators can be reached at:

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


SOMETHING DIFFERENT: Faces Clearview's Wind-Up Petition
-------------------------------------------------------
Clearview Marketing Limited filed on July 30, 2007, a petition
to have the operations of Something Different Ltd. wound up.

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

Clearview Marketing's solicitor is:

         Malcolm Whitlock
         c/o Debt Recovery Group NZ Limited
         Level 5, 5 Short Street
         Newmarket, Auckland
         New Zealand


THEATRICAL WARDROBE: Fixes Sept. 24 as Last Day to File Claims
--------------------------------------------------------------
The creditors of Theatrical Wardrobe & Props Ltd. are required
to file their proofs of debt by September 24, 2007, to be
included in the company's dividend distribution.

The company's liquidators are:

         David Stuart Vance
         Barry Phillip Jordan
         PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


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

LODESTAR INVESTMENT: Reports PHP747,565 Equity as of June 30
------------------------------------------------------------
Lodestar Investment Holdings Corp. has posted a total
stockholders' equity of PHP747,565, according to the company's
balance sheet as of June 30, 2007.

As of June 30, 2007, the company has total assets of PHP826,074,
comprised mostly of PHP809,294-cash in banks and other current
assets amounting to PHP16,780.  Total liabilities amounted to
PHP78,508, comprising of accounts payable and accrued expenses
at PHP59,936 and other current liabilities of PHP18,572.

The company did not report any income or expenses in its
financial statements for the second quarter of 2007.

The company's second quarter financials can be downloaded for
free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/LIHC_17Q_Sep2007.pdf


Headquartered in Quezon City, Philippines, Lodestar Investment
Holdings Corporation (LIHC) was originally incorporated as a
mining and natural resources exploration company. Due to the
unsuccessful ventures in this field, the company decided to
discontinue operations in October 1991. On 03 October 2003, the
Securities and Exchange Commission approved the amendment of the
LIHC's Articles of Incorporation and By-laws, changing the
company's corporate name from Lodestar Mining Corporation to
what is known today as well as its primary purpose to that of an
investment holding company.

As of Dec. 31, 2006, Lodestar had a capital deficiency of
PHP598,853.  With virtually no operations, the company didn't
report any profit and loss statements for the year.


NAT'L POWER: Inks Deal for Lower Generation Rates with MERALCO
--------------------------------------------------------------
National Power Corp. and the Manila Electric Co. have signed an
agreement that will allow generation rates in economic zones to
be reduced by PHP2.19 per kilowatt hour, the Manila Bulletin
reports.

According to NAPOCOR President Cyril C. del Callar, the pact
will cover 25 gigawatt hours of supply procured by MERALCO from
the state-run power firm.  The reduction will be comprised of
both the lower generation charge for September and the reduction
from NAPOCOR's generation rate adjustment mechanism, MERALCO
President Jesus P. Francisco added.

The generation charge for September is about PHP3.52 per
kilowatt, PHP1.17 per kilowatt hour lower than August's PHP4.69
per kilowatt hour, the article recounts.  The reduced deferred
accounting adjustment on NAPOCOR's GRAM amounted to PHP0.77 per
kilowatt hour in August, the article added.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

The TCR-AP reported that on November 2, 2006, Moody's Investors
Service changed the outlook to stable from negative for the B1
senior unsecured debt rating of National Power Corporation,
which is guaranteed by the Republic of Philippines.  This rating
action follows Moody's decision to change the outlook of
Philippines' B1 long-term foreign currency government rating to
stable from negative.

The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--).  The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.
Napocor will use the proceeds for capital expenditure.

On October 25, 2006, Fitch Ratings assigned a rating of 'BB' to
the US$500 million fixed-rate notes issued by National Power
Corporation in the Philippines.


PHIL AIRLINES: Improved Debt May Cue Rehab Exit in October
----------------------------------------------------------
Philippine Airlines may exit receivership by October because its
finances have improved, PAL President Jaime Bautista told the
Philippine Daily Inquirer on Monday.

The airline continues to look at options to improve capital, Mr.
Bautista said during the annual stockholders' meeting of PAL's
holding company, PAL Holdings Inc.  PAL Holdings will raise
funds for PAL's recapitalization early next year after PAL exits
receivership, Mr. Bautista revealed.  These moves may include
issuance of new shares or securing of loans, he added.

Mr. Bautista also said that the PAL's receiver Renato Z.
Francisco has recommended to the Securities and Exchange
Commission on Friday that the company be allowed to exit
rehabilitation ahead of schedule because of successful
rehabilitation and that PAL management "faithfully complied with
the payment of its outstanding debts."

Mr. Francisco also told the SEC that the airline has posted
continuous operating since starting its amended rehabilitation
plan in 1999, and has reported consecutive net incomes in the
past three years.

"PAL. . . is in a position to continuously service its
outstanding debt obligations and does not foresee any payment
default to any of its creditors," the receiver said.

                   About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter-Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

According to a TCR-AP report on July 24, 2007, Philippine
Airlines Inc. is considering emerging from its rehabilitation
after it brought down its foreign debts to US$953 million as of
March 31, 2007, from the initial US$2.3 billion upon entering
rehab in June 1999.


PHIL LONG DISTANCE: Lays Off 575 Employees Due to Tech. Changes
---------------------------------------------------------------
The Philippine Long Distance Telephone Co. has laid off 575
"redundant" employees citing changes in technology and consumer
demand which rendered these employees' skills useless to the
company.

According to the Manila Bulletin, PLDT spokesperson Ramon R.
Isberto revealed that these employees are from the traffic
operations, network and fleet services, with telephone traffic
operators comprising its bulk.

Mr. Isberto explained that the number of operator-assisted
international and domestic long distance calls have declined
through the years, from 216 million in 2001 to only 36.5 million
last year because customers have chosen to use direct distance
dialing and mobile services because of "convenience and lower
cost."  He further added that PLDT has taken all possible ways
to cushion the impact of redundancies, and said that steps
included training courses for telephone operators and Corenet
employees in preparation for redeployment.

PLDT was able to redeploy 180 employees since 2002 because of
these training, the Bulletin's report reveals.

Redundant employees affected by the retrenchment will receive a
generous compensation package, including normal retirement
benefits plus 100% premium, and a 2-year medical program, the
Bulletin said.  Employees with less than 15 years of service
will be entitled to 200% times the number of years, bringing
average compensation to PHP1.1 million.

PDLT's shares jumped PHP10 or 0.4% at 10:25 am yesterday, moving
up to PHP2,715 after the company announced its manpower
reduction program, the Inquirer said.  This adds to PLDT's 0.6%
gain in Monday, the report added.

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+'.


VULCAN IND'L: Plans PHP900-Million Pre-emptive Rights Offering
--------------------------------------------------------------
Vulcan Industrial & Mining Corp. plans to offer PHP900 million
to its existing stockholders of record through a pre-emptive
rights offering.

According to a disclosure with the Philippine Stock Exchange,
the shares will be offered at a ratio of 3:2.

The company had earlier disclosed to the PSE that it will offer
PHP525 million par value shares through private placement as
part of the PHP900-million capital increase.  However, because
of perceived legal constraint, the company's Board of Directors
will reconvene on October 29 in order to ratify and approve the
proposed revisions.

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

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

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

                          *     *     *

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

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


* Phil. Ranks 47th in Info. Technology Competitiveness Study
------------------------------------------------------------
The Philippines is the 11th competitive country in the Asia
Pacific region, and 47th out of 64 countries in the information
technology competitive study conducted by the Economist
Intelligence Unit and sponsored by Business Software Alliance, a
Manila Bulletin article reveals.

The study, titled "The means to compete: Benchmarking IT
industry competitiveness," aimed to benchmark industry
environments for IT product and to compare 64 countries'
performance in building an environment for IT industry
competitiveness.

According to the report, the study found that the Philippines
has a positive business environment, but is weak and inefficient
in terms of IT and telecommunication infrastructures.  The
country also has low research and development expenditures, the
study said.

The index has the United States in the top rank, due to its
unique combination of scale and quality in key IT
competitiveness areas.  Asia-Pacific countries meanwhile are led
by Japan, South Korea, Australia, Taiwan and Singapore.
However, the study concluded that these 5 Asian countries face
significant challenges to competitiveness, including the problem
of ensuring the existence of a sufficient pool of talent for the
industry.

                          *     *     *

On September 14, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B' local currency
issuer credit ratings on the Philippines. The outlook is stable.
Also in May 2007, S&P assigned its 'BB+' senior unsecured rating
to the Philippines' new three- and five-year benchmark bond
issues.  The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange
offers yielded approximately Philippine peso 55 billion and
PHP58 billion for the three- and five-year bonds, respectively,
from the exchange of eligible issues.

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors
Service changed to stable from negative the outlook on the
Philippines' key ratings due to the progress made in reining in
fiscal deficits in 2006 and an easing in dependence on external
financing.  The affected ratings include the B1 long-term
government foreign- and local-currency ratings, the B1 foreign-
currency bank deposit ceiling and Ba3 foreign currency country
ceiling, the TCR-AP noted.


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

EXPRESS FACTORING: Receiving Proofs of Debt Until Sept. 28
----------------------------------------------------------
The creditors of Express Factoring LLP are required to file
their proofs of debt by September 28, 2007, to be included in
the company's dividend distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o Foo Kon Tan Grant Thornton
         47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce &
         Industry Building
         Singapore 179365


FOX'S REALTY: Accepting Proofs of Debt Until October 15
-------------------------------------------------------
The creditors of Fox's Realty Pte Ltd are required to file their
proofs of debt by October 15, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Wee Hui Pheng
         c/o M/s Wee Seng Tiong & Co.
         1 Coleman Street #06-10
         The Adelphi
         Singapore 179803


INTEGRAL PERIPHERALS: Creditors' Proofs of Debt Due on Sept. 28
---------------------------------------------------------------
Integral Peripherals Pte Ltd, which is in compulsory
liquidation, intends to declare dividend.

Creditors are required to file their proofs of debt by Sept. 28,
2007, to share in the company's dividend distribution.

The company's liquidator is:

         Tay Swee Sze
         c/o Tay Swee Sze & Associates
         137 Telok Ayer Street #04-01
         Singapore 068602


SEA CONTAINERS: Wants to Sell Speedinvest Shares to Triformity
--------------------------------------------------------------
On January 29, 2002, Sea Containers Ltd. entered into a joint
venture agreement -- JV Agreement -- with Triformity Holdings
S.A., an affiliate of a major shipping operator, pursuant to
which each owns a 50% interest in Speedinvest Ltd., to provide
ferry services across the Adriatic Sea.  Triformity manages the
operations conducted by Speedinvest.

Subsequently, Speedinvest (a) leased a (i) Pescara passenger
vessel from Seacat 2, and (ii) Zara passenger vessel from SNAV
Aliscali SPA, an affiliate of Triformity and (b) purchased a
Croatia passenger vessel.  To fund the purchase of the Croatia
vessel, Speedinvest obtained a US$8,500,000 loan from Vereins
and Westbank AG.  Speedinvest's obligations under the loan are
guaranteed by SCL and Triformity.  As of September 7, 2007,
Speedinvest owes EUR4,600,000 -- approximately US$6,260,000 on
the 1oan.

Due to increased fuel prices and decreased passenger volumes,
Speedinvest suffered losses of approximately US$2,000,000 in
2005, and US$500,000 in 2006, and estimates losses of
approximately US$1,000,000 for 2007.  Since commencing
operations in 2002, Speedinvest has negative total earnings of
approximately US$1,100,000.  Pursuant to the JV Agreement, SCL
is obligated to fund 50% of Speedinvest's losses.

In connection with Sea Containers Ltd. and its debtor-affiliates
operational restructuring and to discontinue funding the losses
incurred by Speedinvest, SCL determined to sell its interest in
Speedinvest, Sean T. Greecher, Esq., at Young Conaway Stargatt &
Taylor, LLP, in Wilmington, Delaware, relates.

Under the JV Agreement, prior to transferring its Speedinvest
shares to a third party, SCL must first offer to sell the shares
to Triformity.  SCL may only proceed to transfer to a third
party those shares which Triformity declines to purchase, and
may only transfer the shares on terms no less favorable than
those offered to Triformity.

Upon becoming aware of SCL's decision to sell its shares in
Speedinvest, Triformity indicated its interest in exercising its
purchase option and submitted an offer to SCL.  After reviewing
the offer and analyzing potential alternatives, SCL determined
that the sale of SCL's Speedinvest shares to any potential third
party purchaser would provide less value to SCL and the Debtors'
estates and their creditors than the offer proposed by
Triformity.

SCL proceeded to engage in extensive arm's-length negotiations
with Triformity.  After weeks of discussion, during which SCL
did not obtain any third party offers to purchase the
Speedinvest shares, SCL and Triformity entered into the Sale
Agreement, the terms of which include:

  (a) SCL will sell all its shares of Speedinvest to Triformity
      for EUR920,OOO -- approximately US$1,250,000;

  (b) SCL will be released fully from its guarantee under the
      Vereins and Westbank AG -- approximately US$6,260,000
      outstanding; and

  (c) SCL and Triformity will provide each other mutual
      releases.

                Transfer Agreement with Seacat 2

As of September 7, 2007, Speedinvest owes Seacat 2 US$977,344 on
account of overdue lease payments.  In connection with the sale
of SCL's shares of Speedinvest, SCL and Triformity agreed to a
final settlement of Speedinvest's outstanding liabilities,
including the lease payments owed to Seacat 2.

To effectuate the sale of its Speedinvest shares and realize the
associated cost-savings, SCL entered into an agreement with
Seacat 2 pursuant to which SCL will distribute US$977,344 of the
US$1,250,000 Speedinvest sale proceeds to Seacat 2, in full and
final satisfaction of the outstanding payments owed to Seacat 2
on account of Speedinvest' s lease of the Pescara vessel.

Without the settlement of the obligations owed by Speedinvest to
Seacat 2, Triformity would not have agreed to purchase SCL's
Speedinvest shares.  After the distribution to Seacat 2, SCL
will receive approximately US$254,000 of the Speedinvest sale
proceeds.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
District of Delaware Court approve (i) the sale of SCL's shares
in Speedinvest to Triformity pursuant to the Sale Agreement, and
(ii) the transfer of portions of the Speedinvest sale proceeds
to Seacat 2 in accordance with the Transfer Agreement.

In the event that a party submits a competing offer prior to the
hearing on the request, the Debtors, in consultation with the
the Official Committees of Unsecured Creditors of Sea Containers
Ltd. and Sea Container Services Ltd., will evaluate, and
determine whether to pursue, the offer.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Debtors have asked the Court to extend their exclusive
period to file a chapter 11 plan until Dec. 21, 2007.  (Sea
Containers Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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

ARVINMERITOR INC: Appoints Joe Plomin as VP for CVS Truck Unit
--------------------------------------------------------------
ArvinMeritor, Inc. has named Joe Plomin as vice president of the
Truck business unit within Commercial Vehicle Systems (CVS),
effective immediately.  The newly formed truck unit is now one
of four CVS business units -- the others are Aftermarket,
Specialty, and Trailers.

In his new role, Mr. Plomin will be responsible for the overall
development of product marketing and strategic planning, program
management, sales and service, pricing, delivery, and customer
relations for the Truck unit - which encompasses axle, brake and
driveline sales to global truck manufacturers.

"With his significant background in marketing, sales and
strategic planning, Joe will accelerate the various activities
we have initiated to improve all aspects of our performance,"
said Carsten Reinhardt, president, CVS.  "We are delighted that
Joe has decided to join our team."

Before joining ArvinMeritor, Mr. Plomin most recently served as
senior vice president, Sales, Marketing and Product Line
Management for Remy International in Anderson, Ind.  He has more
than 20 years of experience in heavy duty and automotive
component development, marketing and sales.

Mr. Joe Plomin holds a bachelor's of arts degree in Economics
from Knox College in Galesburg, Illinois, United States.

Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets.  The company employs approximately 19,000
people in 25 countries.  These countries include: China, India,
Japan, Singapore, Thailand, Australia, Venezuela, Brazil,
Argentina, Belgium, Czech Republic, France, Germany, Hungary,
Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom,
among others.  ArvinMeritor common stock is traded on the New
York Stock Exchange under the ticker symbol ARM.

                          *     *     *

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


PICNIC CORP: Sets September 28 as Exercise Date for Warrants
------------------------------------------------------------
Holders of warrants issued by Picnic Corp. PCL can exercise
their warrants for ordinary shares in the company on Sept. 28.

According to a disclosure with the Stock Exchange of Thailand,
the warrants can be exercised at a price of THB2.572 per share,
at a ratio of 2.33354 ordinary shares for every warrant held.

Warrants are required to submit these documents:

   * Completed subscription form;

   * Warrant certificate;

   * Certified true copy of identification card or certificate
     of incorporation from the Department of Commerce for
     corporate holders; and

   * Cheque, draft or bank order collectable within the Bangkok
     Metropolis exercisable within two business days of each
     exercise date made payable to the company.

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

                       Going Concern Doubt

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

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

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


THAI WAH: Extraordinary Shareholders' Meeting Set for October 4
---------------------------------------------------------------
Thai Wah PCL will hold an extraordinary general meeting of
shareholders on October 4 in order to consider the items that
were approved during the Board meeting held on August 31.

Specifically, these items will be submitted to the shareholders'
consideration:

   * The appointment of Jadesada Hungsapruek of Karin Audit Co.
     Ltd. as auditor for 2007, with an audit fee of THB550,000
     at most; and

   * The change of company name to Universal Starch PCL and the
     corresponding amendments to the seal, the memorandum of
     association and the articles of association.

Only shareholders of record as of September 14 are eligible to
attend and vote during the meeting.

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.


* Alvarez & Marsal Opens First Mainland China Office in Shanghai
----------------------------------------------------------------
Alvarez & Marsal, a leading independent global professional
services firm specializing in operational management and
performance improvement, opened on Sept. 17 a Shanghai office.
This is the firm's third location in Asia, with others in Hong
Kong and Singapore.

According to Fernando Gaspar, Managing Director and head of the
firm's Restructuring and Performance Improvement services in
Asia, "We have been on the ground in Hong Kong for nearly five
years, and more recently in Singapore, serving large and mid cap
companies with operations that are both public and privately
held.  The addition of our Shanghai-based team reflects our
firm's growing commitment to serve businesses and stakeholders
in this region.  Based on our track record to unlock value for
businesses in Asia and around the world, we are uniquely
positioned to bring global as well as local knowledge and
perspectives to companies and investors doing business in this
region."

Gaspar announced that Stephen Scott and Jim Dubow will co-head
the Shanghai office.  Along with Neill Poole based in Hong Kong,
Stephen Scott will also serve as co-head of A&M's Dispute
Analysis & Forensics practice in Asia; Scott's focus will also
be on providing business intelligence and investigatory services
to investors and companies across China.  Jim Dubow leads the
firm's operational management and performance improvement
practice in Shanghai, extending the firm's core value creation
capabilities on mainland China.

A pioneer in the field of corporate restructuring, A&M brings
its industry-leading operational management, performance
improvement, Dispute Analysis & Forensics and transaction
advisory services to China at a time when private equity
investors, hedge funds, multinational businesses, and state-
owned enterprises are increasingly looking for acquisition and
operational advice to help maximize the value of their
investments.

"With increasing focus on value creation among strategic and
financial investors in China, we believe the time is right for
us to expand our footprint in this region, as we have been doing
in other major markets around the world," said Tony Alvarez II,
co-CEO of A&M.  "China is a major engine of international
economic growth.  Expanding in this region to Shanghai and
continuing to build a China-based team of world-class talent are
important aspects of A&M's strategy, and will enhance our
ability to serve domestic Chinese and international clients.
This is also critical to the continued expansion of our firm's
global capabilities."

According to Stephen Scott, A&M's "combination of business
intelligence, financial due diligence, and operational advisory
services helps clients understand and manage risks and market
issues before they invest.  We also can then bring the
operational know-how to help clients identify and create value
throughout the investment lifecycle."

Jim Dubow maintains that the firm's proven track record in Asia
already includes a number of high-profile client engagements
"where we have been able to provide leadership and deliver
substantial operational improvement".  He noted that as
investors in China increasingly look beyond purely financial
approaches to enhancing the efficiency and profitability of
their investments, A&M is well positioned to "lead the way".

                        Alvarez & Marsal

For nearly 25 years, Alvarez & Marsal has set the standard for
helping organizations to work through complex internal
challenges, boost operating performance, and unlock added value
for stakeholders.   Whether serving in interim management or
advisory roles, the firm draws on its operational heritage and
hands-on approach to deliver results.

With a team of seasoned professionals in North America, Europe,
Asia, and Latin America, A&M provides operational management,
performance improvement and corporate advisory services to
troubled and under-performing companies, as well to healthy
businesses in need of unlocking value in operations and
improving key processes such as supply chain management.

Alvarez & Marsal helps improve financial and operational
performance of public and privately held companies by developing
and implementing comprehensive profitability and working capital
improvement plans.  Increasingly, the firm's Transaction
Advisory services are sought by private equity and other
investors looking to achieve higher returns through operational
value creation at their portfolio companies at every stage in
the deal lifecycle, from diligence through exit.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
September 19, 2007
  Turnaround Management Association
    NSW Networking Event with presentation by Lisa Ironside,
      Senior Bank West Treasury Executive
        Union, University & Schools Club of Sydney,
          Sydney, Australia
            Web site: http://www.turnaround.org/

September 19, 2007
  Fitch Ratings
    Sovereign Hotspots Asia 2007 Conference
      Conrad Hong Kong, Pacific Place, 88 Queensway,
         Nathan & Granville Room, Lower Lobby
           Hong Kong

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

October 21-24, 2007
  Association of Insolvency & Restructuring Advisors
    Restructuring and Investing Conference
      Portman Ritz Carlton, Shanghai, China
        Web site: http://www.airacira.org/

November 14, 2007
  Turnaround Management Association
    TMA Australia 4th Annual Conference and Gala Dinner
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

November 29, 2007
  Turnaround Management Association
    Special Speaker
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  Calpine's Chapter 11 Filing
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Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
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Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
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Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
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Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
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Beard Audio Conferences
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Beard Audio Conferences
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Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
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Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
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Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
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Beard Audio Conferences
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    Audio Conference Recording
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Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
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Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
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Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
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Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
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Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
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Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***