TCRAP_Public/070925.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, September 25, 2007, Vol. 10, No. 190

                            Headlines

A U S T R A L I A

ALUMINIUM POWDER: Members to Receive Wind-Up Report on Sept. 28
COMALCO AUSTRALIA: Liquidator to Give Wind-Up Report on Sept. 28
DARNOC PTY: To Declare First and Final Dividend on October 5
GRAHAM PROPERTIES: Placed Under Voluntary Liquidation
GROUP SPECIALISTS: Appoints Bettles and Carter as Liquidators

HAWKER DE HAVILLAND: Members' Meeting Set for September 28
HEART HEALTH: Members and Creditors to Meet on October 3
INDOPHIL RESOURCES: Ups Stake in Tampakan Project thru Alsons
KALISTA LIMITED: Placed Under Voluntary Liquidation
KILNWICK PTY: To Declare First & Final Dividend on October 19

LIFE THERAPEUTICS: Octapharma Wants to Take Over Plasma Centers
MYAREE ELECTRICAL: Sets Joint Final Meeting for September 25
SCO GROUP: Organizational Meeting Scheduled for September 28
SCO GROUP: Bankruptcy Filing Prompts Nasdaq to Delist Securities
SCO GROUP: Posts US$2.4 Mln Net Loss in Quarter Ended July 31

SX VIC: To Declare Dividend for Priority Unsecured Creditors
URS CORP: S&P Rates Proposed US$2.1 Billion Facilities at BB+
UNIVERSAL COMPRESSION: Moody's Withdraws Ratings After HCC Merge


C H I N A   &   H O N G  K O N G

ALERIS INT'L: S&P Rates US$105 Million Senior Notes at B-
AMEL EXPRESS: Final Meetings Slated for October 15
BISHA CHEMICAL: Members to Hold Final Meeting on October 18
CHINA EASTERN: Shares Rise and Fall on Wrongful Cathay Buy Talks
CITIC RESOURCES: 1st Half Net Profit Rises 14% to HK$138 Million

CLS (H.K.): Liquidator to Give Wind-Up Report on October 15
DANA CORP: To Pay US$1,250,000 to Anthony Wayne School District
DANA CORP: Disclosure Statement Hearing Scheduled for October 23
EMI GROUP: Majority of Noteholders Tender 8.625% Senior Notes
EMI GROUP: S&P Withdraws All Debt Ratings on Repayment

FIAT SPA: Names Luca De Meo as Chief Marketing Officer
FLOAT SPARK: Members to Hold Final General Meeting on October 17
FRITZ TRANSPORATION: Final Meeting Set for October 15
HONFORD TRADING: Creditors' Meeting Set for October 11
INTERTRANS CARGO: Liquidator to Give Wind-Up Report on Oct. 15

LUCKY REGENT: Contributories and Creditors to Meet on October 16
MOUNT CITY: Members to Receive Wind-Up Report on October 16
TRION INTERNATIONAL: Accepting Proofs of Debt Until October 31


I N D I A

BANK OF INDIA: Forms JV w/ Union Bank and Da-Ichi of Japan
BANK OF INDIA: Issues Perpetual Debt Instruments Bond Series I
BHARTI AIRTEL: Unit Signs US$150MM Network Deal With Huawei
BHARTI AIRTEL: Gets DTH License; To Invest INR150 Cr. Initially
ICICI BANK: Signs US$200MM Loan Agreement w/ Japan's JBIC

GENERAL MOTORS: Reaches General 'VEBA Trust' Framework with UAW
PRIDE INTERNATIONAL: Gives Update on Fleet Contract Status


I N D O N E S I A

ALCATEL-LUCENT: To Deploy Pakistan's First Live Network
BERLIAN LAJU: To Buy Shipping Firm for Planned Expansion
FREEPORT-MCMORAN: Unit to Set Up Smelting & Refining Venture
MOBILE 8: Bimantara Citra Acquires 62,693,500 Shares
NORTEL NETWORKS: Hires Joel Hackney to Lead Enterprise Solutions

PERTAMINA: Unit Buys 100% Stake in Conocophilips Ramba
PERTAMINA: Unit Plans to Sell 20% Stake in December Through IPO


J A P A N

FORD MOTOR: Top U.S. Marketing Exec Francisco Codina Retires
GOODWILL GROUP: Sells 2 Types of Nursing Care Facility to Zecs
INT'L RECTIFIER: Gets NYSE Notice Due to 10-K Filing Delay
MITSUBISHI MOTORS: JCR Raises Senior Debt Rating to BB
MITSUBISHI MOTORS: JCR Lifts Senior Debt Rating of Unit to BB-

NOVA CORP: Falls Behind in Employee Salary Payments
ORSO ABS: S&P Assigns Low-BB Rating to JPY3.6BB Worth of Trusts
PAYLESS SHOESOURCE: Names Scott Ramsland Sr. VP, Gen. Manager
* Fitch: De-Leveraging Drives Private Railways' Credit Quality
* Moody's Sees Stable Outlook for Japanese Cosmetics Sector


K O R E A

ALDEX CO: KR Rates 14th Unsecured Convertible Bond at 'BB'
C&MERCHANT: KR Assigns 15th Unsecured Bond at 'B+'
NACF: Signs MOU w/ LG Telecom for Mobile Convergence Cooperation
GMP CO: Commercial Paper Gets KR's 'B' Rating
MOCOCO INC: KR Rates 7th Unsecured Convertible Bond at 'B-'


M A L A Y S I A

CNLT (FAR EAST): Posts MYR4.61MM Net Loss in Quarter to June 30
EKRAN BHD: Turns Around w/ MYR16.51MM Profit in FY-Ended June 30
FA PENINSULAR: Posts MYR2.02MM Net Profit in Quarter to June 30


N E W  Z E A L A N D

AIR NZ: Sets Issue Price Under Dividend Reinvestment Plan
AIRTECH 2000: Court Enters Wind-Up Order
AZ N SHAZ: Taps Nellies and Deuchrass as Liquidators
CHATS CATERING: Court to Hear Wind-Up Petition on Nov. 15
FIRST DATA: Prices Tender Offers for US$2.2 Bil. Debt Securities

GREENACRES TOMARATA: Commences Wind-Up Proceedings
LATINO'S 2007: Appoints John Francis Managh as Liquidator
LINK COMPANY: Commences Liquidation Proceedings
PERSONALIZED PLASTICS: Commences Liquidation Proceedings
S.M.D. BRICKLAYERS: Subject to CIR's Wind-Up Petition

SHATTKY & SHATTKY: Court to Hear Wind-Up Petition on Sept. 27
VUSION PACIFIC: Court Sets Wind-Up Petition Hearing for Sept. 27


P H I L I P P I N E S

BANGKO SENTRAL: Expects Strong Peso & US$6.3-Bil. 2007 Surplus
GUESS? INC: Caris Maintains Average Rating on Firm's Shares
LAFAYETTE MINING: ISO Awards 14001:2004 Certification
LAND BANK: Faces Charges Over Maxicare Healthcare Contract Deal
MIC HOLDINGS: SEC Declares Ventcap Subscription as Exempt Deal

SAN MIGUEL: Estimates Conversion of HK Brewery to Cost US$1 Mil.
* Tax Effort for 2007 First-Half Slips Down to 13.8%


S I N G A P O R E

BRIGHTWAY ELECTRICAL: Pays First and Final Dividend
CHINA AVIATION: Appoints Wang Chunyan as Chief Financial Officer
CHINA AVIATION: Places GCTI Under Voluntary Liquidation
HLG ENTERPRISE: Discloses Changes in Board Composition
LINDETEVES-JACOBERG: Peter Sichrovsky Purchases 400,000 Shares

TECHMAT HOLDINGS: Pays First Preferential Dividend


T H A I L A N D

SIAM CITY: Bankers Worried Over Effects of ATM Fraud Case Ruling
STERIGENICS INT'L: Moody's Cuts Corporate Family Rating to B3


* Asia Growth Stable Amid Global Trends, Fitch Says

* BOND PRICING: For the Week 24 September to 28 September 2007

     - - - - - - - -

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

ALUMINIUM POWDER: Members to Receive Wind-Up Report on Sept. 28
---------------------------------------------------------------
The members of Aluminium Powder & Paste Pty Ltd will meet on
September 28, 2007, at 11:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         J. P. Cronin
         McGrathNicol
         Level 14, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3333 9800
         Web site: http://www.mcgrathnicol.com

                     About Aluminium Powder

Aluminium Powder & Paste Pty Ltd is a distributor of special
industry machineries.  The company is located at Bell Bay, in
Tasmania, Australia.


COMALCO AUSTRALIA: Liquidator to Give Wind-Up Report on Sept. 28
----------------------------------------------------------------
Comalco Australia New Zealand Pty Ltd will hold a final meeting
for its members on September 28, 2007.

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

The Liquidator can be reached at:

         J. P. Cronin
         McGrathNicol
         Level 14, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3333 9800
         Web site: http://www.mcgrathnicol.com

                    About Comalco Australia

Comalco Australia New Zealand Pty Limited provides management
consulting services.  The company is located at Perth, in
Western Australia, Australia.


DARNOC PTY: To Declare First and Final Dividend on October 5
------------------------------------------------------------
Darnoc Pty Ltd, which is in liquidation, will declare its first
and final dividend on October 5, 2007.

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

The company's liquidator is:

         Anthony Schiffmann
         BDO Kendalls
         Level 18, 300 Queen Street
         Brisbane, Queensland 4000
         Australia

                        About Darnoc Pty

Located at Brisbane, in Queensland, Australia, Darnoc Pty Ltd is
an investor relation company.


GRAHAM PROPERTIES: Placed Under Voluntary Liquidation
-----------------------------------------------------
On August 16, 2007, the members of Graham Properties Pty Ltd
resolved to voluntarily liquidate the company's business.

Angela Ann Gaffney was appointed as liquidator.

The Liquidator can be reached at:

         Angela Ann Gaffney
         c/o RSM Bird Cameron
         4th Floor, 8 St Georges Terrace
         Perth, Western Australia 6000
         Australia

                     About Graham Properties

Located at Mandurah, in Western Australia, Australia Graham
Properties Pty Ltd is an investor relation company.


GROUP SPECIALISTS: Appoints Bettles and Carter as Liquidators
-------------------------------------------------------------
During a general meeting held on August 13, 2007, the members of
Group Specialists Australasia Pty Ltd appointed Jason Bettles
and Susan Carter as the company's liquidators.

The Liquidators can be reached at:

         Jason Bettles
         Susan Carter
         c/o Worrells Solvency & Forensic Accountants
         Web site: http://www.worrells.net.au

                     About Group Specialists

Group Specialists Australasia Pty Ltd is a tour operator.  The
company is located at Nerang, in Queensland, Australia.


HAWKER DE HAVILLAND: Members' Meeting Set for September 28
----------------------------------------------------------
A meeting will be held for the members of Hawker De Havilland
Victoria Pty Ltd on September 28, 2007, at 10:00 a.m.

At the meeting, Ian Richard Hall, Hawker De Havilland's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

         Ian Richard Hall
         PricewaterhouseCoopers
         Riverside Centre
         123 Eagle Street
         Brisbane, Queensland 4001
         Australia

                    About Hawker De Havilland

Hawker De Havilland Victoria Pty Ltd is an distributor of
nonferrous foundries.  The company is located at Port Melbourne,
in Victoria, Australia.


HEART HEALTH: Members and Creditors to Meet on October 3
--------------------------------------------------------
The members and creditors of Heart Health Professionals Pty Ltd
will meet on October 3, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Kim Wallman
         Telephone:(08) 9481 0977
         Facsimile:(08) 9321 0429
         e-mail: kwallman@hlbwa.com.au
         Australia

                       About Heart Health

Heart Health Professionals Pty Ltd is a distributor of durable
goods.  The company is located at Perth, in Western Australia,
Australia.


INDOPHIL RESOURCES: Ups Stake in Tampakan Project thru Alsons
-------------------------------------------------------------
Indophil Resources NL has officially started acquiring the
stakes of Alsons Corp., involved in the huge Tampakan copper and
gold venture straddling three Mindanao provinces in the
Philippines, Sunstar Daily reports.

According to the report, Alsons is a local Filipino company
which holds a 5% stake in the Tampakan project.

Sunstar recounts that in March 2007, Indophil and Alsons forged
an agreement for the Filipino company to yield its 5% holding in
the project to Indophil.  The Alsons stake is pursued by
Sagittarius Minces, Inc.

Under the Indohpil deal, Alson will exchange its 5% interest for
newly-issued Indophil shares and cash payments, conveys Sunstar.

Melbourne-based Indophil, Sunstar notes, is awaiting regulatory
approval for the completion of the sale and purchase.  On
receipt of the regulatory approval, Indophil will issue Alsons
11.1 million shares in the company, Indophil boss Bryan Phillips
tells Sunstar.

Tony Robbins, a member of the Indophil board of director is
quoted by Sunstar as saying, "This is an excellent outcome for
Indophil and its long-term partner Alsons.  With Alsons emerging
as a significant shareholder in Indophil, it is in both our
interests to work closely together to develop the Tampakan
deposit, and pursue other exploration and development
opportunities in the Philippines.  This further demonstrates
Indophil's great faith in the potential of the Tampakan project,
one of the world's largest undeveloped and cost-competitive
copper-gold deposits."

With this treaty, Indophil raised its stake in the Tampakan
project to approximately 34%, while Alson's, with the first
tranche done already, raised the number of shares on issue in
Indophil to 386.7 million.

                    About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL --
http://www.indophil.com/-- conducts mineral exploration and
evaluation activities in the Philippines.  On April 12, 2005,
Indophil and Xstrata Queensland Limited (Xstrata Copper) signed
a binding letter of agreement to amend the option granted to
Xstrata Copper to acquire a 62.5% interest in the Tampakan
Copper-Gold Project.  According to the revised agreement,
Indophil is required to sole fund an agreed pre-feasibility
study work program.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on April 20, 2007, listed
Indophil Resources with US$37.79 in assets and US$69.96 million
in capital deficiency.


KALISTA LIMITED: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on August 2, 2007, the members of
Kalista Limited resolved to voluntarily liquidate the company's
business.

Barry Hamilton was named as liquidator.

The Liquidator can be reached at:

         Barry Hamilton
         BK Hamilton & Associates
         Chartered Accountant
         Level 2, 171 Macquarie Street
         Hobart, Tasmania 7000
         Australia

                      About Kalista Limited

Kalista Limited provides social services.  The company is
located at Moonah, in Tasmania, Australia.


KILNWICK PTY: To Declare First & Final Dividend on October 19
-------------------------------------------------------------
Kilnwick Pty Ltd, which is in liquidation, will declare its
first and final dividend on October 19, 2007.

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

The company's liquidator is:

         Ian Jessup
         Jessup & Partners
         1st Floor, 488 Mulgrave Rd
         Earlville, Queensland 4870
         Australia

                        About Kilnwick Pty

Kilnwick Pty Ltd provides management consulting services.  The
company is located at Toorak, in Victoria, Australia.


LIFE THERAPEUTICS: Octapharma Wants to Take Over Plasma Centers
---------------------------------------------------------------
Life Therapeutics Limited admits that it has received another
acquisition offer for its plasma collection centers, the
Australian Associated Press reports.

According to AAP, Life Therapeutics has obtained an unsolicited
offer of AU$58.1 million in cash from Swiss-based global plasma
company Octapharma AG for 14 of its operating plasma collection
centers and a central testing laboratory.

The offer price, states AAP, could be revised upwards if the
collection of plasma at the centers increases within a year from
the date of closing the sale.

The New South Wales-based company also said it would continure
to move towards completing a transaction with European
biotechnology firm Kedrion SpA while considering Octoapharma's
offer, notes AAP.

AAP quotes Life Therapeutics as saying, "In the best interests
of shareholders, the board will now give due consideration to
the offer, and if considered appropriate, enter into further
discussions with Octapharma.  Further advice will be provided to
the market and shareholders upon completion of this
consideration."

In July, AAP conveys, Life Therapeutics agreed to a transaction
with Kedrion under which Life Therapeutics would receive an
11.5% equity stake in Kedrion in return for the sale of 14
plasma collection centers.

                    About Life Therapeutics

Headquartered in New South Wales, Australia, Life Therapeutics
Limited --  http://www.life-therapeutics.com/-- is engaged in
the collection, management and distribution of plasma-based
products, and development, manufacture and sale of
electrophoresis, hematology and Gradiflow products. It operates
in five segments: Life Sera, which collects specialty plasma,
including Anti D and Hepatitis B; Life Diagnostics, which
develops, manufactures and distributes diagnostic products into
the diagnostic marketplace; Life Gels, which develops,
manufactures and distributes pre-cast electrophoresis gels into
the laboratory market; Life Bioprocess, which markets the
Gradiflow technology in both the commercial and research
markets, and Life Shared Services, which conducts corporate
functions of the organization. At June 30, 2006, the Life Gels
and Life Bioprocess division were classed as discontinued
operations. In November 2006, the Company completed the spin out
of its Australian assets by transferring these assets to a
wholly owned subsidiary, NuSep Ltd.

                       Going Concern Doubt

Gamini Martinus of Ernst and Young, the company's independent
auditors, raised a significant doubt on the company's and/or the
consolidated entity's ability to continue as a going concern.

The consolidated group's total liabilities as of June 30, 2006,
exceeded total assets by AU$518,000, primarily as a result of
the loss for the year of AU$42,112,000, which includes a non-
cash charge of AU$10,147,000 for the change in fair value of the
embedded derivatives.  In addition, the company has net
operating cash outflows of AU$15,436,000.


MYAREE ELECTRICAL: Sets Joint Final Meeting for September 25
------------------------------------------------------------
A joint final meeting will be held for the members and creditors
of Myaree Electrical Pty Ltd on September 25, 2007, at 3:00 p.m.

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

The company's liquidator is:

         E. R. Verge
         Melsom Robson
         Chartered Accountants
         Unit 44B, Level 1
         Piccadilly Square West
         7 Aberdeen Street
         Perth, Western Australia 6000

                    About Myaree Electrical

Myaree Electrical Pty Ltd operates household appliance stores.
The company is located at Myaree, in Western Australia,
Australia.


SCO GROUP: Organizational Meeting Scheduled for September 28
------------------------------------------------------------
The U.S. Trustee for Region 3 will hold an organizational
meeting to appoint an official committee of unsecured creditors
in The SCO Group, Inc. and its debtor-affiliates' chapter 11
cases at 10:00 a.m., on Sept. 28, 2007, at Room 2112, J. Caleb
Boggs Federal Building, 844 North King Street, in Wilmington,
Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.  The
meeting is not the meeting of creditors pursuant to Section 341
of the Bankruptcy Code.  However, a representative of the Debtor
will attend and provide background information regarding the
cases.

Creditors interested in serving on a Committee should complete
and return to the U.S. Trustee a statement indicating their
willingness to serve on an official committee.

Official creditors' committees, constituted under Section 1102
of the Bankruptcy Code, ordinarily consist of the seven largest
creditors who are willing to serve on a committee.  In some
Chapter 11 cases, the U.S. Trustee is persuaded to appoint
multiple creditors' committees.

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes that the reorganization of the Debtors is
impossible, the Committee will urge the Bankruptcy Court to
convert the Chapter 11 cases to a liquidation proceeding.

                      About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


SCO GROUP: Bankruptcy Filing Prompts Nasdaq to Delist Securities
----------------------------------------------------------------
The SCO Group Inc. has received a notice from The Nasdaq Stock
Market indicating that the company's securities will be
delisted from Nasdaq on Sept. 27, 2007, pending an appeal.

The Nasdaq Staff Determination Letter received on Sept. 18,
2007, indicated that as a result of the company's having filed
for protection under Chapter 11 of the U.S. Bankruptcy Code, the
Nasdaq Staff has determined, using its discretionary authority
under Nasdaq Marketplace Rules 4300 and IM-4300, that the
company's securities will be delisted from The Nasdaq Stock
Market and that trading in the company's common stock will
be suspended unless the company requests a hearing to review the
determination.

The suspension of the company's common stock is set to occur
at the opening of business on Sept. 27, 2007.  However, an
appeal will stay the suspension of the trading of the company's
securities pending a panel decision by a Nasdaq Listing
Qualifications Panel.

The company intends to request a hearing to review the
determination.  There can be no assurance that the panel will
grant the company's request for continued listing.

                      About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


SCO GROUP: Posts US$2.4 Mln Net Loss in Quarter Ended July 31
-------------------------------------------------------------
The SCO Group Inc. incurred a net loss of US$2.4 million in the
third quarter ended July 31, 2007, compared to a net loss of
US$3.6 million in the same period ended July 31, 2006.  Revenue
for the third quarter of fiscal year 2007 was US$3.7 million,
down from US$6.2 million for the comparable quarter of the prior
year.

The decrease in revenue was primarily attributable to continued
to a continued decline in the company's UNIX business as a
result of continued competitive pressure from competing
operating systems, particularly Linux, and from continuing
negative publicity from the SCO Litigation which has adversely
impacted and delayed customers' buying decisions.

Legal and related costs incurred in connection with the
company's litigation were US$1.2 million for the third quarter
of fiscal year 2007, which was down from costs of US$2.3 million
for the comparable quarter of the prior year.  The decrease in
legal and related costs was primarily attributable to decreased
legal services provided by technical, industry, damage and other
experts in connection with the SCO Litigation.  Because of the
unique and unpredictable nature of the SCO Litigation, the
occurrence and timing of certain expenses such as damage,
industry and technical review and other consultants is difficult
to predict, and it will be difficult to predict for the upcoming
quarters.

Cash and cash equivalents totaled US$7,393,000 as of July 31,
2007. During this same time period, investment in available-for-
sale marketable securities decreased from US$2,249,000 as of
October 31, 2006 to US$0 as of July 31, 2007.  As of July 31,
2007, the company also had US$3,020,000 of restricted cash, of
which US$2,589,000 is set aside to cover expert and other costs
related to the SCO Litigation and US$431,000 is set aside for
royalties payable to Novell.

At July 31, 2007, the company's consolidated balance sheet
showed US$15.8 million in total assets, US$10.3 million in total
liabilities, and US$5.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 31, 2007, are available
for free at http://researcharchives.com/t/s?2395

               Novell Ruling and Bankruptcy Filing

On Aug. 10, 2007, the federal judge overseeing the company's
lawsuit with Novell Inc. ruled in favor of Novell on several of
the summary judgment motions that were before the United States
District Court in Utah.  The effect of these rulings was to
significantly reduce or to eliminate certain of the company's
claims in both the Novell and IBM cases, and possibly others.
The court ruled that Novell was the owner of the UNIX and
UnixWare copyrights that existed at the time of the 1995 Asset
Purchase Agreement and that Novell retained broad rights to
waive the company's contract claims against IBM.

The company was directed to accept Novell's waiver of its UNIX
contract claims against IBM. In addition, the court determined
that certain SCOsource licensing agreements that the company
executed in fiscal year 2003 included SVRx technology and that
the company was required to remit some portion of the proceeds
to Novell.  Over the company's objection, a bench trial was set
to begin on Sept. 17, 2007, and the federal judge was to
determine what portion, if any, of the proceeds of the fiscal
year 2003 SCOsource agreements is attributable to SVRx
technology and should be remitted to Novell.  The trial of these
issues, however, was stayed as a result of the company's filing
a voluntary petition for relief under chapter 11 of the
Bankruptcy Code on Sept. 14, 2007.

The company intends to maintain business operations throughout
the bankruptcy case.  Subject to the bankruptcy court's
approval, the company will use its cash, cash equivalents,
restricted cash and subsequent cash inflows to meet its working
capital needs throughout the reorganization process.

                      About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


SX VIC: To Declare Dividend for Priority Unsecured Creditors
------------------------------------------------------------
SX Vic. Pty Ltd, which is in liquidation, will declare its first
and final dividend for priority unsecured creditors on October
16, 2007.

The company's liquidator is:

         Nick Combis
         Vincents Chartered Accountants
         Level 27, 239 George Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3854 4555
         Facsimile:(07) 3236 2452
         e-mail: ncombis@vincents.com.au
         Web site: http://www.vincents.com.au

                           About SX Vic

SX Vic Pty Ltd, which is also trading as Southern Cross Marine
Supplies, is a distributor of transportation equipments and
supplies.  The company is located at Sunshine West, in Victoria,
Australia.


URS CORP: S&P Rates Proposed US$2.1 Billion Facilities at BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' bank loan
rating and '2' recovery rating to URS Corp.'s proposed
US$2.1 billion senior secured credit facilities, indicating
expectations of substantial (70%-90%) recovery in the event of a
payment default.  The facilities are rated the same as the
corporate credit rating on the company.

The facilities are expected to consist of: A five-year, US$700
million revolving credit facility, all of which is available
for LOCs;A five-year, US$1.1 billion term loan A facility; and
A 5.5-year, US$300 million term loan B facility.

The company also has the option to add a synthetic LOC facility
of up to US$500 million at any time within four years of the
closing date.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.


UNIVERSAL COMPRESSION: Moody's Withdraws Ratings After HCC Merge
----------------------------------------------------------------
Moody's Investors Service withdrew the ratings for Hanover
Compressor Company and Universal Compression Inc. following
their merger and the substantial completion of their announced
tenders for their existing debt.

Moody's has upgraded the ratings of these 4.75% convertible
senior notes to B1, LGD 6 (92%) from B3, LGD 5 (89%), as
indicated in our July 16, 2007 press release assigning ratings
to Exterran.  This completes Moody's review of these convertible
notes.

Universal's ratings withdrawn:

   -- Universal's Ba2 CFR and PDR;
   -- Senior Secured Bank Facilities rated Ba1, LGD3 (36%); and
   -- 7.25% Senior Notes due 2010 rated B1, LGD5 (88%).

Exterran Holdings Inc. is a company formed to effect the merger
of Hanover Compressor Company and Universal Compression Holdings
Inc. and is headquartered in Houston, Texas.

Headquartered in Houston, Texas, Universal Compression Holdings,
Inc. -- http://www.universalcompression.com/-- provides natural
gas compression equipment and services, primarily to the energy
industry in the United States, Argentina, Australia, Bolivia,
Brazil, Canada, China, Colombia, Ecuador, Indonesia, Mexico,
Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia and
Venezuela.  Its primary fabrication facilities are located in
Houston, Texas, and Calgary, Alberta.


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

ALERIS INT'L: S&P Rates US$105 Million Senior Notes at B-
---------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Aleris International Inc. to negative from stable.  At the same
time S&P has affirmed its 'B+' corporate credit rating and the
other ratings on the company.  Concurrently, S&P has assigned a
'B-' rating to the company's recent US$105 million 9% senior
notes due 2014, which are an add-on to the company's existing
US$600 million 9% senior notes due 2014.

Pro forma total debt outstanding at June 30, 2007, approximates
US$2.8 billion.

"The outlook revision reflects recent operating weakness in the
company's North American global rolled and extruded products
segment and the expectation that this trend will continue in the
near term," said S&P's credit analyst Marie Shmaruk.

During the three months ended June 30, 2007, volumes in this
segment declined 20% year-over-year, primarily because of weaker
demand for building and construction, distribution, and
transportation products.  This, combined with increased debt
balances due to the company's aggressive growth strategy, has
resulted in credit measures that are weak for the rating.

"We could lower the ratings in the near term if the company's
debt levels remain high and performance weakens materially
because of intensified competition or market conditions
deteriorate," Ms. Shmaruk said.  "An outlook revision back to
stable would depend on management improving and maintaining a
financial profile more consistent with the rating through
earnings growth and more moderate debt levels."

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico, China
and Wales, and employs approximately 4,200 employees.


AMEL EXPRESS: Final Meetings Slated for October 15
--------------------------------------------------
Amel Express Limited will hold a final meeting on October 15,
2007, at 10:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at the offices of Ferrier Hodgson
Limited, 14th Floor of Hong Kong Club Building, 3A Chater Road,
in Central, Hong Kong.


BISHA CHEMICAL: Members to Hold Final Meeting on October 18
-----------------------------------------------------------
A final meeting will be held for the members of Bisha Chemical
Company Limited on October 18, 2007, at 10:00 a.m., at the 9th
Floor of Tung Ning Building, in 249-253 Des Voeux Road Central,
Hong Kong.

At the meeting, Chan Shu Kin and Chow Chi Tong, the company's
liquidators, will give a report on Bisha Chemical's wind-up
proceedings and property disposal.


CHINA EASTERN: Shares Rise and Fall on Wrongful Cathay Buy Talks
----------------------------------------------------------------
According to an earlier Sept. 24 report by Reuters, citing the
Wall Street Journal, Cathay Pacific Airways Ltd. is looking to
invest in China Eastern Airlines Corp.

Reuters, citing newspaper reports, stated that the move could
derail rival Singapore Airlines Ltd.'s plan to acquire a stake
in China Eastern the mainland carrier.

As widely reported by the press, Singapore Airlines agreed early
September to buy a 15.7% stake in China Eastern, whose share
price has more than doubled in the past month.  Singapore
Airlines' parent, Temasek Holdings Pte. Ltd., agreed to
simultaneously buy an additional 8.3% of the Shanghai-based
carrier.

The U.K.-based Daily Telegraph said that Cathay was expected to
announce a bid this week for a large stake in China Eastern,
which has a market value of nearly US$12 billion.  Reuters said
that WSJ, quoting a person familiar with the deal, said that
Cathay would announce plans to acquire a stake in China Eastern
after the Hong Kong market closes on Monday.

Neither the Telegraph nor the Journal specified the size of the
stake, Reuters explained.

A separate Reuters report on the same date stated that shares in
China Eastern rose 7% to a record high on Monday morning amid
newspaper reports that Cathay Pacific is looking to buy a stake
in the mainland carrier.

              Shares Dive as Cathay Buy Talk Wanes

However, in another update, Reuters said that expectations of a
Cathay Pacific buy waned.

The report stated that shares in China Eastern reversed course
on Monday afternoon, sliding as much as 9% after a Monday
morning gain as talks took another turn.

According to Reuters, analysts and brokers said investors were
cashing out of a stock that had gained 50% in the past week.
They said scepticism was building in the market that Cathay
would be able to unseat an existing acquisition deal between
China Eastern, Singapore Airlines and Temasek.

                   Cathay to Issue Statement

Another report by Reuters stated that Cathay Pacific is set to
address mounting speculation of a team-up with Air China
to buy shares in China Eastern Airlines.

"China Eastern hasn't received any proposal from Cathay Pacific
to date," China Eastern's executive director, Luo Zhuping, told
Reuters.

A Cathay spokeswoman said the firm would make a statement after
Monday's market close, but declined to comment on newspaper
reports about a possible investment in China Eastern, Reuter
said.

                          *     *     *

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.

Fitch Ratings gave China Eastern long-term issuer default,
foreign currency long-term debt, and local currency long-term
debt ratings of B+.

Xinhua Ratings also gave the company a local currency long-term
issuer credit rating of BB+.


CITIC RESOURCES: 1st Half Net Profit Rises 14% to HK$138 Million
----------------------------------------------------------------
Citic Resources Holdings Ltd. posted a HK$138.3-million
(US$17.8 million) net profit for the 2007 first-half,
representing a 14% increase from the HK$121.2-million net profit
a year earlier, the Wall Street Journal reports.

According to WSJ, the rise in Citic Resources' net profit is due
to sharply higher revenue from producing crude oil and metals,
including aluminum and manganese.  Revenue rose 67% to
HK$5.18 billion from HK$3.10 billion a year ago, the report
points out.

The profit rise also comes as the nation's demand for energy and
resources increased, the China Post says.  The report relates
that the company's sales rose to HK$5.2 billion.

The China Post recounts that the company is transforming itself
from a metals producer to an oil supplier in the world's
fastest-growing major economy.  The report says that Citic
Resources' shareholders approved the company's US$1-billion
acquisition of a Kazakhstan oil field from its parent -- China
International Trust & Investment Corp. -- in June, adding to oil
output in Indonesia, where it bought its first energy asset in
2006.

The report recalls that Citic Group agreed to buy the
Karazhanbas field in Kazakhstan from Canada's Nations Energy Co.
in October for US$1.9 billion.  The company expects to complete
the acquisition by the end of this year, Citic Resources told
the China Post.

Citic Resources, on the other hand, bought 51% of an Indonesian
oilfield for US$97 million, gaining access to 39 million barrels
of gross oil reserves, the report adds.

                      About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

The Troubled Company Reporter-Asia Pacific reported on July 31,
2007, that Standard & Poor's Ratings Services raised the
corporate credit rating on CITIC Resources Holdings Ltd. to
'BB+' from 'BB'.


CLS (H.K.): Liquidator to Give Wind-Up Report on October 15
-----------------------------------------------------------
CLS (H.K.) Limited will hold a final meeting for its members on
October 15, 2007, at 10:15 a.m., at the offices of Ferrier
Hodgson Limited, 14th Floor of Hong Kong Club Building, 3A
Chater Road, in Central, Hong Kong.

At the meeting, Desmond Chung Seng Chiong, CLS Hong Kong's
liquidator, will present a report on the company's wind-up
proceedings and property disposal.


DANA CORP: To Pay US$1,250,000 to Anthony Wayne School District
---------------------------------------------------------------
Dana Corp. will pay about US$1,250,000,000 to Anthony Wayne
Local School District for missing tax abatement donations, The
Toledo Blade reports.

The payment is part of a settlement that Dana has entered with
Anthony Wayne.  Under the settlement terms, $1,625,000 will be
paid in cash and stock from reorganized Dana after it emerges
from bankruptcy.  The settlement, which is subject for approval
of the U.S. Bankruptcy Court for the Southern District of New
York, is still in the works, the Blade says.

The Blade relates that negotiations began last year after Dana
missed a third straight annual payment of about $237,000 to the
school district.  Dana had agreed to pay Anthony Wayne as part
of a property tax abatement for Dana's Maumee Technical Center
that opened in 2004.

Charlie Burns relates to the Blade that the agreement, if
approved [by the Bankruptcy Court], will "basically make the
district whole" and could have been a lot worse. "For the board,
from the beginning, we were very concerned that we may not
receive anything.  But it's worked out well for us, and we're
excited about it."

Chuck Hartlage, Dana's spokesman, said he was unfamiliar with
the settlement and would investigate, according to the Blade.
Mr. Hartlage said the corporation was "pleased to have reached
this agreement" with the district, but added that he couldn't
discuss how it would affect other Dana creditors.

                         About Dana Corp.

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  The Court has set a hearing on Oct. 23, 2007, to consider
the adequacy of the Disclosure Statement explaining the Debtors'
Plan.  (Dana Corporation Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Disclosure Statement Hearing Scheduled for October 23
----------------------------------------------------------------
The Hon. Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining
Dana Corp. and its debtor-affiliates' Joint Chapter 11 Plan of
Reorganization.

Objections to the Disclosure Statement, if any, must be filed by
October 12.

                         Treatment of Claims

On August 31, the Debtors filed with the Court their Joint Plan
and Disclosure Statement explaining that Plan.

The joint plan of reorganization provides for the treatment of
claims against and interests on the Debtors:

Class  Description       Claim Treatment
-----  -----------       ---------------
N/A    Administrative    Paid in full in Cash.
       Claims
                         Estimated Range of Claims:
                         approximately
                         US$107,000,000

N/A    Priority Tax      Paid in full in Cash.
       Claims

1      Priority Claims   Unimpaired.  Holder of Claim will
                         receive Cash equal to the amount of the
                         Allowed Priority Claim.

                         Estimated Aggregate Allowed Amount:
                         US$1,000,000

                         Estimated Recovery: 100%

2A     Secured Claims,   Unimpaired.  Claim holder will:
       other than
       Toledo-Lucas        (a) receive payment in Cash, in full;
       County Port
       Authority's
       Secured Claim       (b) have its Allowed Secured Claim
                               reinstated; or

                           (c) receive the collateral securing
                               that Allowed Secured Claim.

                         Holders of an Allowed Secured Tax
                         Claim will not be entitled to receive
                         payment on account of any penalty
                         arising with respect to or in
                         connection with that Allowed Secured
                         Tax Claim.

                         Estimated Aggregate Allowed Amount:
                         US$4,000,000

                         Estimated Recovery: 100%

2B     Secured Claims    Unimpaired.  Holder of an Allowed
       Against Debtor    Secured Claim against EFMG will:
       EFMG LLC
                           (a) receive payment in Cash in full;

                           (b) have its Allowed Secured Claim
                               reinstated; or

                           (c) receive the collateral securing
                               that Allowed Secured Claim.

                         Holders of an Allowed Secured Tax Claim
                         will not be entitled to receive any
                         payment on account of any penalty
                         arising with respect to that Allowed
                         Secured Tax Claim.

                         Estimated Aggregate Allowed Amount:US$0

                         Estimated Recovery: 100%

2C     Port Authority    Impaired.  The Port Authority Secured
       Secured Claim     Claim will be satisfied by:

                           (a) Reorganized Debtor
                               Torque-Traction Technologies,
                               LLC, entering into and assuming
                               the Port Authority Lease, as
                               amended;

                           (b) New Dana Holdco executing and
                               delivering an amended guaranty;
                               and

                           (c) Reorganized Torque-Traction and
                               New Dana Holdco executing and
                               delivering any other agreements
                               necessary to implement the
                               Debtors' settlement with the Port
                               Authority.

                         Aggregate Allowed Amount: US$18,875,000

                         Aggregate Recovery: 95%

3      Asbestos          Unimpaired.  Asbestos PI Claims will be
       Personal Injury   reinstated on the Effective Date.
       Claims
                         Estimated Recovery: 100%

4      Convenience       Unimpaired.  Holder of an Allowed
       Claims Against    Convenience Claim will receive Cash
       Consolidated      equal to the amount of the Allowed
       Debtors           Claim.

                         Estimated Aggregate Allowed Amount:
                         US$10,000,000

                         Estimated Recovery: 100%

5A     General           Unimpaired.  Holders of Allowed General
       Unsecured Claim   Unsecured Claims will get Cash equal
       Against EFMG      to amount of that Allowed Claim.

                         Estimated Aggregate Allowed Amount:
                         US$3,000,000

                         Estimated Recovery: 100%

5B     5.85% Bond        Impaired.  Each holder of an Allowed
       Claims            5.85% Bond Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$462,100,000

                         Estimated Recovery: 69% to 90%

5C     6.5% or 7% Bond   Impaired.  Each holder of an Allowed
       Claims            Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$953,200,000

                         Estimated Recovery: 69% to 90%

5D     9% Bond Claims    Impaired.  Each holder of an Allowed
                         Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$128,400,000

                         Estimated Recovery: 69% to 90%

5E     10.125% Bond      Impaired.  Each holder of an Allowed
       Claims            Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$77,000,000

                         Estimated Recovery: 69% to 90%

5F     Other General     Impaired.  Each holder of an Allowed
       Unsecured         Claim will receive:
       Claims Against
       Consolidated         (a) on the Effective Date, its pro
       Debtors                  rata share of the Distributable
                                Shares of New Dana Holdco Common
                                Stock and the Distributable
                                Excess Minimum Cash; or

                            (b) after the Effective Date, the
                                periodic distributions of
                                Reserved Shares and Reserved
                                Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$879,300,000 to US$1,629,300,000

                         Estimated Recovery: 69% to 90%

5G     Union Claim       Impaired.  Debtors will make the UAW
                         and USW Retirees VEBA Contributions.

                         Estimated Aggregate Amount:
                         US$1,100,000,000

                         Estimated Recovery: 69%

6A     Prepetition       Impaired.  Prepetition Intercompany
       Intercompany      Claims that are not eliminated by
       Claims            operation of law in the Restructuring
                         Transactions will be deemed settled, &
                         compromised in exchange for the
                         consideration and other benefits
                         provided to holders of Prepetition
                         Intercompany Claims & are not entitled
                         to any distribution of Plan
                         consideration.

                         Estimated Recovery: 0%

6B     Claims of         Unimpaired.  Claims of wholly owned and
       Wholly Owned      majority owned non-debtor affiliates
       and Majority      other than Dana Credit Corporation will
       Owned Non-Debtor  be reinstated.
       Affiliates
       other than Dana   Estimated Recovery: 100%
       Credit
       Corporation

6C     DCC Claims        Impaired.  The Reorganized Debtors will
                         satisfy in Cash DCC's outstanding
                         liability under the DCC Bonds.

                         Aggregate Claim Amount: US$325,000,000

                         Estimated Recovery: 35%

7A     Old Common        Impaired.  On the Effective Date, the
       Stock of Dana     Old Common Stock of Dana and all
       Interests         Interests related thereto will be
                         canceled, and each holder of Old Dana
                         common stock will receive a contingent,
                         residual interest in the Disputed
                         Unsecured Claims Reserve Assets after
                         all Allowed General Unsecured Claims
                         have been paid in full.

                         Old Common Stock outstanding as of
                         July 31, 2007: 150,202,981 shares

                         Estimated Recovery: 0%

7B     Section 510(b)    Impaired.  Holders of Sec 510(b) Old
       Old Common Stock  Common Stock Claims will receive a
       Claims Against    contingent, residual interest in the
       Consolidated      Disputed Unsec. Claims Reserve Assets
       Debtors           after all Unsecured Claims have been
                         paid in full.

                         Estimated Recovery: 0%

8      Subsidiary        Unimpaired.  On the Effective Date, the
       Debtor Equity     Subsidiary Debtor Equity Interests will
       Interests         be reinstated, subject to the
                         Restructuring Transactions.

                         Estimated Recovery: 100%

According to Marc S. Levin, acting secretary for Dana Corp., if
New Dana Holdco is valued at the midpoint reorganization value
of US$3,996,000,000, recoveries to unsecured creditors in
classes 5B, 5C, 5D, 5E and 5F would be:

  Total Claims Amount                   Estimated Recovery
  -------------------                   ------------------
  Between US$2,500,000,000
  and US$2,750,000,000                       82% to 90%

  Between US$2,750,000,000
  and US$3,000,000,000                       75% to 82%

  Between US$3,000,000,000
  and US$3,250,000,000                       69% to 75%

The Debtors are not seeking votes from holders of Claims and
Interests not impaired by the Plan.  The holders of Claims and
Interests in these Classes will be deemed to have voted to
accept
the Plan:

   -- Class 1A (Priority Claims Against the Consolidated
      Debtors),

   -- Class 1B (Priority Claims Against EFMG),

   -- Class 2A (Secured Claims Against the Consolidated Debtors
      Other Than the Port Authority Secured Claim),

   -- Class 2B (Secured Claims Against EFMG),

   -- Class 3 (Asbestos Personal Injury Claims),

   -- Class 4 (Convenience Claims Against the Consolidated
      Debtors),

   -- Class 5A (General Unsecured Claims against EFMG),

   -- Class 6B (Claims of Wholly-Owned and Majority-Owned Non-
      Debtor Affiliates Other than DCC), and

   -- Class 8 (Subsidiary Debtor Equity Interests),

Although holders of Claims in Class 6A (Prepetition Intercompany
Claims) will be impaired under the Plan, each holder of a Claim
in Class 6A will be deemed to have accepted the Plan and,
therefore, will not have the right to vote with respect to the
Plan.

The Debtors are seeking votes from the holders of nine Classes
of allowed Claims and Interests on grounds that they are
impaired under the Plan, and the holders of Allowed Claims or
Interests are receiving a distribution under the Plan:

   -- Class 2C (Port Authority Secured Claim),

   -- Class 5B (5.85% Bond Claims),

   -- Class 5C (6.5% or 7% Bond Claims),

   -- Class 5D (9% Bond Claims),

   -- Class 5E (10.125% Bond Claims),

   -- Class 5F (Other General Unsecured Claims Against the
      Consolidated Debtors),

   -- Class 5G (Union Claim),

   -- Class 6C (DCC Claim),

   -- Class 7B (Section 510(b) Old Common Stock Claims Against
      the Consolidated Debtors), and

   -- Class 7A (Old Common Stock of Dana Interests).

A full-text copy of Dana's Joint Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?235d

A full-text copy of the Disclosure Statement accompanying Dana's
Plan is available for free at
http://ResearchArchives.com/t/s?235e

                          About Dana Corp.

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

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

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

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

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


EMI GROUP: Majority of Noteholders Tender 8.625% Senior Notes
-------------------------------------------------------------
EMI Group Plc completed its offer to purchase for cash and
solicitation of consents for its outstanding EUR425 million
8.625% senior notes due 2013, launched on Aug. 17, 2007.

EMI received valid tenders of notes and deliveries of related
consents from holders of around 96% of the principal amount of
the outstanding notes as of Sept. 18, 2007 expiration date.

Holders who tendered their notes before the consent payment
deadline received the total consideration of EUR1,084.52 per
EUR1,000 principal amount on Sept. 7, 2007.

Holders who tendered their notes after the consent payment
deadline but prior to the expiration date will be eligible to
receive the purchase price of EUR1,054.52 per EUR1,000 principal
amount on Sept. 21, 2007.

Additionally, holders whose notes are purchased pursuant to the
offer will receive any accrued but unpaid interest up to but not
including the relevant payment date for the notes.

                         About EMI

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

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

The company issued two profit warnings since January 2007.

                        *     *     *

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

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

EMI Group plc

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

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

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

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

Moody's ongoing review will now be focused on :

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

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

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

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

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


EMI GROUP: S&P Withdraws All Debt Ratings on Repayment
------------------------------------------------------
Standard & Poor's Ratings Services withdrew all debt ratings on
U.K.-based music group EMI Group PLC and related entities
Capitol Records Inc. and EMI Group Finance (Jersey) Ltd.

The 'B+' long-term corporate credit ratings on all three
entities and the 'B' short-term corporate credit ratings on EMI
Group PLC remain on CreditWatch with negative implications,
where they were placed on Feb. 5, 2007.

The maintenance of the ratings on CreditWatch reflects
uncertainties as to the group's funding structure and financial
profile, after Maltby Ltd., a company formed at the direction of
private equity house Terra Firma, bought about 93.5% of EMI's
shares through a tender offer.  The remaining 6.5% are likely to
be acquired through a squeeze-out in the coming weeks.

The withdrawal of the issue ratings reflects the repayment of
all public debt through either tender offers or the exercise of
call options.  S&P expects the EUR17 million of bonds not
tendered under EMI's EUR425 million bonds due 2013, to be repaid
at the first call date in October 2008, through funds provided
in advance by the company.

The ratings on EMI were put on CreditWatch negative on Feb. 5,
2007, when the long-term rating stood at 'BB-', as a result of
strong operating pressures.  The ratings were lowered to 'B+'
and left on CreditWatch after the company's board recommended
the Maltby offer.  The transaction will likely entail a
substantial increase in leverage for EMI, as Maltby has secured
GBP2.5 billion in term debt and a GBP350 million revolving
credit facility.  At March 31, 2007, EMI had GBP1.3 billion in
gross unadjusted debt.

"We will review our ratings on EMI as more information on the
capital structure becomes available," said Standard & Poor's
credit analyst Patrice Cochelin.  "In case of a lack of
sufficient information in the coming weeks, the ratings will be
withdrawn."

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


FIAT SPA: Names Luca De Meo as Chief Marketing Officer
------------------------------------------------------
Fiat S.p.A. has appointed Luca De Meo as Fiat Group's Chief
Marketing Officer.

In this newly created role Mr. De Meo will be responsible for
all brand marketing related activities across all Fiat Group
Sectors.  His contribution to the rejuvenation and relaunch of
the Fiat Brand in a short period of time puts him on an ideal
position to promote the various Fiat Group Brands and develop
new marketing capabilities across the Group.

Mr. De Meo will become full member of the Group Executive
Council.

Replacing Mr. De Meo as Head of the Fiat Brand will be Lorenzo
Sistino, who in less than a year at CNH has brought about a
significant improvement in the performance of the New Holland
Agricultural Equipment business.

Following the appointment of Sistino, Harold Boyanovsky, CNH's
CEO will assume the responsibility of the New Holland
Agricultural Equipment business.

With the aim of further leveraging synergies at Group level,
Harald Wester is appointed Fiat Group Chief Technology Officer.
While keeping his responsibility for Fiat Group Automobiles
Product Engineering, Mr. Wester will coordinate product
development activities across Sectors.  Mr. Wester will become a
full member of the Group Executive Council.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  Fiat's creditors include Banca Intesa, Banca Monte
dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia,
Sanpaolo IMI, and UniCredito Italiano.

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

                          *     *     *

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

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


FLOAT SPARK: Members to Hold Final General Meeting on October 17
----------------------------------------------------------------
The members of Float Spark Limited will hold their final general
meeting on October 17, 2007, at 11:00 a.m., at Suite 1, 8th
Floor of New Henry House, 10 Ice House Street, in Central, Hong
Kong.

At the meeting, Chan Cheuk Ying and Lee Cho Yiu Julia, the Float
Spark's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FRITZ TRANSPORATION: Final Meeting Set for October 15
-----------------------------------------------------
A final meeting will be held for the members of Fritz
Transportation International Xiamen (H.K.) Limited on
October 15, 2007, at 10:30 a.m.

The meeting will be held at the offices of Ferrier Hodgson
Limited, 14th Floor of Hong Kong Club Building, 3A Chater Road,
in Central, Hong Kong.


HONFORD TRADING: Creditors' Meeting Set for October 11
------------------------------------------------------
The creditors of Honford Trading Limited will meet on Oct. 11,
2007, at 11:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at the office of Borrelli Walsh
Limited, 1401, Level 14, Tower 1, Admiralty Centre in 18
Harcourt Road, Hong Kong.


INTERTRANS CARGO: Liquidator to Give Wind-Up Report on Oct. 15
--------------------------------------------------------------
A final meeting will be held for the members of Intertrans Cargo
Services (Hong Kong) Limited on October 15, 2007, at 10:45 a.m.,
at the offices of Ferrier Hodgson Limited, 14th Floor of Hong
Kong Club Building, 3A Chater Road, in Central, Hong Kong.

At the meeting, Desmond Chung Seng Chiong, Intertrans Cargo's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


LUCKY REGENT: Contributories and Creditors to Meet on October 16
----------------------------------------------------------------
The contributories and creditors of Lucky Regent International
Limited will hold their final meetings on October 16, 2007, at
10:00 a.m. and 11:00 a.m., respectively.

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


MOUNT CITY: Members to Receive Wind-Up Report on October 16
-----------------------------------------------------------
The members of Mount City Property Limited will meet on Oct. 16,
2007, at 10:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Room 1803 of Sunbeam Commercial
Building, in 496-471 Nathan Road, Kowloon.


TRION INTERNATIONAL: Accepting Proofs of Debt Until October 31
--------------------------------------------------------------
The creditors of Trion China Investments Limited are required to
file their proofs of debt by October 31, 2007, to be included in
the company's dividend distribution.

The company went into liquidation on September 7, 2007.

The company's liquidator is:

         Tang Chiu Shun
         No. 19 Tai Kei Ling, Yuen Long
         New Territories
         Hong Kong


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

BANK OF INDIA: Forms JV w/ Union Bank and Da-Ichi of Japan
----------------------------------------------------------
Bank of India will set up a INR250-crore life insurance joint
venture with Dai-Ichi of Japan and Union Bank of India.

The Hindu Business Line, citing an unnamed top bank official as
source, says that BoI will have a 51% stake in the joint
venture, Dai-Ichi will have 26% while UBI will hold 23%.  The
insurance venture will likely be named 'Star Union Dai-Ichi',
the bank officer told the news agency.

According to Business Line, BoI has plans to takeover a private
bank in Nepal.   Talks are already ongoing.  The bank will also
set up a wholly owned subsidiary in Tanzania shortly, besides
opening representative office in South Africa, the report adds.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *     *     *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


BANK OF INDIA: Issues Perpetual Debt Instruments Bond Series I
--------------------------------------------------------------
The Bank of India has issued innovative perpetual debt
instrument bond series I.  According to a filing with the Bombay
Stock Exchange, the details of private placement are:

   Amount: INR200 crore with a green shoe option of INR200 crore
   aggregating INR400 crore

   Issue Opening Date: July 16, 2007

   Issue Closing Date: July 17, 2007

   Deemed date of Allotment: July 27, 2007

   Face Value per Bond: INR10,00,000 each

   Coupon Rate: 10.55% p.a. up to 10 years and 11.05% p.a. after
   10 years (if call option not exercised)

   Interest Payment Date: 1st April every year

   Tenure: Perpetual

   Put Option: NIL

   Call Option: After 10 years

The bonds are listed on the Wholesale debt market segment of
National Stock Exchange of India Ltd.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *     *     *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


BHARTI AIRTEL: Unit Signs US$150MM Network Deal With Huawei
-----------------------------------------------------------
Bharti Airtel Lanka Private Limited, a subsidiary of Bharti
Airtel Limited, has signed a managed networks deal for its Sri
Lanka operations with Huawei Technologies Co. Ltd.  The three-
year deal is valued at approximately US$150 million and includes
telecom applications and software.  With the network deal in
place, customers in Sri Lanka can look forward to a host of
innovative products and services at an affordable price from
Airtel's vast portfolio.

The latest custom-built technology from Huawei is expected to
reduce Bharti Airtel's total cost of ownership, as well as
enhance its competitive edge.  Specifically, Huawei's
Distributed Node B will enable Bharti to deploy the network
faster and more cost-effectively.

Bharti Airtel, rated among the best performing companies in the
world in the BusinessWeek IT 100 list 2007, was recently awarded
the license to provide 2G and 3G mobile services in Sri Lanka.
Under the agreement, Huawei will deploy and manage Airtel's core
network, Node-Bs and BTSs and comprehensive end-to-end 2G/3G
network solutions.

According to Sanjay Nandrajog, Executive Director, International
Operations & Managed Services, Bharti Airtel, "Bharti Airtel is
committed to creating a state-of-the-art mobile network and
offering world-class and affordable 2G and 3G services to
customers in Sri Lanka.  Huawei has established credentials as a
global company producing high quality products and solutions. We
are delighted to be partnering Huawei in this endeavour of
ours."

Max Yang, CEO, Huawei India said, "We are extremely proud and
happy to partner with Bharti Airtel who pioneered the telecom
revolution in India and continues to contribute immensely to the
remarkable growth of the telecom sector.  We look forward to
continuing this strategic partnership with Bharti Airtel by
providing innovative and customer-oriented solutions and
services including wireless solutions."

                    About Huawei Technologies

Huawei Technologies is a leader in providing next generation
telecommunications network solutions for operators around the
world.  The company is dedicated to providing innovative and
customized products, services and solutions to create long-term
value and potential growth for its customers.  Huawei's products
and solutions are deployed in over 100 countries and serve 31 of
the world's top 50 operators, as well as over one billion users
worldwide.

                      About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                         *     *      *

The Troubled Company Reporter-Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on Sept. 21, 2005.


BHARTI AIRTEL: Gets DTH License; To Invest INR150 Cr. Initially
---------------------------------------------------------------
Bharti Airtel Ltd received a license to start Direct-To-Home
services in India, which operations it plans to launch in the
first quarter of the next financial year, media reports say.

Bharti Airtel reportedly will invest INR150 crore for the first
phase to launch on infrastructure for which the company chose
Tendberg Television.

Bharti Telemedia, a subsidiary of Bharti Airtel, handling DTH
operations, will use a range of Tandberg Television's solutions
including the iSIS 8000 IP head-end and MPEG-4 AVC standard
definition encoders, The Financial Express cites N. Arjun, head
of Bharti's DTH operations, as saying.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                         *     *      *

The Troubled Company Reporter-Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on Sept. 21, 2005.


ICICI BANK: Signs US$200MM Loan Agreement w/ Japan's JBIC
---------------------------------------------------------
Japan Bank for International Cooperation and ICICI Bank Ltd. has
signed an untied loan agreement totaling the yen equivalent of
US$200 million.

The loan is co-financed by private financial institutions (viz.
Sumitomo Mitsui Banking Corporation (agent bank), The Bank of
Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd., the
Hong Kong and Shanghai Banking Corporation Limited Tokyo Branch,
and Societe Generale Tokyo Branch), with JBIC providing a
guarantee for their co-financing portions.

This loan is aimed at providing finance, through ICICI Bank, to
prospective CDM projects in which Japanese companies show an
interest with regard to purchasing emissions reduction credits
and obtain a preferred negotiation status for the emissions
reduction credits.  It is expected that this will amplify the
opportunities for Japanese companies to purchase emissions
reduction credits and will thereby help Japan achieve its Green
House Gas Emissions Reduction Target under the Kyoto Protocol.
This would also lead to restraining GHG emissions in a rapidly
growing India, which would contribute toward the prevention of
global warming.  JBIC and ICICI Bank signed a Memorandum of
Understanding for cooperation on CDM in May 2006, which brought
about close coordination and discussion between the two banks
and culminated in the signing of the loan agreement.

To achieve Japan's GHG Emissions Reduction Target under the
Kyoto Protocol(6% reduction from the 1990 level), it is crucial
for Japan to utilize the Kyoto Mechanisms, including the CDM, in
addition to making domestic efforts to reduce emissions with
various measures.  The "Plan to Achieve the Target under the
Kyoto Protocol" adopted in the Cabinet decision on April 28,
2005 and revised on July 11, 2006 noted the importance of
acquiring emissions reduction credits through the Kyoto
Mechanisms and effectively making use of official financing
(such as JBIC's International Financial Operations).  Meanwhile
in India, where the population exceeds 1.1 billion and rapid
economic growth continues at the rate of 7 to 9%, sustaining
development whilst caring for the environment is becoming an
important policy agenda.  As the government of India ratified
the Kyoto Protocol in August 2002 and established the process of
CDM at an early stage, India became the biggest country in terms
of number of CDM projects approved by the UN CDM Executive
Board, i.e. 267 projects out of total 757 (as of August 8,
2007).  With this background, the loan agreement was signed for
the promotion of CDM in India so as to help achieve Japan's GHG
Emissions Reduction Target under the Kyoto Protocol, and to
contribute toward prevention of global warming.

1) The Clean Development Mechanism is one of the components of
   the Kyoto Mechanisms.  It allows industrialized countries to
   undertake joint projects with developing countries and use
   the amount of emissions reduction credits (called Certified
   Emission Reductions) generated from such projects to meet
   their own emissions reduction target.

2) The Kyoto Mechanisms are economic arrangements set out in the
   Kyoto Protocol to enable industrialized countries and
   countries with economies in transition to achieve their
   greenhouse gas Emissions Reduction Targets.  The Mechanisms
   consist of the Clean Development Mechanism, Joint
   Implementation and Emissions Trading.

                           About JBIC

Japan Bank for International Cooperation is the Japanese
government's financial institution that promotes Japan's foreign
economic policy through various financing facilities.  JBIC was
established by the JBIC Law in 1999, succeeding the functions of
the then Export-Import Bank of Japan and Overseas Economic
Cooperation Fund of Japan.  JBIC has a statutory mandate to
undertake lending and other operations for the promotion of
Japanese exports, imports and economic activities overseas; for
the stability of the international financial order; and for
economic and social development as well as economic stability in
developing economies, thereby contributing to the sound
development of the Japanese economy as well as the international
economy.  Its headquarters are located in Tokyo with a branch in
Osaka and 27 representative offices across the globe including
New Delhi, India.

                        About ICICI Bank

ICICI Bank (NYSE:IBN) is India's second largest bank and its
largest private sector bank with over 50 years presence in
financial services and with assets of over US$88 billion as of
June 30, 2007.  The Bank offers a wide range of banking products
and financial services to corporate and retail customers through
a variety of delivery channels and through its specialized
subsidiaries in the areas of investment banking, life and non-
life insurance, private equity and asset management. ICICI Bank
is a leading player in the retail banking market and services
its large customer base through a network of over 950 branches
and extension counters, 3,516 ATMs, call centers and Internet
banking (http://www.icicibank.com)to ensure that customers have
access to its services at all times.

ICICI Bank set up the International Banking Group in the year
2002 to implement a focused strategy for its international
banking business.  Within a short span of five years ICICI
Bank's international presence has come to span 18 countries and
includes: wholly owned subsidiaries in the United Kingdom,
Canada and Russia; offshore banking units in Singapore and
Bahrain; an advisory branch in Dubai; branches in Sri Lanka,
Hong Kong, Belgium and Qatar; and representative offices in the
United States, China, United Arab Emirates, Bangladesh, South
Africa, Indonesia, Thailand and Malaysia.

                          *     *     *

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

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


GENERAL MOTORS: Reaches General 'VEBA Trust' Framework with UAW
---------------------------------------------------------------
General Motors Corp. and the United Auto Workers union have
agreed on a general framework, over the weekend, creating a
union-controlled health care trust fund, known as the Voluntary
Employees Beneficiary Association or VEBA, various sources
report citing people familiar with the talks.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
GM, Ford Motor Co. and Chrysler LLC are believed to be pushing
to finance the health care fund at no more than 70 cents on the
dollar, which would create a trust fund in excess of US$60
billion, making it one of the largest investment funds in the
country. The trust fund is expected to cut about US$95 billion
from the car makers' retiree costs.

In a letter to UAW members on Friday, cited by various sources,
UAW President Ron Gettelfinger and his top GM negotiator, Cal
Rapson, wrote that the bargainers were "continuing to make
progress; however, we are pushing to accelerate the negotiating
pace at all levels. It is our desire to reach an agreement
without a strike, and we have demonstrated this by staying
at the bargaining table up to this point. Nevertheless, we are
continuing to evaluate our options on an hour-by-hour basis and
we want to assure you that our efforts to reach an agreement in
this manner should in no way be construed as removing any of our
options."

As previously reported in the TCR, GM and the UAW tentatively
ceased VEBA fund negotiations on Thursday, after they couldn't
agree on how much money GM would provide. Instead, the parties
discussed other issues such as wage cuts for active employees,
higher co-pays for active workers, cutting back on overtime,
outsourcing of jobs not on the assembly line and  lower
second-tier wages for new hires. According to contract
proposals, new hires would also get lesser health care benefits
than current employees and won't get the pensions as current
workers.

The UAW is negotiating in behalf of 73,000 members who work for
GM and 340,000 retirees and surviving spouses.

                      About General Motors

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

                         *     *     *

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

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


PRIDE INTERNATIONAL: Gives Update on Fleet Contract Status
----------------------------------------------------------
Pride International Inc. announced that its report of drilling
rig status and contract information covering the company's fleet
of offshore drilling rigs, its five drilling management
projects, along with a summary status of its Eastern Hemisphere-
based land fleet, has been updated as of Sept. 19, 2007.

The updated report, titled "Monthly Fleet Update," is available
through the company's Web site and can be accessed at the
Investor Relations link.

                   About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2007, Fitch Ratings has affirmed Pride International
Inc.'s Issuer Default Rating at 'BB' in addition to affirming
the ratings on Pride International's senior secured revolving
credit facility, senior unsecured notes and their convertible
senior notes.  The Rating Outlook is Stable.  Fitch maintains
the following ratings for Pride International:

  -- Issuer Default Rating (IDR) at 'BB';
  -- Senior unsecured at 'BB';
  -- Senior secured bank facility at 'BBB-';
  -- Senior convertible notes at 'BB'.

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2.
Moody's said the outlook is stable.

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

-- Preferred Shelf rated Ba2 (LGD6, 97%)


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

ALCATEL-LUCENT: To Deploy Pakistan's First Live Network
-------------------------------------------------------
Alcatel-Lucent and Pakistan Mobile Communications Limited, a
wholly owned subsidiary of Orascom Telecom Holding have signed a
contract to participate in deploying Pakistan's first live
network based on the Universal 802.16e-2005 WiMAX solution.  The
network will cover major cities in Pakistan, including Karachi,
the nation's financial capital and the major business center.

Based on the latest IEEE 802.16e-2005 standards, the new WiMAX
network will be deployed in the 3.5 GHz spectrum enabling rapid
implementation of broadband services available in fixed and
nomadic environments.  It will deliver high-speed internet
access, enabling the delivery of advanced broadband multimedia
services, such as video streaming, through a variety of end-user
devices including laptops, desktop computers, modems and WiMAX
terminals.

"The deployment of WiMAX will enable our subsidiaries to
complement their GSM offering with broadband services," said
Tamer El Mahdi, CTO of Orascom Telecom Holding.

"The introduction of WiMAX will help us address the needs of our
corporate and residential subscribers in Pakistan who want the
ability to access wireless broadband services everywhere and at
anytime," said Marwan Hayek, CTO of Mobilink.

Alcatel-Lucent will supply its Universal WiMAX end-to-end
solution, including base stations, wireless access controllers,
an operation and maintenance center as well as customer premise
equipment, and network integration services. The new network
leverages equipment already installed in Mobilink's GSM network,
helping to reduce deployment cost.

To ensure that Mobilink's customers benefit from state-of-the-
art WiMAX devices that comply with the IEEE 802.16e-2005
standard, Alcatel-Lucent will propose fixed and nomadic
terminals from various CPE partners in a global end-to-end
offering.  This is part of Alcatel-Lucent's Open CPE program,
which is designed to promote an open device ecosystem and ensure
customers have a wide range of interoperable end-user devices.

According to Olivier Picard, President of Alcatel-Lucent's
activities in the Europe and South region, this new contract
confirms WiMAX technology's growing momentum worldwide and
strengthens Alcatel-Lucent's presence and leadership position in
the Middle East and South Asia.

"This contract builds on our long-standing relationship with
Mobilink and Orascom, and it confirms the market readiness of
Alcatel-Lucent's WiMAX solution," Picard said.  "It highlights
Alcatel-Lucent's unique ability to deliver the most advanced
Universal WiMAX solution to its customers and further proves
Mobilink's confidence in our technology and solutions."

Alcatel-Lucent's Universal WiMAX solution integrates the latest
technological innovations, such as "beam forming"* and MIMO**.
Beam forming enables a service provider to dramatically reduce
the number of radio sites needed to provide coverage -- in some
instances by as much as 40 percent -- while reducing interference
and ensuring better indoor penetration of the radio signal.
MIMO helps make radio links more robust, nearly doubling the
capacity delivered in dense urban environments.

With more than 70 pilots and deployments across the world and 14
commercial contracts signed since the beginning of 2007, this
new project clearly underscores Alcatel Lucent's leading
position in the WiMAX market.

                          About Mobilink

Mobilink is an Orascom Telecom Group company and is Pakistan's
leading cellular service provider with a subscriber growth of
104% in 2006. The company has achieved an unprecedented customer
base of over 27 million.  Mobilink provides the most extensive
network coverage footprint across Pakistan through an integrated
technology infrastructure in more than 5,000 cities, towns,
villages, and countless remote destinations, including
International Roaming in 127 countries through 300 partner
operators.

The company directly employs over 4,000 people and has the
largest distribution network with 200,000 outlets across
Pakistan.  Mobilink's corporate social responsibility program
contributes significantly in key areas of health, education,
social uplift and cultural development causes in Pakistan.  The
company is the official cellular service of the Pakistan Cricket
Board.  Mobilink is the only corporate in Pakistan to issue a
'high-yield' bond worth US$ 250 million in the International
Market and has contributed to a positive image of the country as
a secure destination for business activity.

                      About Orascom Telecom

Orascom Telecom is a leading international telecommunications
company operating GSM networks in seven high growth markets in
the Middle East, Africa and South Asia, having a total
population under license of approximately 460 million with an
average mobile telephony penetration of approximately 33% as at
30th June 2007. Orascom Telecom operates GSM networks in
Algeria, Pakistan, Egypt, Tunisia, Iraq, Bangladesh, and
Zimbabwe.  Orascom Telecom had over 61 million subscribers as at
June 2007. Orascom Telecom owns 19.3% of Hutchison
Telecommunications International Limited, a leading
telecommunication services provider operating in seven
countries.

                       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.


BERLIAN LAJU: To Buy Shipping Firm for Planned Expansion
--------------------------------------------------------
PT Berlian Laju Tanker plans to buy a shipping firm as part of
its expansion plans, Antara News reports, citing a Thomson
Financial interview with Company Director Kevin Wong.

Antara relates that Mr. Wong declined to give details on the
planned firm's identity or whether Berlian Laju is in talks with
any party.

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations
primarily in Asia with some expansion into the Middle East and
Europe.  In 2006, BLT achieved revenue of US$335 million, EBITDA
of US$154 million and net income of US$107 million.  The
founder, Hadi Surya, has a 48.7% beneficial interest in BLT.

The Troubled Company Reporter - Asia Pacific reported on May 9,
2007, that Fitch Ratings assigned a final rating of 'BB-' to the
US$400 million senior unsecured notes due 2014 issued by BLT
Finance B.V. and guaranteed by PT Berlian Laju Tanker Tbk (BLT,
rated 'BB-' (BB minus)/Stable).

On April 26, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' corporate credit rating to Indonesia's PT Berlian Laju
Tanker Tbk, a liquid bulk cargo shipping company.  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'B+' issue ratings to both the proposed US$200 million seven-
year senior unsecured notes due 2014 and US$125 million five-
year convertible bond due 2012, to be issued by BLT Finance
B.V., a wholly owned subsidiary of BLT.


FREEPORT-MCMORAN: Unit to Set Up Smelting & Refining Venture
------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc.'s unit PT Freeport Indonesia
was asked by Papua's Provincial Legislative Council to set up a
local venture to handle the smelting, and refining of waste
products from its mining operations in Papua, The Jakarta Post
reports.

According to the report, Commission Chairman Jan Ayomi said the
opening of a local venture can not only utilize the company's
waste products but also contribute the country's foreign
exchange earnings and create jobs.

The idea for the request to set up the venture emerged after
some members of the council visited PT Smelting in Gresik
recently, the report relates.

The Post adds that Papua's council had also urged PT Freeport
Indonesia to revise its work contract and move its Indonesian
head office from Jakarta to Jayapura, the Papua's provincial
capital.

                       About Freeport-McMoRan

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

                          *     *     *

As reported in the Troubled Company Reporter- Asia Pacific
reported on Jul 16, 2007, that Fitch Ratings upgrades these
ratings of Freeport-McMoRan Copper & Gold Inc.

FCX

    -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
    -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
    -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
    -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

    -- US$500 million PT Freeport Indonesia/FCX Secured Bank
       Revolver at 'BBB-';

    -- Convertible Preferred Stock at 'B+'.

Fitch also assigns a rating of 'BB+' to FCX's new US$2.45
billion five-year term loan A.  Proceeds of the loan were used
to repay the US$2.45 billion remaining under the term loan due
March 2014.  The term loan amortizes at 10% per annum with the
remainder due at maturity.

The Rating Outlook remains Positive.

On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s or Freeport's corporate family
rating to Ba2 from Ba3.

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services assigned its 'B' preferred
stock rating to the proposed US$2.5 billion US6.75% mandatory
convertible preferred stock offering of Freeport-McMoRan
Copper & Gold Inc.


MOBILE 8: Bimantara Citra Acquires 62,693,500 Shares
----------------------------------------------------
PT Bimantara Citra has acquired 62,693,500 shares of PT Mobile-8
Telecom, Antara News reports, citing Bimantara Citra Director
Hary Tanoesoedibjo.

The report notes that Mr. Tanoesoedibjo told the Capital Market
Supervisory Agency the transaction was carried out on September
5-14, with each share sold at IDR289.  "The transaction was made
for strategic ownership purposes," he said.

As of August 31, 2007, 38.52% and 18.18% of Mobile-8 is
controlled by PT Global Mediacom, while 5.01% is owned by
Qualcom Incorporated, Antara relates.

The report recounts that Between August 3 and 14 Global Mediacom
bought 157,392,500 shares of Mobile-8 at IDR290.9 per share, and
August 15 and 23, 2007, the Global Mediacom bought 188,074,000
shares at IDR258 per share.

Global Mediacom also bought 138.962 million shares at IDR39.326
billion from August 24-September 4, the report adds.

                       About Mobile-8 Telecom

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific on Sep 18, 2007, that
Moody's Investors Service has affirmed the B2 corporate family
rating of PT Mobile-8 Telecom Tbk.  At the same time, Moody's
has affirmed the B2 rating for the US$100m senior unsecured
11.25% bond due 2013 issued by Mobile-8 Telecom Finance Company
BV and guaranteed by Mobile-8 following the completion of the
bond issuance.  Both ratings have had their provisional status
removed. The outlook on the ratings is stable.

On July 19, 2007, Standard and Poors assigned its 'B' long-term
corporate credit rating to Indonesia's wireless operator PT
Mobile-8 Telekom Tbk.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B' rating to the proposed
US$150 million senior unsecured notes to be issued by Mobile-8
Telecom Finance B.V., a wholly owned subsidiary of Mobile-8.


NORTEL NETWORKS: Hires Joel Hackney to Lead Enterprise Solutions
----------------------------------------------------------------
Nortel Networks Corporation has appointed Joel Hackney as its
President, Enterprise Solutions, effective immediately.  This
appointment reflects Nortel's stated objective of accelerating
the strong momentum in its Enterprise business.

"Joel Hackney is a high-energy, results-oriented leader with a
proven track record of leading and growing businesses.  He is
widely recognized for operational excellence and speed of
execution," said the company's President and Chief Executive
Officer Mike Zafirovski Zafirovski.  "Joel is absolutely the
right person to further accelerate the momentum in Nortel's
Enterprise business that will be noticeable to customers,
channel partners - and our competition."

"Now is the time for Nortel to take its Enterprise to the next
level, build on our momentum and take a stronger leadership
position in the market.  Joel and the team will push the
Enterprise business to new heights by leveraging world-class
partnerships with companies like Microsoft and IBM, as well as
the leading technology innovations that are gaining rapid
traction in the market," said Mr. Zafirovski.

Over the past year, Nortel has built a solid base for its
Enterprise business. As previously reported, second quarter 2007
revenues were US$590 million, representing an increase of 23
percent over the same period last year, and the fourth
consecutive quarter of year-over-year growth.

"The industry is in need of choice in the Enterprise market -
real competition that will drive new innovation and meet rapidly
changing customer needs," said Mr. Hackney.  "We will increase
our investments in Enterprise and accelerate our pace of
execution.  We will create best-in-class, go-to-market
capability.  And we will deliver solutions that make it much
simpler for our customers to seize the opportunities of a
hyperconnected world.  Stay tuned!"

In his previous role, Mr. Hackney was Nortel's Senior Vice
President, Global Operations and Quality.  In addition to his
Nortel experience, he has 14 years of global leadership
experience at GE, including leadership of a billion dollar
product division with 7,000 employees.

After two decades of service to the Company, Steve Slattery, the
incumbent President of Enterprise Solutions, has decided to
leave the company, effective Oct. 1.  The company thanks Mr.
Slattery for his valuable contribution to its CDMA, Wireline and
Enterprise businesses over the years and wishes him much success
in his future endeavors.

           New Senior Vice President Global Operations

Joe Flanagan, who was previously the Vice President, Global
Fulfillment, has been appointed Senior Vice President, Global
Operations and will be charged with driving world-class results
in the company's customer satisfaction, supply chain and order
management operations.

"Over the past year, Joe has made important progress simplifying
customer order placement with "touchless" orders, improving
billing timeliness, standardizing process and metrics, and
building a future-state supply chain architecture," said Mr.
Zafirovski.  "In his new and expanded role, he will accelerate
the pace of change and make an even stronger contribution to
Nortel's execution capabilities and operational excellence.  The
mandate is critical to our turnaround, and the leader we have
chosen a proven results-driven executive."

Messrs. Hackney, Flanagan and the operations organization have
made significant progress advancing Nortel's business
transformation initiatives, including more than 100 Lean Six
Sigma projects, and have spearheaded Nortel's improvements in
quality and responsiveness.  With a strong leadership team in
place, Mr. Flanagan will build on the strong progress made to
date and accelerate the pace of progress in Global Operations.

In addition to his accomplishments at Nortel, Flanagan is a
skilled leader with 13 years experience at GE where he held
positions of increasing responsibility, including the General
Manager of Operations for GE Consumer & Industrial in Europe,
Middle East and Africa.

                      About Nortel Networks

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

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

                          *     *     *

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

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


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


PERTAMINA: Unit Buys 100% Stake in Conocophilips Ramba
------------------------------------------------------
PT Pertamina (Persero)'s unit PT Elnusa Tbk has acquired 100%
stake of Conocophilips Ramba Ltd's equity share in Ramba Block
of oil fields in South Sumatra, Antara News reports.

Haris Syahrudin, Elnusa vice president and corporate secretary,
told Antara that Conocophilips holds 60% stake in the block,
while the 40% is held by Talisman energy of Canada.   With this
distribution, Elnusa will now be the new operator of the on-
shore oil mining, he said.

PT Elnusa Tbk, a subsidiary of PT Pertamina, is engaged in the
Processing and Sales of Oil & Gas Products, Construction,
telecommunication, information technology, computer design, as
wells as in Services for the Oil and Gas Industry.

                      About PT Pertamina

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

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

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


PERTAMINA: Unit Plans to Sell 20% Stake in December Through IPO
---------------------------------------------------------------
PT Pertamina (Persero)'s unit PT Elnusa Tbk plans to sell a 20%
stake worth around US$30 million through an initial public
offering in December, Reuters reports citing Elnusa President
Director Eteng Salam.

Mr. Salam told Reuters that the company is currently
restructuring its business units and actively pursuing expanding
its business in the oil and gas sector in Indonesia.  Elnusa had
set up a joint venture with Tristar Global of Singapore and
recently acquired ConocoPhillips' equity share in the Ramba
block in South Sumatra, he adds.  Haris Syahrudin, Elnusa vice
president and corporate secretary, told Antara that
Conocophilips holds 60% stake in the block, while the 40% is
held by Talisman energy of Canada.   With this distribution,
Elnusa will now be the new operator of the on-shore oil mining,
he said.

Last year, Elnusa signed a provisional agreement with the
National Iranian Oil Refining and Distribution Company to build
a 300,000 barrel-per-day refinery in Indonesia, Reuters adds.

PT Elnusa Tbk, a subsidiary of PT Pertamina, is engaged in the
Processing and Sales of Oil & Gas Products, Construction,
telecommunication, information technology, computer design, as
wells as in Services for the Oil and Gas Industry.

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

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

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


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

FORD MOTOR: Top U.S. Marketing Exec Francisco Codina Retires
------------------------------------------------------------
Ford Motor Company President and Chief Executive Officer Alan
Mulally disclosed changes to his senior leadership team with the
elevation of two key executives and the retirement of another.

Francisco Codina, group vice president, North American Marketing
Sales and Service, has elected to retire after 30 years with
Ford Motor Company.  His retirement is effective Nov. 1, 2007.
Ford is beginning an immediate search for his replacement.

"Cisco's passion and dedication to Ford will be missed," Mark
Fields, executive vice president and president-The Americas,
said.  "Under Cisco's leadership, we began to stabilize our
retail market share, energize our dealers, improve the resale
value of our vehicles and speak with a more confident tone in
our marketing."

Mr. Codina joined Ford in 1977 and has served as vice president-
Ford Customer Service Division, as well as general marketing
manager for Ford Division, president of Ford of Argentina and a
variety of sales and marketing assignments throughout the U.S.
He was appointed group vice president, Marketing, Sales and
Service in January 2006.

John Parker, 59, has been elected an executive vice president of
Ford Motor Company - Asia Pacific and Africa, one of the
company's three core regional business units.  Mr. Parker has
been leading the region as a group vice president, based in
Bangkok, Thailand.  He will continue to have responsibility for
all of Ford's operations and partnerships within Asia Pacific
and Africa, including Mazda.  He continues to report to Mr.
Mulally.

"John is a tremendous leader delivering solid results in the
world's fastest growing and most dynamic region," Mr. Mulally
said.  "With John leading the way, Ford is poised for fast
growth in Asia, as we work together to create the products that
customers really want and value."

Mike Bannister, chairman and chief executive officer of Ford
Motor Credit Company, also has been elected an executive vice
president of Ford Motor Company.  Mr. Bannister, 57, will
continue to be responsible for all operations of Ford Motor
Credit worldwide, reporting to Don Leclair, executive vice
president and chief financial officer.

"Mike is an exceptional leader with tremendous business and
financial acumen," Mr. Mulally said.  "He is steering us to ever
higher levels of excellence at Ford Motor Credit, which remains
strategically core to our company's future.  Under Mike's
continued leadership, Ford Motor Credit is performing solidly
through reduced costs, improved effectiveness and streamlined
global operations."

                       About Ford Motor Co.

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

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

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

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

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

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


GOODWILL GROUP: Sells 2 Types of Nursing Care Facility to Zecs
--------------------------------------------------------------
The Goodwill Group, Inc., said that it has agreed to sell two
types of high-grade live-in nursing care facilities for the
elderly to Zecs Co., reports Kyodo News.

Goodwill, the parent company of scandal-tainted nursing-care
provider Comsn Inc. discloses that the condominium-style
facilities, which have been marketed under the brands of
Burrlington House and Comsn Garden, will be sold to the real
estate company for a minimum of JPY36 billion, notes Kyodo.

The report says that the transaction will be finalized within a
month.

                          *     *     *

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

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

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


INT'L RECTIFIER: Gets NYSE Notice Due to 10-K Filing Delay
----------------------------------------------------------
International Rectifier Corporation has received, as expected, a
notice from the NYSE indicating that International Rectifier is
not in compliance with the NYSE listed company manual Section
802.01E due to a delay in the filing of the company's annual
report on Form 10-K for the fiscal year ended June 30, 2007.

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, the company has filed with the U.S. Securities
and Exchange Commission saying that it will be unable to timely
file its Annual Report on Form 10-K for the fiscal year ended
June 30, 2007.

The delay arises from the previously disclosed investigation
being conducted by the Audit Committee of the Board of the
Directors, and the reconstruction and restatement of financial
statements and other matters described in the company's public
filings with the Securities and Exchange Commission.

The company plans to file its Form 10-K for the fiscal year
ended June 30, 2007 as promptly as practicable following
completion of these matters.

The company's shares remain listed on the NYSE and the company
intends to cooperate with the procedures communicated to the
company by the NYSE.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services said that its
'BB' corporate credit rating on International Rectifier Corp.
remains on CreditWatch with negative implications.


MITSUBISHI MOTORS: JCR Raises Senior Debt Rating to BB
------------------------------------------------------
Japan Credit Rating Agency, Ltd., has upgraded the senior debt
rating of Mitsubishi Motors Corporation to BB from BB- with a
stable outlook.

Mitsubishi Motors Corporation's restructuring has been going
well in line with the Mitsubishi Motors Revitalization Plan with
support of Mitsubishi Group.  Although MMC is halfway toward its
goal of adjustment of global production system under the plan,
efforts have been made steadily, reducing downside risk of
earnings.  MMC has ensured moer-than-planned free cash flow and
liquidity on hand, stabilizing the financial management.  MMC
plans to shrink its loss from domestic business that it has
delayed in increasing the earnings by improving product mix and
a wide-area integration of its distributors in the face of
difficulty in raising sales due to stagnant market.  There is
leeway in production capacity in US, Australia and Europe
against three plants in Japan and a plant in Thailand, which MMC
raised capacity utilization.

JCR thinks that MMC should continue reviewing shares of
production sites for higher efficiency.  JCR thinks that
adjustment of global production system, introduction of long-
term and stable fund procurement method and capital policy such
as exit policy for the preferred shares will be issues for MMC.
JCR will pay attention to the next medium-term business plan.

                    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.


MITSUBISHI MOTORS: JCR Lifts Senior Debt Rating of Unit to BB-
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has upgraded the senior debt
rating of Mitsubishi Motors Credit of America, Inc., to BB- from
B+ with a stable outlook.

Mitsubishi Motors Corporation (MMC)'s restructuring has been
going well in line with the Mitsubishi Motors Revitalization
Plan with support of Mitsubishi Group.  Although MMC is halfway
toward its goal of adjustment of global production system under
the plan, efforts have been made steadily, reducing downside
risk of earnings.  MMC has ensured moer-than-planned free cash
flow and liquidity on hand, stabilizing the financial
management.  MMC plans to shrink its loss from domestic business
that it has delayed in increasing the earnings by improving
product mix and a wide-area integration of its distributors in
the face of difficulty in raising sales due to stagnant market.
There is leeway in production capacity in US, Australia and
Europe against three plants in Japan and a plant in Thailand,
which MMC raised capacity utilization.  JCR thinks that MMC
should continue reviewing shares of production sites for higher
efficiency.  JCR thinks that adjustment of global production
system, introduction of long-term and stable fund procurement
method and capital policy such as exit policy for the preferred
shares will be issues for MMC.  JCR will pay attention to the
next medium-term business plan.

                    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.


NOVA CORP: Falls Behind in Employee Salary Payments
---------------------------------------------------
Nova Corporation is believed to be running short of funds
because it is falling behind in employee salary payments,
sources revealed to Kyodo News.

Kyodo News cites an employee of the Osaka-based company as
saying that experienced workers with families have already been
leaving the company in droves adding that the downsizing rumors
must be true.

The General Union, which represents Nova staff, asked Nova
President Nozomu Sahashi through a letter to take cautious steps
in order to minimize any adverse effects on Nova students and
employees, Kyodo relates.

According to the General Union leader Katsuji Yamahara, the
labor group is considering taking the matter to court unless
Nova responds in good faith this Wednesday, saying that they
have "already reached the end of our patience," notes Kyodo.

Reportedly, the letter also demanded swift salary payments to
Nova workers and tuition repayments to customers who quit the
schools.

                         About Nova Corp.

Osaka-based company, Nova Corporation-- http://www.nova.ne.jp/
-- is primarily engaged in the operation of language schools.
The Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.

Nova has reported two consecutive net losses -- JPY3.09-billion
for fiscal year ended March 31, 2006, and JPY2.89 billion for
the year ended March 31, 2007.

On June 19, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Ministry of Economy, Trade and Industry
suspended Nova Corp from selling long-term contracts for
language schools starting June 14, for lying to customers about
its services.


ORSO ABS: S&P Assigns Low-BB Rating to JPY3.6BB Worth of Trusts
---------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its
ratings to ORSO ABS Funding Trust1-SFFC's class A to E and X
beneficiary interests, due September 2012.

Ratings Assigned

Class       Rating     Amount      Coupon Type     O/C Ratio

A           AAA     JPY15.9 bil.  Floating Rate   54.9%
B           AA      JPY4.6 bil.   Floating Rate   41.9%
C           A       JPY3.1 bil.   Floating Rate   33.1%
D           BBB     JPY2.8 bil.   Floating Rate   25.2%
E-Deferral* BB      JPY3.6 bil.   Floating Rate   15.0%
X-IO**      AAA     JPY30 bil.*** Floating Rate

* Conditional deferred dividends
** Performance-linked dividends
*** Notional principal of interest-only beneficiary interests

The beneficiary interests are ultimately backed by:

1) real estate-backed loan receivables originated by SF Real
   Estate Credit Co. Ltd., a newly established company that took
   over the real estate-backed loan business of SFCG Co. Ltd.
   through a company spin-off; and

2) real estate-backed loans originated by SFCG prior to the
   company spin-off.

The underlying real estate-backed loan receivables have been
transferred to SF Asset Finance (the purchaser SPV), and the
asset-backed loans extended by Bear Stearns (Japan) Ltd. were
entrusted to the transaction trustee.  Through this transfer,
Bear Stearns (Japan) received the beneficiary interests, which
was divided into classes A to X and sold to investors.  The
ratings are assigned to the class A to X beneficiary interests.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date of September 2012 for the class A to D
beneficiary interests, the ultimate repayment of principal by
the legal maturity date for the class E beneficiary interests,
and the timely and full payment of interest for the interest-
only class X beneficiary interests as stipulated in the relevant
agreement.

The ratings reflect the following:

   * Sufficient overcollateralization for each rating level
     established through "Tokumei Kumiai" investment with a
     subordination covenant and the underlying loan receivables;

   * The employment of a "daily sweep method", in which the
     total collection amount is transferred to the trustee's
     account daily in general to mitigate commingling risk;

   * An ample cash reserve established at closing to provide
     sufficient liquidity support to the transaction in the
     event of a servicer replacement;

   * The establishment of early redemption triggers (if a
     trigger is hit, the payment method is converted into a
     full-turbo principal amortization structure, under which
     the total amount of excess spread is applied to repay
     principal); and

   * An interest rate cap agreement entered into between SF
     Asset Finance and Bear Stearns (Japan) Ltd. (guaranteed by
     Bear Stearns Cos. Inc., which has a short-term rating of
     'A-1') to mitigate the risk of interest rate mismatch
     between the fixed rate on the underlying assets and the
     floating rate on the asset-backed loans (ABLs) and the
     beneficiary interests.


PAYLESS SHOESOURCE: Names Scott Ramsland Sr. VP, Gen. Manager
--------------------------------------------------------------
Payless ShoeSource has hired Scott Ramsland as senior vice
president, general merchandising manager, international,
reporting to President and Chief Executive Officer Matt Rubel.

Mr. Ramsland, who began in this role earlier this week, will
lead the team responsible for the product direction and overall
merchandising strategy for Payless' presence in international
markets.  Through a variety of alliances such as joint ventures
and others, Payless currently has stores in Puerto Rico, Guam,
Saipan, the U.S. Virgin Islands, Canada, Central America, the
Caribbean, and South America.

"Scott has a rich product and merchandising history in both the
footwear and general retail industries, having served for nearly
three decades at Macy's, May, Federated, Brown Shoe Company and
Rack Room Shoes, among others," said Mr. Rubel.  "We are
thrilled Scott is joining our team to focus his talents and
leadership in our expanding international presence with
targeted, on-trend products and innovative merchandising
initiatives."

Most recently, since 2003, Mr. Ramsland served as senior vice
president, general merchandising manager at Rack Room Shoes.
Prior, from 1998 to 2002, he served as vice president and
divisional merchandise manager at Carson Pirie Scott and from
1993 to 1997 as vice president and national sales manager for
the Life Stride Brand at Brown Shoe Company.  From 1990 to 1992
he was with Federated Department Stores as vice president,
division merchandise manager at Rich's Division and just prior
served in the same role for the Jordan Marsh Boston Division of
Federated.  From 1988 to 1989 he was with May Co. as vice
president, divisional merchandise manager, Famous Barr Division,
and from 1983 to 1987 he served in various roles including buyer
and store manager for Macy's Atlanta Store Group.  Mr. Ramsland
began his career at Allied Stores and holds a bachelor's degree
in political science from Taylor University in Upland, Indiana.

                       About Payless

Headquartered in Topeka, Kansas, Payless ShoeSource Inc.
(NYSE:PSS) -- http://www.payless.com/-- is a family footwear
specialty retailer with 4,605 retail stores, as of fiscal
yearend Jan. 28, 2006 (fiscal 2005), including 22 stores not
open for operations.  The Company's Payless ShoeSource retail
stores in the United States, Canada, the Caribbean, Central
America, South America and Japan sold 182 million pairs of
footwear, in fiscal 2005.  The company operates its business in
two segments -- Payless Domestic and Payless International.  The
Payless Domestic segment includes retail operations in the
United States, Guam and Saipan.  The Payless International
segment includes retail operations in Canada; Puerto Rico; the
United States Virgin Islands; Japan; the South American Region,
which includes Ecuador, and the Central American Region, which
includes Costa Rica, Guatemala, El Salvador, the Dominican
Republic, Honduras, Nicaragua, Panama and Trinidad and Tobago.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Standard & Poor's Ratings Services lowered its
rating on Payless ShoeSource Inc. to 'B+' from 'BB-'.  At the
same time, the rating on the Topeka, Kan.-based company's US$200
million senior subordinated notes was lowered to 'B-' from 'B'.
All ratings have been removed from CreditWatch, where they were
placed with negative implications on May 23, 2007.  S&P said the
outlook is stable.

S&P also assigned its bank loan and recovery ratings to Payless'
proposed US$750 million senior secured term loan maturing 2014.
The facility is rated 'BB-', one notch higher than the corporate
credit rating on the company, with a recovery rating of '2',
reflecting the expectation of substantial recovery (70%-90%) of
principal in the event of default.  Proceeds from the term loan
will be used to fund the acquisition of The Stride Rite Corp.
The company will also have a US$350 million asset-based revolver
maturing in 2012, which is unrated.


* Fitch: De-Leveraging Drives Private Railways' Credit Quality
--------------------------------------------------------------
Fitch Ratings says in a special report issued that business
restructuring and balance sheet de-leveraging continue to
dictate the credit profiles of Japanese private railway
companies.

"The persistent efforts of private railway companies at
overhauling their group businesses, rationalization and cost
reduction have steadily improved their EBITDA generation.
Moreover, the companies' control over its capital expenditure
has also helped to improve free cash flow, while the sales of
their non-core businesses and assets have provided additional
cash, altogether reducing their debt," says Satoru Aoyama,
director in Fitch's Asia-Pacific Corporate team.  Because of
these and the fact that Japan's firm economic recovery and solid
real estate market have enhanced the overall operating
environment, all four rated private railway companies have
progressively improved their operating performance and financial
profiles, especially leverage, in FYE06-FYE07.

In the report titled, "Japanese Private Railways - De-Leveraging
Drives Rating Momentum", Fitch gave an overview of the sector's
evolving fundamentals.  The agency also examined potential
credit issues and trends in the operational performance and
financial results of the private railway companies it rates -
Tokyu Corporation (Tokyu), Hankyu Hanshin Holdings, Inc. (HHHD),
Odakyu Electric Railway Co., Ltd. and Kintetsu Corporation.

"In addition to debt reduction, one of the key themes to have
emerged in the Japanese private railway sector in FYE07, and one
that is likely to continue into FYE08 onwards, is a recovery of
the railway operations," said Mr. Aoyama.  With Japan's
sustained economic recovery and high business and consumer
activities, there has been a slow but steady improvement in
passenger traffic and fare revenues at all four rated private
railway companies.  This improvement, combined with the
companies' rationalization and cost reduction efforts, has
helped them to maintain high profitability and stable profit
generation from the core railway operations, supporting the
improved stability of their consolidated operating profiles.

The positive trending in the sector has already prompted Fitch's
recent rating actions.  In 12 September 2007, the agency
upgraded Tokyu's ratings to 'BBB+' from 'BBB- (BBB minus)' and
HHHD's to 'BBB- (BBB minus)' from 'BB+'.  The agency expects the
positive rating trend to continue - while taking into account
the possibility of downward pressure on the ratings over the
medium term - given that each of them remains committed to
keeping up its restructuring and rationalization efforts, as
well as improving their financial profiles.


* 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
=========

ALDEX CO: KR Rates 14th Unsecured Convertible Bond at 'BB'
----------------------------------------------------------
Korea Ratings Corporation rated Aldex Co. Ltd.'s 14th unsecured
convertible bond at 'BB-'.

The company has provided aluminum deoxidizer exclusively for
POSCO's steel mill in Kwangyang until the rating date from the
date on which it started to supply the products to POSCO in
1985.  It is a small and medium-sized company listed on the
KOSDAQ market, which recorded about 15% annual growth on the
average, on the back of POSCO's increase in crude steel
volume.

It has continued to renew supply agreement with its regular
client, POSCO every three years.  In 2007, it agreed to provide
about KRW94 billion worth of the products to POSCO. Given that,
Aldex's sales are expected to be stable.

However, the product prices are determined according to POSCO's
cost policy.  Therefore, there are structural constraints in
profitability.  Due the nature of the business, material costs
make up for almost 90% of manufacturing costs.  Accordingly,
Aldex's performance is likely to become volatile depending
upon changes in raw material costs.  POSCO's steel manufacturing
capacity is a determinant of Aldex's supply volume to POSCO.

Thus, its growth potential, in KR's views, is limited.
As part of business diversification, Aldex acquired stakes in
SJD Co., Ltd. (2004), Namkwang E&C Co.,Ltd.(2005), and UBISTAR
Co., Ltd. and Onse Telecom(2007). As the company relied on
external borrowings(bonds with warrants and convertible bonds)
for the significant portion of spending on the acquisitions, its
financial leverage went up substantially.

Meantime, the affiliates show somewhat sluggish operating
results except for Namkwang E&C whose business turnaround is
well underway after the acquisition by Aldex in 2005.  A merger
between UBISTAR and Onse Telecom is scheduled during 2007. Given
UBISTAR's heavy borrowings and weak market position, Aldex and
its affiliates as a whole have the weak financial structure.

                         About Aldex Co

Aldex is a manufacturer engaged in the manufacture of aluminum
deoxidizer products, which are used as essential materials in
steelmaking process.


C&MERCHANT: KR Assigns 15th Unsecured Bond at 'B+'
--------------------------------------------------
Korea Ratings Corporation has assigned a rating of 'B+' to the
15th unsecured bond issued by C & Merchant Marine Co., Ltd.

Meantime, with the active operating support of the shareholder,
C& Shipping, the company acquired long-term clients, which
contributed to stabilization of its business base.

However, amid the worsening bulk carrier market since 2004, C &
Merchant Marine suffered from a sharp drop in operating
profitability due to the fleet structure focusing on long-term
charters.  Meanwhile, the company saw its operating
profitability improving in 2007 as the bulk carrier market
turned upward from the second half of 2006.  With the continuing
upward in the business cycle, the company is expected
to continue improvement in operating results on the back of
contract of affreightment.  Yet, there exists negative factors
undermining the business stability of the company. Those are the
less diversified fleet portfolio, and unstable external factors
such as oil prices and foreign currency rates.

C& Group, to which the company belongs, grew sharply in size
through M&As.  As it financed the majority of M&As with external
borrowings, it came to have weak financial stability.  C &
Merchant Marine provided guarantees worth approximately KRW192.1
billion at end-March 2007 for the affiliates' debt obligations.

Given the company's cash-generating capacity and asset size, the
burden associated with its affiliates is heavy.  In addition,
due to the debt financing for the most acquisitions, the
company's borrowings reached KRW 144.3 billion in 2004, but
dropped to KRW654.5 billion at end-March 2007 thanks to the
sales of vessels, and rights offerings.  C&Merchant Marine
obtained a certain level of cash liquidity through the issuance
of convertible bonds and the sales of old vessels in
June 2007.  But, KR believes that its financial stability is
insufficient, given its weak cash generation, limited collateral
capacity, and heavy affiliates-related burden.

                     About C&Merchant Marine

Founded in 1951 under the name, "Hyup Sung Shipping", the
company is a dry cargo shipper, primarily transporting coal,
iron ore, and cement.  It boosted its capacity to cope with
changes in market conditions through fleet expansion and
diversification to include tanker business, after it was
acquired by C & Shipping Co., Ltd. Merchant Marine.


NACF: Signs MOU w/ LG Telecom for Mobile Convergence Cooperation
----------------------------------------------------------------
The National Agricultural Cooperative Federation and the LG
telecom Ltd. signed a MOU for cooperation in a mobile
convergence joint enterprise at the NACF headquarters.

The two parties agreed on securing more customers by joint
mobile marketing, introducing and joint marketing of mobile
credit card, and developing financial-communication convergence
service & new products.

As a result of the MOU, the two parties started the promotion of
LG mobile banking cellular phone in 500 NACF branches from
Aug.9, also launched "Save & Safe" card which saves up points up
to 10% of phone bill.

"This service satisfies the needs of customers by combining
mobile communication technology and financial services in the
mobile financial market." One NACF official said.

The two parties plan to develop a new business model such as
mobile payment services etc

        About National Agricultural Cooperative Federation

The National Agricultural Cooperative Federation --
http://www.nonghyup.com/-- and its member cooperatives were
established in 1961 to enhance the social and economic status of
member farmers and balance the development of the national
economy.  It operates under the directive of the Ministry of
Agriculture & Forestry but its banking business operates under
the Banking Act of Korea.  The Cooperatives main business
activity is the provision of specializes agricultural and
commercial credit and banking services.

As reported in the Troubled Company Reporter - Asia Pacific on
Apr 17, 2007, Standard & Poor's Ratings Services on April 13,
2007, assigned its A- rating to the proposed 10-year lower Tier
II subordinated notes of Korea's National Agricultural
Cooperative Federation.  The notes are to be drawn down from a
US$4 billion global medium-term note program.

On Apr 17, 2007, Moody's Investors Service on April 13, 2007,
assigned A3/Baa1 foreign currency long-term senior/subordinated
debt ratings and a Prime-1 foreign currency short-term debt
rating to National Agricultural Cooperative Federation's updated
and upsized USD4 billion Global Medium Term Note Program.


GMP CO: Commercial Paper Gets KR's 'B' Rating
---------------------------------------------
Korea Ratings Corporation has newly assigned a rating of 'B' to
GMP Co., Ltd.'s commercial paper.

The rating reflects risks inherent in the business that GMP is
engaged in, still weak financial stability in spite of ongoing
efforts to improve the financial structure, and risks arising
from assets associated with its subsidiaries, such as long-term
and short-term loans given for them.

Recently, it has generated stable revenues of about KRW60
billion on the annual average over the past three years.

However, due to the nature of the company's business, small
quantity batch production is apparent, which leads to heavy
inventory burden.

Meanwhile, the continued efforts to reduce debt and capital
expansion contributed to a steady debt decrease. However, the
debt volume in absolute terms is still excessive. Furthermore,
the company has experienced delay in collection of trade
receivables associated with operating and financial transactions
with its subsidiaries.

Its cash flow is unstable due to the provision of long-term and
short-term loans.  More, it is exposed to the risk of
delinquency and default in the loan assets.  These directly
constrain the creditworthiness of the company.

                          About GMP Co.

GMP based in is an office equipment maker that has over 20-year
business experience.  Based in Paju City, Kyonggi Province,
Korea, the company primarily produces and sells laminating
machines and films to domestic and international markets.
Generally, it has maintained around 80% operating rate.


MOCOCO INC: KR Rates 7th Unsecured Convertible Bond at 'B-'
-----------------------------------------------------------
Korea Ratings Corporation has rated Mococo Inc's 7th unsecured
convertible bond at 'B-'.

Since the latter half of 1990's, the company had shown good
growth driven by an increase in the adoption of e-commerce
applications and enterprise applications.  However, due to
deterioration in the overall operating environment, it has faced
a sharp decline in operating results including revenues and
profitability since 2005.

Moreover, the company has launched new businesses including
resource development and biotechnology business through its
affiliate after change in managerial ownership in 2006.

Since 2005, MOCOCO's income and cash-generating ability have
worsened due to the slowed growth in the mainstay EAI business
and fiercer competition among SI companies.  Under such
circumstances, it continues to reorganize the business structure
by shutting down the mobile business unit and launching new
businesses.

However, the operating environment for the EAI business is still
unfavorable. The new businesses are lackluster. Given all, in
KR's views, it is uncertain if its revenue base will be expanded
in coming years.

With the weaker cash-generating capacity, the company saw its
borrowings surging due to capital needs for non-operating
purposes.  But, the recent capital injection resulted in better
short-term financial liquidity. At end-June 2007, its net
borrowings plunged to approximately KRW3 billion.

Meantime, Mococo provides direct or indirect financial support
in the form of loans and guarantees to its affiliates with weak
operating results and financial structure. That is a credit
quality concern about the company.

                        About Mococo Inc

Mococo Inc. is a system integration company established in June
1995 under the name, "PLM Consulting".  The company is primarily
involved in development and implementation of enterprise
application integration solutions.


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

CNLT (FAR EAST): Posts MYR4.61MM Net Loss in Quarter to June 30
---------------------------------------------------------------
CNLT (Far East) Bhd posted a net loss of MYR4.605 million on
MYR15.08 million of revenues in the quarter ended June 30, 2007,
as compared with a net loss of MYR3.02 million on
MYR15.18 million of revenues in the same period in 2006.

As of June 30, 2007, the company's unaudited balance sheet
showed strained liquidity with current assets of
MYR15.87 million available to pay current liabilities of
MYR57.8 million.

The company's total assets as of June 30, 2007, amounted to
MYR164.45 million and total liabilities aggregated to
MYR156.76 million, resulting to a shareholders' equity of
MYR7.69 million.

                          *     *     *

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

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

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


EKRAN BHD: Turns Around w/ MYR16.51MM Profit in FY-Ended June 30
----------------------------------------------------------------
Ekran Bhd turned around in the full year ended June 30, 2007, by
posting a net profit of MYR16.51 million on MYR33.26 million of
revenues as compared with a net loss of MYR66.24 million on
MYR26.33 million of revenues in the same period in 2006.

For the fourth quarter ended June 30, 2007, the company narrowed
its net loss to MYR3.28 million from MYR64.02 million in the
same quarter in 2006.

As of June 30, 2007, the company's unaudited balance sheet
showed current assets of MYR335.06 million and current
liabilities of MYR238.94 million.

Ekran Bhd's total assets as of June 30, 2007, amounted to
MYR1.06 billion ad total liabilities aggregated to
MYR339.66 million, resulting to a shareholders' equity of
MYR725.74 million.

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

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


FA PENINSULAR: Posts MYR2.02MM Net Profit in Quarter to June 30
---------------------------------------------------------------
FA Peninsular Bhd returned to black in the quarter ended
June 30, 2007, by posting a net profit of MYR2.03 million on
MYR108,000 of revenues as compared with a net loss of
MYR2.55 million on MYR42,000 of revenues in the same period in
2006.

As of June 30, 2007, the company's unaudited balance sheet
showed current assets of MYR29.07 million available to pay
current liabilities of MYR23.42 million.

FA Peninsular's total assets as of June 30, 2007, amounted to
MYR29.17 million and total liabilities aggregated to
MYR23.42 million, resulting to a shareholders' equity of
MYR5.75 million.

                          *     *     *

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

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


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

AIR NZ: Sets Issue Price Under Dividend Reinvestment Plan
---------------------------------------------------------
On Aug. 28, 2007, Air New Zealand Limited declared a final year
dividend of 5 cents per ordinary share.  Air New Zealand now
advises that it has set an issue price of NZ$2.1529 per share
for the purposes of calculating additional share entitlements
under Air New Zealand's Dividend Reinvestment Plan.

In accordance with the terms of the Dividend Reinvestment Plan,
the issue price is 97.5% of the volume weighted average sale
price of Air New Zealand's ordinary shares (expressed in cents
and fractions of cents and converted into New Zealand dollars at
the rate displayed at 11:10 a.m. on the date of calculation on
the Reuters Monitor Screen Page RBNZ01) calculated on all sales
of shares (excluding large or unusual trades) which took place
through the NZSX and ASX on the first five trading days on which
the shares trade ex-entitlement on the NZSX for the dividend.

Shareholders who have elected to participate in the Dividend
Reinvestment Plan will apply all or part of their dividend to
subscribe for new Air New Zealand ordinary shares.  The number
of additional ordinary shares that a participant in the Dividend
Reinvestment Plan will receive will be calculated by multiplying
the net dividend per share by the number of that participant's
participating shares and then dividing that number by the issue
price of NZ$2.1529

Any fractional entitlements will be rounded down to the nearest
whole number.  The ordinary shares issued pursuant to the
Dividend Reinvestment Plan will be allotted on the date the
dividend is paid, currently scheduled to be Sept. 27, 2007.
For New Zealand tax resident shareholders the dividend is fully
imputed.  No resident withholding tax is deducted.  The dividend
of 5 cents per ordinary share can be fully reinvested.

For Australia tax resident shareholders, the net dividend
(including a supplementary dividend of 0.8824 cents per ordinary
share (payable subject to any necessary approvals being
obtained), less non resident withholding tax) will be 5 cents
per ordinary share and this can also be fully reinvested.  No
Australian franking credits will be allocated to the dividend
payments.

                       About Air New Zealand

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

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

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


AIRTECH 2000: Court Enters Wind-Up Order
----------------------------------------
On September 5, 2007, the High Court at Invercargill entered an
order directing the wind up of Airtech 2000 Ltd.'s operations.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed 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


AZ N SHAZ: Taps Nellies and Deuchrass as Liquidators
----------------------------------------------------
Iain Andrew Nellies and Wayne John Deuchrass were appointed as
liquidators of Az N Shaz Ltd. on September 3, 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


CHATS CATERING: Court to Hear Wind-Up Petition on Nov. 15
---------------------------------------------------------
The High Court of Auckland will hear a petition to wind-up the
operations of Chats Catering Ltd on November 15, 2007, at 10:45
a.m.

Consolidated Hotels and Taverns Limited filed the petition on
August 7, 2007.

Consolidated Hotels' solicitor is:

         Ralph George Simpson
         c/o Bell Gully
         Vero Centre, Level 22
         48 Shortland Street
         Auckland
         New Zealand


FIRST DATA: Prices Tender Offers for US$2.2 Bil. Debt Securities
----------------------------------------------------------------
First Data Corporation disclosed the determination of the total
consideration and tender offer consideration to be paid pursuant
to its cash tender offers and related consent solicitations in
respect of an aggregate of approximately US$2.2 billion of its
outstanding unsecured debt securities.

The total consideration for the Notes, which will be payable in
respect of Notes accepted for payment that were validly tendered
with consents and not withdrawn at or prior to 5:00 p.m., New
York City time, on Aug. 16, 2007, will be an amount equal to the
total consideration specified in the table below for each
US$1,000 principal amount of Notes.

The tender offer consideration for the Notes, which will be
payable in respect of Notes accepted for payment that are
validly tendered subsequent to 5:00 p.m., New York City time, on
Aug. 16, 2007 but at or prior to 8:00 a.m., New York City time,
on Sept. 24, 2007 (unless extended or earlier terminated by the
company), will be an amount equal to the total consideration
minus the applicable consent payment.  In each case, holders
whose Notes are accepted for payment in the tender offers will
receive accrued and unpaid interest in respect of such purchased
Notes from the last interest payment date to, but not including,
the payment date for Notes purchased in the tender offers.

The total consideration and tender offer consideration for each
series of Notes under the terms of the tender offers are
enumerated.


1) CUSIP and ISIN Nos.: 32006YAG7 and US32006YAG70
   Security Description: 6-3/8% Notes due 2007
   Applicable Spread: 25 bps
   Tender Offer Yield: 4.205%
   Total Consideration: US$1,004.67
   Consent Payment: US$30.00
   Tender Offer Consideration: US$974.67

2) CUSIP and ISIN Nos.: 319963AG9 and US319963AG92
   Security Description: 3.375% Notes due 2008
   Applicable Spread: 42 bps
   Tender Offer Yield: 4.630%
   Total Consideration: US$989.58
   Consent Payment: US$30.00
   Tender Offer Consideration: US$959.58

3) CUSIP and ISIN Nos.: 32006YAH5 and US32006YAH53
   Security Description: 5.8% Medium-Term Notes due 2008
   Applicable Spread: 38 bps
   Tender Offer Yield: 4.472%
   Total Consideration: US$1,015.58
   Consent Payment: US$30.00
   Tender Offer Consideration: US$985.58

4) CUSIP and ISIN Nos.: 319963AJ3 and US319963AJ32
   Security Description: 3.9% Notes due 2009
   Applicable Spread: 40 bps
   Tender Offer Yield: 4.416%
   Total Consideration: US$990.13
   Consent Payment: US$30.00
   Tender Offer Consideration: US$960.13

5) CUSIP and ISIN Nos.: 319963AL8 and US319963AL87
   Security Description: 4.5% Notes due 2010
   Applicable Spread: 43 bps
   Tender Offer Yield: 4.458%
   Total Consideration: US$1,001.01
   Consent Payment: US$30.00
   Tender Offer Consideration: US$971.01

6) CUSIP and ISIN Nos.: 319963AF1 and US319963AF10
   Security Description: 5.625% Senior Notes due 2011
   Applicable Spread: 44 bps
   Tender Offer Yield: 4.644%
   Total Consideration: US$1,036.21
   Consent Payment: US$30.00
   Tender Offer Consideration: US$1,006.21

7) CUSIP and ISIN Nos.: 319963AH7 and US319963AH75
   Security Description: 4.7% Notes due 2013
   Applicable Spread: 64 bps
   Tender Offer Yield: 5.176%
   Total Consideration: US$976.16
   Consent Payment: US$30.00
   Tender Offer Consideration: US$946.16

8) CUSIP and ISIN Nos.: 319963AK0 and US319963AK05
   Security Description: 4.85% Notes due 2014
   Applicable Spread: 68 bps
   Tender Offer Yield: 5.216%
   Total Consideration: US$978.70
   Consent Payment: US$30.00
   Tender Offer Consideration: US$948.70

9) CUSIP and ISIN Nos.: 319963AM6 and US319963AM60
   Security Description: 4.95% Notes due 2015
   Applicable Spread: 72 bps
   Tender Offer Yield: 5.256%
   Total Consideration: US$980.70
   Consent Payment: US$30.00
   Tender Offer Consideration: US$950.70

The tender offers and the related consent solicitations relating
to the Notes are made upon the terms and conditions set forth in
the company's Offer to Purchase and Consent Solicitation
Statement dated Aug. 3, 2007, and the related Consent and Letter
of Transmittal, as amended.  The tender offers and consent
solicitations are subject to the satisfaction of certain
conditions, including the merger of First Data with an affiliate
of Kohlberg Kravis Roberts & Co. pursuant to the previously
announced merger agreement having occurred, or the Merger
occurring substantially concurrent with the Offer Expiration
Date.

First Data has retained Citigroup Global Markets Inc. to act as
the lead dealer manager for the tender offers and lead
solicitation agent for the consent solicitations, and they can
be contacted at (800) 558-3745 (toll-free) or (212) 723-6106
(collect).

First Data has also retained Credit Suisse Securities (USA) LLC,
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and
Lehman Brothers Inc. to act as co-dealer managers for the tender
offers and co-solicitation agents for the consent solicitations.

Deutsche Bank Luxembourg SA has been appointed Luxembourg Tender
Agent for the Offers and may be contacted at:

     Deutsche Bank Luxembourg SA
     Trust & Securities Services
     2 BLD Konrad Adenauer
     L-1115 Luxembourg
     Telephone 00352-421-22-460
     Fax 00352-421-22-426

Requests for documentation may be directed to Global Bondholder
Services Corporation, the Information Agent, which can be
contacted at (212) 430-3774 (for banks and brokers only) or
(866) 924-2200 (for all others toll-free).

                        About First Data

Headquartered in Greenwood Village, Colorado, First Data Corp.
(NYSE: FDC) -- http://www.firstdata.com/-- provides electronic
commerce and payment solutions for businesses worldwide
including those in New Zealand, the Netherlands and Mexico.  The
company's portfolio of services and solutions includes merchant
transaction processing services; credit, debit, private-label,
gift, payroll and other prepaid card offerings; fraud protection
and authentication solutions; receivables management solutions;
electronic check acceptance services through TeleCheck; well as
Internet commerce and mobile payment solutions.  The company's
STAR Network offers PIN-secured debit acceptance at 2 million
ATM and retail locations.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Moody's Investors Service assigned to First Data Corporation a
B2 Corporate Family Rating and Ba3 rating to senior secured
credit facilities related to its acquisition by Kohlberg,
Kravis, Roberts & Co.  The rating outlook for the new ratings is
stable.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Greenwood Village, Colorado-based First Data Corp. to
'B+' from 'BB+' and removed the rating from CreditWatch, where
it was placed on April 2, 2007, with negative implications.  The
outlook is negative.

Upon conclusion of its review of First Data Corp.'s new capital
structure for the expected close of its leveraged buy-out
transaction with Kohlberg Kravis Roberts & Co.'s, Fitch Ratings
has taken these rating actions on FDC: Long-term Issuer Default
Rating downgraded to 'B+' from 'BBB' and removed from Rating
Watch Negative; US$2 billion senior secured revolving credit
facility due 2013 rated 'BB/RR2'; and US$13 billion senior
secured term loan B due 2014 rated 'BB/RR2'.  The Rating Outlook
is Stable.


GREENACRES TOMARATA: Commences Wind-Up Proceedings
--------------------------------------------------
Greenacres Tomarata Ltd. went into liquidation on September 3,
2007.

Leslie Bavage was tapped as liquidator.

The Liquidator can be reached at:

         Leslie Bavage
         Bavage Chapman Limited
         Chartered Accountants
         142 Rodney Street
         PO Box 23, Wellsford
         New Zealand
         Telephone:(09) 423 8143 (extension 220
         Facsimile:(09) 423 7226
         e-mail: ron@bavagechapman.co.nz


LATINO'S 2007: Appoints John Francis Managh as Liquidator
---------------------------------------------------------
John Francis Managh was appointed as liquidator of Latino's 2007
Ltd. on September 5, 2007.

Mr. Managh is accepting creditors' proofs of debt until Oct. 11,
2007.

The Liquidator can be reached at:

         John Francis Managh
         50 Tennyson Street
         PO Box 1022, Napier
         New Zealand
         Telephone/Facsimile:(06) 835 6280


LINK COMPANY: Commences Liquidation Proceedings
-----------------------------------------------
On September 3, 2007, Link Company Ltd. entered liquidation
proceedings.

Iain Andrew Nellies and Wayne John Deuchrass were appointed as
liquidators.

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


PERSONALIZED PLASTICS: Commences Liquidation Proceedings
--------------------------------------------------------
On September 6, 2007, the shareholders of Personalized Plastics
Ltd. resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Oct. 31,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Clive Ashley Johnson
         PO Box 33171, Auckland
         New Zealand
         Telephone:(09) 377 5536
         Facsimile:(09) 377 5537


S.M.D. BRICKLAYERS: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
On June 14, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of S.M.D. Bricklayers Ltd. wound
up.

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

The CIR's solicitor is:

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


SHATTKY & SHATTKY: Court to Hear Wind-Up Petition on Sept. 27
-------------------------------------------------------------
A petition to have the operations of Shattky & Shattky Ltd.
wound up will be heard before the High Court of Auckland on
September 27, 2007, at 10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on
June 25, 2007.

The CIR's solicitor is:

         Justine S. T. Berryman
         c/o Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


VUSION PACIFIC: Court Sets Wind-Up Petition Hearing for Sept. 27
----------------------------------------------------------------
A petition to have the operations of Vusion Pacific Ltd. wound
up will be heard before the High Court of Auckland on Sept. 27,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
June 11, 2007.

The CIR's solicitor is:

         Justine S. T. Berryman
         c/o Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


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

BANGKO SENTRAL: Expects Strong Peso & US$6.3-Bil. 2007 Surplus
--------------------------------------------------------------
The Bangko Sentral ng Pilipinas is expecting the local currency
to remain strong, and also foresees a US$6.3-billion surplus for
2007 through the country's strong balance of payments position
despite expected maturities by the end of the year, the
Philippine Star reports.

The BOP surplus would continue to support a firm peso despite an
expected maturity of US$300 million to US$400 million worth of
private and public obligations by the end of the year, PhilStar
cites BSP Deputy Governor Diwa Guinigundo as saying over the
weekend.

The country's gross international reserves are expected to reach
US$30 billion by year-end, Gov. Guinigundo added.

PhilStar says that Gov. Guinigundo went on to add that the
strong national reserves and BOP position, coupled with the
resulting appreciation of the peso is allowing the public and
private sectors greater flexibility in managing foreign debts.
According to the central bank, both sectors prepaid a total of
US$1.611 billion in foreign debts for the January-May period
this year, US$607 million of which was prepaid by the private
sector.

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.


GUESS? INC: Caris Maintains Average Rating on Firm's Shares
-----------------------------------------------------------
Caris & Company analyst Scott Birkby has kept his "average"
rating on Guess? Inc's shares, Newratings.com reports.

According to Newratings.com, the target price for Guess?'s
shares was increased to US$57 from US$54.

Mr. Birkby said in a research note that recent checks indicated
that Guess?'s shoes and handbags have been receiving positive
customer response in Europe.

Mr. Birkby told Newratings.com that Guess?'s August 2007 "comp
store sales" had a double-digit increase.

The earnings per share estimate for fiscal year 2008 was
increased to US$2.28 from US$2.16, Newratings.com states.

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

                          *     *     *

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


LAFAYETTE MINING: ISO Awards 14001:2004 Certification
-----------------------------------------------------
Lafayette Mining Philippines Inc. says it has been awarded an
ISO 14001:2004 certification by the International Standards
Organization for its environmental management system, making it
the second mining company to earn the award after Philex Mining,
the Daily Tribune reports.

Company spokesman Bayani Agabin also said that the company's
Rapu-Rapu Polymetallic project is ready to pay more taxes if the
Philippine Congress introduces amendments to the law mandating
higher taxes to be imposed on mining companies.  The company is
also exploring its mining area in accordance with the
exploration work program of its mineral agreement, Mr. Agabin
said.

The project would be a responsible partner of the community and
a good corporate citizen, LPI president Carlos Dominguez said
when he took over management of Rapu-Rapu last year.  Now, Mr.
Agabin said, the company is "the biggest taxpayer in the region,
in the province and in the immediate communities."

According to the Tribune, the project pumps about PHP320 million
each year in and around Rapu-Rapu for salaries, wages and
purchase of goods and services, as well as for the creation of
new jobs and businesses.  For the first half of this year alone,
the project paid a total of P180 million in direct and indirect
taxes and expects its overall contribution to its host
communities to grow as production and shipments rise.

The project also dishes out millions monthly for local supplies
and in improvement of basic services in the island, the report
added.

                     About Lafayette Mining

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

TCR-AP's "Large Companies with Insolvent Balance Sheets" column
on July 13, 2007, reflected Lafayette Mining Limited as having a
US$127.82 million equity deficit, on total assets of US$78.17
million.


LAND BANK: Faces Charges Over Maxicare Healthcare Contract Deal
---------------------------------------------------------------
About 40 employees of the Land Bank of the Philippines have sued
members of the Land Bank Employees Association national
executive board in the Office of the Ombudsman in relation to
the PHP336-million contract awarded to Maxicare Healthcare Corp.
without a public bidding, the Philippine Daily Inquirer reports.

According to the employees' lawyer Atty. Homobono A. Adaza, they
have filed administrative and criminal charges against these
respondents:

    * Maria Lourdes Diaz-Pineda, LBPEA-NEB national president
    * Marcos Rabano, vice president
    * Garizalde Casaul, vice president
    * Gregorio Wilson Uyonco, treasurer
    * Marlin Marilag, auditor
    * Cristina Gutierrez, secretary general
    * Nemesio Sumulong, director
    * Milo Satumba, director
    * Nelson Pacis,director
    * Cecile Benitez, director
    * Armel Alcantara, director
    * May Dar-Arizabal, director
    * Rafael Capaque, director
    * Divinagracia Platon-David, director
    * John Holgado, director
    * Rhoel Vaflor, director
    * Menandro Rillon, director

Land Bank of the Philippines -- http://www.landbank.com/-- is a
government financial institution that strikes a balance in
fulfilling its social mandate of promoting countryside
development while remaining financially viable.  Today, Landbank
claims to be the largest formal credit institution in the rural
areas and to rank among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.  From
its initial role as the financing arm of the agrarian reform,
the bank has evolved into a full-service commercial bank.

                          *     *     *

On August 31, 2007, Fitch Ratings has affirmed its 'BB' Long-
term foreign and local currency issuer default ratings for the
Land Bank of the Philippines.  Outlook is stable.

Fitch also affirmed these ratings:

    * 'AA (phl) National long-term rating with a Stable outlook

    * 'D' Individual rating

    * '3' Support rating

    * 'BB-' Support Floor rating

    * 'BB-' rating for US$150 million subordinated notes

The TCR-AP also reported that on November 2, 2006, Moody's
Investors Service revised the outlook of the Land Bank of the
Philippines' foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for Land Bank's foreign
currency Not-Prime short-term deposit rating and bank financial
strength rating of E+ remains stable.


MIC HOLDINGS: SEC Declares Ventcap Subscription as Exempt Deal
--------------------------------------------------------------
The Securities and Exchange Commission has declared MIC Holdings
Inc.'s issuance of 40,000 common shares to Ventcap Inc. as an
exempt transaction.

The company has paid the exemption fee of PHP4040 to the
Commission on August 29, under Official Receipt No. 0089579.

Headquartered in Quezon City, Philippines, MIC Holdings
Corporation's board of directors approved the following
amendments to the articles of incorporation: change of name from
Metropolitan Insurance Company to its present one; change of
primary and secondary purposes from insurance to that of a
holding company; and removal of preemptive rights.  On July
1999, the Securities and Exchange Commission approved the
amended articles.

The company's balance sheets as of June 30, 2007, showed total
assets of PHP51.01 million and total liabilities of PHP54.41
million, resulting in a capital deficit of PHP3.40 million.


SAN MIGUEL: Estimates Conversion of HK Brewery to Cost US$1 Mil.
----------------------------------------------------------------
San Miguel Corp. plans to convert its Hong Kong brewery into a
softdrink factory within the fourth quarter with capital
expenditure estimated at US$1 million, sources told the
Philippine Star.

According to the article, SMC's Hong Kong unit told the Hong
Kong Stock Exchange that it will cease operations in its Yuen
Long factory as it will shift production to its Foshan brewery
in China due to high production and operating costs.

Management further revealed that it is now drafting a detailed
restructuring plan, which will encompass the alternative
deployment of the Yuen Long brewery and its assets, PhilStar
says.

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

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

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


* Tax Effort for 2007 First-Half Slips Down to 13.8%
----------------------------------------------------
The Philippines' tax effort, the ratio between the national
government's tax collection and the national economic output, is
recorded to be at 13.8% in the first half of 2007, as compared
to the 14.7% in the same period last year, finance officials
told the Philippine Daily Inquirer.

Figures used to compute the tax effort are the PHP3.126-trillion
gross domestic product and the PHP431.4-billion in tax and fees
collected by the Bureau of Internal Revenue, the Bureau of
Customs and other government agencies.

According to the article, the drop in the first half has set
back the government's planned increase to 15.6% of the tax
effort by the end of the year in a bid to improve on the 14.3%
in 2006.

Tax collection efficiency can still be improved, finance
officials admitted, and pointed out that the government has
stepped up measures to plug tax evasion and smuggling in an
effort to increase government revenues together with the growth
of the economy.

The benefits of the economic growth that can be attained from
increased tax collection and channeling of funds to social
services will be beneficial to the masses, finance officials
added.

                          *     *     *

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

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

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


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

BRIGHTWAY ELECTRICAL: Pays First and Final Dividend
---------------------------------------------------
Brightway Electrical Pte Ltd. paid its first and final dividend
on September 13, 2007.

The company paid 4.6413% to all received claims.

The company's liquidator is:

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


CHINA AVIATION: Appoints Wang Chunyan as Chief Financial Officer
----------------------------------------------------------------
On September 20, 2007, Wang Chunyan was appointed as China
Aviation Oil (Singapore) Corporation Ltd's Chief Financial
Officer.

As Chief Financial Officer, Mr. Wang will direct and manage
CAO's overall financial plans and accounting practices.  He will
also oversee the treasury, accounting, budget, tax and audit
functions of CAO.  Mr. Wang, who is also appointed as a member
of CAO's Senior Officers Meeting, will report directly to
Mr. Zhang Zhenqi, CAO's Executive Director & General Manager.

Mr. Wang brings with him more than 14 years of experience in
China's petroleum industry.  Prior to his appointment, Mr. Wang
was the Deputy Head of Financial Assets Division at Shengli
Petroleum Administrative Bureau, a subsidiary of SINOPEC.

Commenting on Mr. Wang's appointment, Zhang Zhenqi said, "Mr.
Wang has an excellent track record in the accounting and
financial management profession.  We believe that he will be a
great addition to our senior management team."

Mr. Wang began his career with Hekou Oil Production Plant, a
subsidiary of Shengli Petroleum Administrative Bureau in 1993.
He held several senior positions within the Financial Assets
Division of Shengli Petroleum Administrative Bureau before his
appointment as Deputy Head of Financial Assets Division in May
2006.  He is a qualified senior international finance manager
and senior accountant.  Mr. Wang holds a Bachelor's Degree in
Economics majoring in Accountancy from Changchun Taxation
College, China.

                About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.


CHINA AVIATION: Places GCTI Under Voluntary Liquidation
-------------------------------------------------------
Greater China Travel Industry (Singapore) Pte Ltd, a wholly
owned subsidiary of China Aviation Oil (Singapore) Corporation
Ltd, was dissolved on September 20, 2007.

Greater China was placed in voluntary liquidation in September
2005 as part of the company's efforts to wind up its non-core
businesses.  The dissolution of Greater China is not expected to
have any material impact on the earnings per share and net
tangible assets per share of the company for the financial year
ending December 31, 2007.

                About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.


HLG ENTERPRISE: Discloses Changes in Board Composition
------------------------------------------------------
HLG Enterprise Limited disclosed a series of changes to its
Board composition:

   * Change of Board Chairman

Wong Hong Ren has resigned as Chairman and non-executive
Director of the company on September 21, 2007.  Gan Khai Choon
was appointed on the same day in replacement of Mr. Wong.  The
Board does not consider Mr. Gan to be independent.

   * Resignation and Appointment of Non-Executive Directors

   (a) Kevin Hangchi resigned as the company's Director on
       September 21, 2007.  With his resignation, he will also
       ceased to act as a member of the Audit Committee,
       Nominating Committee, Remuneration Committee and HLG
       Enterprise Share Option Scheme 2006 Committee.

   (b) Martha Tan Hui Keng will take over the position of Mr.
       Hangchi as the company's non-executive Director and as a
       member of the Committees.

   (c) Teo Tong Kooi was appointed as the company's non-
       executive director on Sept. 21.  The Board does not
       consider him to be independent.

   (d) Ting Sii Tien @ Yao Sik Tien, Philip was appointed, on
       Sept. 21, as Alternate Director to Teo Tong Kooi

   * Appointment of Executive Director

Sherman Kwek Eik Tse was appointed on Sept. 21, as the company's
executive director.  Mr. Kwek has relinquished his position as
Executive Vice-President, a position which he held since
March 1, 2006.

Consequent to the changes, the company's Board and Board
Committees now comprise of:

Board

   * Gan Khai Choon - Chairman, non-executive;

   * Sherman Kwek Eik Tse - Executive Director;

   * Neo Teck Pheng - Executive Director;

   * Florence Tay Eng Neo - Non-executive Director (non-
     independent);

   * Michael Yeo Chee Wee - Independent non-executive Director;

   * Lee Kim Shin - Independent non-executive Director;

   * Martha Tan Hui Keng - Independent non-executive Director;

   * Teo Tong Kooi - Non-executive Director (non-independent);
     and

   * Ting Sii Tien @ Yao Sik Tien, Philip - Alternate Director
     to Mr Teo Tong Kooi.

Audit, Remuneration and HLG Enterprise Share Option Scheme 2006
Committees

   * Michael Yeo Chee Wee (Chairman) - Independent non-executive
     Director;

   * Lee Kim Shin - Independent non-executive Director; and

   * Martha Tan Hui Keng - Independent non-executive Director

Nominating Committee

   * Lee Kim Shin (Chairman) - Independent non-executive
     Director;

   * Michael Yeo Chee Wee - Independent non-executive Director;
     and

   * Martha Tan Hui Keng - Independent non-executive Director

                       About HLG Enterprise

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
Subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

As of June 30, 2007, the group's consolidated balance sheet
showed total assets of US$170 million and total liabilities of
US$176 million, resulting in a shareholders' equity deficit of
US$6 million.

Moreover, the company's balance sheet as of June 30, 2007,
reflected US$119 million of total assets and total liabilities
of US$149 million leaving a shareholders' equity deficit of
US$30 million.


LINDETEVES-JACOBERG: Peter Sichrovsky Purchases 400,000 Shares
--------------------------------------------------------------
Peter Sichrovsky, a director and at the same time a substantial
shareholder of Lindeteves-Jacoberg Ltd, bought 400,000 direct
company shares with 0.056% issued share capital.

Mr. Sichrovsky, who purchased the shares through an open market,
doesn't hold any deemed shares in the company.

                    About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited -- http://www.linjacob.com/-- was
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

As of June 30, 2007, the group's balance sheet showed
SGD306 million of total assets and SGD387 million of total
liabilities, resulting in a shareholders' equity deficit of
SGD81 million.


TECHMAT HOLDINGS: Pays First Preferential Dividend
--------------------------------------------------
On September 12, 2007, Techmat Holdings Pte Ltd. paid its first
preferential dividend on September 12, 2007.

The company paid 9.67066% to all received claims.

The company's liquidator is:

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


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

SIAM CITY: Bankers Worried Over Effects of ATM Fraud Case Ruling
----------------------------------------------------------------
Thailand's bankers are worried in light of a recent decision
ordering Siam City Bank PCL to repay a customer THB180,000 that
had been withdrawn without his authorization from an ATM in
Songkhla, the Bangkok Post reports.

In the case, the 71-year-old customer said that he was not
present in the southern province during the time of the
withdrawals and had possession of his ATM card.  The court
decided in favor of the customer that the theft was not the
customer's responsibility, despite disclosing to the court that
he had shared his PIN code with family members.

Members of the Thai Bankers' Association expressed concern about
the decision that the customer was not found liable for losses
even though he revealed his PIN to a third party and said that
it would affect the banking industry profoundly.

"If revealing one's PIN to a third party is held to be
acceptable, then many types of banking services, such as
internet banking, could be affected," the banker said.

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

Operations are carried out primarily in Thailand.

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

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

The outlook on the ratings is Stable.


STERIGENICS INT'L: Moody's Cuts Corporate Family Rating to B3
-------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Sterigenics International, Inc., to B3 from B2.  Moody's also
changed the outlook for the ratings to negative from stable.

The downgrade of the ratings reflects the deterioration of the
company's liquidity profile and weakening credit metrics
following recent operating results that have been below
expectations.

Moody's believes Sterigenics' liquidity position is weak due to
continued reliance on its revolving credit facility, minimal
cash on hand and tightening levels of covenant compliance.
Moody's understands that at June 30, 2007, approximately US$24
million of the company's US$30 million revolving credit facility
had been drawn and the company had a minimal amount of available
cash.

Further, the company's operating results have lagged our
expectations with regard to revenue growth, EBITDA, and free
cash flow due in large part to decreased volume from a key
customer.  The combination of capital expenditures well in
excess of anticipated levels and below forecasted levels of cash
flow has increased the company's reliance on its revolver and
weakened its ability to comply with the financial covenants
included in the senior secured credit facility.

The negative outlook reflects the expectation that the company
will continue to see pressure on its liquidity position as
covenant levels step down for the quarter ending December 31,
2007.  The current total leverage ratio requirement of 4.40
times will be reduced to 4.25 times at Dec. 31, 2007.  If the
lower level had been in place as of June 30, 2007, the company
would not have been in compliance.  Therefore, without
improvement in EBITDA performance or meaningful debt repayment,
Moody's would expect the company to have difficulty remaining in
compliance once the covenant levels step down.

The ratings remain constrained by the relatively small revenue
base and continued customer concentration.  While revenue has
been growing as the company opens new facilities and increases
capacity at existing facilities, the concentration of revenue
from its most significant customers continues.  The ratings are
also constrained by the significant financial leverage of the
company following the US$75 million dividend to shareholders at
the end of 2006 and the reliance on the revolving credit
facility to fund capital expenditures.

Also considered in the rating are the company's leading market
position and its ability to satisfy customer needs through the
offering of alternative modes of sterilization services.  The
company enjoys a relatively stable and long-lived customer base
for whom switching is difficult.  Additionally, the company's
expansion strategy has been based on customer demand, ensuring a
base level of business as capacity comes on line resulting in
EBIT margins that are relatively strong for the rating category.

A summary of Moody's rating actions:

   -- US$30 million senior secured revolving credit facility due
      2011, to B3 (LGD3, 33%) from B2 (LGD3, 33%);

   -- US$290 million senior secured term loan B due 2013, to B3
      (LGD3, 33%) from B2 (LGD3, 33%);

   -- Corporate Family Rating, to B3 from B2; and

   -- Probability of Default Rating, to Caa1 from B3.

Sterigenics International, Inc., headquartered in Oak Brook, IL,
is a provider of contract sterilization and ionization services
for medical devices, food safety and advanced materials
applications.  The company operates 40 facilities in California,
Mexico, Belgium, Denmark, France, China, Thailand, among others.
For the twelve months ended June 30, 2007, the company
recognized net revenue of approximately US$233 million.


* Asia Growth Stable Amid Global Trends, Fitch Says
---------------------------------------------------
Fitch Ratings on Sept. 21, 2007, said economic growth in
Emerging Asia is forecast to come in at 8.7% this year, from
8.6% in 2006, but cautions that the outlook is likely to
deteriorate as capital flows to Asia and current account
surpluses in the region decline.

James McCormack, Senior Director and Head of Asia Sovereigns,
speaking at Fitch's Sovereign Hotspots conference in Tokyo,
spoke about the extent to which emerging Asian economies are
exposed to either a global economic slowdown or a sharp
reduction in international investors' risk appetite.  He
concluded that Asia is well placed to deal with credit market
adjustments given the large stock of foreign exchange reserves,
strong balance of payments positions and more flexible exchange
rate regimes.

"The largest and fastest growing Emerging Markets in Asia --
China and India -- tend to rely more on domestic than external
demand for growth.  While these considerations may provide some
comfort to Asian policymakers, Asia still remains vulnerable to
slowdowns in global economic growth.  Much of the investment in
China, for example, is directed at the export sector, and
India's domestic growth is financed to some extent by
international capital flows," explained Mr. McCormack.

Meanwhile, Ai Ling Ngiam, Director in the Sovereign team, said
that the Indonesian government's priorities on investment,
exports and employment set the economy on a sound macroeconomic
framework, while in the near term, prudent monetary policy will
be key to managing potential stresses arising from the financial
markets.  Fitch currently rates Indonesia at 'BB-' (BB minus).

Touching on South Korea, she noted that while public and
external finance resilience are supportive of the ratings
('A+'/Stable), increasing short term external debt and the
growing government debt burden warrant monitoring.

Meanwhile, Malaysia's 'A-' (A minus) sovereign rating remains
constrained by the high ratio of public debt to GDP and weak
non-oil revenue buoyancy.  Malaysia's bumper oil revenue and
high capital spending by the government, and via non-financial
public enterprises, delay the structural reform process towards
stronger fiscal consolidation.

Vincent Ho, Associate Director with the Sovereign group,
highlighted rating strengths and weaknesses as well as current
issues facing Hong Kong, Taiwan and Thailand.  A number of
factors, including demonstrated autonomy on economic and
financial policies, a credible linked exchange rate system,
strengthening external financial position and improving public
finances, supported Fitch's upgrade of Hong Kong's Long-term
foreign currency Issuer Default Rating (IDR) to 'AA' from 'AA-'
(AA minus) in July 2007.

"Along with the launching of different CNY-related financial
services, the territory's role as an international financial
centre has become more diversified and unique in the region,"
said Mr. Ho.

Despite its solid external financial position, Taiwan's
sovereign ratings are constrained by cross-Strait relations and
weaknesses in public finances and the banking sector.  "The
presidential election is due to be held in March 2008, which may
be critical to Taiwan's economic development in the medium
term," said Mr. Ho. Thailand has been affected by domestic
political uncertainty since late 2005, which has been a major
rating concern.  "However, the current interim government's
commitment towards holding general elections by end-2007 looks
promising, and could be a major step towards restoring political
normalcy in Thailand," said Mr. Ho.

On the US economy and the ongoing credit crunch, David Riley,
Group Managing Director of the Sovereign Group, notes that fears
of a US recession have risen over the past year amid the slump
in the housing market -- which is suffering through its worst
slump in 16 years.  On the global economy, Mr. Riley expects the
US slowdown to be offset to some degree by the strength of
recoveries in Europe and Japan, coupled with continued strong
growth in the Emerging Markets.

The agency's annual Sovereign conferences address key sovereign
developments in Asia, Europe and the US and ended its run in
Tokyo today, after making stops in Singapore and Hong Kong
earlier in the week.


* BOND PRICING: For the Week 24 September to 28 September 2007
--------------------------------------------------------------


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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.73
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.90
Antares Energy Limited        10.000%  10/31/13     AUD     1.85
Arrow Energy NL               10.000%  03/31/08     AUD     2.00
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     9.50
Becton Property Group          9.500%  06/30/10     AUD     0.96
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Bounty Industries Limited     10.000%  06/30/10     AUD     0.13
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     9.00
Cardno Ltd                     9.000%  06/30/08     AUD     7.30
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.20
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.10
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.72
First Australian              10.000%  10/31/09     AUD     0.62
Fletcher Building Ltd          8.600%  03/15/08     NZD    11.50
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.40
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.00
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.44
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.00
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.25
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.50
IMF Australia Ltd             11.500%  06/30/10     AUD     0.75
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.72
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.10
LongReach Group Limited       10.000%  10/31/08     AUD     0.22
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Minerals Corp.                10.500%  09/30/07     AUD     1.01
Minerals Corp.                 9.000%  03/31/08     AUD     0.85
Nylex Limited                 10.000%  12/08/09     AUD     1.93
Primelife Corporation         10.000%  01/31/08     AUD     1.00
Renison Consolidated
   Mines N.L                  10.000%  10/01/17     AUD     0.20
Renison Consolidated
   Mines N.L                  10.000%  03/31/09     AUD     0.12
Salomon SB Aust                4.250%  02/01/19     USD     8.64
Silver Chef Limited           10.000%  08/31/08     AUD     1.03
Speirs Group Ltd.             10.000%  06/30/49     NZD    54.00
TrustPower Ltd                 8.300%  12/15/08     NZD     9.00
TrustPower Ltd                 8.500%  09/15/12     NZD     8.80
TrustPower Ltd                 8.500%  03/15/14     NZD     8.80


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00



JAPAN
-----
Cent Japan Rail                1.310%  03/18/33     JPY    74.05
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.83
Nara Prefecture                1.520%  10/31/14     JPY     9.64

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    46.81
Korea Dev. Bank                7.450%  10/31/21     KRW    46.78
Korea Dev. Bank                7.400%  11/02/21     KRW    46.76
Korea Dev. Bank                7.310%  11/08/21     KRW    46.72
Korea Dev. Bank                8.450%  12/15/26     KRW    69.66


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.04
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     2.63
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.40
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.40
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.71
EG Industries Berhad           5.000%  06/16/10     MYR     0.54
Equine Capital                 3.000%  08/26/08     MYR     2.42
Gadang Holdings Berhad         2.000%  12/24/08     MYR     0.76
Greatpac Holdings              2.000%  12/11/08     MYR     0.32
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.47
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Bhd                      8.000%  04/19/09     MYR     0.66
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.38
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.61
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.04
Kumpulan Jetson                5.000%  11/27/12     MYR     0.46
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.63
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.63
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.63
Lebuhraya Kajang Bhd           2.000%  06/12/19     MYR    72.48
Media Prima Bhd                2.000%  07/18/08     MYR     1.85
Mithril Bhd                    8.000%  04/05/09     MYR     0.24
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.58
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     1.97
Pelikan International          3.000%  04/08/10     MYR     1.80
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.86
Ramunia Holdings               1.000%  12/20/07     MYR     1.84
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.21
Rubberex Corporation (M)
   Berhad                      4.000%  08/14/12     MYR     0.71
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.34
Southern Steel                 5.500%  07/31/08     MYR     1.59
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.10
Tradewinds Corp.               2.000%  02/08/12     MYR     1.00
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.73
Wah Seong Corp.                3.000%  05/21/12     MYR     6.50
WCT Land Bhd                   3.000%  08/02/09     MYR     3.06
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.00


SRI LANKA
---------
Sri Lanka Govt                7.000%  08/01/11     LKR     73.54
Sri Lanka Govt                7.000%  10/15/11     LKR     72.57
Sri Lanka Govt                6.850%  04/15/12     LKR     69.94
Sri Lanka Govt                8.500%  10/15/13     LKR     71.08
Sri Lanka Govt                8.500%  07/15/13     LKR     71.28
Sri Lanka Govt                7.500%  08/01/13     LKR     65.68
Sri Lanka Govt                7.500%  11/01/13     LKR     64.83
Sri Lanka Govt                8.500%  02/01/18     LKR     66.18
Sri Lanka Govt                8.500%  07/15/18     LKR     65.57
Sri Lanka Govt                7.500%  08/15/18     LKR     60.33
Sri Lanka Govt                7.000%  10/01/23     LKR     52.24


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





                           *********

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 ***