TCRAP_Public/070920.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, September 20, 2007, Vol. 10, No. 187

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Ask Court to Approve Disclosure Statement
ADVANCE MARKETING: Disclosure Statement Hearing Set for Sept. 26
BRYNEX PTY: Declares First and Final Dividend
COMMCORD COMMUNICATIONS: Members & Creditors to Meet on Sept. 27
CW FINANCIAL: Members Agree on Voluntary Liquidation

GENERAL CABLE: Freeport-McMoRan Buy Cues S&P to Affirm Rating
JAMS 1 PTY: Declares First and Final Dividend
MARTIAL HEIGHTS: Commences Liquidation Proceedings
MNJ SALES: Members to Hold Final Meeting on October 5
PACIFIC WESTERN: Placed Under Voluntary Liquidation

T.H. HIDES: Sets Joint Meeting for October 1
VULTREX PLASTICS: Enters Liquidation Proceedings
ZAIDTECH PTY: Liquidator Presents Wind-Up Report


C H I N A   &   H O N G  K O N G

ASHMORE ENERGY: Acquires Interest in Puerto Quetzal & Corinto
CASTLEMONT PACIFIC: Placed Under Voluntary Liquidation
CHINA EASTERN: JV Company with ST Aero to Build Airbus Hangar
CHONGQING CHANGAN: Launches Benben AT Model
CHONGQING CHANGAN: Starts Exporting M-100 Models to Brazil

CHONGQING CHANGAN: Ford Focus Sales Drive 1H Profit by 28%
EMI GROUP: Redeems Outstanding GBP325-Million Bonds
FORTUNE LION: Appoints Lui and King as Liquidators
FOSUN INTERNATIONAL: Steel Business Buoys '07 First Half Profit
FOSUN INTERNATIONAL: Mulls Spin-Off of Some Businesses in 2008

JETWORLD TRADING: Subject to Dah Sing Bank's Wind-Up Petition
OCEAN GRAND: Former Chairman Arrested on CNY800 Mil. Fraud
ORIENTAL CHANCE: Requires Creditors to File Claims by Oct. 12
POLYMATECH HK: Sets Members' Final Meeting for October 15
SANYOU INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 14

TALISWELL INVESTMENT: Members to Hear Wind-Up Report on Oct. 15
TECHON INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 24
VAN-MEITETSU: Liquidators Quit Post
WINTAX COMPANY: Appoints Arboit and Blade as Liquidators


I N D I A

DECCAN AVIATION: ICICI Ventures May Let Go of Stake, Report Says
GENERAL MOTORS: Talks with UAW Show Progress, WSJ Says
NAVISTAR INTERNATIONAL: Hires Jon Harmon as VP-Corporate Comms
SPICEJET LTD: Reports 1st Quarter Loss After Limited Review
TATA STEEL: Moody's Affirms Ba1 Rating; Outlook Now Negative

TATA STEEL: Promoter Plans to Increase Holding by 10% More


I N D O N E S I A

ANEKA TAMBANG: Hires Macquarie as Corporate Financial Advisor
BANK MANDIRI: To Raise US$300 Mil. in Bonds to Refinance Debt
MEDCO ENERGI: To Divest Share Ownership in Apexindo Pratama
MERPATI AIRLINES: Restructuring Looks Successful, Company Says
PERUSAHAAN GAS: Gets US$150MM Credit Facility From Bank Negara

PERUSAHAAN GAS: Sees Reduction in Gas Distribution Volume
TUPPERWARE BRANDS: Moody's Rates Proposed Credit Facility at Ba1


J A P A N

DELPHI CORP: Wants Court to Approve MDL Settlements
DELPHI CORP: Inks Asset Sale Agreement with TRW Automotive
NIPPON PAPER: S&P Ups Outlook to Positive; BB+ Rating Affirmed
GOODWILL GROUP: Plans to Find New Buyer for Nursing-Care Unit
SEIYU LTD: To Slash 450 Jobs Via Early Retirement Scheme

TIMKEN CO: Signs Acquisition Deal with Purdy for US$200 Million


K O R E A

HYNIX SEMICON: Sees Near-Term Chip Market Correction, CEO Says
PHOTRONICS INC: Earns US$2.24 Million in Quarter Ended July 29


M A L A Y S I A

HARVEST COURT: June 30 Balance Sheet Upside Down By MYR16.49MM
KL INFRA: Auditors Qualify Report After Reviewing 2007 Results
MALAYSIAN AIRLINE: To Decide Before Year-End on Jet Orders
MALAYSIAN AIRLINE: Mulls Code Sharing Arrangements in Asia
SOLUTIA INC: Disclosure Statement Hearing Continued to Sept. 20

SOLUTIA INC: Wants Court Nod on Calpine Settlement
VERIFONE INC: S&P Revises Outlook; Affirms BB- Credit Rating


N E W  Z E A L A N D

AERO WHOLESALE: Fixes September 28 as Last Day to File Claims
AIR NEW ZEALAND: To Add Flights to Beijing, Shanghai & Hong Kong
CENTRAL STRATA: Court to Hear Wind-Up Petition Today
CONSWAY KNETIC: Appoints Official Assignee as Liquidator
CRONZA LTD: Subject to CIR's Wind-Up Petition

FEDERATED FARMERS: Appoints Fatupaito and McCloy as Liquidators
GVJ INVESTMENTS: Fixes October 12 as Last Day to File Claims
SKILLS NEW ZEALAND: Fixes Oct. 1 as Last Day to File Claims
SOUTHWARK PROPERTIES: Creditors' Proofs of Debt Due on Sept. 28
THE PLACE: Shareholders Resolve to Liquidate Business

XPRESS VEHICLE: Creditors' Proofs of Debt Due on October 30
* Current Account Deficit Down Despite Higher Dividend Payments


P H I L I P P I N E S

BANGKO SENTRAL: Dollar-Buying Causes PHP50-Bil. Forex Losses
BANGKO SENTRAL: May Cut Local Rates In View of Benign Inflation
CHIQUITA BRANDS: Former Officials Won't Face Criminal Charges
FIL-ESTATE: Expresses Interest to Bid for 60% Shares in PNOC-EDC
METROPOLITAN BANK: Inks Partnership Deals with Reuters, Misys

VULCAN MINING: Corporate Secretary Leaves Due to Health Reasons
* August Figures Show Government May Meet PHP63BB Deficit Goal
* Peso Reaches Strongest Level Against Dollar on Lower Fed Rates


S I N G A P O R E

AMANOGAWA PTE: Requires Creditors to File Claims by Oct. 15
FLEXTRONICS: S&P Affirms Subordinated Ratings at 'BB-'
FROEBEL ACADEMY: Court to Hear Wind-Up Petition on September 28
GINGA F & B: Creditors' Proofs of Debt Due on October 15


T H A I L A N D

KRUNG THAI: Will Pay Interest for Debentures on October 22
PICNIC CORP: Appoints Sasithorn Wuutiroongreungsakul into Board


V I E T N A M

VIETCOMBANK: Raises Stake to 30% in Gia Dinh Bank

     - - - - - - - -

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

ADVANCED MARKETING: Ask Court to Approve Disclosure Statement
-------------------------------------------------------------
Advanced Marketing Services, Inc., Publishers Group
Incorporated, and Publishers Group West Incorporated, along with
the Official Committee of Unsecured Creditors, ask the U.S.
Bankruptcy Court for the District of Delaware to approve the
Debtors' Disclosure Statement as containing "adequate
information" in accordance with Section 1125 of the Bankruptcy
Code.

The Debtors and the Committee also seek Court approval of the
procedures for soliciting and tabulating votes to accept or
reject their Joint Chapter 11 Plan of Liquidation, filed on
August 24, 2007.

On the Debtors' behalf, Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, relates that the
Plan provides a mechanism to complete the administration of the
Debtors' estates and produces a distribution to the holders of
the Debtors' Allowed Administrative Claims, Allowed Priority Tax
Claims, Allowed Priority Claims, Allowed Secured Claims and
Allowed Unsecured Claims through distribution of proceeds of the
sale of substantially all of the Debtors' businesses and assets
and recoveries, if any, from avoidance actions and certain
causes of action.  Holders of PGI and PGW Interests will also
receive distributions in respect of those interests.

Mr. Collins tells Judge Sontchi that, in accordance with the
requirements of Rules 3017(a) and 2002(b) of the Federal Rules
of Bankruptcy Procedure, the Debtors already mailed a copy of
the Disclosure Statement Notice to the appropriate creditors on
or before August 24.  The Debtors ask the Court to approve the
notice as appropriate and in compliance with the requirements of
the U.S. Bankruptcy Rules.

                   Solicitation Procedures

The Debtors intend to distribute ballots to holders of Claims
and Interests in Class 3 (Unsecured Claims against AMS), Class 8
(Unsecured Claims against PGI), Class 9 (Unsecured Claims
against PGW) and Class 13 (Interests of PGW), as they are the
only classes entitled to vote to accept or reject the Plan.

Claimholders under Class 1, Class 2, Class 6, Class 7, Class 10
and Class 11 under the Plan are unimpaired, and, therefore, are
conclusively presumed to accept the Plan in accordance with
Section 1126(f).  In addition, claims under Class 4 and Class 5
are deemed to have rejected the Plan in accordance with Section
1126(g).  The Debtors intend to send a non-voting status to
holders of Claims and Interests in the Non-Voting Classes.

The Debtors anticipate commencing the Plan solicitation period
by mailing solicitation packages by no later than October 2,
2007.  The Solicitation Package will contain copies of a Plan
confirmation hearing notice, the Disclosure Statement, and an
appropriate Ballot form and return envelope.

To be counted as votes to accept or reject the Plan, all ballots
must be properly executed, completed and delivered to Epiq
Bankruptcy Solutions, LLC, formerly known as Bankruptcy Services
LLC, no later than November 6 at 5:00 p.m.

The Debtors believe that an approximate 35-day solicitation
period is sufficient time for creditors to make informed
decisions to accept or reject the Plan and submit timely
Ballots.

                   Vote Tabulation Procedures

The Debtors propose that each Claim within a Class of Claims or
Interests entitled to vote on the Plan should be temporarily
allowed in accordance with these rules:

  (a) A Claim will be deemed temporarily allowed for voting
      purposes in an amount equal to the Claim amount or if no
      Claim has been timely filed, the Claim amount listed in
      the Debtors' schedules of assets and liabilities.

  (b) If a Claim is deemed allowed, that claim will be
      temporarily allowed in the deemed allowed amount set
      forth in the Plan.

  (c) A timely filed Claim marked as contingent, unliquidated
      or disputed on its face will be temporarily allowed for
      US$1.00.

  (d) A Claim that has been estimated or otherwise allowed by
      Court order will be temporarily allowed in an amount so
      estimated or allowed by the Court.

  (e) If the Debtors have filed and served a Claim objection,
      that Claim will be temporarily allowed or disallowed in
      accordance with the relief sought in the objection.

  (f) If a Claimholder identifies a Claim amount on its Ballot
      that is less than the amount calculated, the Claim will
      be temporarily allowed in the lesser amount.

  (g) Any Ballot received from a Claimholder listed as
      contingent, disputed or unliquidated in the Schedules
      will not be counted unless the holder filed a Claim on or
      before the July 2, 2007 Bar Date.

Any claimant seeking to challenge the Claim allowance should be
required to file a motion, pursuant to Rue 3018(a), to
temporarily allow the Claim in a different amount or
classification for voting purposes.

In tabulating the ballots, the Debtors request that:

  -- any ballot that is properly completed, executed and timely
     returned to a balloting agent, but does not indicate an
     acceptance or rejection of the Plan, will not be counted;

  -- if a creditor casts more that one ballot voting the same
     claim, the last ballot received will be deemed to reflect
     the voter's intent and will supersede any prior ballots;
     and

  -- a ballot that partially rejects and partially accepts the
     Plan will not be counted.

         Proposed Plan Confirmation Hearing on Nov. 15

In accordance with Rule 3017(c) and consistent with their
proposed solicitation schedule, the Debtors ask the Court to
schedule a Plan confirmation hearing not later than November 15.

Any objections to the Plan confirmation should be filed and
received no later than November 6 at 4:00 p.m, or any other date
that is at least 25 days after the commencement of the
Solicitation Period.

                     About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia, and employs
approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than $100 million.
(Advanced Marketing Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


ADVANCE MARKETING: Disclosure Statement Hearing Set for Sept. 26
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing on September 26 at 10:00 a.m. to consider the
adequacy of the Disclosure Statement explaining the Joint
Chapter 11 Plan of Liquidation filed by Advanced Marketing
Services, Inc., and its debtor-affiliates and the Official
Committee of Unsecured Creditors.

                      Treatment of Claims

As reported in the Troubled Company Reporter on Aug. 29, 2007,
Curtis R. Smith, chief executive officer of Advanced Marketing
Services, Inc., told the Court that the Liquidating Plan
classifies claims against Advanced Marketing Services, Inc.,
Publishers Group Incorporated and Publishers Group West
Incorporated.

Mr. Smith stated that Administrative and Priority Tax Claims
will not be classified as provided in Section 1123(a)(1), but
will be treated separately as unclassified claims.

The classification and treatment of Claims are:

(1) AMS

   Class  Designation   Status            Voting Rights
   -----  -----------   ------            -------------
     1    Priority      not impaired      not entitled to vote
     2    Secured       not impaired      not entitled to vote
     3    Unsecured     impaired          entitled to vote
     4    510(b)        impaired          not entitled to vote
     5    Interests     impaired          not entitled to vote

(2) PGI

   Class  Designation   Status/Recovery   Voting Rights
   -----  -----------   ---------------   -------------
     6    Priority      not impaired      not entitled to vote
     7    Secured       not impaired      not entitled to vote
     8    Unsecured     impaired          entitled to vote
     9    Interests     impaired          entitled to vote

(3) PGW

   Class  Designation   Status/Recovery   Voting Rights
   -----  -----------   ---------------   -------------
    10    Priority      not impaired      not entitled to vote
    11    Secured       not impaired      not entitled to vote
    12    Unsecured     impaired          entitled to vote
    13    Interests     impaired          entitled to vote

Claimholders under Classes 1, 6, 8, 10 and 12 will be paid in
full, in cash, and without interest, on the later of 30 days
after the Effective Date or the date the claim becomes allowed.

Holders under Classes 2, 7, and 11 will either:

  -- have the claim reinstated and rendered unimpaired in
     accordance with Section 1124(2);

  -- receive cash in an amount equal to the claim, in full and
     complete satisfaction of the claim; or

  -- receive a collateral securing its claim in full and
     complete satisfaction on the later of the initial
     distribution date under the Plan and the date that claim
     becomes an Allowed Claim.

Class 3 claim holders will receive a pro rata share of
distributable cash.

Class 4 claim holders will not receive any distribution.

Holders of Interests in Class 5 will not receive any
distribution or dividend.  On the Effective Date, all Interests
in Class 5 will be deemed cancelled, null and void, and of no
force and effect.

With respect to the unclassified Claims, the Plan Administrator
will pay:

  (a) each Holder of an Allowed Administrative Claim the full
      amount of Allowed Administrative Claim, without interest,
      in cash, as soon as practicable after the Effective Date
      or within 30 days after an Administrative Claim becomes
      allowed;

  (b) certain professionals who are entitled to reimbursement
      or allowance of fees and expenses from the Debtors'
      Estates pursuant to Sections 503(b)(2) to (b)(6), in
      cash, in the amount awarded to the Professionals by final
      Court order;

  (c) each Holder of an Allowed 20 Day Administrative Claim
      against PGW the full amount of that claim, without
      interest, in cash, as soon as practicable after the
      Effective Date or within 30 days after the 20 Day
      Administrative Claim against PGW becomes allowed;

  (d) each Holder of an Allowed 20 Day Administrative Claim
      against AMS the full amount of the claim, without
      interest, in cash, as soon as practicable after the
      Effective Date or within 30 days after that claim against
      AMS becomes allowed;

  (e) each Holder of an Allowed Priority Tax Claim of PGW in
      full, in Cash;

  (f) each Holder of an Allowed Priority Tax Claims against AMS
      either (i) in full, in Cash, as soon as practicable after
      the Effective Date or (ii) over a period ending not later
      than five years after the Petition Date, with deferred
      Cash payments on a quarterly basis in an aggregate amount
      equal to any Allowed Priority Tax Claim against AMS, with
      interest at the legal rate required for a Claim in
      Chapter 11 cases; and

  (g) each Holder of an Allowed Reclamation Claim against PGW
      and AMS in full, without interest, in Cash after
      deductions for returns of inventory, as soon as
      practicable after the Effective Date or within 30 days
      after the Reclamation Claim is allowed.

After paying any Allowed Administrative Claims, including
Professional Fee Claims, 20-Day Administrative Claims, Secured
Claims, Priority Tax Claims, Priority Claims and Unsecured
Claims against PGI, holders of Class 9 Interests will receive
all the remaining assets of PGI.  After AMS has received its
dividend on account of its equity Interests in PGI, PGI will be
merged with and into AMS pursuant to the Merger.

Moreover, after paying any Allowed Administrative Claims, 20-Day
Administrative Claims, Reclamation Claims, Secured Claims,
Priority Tax Claims, Priority Claims and Unsecured Claims
against PGW, Disputed Claims and Post-Confirmation Expenses,
Holders of Class 13 Interests -- which is only PGI -- will
receive all remaining Assets of PGW.  On or after the Effective
Date, after PGI has received its dividend on account of its
equity Interests in PGW, PGW will be merged with and into AMS.

Outstanding fees payable to the Office of the U.S. Trustee will
be paid no later than 30 days after the Effective Date or when
due in the ordinary course.

                     About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia, and employs
approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than $100 million.
(Advanced Marketing Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).


BRYNEX PTY: Declares First and Final Dividend
---------------------------------------------
Brynex Pty Ltd declared its first and final dividend on
September 19, 2007.

Creditors who were not able to file their proofs of debt by the
September 18 due date were 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 Brynex Pty

Brynex Pty Ltd, which is also trading as Amazing Paints,
operates miscellaneous retail stores.  The company is located at
St. Mary's, in New South Wales, Australia.


COMMCORD COMMUNICATIONS: Members & Creditors to Meet on Sept. 27
----------------------------------------------------------------
The members and creditors of Commcord Communications Pty Ltd
will meet on September 27, 2007, at 10:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         William Bernard Abeyratne
         c/o Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone:(03) 9696 2885

                  About Commcord Communications

Commcord Communications Pty Ltd provides communication services.
The company is located at Cremorne, in Victoria, Australia.


CW FINANCIAL: Members Agree on Voluntary Liquidation
----------------------------------------------------
During a general meeting held on August 10, 2007, the members of
CW Financial Services Pty Ltd agreed to voluntarily liquidate
the company's business.

Adrian Brown was appointed as liquidator.

The Liquidator can be reached at:

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

                       About CW Financial

CW Financial Services Pty Ltd provides miscellaneous personal
services.  The company is located at Rowville, in Victoria,
Australia.


GENERAL CABLE: Freeport-McMoRan Buy Cues S&P to Affirm Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-'
corporate credit rating on General Cable Corp.  The outlook is
stable.  This follows the company's announced acquisition of the
global wire and cable business of Freeport-McMoRan Copper & Gold
Inc. (BB+/Positive/--), which operates as Phelps Dodge
International Corp., for US$735 million, subject to certain
adjustments.

S&P has also affirmed our 'B+' senior unsecured rating, one
notch below the corporate credit rating on General Cable, and
our 'BB+' senior secured rating.  The affirmations include the
financing contemplated to fund the acquisition, namely an
expansion of the company's existing US$300 million asset-backed
senior secured facility and a new senior unsecured convertible
note issue.  At the same time, S&P s has withdrawn its senior
secured rating, at the company's request.

On an annual basis, Highland Heights, Kentucky-based General
Cable estimates that the acquisition will contribute
approximately US$1.4 billion in revenues at current metal prices
and is expected to be accretive to earnings in the first full
year.  S&P estimates that the acquired business generated
approximately US$90 million in EBITDA in 2006, or about 6.4% of
sales.  This compares with General Cable's recent 9.5% EBITDA
margins.  PDIC's performance in the first half of 2007 continued
to improve.  The acquired business expands General Cable's
geographic diversity, especially in emerging markets, and
provides cost opportunities with the combined companies' greater
scale.

"The ratings on General Cable reflect a cyclical operating
profile, driven by fluctuating market demand and volatility in
raw material pricing that can affect working capital
requirements and cash flow," said S&P's credit analyst Bruce
Hyman.  "These factors are offset somewhat by the company's
leading position in a global market for wire and cables,
especially in the energy transmission and distribution market,
and leverage that is moderate for the rating."

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.


JAMS 1 PTY: Declares First and Final Dividend
---------------------------------------------
Jams 1 Pty Ltd, which is in liquidation, declared its first and
final dividend on September 18, 2007.

The company's liquidator is:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham, Victoria 3192
         Australia

                         About Jams 1 Pty

Jams 1 Pty Ltd is a distributor of industrial and personal
service paper.  The company is located at Flemington, in
Victoria, Australia.


MARTIAL HEIGHTS: Commences Liquidation Proceedings
--------------------------------------------------
On August 20, 2007, the members and creditors of Martial Heights
Pty Ltd had a meeting and resolved to voluntarily wind up the
company's operations.

R. A. Sutcliffe was appointed as liquidator.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor
         192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277

                     About Martial Heights

Martial Heights Pty Ltd operates investment offices.  The
company is located at Springvale, in Victoria, Australia.


MNJ SALES: Members to Hold Final Meeting on October 5
-----------------------------------------------------
The members of MNJ Sales Pty Limited will have their final
meeting on October 5, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

                         About MNJ Sales

MNJ Sales Pty Limited operates investment offices.  The company
is located at Croydon Park, in New South Wales, Australia.


PACIFIC WESTERN: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on August 14, 2007, the members of
Pacific Western Pty Limited resolved to voluntarily liquidate
the company's business.

Murray Campbell Smith was appointed as liquidator.

The Liquidator can be reached at:

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

                     About Pacific Western

Pacific Western Pty Limited provides electric services.  The
company is located at Sydney, in New South Wales, Australia.


T.H. HIDES: Sets Joint Meeting for October 1
--------------------------------------------
A joint meeting will be held for the members and creditors of
T.H. Hides & Skins Australia Pty Ltd on October 1, 2007, at 9:00
a.m.

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

The Liquidator can be reached at:

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

                        About T.H. Hides

T.H. Hides & Skins Australia Pty Ltd is in the business of
leather tanning and finishing.  The company is located at
Dandenong South, in Victoria, Australia.


VULTREX PLASTICS: Enters Liquidation Proceedings
------------------------------------------------
During a general meeting held on July 24, 2007, the members of
Vultrex Plastics Pty Ltd agreed to voluntarily liquidate the
company's business.

Janet Frances Barber was appointed as liquidator.

                     About Vultrex Plastics

Vultrex Plastics Pty Ltd is a distributor of plumbing fixture
fittings and trim.  The company is located at Silverwater, in
New South Wales, Australia.


ZAIDTECH PTY: Liquidator Presents Wind-Up Report
------------------------------------------------
The members and creditors of Zaidtech Pty Ltd met on Sept. 17,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Andrew Johnson
         c/o Johnsons Business Recovery & Insolvency
         Level 3, 65 York Street
         Sydney, New South Wales 2000
         Australia

                       About Zaidtech Pty

Zaidtech Pty Ltd, which is also trading as Australian Computer
Specialists, provides computer related services.  The company is
located at Ultimo, in New South Wales, Australia.


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

ASHMORE ENERGY: Acquires Interest in Puerto Quetzal & Corinto
-------------------------------------------------------------
Ashmore Energy International disclosed a series of transactions
that resulted in the acquisition of additional indirect interest
in Puerto Quetzal Power LLC in Guatemala (PQP) and Empresa
Energetica Corinto LTD in Nicaragua (Corinto).  The transactions
closed Sept. 17, and terms of the agreements were not disclosed.

In the first transaction, AEI acquired a 25% additional indirect
interest in PQP and a 30% additional indirect interest in
Corinto by exercising its right of first refusal under an
agreement with subsidiaries of Globeleq Ltd. Subsequently, AEI
acquired an additional 20% indirect interest in PQP from
Centrans Energy Services.  In addition, AEI sold to Centrans 15%
of the newly acquired interest in Corinto, half of the interest
acquired through the right of first refusal exercise.  Upon
closing of the transactions, AEI increased its indirect
ownership in PQP from 55% to 100%, and its indirect ownership in
Corinto from 35% to 50%.

Roberto Figueroa, AEI's Vice President responsible for the
company's operations in both countries, stated, "We are pleased
with the opportunity to increase our commitments in both
Guatemala and Nicaragua, reinforcing our position in the Central
American market.  Both PQP and Corinto have a history of
providing dependable power and a safe working environment, which
are AEI's top priorities as an operator."

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, including China.  The
company's largest asset is Brazilian electric distribution
company, Elektro, which represents approximately 43% of EBITDA,
and 55.3% of fiscal 2006 consolidated cash flow to parent
company Ashmore Energy.  The company also operates a power plant
in the Dominican Republic.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook is
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.


CASTLEMONT PACIFIC: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on September 3, 2007,
the shareholders of Castlemont Pacific Company Limited agreed to
voluntarily liquidate the company's business.

Fung Tin Yau and Kan Tim Hei were appointed as liquidators.

The Liquidators can be reached at:

         Fung Tin Yau Felix
         Kan Tim Hei
         The Center, 31st Floor
         99 Queen's Road C
         Hong Kong


CHINA EASTERN: JV Company with ST Aero to Build Airbus Hangar
-------------------------------------------------------------
Shanghai Technologies Aerospace, a joint venture company between
China Eastern Airlines and Singapore Technologies Aerospace,
plans to begin the construction of its Airbus A380-capable
hangar at Shanghai's Pudong International Airport by the end of
the year, the Flight Global says.

Both China Eastern and ST Aero, with 51% and 49% ownership at
the joint venture company, respectively, aim to start operations
at the facility in 2009, the report adds.

Singapore-based ST Aero's president, Tay Kok Khiang, is cited by
the report as saying that delays in obtaining regulatory
approvals held back the start of construction.  "The land in
Pudong was controlled by the central government.  Getting the
regulatory approvals and controls took time, things did not go
as fast as we wanted it to. But the problems are over now."

Mr. Tay added that when it started up the joint venture in 2004,
it hoped to have the Pudong facility ready by 2006.

According to Flight Global, the hangar will focus mainly on
wide-body work as most carriers fly into Pudong using larger
aircraft.  The company plans to eventually add capacity to
handle three widebodies and increase the amount of third-party
work that it takes on, Mr. Tay added. "We are not building a
facility in China just for the Chinese airlines.  A big focus of
the joint venture is to support global airlines that fly into
China," he points out.

Mr. Tay also said that the company expects to sign a contract
soon with a "global airline to provide maintenance on a nose-to-
tail basis."  Apart from working on aircraft operated by China
Eastern and its subsidiaries, STARCO has also won third-party
contracts from independent Chinese carrier Spring Airlines,
Turkish cargo airline Kuzu Airlines, and Malaysian cargo carrier
Transmile Air Services.

The joint venture company is currently doing heavy maintenance
work at the domestic Shanghai Hongqiao Airport, where its two
hangars can house two narrowbodies and two widebodies at any one
time, the report adds.

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

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  The outlook on the IDRs is stable.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


CHONGQING CHANGAN: Launches Benben AT Model
-------------------------------------------
ChongQing Changan Automobile Co. Ltd. will launch its non-
automatic mini-car model, Benben AT, this month, Business Week
relates.

Compared with its rivals in mini car market, Benben does not
have an automatic transmission version, which attracts female
drivers in particular, the report says.  Chery QQ and Chevrolet
Spark, two rival mini car models, had shelved their AT versions,
which to a large extent catalyzed the brands' sales, the news
agency adds.

The to-be-launched AT Benben is equipped with Aisin brand
gearbox, a product that is used in medium-and high-grade sedans,
and is improved in interior fittings and decorations such as
steering wheel, central control board and object storage
devices.

Chongqing, China-based Chongqing Changan Automobile Company
Limited is principally engaged in the development, manufacture
and sale of mini passenger vehicles, minivans, commercial
vehicles and passenger cars.  The company offers its products
under seven brands: mini passenger vehicles are under the brand
Changan Star; minivans are under the brand Changan, and
passenger cars are under the brands Alto, Lingyang, Fiesta and
Mondeo.  It also manufactures and distributes various engines,
under the brand Jiangling.  During the year ended December 31,
2005, the company manufactured 489,368 vehicles and sold 474,625
vehicles, accounting for approximately 8.24% of the domestic
market.  Chongqing Changan Automobile has formed partnership
with Suzuki Motor Corporation and Ford Motor Company.  The
company has 12 major subsidiaries/associates.

The Troubled Company Reporter-Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd.  The rating outlook is stable.


CHONGQING CHANGAN: Starts Exporting M-100 Models to Brazil
----------------------------------------------------------
ChongQing Changan Automobile Co. Ltd. began selling this month,
its first batch of M-100 autos in Brazil, Business Week reports.

These are the first group of China-made mini cars imported into
the country, the report relates.

ChongQing targets local low-and medium-income earners with its
M-100 models in Brazil, Business Week cites the company's
statement as saying.

The Brazil general distributor plans to set up 25 sale offices
around the country, which will sell five models made by the
company.

Chongqing, China-based Chongqing Changan Automobile Company
Limited is principally engaged in the development, manufacture
and sale of mini passenger vehicles, minivans, commercial
vehicles and passenger cars.  The company offers its products
under seven brands: mini passenger vehicles are under the brand
Changan Star; minivans are under the brand Changan, and
passenger cars are under the brands Alto, Lingyang, Fiesta and
Mondeo.  It also manufactures and distributes various engines,
under the brand Jiangling.  During the year ended December 31,
2005, the company manufactured 489,368 vehicles and sold 474,625
vehicles, accounting for approximately 8.24% of the domestic
market.  Chongqing Changan Automobile has formed partnership
with Suzuki Motor Corporation and Ford Motor Company.  The
company has 12 major subsidiaries/associates.

The Troubled Company Reporter-Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd.  The rating outlook is stable.


CHONGQING CHANGAN: Ford Focus Sales Drive 1H Profit by 28%
----------------------------------------------------------
ChongQing Changan Automobile reported a first-half to June 2007
profit rise of 28%, helped by surging sales of Ford Focus
compacts, Business Week reports.

Specifically, net income rose to CNY433.2 million, from CNY
339.2 million a year earlier, the news agency adds.  Sales rose
to CNY7.74 billion from CNY 6.62 billion from last year.
Chongqing, China-based Chongqing Changan Automobile Company
Limited is principally engaged in the development, manufacture
and sale of mini passenger vehicles, minivans, commercial
vehicles and passenger cars.  The company offers its products
under seven brands: mini passenger vehicles are under the brand
Changan Star; minivans are under the brand Changan, and
passenger cars are under the brands Alto, Lingyang, Fiesta and
Mondeo.  It also manufactures and distributes various engines,
under the brand Jiangling.  During the year ended December 31,
2005, the company manufactured 489,368 vehicles and sold 474,625
vehicles, accounting for approximately 8.24% of the domestic
market.  Chongqing Changan Automobile has formed partnership
with Suzuki Motor Corporation and Ford Motor Company.  The
company has 12 major subsidiaries/associates.

The Troubled Company Reporter-Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd.  The rating outlook is stable.


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

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

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

                           About EMI

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

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

The company issued two profit warnings since January 2007.

                          *     *     *

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

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

EMI Group plc

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

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

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

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

Moody's ongoing review will now be focused on :

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

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

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

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

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


FORTUNE LION: Appoints Lui and King as Liquidators
--------------------------------------------------
Kennic Lai Hang Lui and Lau Wu Kwai were appointed as
liquidators of Fortune Lion Limited on August 30, 2007.

The Liquidators can be reached at:

         Kennic Lai Hang Lui
         Lau Wu Kwai King, Lauren
         Kennic L.H. Kui & Company
         Ho Lee Commercial Building, 5th Floor
         38-44 D'Aguilar Street
         Central, Hong Kong


FOSUN INTERNATIONAL: Steel Business Buoys '07 First Half Profit
---------------------------------------------------------------
Fosun International Ltd said that its profit for the first half
ended June 30, 2007, nearly doubled to CNY826.6 million from
CNY415.5 million a year ago, boosted mainly by its steel
business, Infocast News reports.

The company's revenue for the first half came in at
CNY14.25 billion compared with CNY11.03 billion in the
corresponding period last year.

According to the report, the company's profit from its steel
business jumped three times to CNY632.4 million from
CNY156 million a year earlier, with revenue up 37.2% to
CNY11.13 billion.  The increase, according to the company, was
due mainly to rising steel prices, which have remained at a
relatively high level since the fourth quarter of 2006.

Fosun's sales by volume in its steel business also rose
substantially in the first half, particularly value-added steel
products, which also have higher gross profit margins. Infocast
adds.

However, profits from Fosun's property business dipped in the
first half.  Property sales fell 77% to CNY37.9 million as fewer
projects were completed this year compared with last year, as
profit can only be booked after a project has been completed.

Pre-sold floor area increased by 55% in the first half compared
with last year and sales revenue from this will be booked in the
second half of 2007, the report notes.

Fosun Vice President Liang Xinjun told a media briefing that he
is still confident that the company's full-year profit will meet
its own forecast of CNY2.15 billion, which was stated in its IPO
prospectus.

The company's first-half net profit was just 38% of its own
full-year profit forecast of CNY2.15 billion.


Fosun International Ltd, headquartered in Shanghai, was
established in 2005 as the holding company of the Fosun Group.
Fosun's history dates back to 1992 when four entrepreneurs
founded it as a real estate agency.  The company is now one of
China's largest privately owned conglomerates, engaged in steel,
property, pharmaceutical and retailing in China.

Moody's Investor Service on January 8, 2007, has withdrawn its
Ba2 corporate family rating of Fosun International Ltd for
business reason.


FOSUN INTERNATIONAL: Mulls Spin-Off of Some Businesses in 2008
--------------------------------------------------------------
Fosun International plans to spin off some of its businesses and
list them in the mainland or Hong Kong sometime next year,
Infocast News reports, citing Chairman Gou Guangchang.

Mr. Guo, however, stressed out that no decision has been made
yet on which businesses will be spun off.

In addition, the company will also explore new business
including natural resources, nonferrous metals and capital
management, the report relates.

In terms of its natural resources business, Fosun announced last
month that it is to form a joint venture with China's Hainan
Steel for iron ore mining and processing, the news agency
recounts.

Fosun International Ltd, headquartered in Shanghai, was
established in 2005 as the holding company of the Fosun Group.
Fosun's history dates back to 1992 when four entrepreneurs
founded it as a real estate agency.  The company is now one of
China's largest privately owned conglomerates, engaged in steel,
property, pharmaceutical and retailing in China.

Moody's Investor Service on January 8, 2007, has withdrawn its
Ba2 corporate family rating of Fosun International Ltd for
business reason.


JETWORLD TRADING: Subject to Dah Sing Bank's Wind-Up Petition
-------------------------------------------------------------
Dah Sing Bank Limited filed on August 13, 2007, a petition to
have the operations of Jetworld Trading International Limited
wound up.

The petition will be heard before the High Court of Hong Kong on
October 24, 2007, at 9:30 a.m.

Dah Sing Bank's solicitors are:

         Wilkinson & Grist
         Prince's Building, 6th Floor
         Chater Road, Central
         Hong Kong
         Telephone: 2524 6011
         Facsimile: 2520 2090


OCEAN GRAND: Former Chairman Arrested on CNY800 Mil. Fraud
----------------------------------------------------------
Michael Yip Kim-po, former chairman of Ocean Grand Holdings, was
arrested on Sept. 17, 2007, at the Lok Ma Chau border crossing
as he tried to return from Shenzhen, The Standard reports.

According to the report, Mr. Yip faces three charges, including
conspiracy to defraud, conspiracy, and spreading inaccurate
information as a director relating to the Ocean Grand case in
July last year.

Company vice chairman Herbert Hui Ho- ming declined to comment
when approached by The Standard, while Deloitte Touche Tohmatsu
said its provisional liquidators of Ocean Grand, Joseph Lo and
Derek Lai, "are not aware of any new developments related to Mr.
Yip."  Deloitte also refused to comment further on news
regarding Mr. Yip or his firm, saying it would be inappropriate,
the newspaper relates.

Ocean Grand Holdings and its subsidiary, Ocean Grand Chemicals
reported the CNY800 million, which went missing from the bank
accounts of mainland subsidiaries, resulting in the police and
securities regulators initiating investigations in August last
year, the paper recounts.  Shares of both firms have been
suspended since then.

Last month, Deloitte filed two writs in the High Court, seeking
damages against Mr. Yip, his sister Christie Yip Wai-fung and 13
other former directors or senior managers for breaches of
fiduciary duty, The Standard notes.  Seven of them were arrested
last September in connection with three separate transactions
involving a total of HK$151.29 million.

Mr. Yip had remained in the mainland since August last year,
when he told mainland newspaper, the Economic Observer, that he
was innocent of any wrongdoing.

The former chairman was scheduled to appear in court after his
arrest on Sept. 19, 2007.


Ocean Grand Holding's -- http://www.ogholdings.com/-- principal
activities are the manufacture and sale of aluminum extrusion
products and chemicals for use in electroplating and refining of
gold material produced at facilities located in Nanhai of
Guangdong Province and the Hong Kong Special Administrative
Region of The People's Republic of China.

The Troubled Company Reporter-Asia Pacific reported on July 27,
2006, that the investigators conducting a probe on the Group's
accounts discovered a total of CNY842 million missing from the
bank accounts of Ocean Grand's subsidiaries and that the group
was unable to pay immediate debts exceeding HKD261 million.

The company and its subsidiaries are now facing wind-up
petitions.


ORIENTAL CHANCE: Requires Creditors to File Claims by Oct. 12
-------------------------------------------------------------
The creditors of Oriental Chance Development Limited are
required to file their proofs of debt by October 12, 2007, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on September 4,
2007.

The company's liquidators are:

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


POLYMATECH HK: Sets Members' Final Meeting for October 15
---------------------------------------------------------
A final meeting will be held for the members of Polymatech HK
Co., Limited on October 15, 2007, at 10:00 a.m., at the 8th
Floor of Gloucester Tower, The Landmark, 15 Queen's Road in
Central, Hong Kong.

At the meeting, Thomas Andrew Corkhill, Polymatech's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SANYOU INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 14
---------------------------------------------------------------
The High Court of Hong Kong will hear on November 14, 2007, at
9:30 a.m., a petition to have the operations of Sanyou
International (Group) Company Limited wound up.

Medisell Medical Instrument Company Limited filed the petition
on September 4, 2007.

Medisell Medical's solicitors are:

         Kam & Fan
         Melbourne Plaza, 5th Floor, Room 505
         33 Queen's Road Central
         Hong Kong
         Telephone: 2521-3113
         Facsimile: 2810-4414


TALISWELL INVESTMENT: Members to Hear Wind-Up Report on Oct. 15
---------------------------------------------------------------
The members of Taliswell Investment Limited will have their
final general meeting on October 15, 2007, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at Rooms 10-12, 23rd Floor of The
Kwangtung Provincial Bank Building, 409-415 Hennessy Road, in
Causeway Bay, Hong Kong.


TECHON INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 24
--------------------------------------------------------------
The High Court of Hong Kong will hear on October 24, 2007, at
9:30 a.m., a petition to have Techon International Limited's
operations wound up.

The petition was filed by Chan Yuet Ying on August 9, 2007.

Chan Yuet's solicitors are:

         Peter W.K. Lo & Company
         Bank Centre, 7th Floor
         Rooms 701-705
         630-636 Nathan Road
         Kowloon, Hong Kong
         Telephone: 2869 9808
         Facsimile: 2525 2788


VAN-MEITETSU: Liquidators Quit Post
-----------------------------------
On September 6, 2007, Cheng Por Gordon and Ngan Lin Chun Esther
ceased to act as liquidators of Van-Meitetsu Finance Company
Limited.

The former Liquidators can be reached at:

         Cheng Por Gordon
         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


WINTAX COMPANY: Appoints Arboit and Blade as Liquidators
--------------------------------------------------------
On August 13, 2007, Bruno Arboit and Simon Richard Blade were
appointed as liquidators of Wintax Company Limited.

Messrs. Arboit and Blade are accepting creditors' proofs of debt
against the company until September 28, 2007.

The Liquidators can be reached at:

         Bruno Arboit
         Simon Richard Blade
         c/o Messrs. Baker Tilly
         China Merchants Tower, 12th Floor
         Shun Tak Centre
         168-200 Connaught Road
         Central, Hong Kong


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

DECCAN AVIATION: ICICI Ventures May Let Go of Stake, Report Says
----------------------------------------------------------------
ICICI Ventures, which currently holds 6.78% of Deccan Aviation
Ltd., may be looking to exit from its holding in the carrier,
Moneycontrol.com reports, citing unnamed sources.

According to the report, ICICI Ventures may be looking at two
options -- tendering shares or selling in secondary market
trough a block deal.

The report, however, notes that an open offer is not that
attractive as an option saying it maybe inefficient on tax and
execution.  It's also not necessary that all shares that ICICI
Ventures tenders in the open offer might be accepted.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Deccan Aviation sold 26% of the company to UB Group
company Kingfisher Airlines for around INR5.5 billion.  Pursuant
to Indian takeover rules, UB Group made an open offer for
20% more to Deccan's shareholders, which offer kicked off on
Sept. 12, 2007.

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

The Troubled Company Reporter-Asia Pacific reported on Sept. 14,
2007, that Deccan Aviation has a stockholder's equity deficit of
US$2.83 million.


GENERAL MOTORS: Talks with UAW Show Progress, WSJ Says
------------------------------------------------------
General Motors Corp.'s labor talks with the United Auto
Workers is moving forward, The Wall Street Journal reports,
citing people familiar with the negotiations.

Last week, the UAW picked GM as lead negotiator on a new
four-year contract along with Ford Motor Co. and Chrysler
LLC, and threatened a strike should GM fail to close a
deal.

According to WSJ, the automaker and the UAW are bargaining
over a wide range of issues to replace the contract, including
a proposal to unload from GM's balance sheet more than
US$50 billion in debts owed to UAW retiree health care and place
them in a union-controlled trust.

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.


NAVISTAR INTERNATIONAL: Hires Jon Harmon as VP-Corporate Comms
--------------------------------------------------------------
Navistar International Corporation has appointed Jon F. Harmon
as vice president-corporate communications.

Mr. Harmon joins Navistar from Force for Good Communications, a
public relations consultancy he founded earlier this year.
Previously, Mr. Harmon had worked for 23 years at Ford Motor
Company in public relations including senior roles in product
communications, corporate reputation management and strategic
communications.

"Harmon brings to Navistar a wealth of leadership experience in
all aspects of communications and public relations," said Daniel
C. Ustian, Navistar chairman, president and chief executive
officer.  "He will bring a strategic mindset to Navistar's
communications team and his insights in reputation management
will help guide the company's senior management."

Mr. Harmon will report to Gregory Elliott, vice president -
corporate human resources and administration.  In addition to
communications, Mr. Elliott's responsibilities include
government relations, compensation and benefits, facilities
services, human resources and diversity.

At Force for Good Communications, Harmon founded an executive
consultancy dedicated to "aspirational public relations."  His
client work ranged from brand-building to crisis communications
consultation.  He also authors the Force for Good blog,
analyzing current business topics through the lens of high-
integrity communications.  At Ford, Harmon's most recent roles
were director -- communications strategy and director -- North
American Product Public Affairs.  His experience at Ford
included overseeing the launches of numerous vehicles, leading
the public relations team at Ford Division, managing media
relations during the Ford Centennial in 2003 and the Ford-
Firestone tire crisis in 2000-01, and serving as the sole
spokesperson during 1996 Ford-UAW labor negotiations.

Mr. Harmon graduated with a Bachelor of Journalism degree from
the University of Missouri.  In addition, he earned a Master of
Arts degree in creative writing from the University of Detroit.

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 11, 2007, Standard & Poor's Ratings Services has said that
its 'BB-' corporate credit ratings on Navistar International
Corp. and subsidiary Navistar Financial Corp. remain on
CreditWatch with negative implications, where they were placed
on Jan. 17, 2006.


SPICEJET LTD: Reports 1st Quarter Loss After Limited Review
-----------------------------------------------------------
SpiceJet Limited, for the quarter ended June 30, 2007, should
report a net loss of INR442.29 million instead of a net profit
of INR185.35 million, the carrier's auditors say after a limited
review of its financials statements.

SpiceJet previously said in a press release that its first
quarter results reflect a INR18.5-crore profit.  Total
income for the period registered a robust growth of 77% at
INR311 crore versus INR176 crore same quarter last year, the
release said.

After the review, the auditors discovered that no provisions
have been made for these items:

   a. security deposit of INR360 million, which appears to be
      doubtful for recovery;

   b. interest on outstanding inter corporate deposit of INR100
      million, which as at June 30, 2007, amounts to INR225.63
      million.

   c. net unsupported withdrawals of INR36.11 million recorded
      as receivable in the book which in the absence of
      supporting documents or information appears to be doubtful
      for recovery; and

   d. sundry debtors of INR5.90 million recovery of which
      appears to be doubtful.

Had the provisions been considered, other expenses would have
been INR526.92 million instead of INR124. 91 million as
reported, interest would have been INR235.38 million instead of
the reported INR9.75 million, and the company would have booked
a net loss instead of the INR185-million profit.

SpiceJet CFO Partha Sarathi Basu told The Economic Times that
the adjustments are part of the company's annual results and the
issues are sub-judice for the past four years. "Interestingly,
Deccan Aviation too had re-stated its financial performance last
year following a limited review by auditors, The Times added.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  For the ten
months ended March 31, 2007, the airline carrier booked a net
loss of INR707.43 million.


TATA STEEL: Moody's Affirms Ba1 Rating; Outlook Now Negative
------------------------------------------------------------
Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.

"The change in outlook reflects rising concerns surrounding the
high refinancing risk, with around [US]$3.1 billion of debt
maturing in stages during the next 5 months", says Moody's Terry
Fanous, Senior Vice President.  The maturing debt represents
bridging finance established in the last year to part fund the
acquisition of Corus.

Moody's acknowledges that Tata Steel plans to undertake rights
and other equity issuance of around US$2.2 billion to part-
refinance the maturing debt.  The proposed issuance is fully
underwritten by Tata Sons Ltd (unrated; owns 27.6% of Tata
Steel), including any unsubscribed portion.

In addition, Moody's understands that Tata Steel plans to raise
long-term capital notes, which may include a hybrid instrument.

"However, the negative outlook reflects rising risk that the
fund raisings may not be completed in a timely manner to
refinance the substantial maturing debt", Fanous says, adding
"under such scenario, Tata Steel is likely to seek debt
refinance, the form and timing of which is uncertain".  The
higher uncertainty that currently characterizes the credit
environment may further challenge Tata Steel's refinancing
plans, albeit Moody's recognizes the banking support that Tata
Steel enjoys.

The rating outlook could revert to stable if in the coming weeks
Tata Steel appropriately refinances its maturing debt, through
the planned equity/notes issuance, or the establishment of
appropriate committed bank facilities.

On the other hand, the rating could be lowered if the liquidity
challenges are not cleared up in the coming few weeks, as
evidenced by the failure to issue the planned equity/notes or
establish appropriate committed facilities.

Tata Steel is an integrated steel company headquartered in
Mumbai, India.  With the recent acquisition of Corus, Tata Steel
has emerged as one of the world's largest steel producers, with
annual steel making capacity of around 28 million tons.


TATA STEEL: Promoter Plans to Increase Holding by 10% More
----------------------------------------------------------
Tata Steel Limited promoter, Tata Group, plans to raise its
stake in the steel manufacturer by another 10%, The Telegraph
reports.

The move by the promoter, which has about 33.77% stake in Tata
Steel, is reportedly part of its strategy to discourage
takeovers.  With the many competitors and the trend towards
consolidation, the company believes it is at risk to predators.

The Telegraph, citing unnamed sources close to the developments
as source, said "the stake hike would be done shortly."  The
news agency's sources, however, did not specify a time frame.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Standard & Poor's Ratings Services, on July 10, 2007,
lowered its corporate credit rating on Tata Steel to 'BB' from
'BBB.'  The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


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

ANEKA TAMBANG: Hires Macquarie as Corporate Financial Advisor
-------------------------------------------------------------
PT Antam Tbk has selected Macquarie as its corporate financial
advisor.  Macquarie was selected from four candidates.

Antam President Director Dedi Aditya Sumanagara said:
"In pursuit of shareholdervalue-oriented growth, we have
appointed Macquarie to advise and assist us in relation to
Antam's project pipeline as well as in relation to acquisition
advisory.  The appointment is part of a prudent step to sustain
growth both organic and inorganically."

In relation to project advisory, the financial advisor will
advise and assist Antam to ensure its long-term growth projects
are commercially viable for the company.  The financial advisor
will conduct, among other things, risk/return evaluation,
modelling, forecasting and valuation, as well as identification
and evaluation of financing possibilities and the optimal
capital structure.  Although the work of the financial advisor
may apply to all of Antam's projects in general, the financial
advisor will initially focus on the Halmahera and associated
projects.

In relation to acquisition advisory, the financial advisor will,
among others, conduct risk/return evaluation, modelling,
forecasting and valuation, independent selection of potential
target(s), comprehensive due diligence as well as to advise and
assist through the transaction execution and financing.

If confirmed as value-accretive, Antam will focus on gold assets
in relation to its acquisition strategy.  This is inline with
the management's intention to keep gold as an important part of
its product mix of commodities as well as to anticipate the
depleting reserves of Antam's operating gold mine of Pongkor.
The Pongkor gold mine is expected to have a remaining seven-year
mine life.

As the acquisition plan is still at its early stage, Antam has
decided on neither the potential targets nor the estimated
acquisition value and financing method.  Nonetheless, Antam had
made a list of several potential acquisition targets.  Antam has
also been approached by several local banks which had indicated
interest in providing up to US$1 billion of financing.  Despite
such offers, Antam is committed not to jeopardize its solid
financial condition to continue to deliver value to its
shareholders in the form of returns and to repay its current
debts.  Antam is committed to fund this growth without
overextending its balance sheet.

                       About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


BANK MANDIRI: To Raise US$300 Mil. in Bonds to Refinance Debt
-------------------------------------------------------------
PT Bank Mandiri Tbk is planning to raise US$300 million in bonds
between October and January, to help refinance its debts and
fund an expansion, Reuters reports.

Mandiri President Director Agus Martowarodojo told the news
agency that the bank would wait for the proper time to issue the
subordinated debt, as the global credit market has been hit by
problems in the United States subprime market.

Bank Mandiri had short listed Barclays, BNP Paribas, Credit
Suisse, Citibank and Deutsche Bank to underwrite the issue, the
report notes.

                       About Bank Mandiri

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

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

The detailed ratings are:

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

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

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


MEDCO ENERGI: To Divest Share Ownership in Apexindo Pratama
-----------------------------------------------------------
PT Medco Energi Internasional Tbk plans to divest its share
ownership in subsidiary PT Apexindo Pratama Duta Tbk, Reuters
reports.

Heavy-equipment provider Apexindo Pratama offers services for
oil and gas drilling activities as well as other related
businesses.

According to the report, this company move is for Medco to focus
on upstream oil and gas development.

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter-Asia Pacific reported on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi.  The outlook remains
negative.  According to S&P, the negative outlook on Medco
reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

A TCR-AP report on Aug. 16, 2006, said that Moody's Investors
Service changed the outlook on Medco Energi's ratings to
negative from stable.  The ratings affected by the outlook
change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


MERPATI AIRLINES: Restructuring Looks Successful, Company Says
--------------------------------------------------------------
PT Merpati Nusantara Airlines' restructuring process appears
successful, Merpati Vice President for Commercial Affairs Jaka
Pujiono said, according to The Jakarta Post.

The report relates that the company expects the reopening of
several former routes and the refurbishing of its fleet to
generate revenue of IDR2 trillion and a 30% growth over the next
two years.

The Troubled Company Reporter-Asia Pacific reported on Aug. 22,
2007, that Merpati Nusantara is set to reopen former abandoned
domestic flight routes next to its plan to add six jets to its
fleet in the second semester of this year.  The old routes that
would be re-opened include those between Jakarta and Palembang,
between Makassar and Ambon as well as between Balikpapan and
Banjarmasin, while the new routes include those between Jakarta
and Tanjung Pinang, between Jakarta and Batam as well as between
Jakarta and Tanjung Karang.

TCR-AP notes that Mr. Pujiono said the reopening of the old
routes would be supported with additional six jet airplanes.
Two Boeing 737-300s already arrived, while the remaining four
are expected to arrive in October and November 2007.

Reuters recounts that the restructuring process started when the
government injected IDR450 billion in bailout funds to help
cover the company's IDR1.7 trillion debt and the company's cash-
flow deficit of up to IDR20 billion per month at the time.  The
company used IDR150 billion to pay arrears in aircraft rentals
and maintenance costs, IDR180 billion for debt restructuring,
and IDR120 billion for severance pay and human resources
development programs, the report notes.

Mr. Pujiono told Reuters that the company had negotiated deals
with a number of its creditors, and was still in talks with
others.  The company's creditors include Bank Mandiri (IDR164
billion), Bank Danamon (IDR95 billion) and the government (IDR92
billion).

The report says that as of the end of June this year, the
company's operating revenues amounted to IDR755.3 billion, while
the total number of passengers stood at 1.2 million, with a 77%
load factor.

                     About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to press reports, Merpati suffered from high fuel
prices and hurt by the weaker rupiah.  The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported in January
2006, the government promised to inject up to IDR400 billion
into the Company.  However, since it is also cash-strapped, the
government said it would disburse the amount in installments,
and initially meted out IDR75 billion for the company to
continue its business.

As of fiscal year end 2005, the company has an equity deficit of
IDR1.24 trillion.

On July 24, 2004, the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.  The state was also considering a
IDR220-billion debt-for-equity swap.


PERUSAHAAN GAS: Gets US$150MM Credit Facility From Bank Negara
--------------------------------------------------------------
PT Perusahaan Gas Negara has signed an agreement with PT Bank
Negara Indonesia (Persero) Tbk, Reuters reports.

According to the report, under the agreement, Perusahaan Gas
will obtain US$150 million unsecured long-term credit facility
from the bank.

The report adds that the credit facility has a term of 10 years.

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

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2007, that Moody's Investors Service affirmed the Ba2corporate
family rating of PT Perusahaan Gas Negara (Persero)Tbk.  At the
same time, Moody's affirmed the Ba3 debt ratings ofPGN Euro
Finance 2003 Ltd, which is guaranteed by PGN.  The ratings
outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.  The TCR-AP reported on Dec. 21, 2006, that
Standard & Poor'sRatings Services revised the outlook on
Perusahaan Gas to positive from stable.  The ratings on the
company are affirmed at 'B+'.

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

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

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

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


PERUSAHAAN GAS: Sees Reduction in Gas Distribution Volume
---------------------------------------------------------
PT Perusahaan Gas Negara (Persero) Tbk expects its weighted
average gas distribution volume to reduce to 413 million
standard cubic feet per day, Reuters reports.

In July 2007, the company estimated the volume to be at 453
mmscfd.

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

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2007, that Moody's Investors Service affirmed the Ba2corporate
family rating of PT Perusahaan Gas Negara (Persero)Tbk.  At the
same time, Moody's affirmed the Ba3 debt ratings ofPGN Euro
Finance 2003 Ltd, which is guaranteed by PGN.  The ratings
outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.  The TCR-AP reported on Dec. 21, 2006, that
Standard & Poor'sRatings Services revised the outlook on
Perusahaan Gas to positive from stable.  The ratings on the
company are affirmed at 'B+'.

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

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

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

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


TUPPERWARE BRANDS: Moody's Rates Proposed Credit Facility at Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Tupperware
Brands Corporation proposed senior secured credit facilities,
consisting of a US$200 million revolving credit facility and a
US$550 million term loan A, both due 2012.

Moody's also affirmed the company's Ba2 corporate family rating
and Ba3 probability of default rating, and changed the outlook
to positive from stable.  The company will primarily use
proceeds from the new credit facility to refinance the existing
credit facility.  The transaction is not expected to increase
pro forma debt levels.  These ratings are subject to review of
final documentation.

Ratings assigned:

   -- US$200 million senior secured revolving credit facility
      due 2012 at Ba1 (LGD2, 22%);

   -- US$550 million senior secured term loan A due 2012 to Ba1
     (LGD2, 22%).

Ratings affirmed:

   -- Corporate family rating at Ba2;
   -- Probability of default rating at Ba3.

Ratings to be withdrawn at closing of new credit facilities:

   -- US$200 million senior secured revolving credit facility
      due 2010 at Ba1 (LGD2, 25%);

   -- US$601 million senior secured term loan due 2012 to Ba1
      (LGD2, 25%).

Tupperware's Ba2 rating is driven by its moderate leverage,
favorable positions in attractive direct selling markets, a
portfolio of recognized brand names, excellent geographic
diversification, and a substantial base of independent sales
consultants that provides a significant platform for growth.
Notwithstanding these positives, the rating also reflects the
company's moderate scale and relatively narrow product
diversification.  The rating also considers ongoing growth
challenges of the direct selling model in mature markets (Europe
and the U.S.), exposure to raw material and currency price
volatility, sensitivity to discretionary spending trends,
competition from traditional retail and direct selling, and the
potential for future acquisitions.

"The positive outlook reflects Moody's expectation that
Tupperware will continue to expand revenues, sustain its
favorable operating performance, and focus on debt reduction
such that credit metrics will further improve from current
levels" stated Moody's Analyst Daniel Marx.

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

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


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

DELPHI CORP: Wants Court to Approve MDL Settlements
---------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve their MDL
Settlements with:

  * the Lead Plaintiffs -- class action lawsuit lead plaintiffs
    who purchased or acquired publicly-traded Delphi securities
    during the period March 7, 2000, through March 3, 2005;

  * the ERISA Plaintiffs -- plaintiffs in class action lawsuits
    brought under the Employee Retirement Income Security Act,
    who participated in the Debtors' defined contribution
    employee benefit pension plans and invested in Delphi common
    stock; and

  * certain insured officers and directors, and certain of the
    Debtors' insurance carriers.

The Debtors further ask the Bankruptcy Court to:

  (a) certify the Securities Class and the ERISA Class for
      purposes of settlement, and grant the class
      representatives certain allowed class claims and interests
      under Rules 9014(c) and 7023 of the Federal Rules of
      Bankruptcy Procedure and Rule 23 of the Federal Rules of
      Civil Procedure;

  (b) authorize and direct the Class Representatives to vote in
      favor of the Joint Plan of Reorganization on behalf of
      their class members;

  (c) deem the insurance policies covered by the MDL Insurance
      Settlement fully exhausted and forever discharged;

  (d) lift the automatic stay with respect to certain documents
      the Debtors provided to the Lead Plaintiffs; and

  (e) subject to the U.S. Department of Labor's right to file an
      objection, expunge DOL's claim concerning an investigation
      of potential ERISA violations, and bar the DOL from
      instituting or maintaining claims against any of the
      Debtor's current and former officers and directors related
      to the allegations in the ERISA Actions.

In connection with the MDL Settlements, the Debtors have decided
to release affirmative claims against their current and former
officers, fellow defendants in the Securities Actions, and
General Motors Corporation, which claims relate to alleged
violations of the federal securities laws from March 7, 2000,
through March 3, 2005.  The Debtors' release will facilitate a
final resolution of the Multidistrict Litigation and related
derivative actions in the state courts, particularly as it
relates to the Insurers' contribution of insurance proceeds as
part of the Settlements, John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, relates.

As previously reported, the MDL Settlements contain these
provisions:

  -- The Lead Plaintiffs will be granted an allowed claim for
     US$204,000,000, without further provision for accrued
     interest;

  -- The ERISA Plaintiffs will be granted an allowed interest
     aggregating US$24,500,000, without further provision for
     accrued interest; and

  -- The Allowed Claims will be satisfied in the same form and
     ratio as the consideration distributed to general unsecured
     creditors under the any confirmed plan of reorganization,
     and will be treated in the same manner as general unsecured
     creditors under that plan.

The stipulations do not contain any deadlines or termination
rights with respect to the timing of the confirmation or
consummation of a reorganization plan, Mr. Butler notes.

The MDL Settlements also provide for the payment of additional
consideration to the Lead Plaintiffs, including a payment of
US$88,600,000 by the Insurers on behalf of certain current and
former insured Delphi officers and directors, a payment of
US$1,500,000 by the Securities Defendants, and a portion of the
remainder of any insurance proceeds available under a certain
insurance policy after payment of certain defense costs.

In addition, the MDL Settlements provide for the payment of
additional consideration to the ERISA Plaintiffs, including a
payment of US$22,500,000 by the Insurers on behalf of certain
current and former insured Delphi officers and directors and a
portion of the remainder of any insurance proceeds available
under a certain insurance policy after payment of certain
defense costs.

In exchange for the consideration provided under the MDL
Settlements, the Lead Plaintiffs, the ERISA Plaintiffs, the
Securities Defendants, certain current and former officers and
directors of Delphi, and the Insurers agree to release their
claims against Delphi related to the allegations in the MDL.
Delphi will likewise release its MDL-related claims against
those parties.

The MDL Settlements are the product of arm's-length bargaining
among the parties, Mr. Butler avers.  He points out that the
Settlements will save the Debtors the costs of further
litigation, as well as prevent unduly delay to the resolution of
the Chapter 11 cases.

                          About Delphi

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  The Court has set a hearing on October 3 to consider the
adequacy of the Disclosure Statement.

(Delphi Bankruptcy News, Issue No. 84 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Inks Asset Sale Agreement with TRW Automotive
----------------------------------------------------------
Delphi Corporation, through certain of its affiliates, has
entered into an asset sale and purchase agreement with a
subsidiary of TRW Automotive Holdings Corp. for the sale of a
portion of its North American brake component machining and
assembly assets, company officials disclosed.  As required under
the Bankruptcy Code, Delphi filed a motion with the U.S.
Bankruptcy Court for the Southern District of New York
requesting a hearing on Sept. 27, 2007, to approve bidding
procedures.

Following the completion of the bidding procedure process,
including a potential competitive auction, a final sale hearing
is anticipated to take place during the fourth quarter of 2007.
The final sale of the assets is subject to the approval of the
U.S. Bankruptcy Court, and must meet the satisfaction of
specified closing conditions.

As outlined in the court filing, the proposed transaction
between Delphi and TRW contemplates:

   -- The sale of various brake component machining and
      assembly equipment from operations in Saginaw, Michigan,
      Springhill, Tennessee, and Oshawa, Canada.

   -- The sale of productive inventory.

   -- A five year lease (with an opportunity to extend) on a
      portion of Delphi's brake manufacturing facility in
      Saginaw, Michigan.

To the extent set forth in the agreement, TRW will also commence
employment of the active hourly employees at the lease site.

Delphi will carefully manage the sale of the assets in
coordination with customers, employees, unions and other
stakeholders.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  The Court has set a hearing on October 3 to consider the
adequacy of the Disclosure Statement.7


NIPPON PAPER: S&P Ups Outlook to Positive; BB+ Rating Affirmed
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
stable its outlook on the long-term corporate credit ratings on
Nippon Paper Group Inc. and its major subsidiary Nippon
Paper Industries Co. Ltd.

The upward revision reflects each company's prospects for
improved profitability and cash flow generation as well as a
limited increase in their financial burdens despite the
continuing high level of capital expenditures.  At the same
time, Standard & Poor's affirmed its 'BB+' long-term corporate
credit ratings on the two companies.  The 'BBB-' rating on
Nippon Paper Group's long-term senior unsecured debt rating was
also affirmed.

Uncertainty remains over the earnings environment for Nippon
Paper Group, the holding company, and the subsidiary, Nippon
Paper Industries, due to higher raw material and fuel costs.
However, the companies are expected to improve their
profitability and cash flow generation through product price
hikes, continued investments to streamline operations, and a
planned business tie-up.  In addition, the companies should be
able to keep their financial burdens within a manageable range,
despite the continuing high level of capital expenditures.

Nippon Paper Group is one of the top two groups in the Japanese
paper market.  Despite having a solid business franchise, the
company's profitability and cash flow generation deteriorated
over the past few years because it was unable to pass higher raw
material and fuel costs on to its customers.  In July 2007,
however, Nippon Paper Group was successful in raising the prices
of its core printing and writing paper products.  Standard &
Poor's expects the company to be better protected from any
deterioration in the external business environment, thanks to a
large, ongoing investment project aimed at upgrading its
production facilities and reducing manufacturing costs.

Standard & Poor's predicts further improvements in Nippon Paper
Group's earnings base as a result of a possible business and
capital alliance with Rengo Co. Ltd. (NR), Japan's second-
largest paperboard producer.  Nippon Paper Group, whose
paperboard business has been lagging behind its rival Oji Paper
Co. Ltd. (BBB-/Stable/--) in terms of production capacity and
efficiency, is now considering consolidating its paperboard
production with that of Rengo.

Despite persisting uncertainty in the domestic paper market
supply-demand situation, Nippon Paper Group's profitability and
cash flow generation is expected to improve given its
strengthened earnings base.  Standard & Poor's expects capital
expenditures to remain at a high level for the next few years,
but a substantial increase in debt is unlikely and Nippon Paper
Group's financial burdens will likely remain within a manageable
range.

The company's ratio of funds from operations (FFO, before
adjusting for changes in working capital) to total debt is
expected to moderately improve from 13.1% as at March 31, 2007.
The ratio of debt to total capital is projected to remain at
around 60%, unchanged from the end of the previous year.

Although raw material and fuel costs are predicted to remain at
high levels going forward, Nippon Paper Group is likely to
counteract any adverse effects with benefits stemming from its
planned business tie-up with Rengo and its efforts to streamline
operations.  The ratings on the company may be raised if its
profitability and cash flow generation improve to a point where
it can sufficiently offset the increased financial burdens,
leading to a sustained improvement in its capital/liability
structure.

Conversely, the ratings or the outlook on the ratings on the
company could be revised downward if its profitability and cash
flow generation weaken, due to a substantial deterioration in
the supply-demand environment as a result of an expansion of
supply from domestic competitors.  This could, in turn, force
the company to rely on debt financing for its operations.


GOODWILL GROUP: Plans to Find New Buyer for Nursing-Care Unit
-------------------------------------------------------------
The Goodwill Group Inc. said on Tuesday that it plans to seek a
new buyer for its nursing-care business in Kyushu after one
prospect broke off talks, reports Bloomberg News.

According to the article, Goodwill, the parent company of
scandal-tainted nursing care unit Comsn Inc., intends to end
negotiations with Yushi Kikaku, based in Kumamoto Prefecture,
and will seek another candidate.

Reportedly, the staffing company is still in talks with 15 other
possible buyers of nursing-care businesses.

Bloomberg notes that Goodwill's Kumamoto caregiver business
generated JPY822 million out of a total JPY186 billion in sales
last year.

                      About Goodwill Group

Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html-- is involved in
five business segments.  The Staffing segment offers recruitment
services for technicians, senior workers and others.  The Human
Resources-related segment provides employee hiring support
services to corporate clients, counseling services to workers
and outplacement services to retired and retiring workers.  The
Nursing-care and Medical Support segment is engaged in the
provision of home-care services, care services in facilities and
dental examination services at home, as well as the sale of
nursing-care goods and equipment, among others.  The Senior
Residence and Restaurant segment operates nursing home under the
name THE BARRINGTON HOUSE, and also operates restaurant in both
domestic and overseas markets.  The Others segment is engaged in
the planning, designing and management of pet care facilities,
the operation of pet care shops, the operation and management of
nurseries, the provision of baby-sitting services and others.

The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that The Goodwill Group is thinking of selling its home
nursing-care services division after the Japanese Government
banned it from renewing its licenses due to its involvement in a
fraud scandal.

The article conveyed that the firm allegedly obtained some of
the licenses for nursing-care service operators certified under
a public insurance program through fraudulent applications,
including those with an inflated number of employees.


SEIYU LTD: To Slash 450 Jobs Via Early Retirement Scheme
--------------------------------------------------------
Seiyu Ltd. said it will cut 450 jobs through an early retirement
program in a bid to cut back on labor costs, reports Kyodo News.

Reportedly, the Wal-mart Japanese unit admits that the program
is estimated to cause an extraordinary loss of JPY4.5 billion to
cover additional retirement benefits and other related costs.

Tokyo-based, The Seiyu, Ltd. -- http://www.seiyu.co.jp/-- is a
Japanese company that is involved in two business segments.  The
Retailing segment, together with its subsidiaries, develops
daily products, operates general merchandise stores (GMSs),
supermarkets and shopping malls and provides information and
services.  This segment is also engaged in the prepared food
business, the operation of specialty stores for mobile phones,
the procurement of overseas original products, as well as the
provision of recruitment services and the ordering of gift
products.  The Real Estate segment is involved in the leasing of
real estate properties, in addition to the development and
management of properties, such as commercial facilities.  The
Seiyu has 17 subsidiaries and two associated companies.

The Troubled Company Reporter-Asia Pacific reported on April 21,
2006, that United States-based retailer Wal-Mart Stores, Inc.,
is successfully rehabilitating its Japanese unit, Seiyu Limited.

According to press reports, Seiyu has not made a profit since
Wal-Mart first took a stake in the Japanese retailer in 2002.

A TCR-AP report on Feb. 21, 2006, stated that Seiyu incurred a
net loss of JPY17.77 billion in the year ended December 31,
2005, versus a loss of JPY12.32 billion in 2004.

A subsequent TCR-AP report on Aug. 17, 2007, mentioned that
Seiyu Ltd. changed its forecast to a fifth-straight annual loss
for 2006.


TIMKEN CO: Signs Acquisition Deal with Purdy for US$200 Million
---------------------------------------------------------------
The Timken Company has entered into an agreement to acquire the
assets of The Purdy Corp., a leading precision manufacturer and
systems integrator for military and commercial aviation
customers, for US$200 million.  The acquisition will further
expand the growing range of power-transmission products and
capabilities Timken provides to the aerospace market and is
expected to be accretive to earnings during the first year of
ownership.

The Purdy Corp.'s expertise includes design, manufacturing,
testing, overhaul and repair of transmissions, gears, rotor-head
systems and other high-complexity components for helicopter and
fixed-wing aircraft platforms.  Founded in 1946, Purdy is based
in Manchester, Conn., employs more than 200 people and had 2006
sales of approximately US$87 million.

"The combination of Purdy's technology, manufacturing expertise
and strong customer base make it an excellent fit with Timken's
growing aerospace business," said J. Ron Menning, president -
aerospace and defense.  "As we accelerate our growth in this
strategic market, we plan to add capacity and capabilities to
expand the range of power-transmission products and services we
can offer to create value for Timken's global customers."

The transaction is subject to customary closing conditions,
including expiration or termination of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended.  Timken expects the transaction to close in the fourth
quarter of 2007.

Timken offers a comprehensive line of aerospace quality
bearings, along with a select range of turbine engine components
and MRO services. Known for consistent performance and backed by
stringent quality standards, Timken aerospace products are found
in aircraft engines, gearboxes, helicopter transmissions,
auxiliary power units, landing wheels, airframes and
instrumentation.  The Timken aerospace aftermarket solutions
unit is a leading supplier of comprehensive capabilities that
span technology, development, engineering, manufacturing, repair
and fleet support for the aviation industry.  Timken continues
to expand its in-house manufacturing and repair capabilities,
while increasing the scope of its aircraft platform support.

                        About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


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

HYNIX SEMICON: Sees Near-Term Chip Market Correction, CEO Says
--------------------------------------------------------------
The global chip market is likely to face a short-term correction
because of supply growth, Reuters says, citing Hynix
Semiconductor Chief Executive Kim Jong-kap as he calls for an
output adjustment by Taiwan rivals, Taiwan Semiconductor
Manufacturing Company Ltd. and United Microelectronics Corp.

According to the report, Mr. Kim said that Taiwan rivals'
aggressive output of chips is contributing to the cautious
outlook and called on them to adjust their strategies.

Global investment banks, including Goldman Sachs, UBS and
Deutsche Bank, have recently downgraded Hynix because of growing
signs of oversupply in the dynamic random access memory chip
market, with investors fearing earnings will peak in the third
quarter this year, the report notes.

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

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

                          *     *     *

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

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

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

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


PHOTRONICS INC: Earns US$2.24 Million in Quarter Ended July 29
--------------------------------------------------------------
Photronics Inc. reported net income of US$2.24 million for three
months ended July 29, 2007, compared to US$4.56 million for the
same period in the previous year.

For nine months ended July 29, 2007, the company reported net
income of US$33.2 million, compared to US$38.3 million in the
same period from the previous year.

In fiscal 2006, the company recorded total restructuring charges
of US$15.6 million related to ceasing operations at its
manufacturing and research and development facility in Austin,
Texas.  During the first quarter of 2007, the company sold this
facility for proceeds of US$5 million and realized a gain of
US$2.3 million.

Net sales for 2007 third quarter decreased 3.6% to US$104.3
million as compared to US$108.2 million for the same period in
2006.  The decrease is related to:

   -- reduced sales of FPD photomasks of US$2 million associated
      with decreased average selling prices for high-end FPD
      photomasks; and

   -- reduced sales of IC photomasks of US$1.9 million as a
      result of a slight decline in ASPs from mainstream
      products.  High-end photomask applications, which have
      higher ASPs, include mask sets for FPD products using G6
      and above technologies and IC products using 90 nanometer
      and below technologies.

By geographic area, net sales in 2007 third quarter as compared
to the same period in the previous year increased by US$1.3
million in Asia, and decreased by US$2 million in North America,
and US$3.2 million in Europe.  As a percent of total sales in
2007 third quarter, sales were 58% in Asia, 26% in North
America, and 16% in Europe.

For 2007 year-to-date, net sales decreased US$19.7 million of
which US$14.3 million of the decrease related to reduced sales
of FPD photomasks and US$5.4 million of reduced sales of IC
photomasks, both of which were a result of decreased ASPs.

Selling, general and administrative expenses increased
US$0.5 million to US$16 million in 2007 third quarter, compared
with US$15.5 million in the same period of the previous year.
The increase was a result of increased costs associated with
starting up the company's NanoFab in Boise, Idaho.

Selling, general, and administrative expenses were
US$46.9 million in YTD-07 and US$46.4 million in YTD-06.

Research and development expenses consist  of development
efforts relating to high-end process technologies for advanced
sub wavelength reticle solutions for IC and FPD technologies.
Research and development expenses decreased by US$2.5 million in
Q3-07 and US$9.7 million in YTD-07, as compared to the same
periods in the prior year, as a result of reduced expenditures
resulting from the 2006 closure of the company's Austin, Texas
research and development operations.

Such reduced expenditures were partially offset by amortization
expenses of the fair value of the agreement to license
technology from Micron Technology Inc.

In January 2007, the company sold its Austin, Texas
manufacturing and research and development facility for proceeds
of US$5 million and realized a gain of US$2.3 million.

                 Liquidity and Capital Resources

The company's working capital was US$124.1 million at July 29,
2007, and US$127.7 million at Oct. 29, 2006.  At July 29, 2007,
US$125 million of the company's outstanding US$150 million,
2.25% convertible subordinated notes due in April of 2008, was
reported as long-term in connection with US$125 million of
credit available to the company under a five-year, revolving
credit facility agreement entered into on June 6, 2007, with a
group of financial institutions.

On Sept. 4, 2007, the aggregate commitment was increased to
US$150 million.  Cash, cash equivalents and short-term
investments decreased to US$145.2 million at July 29, 2007, as
compared to US$199.3 million at Oct. 29, 2006, due to the
redemption of US$87.1 million of the remaining outstanding
balance of the company's 4.75% convertible subordinated notes.

Cash provided by operating activities increased to
US$94.1 million for the nine months ended July 29, 2007, as
compared to US$79.9 million for the nine months ended July 30,
2006, due to increased net income compared to the same prior
year period, and decreased accounts receivable associated with
decreased sales compared to the same period in the prior year,
and increased trade accounts payable, which were in part offset
by decreases in accrued liabilities.

Cash used in investing activities for the nine months ended July
29, 2007 was US$9.4 million, which is comprised of
US$48.3 million proceeds from the sales of investments less
payments for capital expenditures of US$57 million.  Cash used
in financing activities of US$92.1 million related to the
company redeeming its US$87.1 million outstanding 4.75%
convertible subordinated notes.

At July 29, 2007, the company had commitments outstanding of
approximately US$205 million, related to equipment for the
planned U.S. nanofab facility and equipment in Korea, and for a
build-to-suit capital lease through 2012 for the planned U.S.
nanofab facility.

                            Outlook

The company expects capital expenditures for fiscal 2007 to be
approximately US$160 million to US$175 million.  The company
will use its working capital and its credit facility to finance
its capital expenditures.

Photronics believes that its available resources, together with
its capacity for growth, and its access to other debt and equity
financing sources, are sufficient to satisfy its planned capital
expenditures, well as its anticipated working capital
requirements for the foreseeable future.

At July 29, 2007, the company's balance sheet showed total
assets of US$987.3 million, total liabilities of US$288.2
million, and total shareholders' equity of US$650.2 million.

                     About Photronics Inc.

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide
manufacturer of photomasks.  Photomasks are high precision
quartz plates that contain microscopic images of electronic
circuits.  A key element in the manufacture of semiconductors
and flat panel displays, photomasks are used to transfer circuit
patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of
flat panel displays and, to a lesser extent, other types of
electrical and optical components.  They are produced in
accordance with product designs provided by customers at
strategically located manufacturing facilities in the United
Kingdom, North America, and Asia (specifically Korea, Taiwan,
and Singapore.)


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

HARVEST COURT: June 30 Balance Sheet Upside Down By MYR16.49MM
--------------------------------------------------------------
Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million on total
assets of MYR35.37 million and total liabilities of
MYR51.85 million.

In addition, the company's June 30 balance sheet showed strained
liquidity with current assets of MYR10.29 million available to
pay current liabilities of MYR51.35 million.

For the quarter ended June 30, 2007, the company posted a net
loss of MYR1.62 million, on MYR1.45 million of revenues,
compared with a net profit of MYR64.78 million on
MYR3.66 million of revenues in the same period in 2006.

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was
rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all its financial problems.  Its appeal to
reconsider the rejection was also junked by the Commission on
February 24, 2006.  The Harvest Court Board is now in talks with
lenders and major creditors for its next course of action.

Harvest Court Industries Bhd's unaudited balance sheet as of
June 30, 2007, went upside down by MYR16.49 million on total
assets of MYR35.37 million and total liabilities of
MYR51.85 million.


KL INFRA: Auditors Qualify Report After Reviewing 2007 Results
--------------------------------------------------------------
KL Infrastructure Group Bhd disclosed with the Bursa Malaysia
Securities Bhd that its external auditors qualified their report
after reviewing the company's financial statements for the
financial year ended April 30, 2007.

In a statement submitted before the Malaysian bourse, KL Infra
revealed the external auditors' qualification as:

Qualification No. 1:

The Company is an affected listed issuer pursuant to the Listing
Requirements of Bursa Malaysia Securities Berhad in relation to
the amended Practice Note 17/2005 as announced by the Company to
Bursa Malaysia on May 9, 2006.  As an affected listed issuer,
the Company was required to regularize its financial condition
and level of operations within the timeframe stipulated by the
Enhanced PN17, failing which it will be regarded as a listed
issuer whose financial condition and level of operations does
not warrant continued trading and/or listing.

The regularization plan for submission to the relevant
regulatory authorities for approval in accordance with the
requirements of Bursa Malaysia was due for submission by
Aug. 31, 2007.

However, any regularization plan involving the Group is now
contingent on the actions of the Receivers and Managers of the
Company's main subsidiary, KL Monorail System Sdn. Bhd., who
were appointed after the year end, with regards to dealings with
the assets and loan liabilities of KLMS.  Accordingly, the
Company will not be able to meet the regularization plan
submission deadline.

Qualification No. 2:

Pursuant to Practice Note 1/2001 of the Listing Requirements of
Bursa Malaysia, the Group had on April 30, 2007, also announced
that KLMS has defaulted in its interest repayment to its lender
and further announced on May 15, 2007, that KLMS is not solvent.
As of the date of this report, there is no further development
in respect of this other than the appointment of the R&M.

The Group and Company incurred a net loss of approximately
MYR92,531,000 (2006-MYR80,646,000) and MYR149,042,000(2006-
MYR290,000) respectively, for the financial year ended April 30,
2007, and as at that date, the net current liabilities of the
Group and Company was approximately MYR1,358,524,000 (2006-
MYR26,853,000) and MYR12,145,000 (2006-MYR11,858,000)
respectively.  The Group and Company have a deficit in
shareholders' equity of MYR33,438,000 and MYR12,043,000
respectively, as at April 30, 2007.

The Directors have continued to prepare the financial statements
on a going concern basis on the view of a successful realization
of KLMS's assets and full settlement of its corresponding
financial obligations by the Receivers and Managers.
Consequently, the Group will formalize a new regularization plan
which will be successfully implemented.

Without the successful regularization of the Group's and
Company's financial condition and level of operations,
continuous financial support from the shareholders and future
profitable operations, there is substantial doubt that the Group
and Company will be able to continue as going concerns and,
therefore, as appropriate, realize their assets and discharge
their liabilities in the normal course of business.
Consequently, adjustments may be required to the recoverability
and classification of recorded asset amounts and classification
and amount of liabilities should the Group and Company be unable
to continue as going concerns.

Qualification No. 3:

The Group's amortization policy in respect of monorail
development expenditure is based upon the remaining monorail
concession period up to year 2040 and is in proportion to earned
and projected revenues.  The appropriateness of the carrying
amount of the monorail development expenditure of
MYR1,126,453,000 (2006-MYR1,131,338,000) is dependent on the
Company's main subsidiary, KLMS, being able to continue its
operations and to achieve the said projected revenues derived
under various key assumptions made, which may not be achieved,
and which depends on future actions by KLMS and external
parties.

Further, given the extended period and various key assumptions
concerning the future which have yet to materialize, we are also
unable to ascertain whether impairment losses are required and
if the carrying amount of the monorail development expenditure,
monorail trains, depot facilities and automated fare collection
equipment are appropriate.  The carrying amount of these assets
amounted to approximately MYR1,301,746,000 (2006-
MYR1,313,536,000).  The carrying amounts of these assets are
also dependent on the outcome of the actions of the R&M of KLMS,
with regards to dealing with the assets and corresponding loan
liabilities of KLMS.

Qualification No. 4:

Property development costs of the Group amounted to MYR20.9
million.  To date, the requisite approvals from the relevant
authorities have yet to be obtained to continue with
development.  In addition, the financing facility for this
development was extended by an existing lender of the Group, in
which the Group may not be able to secure further financial
support in view of default in repayment of certain of its
existing loan obligations.  Due to these factors, impairment
losses may be required and the carrying amounts of the property
development costs may not be appropriate.

Qualification No. 5:

KLMS has borrowings outstanding arising from Government Support
Loan and Infrastructure Loan amounting to approximately
MYR433 million and MYR907 million, respectively.  KLMS has
breached certain terms and conditions of the Infrastructure Loan
Agreement due to its default in repayment of interest on
April 29, 2007.  By virtue of the default, KLMS has also
breached the terms and conditions of the Loan Agreement relating
to the Government Support Loan.  Under the terms of the loan
agreements the breaches have resulted in the borrowings becoming
repayable on demand.

In view of the above matters, the going concern basis of
preparing the financial statements of the Group is
inappropriate.  Therefore, adjustments will need to be made to
reduce the values of assets to their recoverable amounts, to
provide for any further liabilities which may arise and to
reclassify fixed and non-current assets and long term
liabilities as current assets and current liabilities,
respectively.

Due to the significance of the matters set out in the preceding
paragraphs, in the External Auditors' opinion, the financial
statements which have been prepared on a going concern basis,
and which have not been drawn up in accordance with the
provisions of the Companies Act, 1965 and applicable approved
accounting standards, do not give a true and fair view of:

    i) the state of affairs of the Group and of the Company at
       April 30, 2007, and the results of their operations and
       cash flows for the year ended on that date;and

   ii) the matters required by Section 169 of the Companies Act,
       1965 to be dealt with in the financial statements of the
       Group and of the Company.


KL Infrastructure Group is principally engaged in the concession
and operation of an intra-city public transit system called the
KL Monorail.  Its other activities include provision of
advertising space on columns and stations along KL Monorail
project route, property development and investment holding.  The
Group's activities are carried out principally in Malaysia.

The Group has been incurring losses in the past years due to its
high operating expenses and loan-interest payments.

KL Infrastructure Group Berhad disclosed on Sept. 28, 2006, that
it has become an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its auditors
have expressed doubt on its ability to continue as a going
concern.


MALAYSIAN AIRLINE: To Decide Before Year-End on Jet Orders
-----------------------------------------------------------
Malaysian Airline System Bhd will make a decision on ordering
more than 100 jets by December 2007, after Airbus and Boeing
submitted their proposals to supply the aircrafts, Dow Jones
reports, citing the company's managing director, Idris Jala.

"By the end of this year, we would have finalized some of our
key decisions moving forward," Mr. Idris said.  The carrier
hasn't disclosed how much money it intends to invest in
expanding its fleet, Dow Jones relates.

Mr. Idris also did not specify as to what particular company
will be supplying the jets, the news agency says.  The director
only said that Airbus and Boeing have submitted proposals to
supply as many as 55 narrow-body jets, without specifying the
aircraft models.

The director added that Malaysian Airline will soon ask Airbus
and Boeing to submit different proposals for a similar number of
long-haul wide-body jets.

Dow Jones recounts that the national flag carrier said in May
this year that it was considering purchases of up to 110
aircraft, part of a major expansion plan for growth amid
increasing regional competition.

Mr. Idris was also quoted by the news agency as saying earlier
that the airline planned to use internal funds, proceeds from
asset disposals as well as borrowings to fund the purchases.

The narrow-body jets will help Malaysian Airline grow in Asia,
where its network isn't as extensive as that of its main rivals.

"Much of our core growth will be in Asia. . . Asia is our core
network, and this will require a lot of smaller aircraft," Mr.
Idris said.


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.


MALAYSIAN AIRLINE: Mulls Code Sharing Arrangements in Asia
----------------------------------------------------------
Malaysian Airline System Bhd looks to establish code-share
arrangements in the Asian region, and hopes to announce the deal
soon, Dow Jones reports, citing the company's managing director,
Idris Jala.

Asked as to what airline will it choose to code share, Mr. Idris
only responded by saying: "If you did the jigsaw puzzle you
would probably know which one."

Dow Jones predicts that the potential partner could be China
southern Airlines.  The news agency notes that two of China's
three state carriers have tie-ups with Malaysian Airline's
competitors -- Air China Ltd. with Cathay Pacific Airways Ltd.
and China Eastern Airlines Corp. with Singapore Airlines Ltd.

The remaining state carrier without a partner in the region is
China Southern.

According to the report, Mr. Idris said Malaysian Airline is in
talks for a similar deal with an airline in India, but he
wouldn't say which one.

Separately, Mr. Idris reiterated the airline's net profit target
this year of between MYR300 million and MYR700 million, which
would be the highest ever for the company.

Malaysian Airline said it posted net profit of MYR246 million in
the first half, against a loss of MYR498.2 million a year
earlier, Dow Jones recalls.


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.


SOLUTIA INC: Disclosure Statement Hearing Continued to Sept. 20
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on Sept. 20, 2007, at 11:00 a.m., to
consider the approval of the Disclosure Statement filed by
Solutia, Inc., and its affiliates.

The Disclosure Statement hearing started on July 10, 2007.

To recall, Judge Beatty declined to approve at the August 1
hearing the Debtors' fourth amended disclosure statement in
light of the lack of progress made in addressing its
deficiencies.  Judge Beatty charged the Debtors with resolving
outstanding objections to the Disclosure Statement in a
consensual manner
before submitting a further revised version for approval.  The
Disclosure Statement hearing was then adjourned to a date to be
determined in the future, as may be required.

On August 9, the Ad Hoc Committee of Solutia Noteholders
delivered a letter to the Court identifying its continuing
objections to the approval of the Disclosure Statement and
providing specific proposed language.

The Noteholders Committee asserted that the Disclosure Statement
remains deficient and fails to contain adequate information.
The
panel has requested, among other things, that:

  (a) the Debtors include disclosure through the projected
      effective date, as well as a range respecting any
      additional administrative claim amount that would accrue
      thereafter if the effective date did not occur as
      projected;

  (b) the Court require a description of the final material
      terms of a certain Chocolate Bayou Settlement, and an
      analysis of its financial impact, be included in the
      Disclosure Statement; and

  (c) the rights offering procedures should be modified to
      provide that the expiration of the exercise period will
      be no earlier than five business days before the
      effective date, and that eligible holders will receive
      notice of the effective date and will be required to
      submit their rights exercise form along with the payment
      of the rights exercise price no earlier than five
      business days before the effective date.

The Noteholders Committee further complained that the Disclosure
Statement fails to disclose, and does not provide, estimates of
the diminishment in recovery by holders of Noteholder Claims,
Class 12, arising from basing the allocation of the rights under
the Rights Offering on an estimate of the aggregate amount of
allowed general unsecured claims rather than the actual amount
of allowed general unsecured claims.

                        About Solutia Inc.


Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 97; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Wants Court Nod on Calpine Settlement
--------------------------------------------------
Solutia, Inc., asks the U.S. Bankruptcy for the Southern
District of New York approve its settlement agreement with
Calpine Central, L.P., and Decatur Energy Center, LLC,
resolving, among others, Solutia's objections to DEC's Claim No.
6355, as amended, and Calpine Central's Claim No. 6354, as
amended by Claim No. 14826.

The Agreement also provides for the assumption of an executory
contract between DEC and Solutia for the operation and
maintenance of certain switching station equipment owned by
Solutia at its Decatur, Alabama plant.

Repesenting Solutia, Craig A. Bruens, Esq., at Gibson, Dunn &
Crutcher, LLP, in New York, relates that the Claims total more
than $500,000,000 and are among the largest trade claims
asserted in Solutia's Chapter 11 case.  The Claims are based on
damages allegedly arising from Solutia's rejection of contracts
to lease and maintain electrical generating capacity and to buy
steam from Calpine's natural gas-fueled 700 megawatt combined
cycle cogeneration facility built at Solutia's Decatur, Alabama
facility.

In July 2007, Solutia, with the support of the Official
Committee of Unsecured Creditors, agreed to settle its
objections to the Calpine Claims, resulting in Calpine having an
allowed general unsecured claim of $140,000,000.

Mr. Bruens reminds Judge Beatty that the settlement of Calpine's
claims concludes over 18 months of complex litigation, and was
reached less than two months before the commencement of an
arbitration hearing in Houston, Texas, before a panel of three
arbitrators.

In addition to avoiding the time and expense of continued
litigation, Mr. Bruens points out, the Settlement also provides
certainty as to the amount of Calpine's claims, and allows
Solutia and its creditors to avoid the risks inherent in
litigation involving complicated questions of law and competing
expert opinions predicting events 20 years into the future.

The salient terms of the Settlement are:

  (a) Calpine is granted an allowed $140,000,000 general
      unsecured claim against Solutia's estate, which claim
      will not be subject to any further objection, reduction,
      offset or counterclaim and which will be treated
      similarly to all other allowed general unsecured claims
      against Solutia.

  (b) Solutia and Calpine are released from all causes of
      action and claims relating to certain Steam Sales
      Addendum, the Facility Lease Addendum, the O&M
      Agreement, Calpine's Claims and any other agreements
      between Solutia and Calpine, including agreements between
      Solutia and specified affiliates of Calpine, othe than
      the Settlement and the assumed contracts.

  (c) Calpine and Solutia will assume the existing Third
      Amended Agreement and the Switching Station O&M Agreement.
      Calpine will also be assuming certain other agreements.

  (d) The Settlement resolves the DEC and Calpine Central
      Claims through the granting of the Allowed General
      Unsecured Claim.  Claim No. 6353 is resolved for
      $100,486, and Solutia's Claim No. 5559 against DEC is
      resolved in an unliquidated amount be deeming that both
      claims are withdrawn, with prejudice, on the effective
      date of the Settlement.

  (e) Calpine is permitted to sell or transfer its Allowed
      General Unsecured Claim, subject to (x) a "last look"
      opportunity of Solutia to designate an alternative
      purchaser for the claim for $250,000 in excess of any
      offer to Calpine, and (y) any purchaser or transferree
      agreeing in writing to be bound by the terms of the
      Settlement.

  (f) Calpine has agreed not to vote against and to
      affirmatively support, in a manner consistent with the
      Settlement; Calpine's fiduciary obligations in its own
      Chapter 11 cases; and the Bankruptcy Code, including
      Section 1125 of the Bankruptcy Code, Solutia's Chapter 11
      plan of reorganization so long as the plan is supported
      by Solutia and the Creditors Committee.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 97; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


VERIFONE INC: S&P Revises Outlook; Affirms BB- Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
San Jose, California-based VeriFone Inc. to positive from
stable, following continued positive operating trends.  Ratings
on the company, including the 'BB-' corporate credit rating,
were affirmed.

"The ratings reflect the company's moderate debt leverage and
acquisitive growth strategies," said S&P's credit analyst David
Tsui.  "These factors are partially offset by VeriFone's leading
position in the niche market for electronic payment solutions
and its diversified customer and market base."

VeriFone designs, markets, and services system solutions that
enable secure electronic payments.  Organic revenue growth has
accelerated over the past two years, benefiting from
management's focus on increasing penetration of electronic
payments in international markets, the replacement of existing
solutions to accommodate newer payment applications, and an
overall market shift from paper-based transactions to electronic
transactions at the point of sale.

Revenues for the quarter ended July 2007 were US$232 million, up
from US$148 million last year, primarily due to the company's
acquisition of Lipman Electronic Engineering in November 2006.
Profitability improved after the Lipman acquisition, with EBITDA
margins rising to the mid-20% area from 20% in the fiscal year
ended October 2006.  The acquisition of Lipman appears to have
been integrated smoothly and to have solidified VeriFone's
leading market position, particularly in international markets.

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.


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

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

The company went into liquidation on August 24, 2007.

The company's liquidator is:

         Murray G. Allott
         111 Bealey Avenue
         PO Box 29432
         Christchurch 8540
         New Zealand
         Telephone:(03) 365 1028
         Facsimile:(03) 365 6400
         e-mail: murray@profitco.co.nz


AIR NEW ZEALAND: To Add Flights to Beijing, Shanghai & Hong Kong
----------------------------------------------------------------
Expecting an increase in visitors from China, Air New Zealand
Ltd plans to add flights to Beijing, Shanghai and Hong Kong, as
well as increase fleet size in the next six years, the South
China Morning Post reports.

The carrier reportedly 140% rise in tourist arrivals from China
over the next six years.

"China will become the third most important market to New
Zealand in terms of inbound tourists after Britain and Australia
by 2013, way ahead of Japan," the news agency quotes Group
General Manager Ed Sims as saying.

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

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

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


CENTRAL STRATA: Court to Hear Wind-Up Petition Today
----------------------------------------------------
The High Court at Auckland will hear today, at 10:00 a.m., a
petition to have the operations of Central Strata Management
Ltd. wound up.

The petition was filed by Cooke Plumbing Company Limited on
May 25, 2007.

Cooke Plumbing's solicitor is:

         C. N. Lord
         c/o Corporate Collections Limited
         187 Mt Eden Road, Mt Eden
         Auckland
         New Zealand


CONSWAY KNETIC: Appoints Official Assignee as Liquidator
--------------------------------------------------------
On August 23, 2007, the official assignee was appointed as
liquidator of Consway Knetic Innovations Ltd.

The Liquidator can be reached at:

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


CRONZA LTD: Subject to CIR's Wind-Up Petition
---------------------------------------------
The Commissioner of Inland Revenue filed on August 1, 2007, a
petition to have the operations of Cronza Ltd. wound up.

The High Court of Auckland will hear the petition on November 8,
2007, at 10:45 a.m.

The CIR's solicitor is:

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


FEDERATED FARMERS: Appoints Fatupaito and McCloy as Liquidators
---------------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy were appointed
as liquidators of Federated Farmers of New Zealand (Northland
Province) Inc. on August 28, 2007.

Only creditors who are able to file their claims by November 28
will be included in the company's dividend distribution.

The company's liquidator is:

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


GVJ INVESTMENTS: Fixes October 12 as Last Day to File Claims
------------------------------------------------------------
GVJ Investments Ltd. requires its creditors to file their proofs
of debt by October 12, 2007.

Creditors who can file their claims by the due date can share in
the company's dividend distribution.

The company's liquidators are:

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


SKILLS NEW ZEALAND: Fixes Oct. 1 as Last Day to File Claims
-----------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were named as
liquidators of Skills New Zealand Ltd. on August 29, 2007.

The Liquidators are accepting proofs of debt until October 1,
2007.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Marie Inch at Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


SOUTHWARK PROPERTIES: Creditors' Proofs of Debt Due on Sept. 28
---------------------------------------------------------------
On August 24, 2007, Murray G. Allott was appointed as liquidator
of Southwark Properties Limited.

Mr. Allott is accepting creditors' proofs of debt against the
company until September 28, 2007.

The Liquidator can be reached at:

         Murray G. Allott
         111 Bealey Avenue
         Christchurch 8013
         PO Box 29432, Christchurch 8540
         New Zealand
         Telephone:(03) 365 1028
         Facsimile:(03) 365 6400
         e-mail: murray@profitco.co.nz


THE PLACE: Shareholders Resolve to Liquidate Business
-----------------------------------------------------
The shareholders of The Place Ltd. met on August 22, 2007, and
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by the
September 17 due date will be included in the company's dividend
distribution.

The company's liquidators are:

         Kevin David Pitfield
         Gareth Russell Hoole
         c/o Staples Rodway Limited
         Chartered Accountants
         PO Box 3899, Auckland
         New Zealand
         Telephone:(09) 309 0463


XPRESS VEHICLE: Creditors' Proofs of Debt Due on October 30
-----------------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed
as liquidators of Xpress Vehicle Rentals Ltd. on August 30,
2007.

Messrs. Fisk and Sanson require the company's creditors to file
their proofs of debt by October 30, 2007.

The Liquidators can be reached at:

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119  The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7044
         Facsimile:(04) 462 7492


* Current Account Deficit Down Despite Higher Dividend Payments
---------------------------------------------------------------
The seasonally adjusted current account deficit decreased by
NZ$162 million in the June 2007 quarter, down to NZ$3,415
million, Statistics New Zealand said today.  This quarter's
narrowing of the current account deficit was due to a smaller
goods and services deficit combined with increased inflows of
current transfers.  These factors were partly offset by a
widening of the investment income deficit.

Seasonally adjusted imports of goods fell NZ$349 million from
the March 2007 quarter to the June 2007 quarter, due mainly to a
fall in merchandise import prices.  Seasonally adjusted exports
of goods also fell this quarter, down NZ$305 million from the
March 2007 quarter value.  The main driver behind this was a
fall in export prices, particularly for meat and wool.  Partly
offsetting these falls was a rise in dairy prices, driven by
high world commodity prices.  However, despite the price
increase, the value of dairy exports this quarter was lower than
the record reached in the March 2007 quarter.

New Zealand's income deficit rose to NZ$3,014 million in the
June 2007 quarter.  A NZ$259 million increase in income earned
by foreign investors in New Zealand was partly offset by a
NZ$139 million increase in income from New Zealand investments
abroad. Of the income earned by foreign direct investors in New
Zealand, NZ$1,483 million was paid overseas in dividends, while
NZ$239 million was reinvested in New Zealand.  The increased
dividends paid to foreign investors this quarter meant an
increase in non-resident withholding tax paid on this income,
driving an increase in current transfers into New Zealand.  NRWT
is payable on non-resident's New Zealand-sourced dividend and
interest income.

The actual current account deficit was NZ$2,914 million in the
June 2007 quarter.  This compares with a deficit of NZ$2,205
million in the March 2007 quarter, and a deficit of NZ$2,839
million in the June 2006 quarter.  This quarter's current
account deficit was funded by a net capital inflow of NZ$2,678
million, as foreign investment in New Zealand of NZ$4,357
million exceeded New Zealand investment abroad of NZ$1,679
million.

New Zealand's net international liability position at June 30,
2007, was NZ$148.6 billion, an increase of NZ$5.5 billion from
March 31, 2007.


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

BANGKO SENTRAL: Dollar-Buying Causes PHP50-Bil. Forex Losses
------------------------------------------------------------
The Bangko Sentral ng Pilipinas' latest unaudited financial
statements show that it has lost PHP50 billion in foreign
exchange for the January-July 2007 period because of heavy
dollar buying in the currency spot market in an effort to
control the peso's rise, the Philippine Daily Inquirer reports.

BSP had already lost PHP32 billion for the first six months of
the year, and lost more as it stepped up its buying operations
because of continued strong inflows from OFW remittances and
foreign stock market investments, the article relates.
Furthermore, the forex losses resulted in a net deficit of
PHP39.2 billion for the seven-month period ending July 31, a
reverse from the PHP7-billion net profit in the same period last
year.

BSP earned revenues of PHP44.7 billion and incurred expenses of
PHP34.04 billion during the period, the Inquirer said.  Its
dollar-buying has resulted in a gross international reserve of
US$30 billion as of August 31.

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

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

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

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


BANGKO SENTRAL: May Cut Local Rates In View of Benign Inflation
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas may cut local interest rates
following the U.S. Federal Reserve's reduction of its benchmark
rates by 50 basis points, the Philippine Daily Inquirer reports.

In a text message to reporters, BSP Governor Amando Tetangco
said the Fed's decision gave the BSP enough maneuvering room to
set its own rates in light of benign inflation outlook.

"Risks to this outlook appear to be manageable," Mr. Tetangco
said.

Analysts are expecting another rate reduction before the year
ends, the article reveals, while the market interpreted the
moves as a slight tightening of monetary conditions.

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

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

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

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


CHIQUITA BRANDS: Former Officials Won't Face Criminal Charges
-------------------------------------------------------------
Carol D. Leonnig at the Washington Post reports that the US
Justice Department won't file criminal charges against Chiquita
Brands International's former executives over the firm's payment
of bribes to to the United Self-Defense Forces of Colombia, a
Colombian terrorist group.

"The United States gave serious consideration to bringing
additional charges in this matter.  In the exercise of
prosecutorial discretion, the United States has decided not do
so," The Post says, citing prosecutors.

According to The Post, Chiquita Brands pleaded guilty to making
US$1.7-million illegal payments to the Colombian paramilitary
group from 1997 to 2004.

The Post notes that three of Chiquita Brands' executives were
being probed for authorizing the payments to the terrorist
group, after federal prosecutors warned them in April 2003 that
the bribes breached the nation's anti-terrorism laws.

Sources told The Post that the officials that underwent scrutiny
were:

          -- Cyrus Freidheim,
          -- Robert Olson, and
          -- Roderick M. Hills.

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

                          *     *     *

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

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


FIL-ESTATE: Expresses Interest to Bid for 60% Shares in PNOC-EDC
----------------------------------------------------------------
Fil-Estate Corp. has expressed interest to bid for the 60%-block
shares in the Philippine National Oil Co.'s subsidiary, PNOC-
EDC, the Manila Bulletin reports.

According to the article, Fil-Estate is among the first batch of
potential investors of PNOC-EDC, along with First Gen Corp.
Sources within PNOC told the Bulletin that among the eight
companies that expressed their interests, the company and First
Gen were classified as "most serious" to bid for PNOC-EDC.

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

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

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

The Troubled Company Reporter-Asia Pacific reported in its
"Companies with Insolvent Balance Sheets" column on Feb. 16,
2007, that Fil-Estate Corporation has US$33.30 million in total
assets and US$5.80 million in total shareholders' equity
deficit.


METROPOLITAN BANK: Inks Partnership Deals with Reuters, Misys
-------------------------------------------------------------
METROPOLITAN Bank & Trust Company moves to strengthen its
infrastructure by signing up with new partners that will boost
its capabilities in treasury operations and risk management.

Sealing deals with Misys and Reuters, Metrobank is seen to
further upgrade its core treasury system, improve process
automation, and risk controls through top-of-the-line solutions
used globally.  The Bank will use Misys Opics Plus and Reuters
Kondor+ systems for its treasury and risk management solutions,
respectively.

Metrobank tapped Reuters to set-up a scalable market risk
management infrastructure that enables the bank to meet
regulatory requirements under the Basel II program. "The risk
management infrastructure will ensure that the bank's market,
liquidity, and structural risks related to its Treasury
activities and balance sheet are measured and properly
monitored.  Risk management-related reports as required by the
BSP will also be promptly generated," explained Metrobank Chief
Risk Officer Bernardito Lapuz.

In acquiring Misys Opics Plus, Fernand Antonio Tansingco,
executive vice president of Metrobank commented that, "Our
volumes are growing fast and this tool will give us the
capability to comply with regulations, at the same/ time manage
profitably new products that are introduced in the cash and
derivatives market."  Tansingco added further, "The Bank will
also benefit from reduced costs since the system will process
more transactions in a shorter time and manage operational risk
from increased levels of automation."

                        About Metrobank

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

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

                        *     *     *

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

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

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

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

   * Short-term rating 'B,'

   * Support rating '3.

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


VULCAN MINING: Corporate Secretary Leaves Due to Health Reasons
---------------------------------------------------------------
Atty. Mariano L. Celis has resigned as officer and Corporate
Secretary of Vulcan Mining & Industry Co.

According to a company disclosure with the Philippine Stock
Exchange, Atty. Celis left due to health reasons.  The company
has not yet appointed a new corporate secretary as Atty. Celis'
replacement.

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 after auditing the company's financials for
the fiscal year ended Dec. 31, 2006.

Mr. Cruz cited 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.


* August Figures Show Government May Meet PHP63BB Deficit Goal
--------------------------------------------------------------
The Department of Finance is optimistic that the government can
keep its year-end deficit at PHP63-billion based on its fiscal
performance for August, Finance Secretary Margarito Teves told
the Philippine Star.

The Philippines has a budget surplus of PHP13.9 billion for the
month of August, its second consecutive monthly surplus, the
article reveals.  This surplus was brought about by improved
collections by the two main revenue generators, the Bureau of
Internal Revenue and the Bureau of Customs as well as by
proceeds from the privatization of government stakes in the
Philippine National Oil Co.-Energy Development Corp.

According to PhilStar, the government's fiscal deficit for the
8-month period ending August 31 is at PHP25.5 billion, lower
than the PHP34.2 billion eight-month fiscal deficit in 2006.
Mr. Teves attributed the lower figure this year to the
government's proceeds from the sale of its PNOC-EDC holdings in
July, as well as from the sale of Philippine National Bank
shares.

Revenues for the January-August period totaled PHP731.4 billion,
the article said.  BIR contributed PHP473 billion while Customs
was able to amass PHP133.9 billion of total government revenues,
which is 25.4% higher than the PHP642.2 billion in revenues for
the January-August 2006 period.  For August alone, the
government earned revenues of PHP117.1 billion as compared to
August 2006's PHP97.5 billion.

On the other hand, expenses for the period reached PHP756.9
billion, 12% higher than the expenses of PHP676.4 billion for
the January-August 2006 period.  Expenses for August totaled
PHP103.2 billion.

Despite the positive figures, however, Mr. Teves said the
government still needs to work on sustaining the performance for
the rest of the year and throughout the next.

                          *     *     *

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.


* Peso Reaches Strongest Level Against Dollar on Lower Fed Rates
----------------------------------------------------------------
The Philippine peso reached its strongest levels yesterday
against the dollar, after the 50-basis point reduction by the
Federal Reserve Board of its benchmark interest rates, the
Philippine Daily Inquirer reports.

The peso traded at between PHP45.58 and PHP45.77 in early deals
yesterday, the article reveals.  It closed at PHP46.13 on
Tuesday.

                          *     *     *

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. T he 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
=================

AMANOGAWA PTE: Requires Creditors to File Claims by Oct. 15
-----------------------------------------------------------
Amanogawa Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by October 15, 2007.

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

The company's liquidators are:

         Low Mei Mei Maureen
         Catherine Lim Siok Ching
         18 Cross Street
         #07-02 Marsh & McLennan Centre
         Singapore 048423


FLEXTRONICS: S&P Affirms Subordinated Ratings at 'BB-'
------------------------------------------------------
On September 18, 2007, Standard & Poor's Ratings Services
disclosed that it removed its ratings on Singapore-based
Flextronics International Ltd. from CreditWatch, where they were
placed with negative implications on June 4, 2007.  The 'BB+'
corporate credit and 'BB-' subordinated ratings are affirmed;
the outlook is negative.  At the same time, Standard & Poor's
assigned its 'BB+' senior unsecured rating to the company's
proposed US$2.5 billion term loan B that will be used to fund
the cash requirements of the acquisition of Solectron Corp.

"The rating action follows a review of the proposed acquisition,
and will not be affected by the ultimate mix of equity and cash
within the proscribed ranges used in the transaction," said
Standard & Poor's credit analyst Lucy Patricola.

The ratings reflect competitive industry characteristics,
significant integration challenges and potentially high initial
leverage for the rating.  These factors are partly offset by the
company's top-tier industry position, good cash flow and
efficient, global manufacturing operations.

Following its acquisition of Solectron, Flextronics will be the
second largest provider of electronics manufacturing services
(EMS), serving a diversity of end markets.  The combination of
Flextronics and Solectron reduces its concentration in cell
phones and creates a more balanced portfolio of consumer-
oriented, high volume programs with lower volume, highly complex
manufacturing programs serving OEMs in networking, computing and
emerging markets.  Still, Flextronics management will be
challenged to integrate Solectron's manufacturing oriented
culture into its highly efficient global operation.  Further,
Flextronics will need to accelerate and expand Solectron's
restructuring efforts.


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

The petition was filed by Canon Singapore Pte Ltd on Sept. 6,
2007.

Canon Singapore's solicitor is:

         Genesis Law Corporation
         112 Robinson Road #07-02
         Singapore 068902


GINGA F & B: Creditors' Proofs of Debt Due on October 15
--------------------------------------------------------
The creditors of Ginga F & B 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 liquidators are:

         Low Mei Mei Maureen
         Catherine Lim Siok Ching
         18 Cross Street
         #07-02 Marsh & McLennan Centre
         Singapore 048423


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

KRUNG THAI: Will Pay Interest for Debentures on October 22
----------------------------------------------------------
Krung Thai Bank PCL will make interest payments for its
subordinated debentures on October 22, 2007.

According to a disclosure with the Stock Exchange of Thailand,
interest will be paid at the rate of 5.15% per annum, for the
interest period beginning April 22, 2007, until October 21,
2007.  Interest payment is THB25.82 per unit.

Closing date for registration for the payments will be on
October 8 at 12:00 noon.

Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


PICNIC CORP: Appoints Sasithorn Wuutiroongreungsakul into Board
---------------------------------------------------------------
Sasithorn Wuutiroongreungsakul has replaced Thananatt
Thiantthirabunya as member of the Board of Directors of Picnic
Corp. PCL.

Ms. Sasithorn was appointed into the Board during a meeting held
on September 11.

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.


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

VIETCOMBANK: Raises Stake to 30% in Gia Dinh Bank
-------------------------------------------------
Vietcombank agreed on Tuesday to raise to 30% its stake in Gia
Dinh Commercial Bank as part of its effort to expand business in
Vietnam's business centre, Reuters reports.

Vietcombank signed the agreement with Gia Dinh, which is a small
bank based in Ho Chi Minh City, where Vietcombank also has a
branch, Reuters relates, citing the Vietnam Net newspaper.

According to the report, Vietcombank would take 11% and its
Vietcombank Fund Management subsidiary would take 19% in Gia
Dinh.  Reuters says that the bank didn't divulge the value of
the purchase.

Vietcombank was already a shareholder in Gia Dinh before the
additional shares purchased, Reuters says.

                          *     *     *

Vietcombank, or the Bank for Foreign Trade of Vietnam, is one of
four state-run banks earmarked for partial privatization in
2007.  According to reports, the bank is Vietnam's third-largest
lender by assets, with assets of US$11.3 billion at the end of
June 2007.

Vietcombank is due to announce the timing of its domestic
initial public offering early in October and name a foreign
strategic investor.  After the domestic IPO, the bank aims to
list some of its shares in Singapore or Hong Kong.

Credit Suisse is advising Vietcombank on the privatization
process.

The Troubled Company Reporter-Asia Pacific reported on Feb. 14,
2007, that Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit ratings on Vietcombank.  The outlook
is stable.  Standard & Poor's also assigned a Bank Fundamental
Strength Rating of 'D' on the bank.





                           *********

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 ***