TCRAP_Public/070921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, September 21, 2007, Vol. 10, No. 188

                            Headlines

A U S T R A L I A

A.D. WINTER: Members Resolve to Liquidate Business
ALEXANDRA BEACH: Members to Hold Final Meeting on September 25
BALTO PTY: Sets Joint Meeting for October 1
BASIS YIELD: Judge Says Insolvency Motion Hearing is Evidentiary
BASIS YIELD: U.S. Court Extends Injunction Until Nov. 19

CENTURY CABINETS: Declares First Dividend
CHRYSLER LLC: Brake Problems Trigger Recall of 369,000 Vehicles
COLES GROUP: Posts AU$572-Million NPAT for Fiscal Year 2007
COLES GROUP: Executives Defend Wesfarmers Sale
COLES GROUP: Wesfarmers Raise AU$10 Billion for Takeover

E.D. CULLEN: Declares First & Final Dividend
FORTESCUE METALS: S&P Puts Finance Unit Rating on CreditWatch
JAMS 1: Members to Receive Wind-Up Report on September 25
MARCUS MEADOWS: Liquidator Presents Wind-Up Report
PANACHE IMPORTS: Commences Liquidation Proceedings

PEABODY ENERGY: Gets Subpoena from New York Attorney General
THE MOVIE CHANNEL: To Declare First Dividend on September 26
TRICOM SYSTEMS: To Declare First Dividend on September 26


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Contributories and Creditors to Meet on October 17
BOHILL INTERNATIONAL: Members' General Meeting Set for Oct. 18
CHINA EASTERN: Inks Regional Carrier JV with China Aviation
GLOBAL POWER: Agrees to Sell China Boiler Unit to AE&E Group
KAI TAK: Liquidators to Give Wind-Up Report on October 18

KENLAP P.G.C.: Appoints Yan & Haughey as Provisional Liquidators
MITSUI HI-POLYMER: Members to Hold General Meeting on Oct. 18
PACIFIC CROWN: Appoints Sutton and Chiong as Liquidators
POLYWELL ASIA: Members to Receive Wind-Up Report on October 18
TEAMSING ELECTRONIC: Sets Annual Meeting for September 25

UPI TECHNOLOGY: Taps Johnson and Ki as Liquidators
XINAO GAS: Plans to Build US$200-Mil. LNG Terminal in Wenzhou
XINAO GAS: In Talks with Spain's Gas Natural Over Supply Deal
XINAO GAS: To Build Dimethylether Plant in Mongolia
YUE FUNG: Requires Creditors to File Claims by October 5

ZTE CORP: Enters Into US$478 Million GSM Deal with ETC
* S&P Warns Over Increased Credit Exposure of China's Banks
* TRC Praises Taiwan's Life Insurance Industry
* China Needs to Examine Risks Despite Strong Growth, S&P Says
* TRC Expects Continued Profitability on Non-Life Insurers


I N D I A

AES CORP: Gets Subpoena from New York Attorney General
AES CORP: Plans to Construct 170 MW Wind Project in Texas
ANDHRA CEMENTS: First Qtr. Net Profit Down 78% to INR112 Million
ANDHRA CEMENTS: Members Approve Charge/Mortgage on Properties
BALLARPUR INDUSTRIES: Eyes Technical Tie-Up w/ Swedish Firms

GENERAL MOTORS: Labor Talks Slows Down Over Planned VEBA Trust
GLOBAL BROADCAST: Members to Decide Allotment of Warrants
GUJARAT SIDHEE: Reappoints Manubhai & Co. as Auditors
IFCI LTD: Ten Firms Submit Expression of Interest for 26% Stake
IFCI LTD: Chairman N. Balasubramanian Resigns


I N D O N E S I A

ALCATEL-LUCENT: Robert W. Baird Maintains Neutral Rating on Firm
ALCATEL-LUCENT: Morgan Keegan Maintains Outperform Rating
ALCATEL-LUCENT: Societe Generale Reaffirms "Sell" Rating on Firm
BANK INTERNASIONAL: Hires New Auditor for Fiscal-Year 2007
BANK INTERNASIONAL: Acts as Selling Agent for Schroders

BANK NIAGA: Unit Bags Best Syariah Unit 2007 Award
BANK PANIN: Partners with Visa Int'l on Credit Card Venture
FOSTER WHEELER: Inks Demonstration Project Deal with Praxair


J A P A N

MITSUBISHI MOTORS: To Move Outlander Production to Netherlands
SEIYU LTD: Changes 2007 Forecast to 6th Straight Annual Loss
* Moody's Sees Stable Outlook for Japanese Cosmetics Sector


K O R E A

COREBRID INC: Names Jeon Byung Cheol as Largest Shareholder
COREBRID INC: Partners w/ Venture Square for Expansion Efforts
DAEWOO ELECTRONIC: Changes Offering Means for Shares Issue


M A L A Y S I A

MEGAN MEDIA: Mayban Wants to Wind-Up Memory Tech's Operations
PAN GLOBAL: Denies Report on Insurance Unit Sale to Golden Plus
PAN MALAYSIAN: To Acquire Land and Building for MYR39 Million


N E W  Z E A L A N D

BEALEY ONE: Taps Nellies and Deuchrass as Liquidators
CARBONARA ENTERPRISES: Court to Hear Wind-Up Petition on Nov. 29
CHURCH GILES: Fixes October 5 as Last Day to File Claims
FOX KITCHENS: Court Appoints Interim Liquidators
IL PASSO: Subject to Four K's Wind-Up Petition

NORTH RIVER: Creditors' Proofs of Debt Due on Sept. 28
PIEMME PROPERTIES: Commences Liquidation Proceedings
PLASTERMEN LTD: Appoints Brown and Rodewald as Liquidators
PROVINCIAL FINANCE: Debenture Holder Repayments Total NZ$192MM
S.A.F.E. CONTRACTING: Commences Wind-Up Proceedings

W M O LTD: Taps Nellies and Deuchrass as Liquidators


P H I L I P P I N E S

ATLAS CONSOLIDATED: Subsidiary to Augment Capital to PHP3.2 Bil.
BANGKO SENTRAL: Will Finish 2nd Forex Liberalization by Year-end
BANKARD INC: Appoints Three New Members of Executive Committee
CHIQUITA BRANDS: U.S. Federal Court Fines Firm US$25 Million
METROPOLITAN BANK: Elects Richard Benedict So as Sr. Vice Pres.

METROPOLITAN BANK: Ramon Sy Resigns as Director & Vice Chairman
NIHAO MINERAL: Mina Tierra Deal Cues Trading Suspension by PSE
PHILCOMSAT HOLDINGS: Justice Dept. Proposes Dissolution of Firm
PHIL LONG DISTANCE: Job Cuts May Boost Earnings, Analysts Say
STEEL CORP: Seeks to Have Atty. Gabionza Sacked as Receiver


S I N G A P O R E

AAR CORP: Reports Record Quarterly Sales and Record 1Q Earnings
CKE Restaurants: Posts US$9.4-Mil. Net Income in 2nd Qtr. 2007
OPTIMUM-3 INTERNATIONAL: Court to Hear Wind-Up Petition Today
REFCO: Litigation Trust Files Suit Against Advisers & Insiders
REFCO INC: Former Officers Want Reimbursement of Defense Costs


T H A I L A N D

TMB BANK: Major Shareholder Refuses to Inject Funds for Capital


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

A.D. WINTER: Members Resolve to Liquidate Business
--------------------------------------------------
At an extraordinary general meeting held on August 17, 2007, the
members of A.D. Winter Pty. Ltd. resolved to voluntarily
liquidate the company's business.

Victor Raymond Dye and Roger Darren Grant were appointed as
liquidators.

The Liquidators can be reached at:

         Victor Raymond Dye
         Roger Darren Grant
         Dye & Co. Pty Ltd Chartered Accountants
         165 Camberwell Road
         Hawthorn East, Victoria 3123
         Australia

                       About A.D. Winter

A.D. Winter Pty Ltd operates offices and clinics of doctors of
medicine.  The company is located at Canterbury, in Victoria,
Australia.


ALEXANDRA BEACH: Members to Hold Final Meeting on September 25
--------------------------------------------------------------
A final meeting will be held for the members of Alexandra Beach
Resort Apartments Pty Ltd on September 25, 2007, at 9:15 a.m.

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

The Liquidator can be reached at:

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

                     About Alexandra Beach

Alexandra Beach Resort Apartments Pty Ltd is a distributor of
durable goods.  The company is located at Brisbane, in
Queensland, Australia.


BALTO PTY: Sets Joint Meeting for October 1
-------------------------------------------
A joint meeting will be held for the members and creditors of
Balto Pty Ltd on October 1, 2007, at 9:05 a.m.

At the meeting, Robert M. H. Cole, Balto's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

         Robert M. H. Cole
         Robert M H Cole & Co Chartered Accountants
         6 Moorabool Street
         Geelong, Victoria 3220
         Australia

                         About Balto Pty

Located at Geelong, in Victoria, Australia, Balto Pty Ltd is an
investor relation company.


BASIS YIELD: Judge Says Insolvency Motion Hearing is Evidentiary
----------------------------------------------------------------
As previously reported in the Troubled Company Reporter-Asia
Pacific, Hugh Dickson, Stephen John Akers, and Paul Andrew
Billingham, as joint provisional liquidators and foreign
representatives of Basis Yield Alpha Fund (Master),
asked the U.S. Bankruptcy Court for the Southern District of New
York to recognize the Fund's liquidation proceeding before the
Grand Court of the Cayman Islands as a foreign main proceeding
pursuant to Section 1517 of the Bankruptcy Code.

Judge Robert E. Gerber of the United States Bankruptcy Court for
the Southern District of New York (Manhattan) said the hearing
slated for November 19, 2007, to consider the request for
recognition of Basis Yield's liquidation proceedings as a
foreign main or non-main proceeding under Chapter 15 of the U.S.
Bankruptcy Code will be an evidentiary hearing.

The hearing may be continued to November 20, if necessary.

Whether or not any party-in-interest ultimately objects to the
Chapter 15 Motion for Recognition, Basis Yield's joint
provisional liquidators are required to introduce sufficient
evidence for the Court to make factual findings with respect to:

  (a) in what jurisdiction or jurisdictions Basis Yield is
      organized or registered, and as what kind of business
      entity;

  (b) to what extent Basis Yield is registered or qualified to
      do business in any jurisdictions other than the
      jurisdiction in which it was organized;

  (c) where Basis Yield maintains offices, and what functions
      are performed at each office;

  (d) the number, locations, and functions of any personnel
      employed;

  (e) the number, locations, and functions of any personnel who
      are not employed by Basis Yield but who perform services
      on its behalf;

  (f) the extent to which other business entities exercise
      managerial control over Basis Yield operations and their
      headquarters;

  (g) the places at which investment or portfolio management for
      Basis Yield is conducted and the number, locations, and
      functions of people who are responsible;

  (h) the places at which any Basis Yield administrative or
      back-office operations are conducted, and the number,
      locations and functions of people who are responsible;

  (i) the places at which assets of the Basis Yield estate are
      located, and the approximate value of the assets at each
      locale;

  (j) the extent to which real property is leased or owned by
      Basis Yield and its location;

  (k) the extent to which assets were transferred to or from the
      Cayman Islands before or after the initiation of the
      liquidation proceedings in the Grand Court of the Cayman
      Islands and the circumstances surrounding any transfers;

  (l) the identity and location of the members of the Basis
      Yield governing body before the appointment of the joint
      provisional liquidator's, the places at which they met
      personally within the last several years, the extent
      meetings were in whole or in part conducted
      telephonically, and the place or places from which the
      members of the governing body called in;

  (m) the number and location of Basis Yield creditors;

  (n) the number and location of equity investors in Basis Yield
      and the relative percentages of the applicable equity that
      investors in each locale hold;

  (o) the extent to which Basis Yield had or now has contractual
      agreements with entities that are:

        -- organized under the laws of the Cayman Islands; and

        -- have offices in the Cayman Islands; or

        -- employ residents of the Cayman Islands;

  (p) the locales at which Basis Yield maintains its financial
      records and, if applicable, equity investor registries,
      and, if different, where they were maintained before the
      commencement of the Cayman Islands Proceeding;

  (q) the extent, if any, to which Basis Yield is required to
      keep books or records in the Cayman Islands; the extent to
      which Basis Yield does so; and the extent to which books
      or records not required to be kept in the Cayman Islands
      are maintained there;

  (r) the locales of obligors with respect to any Basis Yield
      receivables;

  (s) the extent to which Basis Yield is a party to any
      contractual agreements that set forth the law to be
      applied in the event of any disputes thereunder;

  (t) the nature and extent of nontransitory economic activity
      carried out by Basis Yield in the Cayman Islands; and

  (u) the extent, if any, to which Basis Yield is subject to the
      prohibitions of Companies Law (2004 Revision) of the
      Cayman Islands Section 193, and, if applicable, the extent
      to which Basis Yield's activities, or the locale thereof,
      are affected by the provisions of Section 193.

At the November hearing, Basis Yield's attorneys will also be
required to address U.S. Bankruptcy Judge Burton Lifland's order
rejecting a similar bid for recognition of a Caymans bankruptcy
proceeding by two Bear Stearns Cos. hedge funds after finding
that they did most of their business in the U.S.

Judge Gerber also noted that discovery will be served on or
before September 21.  The Liquidators will produce pertinent
documents by October 15 with depositions, if necessary,
occurring between October 15 and the evidentiary hearing.

Basis Yield won on September 6, 2007, temporary protection from
lawsuits and seizure of assets by U.S. creditors while its
Chapter 15 case is being assessed for a permanent injunction.

At the September 6 hearing, Judge Gerber made it clear to all
the parties that he was not going to express any inclinations as
to whether recognition will be granted at the time of the
recognition hearing.  The issue of the hearing is the propriety
of continuation of the TRO into the form of a preliminary
injunction, Judge Gerber said.

Jerry L. Hall, Esq., at Pillsbury Winthrop Shaw Pittman, LLP, in
Washington D.C., argued that the Debtors own substantial assets
in New York and that attacks on the assets would interfere with
the mandate of the Liquidators in the Cayman proceeding by
creating a risk of inequitable distribution to creditors who
otherwise would share in a distribution administration of the
Basis Yield estate.

Mr. Hall further pointed out that Basis Yield's incorporation is
in the Cayman Islands and its two feeder funds are both Cayman
Island entities regulated by the Cayman Island monetary
authority.  If the facts were insufficient to support a finding
of a center of main interest, Mr. Hall said they satisfy a
finding of establishment which essentially requires that non-
transitory economic activity occur in the Cayman Islands.

"[F]airness to the [Liquidators] and perhaps to the creditor
community as a whole, requires sorting out these issues as
quickly as possible and taking away uncertainty from the
[Liquidators'] side in this case," Judge Gerber said.

Judge Gerber also held that assuming the request for Chapter 15
recognition is denied, "the chances of me immediately pulling
the plug and leaving this case in free fall mode are very
small."

                        About Basis Yield

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.

Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Bloomberg relates Basis Capital was declared "Fund of the Year"
at the 2005 AsiaHedge awards.  It was also named "Skilled
Manager of the Year" by Macquarie Bank Ltd. in 2004.

                       Road to Bankruptcy

Following the volatility in the market related to the United
States sub-prime lending defaults, by June 2007, Basis Yield
began to suffer a significant devaluation of its asset
portfolio.   The devaluation of the Fund's secured assets led to
margin calls from trade counterparties, which Basis Yield was
ultimately unable to meet.  This, in turn, resulted in the
issuance of several default notices by the counterparties and
the exercise of their rights under their agreements to close out
trades and to seize or sell Basis Yield assets that had been the
subject of repurchase agreements or over which they held
security interests.

Default notices were issued by, inter alia, J.P. Morgan Chase
Bank N.A., Goldman Sachs International, Citigroup Global Markets
Limited, Morgan Stanley, Lehman Brothers International (Europe),
and Merrill Lynch International.

In addition, two counterparties issued bid lists for Basis
Yield's assets, which resulted in additional downward pressure
on the relevant asset classes and a further devaluation of the
Fund's assets.

Basis Yield disputed many of the default notices issued or
purportedly issued by various parties.

Basis Capital stopped redemptions from its Yield Alpha Fund and
Aust-Rim Opportunity Fund in July 2007 after both funds lost 9%
and 14% in June, Bloomberg says.

Basis Capital retained The Blackstone Group to act as financial
advisor to the Yield Alpha Fund and Pac-Rim Opportunity Funds.
Blackstone's role included negotiating with investment banks to
prevent adverse pricing and selling of both funds' assets.

For the past five years, the Yield Alpha Fund returned 15.5% on
average while the Aust-Rim Opportunity Fund provided almost 15%
return on average, according to Bloomberg, citing a July 2007
report by Zenith Investment Partners posted on Basis Capital's
Web site.

Bloomberg notes that the Basis Capital funds had the highest
five-star ratings from Standard & Poor's before the ranking was
put "on hold" on July 17, 2007, because of "issues potentially
affecting the management of the fund," according to S&P.

                    Chapter 15 Ancillary Case

On August 29, 2007, the Liquidators filed a petition before the
U.S. Bankruptcy Court for the Southern District of New York
seeking recognition of Basis Yield's liquidation in the Cayman
Islands as a "foreign main" proceeding under Chapter 15 of the
U.S. Bankruptcy Code.  The Liquidators also asked the U.S. Court
to enjoin and restrain U.S. creditors from commencing actions
with respect to the Fund's assets in the United States.

Basis Yield is estimated to have more than US$100,000,000 in
total assets and total liabilities, and less than 49 creditors,
the Chapter 15 petition said.

The Liquidators noted that in excess of US$50,000,000 of Basis
Yield's assets, held by various financial institutions, are
located within the United States.

Basis Capital has said losses in Basis Yield could exceed 80%,
Tiffany Kary and Jenny Strasburg at Bloomberg report.


BASIS YIELD: U.S. Court Extends Injunction Until Nov. 19
--------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York (Manhattan) has granted Basis Yield Alpha Fund (Master)
temporary protection from lawsuits and seizure of assets by U.S.
creditors while its Chapter 15 case is being assessed for a
permanent injunction, Bloomberg News reported.

Basis Yield, which is being liquidated in the Grand Court of the
Cayman Islands, where it is registered, had filed for Chapter 15
protection in the U.S. Court on August 29, 2007, asking to be
shielded from U.S. creditors and for recognition of its main
Caribbean bankruptcy proceeding.

"I am not inclined to make any findings today as to whether
recognition should ultimately be granted [for the Cayman
filing]," U.S. Bankruptcy Judge Robert Gerber said at a Sept. 6
hearing in New York, according to Bloomberg.

The U.S. Court will convene a hearing on November 19 to consider
Basis Yield's request for recognition of the Caymans proceeding.

Bloomberg reported that Judge Gerber had told Basis Yield
attorneys to be prepared to address U.S. Bankruptcy Judge Burton
Lifland's August 30 order rejecting a similar bid for
recognition of a Caymans bankruptcy proceeding by two Bear
Stearns Cos. hedge funds after finding that they did most of
their business in the U.S.

As previously reported, Basis Yield's registered office, the
feeder funds, 10% of investors and all of its records are
located in the Caymans.  On August 29, Basis Yield's Chapter 15
case received recognition from the High Court of Justice,
Chancery Division, Companies Court, in England.

Under Chapter 15 of the U.S. Bankruptcy Code, a company with an
insolvency filing in another country where it has a significant
presence can ask U.S. courts to defer to a foreign proceeding.

Representing Citigroup Global Markets Ltd., a creditor in Basis
Yield's case, Lindsee Granfield, Esq., at Cleary Gottlieb Steen
& Hamilton in New York, however, asserted that "it isn't clear
where the fund's main interests are."  Ms. Granfield added that
the Court will have to determine "where are the assets and where
were these funds actually operated."

If Citigroup were to successfully argue that the Yield Fund's
main business operations are not in the Cayman Islands but in
the U.S., then Basis Yield's Chapter 15 case in the U.S. could
fail, allowing U.S. creditors to file lawsuits against the fund,
according to The Australian.

The paper further stated that investors face losing more than
80% of their US$320,000,000 total stake, based on the most
recent update from Basis Capital Group.

Judge Gerber said he wants "to move quickly to resolve as many
issues as possible" out of fairness to Grant Thornton
International, the liquidator appointed by the Cayman Islands
court, according to Bloomberg.

The exact assets of the fund are "undetermined," Bloomberg said.

Basis Yield indicated in its Chapter 15 petition that its assets
and liabilities aggregate more than US$100,000,000 each.

Basis Yield's assets is down from US$436,000,000 at Jan. 31,
2007, according to Bloomberg data.

                        About Basis Yield

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.

Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Bloomberg relates Basis Capital was declared "Fund of the Year"
at the 2005 AsiaHedge awards.  It was also named "Skilled
Manager of the Year" by Macquarie Bank Ltd. in 2004.

                       Road to Bankruptcy

Following the volatility in the market related to the United
States sub-prime lending defaults, by June 2007, Basis Yield
began to suffer a significant devaluation of its asset
portfolio.   The devaluation of the Fund's secured assets led to
margin calls from trade counterparties, which Basis Yield was
ultimately unable to meet.  This, in turn, resulted in the
issuance of several default notices by the counterparties and
the exercise of their rights under their agreements to close out
trades and to seize or sell Basis Yield assets that had been the
subject of repurchase agreements or over which they held
security interests.

Default notices were issued by, inter alia, J.P. Morgan Chase
Bank N.A., Goldman Sachs International, Citigroup Global Markets
Limited, Morgan Stanley, Lehman Brothers International (Europe),
and Merrill Lynch International.

In addition, two counterparties issued bid lists for Basis
Yield's assets, which resulted in additional downward pressure
on the relevant asset classes and a further devaluation of the
Fund's assets.

Basis Yield disputed many of the default notices issued or
purportedly issued by various parties.

Basis Capital stopped redemptions from its Yield Alpha Fund and
Aust-Rim Opportunity Fund in July 2007 after both funds lost 9%
and 14% in June, Bloomberg says.

Basis Capital retained The Blackstone Group to act as financial
advisor to the Yield Alpha Fund and Pac-Rim Opportunity Funds.
Blackstone's role included negotiating with investment banks to
prevent adverse pricing and selling of both funds' assets.

For the past five years, the Yield Alpha Fund returned 15.5% on
average while the Aust-Rim Opportunity Fund provided almost 15%
return on average, according to Bloomberg, citing a July 2007
report by Zenith Investment Partners posted on Basis Capital's
Web site.

Bloomberg notes that the Basis Capital funds had the highest
five-star ratings from Standard & Poor's before the ranking was
put "on hold" on July 17, 2007, because of "issues potentially
affecting the management of the fund," according to S&P.

                    Chapter 15 Ancillary Case

On August 29, 2007, the Liquidators filed a petition before the
U.S. Bankruptcy Court for the Southern District of New York
seeking recognition of Basis Yield's liquidation in the Cayman
Islands as a "foreign main" proceeding under Chapter 15 of the
U.S. Bankruptcy Code.  The Liquidators also asked the U.S. Court
to enjoin and restrain U.S. creditors from commencing actions
with respect to the Fund's assets in the United States.

Basis Yield is estimated to have more than US$100,000,000 in
total assets and total liabilities, and less than 49 creditors,
the Chapter 15 petition said.

The Liquidators noted that in excess of US$50,000,000 of Basis
Yield's assets, held by various financial institutions, are
located within the United States.

Basis Capital has said losses in Basis Yield could exceed 80%,
Tiffany Kary and Jenny Strasburg at Bloomberg report.


CENTURY CABINETS: Declares First Dividend
-----------------------------------------
Century Cabinets Pty Ltd, which is in liquidation, declared its
first dividend on September 20, 2007.

Only creditors who were able to file their claims by the
September 19 due date were included in the company's dividend
distribution.


CHRYSLER LLC: Brake Problems Trigger Recall of 369,000 Vehicles
---------------------------------------------------------------
Chrysler LLC is recalling 296,550 sport utility vehicles
following reports of problems with brake systems and door
latches and locks, Reuters states.

Chrysler has revealed that a glitch in an electronic control
unit could cause a delay in braking when the vehicles are
driving uphill.  Affected vehicles include Jeep Grand Cherokee
and Jeep Commander SUVs for the 2006 and 2007 model years and
the 2007 Jeep Wrangler and Dodge Nitro, Reuters relates.

"It's a very rare occurrence," Chrysler Spokesman Max Gates
said, Reuters notes.  "But we have had reports of drivers
experiencing problems when they take their foot off the
accelerator."

When drivers in one of the affected vehicles stop accelerating
up a hill, that can trigger a momentary loss of braking power
for a second or two, Mr. Gates explains.  Chrysler will notify
the owners of the SUVs affected by the recall this month and
offer free repair work as well, the report says.

Chrysler is also recalling about 72,333 2008 Chrysler Sebring
and Dodge Avenger sedans because of a potential problem with a
cable connected to the front door latches in the vehicles,
Reuters reveals.

                       About Chrysler LLC

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

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

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

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


COLES GROUP: Posts AU$572-Million NPAT for Fiscal Year 2007
-----------------------------------------------------------
Coles Group Ltd announced underlying net profit after tax (NPAT)
of AU$792.4 million for the 52 weeks ended July 29, 2007, in a
year of transition.

   * Underlying net profit after tax AU$792.4 million;

   * Food and Liquor earnings down 9.5%;

   * Other brands delivered over 20% growth;

   * Underlying earnings per share (NPAT) up 4.7% to 66.2 cents;

   * Final dividend up 11.1% to 25.0 cents per share.

NPAT, after costs associated with the ownership review, was
AU$747.8 million.  Sales for continuing businesses increased by
1.4% to AU$34.7 billion.

While excluding ownership review costs, the underlying result
includes one-off benefits from the writeback of a Myer provision
and renegotiated Coles Express leases offset by additional
consultancy and redundancy costs.

"When we launched our new growth strategy in July 2006, we said
that after five years of compound earnings growth of 19%,
earnings would be flat in FY07 as the Company transitioned
through its business transformation and simplification
programs," CEO John Fletcher said.

"The result being announced today includes a lower contribution
from Supermarkets, as previously flagged, offset by the strong
performance of all other businesses and additional savings
identified in business simplification.

"Target, Kmart, Officeworks and Coles Express all delivered
excellent results, collectively generating over 20% profit
growth.

"Target's achievement of a 16.8% increase in EBIT to AU$290
million reinforced the brand's reputation as Australia's most
successful women's apparel retailer.

"Kmart's 27.4% rise in EBIT to AU$96.8 million demonstrated the
success of its new strategy to improve margin and profitability
by reducing its reliance on promotional activity.

"Officeworks' 14.0% increase in EBIT to AU$85.4 million further
consolidated the unique position of the Group's office products
business.

"Coles Express reported a 51.3% increase in EBIT to
AU$45.4 million, excluding AU$34.5 million for renegotiated
leases previously expensed under AIFRS.  The result reflected a
strong contribution from the convenience stores.

"These brands achieved strong results in a very difficult year
in which the challenges of transformation and strategic
restructuring were compounded by the disruption of ownership
uncertainty," Mr. Fletcher said.

"It was a challenging year in Supermarkets, where Food and
Liquor EBIT fell by 9.5% to AU$693.3 million, mainly due to the
poor execution of the Bi-Lo rebranding strategy and the impact
of the change program on the business.  However, we are clear on
the underlying issues and priorities.

"While we have made good progress in our priority areas, there
is still considerable work to be done in addressing the key
issues impacting the business, as well as strengthening
organizational capability," he said.

Coles Liquor performed strongly, with the successful
consolidation and integration of acquisitions, and the roll-out
of the 1st Choice network ahead of expectations.

Mr. Fletcher said plans to simplify the business had progressed
well, with benefits of over AU$100 million achieved to date.

"We remain on track to exceed the run-rate targeted for the end
of FY08, with more than AU$400 million in savings identified,"
he said.

"Business transformation has continued with six new distribution
centers now successfully on-line and one-touch store handling
media implemented.  The first phase of the Supermarkets'
multibuy and discounting program is now live in a group of pilot
stores.

"Given this progress and in line with the simplification
strategy to progressively move retail support functions into the
Everyday Needs Business, supply chain accountability will now be
integrated into the retail businesses over the coming months.

"We have continued to invest very significantly in expansion of
our businesses in FY07.  Capital expenditure of AU$1.2 billion
has been outlayed on 54 new stores and 153 refurbishments, a
network of new distribution centers and new IT systems, as well
as acquisitions," he said.

Directors have declared a final dividend of 25.0 cents per
share, up 2.5 cents per share, or 11.1% on last year's final
dividend and bringing the total dividend for the year to 44.5
cents per share.

Ownership update

Coles Group Chairman, Rick Allert, said that the Company had
submitted the scheme documentation, including the report of the
Independent Expert, Grant Samuel & Associates, to ASIC for
examination before approval by the Supreme Court.

Mr. Allert said that the Board unanimously recommends the
Wesfarmers' proposal to shareholders in the absence of a
superior proposal.  The shareholder meeting to vote on the
scheme will be held in Melbourne in November.

In the meantime, planning for ownership transition was underway
following the first meeting of the Business Engagement and
Integration Committee.

Outlook

Directors have concluded that it would be inappropriate to
maintain guidance for FY08 provided on February 23 2007, given
that the company will not remain in its current structure under
any scenario.

In the interim, however, Coles Group is continuing to operate
under plans consistent with that guidance.

Most of the Group's businesses will transition to new ownership
in very good shape, performing well and with clear growth
strategies.

In Supermarkets, plans have been developed and are now being put
in place to restore the customer offer and progressively rebuild
sales momentum.

Over the next few years the business will start to reap the
significant financial upside of the investment made in business
transformation, as well as some AU$400 million in annualized
savings from our simplification program.

                        About Coles Group

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

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


COLES GROUP: Executives Defend Wesfarmers Sale
----------------------------------------------
Coles Group Limited bosses defended their decision to sell the
struggling retailer than having to hand it over to a new
management, the Australian Associated Press reports.

AAP conveys that Coles Chairman Rick Allert and Chief Executive
John Fletcher faced down criticism of their roles after
delivering an annual result almost 36% less than last year's
profit.

Mr. Allert, according to AAP, rejected repeated queries from
market analysts over why he had not considered resigning and
letting someone else run the ailing business.

AAP quotes Mr. Allert as saying, "The board has not thought it
was appropriate for it (the board) to resign.  We thought that
we've gone through an appropriate and proper process to get
where we are today.  We were in a position where a number of
parties were expressing interest.  The right thing to do for
shareholders was to go through the ownership-review process,
which we've done."

According to AAP, when he was questioned why he had endorsed
Wesfarmers' offer even though it did not meet his original
criteria of being "fair and reasonable," Mr. Allert's answer
was, "I said at the time 'fair and reasonable'.  If I'd said 'in
the shareholders' best interests', I could have easily said
that. 'Fair and reasonable', I think, is supplanted by 'in the
shareholders' best interests'," notes AAP.

Mr. Fletcher, on the other hand, defended his management
pointing out that the retailer's share price had risen
significantly from AU$5.80 when he was appointed six years ago.

According to Mr. Fletcher, they "didn't start the ownership
process," instead a "bid came over the wall at us, which I think
has changed our future dramatically," AAP notes.

Reportedly, Coles shareholders will vote on Wesfarmers' cash-
and-scrip offer at a meeting in November.

                      About Coles Group

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

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


COLES GROUP: Wesfarmers Raise AU$10 Billion for Takeover
--------------------------------------------------------
Wesfarmers Ltd. raised AU$10 billion in loans for the takeover
of Coles Group Limited, Laura Cochrane writes for Bloomberg
News.

Wesfarmers raised AU$4 billion in one-year loans, AU$5 billion
in three-year loans and AU$1 billion in revolving loans, notes
Reuters.  Ms. Cochrane writes that this is a record for an
Australian borrower.

Bloomberg conveys that head of Australian loan syndication at
BNP Paribas SA, Wayne Green, said that a presentation to 12
banks -- possible buyers of the debt -- will be held in Sydney
on September 21.

According to Bloomberg, BNP Paribas, Australia & New Zealand
Banking Group Ltd. and National Australia Bank Ltd. were the
underwriters for the loan.

                       About Coles Group

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

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


E.D. CULLEN: Declares First & Final Dividend
--------------------------------------------
E.D. Cullen (Holdings) Pty Ltd, which is in liquidation,
declared its first and final dividend on September 18, 2007.

A meeting will also be held for the company's members on
September 25, 2007, at 10:45 a.m.

The company's liquidator is:

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

                       About E.D. Cullen

Located at Concord, in New South Wales, Australia, E.D. Cullen
(Holdings) Pty Ltd is an investor relation company.


FORTESCUE METALS: S&P Puts Finance Unit Rating on CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB-' issue ratings
on FMG Finance Pty Ltd. (100% owned by Fortescue Metals Group
Ltd. [FMG]) remain on CreditWatch with negative implications
pending a decision by FMG as to the amount of new equity that
will be injected into the project finance structure.  FMG
successfully completed an equity issue in July 2007, raising
AU$504 million.  The issue ratings were placed on CreditWatch on
June 29, 2007, amid concerns of weakening liquidity at the
project level due to increasing cost overruns and additional
unbudgeted expenditure.

If insufficient funds are transferred into the project structure
and excess liquidity remains at the parent level, the current
'BB-' issue ratings could be lowered as much as three notches,
reflecting the weakening project liquidity and the counterparty
credit quality of the parent and guarantor.

The project is over 50% complete and the first ore on ship
remains scheduled for mid-May 2008.  Importantly, completion of
the port, mine, and rail projects relies on adequate reserve
accounts, with sufficient cash to fund working capital and
commissioning through ramp-up to steady-state production.
Standard & Poor's would be concerned if material amounts of ore
were sold before completion, as this could put pressure on the
project's working capital during the ramp-up stage.

Recent FMG announcements indicate a clear ambition to expand
production above the targeted 45 million tonnes per annum
production rate for Phase 1 and take advantage of strong market
conditions.  However, should these expansion initiatives occur
prior to completion and commissioning of the project, bondholder
consent will be required in some instances.  It is unclear what
growth plans the company is considering, the costs associated
with any pre-completion expansion, and how construction risk
will be managed.  Any unbudgeted expansion plans will have an
impact on the project ratings unless adequately funded with
minimal impact on commissioning timetables.

The CreditWatch is likely to be resolved in the coming weeks.  A
return to a stable outlook could follow if FMG injects new
equity funding into the project that replenishes reserve
accounts covering unbudgeted and expansion costs, makes
allowances for future cost overruns, and provides adequate
funding of working capital through ramp-up to sustainable
operation.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported a net loss for the past two fiscal years.
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was
AU$2.15 million.

In August 2006, Moody's Investors Service assigned a Ba3 rating
to approximately US$1.9 billion in senior secured 144A bonds to
be issued by FMG Finance Pty Ltd, the financing vehicle of the
Fortescue Metal Group.  The funding will be used to partially
finance the development of the Company's iron ore mine in the
Pilbara region of Western Australia as well as an associated
rail line and port infrastructure.


JAMS 1: Members to Receive Wind-Up Report on September 25
---------------------------------------------------------
The members of Jams 1 Pty Ltd will meet on September 25, 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:

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

                          About Jams 1

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


MARCUS MEADOWS: Liquidator Presents Wind-Up Report
--------------------------------------------------
On September 19, 2007, the members and creditors of Marcus
Meadows Pty Ltd met and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ross Mcdermott
         Chartered Accountant
         PO Box 579
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9347 0411

                      About Marcus Meadows

Located at Brighton, in Victoria, Australia, Marcus Meadows Pty
Ltd is an investor relation company.


PANACHE IMPORTS: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on August 17, 2007, the
members of Panache Imports Pty. Ltd. agreed to voluntarily
liquidate the company's business.

Victor Raymond Dye and Roger Darren Grant were appointed as
liquidators.

The Liquidators can be reached at:

         Victor Raymond Dye
         Roger Darren Grant
         Dye & Co. Pty Ltd Chartered Accountants
         165 Camberwell Road
         Hawthorn East, Victoria 3123
         Australia

                     About Panache Imports

Panache Imports Pty Ltd, which is also trading as Salon
Supplies, id a distributor of drugs, proprietaries and sundries.
The company is located at Abbotsford, in Victoria, Australia.


PEABODY ENERGY: Gets Subpoena from New York Attorney General
------------------------------------------------------------
Environment News Service reports that New York Attorney General
Andrew Cuomo has subpoenaed Peabody Energy, demanding that the
firm disclose the financial risks of its greenhouse gas
emissions to shareholders, specifically to the New York State
Common Retirement Fund.

Environment News relates that Mr. Cuomo also sent the subpoenas
to:

         -- Dominion Resources,
         -- Xcel Energy,
         -- Dynegy, and
         -- AES Corporation.

Mr. Cuomo told Environment News that he is asking Peabody Energy
to disclose the risks related to the construction of power
plants that will generate 3,100 megawatts of power and may
subject the firm to increased financial, regulatory and
litigation risks.

Mr. Cuomo commented to Environment News, "Climate change is one
of the most pressing environmental challenges facing the world
today." He reminded the executives that emissions from US power
plants "constitute 30% of total US carbon emissions."

"Regulation of greenhouse gas emissions on the state level
through the Regional Greenhouse Gas Initiative will begin,"
Environment News notes, citing Mr. Cuomo.

Mr. Cuomo told Environment News, "Any one of the several new or
likely regulatory initiatives for CO2 emissions from power
plants -- including state carbon controls, E.P.A.'s regulations
under the Clean Air Act, or the enactment of federal global
warming legislation -- would add a significant cost to carbon-
intensive coal generation.  Selective disclosure of favorable
information or omission of unfavorable information concerning
climate change is misleading."

According to Environment News, Peabody Energy claimed that the
attorney general's claims of nondisclosure were "inaccurate" and
written with political motives.

Peabody Energy told Environment News that it "is happy to point
out our clear disclosures regarding climate change and correct
the letter's inaccuracies.  For instance, the letter states that
we don't have climate disclosure ... but in fact we do, in
multiple places in our SEC filings on Form 10-K, annual report
and social responsibility report.  These are all available via
Internet for anyone wanting to research the company.  In
addition to advancing clean new coal generation, Peabody is a
founding member of the zero-emissions FutureGen project to
commercialize carbon capture and storage."

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Australia and
Venezuela.
                       *     *     *

As reported in the Troubled Company Reporter on Mar 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  This instrument was placed on review for
downgrade.


THE MOVIE CHANNEL: To Declare First Dividend on September 26
------------------------------------------------------------
The Movie Channel Pty Ltd, which is in liquidation, will declare
first dividend on September 26, 2007.

Creditors who were not able to file their claims by the
September 19 due date will be excluded from sharing in the
company's dividend distribution.

The company's liquidator is:

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

                     About The Movie Channel

Located at South Melbourne, in Victoria, Australia, The Movie
Channel Pty Ltd is an investor relation company.


TRICOM SYSTEMS: To Declare First Dividend on September 26
---------------------------------------------------------
Tricom Systems Pty Ltd, which is in liquidation, will declare
its first dividend on September 26, 2007.

Creditors who failed to file proofs of debt by the September 19
due date will be excluded in the company's dividend
distribution.

The company's liquidator is:

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

                      About Tricom Systems

Tricom Systems Pty Ltd operates offices of holding companies.
The company is located at Bendigo, in Victoria, Australia.


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

401 HOLDINGS: Contributories and Creditors to Meet on October 17
----------------------------------------------------------------
401 Holdings Limited, which is in compulsory liquidation, will
hold a meeting for its contributories and creditors on Oct. 17,
2007, at 10:00 a.m., and 11:00 a.m.

The meeting will be held at 1401, Level 14, Tower 1 Admiralty
Centre, in 18 Harcourt Road, Hong Kong.


BOHILL INTERNATIONAL: Members' General Meeting Set for Oct. 18
--------------------------------------------------------------
The members of Bohill International Limited will have their
general meeting on October 18, 2007, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at Rooms 10-02, 23rd Floor of The
Kwangtung Provincial Bank Building, 409-415 Hennessy Road in
Causeway Bay, Hong Kong.


CHINA EASTERN: Inks Regional Carrier JV with China Aviation
-----------------------------------------------------------
China Eastern Airlines has entered into a joint venture
agreement with China Aviation Industry Corp I (AVIC I) for a
regional carrier that will begin operating in the first half of
next year, a senior AVIC I executive told China Daily.

The planned regional airline will be headquartered in western
China, with AVIC I holding 60% of its stakes, AVIC I Senior
Vice-President Hu Wenming said in its interview with the news
agency.

The carrier will have a registered capital of CNY1 billion
(US$129 million), and an initial fleet of at least 10 MA60
aircraft, manufactured by AVIC I, China Daily notes.

"Our long-term aim is to operate 100 regional aircraft, made by
AVIC I, and to play an important role in western China's
economic development," Mr. Hu said.

The regional airline is the first in China to be set up by an
aircraft manufacturer, a rarity in the world aviation industry,
the report says.

It's the most "direct" way AVIC I can push its products in the
market, analysts said.  "Having an airline of its own can ensure
stable orders for AVIC I's MA60 and ARJ21 aircraft.  It can help
AVIC I improve the aircraft's quality, too, by receiving
feedback on their performance more directly and efficiently,"
CITICS China Securities aviation analyst Li Lei said.

AVIC I and Shanghai-based China Eastern Airlines signed a letter
of intent at the end of August to set up the regional carrier.

Officials of China Eastern, the country's third largest airline,
were not available for comment on the joint venture.


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.


GLOBAL POWER: Agrees to Sell China Boiler Unit to AE&E Group
------------------------------------------------------------
Global Power Equipment Group Inc. has entered into an agreement
with AE&E Group GmbH, a subsidiary of Austrian Energy &
Environment AG, for the sale of Global Power's China boiler
business unit, located in Nanjing, China.

The sale of the China boiler business consists of Global Power
Asia Limited, a Hong Kong company, including GPAL's 90%
ownership interest in Deltak Power Equipment (China) Co. Ltd.
Upon completion of the transaction, Global Power expects to
realize a pre-tax gain of approximately US$10.2 million for
financial reporting purposes.

The transaction is subject to the approval of the United States
Bankruptcy Court for the District of Delaware, which is
presiding over the chapter 11 cases of Global Power and its
domestic subsidiaries.  The transaction is expected to close on
or about Oct. 10, 2007, after the satisfaction of certain
additional conditions to closing.

"We have valued our business relationship with our associates in
Nanjing and wish AE&E great success," John Matheson, President
and Chief Executive Officer of Global Power, said.  "We also
look forward to continuing and expanding our existing business
relationships with our Shanghai company, Braden Power Equipment
(Shanghai) Co. Ltd., and throughout China with our ongoing China
business activities."

Acquired in the summer of 2004, DPEC primarily supported the
large heat recovery steam generator product line of Global Power
as a manufacturing facility.  The poor performance of the HRSG
line was the primary factor behind Global Power's decision to
commence chapter 11 proceedings in September 2006.  Immediately
prior to filing the chapter 11 proceedings, the company made the
strategic decision to wind down its current large HRSG contracts
and discontinue the operations related to large HRSG's.  Shortly
thereafter, Global Power classified DPEC as a non-core asset and
began marketing the China boiler business unit for sale.  Both
GPAL and DPEC are non-debtor affiliates of Global Power and not
part of the U.S. chapter 11 proceedings.

Global Power was advised in the transaction by Business
Development Asia LLC.

                        About Global Power

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

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

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

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


KAI TAK: Liquidators to Give Wind-Up Report on October 18
---------------------------------------------------------
A final meeting will be held for the members of Kai Tak
Refuellers Company Limited on October 18, 2007, at 11:00 a.m.,
at the 35th Floor of Two Pacific Place, in 88 Queensway, Hong
Kong.

At the meeting, Wong Kung Kar and Leung Suk Ying, Kai Tak's
liquidators, will give a report on the company's wind-up
proceedings and property didposal.


KENLAP P.G.C.: Appoints Yan & Haughey as Provisional Liquidators
----------------------------------------------------------------
On August 3, 2007, Lai Kar Yan and Darach E. Haughey of Deloitte
Touche Tohmatsu were appointed as provisional liquidators of
Kenlap P.G.C. Manufacturer Company Limited.

The provisional Liquidators can be reached at:

         Lai Kar Yan
         Darach E. Haughey
         c/o Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


MITSUI HI-POLYMER: Members to Hold General Meeting on Oct. 18
-------------------------------------------------------------
The members of Mitsui Hi-Polymer (Asia) Limited will hold a
final general meeting on October 18, 2007, at 9:30 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at 1001 Admiralty Centre Tower 1, in 18
Harcourt Road, Hong Kong.


PACIFIC CROWN: Appoints Sutton and Chiong as Liquidators
--------------------------------------------------------
Roderick John Sutton and Desmond Chung Seng Chiong were
appointed as liquidators of Pacific Crown Industrial Limited on
August 27, 2007.

The Liquidators can be reached at:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o Ferrier Hodgson Limited
         Hong Kong Club Building, 14th Floor
         3A Chater Road, Central
         Hong Kong


POLYWELL ASIA: Members to Receive Wind-Up Report on October 18
--------------------------------------------------------------
A final general meeting will be held for the members of Polywell
Asia Limited on October 18, 2007, at Rooms 10-02, 23rd Floor of
The Kwangtung Provincial Bank Building, 409-415 Hennessy Road in
Causeway Bay, Hong Kong.

At the meeting, Lam Chin Chiu, Polywell's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


TEAMSING ELECTRONIC: Sets Annual Meeting for September 25
---------------------------------------------------------
The members and creditors of Teamsing Electronic Company Limited
will have their annual meeting on September 25, 2007, at 3:30
p.m. and 3:45 p.m., respectively, at Room 103, Duke of Windsor
Social Service Building, 15 Hennessy Road in Wanchai, Hong Kong.

At the meeting, Tony Yuen Wai Kin, Teamsing's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


UPI TECHNOLOGY: Taps Johnson and Ki as Liquidators
--------------------------------------------------
On August 27, 2007, Kong Chi How Johnson and Lo Siu Ki were
appointed as liquidators of UPI Technology Limited.

The Liquidators can be reached at:

         Kong Chi How Johnson
         Lo Siu Ki
         c/o Messrs. BDO McCabe Lo Limited
         Wing On Centre, 25th Floor
         111 Connaught Road, Central
         Hong Kong


XINAO GAS: Plans to Build US$200-Mil. LNG Terminal in Wenzhou
-------------------------------------------------------------
Xinao Gas Holdings Ltd is considering building a liquefied
natural gas terminal for up to US$200 million in Wenzhou,
Zhejiang province, Reuters reports, citing Chief Executive
Officer Yang Yu.

The terminal, according to Mr. Yang, will be utilized as storage
facility to take advantage of the expected gas usage boom in the
coming years.  It was designed to have a capacity of 3 million
tonnes per year, the report notes.

Reuters relates that China, the world's second-largest oil
consumer and a nation heavily reliant on coal, plans to build
about a dozen LNG terminals along its east coast to help boost
gas use to 5.3% of its energy needs by 2010, from around 3% now.


Based in Hong Kong, Xinao Gas Holdings Limited -- is an
investment holding company.  The company, along with its
subsidiaries, is principally engaged in the investment in, and
the operation and management of, gas pipeline infrastructure and
the sale and distribution of piped and bottled gas in the
People's Republic of China.  Xinao Gas Holdings Limited operates
in four divisions: gas connection, sales of piped gas,
distributions of bottled liquefied petroleum gas and sales of
gas appliances. As of December 31, 2005, more than 90% of its
assets are located in the People's Republic of China, including
Hong Kong.  The company has a total of 7,268 kilometers pipeline
network, serving 1.79 million residential households and 4,041
commercial/industrial users (with a total designed daily
capacity of 2,495,479 cubic meters).

The Troubled Company Reporter-Asia Pacific reported on Aug. 18,
2006, that Moody's Investors Service affirmed XinAo Gas' Ba1
senior unsecured debt rating with a negative outlook.

Standard & Poor's gave the company's long-term local and foreign
issuer credit a BB+ rating on July 22, 2005.


XINAO GAS: In Talks with Spain's Gas Natural Over Supply Deal
-----------------------------------------------------------
Xinao Gas Holdings Ltd is in talks with Spanish utility Gas
Natural for the supply of super-cooled natural gas, Reuters
says, citing company executives as source.

The company is also looking for gas resources from Australia to
the Middle East, the news agency's sources added.

Xinao's Chief Executive Officer, Yang Yu, said that the success
of the supply deal to push through depends now on the "prices of
imported LNG".

The company is keen on boosting its supply due to the gas
consumption boom in the mainland.  Evidently, for the first half
of this year Xinao posted a 40% rise in net profit where sales
of piped gas accounted for 58% of total revenue of CNY2.3
billion in the first half, while connection fees made up 33.7%,
Reuters relates.

The company's connected population expanded to 39.4 million at
the end of June from 33.6 million in mid-2006.

Based in Hong Kong, Xinao Gas Holdings Limited -- is an
investment holding company.  The company, along with its
subsidiaries, is principally engaged in the investment in, and
the operation and management of, gas pipeline infrastructure and
the sale and distribution of piped and bottled gas in the
People's Republic of China.  Xinao Gas Holdings Limited operates
in four divisions: gas connection, sales of piped gas,
distributions of bottled liquefied petroleum gas and sales of
gas appliances. As of December 31, 2005, more than 90% of its
assets are located in the People's Republic of China, including
Hong Kong.  The company has a total of 7,268 kilometers pipeline
network, serving 1.79 million residential households and 4,041
commercial/industrial users (with a total designed daily
capacity of 2,495,479 cubic meters).

The Troubled Company Reporter-Asia Pacific reported on Aug. 18,
2006, that Moody's Investors Service affirmed XinAo Gas' Ba1
senior unsecured debt rating with a negative outlook.

Standard & Poor's gave the company's long-term local and foreign
issuer credit a BB+ rating on July 22, 2005.


XINAO GAS: To Build Dimethylether Plant in Mongolia
---------------------------------------------------
Xinao Gas Holdings Ltd plans to build a coal-to-chemical project
in the northern Inner Mongolia region, with an annual production
of 400,000 tonnes of dimethylether, Reuters reports.

Dimethylether, according to the report, is a kind of clean fuel
and can substitute natural gas and LPG.

International Finance Corp, the private sector arm of the World
Bank, has provided US$10 million in investment to the project as
a strategic investor, and completed a US$168 million syndication
loan.

The first phase of that project is due on stream in 2009.

Based in Hong Kong, Xinao Gas Holdings Limited -- is an
investment holding company.  The company, along with its
subsidiaries, is principally engaged in the investment in, and
the operation and management of, gas pipeline infrastructure and
the sale and distribution of piped and bottled gas in the
People's Republic of China.  Xinao Gas Holdings Limited operates
in four divisions: gas connection, sales of piped gas,
distributions of bottled liquefied petroleum gas and sales of
gas appliances. As of December 31, 2005, more than 90% of its
assets are located in the People's Republic of China, including
Hong Kong.  The company has a total of 7,268 kilometers pipeline
network, serving 1.79 million residential households and 4,041
commercial/industrial users (with a total designed daily
capacity of 2,495,479 cubic meters).

The Troubled Company Reporter-Asia Pacific reported on Aug. 18,
2006, that Moody's Investors Service affirmed XinAo Gas' Ba1
senior unsecured debt rating with a negative outlook.

Standard & Poor's gave the company's long-term local and foreign
issuer credit a BB+ rating on July 22, 2005.


YUE FUNG: Requires Creditors to File Claims by October 5
--------------------------------------------------------
The creditors of Yue Fung Development Company Limited, which is
in compulsory liquidation, are required to file their proofs of
debt by October 5, 2007, to be included in the company's
dividend distribution.

The company's liquidators are:

         Jacky Chung Wing Muk
         Gabriel Chi Kok Tam
         Alexandra Building, 27th Floor
         18 Chater Road, Central
         Hong Kong


ZTE CORP: Enters Into US$478 Million GSM Deal with ETC
------------------------------------------------------
ZTE Corporation has inked a GSM phase II project contract with
Ethiopian Telecommunication Corporation, where the company will
supply the Ethiopian firm with products including GSM equipment
and related engineering services with a total amount of
US$478 million, Infocast News reports.

The project is expected to be completed in two years during
which the revenue and costs will be recognized according to the
progress of the project, the report says.

Revenue and costs under the project will be fully accounted for
following the issue of the final inspection certificate.

ETC is a wholly state-owned company and the sole
telecommunications carrier in Ethiopia.  Its scope of business
covers substantially all telecommunications businesses including
fixed line, mobile and data communications.

Infocast recounts that in April, ZTE signed a three-year
framework agreement with Ethiopian Telecoms covering projects
NGN core networks, mobile networks, wireless access networks,
and CDMA services.  It entered into Phase I, worth US$200
million soon afterward.

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

The group operates both in the domestic and international
market.

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


* S&P Warns Over Increased Credit Exposure of China's Banks
-----------------------------------------------------------
The soaring profitability of China's top banks is diverting
attention from rising credit risks as they aggressively expand
their loan books.  That's according to a major banking
publication that Standard & Poor's Ratings Services' released,
titled "China's Top 50 Banks".

"The profitability of the top 50 banks has significantly
increased because of ballooning net interest income, explosive
fee and commission income growth, improved cost efficiencies,
and favorable credit costs," said Standard & Poor's credit
analyst Ping Chew.

"The rapid industry-wide expansion of credit exposure suggests
that many banks prioritize expanding their asset base and market
share over strengthening their capital.  Banks need to engage in
a careful balancing act between short-term profitability and
long-term sustainability."

The industry will face significant challenges to maintain
currently low credit costs over the long term.  Loan loss
provision coverage has significantly improved, but remains
inadequate.  "If the banks in our top 50 banks survey had set
aside sufficient reserves to cover latent credit costs, it's
likely that they'd have at best only managed to break even in
2006," said Standard & Poor's credit analyst Ryan Tsang.

The publication includes in-depth profiles of 41 of the top 50
banks, based on asset size.  It also includes a summary of
Standard & Poor's bank industry risk analysis, which details the
factors behind the decision to raise China's banking industry
country risk assessment score to 6 from 7.

Additional articles focus on the impact of the country's new
bankruptcy and property laws on the banking sector, and the
potential rating implications of the commercialization of the
country's policy banks.


* TRC Praises Taiwan's Life Insurance Industry
----------------------------------------------
The outlook on Taiwan's life insurance industry is stable and
industry risk is moderate, according to a recently released
Guest Opinion report, titled "Life Insurance Industry Risk
Analysis: Taiwan," by Taiwan Ratings Corp., the Taiwan-based
subsidiary of Standard & Poor's Ratings Services.

"Stable economic conditions and improved operational flexibility
have enabled insurers to be more proactive in operational and
financial management, in terms of products, channels, and
investments, and to diversify their revenue," said Susan Chu,
director of financial services ratings at Taiwan Ratings.

"Strong competition and a volatile investment environment are
likely to be key sensitive factors affecting the sector's
performance."

Increased operating flexibility, enhanced asset and liability
management, and a healthier product mix of in-force business
should help the sector to maintain capital strength and current
growth levels in new business over the medium term.

"Negative interest spreads on old policies with high guaranteed
rates have led to the industry's mediocre operating performance
in recent years, but the legacy burden is likely to improve over
the medium to long term," added Taiwan Ratings' associate Steven
Chen.  "The industry's return on average assets averaged only
0.42% in 2004-2006, although performances vary among individual
insurers."

Taiwan's life insurers have significant duration mismatches
between assets and liabilities, mainly as a result of the
island's somewhat underdeveloped capital markets and regulatory
restrictions.  To alleviate the problem, most insurers have
increased their overseas investment exposure in search of higher
yields and longer duration, although this has increased the
level of foreign exchange risk they face.  Nevertheless, the
asset quality and liquidity of insurers' investment portfolios
remain satisfactory, and the risk management of the larger
companies is adequate.

The guest opinion article was authored by Susan Chu and Steven
Chen of Taiwan Ratings.  The thoughts expressed in the article
are those of the writers and do not necessarily reflect the
views of Standard & Poor's.


* China Needs to Examine Risks Despite Strong Growth, S&P Says
--------------------------------------------------------------
Spectacular growth in revenue and profit is likely to slow down
over the next 18 months for China's leading industrial players,
according to a major report published by Standard & Poor's
Ratings Services.  The report, titled "China's Top 200
Corporates", also warns that despite the powerful performances
in the first half of 2007 and in 2006, a close eye will need to
be kept on risks.

"The Chinese economy looks immune to any negative developments
or threats from the rest of the world, at this time.  The
economy simply runs over obstacles such as high oil prices, and
liquidity and credit crunches, and powers ahead," said Standard
& Poor's credit analyst Ryan Tsang.  "But the markets could be
lulled into underestimating and under-pricing risks during long
periods of strong growth and high earnings.  While we expect
growth to remain healthy, we're aware of the challenges ahead
for Chinese companies."

These challenges include negative real interest rates,
inflation, strong credit expansion, and the risk of a slowdown
in the U.S. economy.  Exporters will face particular pressure
from increasing protectionism and scrutiny over product quality.
Domestic consumption is, however, likely to become a more
important economic driver.

Strong revenue and profits are concentrated in a handful of
sectors, headed by oil and gas.  Total sales of the top 200
listed companies increased 25.5% year-on-year to
CNY5,961 billion in 2006, while aggregate earnings climbed 23.3%
to CNY443 billion.  Despite growing competitiveness, the report
also shows that deeper restructuring is still needed. Five
penetrating commentaries on the auto, energy, real estate,
resources, and retail sectors suggest that consolidation will
escalate over the next few years.  But the articles warn that
rapid expansion through excessive debt-funded acquisitions is
putting the credit health of some companies at risk.


* TRC Expects Continued Profitability on Non-Life Insurers
----------------------------------------------------------
The outlook on Taiwan's non-life insurance sector is stable,
reflecting the likelihood of continued satisfactory
profitability and capital strength, and appropriate reserving,
according to a report titled "Nonlife Insurance Industry Risk
Analysis: Taiwan," published by Taiwan Ratings Corp.

Taiwan Ratings is concerned about higher exposure in risky
investments -- equities and real estates -- as well as the
expectation of intensified price competition and rate
deregulation.  "Taiwan's underwriting cycle remains exposed to
catastrophe risks and the availability of regional and global
reinsurance capacity," said Taiwan Ratings' director Susan Chu,
team leader of financial services ratings.

"The industry's operating performance is satisfactory.  Its
combined ratio ranged between 92.5% and 97.7% in 2002-2006, with
reinsurance agreements helping to somewhat smooth variations in
the ratio over that period," added Taiwan Ratings' associate
Steven Chen.

Taking into account investments, the industry reported
satisfactory profitability over the same period, with an average
annual ROR of 12.7%.

The majority of Taiwan non-life insurers are strongly
capitalized, which is the major factor supporting the sector.
The industry reported a ratio of shareholders' funds plus
special reserve to net premiums of about 150% at the end of
2006, a high level by international standards.  Although the
ratio has fallen, partly due to efforts by insurers to enhance
capital efficiency, Taiwan Ratings expects most companies to
maintain strong capitalization over the medium term.


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

AES CORP: Gets Subpoena from New York Attorney General
------------------------------------------------------
Environment News Service reports that New York Attorney General
Andrew Cuomo has subpoenaed AES Corporation, demanding that
the firm disclose the financial risks of its greenhouse gas
emissions to shareholders, specifically to the New York State
Common Retirement Fund.

Environment News relates that Mr. Cuomo also sent the subpoenas
to:

         -- Dominion Resources,
         -- Xcel Energy,
         -- Dynegy, and
         -- Peabody Energy.

Mr. Cuomo told Environment News that AES is among the US'
largest producers of greenhouse gas pollutants, including carbon
dioxide.

AES' 2006 Form 10-K filing with the U.S. Securities and Exchange
Commission failed to disclose projected emissions, nor evaluate
the effect of upcoming greenhouse gas regulations on the firm's
"financial picture," Environment News says, citing Mr. Cuomo.

Mr. Cuomo commented to Environment News, "Climate change is one
of the most pressing environmental challenges facing the world
today." He reminded the executives that emissions from US power
plants "constitute 30% of total US carbon emissions."

"Regulation of greenhouse gas emissions on the state level
through the Regional Greenhouse Gas Initiative will begin,"
Environment News notes, citing Mr. Cuomo.

Mr. Cuomo told Environment News, "Any one of the several new or
likely regulatory initiatives for CO2 emissions from power
plants -- including state carbon controls, E.P.A.'s regulations
under the Clean Air Act, or the enactment of federal global
warming legislation -- would add a significant cost to carbon-
intensive coal generation.  Selective disclosure of favorable
information or omission of unfavorable information concerning
climate change is misleading."

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

                          *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                          *     *     *

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

* AES
  -- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
  -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
  -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

* AES
  -- Senior secured credit facility at 'BB+/RR1';
  -- Junior secured notes at 'BB+/RR1'.


AES CORP: Plans to Construct 170 MW Wind Project in Texas
---------------------------------------------------------
The AES Corporation announced plans to begin construction of
Buffalo Gap 3, a 170 megawatts expansion of its Buffalo Gap wind
farm near Abilene, Texas.  Once completed, the project will
increase capacity at Buffalo Gap to 524 MW, making it one of the
largest operating wind farms in the United States.  Commercial
operations are expected to begin mid-2008.  AES signed a seven-
year power purchase agreement to sell all of the electricity it
produces at the Buffalo Gap 3 wind generation facility to Direct
Energy, a subsidiary of Centrica plc.  Financial terms of the
agreement were not disclosed.

"This expansion underscores AES's ongoing commitment to
renewable energy," said Ned Hall, President, AES Renewable
Generation.  "With more than 1,000 MW of wind projects in
operation in the United States and another 4,000 MW in various
stages of development throughout the world, AES is well
positioned to meet growing demand for wind generated power."

"The Buffalo Gap 3 expansion will allow AES to continue
developing renewable energy sources in West Texas, benefiting
the local economy through the creation of new jobs and an
increased tax base," said Ryan Pfaff, Managing Director, AES
Wind Generation.  "We are also pleased to further expand our
relationship with Direct Energy, a world-class organization that
shares our commitment to the West Texas wind market."

AES purchased 74 Siemens model SWT-2.3-93 60 Hz wind turbine
generators for the Buffalo Gap 3 project.

"This expansion is consistent with AES's long-term goal to be a
major wind energy producer, and is part of our plan to more than
triple our wind-generated megawatts globally by 2011," said
William Luraschi, AES Executive Vice President and President of
Alterative Energy.  "As one of the cleanest, lowest-cost
renewables, wind generation will be an area of continuing focus
and priority for AES."

AES's Alternative Energy business comprises the company's
activities in wind generation, greenhouse gas emissions offset
projects, liquefied natural gas and other technologies.

AES entered the wind generation business in 2004.  The company's
wind development projects are located primarily in the United
States and Europe.  AES has plans to expand its wind business to
other countries where it does business, including countries in
Asia and Latin America.

                            About AES

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

                          *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                       *     *     *

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

* AES
  -- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
  -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
  -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

* AES
  -- Senior secured credit facility at 'BB+/RR1';
  -- Junior secured notes at 'BB+/RR1'.


ANDHRA CEMENTS: First Qtr. Net Profit Down 78% to INR112 Million
----------------------------------------------------------------
Andhra Cements Limited recorded a net profit of INR112.2 million
in the first quarter ended June 30, 2007, down 78% from the
INR502.5-million profit booked in the same quarter last year.

The bottom line weakened despite surge in revenues -- total
income rose to INR705.9 million, more than 17 times the
INR41.1 million earned in the first quarter of 2006.

With operating expenditures totaling INR557.7 million, the
company made an operating profit of INR148.2 million in the
April-June 2007 quarter.  After booking interest charges of
INR33.5 million, the company's financials showed a gross profit
of INR114.7 million.  Depreciation expenses for 1Q FY2008
totaled INR2 million while taxes aggregated INR600,000.

What brought the sudden drop in net profit is the absence of
extraordinary items in the latest reporting period, the company
explains.  In the first quarter of 2006, the company recorded
INR579.8 million as extraordinary item representing write back
of past interest in respect of a one-time settlement.

A full-text copy of Andhra Cements' financial results for the
first quarter to June 30, 2007, is available for free at:

              http://ResearchArchives.com/t/s?239e

Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement.  Andhra is part of the
Kolkata-based Duncan Goenka group.  The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.

Andhra Cements had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994.  The
scheme is presently under revision, the company notes in its
financial statements for the quarter ended March 31, 2007.


ANDHRA CEMENTS: Members Approve Charge/Mortgage on Properties
-------------------------------------------------------------
Andhra Cements Ltd's shareholders have approved the creation of
charge or mortgage on all the movable and immovable properties
of the company as security for the due repayment to its lenders
for securing their loans, a filing with the Bombay Stock
Exchange states.

The shareholders approved the move by way of postal ballot with
requisite majority.

Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement. Andhra is part of the
Kolkata-based Duncan Goenka group. The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.

Andhra Cements had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994.  The
scheme is presently under revision, the company notes in its
financial statements for the quarter ended June 30, 2007.


BALLARPUR INDUSTRIES: Eyes Technical Tie-Up w/ Swedish Firms
------------------------------------------------------------
Ballarpur Industries Ltd is looking for a tie-up with companies
in Sweden for technical expertise in paper and pulping, the
Hindu Business Line reports, citing BILT Managing Director R. R.
Vederah.

"We are looking forward to using the acquired technical
expertise for the modernisation and expansion of our facilities
in India and also in the recently acquired Sabah Forest Industry
unit in Malaysia," Business Line quotes Mr. Vederah as saying.

According to Business Line, Sweden has been specializing in
environmental technology.  Among others, Sweden has been
focusing recently on manufacturing packaging material from
renewable sources with extensive research efforts being devoted
to new materials development, the news agency adds.

Mr. Vederah, however, believes setting up a facility in Sweden
would not be cost effective, the news agency relates.  "We are
keener on the South-East Asian region for its cost effective
structure to set up manufacturing facilities overseas us," he
told Business Line.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of May 15, 2007, the company
still carry those ratings.


GENERAL MOTORS: Labor Talks Slows Down Over Planned VEBA Trust
--------------------------------------------------------------
Labor talks between General Motors Corp. and the United Auto
Workers has slowed down as the parties discuss on a proposal to
create a trust that would shoulder more than US$90 billion in
health-care benefits GM, Ford Motor Co., and Chrysler LLC
owe to a large number of union retirees, The Wall Street Journal
reports.

Complicated details of the trust -- called a VEBA, for voluntary
employees' beneficiary association -- have derailed the talks,
however, WSJ's sources say GM and the UAW are closer on the
thorny issue of funding such a trust than they were last week.

According to the Journal, questions regarding the issue involve,
among others, what to do if health-care inflation exceeds
expectations, the proper way to estimate the cost of providing
benefits to an individual and whether the auto makers would get
money back if Washington enacts universal health coverage.

GM was picked by the UAW as lead negotiator on a new
four-year labor contract.

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

                          *     *     *

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

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


GLOBAL BROADCAST: Members to Decide Allotment of Warrants
---------------------------------------------------------
Global Broadcast News Ltd's members will consider, by way of
postal ballot, allotting up to 30,00,000 convertible warrants, a
regulatory filing with the Bombay Stock Exchange says.

The warrants will entitle warrant holders to apply for equity
shares of the company in one or more tranches, to Network18
India Holdings Pvt Ltd, a wholly owned subsidiary of Network18
Fincap Ltd, on preferential placement basis provided that the
aggregate number of resultant shares of the company to be issued
against the warrants will not exceed 30,00,000 fully paid up
equity shares of the face value of INR10 each at a price equal
to, whichever is higher of:

   a. the average of the weekly high and low of the closing
      prices of the related shares quoted on the stock exchange
     during the six months preceding Sept. 13, 2007;

   b. the average of the weekly high and weekly low of the
      closing prices of the related shares quoted on a stock
      exchange during the two weeks preceding the Sept. 13; or

   c. INR815 per convertible warrant.

The company has appointed G. N. Mehra, Retd. (IAS), Former Chief
Secretary, U.P, as scrutinizer for conducting the postal ballot
process.

The postal ballot forms duly completed should reach the
scrutinizer not later than the close of working hours on
Oct. 12, 2007.  The results of the postal ballot will be
announced on Oct. 13.

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

The Troubled Company Reporter-Asia Pacific reported on Sept. 14,
2007, that Global Broadcast has a stockholder's equity deficit
of USUS$1.27 million.


GUJARAT SIDHEE: Reappoints Manubhai & Co. as Auditors
-----------------------------------------------------
Gujarat Sidhee Cement Ltd's shareholders, at the 34th annual
general meeting of the company held on Sept. 14, 2007, approved
the reappointment of Manubhai & Co., Chartered Accountants, as
the company's statutory auditors for the financial year 2007-
2008.

Also during the AGM, the members accorded:

   1. the reappointment of M. N. Mehta, S. V. S. Raghavan and M.
       L. Tandon as directors; and

   2. the adoption of the company's audited profit & loss
      account for the years ended March 31, 2007, and balance
      sheet as on that date together with the directors and
      auditors report.

For the financial year ended March 31, 2007, the company
recorded a net profit of INR523.63 million on revenues of
INR3.94 billion.

                          *     *     *

India-based Gujarat Sidhee Cement Ltd is operating primarily in
the cement and clinker industry.  The company's operations are
predominantly in Gujarat.

The Troubled Company Reporter-Asia Pacific reported on its
Sept. 14, 2007 "Large Companies with Insolvent Balance Sheets"
column that Gujarat Sidhee has a stockholder's equity deficit of
US$13 million.


IFCI LTD: Ten Firms Submit Expression of Interest for 26% Stake
---------------------------------------------------------------
As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 8, 2007, IFCI Ltd invited expressions of interest for a
strategic investor, in whom the company plans to divest a 26%
stake.

In an update, IFCI informed the Bombay Stock Exchange that,
pursuant to the invitation, the company has received 10
applications:

   1. General Electric Capital Corporation

   2. Kotak Mahindra Bank Ltd

   3. Consortium of Sterlite Industries (India) Ltd and Morgan
      Stanley & Co.

   4. Infrastructure Development Finance Company Ltd

   5. Newbridge Asia IV, L.P.

   6. Consortium of WL Ross & Co. LLC, GS Capital Partners VI
      Fund, Standard Chartered Bank & Housing Development
      Finance Corporation Ltd

   7. Cargill Financial Services Corporation

   8. Consortium of Shinsei Bank Ltd, Punjab National Bank and
      J.C. Flowers & Co. LLC

   9. Natixis

   10. The Blackstone Group L.P.

According to the TCR-AP, IFCI wants to raise as much as
US$250 million by selling up 26% in fresh equity.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


IFCI LTD: Chairman N. Balasubramanian Resigns
---------------------------------------------
IFCI Ltd informed the Bombay Stock Exchange in a regulatory
filing of the resignation of N. Balasubramanian as chairman of
the company's board of directors.  Mr. Balasubramanian tendered
his resignation via letter dated Sept. 15, 2007.  The filing did
not disclose the reason why he quit.

In a separate BSE disclosure, the company informed of another
resignation.  Pursuant to a letter dated Sept. 18, Director
Vinayak Chatterjee has resigned from the board.  Sukriti Likhi,
Director, Ministry of Finance, Department of Financial Services,
in the other hand, was nominated by the government of India as
director.

IFCI is currently in the process of choosing a strategic
investor with whom the company plans to divest a 26% stake.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


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

ALCATEL-LUCENT: Robert W. Baird Maintains Neutral Rating on Firm
----------------------------------------------------------------
Analysts at Robert W. Baird have kept their "neutral" rating on
Alcatel-Lucent's shares, Newratings.com reports.

According to the rating agency, the target price for Alcatel-
Lucent's shares were decreased to US$9 from US$13.

The analysts said in a research note that Alcatel-Lucent
decreased "its revenue growth guidance for the full-year from
mid-single digit range to a flat-marginal rise."  In addition,
Alcatel-Lucent will reinvest its gross margin savings to achieve
its targets for "opex savings."

The challenges in the US wireless sector are "internal" to
Alcatel-Lucent, Newratings.com notes, citing analysts at Robert
W. Baird.

Alcatel's earnings per share estimates for 2007 and 2008 were
decreased to US$0.27 from US$0.51, and to US$0.53 from US$0.83,
respectively, Newratings.com states.

                       About Alcatel-Lucent

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

                          *     *     *

Troubled Company Reporter-Asia Pacific reported on Sep. 19,
2007, that Standard & Poor's Ratings Services revised its
outlook on international equipment supplier Alcatel-Lucent and
related entity Lucent Technologies Inc. to stable from positive.
At the same time, the 'BB-' long-term corporate credit ratings
on the group were affirmed.  The 'B' short-term corporate credit
rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

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

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


ALCATEL-LUCENT: Morgan Keegan Maintains Outperform Rating
---------------------------------------------------------
Morgan Keegan analysts have kept their "outperform" rating on
Alcatel-Lucent's shares, Newratings.com reports.

The analysts said in a research note that Alcatel-Lucent
lessened "its revenue growth guidance for the full-year from the
mid-single digit range to a flat-marginal rise."

According to Newratings.com, Alcatel-Lucent showed that the
revenue deficit was due to weak wireless spending in North
America.  The firm's resulting product mix would pressure
earnings.

The earnings per share estimates for 2007 and 2008 were
decreased to US$0.17 from US$0.41, and to US$0.67 from US$1.02,
respectively, Newratings.com states.

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

                          *     *     *

Troubled Company Reporter-Asia Pacific reported on Sep. 19,
2007, that Standard & Poor's Ratings Services revised its
outlook on international equipment supplier Alcatel-Lucent and
related entity Lucent Technologies Inc. to stable from positive.
At the same time, the 'BB-' long-term corporate credit ratings
on the group were affirmed.  The 'B' short-term corporate credit
rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

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

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


ALCATEL-LUCENT: Societe Generale Reaffirms "Sell" Rating on Firm
----------------------------------------------------------------
Societe Generale analysts have reaffirmed their "sell" rating on
Alcatel-Lucent's shares, Newratings.com reports.

Newratings.com relates that the target price for Alcatel-
Lucent's shares was decreased to EUR5.50 from EUR7.

The analysts said in a research note that Alcatel-Lucent issued
a profit warning.  Due to a weakening in capital spending by
wireless subscribers in North America, the firm reduced its
revenue growth guidance for this year from mid-single digit to
flat to marginal.

The analysts told Newratings.com that Alcatel-Lucent eyes a
breakeven in the third quarter 2007, "which is significantly
short of the consensus."

The "slowdown in the CDMA business" would affect Alcatel-
Lucent's margins, which are under pressure due to aggressive
pricing, Newratings.com says, citing Societe Generale.

The earnings per share estimate for 2008/2009 was decreased by
30%, Newratings.com states.

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

                          *     *     *

Troubled Company Reporter-Asia Pacific reported on Sep. 19,
2007, that Standard & Poor's Ratings Services revised its
outlook on international equipment supplier Alcatel-Lucent and
related entity Lucent Technologies Inc. to stable from positive.
At the same time, the 'BB-' long-term corporate credit ratings
on the group were affirmed.  The 'B' short-term corporate credit
rating on Alcatel-Lucent and 'B-1' short term rating on Lucent
Technologies were also affirmed.

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

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


BANK INTERNASIONAL: Hires New Auditor for Fiscal-Year 2007
----------------------------------------------------------
PT Bank Internasional Indonesia Tbk has appointed the Public
Accountant Office of Haryanto Sahari & Co. as company auditor,
Reuters reports.

Haryanto Sahari & Co. is affiliated with PricewaterhouseCoopers,
the news agency relates.

The accounting firm will serve as the company's auditor for the
fiscal year 2007.

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

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

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

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

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

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

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

On Aug. 2, 2007, that Moody's Investors Service placed the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Internasional Indonesia Tbk on review
for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  "This action follows a
similar action taken on Indonesia's sovereign ratings on August
1, 2007," says Beatrice Woo, a Moody's VP/Senior Credit Officer.

The detailed ratings are:

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

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


BANK INTERNASIONAL: Acts as Selling Agent for Schroders
-------------------------------------------------------
PT Bank Internasional Indonesia Tbk has signed a Memorandum of
Understanding with Schroders in offering mutual fund products.

In this partnership, BII will act as a selling agent of
Schroders' mutual fund products.

These products will be offered to BII's customers through eight
BII Platinum Access exclusive services and more than 230 BII
branch offices across Indonesia.  BII Platinum Access serves as
one of priority banking services and is part of the business
development of Wealth Management.

"Schroders' mutual fund products have enriched the diversity of
investment products offered through BII.  With more various
investment products, customers will have investment choices
tailored to their investment purpose, tenor as well as risk
profile", said Henry Ho, President Director of BII.  "While our
partnership with Schroders will provide satisfaction and
convenience for our existing customer, it will also generate fee
base income and increase our customer base," he added.

Schroders is an investment management company of the
abovementioned mutual fund products, while acting as a custodian
bank is Deutsche Bank AG Jakarta.  Schroders believes this
partnership will yield optimum result for all parties -- BII,
Schroders and definitely our customers -- by continuously
providing education and communication to all respective parties.

"As the partnership between Schroders and BII through the
previously mentioned four products commences, we certainly hope
that the development of other products will be achieved in the
near future.  Surely, the product combination should be suited
with the economic development and investment climate without
undermining BII's customer needs," said Ronni Gandahusada,
President Director of PT Schroder Investment Management
Indonesia.

Besides mutual funds, BII Platinum Access also offers several
products such as bancassurance, deposit service in form of
saving deposit, demand deposit and time deposit as well as other
investment services such as structured investment and ORI.
Moreover, the services provided by Platinum Access is a service
that enables BII's customers to obtain end-to-end benefit and it
is done personally by experienced and well trained staffs with
investment background.

                     About Bank Internasional

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

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

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

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

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

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

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

On Aug. 2, 2007, that Moody's Investors Service placed the
foreign currency long-term debt and foreign currency long-term
deposit ratings of PT Bank Internasional Indonesia Tbk on review
for possible upgrade.

The Not-Prime short-term deposit and bank financial strength
ratings of the bank are unaffected.  "This action follows a
similar action taken on Indonesia's sovereign ratings on August
1, 2007," says Beatrice Woo, a Moody's VP/Senior Credit Officer.

The detailed ratings are:

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

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


BANK NIAGA: Unit Bags Best Syariah Unit 2007 Award
--------------------------------------------------
PT Bank Niaga Tbk's unit, Bank Niaga Syariah, was awarded The
Best Syariah Unit 2007 Award from Investor Magazine for the
category of assets worth more than IDR500 billion, Antara News
reports.

According to the report, BNS had assets totaling
IDR604.1 billion as per June 30, 2007.  It now has eight sharia
outlets located in Jakarta, Surabaya and Bandung, in addition to
43 office channeling units.

The sharia unit is expected to open 64 more office channeling
units at the bank's branches in Jakarta, Bandung and Surabaya in
the first semester of 2007, the report adds.

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                          *     *     *

The bank also has the following existing global scale ratings
assigned by Moody's Investors Service:

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime;

   -- and bank financial strength of D.

The Ba3 issuer/foreign currency subordinated debt and B2 foreign
currency long-term deposit ratings are on review for possible
upgrade.  The outlook for all other ratings is stable.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


BANK PANIN: Partners with Visa Int'l on Credit Card Venture
-----------------------------------------------------------
PT Bank Pan Indonesia Tbk collaborated with Visa International
to launch its first credit card, The Jakarta Post reports.

Citing the bank's Deputy President Chandra Gunawan, The Post
says that the bank had already signed up 2,000 cardholders and
hopes that they would achieve their 20,000 cards issuance
target.

The report adds that Indonesian Visa cardholders spent
US$3.62 billion on their credit cards between March 2006 and
March 2007, which was almost a 25% increase compared with the
same period a year earlier.


Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's
-- http://www.panin.co.id-- products and services include
individual, which comprises saving products, consumer credit
products, electronic products and service products corporate,
and corporate, which consist of saving products, financial
service products, loan credit, export and import products,
electronic products and service products. The bank has
investment in several public listed companies, including PT
Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk
and PT Panin Sekuritas Tbk.

                          *     *     *

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

The detailed ratings are:

   * B2 foreign currency long-term deposit rating was placed on
     review for possible upgrade; and

   * Not Prime foreign currency short-term deposit rating, Baa3
     global local currency deposit rating and D BFSR were
     unaffected -- the former two ratings carry a stable
     outlook, while the BFSR has a positive outlook.


FOSTER WHEELER: Inks Demonstration Project Deal with Praxair
------------------------------------------------------------
Foster Wheeler Ltd.'s US subsidiary, Foster Wheeler North
America Corp. and Praxair Inc. have signed a multi-year
agreement that calls for the joint pursuit of certain
demonstration projects that will incorporate clean coal
technologies and integrated oxy-coal combustion systems into
coal-fired electric generating plants to facilitate capture and
sequestration of carbon dioxide (CO2).

The combination of the two companies' technologies and systems
expertise would enable a coal-fired generating plant to reduce
carbon dioxide stack emissions by more than 90 percent as
compared to a conventional coal-fired plant of similar size.
Generating plants that burn opportunity fuels such as biomass
and petroleum coke in combination with coal would also be able
to effect similar reductions in CO2 emissions.  The two
companies have agreed to share technical information to ensure
successful integration of the combined systems.

Under the agreement, Foster Wheeler will develop and supply
steam generators using oxy-coal combustion technology that can
be installed in new or existing coal-fired power plants.  Oxy-
coal combustion creates a highly concentrated stream of CO2 from
a steam generator to facilitate carbon capture and
sequestration.  Foster Wheeler expects that its first
applications of oxy-coal combustion technology would involve the
company's circulating fluidized-bed (CFB) steam generators,
which have already gained global market acceptance for their
efficiency, fuel flexibility, and relatively low emissions.
Foster Wheeler expects that oxy-coal combustion technology will
be applicable to pulverized-coal (PC) steam generators as well.

Praxair has a long history of advancing oxygen-based combustion
and gas-processing technologies that bring substantial
productivity and environmental benefits to customers in many
industries.  For this project, Praxair will provide the upstream
oxygen-supply facilities, applying its design, engineering and
construction expertise in building large cryogenic air-
separation plants that produce the large volumes of oxygen
necessary for clean-coal projects.  Praxair also will provide
the downstream CO2 capture and gas-processing technologies and
equipment, based on its experience as one of the world's leading
CO2 suppliers.  Praxair's control systems and integration
capabilities also will be a key component of the project.

"We are pleased to be involved with Praxair in development of
new technology to address CO2 emissions from coal-fired power
plants," said Gary Nedelka, president and chief executive
officer of Foster Wheeler North America Corp.  "We have already
completed pilot and bench-scale testing of oxy-coal combustion
in an R&D environment, and we look forward to accelerating this
work under our agreement with Praxair.  The application of oxy-
coal combustion will allow us to advance both our CFB and PC
technologies in the area of carbon capture."

"Working with Foster Wheeler will help accelerate the
development of oxy-coal combustion technology in the power-
generation field, enabling us to contribute an environmentally
friendly way to tap vast coal resources to meet our energy
needs," said Charles McConnell, Praxair's vice president,
gasification and oxy-coal technology.

The companies expect that their first joint commercial effort
will be the previously announced demonstration project being
pursued by the Jamestown (New York) Board of Public Utilities.
The Jamestown project would be the first of its kind in the
United States and potentially an international model for future
energy development.

                        About Praxair

Praxair Inc. -- http://www.praxair.com/-- is the largest
industrial gases company in North and South America, and one of
the largest worldwide, with 2006 sales of US$8.3 billion.  The
company produces, sells and distributes atmospheric, process and
specialty gases, and high-performance surface coatings.  Praxair
products, services and technologies bring productivity and
environmental benefits to a wide variety of industries,
including aerospace, chemicals, food and beverage, electronics,
energy, healthcare, manufacturing, metals and others.

                    About Foster Wheeler

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

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

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

                  Asbestos Management Program

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


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

MITSUBISHI MOTORS: To Move Outlander Production to Netherlands
--------------------------------------------------------------
Mitsubishi Motors Corporation said it would transfer the
production of its Outlander care for the European market to the
Netherlands due to strong demand, writes Gilbert Kreijger of
Reuters.

According to Mr. Kreijger, aside from the strong demand, this
move will help free up production capacity in Japan.

Mitsubishi's Dutch facility, called NedCar, will produce about
20,000 SUV Outlander cars in 2008 and 30,000 in subsequent
years.  Reuters cites a NedCar spokesman as saying that NedCar
already produces about 70,000 of Mitsubishi's Colt model.

Strong demand for the automaker's Outlander model in Europe and
its new Lancer model worldwide were reason to shift Outlander
production to the Netherlands, notes Mr. Kreijger.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


SEIYU LTD: Changes 2007 Forecast to 6th Straight Annual Loss
------------------------------------------------------------
Seiyu Ltd. lifted its annual loss forecast by 76% due to a
charge to cut about 7% of its workforce as it struggles with
sluggish sales, Reuters reports.

Wal-Mart Stores Inc.'s Japanese unit, according to the article,
is headed for its sixth straight annual loss in 2007, after
offering early retirement to hundreds of employees out of a
group work force of about 6,500.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 20, 2007, Seiyu said that it will cut 450 jobs through an
early retirement program in a bid to cut back on labor costs.
Seiyu admits that the program is estimated to cause an
extraordinary loss of JPY4.5 billion to cover additional
retirement benefits and other related costs.

Along with this, Seiyu accordingly widened its 2007 group net
loss forecast by that amount to JPY10.4 billion, keeping its
forecasts for operating profit and sales unchanged, notes
Reuters.

Reuters notes that Seiyu Chief Operating Officer Toru Noda told
a news conference, "I don't think we will need this kind of
restructuring (in the future)," adding that he also did not
expect the retailer would need to close stores.

Reuters recounts that Seiyu cut 1,600 jobs in 2004.

                        About Seiyu Ltd.

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.


* Moody's Sees Stable Outlook for Japanese Cosmetics Sector
-----------------------------------------------------------
Moody's Investors Service considers the outlook for the Japanese
cosmetics industry as stable, supported by steady demand, but
significant challenges are at the same time evident.

Due to rising competition and rapid changes in diversified sales
channels, all cosmetics companies will need to enhance their
brands and management of their sales channels if they are to
protect their market positions and profitability, Moody's says
in a new report, "Japan Cosmetics".

"In this regard, the management of drug store channels in
particular is becoming more important, while effective spending
on advertising and sales promotion will be key to maintaining
competitive advantages," says Noriko Kosaka, a Moody's
AVP/Analyst and author of the report.

"At the same time, ongoing discipline - in balancing the needs
of bondholders and stockholders with growth strategies - will
support the industry's strong financial fundamentals in the year
ahead," says Kosaka.

Japan's cosmetics market is a mature one, with a shipment base
of about JPY1.5 trillion in both 2005 and 2006, Moody's says.

"Against such a backdrop, major manufacturers are reinforcing
expansion of their overseas operations, especially in Asia,"
says Kosaka, adding, "The successful implementation of an
overseas strategy is still key to pursuing topline growth and
realizing higher organic growth."

For example, Shiseido is aggressively expanding its business in
China through department stores as well as cosmetics specialty
stores, and has launched different brands via each channel.

In a discussion on financial fundamentals, Moody's notes that
most of the major cosmetics makers have increased their
dividends over the last several years, but these rises have been
well covered by cash flow.

"Therefore, Moody's believes the companies will maintain their
current healthy balance sheet structures, which should give them
the flexibility to take strategic action when needed," the
report says.

In addition, Moody's does not expect any considerable M&A in
Japan over the medium term and which would cause a significant
rise in a company's financial leverage.


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

COREBRID INC: Names Jeon Byung Cheol as Largest Shareholder
-----------------------------------------------------------
Jeon Byung Cheol become the largest shareholder of CoreBrid,
Inc., effective Sept. 18, 2007, Reuters reports.

Until Sept. 18, Soh Jae Sahm was the largest shareholder in the
company, the news agency adds.

Jeon Byung Cheol now holds a 7.56% stake in CoreBrid, Reuters
notes.

Seoul-based CoreBrid Inc., previously known as Curon Inc. --
http://www.curon.co.kr-- is engaged in the provision of
diaphragms, vaporizers and Video On Demand servers.  The company
provides three main products: diaphragms and vaporizers, which
are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; VOD
servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and Telematics, which are
used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs, TVs
and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on February 22, 2007.


COREBRID INC: Partners w/ Venture Square for Expansion Efforts
--------------------------------------------------------------
CoreBrid, Inc. has signed a memorandum of understanding with
Japan's The Venture Square for Society Inc, Reuters reports.

According to the report, this company move is aimed at expanding
the distribution channels of the company's color vision
deficiency (CVD) solutions in Japan.

Under the terms of the agreement, the two companies will
collaborate on joint marketing, products sales and building
sales agencies, the report notes.

Seoul-based CoreBrid Inc. previously known as Curon Inc. --
http://www.curon.co.kr-- is engaged in the provision of
diaphragms, vaporizers and Video On Demand servers.  The company
provides three main products: diaphragms and vaporizers, which
are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; VOD
servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and Telematics, which are
used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs, TVs
and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on February 22, 2007.


DAEWOO ELECTRONIC: Changes Offering Means for Shares Issue
----------------------------------------------------------
Daewoo Electronic Components Co., Ltd., has changed its method
of offering for the issuance of 6 million common shares from
public offering to rights issue, Reuters reports.

Other details of the amendments are:

   * subscription date for employee stock ownership association
     on October 22, 2007,

   * subscription period for the existing shareholders from
     November 15, 2007 to November 16, 2007 and

   * a new listing date of December 5, 2007.

The company has made these changes on September 14, 2007.

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

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

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

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


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

MEGAN MEDIA: Mayban Wants to Wind-Up Memory Tech's Operations
-------------------------------------------------------------
Megan Media Holdings Bhd's wholly unit, Memory Tech Sdn Bhd, is
facing a wind-up petition filed by Mayban Trustees Bhd due to
bond payment defaults.

The unsealed copy of the Winding-Up Petition was served on the
unit's registered address on September 19, 2007.

The Wind-Up Petition states that:

   Following the various announcements by Megan Media with
   regards to its inability to honor maturing banking
   facilities, Mayban Trustees Bhd issued a Declaration of Event
   of Default, as instructed by the Bondholders, on May 30,
   2007, followed by a demand for payment of MYR436,110,000 on
   June 5, 2007.  This has been the subject of ongoing
   deliberations between the Company and its Malaysian Creditor
   Banks (including the Bondholders) on the options available to
   formulate a Comprehensive Debt Restructuring and
   Regularization Plan.

Based on the wind-up petition, Mayban said it entered into a
"Supplementary Trust Deed" with Memory Tech in respect of the
Bai Bithamin Ajil Islamic Debt Securities issued by the unit.

Accordingly, thru the petition, Mayban seeks payments of:

    a) MYR320,000,000.00 nominal value of primary bonds; and

    b) MYR112,270,000.00 nominal value of non-detachable
       secondary bonds and Hibah Promissory Notes of
       MYR40,559,822.00.

Megan Media pointed out on its disclosure that the wind up
petition, if granted, will have a significant financial and
operational impact to the Group.  However, the position and
outcome of this proceeding will ultimately depend on the debt
restructuring and regularization endeavor.  In the meantime, the
Company is closely monitoring its short term cash flow and has
sufficient short term cash flow based on its current modus
operandi.

The company also expects to post losses arising from the
granting of the Petition.

MTSB is a major subsidiary of the Company. MTSB's issued and
paid-up capital is MYR130,000,000 comprising of 130,000,000
ordinary shares of MYR1.00 each fully paid-up.

Megan Media Holdings Berhad' s principal activities are
manufacturing and trading data storage media products such as
computer diskettes, video cassette tapes, compact disc
recordable (CD-R's) and digital versatile disc recordable (DVD-
R's).  The Group operates in Malaysia, Singapore and other
countries.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that the Rating Agency Malaysia has downgraded the long-
term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman
Ajil Islamic Debt Securities (2005/2012) ("BaIDS"), from C3
(with a negative outlook) to D.

The BaIDS carries a corporate guarantee from MTSB's holding
company, Megan Media Holdings Berhad.  Concurrently, RAM has
lifted the Rating Watch (with a negative outlook) that had been
placed on MTSB on May 9, 2007, following the failure of MTSB and
MJC (Singapore) Pte Ltd, another wholly owned subsidiary of
Megan Media, to repay their trade facilities amounting to
MYR47.36 million.

On June 19, 2007, the company was classified as a PN17 company,
and was required to submit a substantive plan to regularize its
financial condition.


PAN GLOBAL: Denies Report on Insurance Unit Sale to Golden Plus
---------------------------------------------------------------
PanGlobal Bhd denied reports that it is in talks with Golden
Plus Holdings Bhd for the disposal of its insurance unit.

In a disclosure with the Bursa Malaysia Securities Bhd, the
company said that the Financial Daily reported that Golden Plus
is in negotiations to purchase its insurance unit.

However, PanGlobal clarified, none of its directors and
executives in office have held discussions with Golden Plus nor
made such representations whether expressly or impliedly to any
members of the press regarding the alleged talks.

In addition, the company said that it is also not aware of any
application to Bank Negara Malaysia to commence negotiations
other than with Tokio Marine Asia Pte Ltd .

The Group Chief Executive Officer, Bernard Wong Shoon Tet,
further added that negotiations on the proposed sale of the
company's investments in PanGlobal Insurance Berhad with Tokio
Marine Asia Pte Ltd is currently on-going.


Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme.

The company's balance sheet as of June 30, 2007, went upside
down with shareholders' deficit of MYR489 million, resulting
from total assets of MYR632.52 million, and total liabilities of
MYR1.12 billion.


PAN MALAYSIAN: To Acquire Land and Building for MYR39 Million
-------------------------------------------------------------
Pan Malaysian Industries Bhd will acquire from Pan Malaysia
Holdings Bhd a piece of land together with a building on it for
MYR39 million.

The land and the 15-storey office building is located on Jalan
Changkat Ceylon, Kuala Lumpur.  It is valued at MYR29 million on
Pan Malaysia's books last year but an independent valuer gives
it a value of MYR39 million.

Pan Malaysia will use the proceeds from the property sale to cut
its debt amounting MYR70 million as at September 10, 2007.

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

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

Pan Malaysian Industries Bhd's balance sheet as of June 30,
2007, went upside down by MYR29.1 million on total assets of
MYR643.76 million and total liabilities of MYR672.85 million.


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

BEALEY ONE: Taps Nellies and Deuchrass as Liquidators
-----------------------------------------------------
On August 30, 2007, Iain Andrew Nellies and Wayne John Deuchrass
were tapped as liquidators of Bealey One Ltd.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited, Level 1
         148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


CARBONARA ENTERPRISES: Court to Hear Wind-Up Petition on Nov. 29
----------------------------------------------------------------
The High Court at Auckland will hear on November 29, 2007, at
10:00 a.m., a petition to have the operations of Carbonara
Enterprises Ltd. wound up.

Tasman Liquor Company Limited filed the petition on July 27,
2007.

Tasman Liquor's solicitor is:

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


CHURCH GILES: Fixes October 5 as Last Day to File Claims
--------------------------------------------------------
The shareholders of Church Giles Ltd., on August 24, 2007,
appointed John Trevor Whittfield and Boris van Delden as the
company's liquidators.

Messrs. Whittfield and van Delden are accepting creditors'
proofs of debt against the company until October 5, 2007.

The Liquidators can be reached at:

         John Trevor Whittfield
         Boris van Delden
         c/o McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


FOX KITCHENS: Court Appoints Interim Liquidators
------------------------------------------------
On August 30, 2007, the High Court of Christchurch appointed
Stephen John Tubbs and Warren Michael Johnstone as interim
liquidators for Fox Kitchens Ltd.

The interim Liquidators can be reached at:

         Stephen John Tubbs
         Warren Michael Johnstone
         c/o BDO Spicers
         Spicer House, Level 6
         148 Victoria Street
         Christchurch
         New Zealand
         Telephone:(03) 379 5155
         Facsimile:(03) 353 5526
         e-mail: jim.barber@chc.bdospicers.com


IL PASSO: Subject to Four K's Wind-Up Petition
----------------------------------------------
On August 10, 2007, Four K Investments Limited filed a petition
to have the operations of Il Passo Ltd. wound up.

The petition will be heard before the High Court of Auckland on
November 22, 2007, at 10:45 a.m.

Four K's solicitor is:

         Malcolm David Whitlock
         c/o Baycorp House, Level 2
         15 Hopetoun Street
         Auckland
         New Zealand


NORTH RIVER: Creditors' Proofs of Debt Due on Sept. 28
------------------------------------------------------
The creditors of North River New Zealand Ltd. are required to
file their proofs of debt by September 28, 2007, to be included
in the company's dividend distribution.

The company went into liquidation on September 3, 2007.

The company's liquidators are:

         Timothy Wilson Downes
         Stephanie Beth Jeffreys
         c/o Grant Thornton Auckland Limited
         PO Box 1961, Auckland
         New Zealand
         Telephone:(09) 308 2570


PIEMME PROPERTIES: Commences Liquidation Proceedings
----------------------------------------------------
The shareholders of Piemme Properties Ltd. resolved to liquidate
the company's business on August 31, 2007.

Only creditors whose proofs of debt are in by November 1, 2007,
can join in the company's dividend distribution.

The company's liquidator is:

         R. L. Merlo
         c/o Merlo Burgess & Co. Limited
         PO Box 51486, Pakuranga
         Manukau 2140
         New Zealand
         Telephone:(09) 520 7101
         Facsimile:(09) 529 1360
         e-mail: merloburgess&co@xtra.co.nz


PLASTERMEN LTD: Appoints Brown and Rodewald as Liquidators
----------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed as
liquidators of Plastermen Ltd. on August 27, 2007.

The Liquidators can be reached at:

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


PROVINCIAL FINANCE: Debenture Holder Repayments Total NZ$192MM
--------------------------------------------------------------
Provincial Finance Limited's receivers, John Waller and Maurice
Noone of PriceWaterhouseCoopers, say that the company will pay
NZ$0.75 in the dollar to its debenture holders on Sept. 28,
2007, a press release says.

The payment will be the receivers' fifth pro-rata principal
repayment, which brings the total pro-rata principal repayments
made by the receivers over the past sixteen months to NZ$0.65 in
each dollar invested.  According to PwC, the total cash repaid
to secured debenture holders to date is NZ$192 million.

"Recoveries from the finance receivables ledgers continue to
proceed well, albeit with the trend for higher than anticipated
early loan repayments," the receivers say.  The early loan
repayment trend, the receivers point out, has two impacts on the
ultimate recoveries for secured debenture holders:

   * Principal is repaid to debenture holders quicker -- as
     early loan repayments are made, the finance receivable
     ledger reduces.  This has allowed us to repay greater
     amounts of principal to secured debenture holders earlier
     in the receivership than originally anticipated.

   * Interest income lessens -- as the finance receivable
     ledgers reduce, the Companies earn less interest income
     from their customers.  Interest income received is used to
     fund Company expenditure and repay secured Debenture
     Holders principal.

The receivers further disclosed that they have held discussions
with parties in respect of a possible restructure of the
companies or the sale of the business.  However, with the recent
well publicized issues facing the finance company sector, some
of the potential opportunities have closed to us.  The outcome
of the remaining discussions continues to remains uncertain, and
we will keep investors informed of progress as appropriate, the
receivers add.

According to the release, litigation continues against a number
of parties where the receivers believe there were a series of
alleged frauds committed against the companies.  The receivers,
however, is unable to comment at this time as to the likely
outcome of the litigation.

The receivers maintain that they are of the view that preference
shareholders and unsecured creditors will not receive any return
from the receivership.  "With respect to future payments, while
we propose to continue with quarterly payments it should be
noted that the amount of each payment will progressively reduce
as time goes by and the overall level of the book further
reduces," the receivers advise.

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.

As reported in the Troubled Company Reporter-Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts.  The company owes
NZ$300 million to 14,000 small investors.


S.A.F.E. CONTRACTING: Commences Wind-Up Proceedings
---------------------------------------------------
S.A.F.E. Contracting Ltd. went into liquidation on August 23,
2007.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed as liquidators.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         c/o Insolvency Management Limited
         Burns House, Level 3
         10 George Street
         PO Box 1058, Dunedin
         New Zealand


W M O LTD: Taps Nellies and Deuchrass as Liquidators
----------------------------------------------------
Iain Andrew Nellies and Wayne John Deuchrass were named as
liquidators of W M O Ltd. on August 31, 2007.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level 1, 148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


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

ATLAS CONSOLIDATED: Subsidiary to Augment Capital to PHP3.2 Bil.
----------------------------------------------------------------
Carmen Copper Corp.'s Board of Directors and stockholders has
authorized the increase in the company's authorized capital
stock during a joint meeting held on Wednesday.

Carmen Copper is a wholly owned subsidiary of Atlas Consolidated
Mining and Development Corp.

According to a disclosure with the Philippine Stock Exchange,
Atlas said that Carmen Copper's authorized capital stock will be
increased to PHP3.2 billion from the current PHP10 million.

                          *     *    *

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, total liabilities of PHP3.81 billion
exceeded total assets of PHP2.99 billion, resulting in a capital
deficiency of PHP820.5 million.  Total current liabilities of
PHP1.91 billion as of December 31, 2006, also exceeded total
current assets of PHP305.22 million.


BANGKO SENTRAL: Will Finish 2nd Forex Liberalization by Year-end
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas expects its second wave of
foreign exchange liberalization to be completed by the end of
this year, the Philippine Star reports.

According to the article, the central bank's regulators
initially planned the measures to be completed by June 30, but
BSP Governor Amando M. Tetangco Jr. said the measures might not
be ready until December 31.

The second wave of forex liberalization will make it easier for
Filipino investors abroad because it will lift de facto
restrictions on capital outflow, PhilStar says.

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.


BANKARD INC: Appoints Three New Members of Executive Committee
--------------------------------------------------------------
Oscar B. Biason, Atty. Teodoro Q. Pena and Francisco C. Eizmendi
Jr. has been appointed into the Bankard Inc.'s Executive
Committee during a meeting held on Wednesday.

Mr. Biason was appointed as a regular member, while Atty. Pena
and Mr. Eizmendi were elected as alternate members.

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard reported a net loss of PHP597.6 million for the year
ended December 31, 2006, which translated to a loss per share of
PHP1.92, the bank said in it annual financials filed with the
Philippine Stock Exchange.  The bank also had a net loss of
PHP422.4 million for the year ended December 31, 2005.


CHIQUITA BRANDS: U.S. Federal Court Fines Firm US$25 Million
------------------------------------------------------------
The US federal court has ordered Chiquita Brands International
to pay US$25 million in fines for paying millions of dollars to
Colombian terrorist groups from 1997 to 2004, Agence France-
Presse reports.

Agence France notes that Chiquita Brands pleaded guilty to
paying some US$1.7 million to Colombian paramilitary group
United Self-Defense Committees of Colombia.

Chiquita Brands explained to the Business Courier of Cincinnati
that the payments were made by a former unit due to threats to
the safety of workers.

According to Agence France, the Honorable Royce Lamberth has
authorized an accord between Chiquita Brands and the US
government in March 2007 that spared company officials.

Agence France relates that the prosecution has agreed not to
name or prosecute Chiquita Brands executives who were involved
in paying the terrorist groups.

The Business Courier notes that the U.S. Department of Justice
decided not to file charges against 10 Chiquita Brands
executives for allegedly facilitating the bribes.

Meanwhile, Chiquita Brands still faces a civil lawsuit filed in
the district court of New Jersey in July 2007 by families of the
terrorists' victims, Agence France says.  The complainants are
seeking for unspecified damages.  They claimed that Chiquita
Brands funded and armed terrorist organizations to maintain
control of Colombian banana growing regions.

Agence France notes that a class action lawsuit could result in
damages being awarded to each victim of any terrorist group paid
by Chiquita Brands.  The firm could pay as much as tens of
millions of dollars.

The Associated Press relates that Chiquita Brands was placed on
probation for five years.

Chiquita Brands told the Business Courier that it cooperated
with the federal probe.

                     About Chiquita Brands

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.


METROPOLITAN BANK: Elects Richard Benedict So as Sr. Vice Pres.
---------------------------------------------------------------
Metropolitan Bank & Trust Co. has appointed Richard Benedict S.
So as senior vice president effective October 8 during a meeting
held last Wednesday.

At the meeting, the Board of Directors also made these
appointments during the meeting:

    * Fabian S. Dee as director effective October 1

    * Vicente R. Cuna Jr. as adviser effective October 1

   * Atty. Angelica H. Lavares as additional assistant
      corporate secretary effective October 1

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.


METROPOLITAN BANK: Ramon Sy Resigns as Director & Vice Chairman
---------------------------------------------------------------
Ramon Y. Sy has resigned as director and vice chairman of
Metropolitan Bank & Trust Co.

According to a disclosure with the Philippine Stock Exchange,
Mr. Sy's resignation is effective September 30.

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.


NIHAO MINERAL: Mina Tierra Deal Cues Trading Suspension by PSE
--------------------------------------------------------------
The Philippine Stock Exchange has effected a trading suspension
yesterday on the shares of NiHAO Mineral Resources Inc. as the
PSE seeks further information on Mina Tierra's subscription of
475 million common shares in NiHAO.

In a disclosure with the PSE on Wednesday, NiHAO said that its
Board of Directors authorized the opening of 475 million shares
for subscription by Mina Tierra in order to effect the company's
acquisition of the Botolan Mining rights from Mina Tierra.  The
shares have an aggregate par value of PHP475 million.

                          *     *     *

Formerly known as Magnum Holdings Inc., Pasig City, Philippine-
based NiHAO Mineral Resources Inc. was originally organized to
engage in mining exploration.

On June 28, 2007, the Securities and Exchange Commission
approved the change in its Magnum Holdings Inc.'s name to NiHAO
Mineral Resources, Inc.

After auditing the company's annual report for FY2006, Napoleon
Calderon at MCJ & Co. raised significant doubt on the company's
ability to continue as a going concern, citing the company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.


PHILCOMSAT HOLDINGS: Justice Dept. Proposes Dissolution of Firm
---------------------------------------------------------------
The Department of Justice is proposing to dissolve Philcomsat
Holdings Corp. in a bid to end the conflict between two major
groups of shareholders and to allow the government to exert
greater control over the management and assets of the company,
the BusinessWorld reports.

Justice Undersecretary Fidel J. Exconde explained to reporters
that the dissolution of Philcomsat Holdings will facilitate the
transfer of its assets to parent firms Philippine Communications
Satellite Corp. and the Philippine Overseas and
Telecommunications Corp.

The government can also call for a stockholders' meeting through
the Presidential Commission on Good Government, which owns 28%
of Philcomsat Holdings, and eventually move to dissolve the
firm, the undersecretary added.

Shareholder Erlinda K. Ilusorio-Bildner said that her group
supports the dissolution of the company, but points out that
"how can [the government] dissolve it if [the group of Enrique
Locsin refuses to let go]?"  Meanwhile, BusinessWorld was unable
to reach the members of the PCGG-backed faction for comment.

The PCGG-backed shareholders, led by vice president Enrique
Locsin, has long been in conflict with the faction led by Ms.
Ilusorio-Bildner, Atty. Victor A. Africa and Sen. Juan Ponce
Enrile over the control of Philcomsat Holdings.  The two groups
have repeatedly accused each other of squandering the company's
assets through large kickbacks and unauthorized transactions.

Because of the dispute, Philcomsat Holdings, which is a publicly
listed firm, failed to submit its annual report to the
Philippine Stock Exchange on time.  Trading of its stocks has
been put on hold since April.

                  About Philcomsat Holdings

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


PHIL LONG DISTANCE: Job Cuts May Boost Earnings, Analysts Say
-------------------------------------------------------------
Analysts are expecting earnings of the Philippine Long Distance
Telephone Co. to be boosted by its recently announced job cuts
due to changes in technology and consumer demand, the Philippine
Daily Inquirer reports.

According to the article, PLDT's stocks rose to their highest
level yesterday, touching PHP2,855 before it closed at PHP2,830
with 163,320 shares changing hands.  This is 2.5% higher than
Wednesday's closing.

Jose Vistan Jr., research director at AB Capital Securities,
said that "[the trade] is just because of the overall bullish
outlook for the economy and the upside momentum of the market."

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.


STEEL CORP: Seeks to Have Atty. Gabionza Sacked as Receiver
-----------------------------------------------------------
The Steel Corporation of the Philippines awaits a ruling on its
motion pending before the Court of Appeals to replace its
current rehabilitation receiver, Atty. Santiago T. Gabionza,
because of alleged favor towards the company's creditor,
Equitable PCI Bank, the Manila Bulletin reports.

SCP's vice president, Nonnatus P. Chua, said that Atty. Gabionza
concentrated on converting the company's debts to equity instead
of seeking remedies to rehabilitate the company, resulting in a
reduced net book value for the company and a takeover by
Equitable PCI of majority control over SCP.

Mr. Chua told the Bulletin that he and his financial advisors
have submitted a "viable" rehabilitation plan to oppose the
proposed plans by EPCI and Atty. Gabionza, which he said were
"hostile takeover plans and are not meant to rehabilitate [the
company]."

Based in Makati City, Philippines, Steel Corp. of the
Philippines -- http://www.steelcorp.com.ph/index.php-- provides
coated steel products for use in a diverse range of applications
like appliance, automotive, architecture, construction,
furniture, and cans.

The company is currently subject to a rehabilitation initiated
by one of its creditors, Equitable PCI Bank, which has now
merged with Banco de Oro Universal Bank to form the current
Banco de Oro-Equitable PCI Bank Inc.


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

AAR CORP: Reports Record Quarterly Sales and Record 1Q Earnings
---------------------------------------------------------------
AAR Corp. (NYSE: AIR) reported fiscal 2008 first quarter net
sales of US$306.0 million and income from continuing operations
of US$15.3 million, or US$0.36 per diluted share.  Sales grew
27% from US$240.2 million last year, and income from continuing
operations increased 25% from US$12.2 million in the prior year.
AAR achieved double-digit sales growth in all four of the
Company's operating segments.  Sales to commercial customers
increased 26%, and sales to defense customers grew 30%, year-
over-year.

The 26% increase in sales to commercial customers was driven by
strength in supply chain programs and aftermarket parts sales,
increased heavy maintenance activity, including the acquisition
of Reebaire, and continued momentum in the aircraft sales and
leasing business.  During the quarter, the Company launched an
additional line of heavy maintenance for Southwest Airlines at
its Indianapolis Maintenance Center.  In addition, the Company
nearly doubled the size of its aircraft fleet through the
acquisition of eighteen 737-400 aircraft and one 747-400
aircraft with joint venture partners.

The 30% growth in sales to defense customers was attributable to
robust demand for mobility systems products, the acquisition of
Brown International in April 2007 and strength in performance-
based logistics programs.  AAR was awarded a US$162 million
contract for specialized shipping/storage containers, shelters
and accessories to support several branches of the U.S. military
and federal civilian agencies.  In addition, the Company
received a US$31 million order to provide specialized shelters
to the U.S. Army and was selected by the U.S. Army to provide 25
cargo handling systems for CH-47 (Chinook) helicopters.
Shipments on these new contracts will commence during the second
quarter.

Gross profit margin was 18.5% for the first quarter compared to
17.9% last year, excluding impairment charges recorded during
the first quarter of fiscal 2007.  Selling, general and
administrative expenses increased US$4.8 million year-over-year,
reflecting the impact of acquisitions and increased spending to
support growth, as well as investments in operational
improvement initiatives across the Company. Selling, general and
administrative expenses declined to 10.0% of sales from 10.7%.
Net interest expense increased US$0.4 million year-over-year
related to investments made in the business, including
acquisitions and aircraft purchases.  The effective income tax
rate increased to 34% during the first quarter from 30% a year
ago due to the expiration of certain tax benefits.

"We are pleased with the strong sales growth we generated in the
first quarter, and fiscal 2008 is off to a solid start," said
David P. Storch, Chairman and Chief Executive Officer of AAR
CORP.  "We believe that our top line momentum combined with the
margin improvement initiatives underway will contribute to
margin expansion going forward.  Further, our banks recognize
the Company's significant achievements and agreed to an increase
in our revolving credit facility from US$140 million to
US$250 million as we explore new opportunities for growth,
increasing our market presence and improving our operating
results."

                   AAR CORP. and Subsidiaries
         Unaudited Consolidated Statements of Operations
             (in thousands, except per share data)

                                  Three Months Ended August 31,
                                             2007          2006
                                             ----          ----
Sales                                  US$305,960    US$240,242

Cost and Expenses:
   Cost of sales                          249,420       197,219
   Cost of sales - impairment charges           -         7,652
   Selling, general and administrative     30,662        25,825

Earnings from aircraft joint ventures       1,020         3,041
Gain on sale of product line                    -         5,358

Operating income                           26,898        17,945
Gain on extinguishment of debt                  -         2,927
Interest expense                            4,338         4,666
Interest income                               583         1,339

Income from continuing operations
   before income taxes                     23,143        17,545

Income tax expense                          7,888         5,316

Income from continuing operations          15,255        12,229

Discontinued Operations:
   Operating loss, net of tax                 102           445
                                             ----          ----
Net income                              US$15,153     US$11,784

Share Data:

Earnings per share - Basic:
   Earnings from continuing operations    US$0.41       US$0.34
   Loss from discontinued operations            -         (0.01)
   Earnings per share - Basic             US$0.41       US$0.33

Earnings per share - Diluted:
   Earnings from continuing operations    US$0.36       US$0.30
   Loss from discontinued operations            -         (0.01)
   Earnings per share - Diluted           US$0.36       US$0.29

Average shares outstanding - Basic         36,836        36,076
Average shares outstanding - Diluted       43,789        42,893


             Consolidated Balance Sheet Highlights
             (In thousands except per share data)

                                           08/31/        05/31/
                                            2007          2007
                                           ------        ------
                                       (unaudited)     (audited)

Cash and cash equivalents               US$58,021     US$83,317
Current assets                            615,927       645,721
Current liabilities (excluding
   debt accounts)                         165,243       182,261
Net property, plant and equipment          90,935        88,187
Total assets                            1,076,976     1,067,633
Total recourse debt                       284,179       284,229
Total non-recourse obligations             57,669        43,627
Stockholders' equity                      509,380       494,243
Book value per share                     US$13.51      US$13.10
Shares outstanding                         37,712        37,729

                         About AAR Corp.

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

                          *     *     *

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

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


CKE Restaurants: Posts US$9.4-Mil. Net Income in 2nd Qtr. 2007
--------------------------------------------------------------
CKE Restaurants posted a net income of US$9.42 million for the
twelve weeks ended August 13, 2007, compared with the
US$14.21-million net income reported in the same period ended
August 14, 2006.

Second Quarter Highlights

   -- Same-store sales increased 2.0% at Carl's Jr. and 2.9%
      at Hardee's company-operated restaurants, compared to the
      prior year quarter;

   -- Average unit volumes for the trailing thirteen periods
      increased to US$1,481,000 and US$934,000 at company-
      operated Carl's Jr. and Hardee's restaurants,
      respectively;

   -- Consolidated revenue for the current year quarter was
      US$363.1 million, a 0.4 % decrease from the prior year
      quarter.  Company-operated restaurants revenue for the
      current year quarter was US$287.8 million, a 0.5% decrease
      from the prior year quarter.  Both consolidated revenue
      and company-operated restaurants revenue comparisons have
      been negatively impacted by the refranchising of our
      Oklahoma Carl's Jr. market during the prior year quarter
      and by the refranchising of 46 Hardee's restaurants during
      the current fiscal year;

   -- Second quarter operating income was US$23.4 million versus
      US$33.9 million in the prior year quarter.  The US$10.5
      million decrease in operating income was attributable to a
      number of factors:

      1) Food and packaging costs increased by 130 basis points
         (or approximately US$3.7 million), primarily due to
         increased commodity prices for beef, cheese, pork and
         oil products and an increase in soft drink syrup
         prices.

      2) Occupancy and other restaurant operating costs
         increased by 110 basis points (or approximately US$3.1
         million), primarily due to increased rent and
         depreciation and amortization expense.  Rent expense
         increased due mainly to rental rate increases resulting
         from Consumer Price Index and fair market value
         adjustments and the refranchising of our Oklahoma
         Carl's Jr. market during the prior year quarter.
         Depreciation and amortization expense increased due
         mainly to the rollout of new point-of-sale software and
         related hardware, as well as increased restaurant
         remodel activity.

      3) Royalty revenue decreased by US$1.8 million, primarily
         due to substantial collections, during the prior year
         quarter, of previously unrecognized royalties from
         delinquent franchisees that did not recur to the same
         extent in the current year quarter;

      4) Workers' compensation expense increased by US$1.4
         million, as a result of a US$2.5 million charge to
         increase our liability for self-insured claim losses
         associated with a 1982 injury claim, partially offset
         by a US$1.1 million reduction related to our workers'
         compensation expense for all other self-insured claims;

      5) Labor, advertising and share-based compensation expense
         increased by an aggregate of US$1.5 million; and

      6) Facility action charges, net decreased by US$1.3
         million;

   -- Second quarter income before income taxes and discontinued
      operations was US$19.5 million versus US$26.4 million in
      the prior year quarter.  This year's income before income
      taxes and discontinued operations decreased as a result of
      the factors discussed above, the impact of which was
      partially offset by a decrease of US$3.6 million in
      conversion inducement expense;

   -- Second quarter income from continuing operations was
      US$11.7 million or US$0.18 per diluted share versus
      US$14.7 million or US$0.21 per diluted share in the prior
      year quarter;

   -- Restaurant operating costs at Carl's Jr. company-operated
      restaurants increased 380 basis points, compared to the
      prior year quarter, to 79.6 % of company-operated
      restaurants revenue.  The increase was primarily due to
      higher food and packaging costs (50 basis points) and
      higher rent and depreciation and amortization expense (140
      basis points), as well as higher payroll and employee
      benefits expense (150 basis points) due to an unfavorable
      workers' compensation reserve adjustment associated with a
      1982 workers' compensation claim.

   -- Restaurant operating costs at Hardee's company-operated
      restaurants increased 220 basis points, compared to the
      prior year quarter, to 83.2 % of company-operated
      restaurants revenue.  The increase was primarily due to
      higher food and packaging costs;

   -- For the twenty-eight weeks ended Aug. 13, 2007, the
      company generated earnings before interest, income taxes,
      depreciation and amortization, facility action charges and
      share-based compensation expense ("Adjusted EBITDA") of
      US$92.7 million, versus US$104.1 million in the comparable
      prior year period.  For the trailing-13 periods ended
      August 13, 2007, the company generated Adjusted EBITDA of
      US$169.8 million;

   -- The company repurchased 4,022,300 shares of common stock
       during the quarter at a total cost of US$70.3 million;

   -- Since the end of the second quarter, the company has
      repurchased an additional 2,056,500 shares at a total cost
      of US$35.5 million;

   -- Fully diluted shares outstanding for the twelve and
      twenty-eight weeks ended Aug. 13, 2007, were 65.3 million
      and 68.0 million, respectively.

                       Executive Commentary

Andrew F. Puzder, president and chief executive officer, said,
"Second quarter operating income was US$23.4 million versus
US$33.9 million in the prior year quarter.  This US$10.5 million
decrease in operating income from last year's very favorable
quarter was primarily due to commodity pressures, increased rent
and depreciation and amortization expense and increased workers'
compensation expense.  While our restaurant operating costs are
still among the lowest in the industry, we are not satisfied
with this decline.  We have taken and will continue to take
steps to reverse this trend."

"With respect to our restaurant operations, we will continue to
focus on the fundamentals of our business, including our premium
product strategy, superior customer service, and effective,
cutting edge advertising.  However, as noted above, we are also
very focused on addressing the increase in restaurant operating
costs, particularly with respect to the portion of that increase
driven by increased food and packaging costs."

"During the second quarter, we also took a number of steps to
better position our company for future profitability and growth
while returning capital to our shareholders."

"We returned approximately US$74.0 million to our shareholders
through stock repurchases and cash dividends during the quarter,
including the repurchase of 4,022,300 shares at a total cost of
US$70.3 million.  Since the end of the second quarter, we have
repurchased an additional 2,056,500 shares at a total cost of
US$35.5 million.  For fiscal year 2008 to date, we have
repurchased 10,458,820 shares at a total cost of US$189.2
million.  Subsequent to the end of the quarter, we announced a
US$100 million increase in our term loan, and our lenders
approved an amendment to our revolving credit facility
permitting us greater financial flexibility to repurchase shares
and pay cash dividends going forward."

"We also continued with our strategic refranchising of
approximately 200 Hardee's restaurants originally announced in
April.  To date, we have completed the refranchising of 80
Hardee's restaurants in the Midwest and Southeast. In addition,
we completed the sale of La Salsa Fresh Mexican Grill(TM). Both
of these actions will allow us to focus our resources more
efficiently on growing our Carl's Jr. and Hardee's brands."

"Finally, we have continued to implement our capital plan
particularly with respect to our remodel and dual branding
initiatives.  The results continue to be positive. Going
forward, we will continue to reinvest capital in our brands and
return capital to our shareholders," Puzder concluded.

As of the end of its fiscal 2008 second quarter, CKE
Restaurants, Inc., through its subsidiaries, had a total of
3,036 franchised, licensed or company-operated restaurants in 42
states and in 13 countries, including 1,111 Carl's Jr.
restaurants and 1,909 Hardee's restaurants.

                     About CKE Restaurants

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

                       *     *     *

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


OPTIMUM-3 INTERNATIONAL: Court to Hear Wind-Up Petition Today
-------------------------------------------------------------
The High Court of Singapore will hear today, September 21, 2007,
at 10:00 a.m., a petition to have the operations of Optimum-3
International Pte Ltd wound up.

The petition was filed by Foo Kian Beng and Tin Hoon Nyuk on
August 29, 2007.

The Petitioners' solicitors are:

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


REFCO: Litigation Trust Files Suit Against Advisers & Insiders
--------------------------------------------------------------
The Refco Litigation Trusts a filed a lawsuit in New York on
behalf of 75 Foreign Exchange customers charging that Refco
Inc.'s legal and accounting advisers knowingly assisted corrupt
Refco insiders in looting customer assets deposited with Refco.

The lawsuit, filed in New York State Supreme Court, names
Mayer, Brown, Rowe & Maw LLP, Grant Thornton LLP, Ernst & Young
LLP, and the corrupt Refco insiders as defendants.  The lawsuit
seeks over half a billion dollars in damages and penalties for
the defendants' role in committing and aiding in the fraud,
breaches of fiduciary duty, and conversion through which Refco
FX customer funds were misappropriated.

The lawsuit provides a thorough description of the manner
through which the Refco insiders, "with the knowledge, active
participation, and substantial assistance" of Mayer Brown, Grant
Thornton, and Ernst & Young, fraudulently induced FX customers
to entrust their funds with Refco's unregulated broker-dealer,
Refco
Capital Markets, and "secretly deployed" these customer assets
as a "personal piggy bank," "to fund other Refco businesses
and... keep the Refco house of cards from collapsing."

As alleged in the complaint, the Refco insiders caused the
customer assets to be "upstreamed," "side-streamed," and "down-
streamed" to other Refco entities that "lacked the intent and/or
the financial wherewithal to repay the siphoned funds" and were
made "without compensation, security or collateral (and) without
assurances that the funds would or could be repaid on demand or
at all by the Refco entities that received them."

The purpose of the entire scheme, the lawsuit alleges, was to
dress up Refco's financial condition so as to allow the Refco's
insiders to sell their interests at fraudulently inflated
prices.

Specifically, the lawsuit alleges that:

  * Grant Thornton "completely abandoned its obligations of
    independence, learned first-hand of the fraud, and then
    aided and abetted that fraud by, among other things,
    continuing to provide clean audit opinions in the face of
    grotesque accounting manipulations;"

  * Grant Thornton provided unqualified audit opinions on RCM's
    financial statements despite knowing these statements
    mischaracterized the siphoned customer assets as a
    "receivable from customers" and that the transfers of FX
    customer funds "were simply extractions of money, with no
    collateral," were not made in the "normal course of
    business," and were made to Refco affiliates that "lacked
    the intent and/or the financial wherewithal to repay the
    stolen assets;"

  * Mayer Brown advised Refco and RCM regarding the Refco
    insiders "fraudulent scheme to attract and siphon RCM
    customer funds by purporting to maintain RCM as an
    unregulated offshore broker-dealer despite the fact that
    after closing its Bermuda operations in late 2001, RCM
    conducted all of its activities in the U.S.;"

  * Mayer Brown, "over the course of five years... drafted
    virtually all of the documents for" fraudulent "round trip"
    loan transactions at the end of every relevant reporting
    and audit period (and the unwinding of those transactions
    days later) that were solely designed to conceal Refco's
    trading losses, inflated expenses and uncreditworthy
    financial condition;

  * Ernst & Young willingly "prepare(d) false tax returns," had
    complete knowledge of the scheme and "actively assisted"
    the Refco insiders in hiding Refco's "bad debts,"
    acknowledging internally that it could be "an accessory to
    some type of fraud."

Marc S. Kirschner, Trustee of the Refco Litigation Trusts, said,
"This is the third lawsuit filed by the Refco Litigation Trusts,
which have a broad mandate to pursue claims on behalf of Refco
and its creditors and are committed to achieving a full and
speedy recovery of the massive damages caused to Refco and its
creditors by numerous parties.  The Trusts intend to bring
additional lawsuits, in addition to continuing to vigorously
pursuing the claims it has filed to date, to seek redress for
the harm caused to Refco and its creditors."

The complaint was filed by Quinn Emanuel Urquhart Oliver &
Hedges.

                About the Refco Litigation Trusts

The two Refco Litigation Trusts were created under the Refco
Plan of Liquidation, which became effective on December 26,
2006.  Marc S. Kirschner, the former Chapter 11 Trustee for
Refco Capital Markets LLC, serves as Trustee for the Trusts.
The primary purpose of the Trusts is to pursue all Refco estate
claims and claims of certain electing creditors against third
parties, with recoveries to be distributed in accordance with
the terms of the Refco Plan of Liquidation.  The Trusts have
US$25 million of funding to support their pursuit of such
claims.  Since February 2007, the Trusts have been engaged in a
comprehensive investigation of potential claims against third
parties.  The Trusts have now filed three lawsuits against third
parties involved in the Refco frauds.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 68;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC: Former Officers Want Reimbursement of Defense Costs
--------------------------------------------------------------
Tone N. Grant, Robert C. Trosten, and Phillip R. Bennett, as
former officers of Refco Group Ltd., LLC, have filed with the
U.S. Bankruptcy Court for the Southern District of New York a
complaint against Axis Reinsurance Company with respect to
payments for their defense costs.

Mr. Grant, RGL's former president and chief executive officer;
Mr. Trosten, former executive vice-president and chief financial
officer; and and Mr. Bennett, former chairman, president, and
chief executive officer, are defendants in various civil and
criminal proceedings relating to Refco, Inc.'s financial
collapse.  The executives have all pleaded not guilty to federal
charges of fraud, conspiracy and money-laundering.

Axis Reinsurance is the second excess insurer in the "tower" of
directors and officers liability insurance obtained by Refco for
the policy period from August 11, 2005, to August 11, 2006.

The "tower" of D&O Insurance Policies consists of a primary
policy and five excess policies, issued by The U.S. Specialty
Insurance Company, Lexington Insurance Company, Axis, as
primary, first excess, and second excess policies.

Jeffrey T. Golenbock, Esq., at Golenbock, Eiseman, Assor, Bell &
Peskoe, LLP, in New York, states that the Insureds have
requested the advancement of their defense costs from Axis,
which it has refused to do.  On the other hand, Axis filed a
complaint seeking a declaration that it has no financial
obligations in connection with the underlying actions.

The Court had dismissed the complaint, ruling that Axis is
contractually obligated to advance the defense costs incurred by
the Insureds, and to reimburse the costs they submitted to date.

Mr. Golenbock tells Judge Drain that the Underlying Actions are
proceeding towards trial, and defense costs, which have already
exhausted the Debtors' primary and first excess D&O Insurance
Policies, are rapidly mounting.

Mr. Golenbock also points that the Debtors had paid all the
premiums and performed all the terms and conditions under the
Axis Policy.

Mr. Golenbock contends that an actual controversy exists.

Accordingly, the Insureds seek a declaration, as well as a
permanent injunctive relief, directing Axis to advance the
defense costs in accordance with the Axis Policy.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.  Refco
Commodity Management Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 68;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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

TMB BANK: Major Shareholder Refuses to Inject Funds for Capital
---------------------------------------------------------------
Singaporean bank DBS Group has declined to participate in TMB
Bank PCL's recapitalization but will remain a major shareholder,
the Bangkok Post reports.

DBS said in a statement that it expects its 16.1% stake in the
bank to be diluted in the event that TMB issues new shares to
increase capital.  The group also said that it did not receive
enough assurance for sufficient management control in order to
effect business and operational changes that will improve the
bank's performance.

Finance Minister Chalongphob Sussangkarn criticized DBS'
approach, saying that the group should "adapt and be flexible to
the society and culture of [Thailand]."  Mr. Chalongphob said
that TMB is continuing its negotiations with ING Bank, and
expects recapitalization to be completed by the year's end.

According to the Post, DBS' decision has been widely anticipated
in the market especially after the bank released its audited
financial statements for the first half of 2007, where it posted
a net loss of THB8.14 billion.

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.
The TCR-AP also reported on June 13, 2007, that Standard &
Poor's Ratings Services has raised the outlook on TMB Bank PCL's
debt rating from negative to stable.


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

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

AUSTRALIA

Advance Healthcare Group Ltd      AHG      13.60      -12.40
Allstate Explora                  ALX      12.65      -51.62
Austar United Communications
   Limited                        AUN     411.16      -43.72
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39
UnderCoverWear Limited            UCW      28.92      -16.07


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -19.00
Asia Telemedia Limited            376      16.97       -7.50
Baiyin Copper Commercial
   Bldg (Group) Co                672      24.50       -2.40
Bao Long Orienta               600988      15.80      -11.10
Beiya Industrial (Group)
  Co., Ltd                     600705     462.00      -20.60
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.             121     316.12       -8.90
China Liaoning International
   Cooperation (Group) Ltd        638      20.50      -41.20
Chinese.Com Logi                  805      13.80      -32.30
Chongqing Int'l Enterprise
   Investment Co               000736      19.90      -15.70
Compass Pacific Holdings Ltd     1188      46.98      -15.00
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      34.50      -66.90
Fujian Sannong Group Co. Ltd      732      42.50     -100.00
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group
   Co., Ltd.                      529      70.62      -60.00
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.70      -59.60
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.40
Hainan Overseas Chinese
   Investment Co., Ltd         600759      29.00       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     294.00     -199.00
Hisense Kelon Electrical
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                   600225      52.80      -42.00
Huda Technology & Education
   Development Co. Ltd.        600892      17.10       -0.39
Hunan Anplas Co.                  156      77.57      -78.00
Hunan Hengyang                 600762      61.10      -44.00
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.90
Jiaozuo Xin'an-a                  719      56.77       -6.50
Junefield Department
   Store Group Limited            758      16.80       -6.30
Lan Bao Technology
   Information Co.,Ltd            631     111.00      -78.90
Loulan Holdings Limited          8039      13.00       -1.04
Mianyang Gao Xin Industrial
   Dev (Group)                 600139      23.90      -15.70
New World Mobile Holdings Ltd     862     295.66      -13.00
New City China                    456     253.00      -25.00
Orient Power Holdings Ltd.        615     176.86      -64.00
Plus Holdings Ltd.               1013      18.50       -3.34
Qinghai Xiancheng Industry
   Stock Co.,Ltd               600381      55.60      -55.00
Regal Real Estate
   Investment Trust              1881     945.38     -235.00
Sanjiu Yigong Biopharmaceutical
   & Chem                      000403     219.00       -3.48
Shanghai Xingye Housing
   Co.,Ltd.                    600603      16.20      -49.40
Shanghai Worldbest
   Pharmaceutical Co.Ltd       600656      66.75      -13.00
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.20
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      34.20     -239.00
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.60     -138.00
Shenzhen Kondarl (Group)
   Co., Ltd.                   000048     112.00      -16.00
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.90      -53.40
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -85.00
Sichuan Direct-A                  757     144.00      -94.30
Sichuan Langsha Holding Ltd.   600137      13.80      -62.10
Stellar Megaunion Corporation  000892      54.30     -152.00
Success Information Industry
   Group Co.                      517      77.20      -17.80
Suntek Technology Co., Ltd     600728      49.00      -14.70
Suntime International
   Economic Trading            600084     359.49      -48.00
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.50      -89.50
The First Investment &
   Merchant Co,, Ltd           600515      90.70        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.60
Tianyi Science & Technology
   Co., Ltd                    600703      45.80      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.90       -4.05
Winowner Group Co. Ltd.        600681      23.30      -72.40
Xiamen Eagle Group Co., Ltd    600711      18.80       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.60      -17.20
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.50      -36.30


INDIA

Andhra Cement Ltd.               ANDC      51.12       -5.55
Andrew Yule & Co. Ltd             ANY      86.39      -12.00
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.00
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      37.76      -71.00
Bagalkot Udyog Ltd.               BUL      20.55       -0.60
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.40      -47.30
Core Healthcare Ltd.             CPAR     214.36     -151.00
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Ltd                 DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.40       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      55.15      -30.60
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.00
Gujarat State Fi                  GSF     153.48     -157.00
Himachal Futuris                 HMFC     574.62      -38.70
HMT Limited                       HMT     238.05     -288.85
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson & Nic Ltd                   JN      15.41       77.32
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Phil Corporation                NPPII      22.13       -4.96
RPG Cables Ltdd                  NRPG      51.43      -20.20
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.40
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd                 SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     619.95     -111.52
UB Engineeering                   UBE      47.78       -2.77
Uniflex Cables                    UFC      17.22       -5.04


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.40       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.80
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
NIWS Co., HQ Ltd.                2731     541.00      -33.00
Orient Corporation               8585   37956.19    -1109.02
Tasco System Co., Ltd            2709      48.50      -14.10
Trustex Holdings, Inc.           9374     102.84       -7.80


KOREA

DaeyuVesper Co. Ltd.            41140      19.10       -1.60
DaiShin Information &
   Communication Co.            20180     741.00     -158.00
Dong Yang Gang                   1780     109.00       -9.80
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     167.00      -12.30
Everex Inc                      47600      23.15       -5.10
Hyundai IT Corp.                48410     137.00      -48.10
Inno Metal Izirobot Inc.        70080      28.60       -0.33
Korea Cement Co., Ltd.           3660     146.00      -15.80
Oricom Inc.                     10470      82.65      -40.00
Seji Co., Ltd                   53330      37.30       -0.31
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.50       -4.45


MALAYSIA

Boustead Heavy Industries
   Corp. Bhd                     BHIC      62.80     -116.18
FED Furniture                    FFHB      38.94       -1.01
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     189.92      -50.36
Paxelent Corp                    PAXE      13.16       -4.51
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.47      -69.79
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.00
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.00
Cyber Bay Corporation            CYBR      11.54      -58.10
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.30
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

ADV Systems Auto                  ASA      14.30       -8.54
Compact Metal Industries Ltd.     CMI      47.40      -36.50
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      20.42      -11.65
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -57.00
Central Paper Industry PCL      CPICO      40.41      -37.00
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -65.00
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.10
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.90
Thai-Wah PCL                      TWC      91.56      -41.24





                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***