TCRAP_Public/070926.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, September 26, 2007, Vol. 10, No. 191

                            Headlines

A U S T R A L I A

BESTCARE FOODS: Will Declare First Dividend on October 16
C.P. LEASING: Appoints Jamieson Louttit as Liquidator
DAVIDSONS ENVIRONMENTAL: Members Resolve to Wind Up Operations
EKIDNA ENTERPRISES: Placed Under Voluntary Liquidation
EVANS & TATE: To Be Sold As Separate Businesses, Reports Say

JUSTIN NEWBERRY: Members' General Meeting Set for October 9
KARESTA PTY: Taps Parker and MacDonnell as Liquidators
LIFE THERAPEUTICS: Releases Fin'l Results for FY June 30, 2007
LIFE THERAPEUTICS: Plans Assets Sale and Share Buyback
LIFE THERAPEUTICS: Appoints PwC to Valuate of Kedrion Deal

MARDOLINE PTY: Members to Receive Wind-Up Report on Sept. 28
MEDICAL IMAGING: Names Jamieson Louttit as Liquidator
POSITIVE IT: Court Appoints Palmer as Liquidator
SYMBION HEALTH: Primary Wants Update on Healthscope Bid
VINCE NOMINEES: Undergoes Voluntary Liquidation


C H I N A   &   H O N G  K O N G

ALERIS INTERNATIONAL: Will Close Tennessee Plant by November 20
ASAT HOLDINGS: Low Equity Prompts Nasdaq's Delisting Notice
ASAT HOLDINGS: Files Appeal on NASDAQ Delisting Decision
ASAT HOLDINGS: Unit Gets US$20-Mil. Loan from Chinese Bank
ASAT HOLDINGS: Moody's Lifts Ratings to Caa1 on New Loan Grant

BIG DRAGON: Court Sets Wind-Up Hearing for Nov. 21
CHINA EASTERN: Cathay Pacific & Air China's Parent Withdraw Bid
FERRO CORPORATION: Board Declares Regular Quarterly Dividend
FORD MOTOR: Opens Second JV Car Factory in Nanjing
GLOBAL ONE: Members to Hold Final General Meeting on October 22

HARBOUR RING: Liquidators Resign from Post
HONG KONG MACAU: Toohey and Mitchell Quit as Liquidators
HONG LONG: Pulls Back US200MM Bond Issue; Moody's Remove Ratings
HOPSON DEV: Project Delays Leads to 48% Cut in 1H Net Profit
MUSIC TRADING: Court to Hear Wind-Up Petition on October 3

NOVA CHEMICALS: Moody's Affirms Corporate Family Rating at Ba3
PAZI PRODUCTION: Subject to Bank of China's Wind-Up Petition
PHANTAXIA ENTERTAINMENT: Faces Lee Ka Lik's Wind-Up Petition
PORTWEALTH PROPERTIES: Liquidators Quit Post
SKM FAR: Shareholders Resolve to Liquidate Business

SOLUTIA INC: Opens New Manufacturing Plant in Suzhou, China
UNITED BISCUITS: Placed Under Voluntary Liquidation


I N D I A

AES CORP: Niagara Court Acquits Firm of Fraud
BAUSCH & LOMB: S&P Holds CreditWatch on BB+ Corp. Credit Rating
BHARTI AIRTEL: Bids for Qatar Mobile License
DRESSER-RAND GROUP: Earns US$26.2 Million in Qtr. Ended June 30
GENERAL MOTORS: Failed Contract Talks Spurs UAW Work Stoppage

TATA POWER: Mundra Project to Get Funding From Various Lenders


I N D O N E S I A

ALCATEL-LUCENT: To Provide Wireless Network for China Mobile
ANEKA TAMBANG: To Lower Nickel Power Cost by 8-10%
HANOVER COMPRESSOR: Moody's Withdraws Ratings After UCI Merger
GAJAH TUNGGAL: May Sell Right Issue to Reduce Gearing Ratio
* S&P Affirms Indonesia's BB-/B Foreign Currency Ratings


J A P A N

HERBALIFE: Moody's Affirms Bank Loan at Ba1 Following Upsize


K O R E A

KRISPY KREME: Board Approves Officer Indemnification Agreement
MAGNA INTERNATIONAL: Plan of Arrangement Takes Effect
TRIGEM COMPUTER: Representative Files 2nd Section 1518(1) Report


M A L A Y S I A

FOREMOST HOLDINGS: Wants MYR6.5-Million Refund From Ismail
GREIF INC: Board Elects David B. Fischer as President & COO
KUMPULAN BELTON: Securities Delisted by Bourse on September 25
MALAYSIA AIRLINES: Unit to Start East Malaysia Ops in October
PROTON HOLDINGS: Volkswagen's CEO to Meet Malaysia's PM

PROTON HOLDINGS: Taps Phranakorn Auto to Sell Cars in Thailand
TENCO BERHAD: Completes Restructure; Exits Amended PN17 Category


N E W  Z E A L A N D

CIVIC MANUREWA: Creditors' Proofs of Debt Due on October 5
CONTAINERLINK TRANSPORT: Appoints Levin and Vance as Liquidators
DENNING PROPERTIES: Commences Liquidation Proceedings
FLOORING CONCEPTS: Accepting Proofs of Debt Until Oct. 4
HIGHGROVE HOMES: Taps Levin and Vance as Liquidators

HURUNUI PLASTICS: Fixes October 3 as Last Day to File Claims
KEEL INVESTMENTS: Fixes Sept. 28 as Last Day to File Claims
MARPLE INVESTMENTS: Court to Hear Wind-Up Petition on Oct. 1
MONARCH INDUSTRIES: Names Crichton and Horne as Liquidators
PROPERTYFINANCE GROUP: Stock Exchange Lifts Trading Suspension

SILVERN PROPERTIES: Creditors' Proofs of Debt Due on Sept. 28


P H I L I P P I N E S

ALLIED BANKING: Foreign Banks Interested to Handle Capital Hike
DEVELOPMENT BANK: Plans to Bid for US$865MM MRT Debt Refinancing
MIRANT CORP: Texas Court Confirms Mirant Lovett's Amended Plan
RIZAL COMMERCIAL: Board Approves Appointment of 3 Directors
SAN MIGUEL: Subsidiary Forms Partnership with 2 Foreign Firms

* Investments for January-July Period Grows 26% to PHP159 Bil.
* Peso May Hit PHP44 Per US$1 Rate in Last Three Months of 2007


S I N G A P O R E

ADVANCED MICRO: Introduces World's First Triple-Core Processors
AGRI INTERNATIONAL: Moody's Assigns B2 Corporate Family Rating
CHINA AVIATION: CAO Spain Undergoes Voluntary Liquidation
EXCELLENT HOLDINGS: Creditors' Proofs of Debt Due on October 5
FLEXTRONICS INT'L: Unit Wants to Buy Arima's Notebook Operations

SHINE STAR: Court to Hear Wind-Up Petition on October 5


T H A I L A N D

BANK OF AYUDHYA: Fitch Assigns Positive Outlook to Nat'l Ratings
TOTAL ACCESS: Earns THB1.33-Billion Profit for Second Quarter
TRUE CORP: Unit Freezes Investments Pending Info on NTC Policies
* Good Fiscal Position Supports Baa1 Bond Ratings, Moodys Says


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

BESTCARE FOODS: Will Declare First Dividend on October 16
---------------------------------------------------------
Bestcare Foods Limited will declare its first dividend on
October 16, 2007.

Creditors who were not able to file their proofs of debt by the
September 25 due date will be excluded from sharing in the
company's dividend distribution.

The company's deed administrator is:

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

                      About Bestcare Foods

Bestcare Foods Limited is a distributor of prepared feeds.  The
company is located at North Parramatta, in New South Wales,
Australia.


C.P. LEASING: Appoints Jamieson Louttit as Liquidator
----------------------------------------------------
During a meeting held on August 22, 2007, the members and
creditors of C.P. Leasing Pty Limited appointed Jamieson Louttit
as the company's liquidator.

The Liquidator can be reached at:

         Jamieson Louttit
         Jamieson Louttit & Associates
         Suite 73, Level 15
         88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9231 0505
         Facsimile:(02) 9231 0303

                       About C.P. Leasing

C.P. Leasing Pty Limited, which is also trading as Comlease Pty
Ltd, is in the business of equipment rental and leasing.  The
company is located at Milsons Point, in New South Wales,
Australia.


DAVIDSONS ENVIRONMENTAL: Members Resolve to Wind Up Operations
--------------------------------------------------------------
At an extraordinary general meeting held on August 10, 2007, the
members of Davidsons Environmental Enterprises Pty Limited
agreed to voluntarily wind up the company operations.

Ian Davidson was tapped as liquidator.

The Liquidator can be reached at:

         Ian Davidson
         1 Sailors Bay Road
         Willoughby, New South Wales, 2068
         Australia

                 About Davidsons Environmental

Located at Surfers Paradise, in Queensland, Australia, Davidsons
Environmental Enterprises Pty Ltd is an investor relation
company.


EKIDNA ENTERPRISES: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on August 15, 2007, the
members of Ekidna Enterprises Pty Limited resolved to
voluntarily liquidate the company's business.

Bruce Gleeson was tapped as liquidator.

The Liquidator can be reached at:

         Bruce Gleeson
         c/o Jones Partners
         Insolvency & Business Recovery
         Australia
         Telephone:(02) 9251 5222

                    About Ekidna Enterprises

Ekidna Enterprises Pty Limited is a distributor of durable
goods.  The company is located at Vaucluse, in New South Wales,
Australia.


EVANS & TATE: To Be Sold As Separate Businesses, Reports Say
------------------------------------------------------------
Evans & Tate Limited could be sold as three separate businesses,
Foodweek Online relates.

Just-Drinks.com cites the company as saying that it could be
sold off piece by piece after 60 parties expressed interest in
its operations.

E&T receiver, Peter Anderson of McGrath Nicol, confirmed that
several prominent industry players had already taken an interest
and that the company's main winery assets would probably sell
separately, Just-Drinks says.

The company, which recently sealed a distribution deal with
McWilliam's Wines, has seen a difficult few months, following
the news that ANZ Bank, which was owed around AU$100 million
from E&T, advised the group that it was no longer able to
continue offering E&T financial support, Foodweek recounts.

                      About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter-Asia Pacific reported on Aug. 27,
2007, that Evans & Tate's board of directors placed it under
voluntary administration.

On Aug. 21, 2007, Australia and New Zealand Bank, Evans &
Tate's largest creditor, appointed Voluntary Administrators
(Martin Jones and Bruce Carter of Ferrier Hodgson) and Receivers
& Managers (Peter Anderson, Shaun Fraser and Andrew Birch of
McGrathNicol) to Evans & Tate Ltd and its subsidiaries.


JUSTIN NEWBERRY: Members' General Meeting Set for October 9
-----------------------------------------------------------
The members of Justin Newberry Pty Ltd will have their general
meeting on October 9, 2007, at 10:00 a.m., at the offices of
NorthCorp Accountants, Chartered Accountants, Suite 1-3 Bourne
House, 10-12 Short Street, Port Macquarie, in New South Wales
2444, Australia.

At the meeting, P. A. Fahey, Justin Newberry's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.

                      About Justin Newberry

Justin Newberry Pty Ltd, which is also trading as The Athletes
Foot, is a land subdivider and developer, except cemeteries.
The company is located at Port Macquarie, in New South Wales,
Australia.


KARESTA PTY: Taps Parker and MacDonnell as Liquidators
------------------------------------------------------
During a general meeting held on August 22, 2007, the members of
Karesta Pty Ltd resolved to voluntarily liquidate the company's
business.

Gregory Jay Parker and Christopher John MacDonnell were
appointed as liquidators.

The Liquidators can be reached at:

         Gregory Jay Parker
         Christopher John MacDonnell
         Parker Insolvency
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                        About Karesta Pty

Karesta Pty Ltd is a distributor of furniture and fixtures.  The
company is located at Smithfield, in New South Wales, Australia.


LIFE THERAPEUTICS: Releases Fin'l Results for FY June 30, 2007
--------------------------------------------------------------
Life Therapeutics Limited (ASX: LFE) provided details of its
financial performance for the year ended June 30, 2007.

A summary of the key results for continuing operations are as
follows:

   -- Revenue of US$54.3million, an increase of 42.8% on the
      previous year;

   -- Gross profit of US$3.3 million represents an improvement
      of 306% over the prior year's negative gross profit of
      US$1.6million;

   -- Net loss of US$14.8 million, represents an improvement of
      48.4% on the loss of US$28.7 million recorded last year;

   -- EBITDA loss of US$10.7million, down from an EBITDA loss of
      US$13.4 million;

   -- Net assets of US$1.9 million as at June 30, 2007, compared
      with negative equity of US$385,000 as at June 30, 2006;

   -- Plasma collection increased from 23,600 litres per month
      in June 2006 to 29,625 litres per month in June 2007;

   -- Production averaged 29,000 litres per month in the last
      quarter of FY2007 and as noted by the Company in an
      earlier announcement this month, this production has
      continued to increase in the current year and reached
      31,200 litres in July 2007.

The results incorporate for the first time over a full year the
effect of the acquisition of the Pyramid centres completed in
September 2005.  The result also reflects the transfer of the
Life Gels and Bioprocess division to NuSep Limited, effective
from November 30, 2006.

In line with changes to accounting standards, the Company is
reporting under Australian equivalent to International Financial
Reporting Standards (AIFRS) guidelines.  With the transfer of
the Life Gels and Bioprocess businesses to NuSep, the Company's
expenses will be primarily denominated and settled in US
dollars, thus requiring a change in functional currency.

Revenues for continuing operations increased by 42.8% to US$54.3
million.  This increase includes plasma sales from the Monroe
centre which obtained its FDA license in March 2007.  The
revenue volume and mix is increasingly in favor of normal source
plasma (70% this year versus 53% in the prior year), which has
lower gross margins than the hyperimmune products.  As total
plasma volumes increased in the second half of the financial
year, there was a higher contribution to the gross margin as the
Company's operating fixed overheads decreased as a percentage of
sales.

The net loss for the year of US$14.8 million was primarily as a
result of this change in product mix and resulting higher
volumes.  On an EBITDA basis, the loss for the ongoing business
of US$10.7 million is attributable to an expansion strategy to
enter the Normal Source Plasma market which is currently seeing
unprecedented demand.

However this has also required an investment in organizational
infrastructure and the upgrading of existing donor centers,
along with the start up costs of future new centers.

Net assets have improved by US$2.3 million (or 575%) as at
June 30, 2007, compared with the same time last year.  This
favorable turnaround in equity is a result of the accounting
impact of the embedded derivative valuation.

Current Liabilities include non cash liabilities of
US$11.4 million for the deferred purchase consideration to be
paid in shares for the purchase of the Pyramid centers, and the
Cornell Capital loan.  Excluding these amounts, the Company has
an excess of Current Assets over Current Liabilities of
US$9.0 million, as at June 30, 2007.

Since the acquisition of Pyramid and the re-positioning of LFE
as a major global plasma collection company, a major challenge
has been the automation of supply chain systems to enable
product to be released from inventories and shipped to customers
on a timely basis.  The integration of the Pyramid acquisition
is now complete, and the supply chain systems are now automated
and functioning correctly.

Announcing the results, LFE CEO Dr. Hari Nair said, "The
increase in plasma volumes during the course of the year is a
demonstration of the success of our integration initiatives
following the Pyramid acquisition.  As a result, we are now
fully realising the value of that acquisition and are able to
take full advantage of the current buoyant conditions in the
market for plasma."

"As well as improvements in the plasmas collection operations,
our diagnostics business continued to perform well and the
indications are that this will continue throughout the current
fiscal year," Dr Nair said.

Outlook for FY 2008

As previously announced to the market, the Company has a non-
binding agreement with Kedrion S.p.A. for the sale of the
majority of its collection centres and the Life Sera business to
a joint venture company that will be owned 55% by Kedrion and
45% by LFE.  That would leave in Life Therapeutics the
Diagnostics business and the laboratory.  The company believes
the guidance provided to the market as of June 25, 2007 is still
appropriate based on completion of this transaction.  However,
once the Kedrion transaction is completed, Life Therapeutics
will have to adopt equity accounting to reflect the 45% equity
ownership in the joint venture.

                    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.

The Troubled Company Reporter-Asia Reporter, in its "Large
Companies with Insolvent Balance Sheets" Column on Sept. 21,
2007, listed Life Therapeutics Limited as having total assets of
US$59 million and total shareholders' equity deficit of
US$38,000.

The company, in its preliminary annual financial report for the
year ended June 30, 2007, reported a consolidated net loss of
US$15,733,000, a decrease from the US$31,459,000 net loss in the
year ended June 30, 2006.


LIFE THERAPEUTICS: Plans Assets Sale and Share Buyback
------------------------------------------------------
Life Therapeutics Limited (ASX: LFE) disclosed that its Board of
Directors has resolved to divest the assets of the company not
the subject of the proposed transaction with Kedrion S.p.A.  The
assets concerned and the Company's estimated valuation of those
assets are as follows:

   * Anti-D Red Cell Line US$20 million

   * Diagnostic Business US$25 million

   * Two Plasma Collection Centres US$10 million

     Total Estimated Valuation US$55 million

The Diagnostic business generated EBITDA of US$2.7 million on
revenue of US$13.1 million in the year ended June 30, 2007.
The net sale proceeds will be applied as follows:

   * An on-market share buyback and share cancellation
   * The retirement of certain debt
   * To finance the purchase of extra equity in Kedrion

Share buyback and cancellation

It is the view of the Directors that the prevailing share price
significantly undervalues the company.  Accordingly, the Board
believes that it is important that funds realized from the sale
of assets be returned to shareholders by way of a share buyback.
The extent of the buyback will relate to the degree to which the
shares are undervalued.

The retirement of debt

Allowing for transaction expenses and contingencies, it is
expected that between US$10-US$20 million of company debt will
be retired promptly following the sale of the assets.  The
balance of company debt will be settled at the time of the
Kedrion IPO, subject to shareholder approval of the Kedrion
transaction.

The purchase of additional equity in Kedrion

As announced on July 30, 2007, under the terms of the proposed
Kedrion transaction, LFE has the right to purchase up to a 3.5%
equity stake in Kedrion at the time of the IPO, in addition to
the 11.5% equity stake received in consideration for the sale of
14 plasma collection centres.

After payment of initial debt and transaction related expenses,
the Directors expect that the remaining proceeds, ranging from
US$30 million to US$40 million from the sale will be applied to
the share buy back and the purchase of additional equity in
Kedrion.  The allocation between these alternatives will be
determined by the Board upon consideration of the circumstances
prevailing at the relevant time.

As noted on July 30, 2007, the IPO of shares in Kedrion and
public listing is expected to occur in 2008.  Based on
comparable EBITDA multiples and Kedrion's business plan, it is
estimated that at IPO Kedrion will be valued around
US$850 million (around AU$1 billion).

Other comments

LFE Chairman Dr Jim Brown said, "This decision is about
returning to shareholders the value which has been built in
these assets over a number of years.  "The Board believes that
these assets will represent greater value for a larger
organization with complementary business streams rather than as
a stand alone business owned by Life Therapeutics. In this way
we make possible a greater return to shareholders than is
implicit in the prevailing price of LFE shares.

"We have resolved to act now in order to maximise the sale
proceeds for our shareholders," Dr Brown said.

The Board will appoint advisors to assist with the sale process.
This process will continue and is not affected by the proposed
Kedrion transaction, which shareholders will be asked to approve
at an Extraordinary General Meeting to be held in November this
year.

                    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.

The Troubled Company Reporter-Asia Reporter, in its "Large
Companies with Insolvent Balance Sheets" Column on Sept. 21,
2007, listed Life Therapeutics Limited as having total assets of
US$59 million and total shareholders' equity deficit of
US$38,000.

The company, in its preliminary annual financial report for the
year ended June 30, 2007, reported a consolidated net loss of
US$15,733,000, a decrease from the US$31,459,000 net loss in the
year ended June 30, 2006.


LIFE THERAPEUTICS: Appoints PwC to Valuate of Kedrion Deal
----------------------------------------------------------
Life Therapeutics Limited (ASX: LFE) entered into a proposed
transaction with Kedrion S.p.A.  The company, on July 30, 2007,
agreed on improved terms for the proposed Kedrion transaction.

The terms of the transaction are:

   * LFE will receive an 11.5% equity stake in Kedrion in
     consideration for the sale of 14 plasma collection centers;

   * Kedrion advised that it intends to appoint a global
     coordinator, with a view to pursuing an IPO and listing of
     its shares during 2008;

   * At IPO, LFE will have the right to top up its shareholding
     in Kedrion to 15% of the equity in Kedrion;

   * LFE's equity in Kedrion is protected by an anti-dilution
     agreement;

   * At the time of the Kedrion IPO, the Board of LFE will
     consider an in specie distribution of Kedrion shares to LFE
     shareholders, resulting in LFE shareholders directly owning
     shares in Kedrion;

   * To facilitate the trading of Kedrion shares by LFE
     shareholders, Kedrion has advised that it will consider a
     secondary listing of Kedrion shares on the ASX;

   * Based on comparable EBITDA multiples and Kedrion's business
     plan, it is estimated that at IPO Kedrion will be valued
     around AU$1 billion.

Upon completion of the transaction, a new joint venture company
owned by LFE and Kedrion will operate the business of the
transferred collection centers.  This comprises 12 existing
collection centers and two new centers to be opened in
Sacramento and Long Beach in California, U.S.A.

In addition, LFE will retain ownership of the collection centers
at Metarie, Louisiana and San Diego, 6th Avenue in California.
Moreover, LFE's equity in Kedrion will be received in two
tranches.  An initial 6% equity stake in Kedrion in
consideration for the sale of a 55% share in the joint venture
and a further 5.5% at the IPO of Kedrion.  At this time,
full ownership of the joint venture assets will transfer to
Kedrion.

LFE Directors are confident that the company's right to top up
its shareholding in Kedrion to a 15% equity stake will be
financed by one of several opportunities relating to LFE's
business and assets.

LFE will receive a further payment of US$3 million
(AU$3.4 million) at the time of the transfer of the centers to
the joint venture company.

                  LFE's retained business assets

LFE will retain and continue to wholly own the profitable Life
Diagnostics business.  In FY2008 this business is forecast to
deliver EBITDA of US$3 million (AU$3.4 million), based on
revenue of US$24 million (AU$27.2 million).

The operating results reflect the laboratory testing and
management contracts with the joint venture company valued at
US$9.0 million (AU$10.4 million) for the first year of operation
of the agreement.

LFE will retain the Anti-D Red Cell Line which it values at
US$20 million (AU$22.7 million).  LFE's two retained centers are
both licensed for the collection of higher margin plasma
products.  The company values these centers at US$5 million
(AU$5.7 million) each.

                         LFE Taps PwC

LFE, in a subsequent disclosure, stated that it has appointed
PricewaterhouseCoopers Securities Limited to prepare an
independent expert's report on the proposed transaction with
Kedrion, pursuant to the improved terms.

The independent expert's report will be included in the
Explanatory Memorandum which will accompany a Notice of Meeting
for an Extraordinary General Meeting.  At this meeting
shareholders will be asked to consider and approve the proposed
transaction.

In order to provide PricewaterhouseCoopers with sufficient time
to conduct its investigations and prepare the report and given
the notice period required to be provided to shareholders, the
Company currently anticipates that the Extraordinary General
Meeting will be held in the first week of November 2007.

LFE CEO Dr. Hari Nair said, "The PwC report will be an important
component of the information to be considered by shareholders
when deciding whether to approve the Kedrion transaction.  In
the meantime, we continue to work closely with Kedrion to ensure
that the transaction can be quickly and seamlessly implemented
in the event that shareholder approval is granted at the EGM."

                        About Kedrion

Kedrion is a very well regarded and highly profitable European
specialty pharmaceutical biotechnology company that has both
significant opportunities and appetite for world-wide expansion.
The company is engaged in the development, manufacture,
production and distribution of protein products, including
hyperimmune products, derived from human plasma.

Kedrion and LFE have received a EUR12 million grant from the
Italian Government for the supply of Hepatitis C plasma and
possible use of LFE's patented Gradiflow technology.  This
represents clear recognition of the collaborative excellence and
further potential for an enhanced relationship between these two
companies.

Over the past 30 years, Kedrion has established itself as the
leading plasma fractionator in Italy, which constitutes the
company's principal market and accounted for more than 80% of
its 2006 revenues.

In recent years, Kedrion has begun expanding its geographic
reach to new markets and has established itself as a leading
player in specialist hyperimmune immunoglobulins.

For the year ending December 31, 2006, Kedrion reported EBITDA
of EUR40.4 million (AU$63.3 million) on net sales of
EUR155 million (AU$243 million).  In 2007, the company has a
budget EBITDA of EUR44 million (AU$70 million) based on sales
revenue of over EUR180 million (AU$282 million).

The company employs over 600 people and operates two
manufacturing plants in Italy: one in Bologna (Lucca) and one in
Sant'Antimo (Naples).  The Bologna plant is the only
fractionation plant in Italy capable of producing a full range
of plasma-derived products, making Kedrion the clear leader in
its domestic market.  The Sant'Antimo facility focuses on the
production of specialist hyperimmune immunoglobulins and virus
inactivated plasma.

                    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.

The Troubled Company Reporter-Asia Reporter, in its "Large
Companies with Insolvent Balance Sheets" Column on Sept. 21,
2007, listed Life Therapeutics Limited as having total assets of
US$59 million and total shareholders' equity deficit of
US$38,000.

The company, in its preliminary annual financial report for the
year ended June 30, 2007, reported a consolidated net loss of
US$15,733,000, a decrease from the US$31,459,000 net loss in the
year ended June 30, 2006.


MARDOLINE PTY: Members to Receive Wind-Up Report on Sept. 28
------------------------------------------------------------
A general meeting will be held for the members of Mardoline Pty
Limited on September 28, 2007, at 9:00 a.m.

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

The Liquidator can be reached at:

         John Greer
         Griffiths, Forrest & Greer Chartered Accountants
         Level 7, 276 Pitt Street
         Sydney, New South Wales 2000
         Australia

                       About Mardoline Pty

Located at Darling Point, in New South Wales, Australia,
Mardoline Pty Limited is an investor relation company.


MEDICAL IMAGING: Names Jamieson Louttit as Liquidator
-----------------------------------------------------
Jamieson Louttit was appointed liquidator of Medical Imaging
Technology Services Pty Limited on August 22, 2007.

The Liquidator can be reached at:

         Jamieson Louttit
         Jamieson Louttit & Associates
         Suite 73, Level 15
         88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9231 0505
         Facsimile:(02) 9231 0303

                     About Medical Imaging

Medical Imaging Technology Services Pty Limited operates repair
shops and provides related services.  The company is located at
Seven Hills, in New South Wales, Australia.


POSITIVE IT: Court Appoints Palmer as Liquidator
------------------------------------------------
On August 21, 2007, the Supreme Court of New South Wales
appointed Christopher J. Palmer as the company's liquidator.

The Liquidator can be reached at:

         Christopher J. Palmer
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia

                          About Positive It

Positive It Pty Limited, which is also trading as Computer
Underprice-Liverpool, operates computer software stores.  The
company is located at Liverpool, in New South Wales, Australia.


SYMBION HEALTH: Primary Wants Update on Healthscope Bid
-------------------------------------------------------
Primary Health Care Ltd said on Tuesday that it was still
considering its options in relation to its 20% stake in rival
Symbion Health Ltd, which is in talks with Healthscope Ltd.,
Reuters reports.

According to Reuters, Primary also called on Symbion to clarify
exclusivity and break fee arrangements with Healthscope, whose
AU$2.9 billion (US$2.5 billion) offer for Symbion failed to
reach the required 75% of shareholder votes earlier this month
after Primary voted against the deal.

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

A subsequent TCR-AP reported then stated that Symbion said it
extended tie-up talks with Healthscope as they search for
alternatives to the failed AU$2.9-billion takeover deal.

"Primary is of the view that the Symbion announcement does not
address a number of key outstanding questions and issues which
are relevant to Symbion shareholders remaining fully informed,"
Reuters quotes a statement by Primary Health.

The Age relates that Primary Health on Monday wrote to Symbion's
General Counsel asking for a response to five questions.

Primary Health Care asked what the status of the Scheme
Implementation deed between Symbion and Healthscope was as well
as the status of any lock-up arrangements, The Age says.

The Age relates that other questions on the Healthscope-Symbion
discussions dealt with:

   -- the negotiating period between the two parties,

   -- consideration of alternative proposals by Healthscope,

   -- the current status of discussions with Healthscope in
      relation to the alternative proposals, and

   -- the status of the proposed sale of the Symbion Consumer
      and Pharmacy business to the Ironbridge and Archer
      Consortium.

Primary, according to The Age, said that it was willing to
engage with Symbion with a view to make an attractive offer, but
it wanted an immediate response by Symbion to its questions.

Primary has previously proposed buying some Symbion assets and
said earlier this month it might make a private equity-backed
bid for the company, Reuters recounts.

Meanwhile, according to the Herald Sun, Symbion and Healthscope
remain locked in discussions ahead of the expected new deal.
The two companies are believed to be planning to apply for an
extension to their exclusive negotiating period.

                     About Symbion Health

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

                          *     *     *

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


VINCE NOMINEES: Undergoes Voluntary Liquidation
-----------------------------------------------
During a general meeting held on August 22, 2007, the members of
Vince Nominees Pty Limited resolved to voluntarily liquidate the
company's business.

S. J. Hundy and E. M. Senatore were appointed as liquidators.

The Liquidators can be reached at:

         S. J. Hundy
         E. M. Senatore
         SBR Insolvency & Reconstruction
         28 University Avenue, Level 7
         Canberra ACT 2601
         Australia

                      About Vince Nominees

Located at Bruce, in ACT, Australia, Vince Nominees Pty Limited
is an investor relation company.


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

ALERIS INTERNATIONAL: Will Close Tennessee Plant by November 20
---------------------------------------------------------------
Aleris International Inc. will shut down and permanently close
its manufacturing facility in Dickson, Tennessee, by Nov. 20,
2007.

The Dickson plant was part of Aleris's acquisition of Wabash
Alloys LLC.

The Dickson plant produces specification aluminum alloys, which
are delivered to customers in both ingot and molten form.  The
plant has approximately 67 employees.

Production will be transferred to other Aleris facilities.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures aluminum
rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 57 production facilities in North America,
Europe, South America and China in Asia, and employs
approximately 9,200 employees.

                          *     *     *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating with a '2' recovery rating.


ASAT HOLDINGS: Low Equity Prompts Nasdaq's Delisting Notice
-----------------------------------------------------------
ASAT Holdings Limited received a Nasdaq Staff Determination
letter dated Sept. 17, 2007, indicating that the company's
market value of listed securities has been below $35,000,000 as
required for continued inclusion by Marketplace Rule
4320(e)(2)(B) and that its American Depositary Shares are,
therefore, subject to delisting.

The company was also notified by Nasdaq that it does not comply
with the minimum stockholders' equity of $2,500,000 or net
income from continuing operations of $500,000 in the completed
fiscal year or in two of the last three completed fiscal years,
which are also requirements for continued listing on The Nasdaq
Capital Market.

The company will request an appeal hearing before a Nasdaq
Listing Qualifications Panel to avoid delisting and expects to
have a hearing date scheduled in 30 to 45 days.  During the
appeal hearing process, the company's ADSs will remain listed
and traded on The Nasdaq Capital Market.

There can be no assurance that the Panel will grant the
company's request for continued listing.  If the company's ADSs
are delisted from The Nasdaq Capital Market, the company expects
that its ADSs will trade on the Over-the-Counter Bulletin Board
market.

The company has separately received a Nasdaq letter that the
company's ADSs did not meet the minimum $1 per ADS requirement
for continued inclusion on The Nasdaq Capital Market as set
forth in Nasdaq Marketplace Rule 4310(c)(4).  This requirement
has not been satisfied to date, and in accordance with
Marketplace Rule 4310(c)(8)(D), the company has until Jan. 28,
2008, to regain compliance with such rule.

Headquartered in Pleasanton, California, ASAT Holdings Limited
(Nasdaq: ASTT) -- http://www.asat.com/-- provides semiconductor
package design, assembly and test services.  With 18 years of
experience, the company offers a definitive selection of
semiconductor packages and manufacturing lines.  ASAT's package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  The company has
operations in the United States, Hong Kong, China and Germany.

At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in US$88.3 million total
stockholders' deficit.


ASAT HOLDINGS: Files Appeal on NASDAQ Delisting Decision
--------------------------------------------------------
ASAT Holdings Limited has lodged an appeal against the Nasdaq
Listing Qualifications Panel regarding its decision to delist
the company from its board, reports say.

According to a report from Infocast News, ASAT received a notice
that procedures have been commenced to delist ASAT from The
Nasdaq Capital Market.  ASAT then lodged an appeal to allow it
to remain listed on that market.

The appeal is expected to be heard within 45 days, and that,
even if unsuccessful, ASAT expects trading in its securities to
continue on the OTC Bulletin Board market, Infocast adds.


ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia, Hong Kong and Europe.

At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in US$88.3 million total
stockholders' deficit.


ASAT HOLDINGS: Unit Gets US$20-Mil. Loan from Chinese Bank
----------------------------------------------------------
ASAT Holdings Ltd.'s Chinese subsidiary, ASAT Semiconductor
Ltd., has received some US$20 million (CNY150 million) in a new
financing commitment from a Chinese bank, various reports say.

The funding is in the form of a secured multi-currency revolving
credit facility, sources add.

"In the last 12 months we have undertaken a complete re-
engineering of nearly every aspect of how we do business," ASAT
Holdings CFO Kei Hong Chua was quoted by the Electronic News as
saying.

"As we have previously discussed, the key near-term objective
has been to strengthen our financial position.  By obtaining the
credit facility we have delivered on this important goal and
achieved another milestone in the implementation of our
financial turnaround plan," Mr. Chua said.  "The facility
supplements our existing cash flow and provides us with
resources to expand our business during a period of positive
growth for ASAT and our industry."

Last year, the Milpitas, Calif.-based ASAT moved its entire
manufacturing, test and assembly operations to China.


ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia, Hong Kong and Europe.

At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in US$88.3 million total
stockholders' deficit.


ASAT HOLDINGS: Moody's Lifts Ratings to Caa1 on New Loan Grant
--------------------------------------------------------------
On September 25, 2007, Moody's Investors Service has upgraded
the corporate family rating of ASAT Holdings Ltd to Caa1 from
Ca.

At the same time, Moody's also upgraded to Caa1 from Ca the
senior unsecured rating for New ASAT (Finance) Limited's US$150
million senior notes, maturing in 2011, which are guaranteed by
ASAT.  The outlook for both ratings remains negative.

"The rating action follows ASAT's announcement that its Chinese
subsidiary, ASAT Semiconductor (Dongguan) Limited (ASDL), has
received a commitment for RMB150 million (approximately US$20
million) of new financing from a Chinese bank in the form of a
secured multi-currency revolving credit facility," say Wonnie
Chu, Moody's lead analyst for ASAT, adding, "The company also
made the interest payment for its senior notes in August within
the grace period.  This facility, together with the waiver and
amendments entered with the lenders of the purchase money loan
and senior notes, will alleviate ASAT's near-term liquidity
concern," she says.

"However, ASAT's near-to-medium term prospects are expected to
remain challenging, given that the current tight liquidity which
limits growth and operational flexibility.  Furthermore, the
company's small scale and high customer/segment concentration
make it more vulnerable to industry volatility," adds Chu.

The negative outlook reflects tight liquidity concerns and
execution risk relative to the company's ability to turn around
the business over the next 12-18 months, especially given its
exposure to the volatile outsourcing semiconductor assembly and
test industry.

The ratings would undergo a downgrade if the company is unable
to meet its debt-servicing obligations.  This scenario could in
turn be a result of a slower-than-expected ramp-up in sales and
a change in product mix, and which negatively affects operating
margins, as well as an inability to secure a contingency
financing plan.

On the other hand, ratings could stabilize if ASAT is able to
continue improving its liquidity through raising new capital or
by improving its operating margins and cash generation ability.
ASAT Holdings Ltd is a relatively small provider of outsourced
semiconductor assembly and test services (OSAT) and ranks 9th in
the industry globally.  To increase cost competitiveness, the
company moved its manufacturing operations to Dongguan, China; a
move which was completed end-2006.


BIG DRAGON: Court Sets Wind-Up Hearing for Nov. 21
--------------------------------------------------
A petition to have the operations of Big Dragon Asia Limited
wound up was filed by Wong Hiu Choi on September 11, 2007.

The High Court of Hong Kong will hear the petition on Nov. 21,
2007, at 9:30 a.m.

Mr. Choi's solicitors are:

         Messrs. Dominic Y.K. Lai & Co. Solicitors
         Wing Hang Finance Centre
         Unit B, 24th Floor
         No. 60 Gloucester Road
         Wanchai, Hong Kong


CHINA EASTERN: Cathay Pacific & Air China's Parent Withdraw Bid
---------------------------------------------------------------
Cathay Pacific Airways, together with China National Aviation
Holding Company, has dropped its plan to acquire a stake in
China Eastern Airlines, Cathay said in a statement with the Hong
Kong Stock Exchange.

Asia Pulse recounts that late last week, Cathay disclosed with
the Hong Kong bourse that it had wanted to enlist China
National, the parent of Air China, to buy a slice of rival China
Eastern.

However, the deal would no longer go ahead.  "The transaction
contemplated by that announcement will not now proceed," Cathay
Pacific's statement said.

Cathay Pacific did not say why it had backed out of the proposed
deal, but sources of Asia Pulse believe that the mainland
aviation regulator blocked the deal to sidestep a possible
confrontation in the domestic market as the aviation sector
undergoes consolidation.

Reuters' analysts also speculated that Cathay feared competition
from Singapore Airlines on its lucrative Chinese network.

The Wall Street Journal adds that the bid was apparently aimed
at trumping an earlier offer for China Eastern by Singapore
Airlines and its parent Temasek Holdings Pte. Ltd.


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

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

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


FERRO CORPORATION: Board Declares Regular Quarterly Dividend
------------------------------------------------------------
Ferro Corporation's Board of Directors has declared a regular
quarterly dividend of 14.5 cents per share of common stock.  The
dividend is payable on Dec. 10, 2007, to shareholders of record
on Nov. 15, 2007.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


FORD MOTOR: Opens Second JV Car Factory in Nanjing
--------------------------------------------------
Ford Motor and Mazda Motor's China venture opened a second plant
worth US$510 million in the eastern city of Nanjing to meet
rising sales in the world's most populous country, The Standard
reports.

The new factory will produce small cars under the Ford and Mazda
brand and will have an initial production capacity of 160,000
vehicles per year, Ford said.  The new plant would increase
Ford's annual production capacity in China to 410,000 vehicles,
the company added.

"This new state-of-the-art facility will significantly increase
our capacity in China, and allow us to continue our rapid growth
in the market," Ford President and CEO Alan Mulally said in a
statement.

The unusually flexible new factory can produce eight models on
different chassis, China Daily relates.

Ford's expansion in China contrasts with the US, where it is
shutting plants, The Standard says.  Ford plans to shut 16 of 41
North American plants by 2012, shedding more than 40,000 jobs
due to lower demand, the report adds.

Changan Ford's vehicles sales rose 57% in the first half of the
year, double the rate of China's overall auto market, led by
demand for Ford Focus compacts.

Ford's China vehicle sales rose 29% in the first eight months of
2007 to 114,702.

                       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.


GLOBAL ONE: Members to Hold Final General Meeting on October 22
---------------------------------------------------------------
The members of Global One Enterprises Limited will hold their
final general meeting on October 22, 2007, at 10:00 a.m., at
Room 1102, 11th Floor of Henan Building, 23 Jaffe Road, in
Wanchai, Hong Kong.

At the meeting, Lee Siu Yin, Global One's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


HARBOUR RING: Liquidators Resign from Post
------------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana ceased to act as
liquidators of Harbour Ring Dharmala (H.K.) Limited on Sept. 17,
2007.

The former Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


HONG KONG MACAU: Toohey and Mitchell Quit as Liquidators
--------------------------------------------------------
John James Toohey and Anthony Mitchell resigned as liquidators
of Hong Kong Macau International Finance Company Limited on
September 11, 2007.

The former Liquidators can be reached at:

         John James Toohey
         Anthony Mitchell
         Prince's Building, 22nd Floor
         Central, Hong Kong


HONG LONG: Pulls Back US200MM Bond Issue; Moody's Remove Ratings
----------------------------------------------------------------

Moody's Investor Service on Sept. 24, 2007, withdrew its
provisional (P)B2 foreign currency senior unsecured rating to
Hong Long Holdings Limited's (Hong Long) proposed US$175-200
million bond issue.

The rating withdrawal follows the company's final decision not
to proceed with the issuance.

At the same time, Moody's has withdrawn the company's associated
(P)B2 corporate family rating.

Hong Long Holdings Limited (Hong Long) is a Chinese property
developer engaged in residential and commercial properties
developments in Guangdong Province.  It has 8 major projects
under development in Shenzhen and the cities of Guangzhou,
Huizhou and Meizhou and has a land bank of 996,581 sq m of
saleable area.  Except for Yifeng in Shenzhen, the rest are
residential projects with associated retail space.  Yifeng is an
office and commercial complex wherein office space accounts for
about 80% of the total saleable area.


HOPSON DEV: Project Delays Leads to 48% Cut in 1H Net Profit
------------------------------------------------------------
Hopson Development Holdings reported a 48% slump in its first-
half period to June 30, 2007, underlying net profit as turnover
plummeted, The Standard reports.

Turnover for the six months ended June 30 plunged 30% to
HK$1.42 billion, due to delays in building completions and
alterations to some projects, the company said.  Net profit fell
to HK$419 million.

An interim dividend of HK$9.9 cents was proposed.

Underlying earnings, excluding revaluation gains from investment
property, deferred tax and recognition of excess interest gains
from land acquisitions, fell to HK$168 million from
HK$322 million.

Contracted sales, or sale and pre-sale contracts, increased 23%
to HK$4.74 billion in the first half, of which CNY950 million
was contracted sales of Regal Riviera in Guangzhou.

Chief financial officer Tam Lai-ling said sales and pre-sales
amounted to HK$11.2 billion as of June 30.  Of this, at least
CNY8.2 billion would be booked in the second half.


Hong Kong-based Hopson Development Company Holdings Limited
(Hopson) is one of the largest property developers in China.
Its principal businesses are residential developments in four
major cities: Guangzhou, Beijing, Shanghai and Tianjin.

The Troubled Company Reporter - Asia Pacific reported that, on
Jan. 19, 2007, Standard & Poor's Ratings Services said that it
had placed its BB+ long-term corporate credit rating on Hopson
Development Holdings Ltd on CreditWatch with negative
implications.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service on July 11, 2006, downgraded the
corporate family and senior unsecured ratings of Hopson
Development Holdings Limited to Ba2 from Ba1.  The ratings
outlook is stable.  This concludes the ratings review initiated
on June 13, 2006.


MUSIC TRADING: Court to Hear Wind-Up Petition on October 3
----------------------------------------------------------
A petition to have Music Trading On-Line (HK) Limited's
operations wound up was first presented to the High Court of
Hong Kong on June 25, 2007, which was subsequently amended on
Aug. 7, and re-amended on Sept. 11 by:

   -- Independiente Limited;

   -- EMI Records Limited;

   -- XL Recordings Limited;

   -- Wildstar Records Limited;

   -- Mercury Records Limited; and

   -- Sony Music Entertainment (UK) Limited.

The High Court will hear the petition on October 3, 2007, at
9:30 a.m.

The Petitioners' solicitor is:

         Clifford Chance
         Jardine House, 28th Floor
         One Connaught Place, Central
         Hong Kong


NOVA CHEMICALS: Moody's Affirms Corporate Family Rating at Ba3
--------------------------------------------------------------
Moody's Investors Service confirmed NOVA Chemicals Corporation's
Ba3 corporate family rating and senior unsecured debt ratings
following regulatory approval for the expansion of its styrenics
joint venture and the belief that low olefin feedstock costs
could allow the company to meaningfully reduce debt over the
next 12-18 months.  Moody's also affirmed the company's SGL-3
rating. Given the uncertainty in the company ability to
meaningfully reduce debt, the rating outlook will remain
negative until net balance sheet debt declines below $1.5
billion.  This concludes the review which began on
Feb. 1, 2007.

The ratings confirmation reflects the expectation that NOVA will
be able to generate over $700 million of EBITDA in 2007 and that
Alberta ethane prices will remain low relative to Gulf Coast
prices and other crude oil-based feedstocks through 2008,
especially during the second and third calendar quarters.  This
should provide NOVA with the opportunity to de-lever its balance
sheet and reduce net debt to roughly $1.5 billion by the end of
2007 and get it well below $1.5 billion in 2008.

The expanded styrenics joint venture with INEOS, including the
contractual arrangement with Sterling Chemical, will enable NOVA
to minimize its exposure to a business that has been a cash
drain and a credit negative over much of the past decade.
Furthermore, given the likelihood of additional US styrene
capacity rationalization (Dow and Chevron Phillips venture),
Moody's believes that the INEOS NOVA joint venture may not
require additional funding.  The combination of these factors
should improve NOVA's credit metrics over the cycle and allow
the company to maintain its Ba3 corporate family rating.  NOVA
needs to reduce its balance sheet debt as it has roughly $1.2
billion of debt maturities over the next five years and a large
portion of this debt may have to be refinanced during
unfavorable conditions in the global olefin/polyolefin markets.

The negative outlook reflects the inherent uncertainty
surrounding the company's earnings and cash flow, as well as its
ability to reduce debt over the next 12-16 months.  The company
is effectively a single product commodity producer whose
financial performance can be greatly impacted by exogenous
events.  The company's quarterly financial performance over the
past two and a half years, arguably the strongest part of the
current up-cycle in olefins, has been very volatile due to
feedstock prices, uneven market demand and several unplanned
production outages.

Moody's would likely move the outlook to stable as net debt
falls below $1.5 billion and the company continues to benefit
from low feedstock prices.  Conversely, Moody's could reassess
the appropriateness of the Ba3 rating if NOVA is unable to
reduce debt as expected over the next year or if the company's
trailing four quarter EBITDA falls below $450 million.

Nova Chemicals Company, headquartered in Calgary, Alberta,
Canada, is a leading producer of ethylene and polyethylene.  The
company plans to contribute the vast majority of its remaining
styrene, polystyrene, and expanded polystyrene assets to expand
the INEOS NOVA 50/50 joint venture.  Nova will retain its
Performance Styrenics business, which has sales of roughly $400
million.  NOVA reported revenues of $6.5 billion for the LTM
ending June 30, 2007.


Based in Moon Township, Pennsylvania, NOVA Chemicals Corporation
(NYSE:NCX) (TSX:NCX) -- http://www.novachemicals.com/--
produces ethylene, polyethylene, styrene monomer and styrenic
polymers, which are used in a wide range of consumer and
industrial goods.  NOVA Chemicals manufactures its products at
18 operating facilities located in the United States, Canada,
France, the Netherlands and the United Kingdom.  The company
also has five technology centers that support research and
development initiatives.  The company's Asian operating center
is in China.


PAZI PRODUCTION: Subject to Bank of China's Wind-Up Petition
------------------------------------------------------------
On August 20, 2007, Bank of China (Hong Kong) Limited filed a
petition to have the operations of Pazi Production Limited wound
up.

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

Bank of China's solicitors are:

         Ford, Kwan & Company
         Chinachem Golden Plaza
         Suites 1505-1508, 15th Floor
         No. 77 Mody Road
         Tsimshatsui East, Kowloon
         Telephone: 2366 0688
         Facsimile: 2722 0736


PHANTAXIA ENTERTAINMENT: Faces Lee Ka Lik's Wind-Up Petition
------------------------------------------------------------
Lee Ka Lik filed, on August 29, 2007, a petition to have the
operations of Phantaxia Entertainment Limited wound up.

The petition will be heard before the High Court of Hong Kong on
November 7, 2007, at 9:30 a.m.


PORTWEALTH PROPERTIES: Liquidators Quit Post
--------------------------------------------
On September 11, 2007, John James Toohey and Anthony Mitchell
quit as liquidators of Portwealth Properties Limited.

The former Liquidators can be reached at:

         John James Toohey
         Anthony Mitchell
         Prince's Building, 22nd Floor
         Central, Hong Kong


SKM FAR: Shareholders Resolve to Liquidate Business
---------------------------------------------------
At an extraordinary general meeting held on September 13, 2007,
the shareholders of SKM Far East Co., Limited resolved to
liquidate the company's business.

Creditors are required to file their proofs of debt by Oct. 23,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Chan Chek Ying
         Lee Cho Yiu Julia
         New Henry House, 8th Floor, Suite 1
         10 Ice House Street, Central
         Hong Kong


SOLUTIA INC: Opens New Manufacturing Plant in Suzhou, China
-----------------------------------------------------------
Solutia Inc. has celebrated the grand opening of its new plant
in Suzhou, China.  The plant is a manufacturing site for the
company's Saflex(r) business.  Saflex is the world's leading
producer and seller of polyvinyl butyral interlayers.  The
Suzhou plant site is ideally suited for future expansion of
Saflex and for other Solutia businesses.

"Solutia is committed to growth in China, and this new plant is
a very significant symbol of that commitment," said Jeff Quinn,
chairman, president and CEO of Solutia Inc.  "While Solutia has
made a number of major capital investments in its businesses
through the years, this is the first entirely new plant we have
built from the ground up.  We will continue to devote
substantial resources to seizing the growth opportunities in
China across each of our businesses."

The plant has been developed as a full-scale facility that
currently produces Saflex interlayer for the automotive market,
with room for future capacity to serve the architectural market
as well.  The current manufacturing line is designed to produce
approximately 10 million square meters of Saflex interlayer per
year, with space for further expansion as market growth requires
more capacity.

"Global demand for Saflex interlayers continues to rise around
the world, especially in China," said Dr. Luc De Temmerman,
president of Solutia's Saflex business.  "This new plant
improves our ability to serve the needs of laminators and glass
fabricators serving the rapidly growing Chinese automotive
industry and the broader Asia-Pacific markets.  We look forward
to collaborating with these customers, and believe the new
Suzhou plant will support significant growth in the laminated
glass market."

Saflex customers who participated in the opening ceremony
included senior representatives from the Fuyao Glass Industries
Group and Xinyi Glass Holdings Limited, as well as key
representatives from major multinational customers and many
Chinese laminators.

In addition to the Suzhou plant, Solutia's Saflex presence in
the Asia-Pacific region includes a regional customer service
center and finishing and distribution center in Singapore, as
well as sales offices across the region.  This infrastructure
continues to provide the high level of logistical support and
customer service that customers have come to expect from Saflex.

                     About Solutia Inc.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.


UNITED BISCUITS: Placed Under Voluntary Liquidation
---------------------------------------------------
On September 14, 2007, the sole member of United Biscuits Asia
Pacific Limited passed a resolution to voluntarily liquidate the
company's business.

Yeung Betty Yuen and Chung Miu Yin were appointed as
liquidators.

The Liquidators can be reached at:

         Yeung Betty Yuen
         Chung Miu Yin Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


=========
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AES CORP: Niagara Court Acquits Firm of Fraud
---------------------------------------------
Niagara State Supreme Court Justice Richard C. Kloch Sr. has
acquitted the AES Corp. of alleged fraud for seeking a payment
"in-lieu-of-taxes, or PILOT, arrangement with the Niagara County
Industrial Development Agency," The Buffalo News reports.

As reported in the Troubled Company Reporter-Latin America on
June 18, 2007, the Niagara county, the Town of Somerset and the
Barker Central School District filed a lawsuit against AES and
the Industrial Development Agency over the "payment-in-lieu-of-
taxes deal," which would cost the taxing entities US$43.4
million over 12 years, compared with what they would collect
from AES if the firm's Lake Road power plant continued to be
taxed at the current rate.  Those who are against the deal said
that of one assumes a 3% yearly tax raise, the lost revenue tops
US$90 million.  Internal AES E-mails presented in the State
Supreme Court as evidence indicated that top Niagara County
politicians were involved in a tax-break deal for the firm long
before it became public in September 2006.

Judge Kloch dismissed all the lawsuits AES filed against the
Town of Somerset "over its assessment on the coalburning Lake
Road power plant," The Buffalo News notes.  The firm could file
an appeal on that decision.

AES Somerset unit head Kevin R. Pierce told The Buffalo News
that he had no problem with that ruling, though it means AES has
no chance of winning tax refunds for previous years.  According
to him, the PILOT accord called for the firm to abandon the tax
suits once the PILOT litigation is settled.

"In the unlikely case that [the ruling] is overturned, we would
have the right to appeal.  I think the judge would be sensitive
to stripping away someone's legal rights to appeal," Mr. Pierce
commented to The Buffalo News.

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

                           *     *     *

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

                          *     *     *

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

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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


BAUSCH & LOMB: S&P Holds CreditWatch on BB+ Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has announced that its
ratings (BB+ Corporate Credit Rating) on Rochester, New York-
based Bausch & Lomb Inc. remain on CreditWatch with negative
implications, where they were placed on May 16, 2007, reflecting
its intent to merge with Warburg Pincus.  They commenced a cash
tender offer and consent solicitation for its publicly held debt
yesterday, and the company's shareholders voted to approve the
merger today.  As a result of the anticipated capitalization
(Warburg plans to finance the transaction with US$1.9 billion of
common equity and US$2.5 billion of debt plus another US$800
million in undrawn credit facilities), S&P's corporate credit
rating on the company will be lowered to B+/Stable/-- once the
transaction closes.  S&P's stable outlook will reflect the
challenge of rebuilding its lenscare franchise, and improving
operating margins and cash flow.

"After the transaction, our rating on Bausch & Lomb Inc. will
reflect the strength of the company's product offerings in
multiple segments of the vision care industry, recurring sales
of several core products, and its geographic and customer
diversity," said S&P's credit analyst Cheryl Richer. However,
very high debt leverage resulting from the acquisition by
Warburg Pincus drives the company's noninvestment grade rating.
Business concerns include formidable competitors, and the
continuous pressure to innovate.  Lens care sales are gradually
rebounding in the aftermath of the May 2005 global recall of
ReNu with MoistureLoc multipurpose lens care solution.

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


BHARTI AIRTEL: Bids for Qatar Mobile License
--------------------------------------------
Bharti Airtel Limited has reportedly joined the contest for
Qatar's mobile communication license.  According to Raju
Shanbhag of TMCnet, Bharti Airtel is the only bidder from India.

If Bharti Airtel wins the final bidding, it will compete with
incumbent provider Qatar Telecom, TMCnet says, citing a
Financial Times report as source.

Other bidders for the license include Vodafone, Verizon, AT&T
and more regional, lesser-known providers such as Batelco (from
Bahrain), Etisalat (from the UAE), Zain (from Kuwait) and Argos
Consortium, TMCnet relates.  The bidders, TMCnet adds, will be
evaluated based on their technical capabilities and their
financial bids for the license, which is worth more than US$300
million.

                       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.


DRESSER-RAND GROUP: Earns US$26.2 Million in Qtr. Ended June 30
---------------------------------------------------------------
Dresser-Rand Group Inc. reported net income of US$26.2 million
for the second quarter ended June 30, 2007.  This compares to a
net income of US$10.7 million for the second quarter 2006.
Second quarter 2007 income included a provision for litigation
and related interest of US$2.6 million after-tax and a charge of
US$1.5 million after-tax related to a change in an accounting
estimate for workers' compensation.

Total revenues for the second quarter 2007 of US$441.2 million
increased US$17.2 million or 4.0% compared to US$424.0 million
for the second quarter 2006.  Operating income for the second
quarter 2007 was US$50.1 million.  This compares to operating
income of US$27.2 million for the second quarter 2006 which
included US$16.8 million for stock-based compensation expense
for exit units. Second quarter 2007 operating income increased
from the year ago quarter due to higher pricing and productivity
improvements.

Vincent R. Volpe, Jr., president and chief executive officer of
Dresser-Rand, said, "The improvements in our second quarter 2007
results over last year were somewhat tempered by the litigation
provision and a change in accounting estimate.  The impact of
these two items was approximately US$0.05 per diluted share.
Additionally, changes in procurement processes and a delay in
the budget appropriations by certain of our national oil company
clients resulted in lower than expected aftermarket bookings and
revenues for the period."

Bookings for the second quarter 2007 were US$659.2 million,
which was US$225.1 million or 52.0% higher than the second
quarter 2006.

The backlog at the end of June 2007 was a record US$1.61 billion
or 59.0% higher than the backlog at the end of June 2006 of
US$1.01 billion.

At June 30, 2007, the company's consolidated balance sheet
showed US$1.77 billion in total liabilities, US$1.07 bilion in
total liabilities, and US$697.1 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?23a4

                 Liquidity and Capital Resources

As of June 30, 2007, cash and cash equivalents totaled
US$160.8 million and borrowing availability under the US$350.0
million revolving credit portion of the company's senior credit
facility was US$147.5 million, as US$202.5 million was used for
outstanding letters of credit.

In first six months of 2007, cash provided by operating
activities was US$136.2 million, which compared to US$6.9
million for the corresponding period in 2006.  The increase of
US$129.3 million in net cash provided by operating activities
was principally from changes in working capital.  In the first
six months of 2007, capital expenditures totaled US$8.6 million
and the company prepaid US$110.1 million of its outstanding
indebtedness under its senior secured credit facility.  As of
June 30, 2007, total debt was US$396.9 million and total debt
net of cash and cash equivalents was approximately US$236.1
million.

                       Litigation Provision

In the second quarter, the company and Maersk Oil UK Limited
reached a full and final settlement resulting in an additional
total charge of approximately US$4.2 million (US$2.6 million
after-tax) for damages, interest and claimant's costs.  The
company had previously reported that it planned to dispute the
amount of costs claimed by Maersk, but on further review of the
facts and circumstances, it decided to settle the matter.  The
litigation with Maersk Oil UK Limited resulted from alleged
defects in compressors manufactured at a Dresser-Rand facility
that discontinued producing compressors in December 1998.

                  Change in Accounting Estimate

The company recorded a pre-tax charge of US$2.3 million
(US$1.5 million after-tax) for a change in accounting estimate
related to accrued liabilities for workers' compensation.  The
charge for workers' compensation resulted from payment
information recently provided to the company by Ingersoll Rand,
its former parent company.

                             Outlook

Demand for rotating equipment and aftermarket parts and services
continues to be strong but aftermarket bookings and revenues
continue to be adversely, but temporarily, impacted by changes
in the procurement process approval cycle and a delay in the
budget appropriations for certain of the company's national oil
company customers.  The backlog of orders has continued to
increase to record levels.  At June 30, 2007, 68.0% of the
backlog of US$1.61 billion is scheduled to ship in 2008 and
2009.

The company continues to believe that its 2007 operating income
will be in the range of US$250.0 to US$270.0 million and its
third quarter 2007 operating income will be in the range of
25.0% to 27.0% of the total year.

                     About Dresser-Rand Group

Headquartered in Houston, Dresser-Rand Group Inc. (NYSE: DRC) --
http://www.dresser-rand.com/-- is among the largest suppliers
of rotating equipment solutions to the worldwide oil, gas,
petrochemical, and process industries.  The company operates
manufacturing facilities in the United States, France, Germany,
Norway and India, and maintains a network of 26 service and
support centers covering more than 140 countries.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 6, 2007,
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to the US$500.0 million senior secured
revolving credit facility due 2012 of Dresser-Rand Group Inc.
(BB-/Stable/--).


GENERAL MOTORS: Failed Contract Talks Spurs UAW Work Stoppage
-------------------------------------------------------------
More than 73,000 United Auto Workers union members throughout
the United States went on strike against General Motors Corp.
yesterday after the two failed to agree on a new labor contract.

UAW President Ron Gettelfinger said that UAW members rallied
over job security, economic issues, benefits for active workers
and winning investment in future products.

GM disclosed that it is disappointed in the union's decision to
call a national strike, insisting that bargaining involves
complex, difficult issues that affect the job security of its
U.S. work force and the long-term viability of the company.

However, GM is fully committed to working with the UAW to
develop solutions together to address the competitive challenges
facing the company.

GM related that it will continue focusing its efforts on
reaching an agreement as soon as possible.

Pickets will remain outside GM plants until a contract is
reached, Mr. Gettelfinger said before heading back to the
bargaining table with UAW Vice President Cal Rapson, who directs
the union's GM Department, and the national committee.

"We stand ready 24 hours a day, seven days a week to go back to
the bargaining table," Mr. Gettelfinger, flanked by the UAW GM
National Negotiating Committee.

Mr. Gettelfinger said it was significant that the union gave GM
a nine-day contract extension, the longest in UAW history to
avoid a strike, a drastic step no one on the union side wanted.

"We were pushed into a strike and that's where we are at," Mr.
Gettelfinger added.

In recent years, UAW members have done their part by working
with the company on issues such as the corporate restructuring,
the attrition plan, the Delphi bankruptcy, the 2005 health care
agreement and numerous quality, productivity and health and
safety issues.  Workers gave up a 3% general wage increase in
2006 and cost of living allowances.

"We've met and solved all of GM's problems since 2003," Mr.
Gettelfinger added.  "We've worked with General Motors on every
issue that came before them.  We've done a lot of things to help
that company.  There comes a point in time when you have to draw
the line in the sand."

The UAW leader added that the strike had nothing to do with the
much-discussed union-controlled health care trust fund Voluntary
Employee Benefit Association (VEBA) for retirees, which is a
permissible but not mandatory subject of bargaining.  Job
security, economics and benefits for active members remain
critical issues for UAW members at GM.

"It's become apparent to us that as much as workers give, they
cannot give enough," Mr. Gettelfinger said.  "As much as
executives get, they cannot get enough."

                      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.


TATA POWER: Mundra Project to Get Funding From Various Lenders
--------------------------------------------------------------
Tata Power Company Ltd has tied up with various multilateral
lending agencies and financial institutions to partly fund the
debt of its Mundra Ultra Mega Power Project, P. Vinod Kumar of
The Financial Express reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2006, Tata Power was awarded the contract to build a
4,000-megawatt plant in Mundra, Guijarat.  The company quoted a
bid of INR2.26 per unit for the project, outbidding Reliance
Energy, Larsen & Toubro, Essar Power, Sterlite Industries and
Adani Exports.

The Mundra Plant is part of the Government of India's plan to
set up five 4,000-MW coal-fired power projects to help breach
the country's electricity deficit.

According to The Financial Express, the host of lending firms
will fund the foreign currency part of the US$3.2-billion debt
portion of the US$4.25-billion project.

The multilateral agencies which had agreed to fund the foreign
currency part of the debt are the Asian Development Bank and the
International finance Corporation, Washington, while the other
external lending agencies of the project are K-Exim/KEIC and
JBIC, Mr. Kumar relates.

Mr. Kumar says K-Exim/KEIC and JBIC would open a foreign
currency denominated credit line of US$1 billion to US$1.5
billion while ADB and IFC would chip in with a total debt of
US$0.7 billion.

Tata Power is reportedly in talks with various domestic lenders
to raise the remaining rupee-denominated loan to the tune of
US$1.5 billion to US$2 billion.  The company may also raise
funds by issuing rupee denominated bonds to fund the project, FE
adds.


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

                          *     *     *

Standard & Poor's Ratings Services, on Aug. 24, 2007, lowered
its corporate credit rating on India's Tata Power Co. Ltd. to
'BB-' from 'BB+'.  The outlook is stable.  At the same time, the
rating on Tata Power's US$300 million senior unsecured bonds
have been lowered to 'BB-' from 'BB+'.

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


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

ALCATEL-LUCENT: To Provide Wireless Network for China Mobile
------------------------------------------------------------
Alcatel-Lucent has been selected by China Mobile's three
subsidiaries to provide network optimization service for their
wireless networks in Shanghai, and Guizhou and Shanxi provinces.
Inner Mongolia Unicom, a subsidiary of China Unicom, also
selected Alcatel-Lucent to optimize its CDMA network in Inner
Mongolian province.  The project was secured through Alcatel
Shanghai Bell, Alcatel-Lucent's flagship company in China.
Alcatel-Lucent will provide tailor-made service solutions to
help each of these operators enhance network coverage and
performance and improve resource utilization.  It will help the
three China Mobile subsidiaries plan for network development in
order to be able to offer new services and thereby generation
new revenue.  Alcatel-Lucent also will provide courses to help
the operators train their employees to ensure optimal use of the
networks' capabilities.

These projects are expected to be completed at the end of 2007.
Once implemented, these three operators will have the
competitive advantage of being able to offer their customers
service on upgraded networks that provide maximum coverage,
strong signals and minimal dropped call rates.

Inner Mongolia Unicom will deploy Alcatel-Lucent's advanced e-
Optimization solution in its CDMA network to analyze voice/data
service and help Inner Mongolia Unicom formulate new resource
distribution strategies.

"Our service business is an important, strong business for
Alcatel-Lucent, and it is a growing business in China," said
Frederic Rose, President of Alcatel-Lucent's activities in the
Asia Pacific region.  "Leveraging our high-end integration and
optimization expertise in global and regional competence
centers, Alcatel-Lucent is committed to providing world-class
services that help our customers get the full advantage of their
networks as they strive to meet the needs of their customers."

                      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.


ANEKA TAMBANG: To Lower Nickel Power Cost by 8-10%
--------------------------------------------------
PT Aneka Tambang Tbk has signed a five-year power purchase
agreement with PT Tamboli Energy, covering a supply of 15MW peak
load capacity of electricity to Antam's Pomalaa ferronickel
facilities from Tamboli's 4X5MW hydro power plant.  Upon the
commencement of the hydropower purchase, Antam is expected to be
able to lower its ferronickel power cost by up to 8-10%.  The
power plant, which will utilize a Run of River power generation
technology at the Tamboli river, is located at Kolaka area,
around 63 km from Pomalaa.  No man-made dam will be constructed
for this hydro power generation, which is expected to help
preserve the environmental condition of the area.

Antam's Development Director, Darma Ambiar said,
"The signing of this Hydro Power Purchase Agreement, while
covering a relatively small portion of our overall energy needs,
is an important step in our efforts to not only decrease our
dependence on the more expensive diesel fuel as our main source
of energy, but to also lower our carbon footprint.  This is also
a part of our ongoing efforts to lower our ferronickel
production cost by continuing to explore other cheaper
alternatives of energy sources."

Under this agreement, Tamboli will build and operate the hydro
power plant as well as an interconnection facility that will
connect the hydro power plant with the electrical system of
Antam's ferronickel smelters at Pomalaa.  Tamboli's
responsibilities will include among other things, the planning,
designing, financing, constructing, commissioning, operating and
maintaining of the facilities.  Tamboli has appointed PT Bukaka
Teknik Utama, an experienced developer of hydro power plants, as
its EPC contractor.
By working together with Tamboli, a domestic company based in
the island of Sulawesi, Antam is supporting the development of
the businesses and economy in the regional area where it
operates.

The overall investment cost of constructing the hydro plant and
the interconnection facility will be borne fully by Tamboli.
The financial closure is expected to materialize within 6 months
after the signing of the PPA and to be followed up by the
construction of the facility, which is expected to be completed
within 18 months.

Upon the commercial operation of the facilities, Antam will have
the first right -- but not the obligation -- to purchase 75% of
the produced electricity capacity by Tamboli at US$0.0565 / KWh
for five years.  Tamboli will sell the remaining 25% of the
produced electricity capacity to PLN, the State Owned
Electricity company.  After five years, the contract will be
reviewed and renegotiated.

In 2007, the energy needs of Antam's Pomalaa nickel smelter
facilities, which amount to about 88MW, are supplied by 6 X 17
MW and 10 X 5.8MW diesel fired power plants operated by Wartsila
of Finland.  Currently Antam's electricity cost is up to
US$0.125 / KWh which results in cash cost of producing
ferronickel at around US$5-5.50/lb.  Upon the consummation of
the Tamboli PPA, it is expected that Antam could reduce the
ferronickel power cost by up to 8-10%, which will result in a
reduction of ferronickel cash cost by up to 3 4%.  In order to
further lower its production cost of ferronickel, Antam is
committed to convert the remaining of its power sources to less
expensive fuel.

                       About Aneka Tambang

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

                          *     *     *

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

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


HANOVER COMPRESSOR: Moody's Withdraws Ratings After UCI Merger
--------------------------------------------------------------
Moody's Investors Service withdrew the ratings for Hanover
Compressor Company and Universal Compression Inc. following
their merger and the substantial completion of their tenders for
their existing debt.  Hanover is now a subsidiary of Exterran
Holdings Inc. and Hanover's 4.75% convertible senior notes due
2008 and 2014 remain outstanding.

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.

Hanover's ratings withdrawn:

   -- Hanover's B1 Corporate Family Rating and Probability of
      Default Rating;

   -- Hanover's SGL-3;

   -- Hanover Equipment Trust 2001A 8.50% partly secured notes
      due 2008;

   -- Hanover Equipment Trust 2001B 8.75% partly secured notes
      due 2014;

   -- 7.5% Senior Notes due 2013;

   -- 8.625% Senior Notes due 2010;

   -- 9% Senior Notes due 2014; and

   -- 7.25% Convertible Trust Preferred Stock.

                 About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.


GAJAH TUNGGAL: May Sell Right Issue to Reduce Gearing Ratio
-----------------------------------------------------------
PT Gajah Tunggal Tbk may sell shares in a rights issue next year
to reduce its gearing ratio, Reuters reports, citing director
Catharina Widjaja.

Ms. Widjaja told the news agency that the company wants to
reduce its debt-to-equity ratio to 1.0 from 1.6, although the
rights issue would not be large.  "For any corporate actions and
capital expenditure, we still have the money from our latest
bond issue," she adds.

The report notes that the company has US$20 million of fixed
rate notes maturing in 2007 and a further US$50 million maturing
in 2008.  Gajah Tunggal could reduce its debt ratio by repaying
the notes out of its cashflow, the report says.

Last year, the firm's net profit plunged 66% as Indonesia's
automotive market was hit by high interest rates and weak
consumer spending, Reuters recounts.

                       About Gajah Tunggal

Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk --
http://www.gt-tires.com/-- is primarily engaged in the
production and marketing of a range of tires and inner tubes for
motorcycles, passenger cars, commercial cars, off the road
vehicles and industrial and heavy equipment vehicles.  Its
products are marketed to both domestic and international
markets, including Australia, the United States and other
countries in Asia and Europe.  These products can be purchased
in approximately 5,000 retail outlets around the world.  The
company's subsidiaries, which are engaged in the general trading
and financial services, the distribution sector and the chemical
industry, include GTT Netherlands B.V., GT 2005 Bonds B.V., PT
Prima Sentra Megah and PT Polychem Indonesia Tbk.  The company
operates a production facility in Tangerang.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 6,
2007, that Moody's Investors Service assigned a B2 senior
unsecured rating for PT Gajah Tunggal Tbk's proposed
US$95 million bonds.

At the same time, Moody's has affirmed GT's B2 corporate family
rating and the B2 senior unsecured rating for existing
US$325 million bonds, guaranteed by GT.  The outlook for all the
ratings is at present negative.

On Oct. 6, 2006, Standard & Poor's Ratings Services affirmed its
'B' long-term corporate credit rating on Gajah Tunggal.  The
outlook is stable.

At the same time, it affirmed the 'B' issue rating on the five-
year US$325 million senior unsecured bonds issued by GT2005
Bonds B.V., and irrevocably and unconditionally guaranteed by
Gajah Tunggal.


* S&P Affirms Indonesia's BB-/B Foreign Currency Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services had affirmed its 'BB-/B'
foreign currency ratings and its 'BB+/B' local currency ratings
on the Republic of Indonesia.  The outlook is stable.

"The ratings on Indonesia are underpinned by continued
improvements in its debt and external liquidity positions," said
Standard & Poor's credit analyst Sani Hamid said.

Indonesia's general government debt is expected to decline
further to 44% of GDP this year, down from 46% in 2006 and over
100% in 2000.  This reduction comes on the back of small, but
persistent primary surpluses, a falling interest burden, and
strong nominal GDP growth.

The central government is looking to strike a balance between
the need to further reduce its debt burden while allowing it
room for additional development spending, especially in
infrastructure, to boost growth.  "Despite a modest rise in the
central government deficit, we expect the government to adhere
to fiscal discipline," said Mr. Sani.

The country's external liquidity position continues to benefit
from current account surpluses, steady FDI inflows, and strong
portfolio inflows.  International reserves reached a record high
of US$51.9 billion in July, versus US$41.1 billion in July 2006,
and are sufficient to cover 4.6 months of current account
payments.

Supporting these positive trends is the government's continued
commitment towards wide-ranging reform efforts that form the
backbone of the country's economic revival.

Despite these improvements, there remain numerous challenges
that continue to constrain Indonesia's creditworthiness.
Institutional and structural impediments continue to restrict
growth from reaching levels that are sufficient to generate jobs
at the pace needed to reduce poverty significantly.  Overall
competitiveness is hampered by infrastructure shortfalls, legal
uncertainties, corruption, and labor market rigidities.
Furthermore, information gaps remain as to the financial
standing of the state-owned enterprises, the consolidated local
and regional government budgetary performance and debt burdens,
and the financial performance of entities owned by LRGs, all of
which hamper the analysis of the public sector.

The ratings on Indonesia continue to be weighed on by a high
external debt and government debt burden that, while not out of
line with its peers, proved unmanageable in the past and
contributed to the need for sovereign debt rescheduling in 1999-
2002.

"The stable outlook balances our expectation that Indonesia will
continue with its reform efforts and that the country's external
liquidity will continue to strengthen," said Mr. Sani.  "The
ratings on Indonesia could be raised if these reform efforts
result in a higher sustained growth trajectory and further debt
reduction.  In addition, improved public sector transparency
would favorably influence the rating outlook on Indonesia."

Alternatively, the outlook could come under review should there
be a greater-than-expected loosening in the present fiscal
stance or if reform efforts stall at the legislative and the
implementation stages.  Deterioration in the global financial
and economic environment could also lead to additional
challenges for Indonesia.  The ratings could therefore come
under pressure if institutional weaknesses hinder policy
coordination and impede timely responses to any external shocks.


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

HERBALIFE: Moody's Affirms Bank Loan at Ba1 Following Upsize
------------------------------------------------------------
Moody's Investors Service rated at Ba1 (LGD 2, 29%) the proposed
US$150 million add-on to the secured revolving credit facility
of Herbalife International, Inc.  Moody's also affirmed the
corporate family and existing bank loan ratings at Ba1.
Virtually all proceeds from the incremental US$150 million of
bank borrowings will be used to fund open-market share
repurchases.  The rating affirmation reflects that credit
metrics remain strong in spite of the additional debt, and
Moody's belief that the company will continue to generate
substantial free  cash flow. The rating outlook is stable.

The following rating is assigned:

   -- US$150 million add-on to the secured revolving credit
      facility at Ba1 (LGD 2, 29%).

The following ratings are affirmed:

   -- US$100 million (commitment prior to add-on) secured
      revolving credit facility at Ba1 (LGD 2, 29%);

   -- US$200 million secured term loan at Ba1 (LGD 2, 29%);

   -- Corporate Family Rating at Ba1;

   -- Probability of Default Rating at Ba2.

Herbalife's corporate family rating balances certain strong
quantitative and qualitative rating drivers against Moody's
opinion that many credit attributes for a company without
substantial tangible assets are always likely to be stronger
than for similarly rated conventional retailers or consumer
products issuers.  Profitable rapid growth across many
geographies and product categories and the company's pattern of
repaying debt with a portion of discretionary cash flow benefit
the ratings.  Important factors holding down the ratings are the
company's relatively small size compared to many higher rated
companies, the unpredictability of demand for many products in
the vitamin, nutritional supplement, and personal care
categories, as well as the inherent challenges of managing the
high reseller attrition that is a common characteristic of a
multi-level marketing business model.


Herbalife International, Inc, with corporate headquarters in Los
Angeles, California, is a marketer of weight management
products, nutritional supplements and personal care items that
are sold through a global network of independent distributors in
more than 65 countries.  Equity of Herbalife, LTD, the company's
ultimate parent through a series of intermediate holding
companies, is publicly traded.  Net revenue for the twelve
months ending June 2007 was $2.0 billion.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

Herbalife of Japan K.K. is headquartered in Minato-ku, Tokyo.


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

KRISPY KREME: Board Approves Officer Indemnification Agreement
--------------------------------------------------------------
The board of directors of Krispy Kreme Doughnuts Inc. has
approved a form of Officer Indemnification Agreement, pursuant
to which the company agrees to provide for:

   -- the indemnification of and the advancement of expenses to
      each officer of the company party to the officer
      indemnification agreement; and

   -- the continued coverage of such officer under the
      company's directors' and officers' liability insurance
      policies.

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

The Troubled Company Reporter-Asia Pacific reported on Sep. 19,
2007, that Moody's Investors Service lowered Krispy Kreme
Doughnut Corporation's Speculative Grade Liquidity rating to
SGL-4 from SGL-3, indicating weak liquidity.  Concurrently
Moody's revised the rating outlook to negative while affirming
Krispy Kreme's Caa1 corporate family rating and B3 rating of its
US$160 million senior secured credit facilities.

On August 8, 2007, that Standard & Poor's Ratings Services has
assigned its ratings, including its corporate credit rating of
'B-', to Winston Salem, N.C.-based Krispy Kreme Doughnuts Inc.
The outlook is negative.

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to the US$160 million senior secured credit
facility borrowed by Krispy Kreme Doughnut Corp., a subsidiary
of Krispy Kreme.  The facility is rated 'B', one notch above the
corporate credit rating on Krispy Kreme, and assigned a '2'
recovery rating, indicating the expectation for substantial
(70%-90%) recovery of principal in the event of default.


MAGNA INTERNATIONAL: Plan of Arrangement Takes Effect
-----------------------------------------------------
Magna International Inc.'s plan of arrangement and agreements
relating to the strategic investment in Magna by Open Joint
Stock Company Russian Machines became effective on Sept. 20,
2007.

"We are pleased to have completed this very important
transaction with Russian Machines," Frank Stronach, Magna's
chairman commented.  "I believe we are now well positioned to
capitalize on the growth opportunities in Russia and other
automotive markets, while minimizing the risks of investing in
those markets."

"Our strategic investment in Magna will allow Magna to build a
strong presence in the rapidly expanding Russian automotive
market as well as in Eastern Europe and other key markets," Oleg
Deripaska, chairman of the supervisory board of basic element
and chairman of the board of directors of Russian Machines,
said.

Under the arrangement, M Unicar Inc., through its indirectly
owned subsidiary 2143455 Ontario Inc., a Canadian holding
company funded by a subsidiary of Russian Machines, acquired
20 million Magna Class A Subordinate Voting Shares for
approximately US$1.54 billion.

Newco is owned indirectly by the Stronach Trust, Russian
Machines and Donald Walker, Siegfried Wolf, Vincent Galifi,
Jeffrey Palmer and Peter Koob, members of Magna's executive
management.

Newco and its subsidiaries now hold 726,829 Class B Shares,
which were previously held by 445327 Ontario Inc., all of the
shares of which are directly owned by the Stronach Trust,
representing 100% of the outstanding Class B Shares, and
20,605,000 Class A Subordinate Voting Shares, representing
approximately 15.9% of the outstanding Class A Subordinate
Voting Shares, which collectively represent approximately 68.6%
of the total voting power of all the outstanding shares of
Magna.

The transaction allows Newco and its shareholders to effect a
strategic investment in Magna and participate in the future
growth and success of Magna on a global basis.

Magna also disclosed that, as a result of the arrangement
becoming effective, all of the conditions to its offer to
purchase for cash up to US$1,536,600,000 in value of its Class A
Subordinate Voting Shares, which expired at 5:00 p.m., Toronto
time, on Sept. 20, have been satisfied or waived.

Magna will issue a statement with respect to the outcome of the
bid after it has determined the number of Class A Subordinate
Voting Shares which have been validly tendered and the clearing
purchase price for such shares under the "modified Dutch
auction" procedure applicable to the bid.

                 About Magna International Inc.

Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a
diversified automotive supplier that designs, develops and
manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, for
sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
The company's capabilities include the design, engineering,
testing and manufacture of automotive interior systems; seating
systems; closure systems; metal body and chassis systems; vision
systems; electronic systems; exterior systems; powertrain
systems; roof systems; well as complete vehicle engineering and
assembly.  The company has approximately 83,000 employees in 229
manufacturing operations and 62 product development and
engineering centers in 23 countries including Brazil, China,
Czech Republic, France, Germany, Korea, among others.


TRIGEM COMPUTER: Representative Files 2nd Section 1518(1) Report
----------------------------------------------------------------
Charles D. Axelrod, Esq., at Stutman Treister & Glatt PC, in Los
Angeles, California, on behalf of Il-Hwan Park, the foreign
representative for TriGem Computer, Inc., delivered to the U.S.
Bankruptcy Court for the Central District of California a status
report pursuant to Section 1518(1) of Chapter 15 of the
Bankruptcy Code.

Mr. Axelrod relates that TriGem executed in July and August 2007
a memorandum of understanding and an investment agreement with
Celrun Co. Ltd., with respect to Celrun's acquisition of
TriGem's business.

TriGem will meet with Celrun and another bidder in October 2007.

TriGem may file an amendment to its confirmed reorganization
plan, which will require approval of the reorganization court
in the Republic of Korea.

TriGem's reorganization plan calls for the sale of the company's
assets through a merger and acquisition type transaction.  Mr.
Axelrod relates that the plan, confirmed by the Korean
Bankruptcy Court in January 2006, needed to be implemented.
Otherwise, Mr. Park as the Foreign Representative must submit a
revised plan to creditors for their approval and then to the
Korean Bankruptcy Court for confirmation.  If the revised plan
is not approved nor confirmed, Trigem would automatically be put
into a liquidation case.

TriGem's first attempt to sell its business in 2006 was
unsuccessful.

Human & Technology Co., emerged as the sole bidder at that time,
but the Suwon District Court, Bankruptcy Division, in South
Korea, canceled the whole bidding process after the offer was
found to be below market price.

Human & Technology initially agreed to acquire TriGem's assets
for KRW170,000,000,000 or US$177,000,000.  Human & Technology
noted that it would bring the price down should it find after
due diligence that KRW30,000,000,000 of receivables from
TriGem's subsidiaries would be difficult to collect.  It also
rejected demands to guarantee employment.

The Korean Court previously estimated TriGem's value at
KRW200,000,000,000 to KRW250,000,000,000 -- US$209,000,000 to
US$261,000,000.  Human & Technology's reduced final offer for
TriGem's assets was not disclosed for confidentiality reasons.

TriGem again tested the market in June 2007.  The company
received four letters of intent to acquire its business and two
parties ultimately tendered bids by the deadline.  Celrun, which
develops and manufactures digitial Internet set-top box
solutions, was declared preferred bidder.

Celrun offered to buy Trigem for up to KRW120,000,000,000 or
US$129,400,000, according to Reuters.

Mr. Axelrod also reports that claims aggregating under
KRW33,000,000,000 were paid off under the terms of TriGem's
confirmed plan.  Additional claims will be paid and shares of
new equity will be issued if and when approval of the Plan
amendment is obtained from two-thirds of all creditors,
including three-quarters of creditors, with liens or other
encumbrances against TriGem's property, as well as the Korean
Bankruptcy Court.

Celrun was established in 1999 and is headquartered in Seoul,
Korea.  It has a market capital of KRW15,700,000,000.

Celrun owns 22.3% of the global IP set-top box market, according
to information on its Web site.

Section 1518(1) provides that, from the time of filing the
petition for recognition of a foreign proceeding, the foreign
representative will file with the court promptly a notice
concerning any substantial change in the status of the foreign
proceeding or the status of the foreign representative's
appointment.

The Section 1518(1) report was filed pursuant to the U.S.
Court's directive.  Judge Donovan required TriGem's U.S. counsel
to either file a status report or stipulate to the closing of
the Chapter 15 case.

Mr. Axelrod says the report was filed over an abundance of
caution since the pending foreign proceeding "has merely
progressed rather than having experienced a change in its
status."

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.

TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy
News, Issue No. 11 Bankruptcy Creditors' Service, Inc., 215/945-
7000).


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

FOREMOST HOLDINGS: Wants MYR6.5-Million Refund From Ismail
----------------------------------------------------------
Foremost Holdings Bhd disclosed with the Bursa Malaysia
Securities Bhd that it is seeking a refund of MYR6.5 million as
a result of the Rescission of the Sale and Purchase Agreement
entered into between Foremost Audio Sdn. Bhd., a wholly-owned
subsidiary, and Ismail Bin Yaacob.

Foremost Audio has entered into a Proposed Acquisition of 51%
equity interest in Mega Accomplishment Sdn. Bhd by Mr. Ismail,
the company said.

In a statement, Foremost Holdings said: "Based on the Company's
internal investigation and confirmation by the authorities,
professionals and bank neither Foremost Holdings Berhad nor any
of its subsidiaries have received the refund of MYR6.5 million
for and on behalf of Foremost Audio Sdn. Bhd."

Foremost Holdings will take the appropriate action to recover
the said amount, it added.

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


GREIF INC: Board Elects David B. Fischer as President & COO
-----------------------------------------------------------
The Board of Directors of Greif, Inc., has elected David B.
Fischer as the company's president and chief operating officer.
Mr. Fischer was senior vice president and divisional president
of Industrial Packaging & Services of Greif's North and South
America, Asia, Africa and Australia business units.

The position of president had been held by Chairman and Chief
Executive Officer Michael J. Gasser.

Michael C. Patton, senior vice president of Paper, Packaging &
Services, will also lead IP&S - North America.  He was named
divisional president as well.

Senior Vice President Ivan Signorelli, at Greif's IP&S - Europe
strategic business unit, also adds the title of divisional
president.

Mr. Signorelli and Mr. Patton will report to Mr. Fischer.  The
changes are effective Oct. 1.

Mr. Gasser said, "David's proven track record in operations,
mergers and acquisitions and business integration make him
ideally suited for his new position.  His leadership and counsel
will be a driving force as we continue to execute our aggressive
growth strategy.

"Mike has been a strong leader in all his roles within Greif.
Because of his deep understanding of the Greif Business System
and his ability to effect change, he is the right person to take
our business in North America to the next level.

"With Ivan in Europe, we have a strong operations team in place
that will be instrumental in achieving our goals," Mr. Gasser
said.

Mr. Fischer joined Greif in November 2004 to lead Greif's
Industrial Packaging & Services - Americas business.  He was
later assigned responsibility for the company's IP&S businesses
in Asia, Africa and Australia.  He came to Greif from The Dow
Chemical Company, where he was previously global business vice
president of the company's US$1.8 billion polyurethanes
business.

Mr. Fischer holds a bachelor's degree from Purdue University
where he majored in Chemistry.

Mr. Patton joined Greif in March 2000 as vice president and
general manager, Multiwall Packaging. He was named vice
president of Steel, IP&S - North America in 2002, and vice
president and general manager for IP&S - North America, Midwest,
in 2004.  Later that year, he was named senior vice
president, Transformation Worldwide and in 2005, was named to
head Paper, Packaging & Services.

Mr. Patton holds a bachelor's degree in Finance from Seton Hall
University.

Mr. Signorelli joined Van Leer (acquired by Greif in 2001) in
1992 as the business unit manager of Italy.  He was named BU
manager of closures business American Flange in 1993 and
promoted to strategic business unit manager of Latin America in
1997.  Greif's African businesses were added to his
responsibilities in 2003.  He was promoted to his current
position in 2005.

Mr. Signorelli holds an undergraduate degree in Business
Administration from Inst. Educ. Luzwell and an MBA degree with a
major in Marketing from Fundacao Getulio Vargas, both in Brazil.

                         About Greif

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/-- is a world leader in
industrial packaging products and services.  The company
provides extensive expertise in steel, plastic, fibre,
corrugated and multi-wall containers for a wide range of
industries.  Greif also produces containerboard and manages
timber properties in the United States.  For fiscal year 2006,
the company generated approximately US$2.6 billion in net sales
and US$326 million in EBITDA.  The company has operations in
Australia, Argentina, Brazil, Belgium, China, Malaysia, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on
Jan. 26, 2007, Standard & Poor's Ratings Services assigned its
'BB-' ratings to Greif Inc.'s proposed US$300 million senior
unsecured notes due 2017.  The proceeds from the notes will be
used to retire approximately US$248 million in existing senior
subordinated notes due 2012 and for general corporate purposes.
The new senior notes issue is contingent upon consummation of
the tender offer for the senior subordinated notes.


KUMPULAN BELTON: Securities Delisted by Bourse on September 25
--------------------------------------------------------------
The Bursa Malaysia Securities Bhd delisted Kumpulan Belton Bhd's
securities from its official list on Sept. 25, 2007, after the
company failed to submit its regularization plan to the
authorities.

Kumpulan Belton was required to submit its plan to the
Securities Commission and other relevant authorities on June 5,
2007.

The company has earlier appealed the decision of the bourse, but
in a statement, Bursa Securities said: "After having considered
all the facts and circumstances of the matter, Bursa Securities
has resolved that the appeal by the Company be disallowed and
decided to delist the Company from the Official List of Bursa
Securities."


Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com-- manufactures and sells
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was classified under the Amended Practice Note
No. 17 Criteria on May 5, 2006, as the company's shareholders'
equity on a consolidated basis is less than 25% of its issued
and paid up capital as at Dec. 31, 2005.  Moreover, the auditors
have expressed a modified opinion with emphasis on the company's
going concern for the financial year ended Dec. 31, 2005.


MALAYSIA AIRLINES: Unit to Start East Malaysia Ops in October
-------------------------------------------------------------
Malaysian Airline System Bhd's wholly owned subsidiary,
MASWings, will commence its operations in East Malaysia
effective Oct. 1, 2007, with two inaugural Fokker 50 aircraft
flights in Sarawak and Sabah, The Edge Daily reports.

The company would initially operate with four 50-seater Fokker
50 and four 19-seater Twin Otter aircraft, to serve a network of
21 destinations in Sarawak and Sabah as well as Labuan, the
report adds.  Effective Oct. 28, its fleet size will be
increased to seven Fokker 50 and five Twin Otter aircraft, and
by December, there will be an additional Fokker 50.

"MASWings will cater to both the intra and interstate air travel
needs of Sarawak and Sabah as well as enhance air connectivity
from the rest of the world to the two states," said MASWings
managing director Amin Khan.

Mr. Amin added that interlining services would be available on
participating airlines which allowed customers to check in all
the way to their final destinations with just one ticket.

Amin said the operational base for MASWings would be in Miri,
while its maintenance base would be in Kota Kinabalu.


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

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.

In late February 2006, it unveiled a radical rescue plan to
raise MYR4 billion to stay afloat and return to profitability by
2007.  Under the restructuring plan, the airline pledged to cut
its budget by 20% across the board, terminate many unprofitable
routes, freeze recruitment except for front-line staff, crack
down on corruption by encouraging whistle-blowing and stop
corporate sponsorship.


PROTON HOLDINGS: Volkswagen's CEO to Meet Malaysia's PM
-------------------------------------------------------
Volkswagen's Chief Executive Martin Winterkorn plans to visit
Malaysia in the weeks ahead to discuss striking a deal with
state-owned carmaker Proton, a Volkswagen spokesman told
Reuters.

According to the German firm's spokesman, Mr. Winterkorn will
meet Prime Minister Abdullah Ahmad Badawi to discuss the
framework for Europe's biggest automaker to take a stake in
loss-making Proton.  An exact date for the meeting was not yet
set, the spokesman added.

The Malaysian government has been in talks with Volkswagen, the
world's fourth-largest carmaker, over the possible sale of a
stake in Proton.

A person familiar with the talks told Reuters this month that
Volkswagen wants to take a 20% stake in Proton and could
increase its share to a majority, Reuters relates.

The idea is for the Malaysian government gradually to pull out
while taking on any losses during a starting phase, the source
said, adding that the Volkswagen stake could be increased to 50
percent within five years.

                      About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


PROTON HOLDINGS: Taps Phranakorn Auto to Sell Cars in Thailand
--------------------------------------------------------------
Proton Holdings Bhd appointed Phranakorn Auto Sales Co Ltd as
its authorized dealer in the company's planned debut at the
Thailand Motor Show, AFP says, citing a report from the Bernama
news agency.

According to AFP, Proton is pinning its hopes for a turnaround
on exports to Asia and Europe, as well as new models to perk up
dismal sales in the domestic market.

In an interview with Bernama, Phranakorn's managing director
Thawatchai Jungsanguanpornsukm said Proton models, including the
latest Persona, are expected to be launched at the motor show in
early December.

Proton has also plans to export vehicles to Singapore, Thailand,
Indonesia, Britain and Australia, the news agency relates.

                      About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter-Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


TENCO BERHAD: Completes Restructure; Exits Amended PN17 Category
----------------------------------------------------------------
The Bursa Malaysia Securities Berhad said that Tenco Berhad has
regularized its financial condition pursuant to Amended PN17.

"Following the implementation of the company's restructuring
scheme, TENCO has regularized its financial condition and no
longer trigger any of the criteria under paragraph 2.0 of
Amended PN17," the bourse said.

Tenco was classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis was less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration.  Tenco was required to submit its financial
regularization plan to relevant authorities on January 8, 2007.

Headquartered in Selangor, Malaysia, Tenco Berhad's --
http://www.tenco.com.my--  principal activities are
manufacturing and selling of polymer, chemicals, adhesive,
decorative coatings and related products, building materials,
equipment and consumer products.  Other activities include
investment holding and provision of management services.

The Group operates in Malaysia, Singapore and Canada.


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

CIVIC MANUREWA: Creditors' Proofs of Debt Due on October 5
----------------------------------------------------------
Civic Manurewa Ltd. requires its creditors to file their proofs
of debt by October 5, 2007.

The company went into liquidation on August 28, 2007.

The company's liquidator is:

         Boris Van Delden
         c/o McDonald Vague
         PO Box 6092, Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


CONTAINERLINK TRANSPORT: Appoints Levin and Vance as Liquidators
----------------------------------------------------------------
Henry David Levin and David Stuart Vance were appointed as
liquidators of Containerlink Transport Ltd. on September 6,
2007.

Messrs. Levin and Vance fix October 4, 2007, as the last day for
creditors to file their proofs of deb.

The Liquidators can be reached at:

         Henry David Levin
         David Stuart Vance
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


DENNING PROPERTIES: Commences Liquidation Proceedings
-----------------------------------------------------
Denning Properties Ltd. started wind-up proceedings on
August 31, 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:

         John Gilbert
         c/o C & C Strategic Limited
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


FLOORING CONCEPTS: Accepting Proofs of Debt Until Oct. 4
--------------------------------------------------------
Flooring Concepts Limited requires its creditors to file their
proofs of debt by October 4, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

         Henry David Levin
         David Stuart Vance
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


HIGHGROVE HOMES: Taps Levin and Vance as Liquidators
----------------------------------------------------
On September 6, 2007, Henry David Levin and David Stuart Vance
were appointed as liquidators of Highgrove Homes Limited.

Messrs. Levin and Vance require the company's creditors to file
their proofs of debt by October 4, 2007.

The Liquidators can be reached at:

         Henry David Levin
         David Stuart Vance
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


HURUNUI PLASTICS: Fixes October 3 as Last Day to File Claims
------------------------------------------------------------
On September 3, 2007, Malcolm Hollis and John Fisk were
appointed as liquidators of Hurunui Plastics Ltd.

Messrs. Hollis and Fisk are accepting creditors' proofs of debt
until October 3, 2007.

The Liquidators can be reached at:

         Malcolm Hollis
         John Fisk
         c/o PricewaterhouseCoopers
         119 Armagh Street
         PO Box 13244, Christchurch
         New Zealand
         Telephone:(03) 374 3000
         Facsimile:(03) 374 3001


KEEL INVESTMENTS: Fixes Sept. 28 as Last Day to File Claims
-----------------------------------------------------------
The creditors of Keel Investments Limited are required to file
their proofs of debt by September 28, 2007, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on August 31,
2007.

The company's liquidator is:

         John Gilbert
         c/o C & C Strategic Limited
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


MARPLE INVESTMENTS: Court to Hear Wind-Up Petition on Oct. 1
------------------------------------------------------------
The High Court of Wellington will hear on October 1, 2007, at
10:00 a.m., a petition to have the operations of Marple
Investments Ltd. wound up.

The petition was filed by Nigel Horne on July 20, 2007.

Nigel Horne's solicitor is:

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


MONARCH INDUSTRIES: Names Crichton and Horne as Liquidators
-----------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were named as
liquidators of Monarch Industries Ltd. on September 3, 2007.

Creditors must file their proofs of debt by October 1, 2007, to
be included in the company's dividend distribution.

The Liquidators can be reached at:

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


PROPERTYFINANCE GROUP: Stock Exchange Lifts Trading Suspension
--------------------------------------------------------------
The New Zealand Stock Exchange lifted the suspension on
PropertyFinance Group Ltd's securities.  In that regard, the
trading in PFG's shares will resume today, Sept. 26, 2007.

PropertyFinance Chairman Barney Sundstrum requested the lifting
at the annual shareholders meeting in Christchurch on Tuesday,
the New Zealand Press Association reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2007, PropertyFinance Group's board of directors is
looking into a number of restructuring opportunities because of
concerns on the company's ability to manage its current
liquidity position.  At the board's request, the trading of the
company's share was suspended.

On Aug. 30, TCR-AP reported that the board of directors of
PropertyFinance Securities Limited, a wholly owned subsidiary of
PropertyFinance Group, agreed to ask the trustee for the
debenture holders to appoint a receiver.  Despite the merits of
a restructure plan proposed by the subsidiary to the trustee,
the trustee believes the appointment of a receiver is in the
best interests of the debenture holders.

Headquartered in Christchurch, New Zealand, PropertyFinance
Group Ltd, formerly Avon Investments Limited, through its
subsidiaries, is engaged in lending on first mortgage and is
also involved in property-related financial services.

The company believes its problem with liquidity arose from a
timing mismatch between its assets and liabilities.

The Group owns a number of subsidiary companies, the principal
subsidiary of which is Propertyfinance Securities Limited.  PFSL
was placed in receivership by Covenant Trustee Company Limited
at the request of PFSL's directors on Aug. 29, 2007.  Messrs.
Grant Graham and Brendon Gibson of Ferrier Hodgson were
appointed as receivers.  At the time of the receivership PFSL
had total assets of NZ$92 million (un-audited) and liabilities
of some NZ$82 million (un-audited).


SILVERN PROPERTIES: Creditors' Proofs of Debt Due on Sept. 28
-------------------------------------------------------------
Silvern Properties Limited requires its creditors to file their
proofs of debt by September 28, 2007.

The company commenced wind-up proceedings on August 31, 2007.

The company's liquidator is:

         John Gilbert
         c/o C & C Strategic Limited
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


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

ALLIED BANKING: Foreign Banks Interested to Handle Capital Hike
---------------------------------------------------------------
International banks are interested in handling Allied Banking
Corp.'s planned capital increase procedures next year, Allied
Bank President Reynaldo Maclang told BusinessWorld Online on
Sunday.

These international banks include ING Groep NV and Swiss bank
UBS, the report said.

The capital increase may be done either through Tier 1 or
straight infusion, or the Tier 2 scheme involving the issuance
of quasi-equity debt instruments that will not dilute
shareholders' stakes, Mr. Maclang said.  The bank's president
also said that they are pushing through with the capital
increase despite the plan to merge with the Philippine National
Bank.

Under the newly implemented Basel 2 standard, banks are required
to beef up capital for stricter capital rules that emphasize
risk-based supervision.

Allied Banking Corporation -- http://www.alliedbank.com.ph/--
is a universal bank incorporated in the Philippines on April 4,
1977.  The company and its subsidiaries/affiliates are engaged
in all aspects of banking, financing and leasing to personal,
commercial, corporate and institution clients.  Allied Bank
offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services.  In addition, the bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.

Allied Bank has international offices in Australia, China, Guam,
Hong Kong, Singapore, the Middle East, United Kingdom, Germany,
Italy, Spain, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
November 2, 2006, Moody's Investors Service revised the outlook
of Allied Banking Corp.'s foreign currency long-term deposit
rating of B1 to stable from negative.


DEVELOPMENT BANK: Plans to Bid for US$865MM MRT Debt Refinancing
----------------------------------------------------------------
The Development Bank of the Philippines intends to bid for the
US$865-million refinancing package for the Metro Rail Transit-3,
the Manila Standard reports.

DBP President and Chief Executive Officer Reynaldo David said
that DBP wants to be a financial adviser to the refinancing
because of the government's need to raise US$865 million under
the deal signed by the end of August to buy out the MRT-3's
US$865-million debt.

According to the article, the government intends to save about
US$380 million in interest costs for MRT's debt, which is at
12.5% to 15% annually.  The buyout will trim the government's
financing cost on the MRT project by at least 400 basis points,
the article relates.

                          *     *     *

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

DBP carries Fitch Ratings' 'BB' Long-Term foreign currency
issuer default rating, and 'BB+' long-term local currency issuer
default rating, which were issued to it on December 22, 2006,
and affirmed on September 3, 2007.

Standard & Poor's Ratings Services also assigned on December 5,
2006, its 'BB-' rating to DBP's PHP2.35 billion existing lower
Tier II subordinated notes, which are due in 2016.  The bank
also carries S&P's BB+ local currency and BB- foreign currency
issuer ratings with Stable outlooks.

The bank carries Moody's Investor Services' B1 foreign currency
and Ba2 local currency long-term deposit ratings with a Negative
outlook.


MIRANT CORP: Texas Court Confirms Mirant Lovett's Amended Plan
--------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Texas - Fort Worth Division confirmed Mirant Lovett LLC's
Amended Chapter 11 Plan of Reorganization on September 19, 2007,
after finding that the Plan satisfies the 13 statutory
requirements under Section 1129(a) of the Bankruptcy Code.

On Mirant Lovett's behalf, Jeff P. Prostok, Esq., at Forshey &
Prostok LLP, in Fort Worth, Texas, stepped Judge Lynn through
the Section 1129(a) requirements necessary to confirm the
proposed Plan:

  1. The Mirant Lovett Plan complies with the applicable
     provisions of the Bankruptcy Code thereby satisfying
     Section 1129(a)(1).

     Under the Lovett Plan, each class of Claims and Equity
     Interests contains only Claims or Equity Interests that
     are substantially similar to the other Claims or Equity
     Interests within the class.  Valid business, legal, and
     factual reasons exist for the separate classification of
     each of the Classes of Claims and Equity Interests created
     under the Supplemental Plan, and the Classes do not
     unfairly discriminate between or among holders of Claims
     and Equity Interests.

  2. Mirant Lovett has complied with all previous orders of the
     Court regarding solicitation of the Lovett Plan.  Mirant
     Lovett has also complied with the Bankruptcy Code, the
     Bankruptcy Rules and other applicable law with respect to
     solicitation.  Accordingly, the Mirant Lovett have complied
     with Section 1129(a)(2).

  3. Mirant Lovett has proposed the Lovett Plan in good faith.
     As the Lovett Plan is the result of extensive, arm's-
     length and good faith negotiations, it provides fundamental
     fairness to all creditors and equity interest holders.
     The Lovett Plan also provides Mirant Lovett's creditors
     and equity interest holders with the best possible
     recovery under the circumstances.  Accordingly, the Lovett
     Plan satisfies the requirements of Section 1129(a)(3).

  4. Pursuant to the Lovett Plan, each Professional Person who
     holds or asserts a Fee Claim is required to file with the
     Bankruptcy Court, and serve on all parties required to
     receive notice, a Fee Application within 45 days after the
     effective date of the Lovett Plan.  This provision is
     sufficient to comply with Section 1129(a)(4).

  5. The Lovett Plan satisfies the requirements of Section
     1129(a)(5), because it sets forth the identities of Mirant
     Lovett's directors as of the Lovett Plan Effective Date.
     The directors of Mirant Lovett are highly qualified and
     their appointment is clearly consistent with the interests
     of Mirant Lovett and with public policy.

  6. The Lovett Plan does not provide for the change of any
     rate that is within the jurisdiction of any governmental
     regulatory commission after the occurrence of the Lovett
     Plan Effective Date.  Therefore, the provisions of Section
     1129(a)(6) are inapplicable.

  7. The Plan satisfies Section 1129(a)(7) because the "best
     interests" test is satisfied with respect to all impaired
     classes of Claims and Equity Interests.  Recoveries to
     impaired classes under the Lovett Plan greatly exceed the
     amounts the parties would receive in a liquidation.

  8. Class 1 Taxing Jurisdiction Settlement Claims, Class 3
     Equity Interests, and the Class 5 Priority Claims are not
     impaired under the Lovett Plan, and, therefore, are deemed
     to have accepted the Lovett Plan.  Mirant Lovett submits
     that all impaired Unsecured Classes and Convenience Classes
     votes received have accepted the Lovett Plan.  Therefore,
     the Lovett Plan complies with Section 1129(a)(8).

  9. Under the Plan, the treatment of Allowed Administrative
     Claims, New York DIP Claims, Priority Claims, and Tax
     Claims satisfies the requirements of Section 1129(a)(9).

10. The Lovett Plan satisfies Section 1129(a)(10) because
     among other things, Class 2 Unsecured Claims Against Mirant
     Lovett, and Class 4 Convenience Claims are impaired and
     voted to accept the Lovett Plan, without including any
     acceptance of the Lovett Plan by insiders on account of
     Intercompany Claims or otherwise.

11. For purposes of determining whether the Lovett Plan
     satisfies the feasibility standard, Mirant Lovett has
     analyzed its ability to fulfill its obligations under the
     Lovett Plan.

     Mirant Lovett asserts that based on projections and
     evidence provided to the Court, the Lovett Plan is
     feasible; they will have sufficient cash flow to meet their
     obligations under the Lovett Plan.  Thus, Section
     1129(a)(11) is satisfied.

12. The Lovett Plan incorporates by reference provisions of
     the confirmed Joint Chapter 11 Plan of Reorganization filed
     by the New Mirant Entities, which provides for the payment
     of all statutory fees by Mirant Lovett on or before the
     Lovett Plan Effective Date, thereby satisfying Section
     1129(a)(12).

13. Mirant Lovett is not obligated to provide retiree benefits
     and, thus, Section 1129(a)(13) is inapplicable.

Judge Lynn also found that the Plan complies with Section
1123(a) on the basis that:

  -- it designates classes of claims as required by Section
     1123(a)(1);

  -- it specifies which classes of Claims and Equity Interests
     are not impaired and sets forth the treatment for the
     classes as required by Sections 1123(a)(2) and (3);

  -- it provides for the same treatment for each Claim or
     interest within a particular class as required by Section
     1123(a)(4);

  -- it provides for adequate means of implementation as
     required by Section 1123(a)(5); and

  -- it contains only provisions that are consistent with the
     interests of creditors and equity securities holders as
     required by Section 1123(a)(7).

In addition, the Lovett Plan provides for (i) the rejection,
assumption and assumption and assignment of executory contracts,
and (ii) an "intercompany settlement," which resolves
intercompany claims pursuant to a settlement and compromise.

Mr. Prostok stated that the Intercompany Settlement does not
affect the status of Mirant lovett as separate legal entities;
change the organizational structure of Mirant Lovett; constitute
a change of control of Mirant Lovett for any purpose; and cause
a merger or consolidation of any legal entities, nor cause the
transfer of any assets.  Under its Plan, Mirant Lovett continue
to exist as separate legal entities.

Moreover, Judge Lynn authorized Mirant Lovett to take all
limited liability company actions necessary or appropriate to
implement and consummate all the provisions of the Lovett Plan.

Judge Lynn ruled that the stay contemplated by Rule 3020(e) of
the Federal Rules of Bankruptcy Procedure will terminate on
September 28, 2007, at 4:00 p.m. (prevailing Central time).

On the Plan effective date, Mirant Lovett may operate its
business and use, acquire and dispose of its assets free of any
restrictions of the Bankruptcy Code.

Mirant Corporation, as the Court-approved Disbursing Agent, will
have all the powers, rights, duties and protections afforded the
Disbursing Agent under the Lovett Plan, and is authorized by the
Court to make the required Lovett Plan distributions specified
under the Lovett Plan on the relevant distriution date.

                         Settlements

Each of the New York Settlement, the 2007 Tax Agreement and the
2007 Amended Consent Decree is incorporated in the Confirmation
Order, and will be fully enforceable against Mirant Lovett.

Mirant Lovett will provide for the payment, by no later than the
Lovett Plan Effective Date, of any tax amount, accrued interest
or change that may be due and owing the Tax Jurisdictions as of
September 19.

          Special Provisions On Governmental Entities

Notwithstanding any provision to the contrary in the Lovett Plan
or the Confirmation Order, any liability of any entity or
individual relating to any pending violation of, or relating to,
the State Pollutant Discharge Elimination System water permit
program, solid and hazardous waste program, and air program for
the Lovett facility generating station, will not be subject to
discharge under the Lovett Plan or Confirmation Order, to the
extent the liability is asserted by the State of New York, its
subdivisions, or the United States.

Nothing in the Lovett Plan or Confirmation Order will adversely
affect the rights and remedies of the State of New York under
environmental laws with respect to Mirant Lovett, including
State of New York v. Mirant New York, Inc. and Mirant Lovett,
LLC No. 03 CV 4326 -- the New York Actions.

Upon the Effective date, the New York Actions will survive the
bankruptcy case and may be adjudicated and enforced in the
tribunals in New York with jurisdiction over the New York
Actions.

Judge Lynn ordered, however, that nothing will allow the state
of New York to pursue prepetition monetary claims, and Court
approval must first be obtained for any allowance of an
administrative expense.

Objections to the Lovett Plan not otherwise withdrawn,
resolved or otherwise disposed of, are overruled and denied in
their entirety.

                        About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On March 7,
2007, the Court entered a final decree closing 46 Mirant cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on March 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  (Mirant Bankruptcy News, Issue No. 128;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

The ratings of Mirant Corp. (Issuer Default Rating of 'B+') and
its subsidiaries remain on Fitch's Rating Watch Negative
following the company's plans to pursue alternative strategic
options including a possible purchase of Mirant by a third
party.


RIZAL COMMERCIAL: Board Approves Appointment of 3 Directors
-----------------------------------------------------------
Rizal Commercial Banking Corp.'s Board of Directors has approved
the appointments of one independent director and two directors
during a meeting held on Monday.

These individuals were appointed:

    * Antonio L. Alindongan Jr. as independent director and
      member of the excutive committee

    * Rizalino S. Navarro as member of audit committee and risk
      management committee chairman

    * Atty. Ma. Celia H. Fernandez-Estavillo as member of
      personnel evaluation and review committee

All three appointments were effective immediately.

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

                          *     *     *

On November 2, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings assigned a final rating of 'B-' to
Rizal Commercial Banking Corporation's hybrid issue of up to
US$100 million.  The rating action follows the receipt of final
documents conforming to information previously received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable, the TCR-AP said.

The TCR-AP reported on October 24, 2006, that Standard & Poor's
Ratings Services assigned its 'CCC' rating to Philippines' Rizal
Commercial Banking Corp's (RCBC; B/Stable/B) US$100 million non-
cumulative step-up callable perpetual capital securities.


SAN MIGUEL: Subsidiary Forms Partnership with 2 Foreign Firms
-------------------------------------------------------------
San Miguel Corp.'s subsidiary, San Miguel Energy Corp., has
partnered with an American company and a Malaysian firm in
preparation for the bidding of the 25-year concession for the
operation of the country's local power grid, the Philippine
Daily Inquirer reports.

According to the article, San Miguel Energy has teamed up with
TPG Aurora BV and TBN Pari Sdn Bhd.

The venture into the energy sector is part of SMC's plan to
diversify into new businesses including power generation, mining
and property.

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.


* Investments for January-July Period Grows 26% to PHP159 Bil.
--------------------------------------------------------------
The Board of Investments and the Philippine Economic Zone
Authority recorded a 26% increase year-on-year in investment
commitments from January to August, with BoI data showing
PHP159 billion, BusinessWorld reports.

According to the article, PEZA and BoI had approved about 500
projects that created 93,164 new jobs.  Trade Secretary Peter B.
Favila attributed the increase to strong investor confidence,
the report says.

BOI recorded investments reaching PHP69 billion, while PEZA
investment commitments total PHP89 billion for the eight-month
period.  51% are Foreign investments totaling PHP80.7 billion,
PHP28.2 billion of which is pledged by American businessmen and
PHP27 billion coming from the Japanese.  Local investors made up
the remaining PHP77.4 billion.

For August alone, the agencies approved 56 projects, with BoI
generating PHP1.7 billion and PHP7.9 billion coming from PEZA.
These projects are expected to generate 8,701 new jobs,
BusinessWorld reports.

                          *     *     *

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

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

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


* Peso May Hit PHP44 Per US$1 Rate in Last Three Months of 2007
---------------------------------------------------------------
The Philippine peso is expected to appreciate to PHP42 per US$1
in the last three months of 2007 and will depreciate again to
PHP44 per US$1 next year, the American Express Bank told the
Manila Standard.

"Lower risk aversion should bring a stronger peso," AMEX said in
a currencies report for September and October.  The improved
fiscal performance and strong economic growth has brought about
the strengthening of the current, AMEX added.

"The wider differential between US and local interest rates will
attract more investors and strengthen the peso," Security Bank
Corp.'s treasurer Rafael Algarra told the Standard.  As the
currency closed yesterday at PHP45.155 per US$1 dollar as
compared to Friday's PHP45.310 per uS$1, Mr. Algarra predicted a
PHP44 per US$1 rate in two to three weeks in light of rising
overseas Filipino remittances.

                          *     *     *

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
=================

ADVANCED MICRO: Introduces World's First Triple-Core Processors
---------------------------------------------------------------
Delivering a multi-core triple threat, AMD has revealed the
addition of AMD Phenom triple-core processors to its desktop
roadmap.

AMD Phenom triple-core processors, expected to be the world's
first PC processors to integrate three computational cores on a
single die of silicon, can help deliver the visual experience,
performance and multitasking capabilities of true multi-core
technology to a broader audience.

The industry's only x-86 triple-core desktop processor offers
state-of-the-art platforms and a next-generation architecture
with expected availability in the first quarter of 2008.  AMD
Phenom quad-core processors remain on schedule to ship in 2007.

"With our advanced multi-core architecture, AMD is in a unique
position to enable a wider range of premium desktop solutions,
providing a smarter choice for customers and end users," said
Greg White, vice president and general manager for AMD's Desktop
Division.

"This innovation is a direct result of our development of the
industry's first true, native quad-core design, coupled with
AMD's manufacturing flexibility, to create multi-core processors
in two, three, and four computational core configurations on a
single die of silicon.  As a customer-centric company, AMD is
committed to working with our OEMs to deliver compelling value
propositions across their multi-core product families with
capabilities that address their requirements and aspirations,"
Mr. White added.

AMD Phenom processors with three cores are a response to demand
for increased performance delivered by multi-core processors
when running state-of-the-art applications.  According to
Mercury Research, quad-core processors represented less than two
percent of desktop shipments in the second quarter of 2007.  AMD
believes this suggests a need for a wider selection of multi-
core solutions.  Triple-core AMD processors may stimulate
broader multi-core adoption with a product family that scales to
more points-of-entry for the customer.

"Microsoft is excited to see AMD creating new technologies like
the AMD Phenom triple-core processors," said Bill Mitchell,
corporate vice president of the Windows Hardware Ecosystem at
Microsoft Corp.  "We see potential for power and performance
improvements through triple-core processing in the industry and
are exploring with AMD the possibility of taking advantage of
this in the Microsoft family of products."

The true multi-core design of the upcoming AMD Phenom processor
family of products, based on Direct Connect Architecture,
features an integrated memory controller, accelerating
performance for productivity, content creation, entertainment,
and gaming.  In addition, this next-generation architecture
includes AMD's Balanced Smart Cache for rapid access to memory,
with a shared L3 cache for leading-edge performance on multi-
threaded software.

AMD Phenom triple-core processors are expected to deliver
increased performance for multitasking usage models and multi-
threaded applications, aligned with similar benefits available
with the upcoming AMD Phenom quad-core processors.  In addition,
triple-core processors from AMD can provide significant
performance advantages over similar dual-core AMD processors in
key industry standard benchmarks, including SYSmark 2007 and
3DMark 2006, as well as similar quad-core AMD processors in
certain gaming and digital content creation scenarios.

"A continued commitment to elegant design and innovative
processor architecture is instrumental to revolutionizing the
technology industry," said Richard Shim, research manager for
IDC's Personal Computing program.  "The advent of triple-core
processors is a valuable market opportunity for customers to
deliver compelling solutions to end-users and further
differentiate themselves within the desktop PC market."

                            About AMD

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:
AMD) designs and manufactures microprocessors and other
semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.

                           *   *   *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.  The 'CCC+/RR6' rating also
applies to up to US$225 million of additional notes issued
within the next 30 days to cover over-allotments.  The 'BB-/RR2'
rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed
and withdrawn, as the company will use net proceeds from debt
issuance, as well as available cash, to fully repay the term
loan.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


AGRI INTERNATIONAL: Moody's Assigns B2 Corporate Family Rating
--------------------------------------------------------------
On September 25, 2007, Moody's Investors Service assigned a B2
corporate family rating to Agri International Resources Pte Ltd.
At the same time Moody's has assigned a B2 rating to the US$150
million 5-year USD senior secured notes issued by SPV, AI
Finance B.V., and guaranteed by AIRPL as well as its subsidiary
Agri Resources B.V.  The notes are also secured by 28,399 ha of
palm oil plantations.  The outlook for both ratings is stable.
This is the first time Moody's has assigned ratings to the
company.

"AIRPL's rating reflects its close relationship with Bakrie
Sumatera Plantations Tbk (BSP, rated B2) given BSP will manage
AIRPL's plantations and crushing mills for annual management and
marketing fees," says Wonnie Chu, a Moody's Analyst.

"In addition, BSP has guaranteed to off-take at market prices
100% of the crude palm oil and palm kernel produced by Agri
Resources, the operating subsidiary of AIRPL, and will likely
become a major shareholder of AIRPL's plantation operation in
the near term with an option to increase its shareholding to 51%
from current 20% level," says Chu.

"The rating also recognizes the potential yield and productivity
improvements in the palm oil plantations under BSP management
and the favorable state of industry fundamentals," says Chu,
adding, "In addition, AIRPL has a sound liquidity profile,
driven by its low capex and working capital requirements, as
well as the prime production age of its plantations."

Counterbalancing these positive factors is the company's
privately-owned status - hence concerns about corporate
governance and transparency - relatively small scale, short
operating track record, historically low yield and exposure to
volatile crude palm oil price movements.

The projected financial profile of AIRPL for the next 2 years -
Debt/EBITDA of approximately 4x and EBITDA/Int of 2.5x -
appropriately positions the company at the B2 rating level when
compared with its regional peers.

The stable outlook reflects the continued favourable conditions
of the palm oil industry in the near term, which should enable
AIRPL to maintain its good liquidity profile.  The outlook also
incorporates Moody's expectation that AIRPL will maintain its
close operational and business relationship with BSP.

Near-term upward rating pressure is limited.  The rating could
be upgraded over time if AIRPL improves its home-grown
production to enhance yield, translating into a sustained
improvement in financial performance, as measured by Adjusted
Debt/EBITDA below 3.0-3.5x and EBITDA/Interest of at least 3.0-
3.5x.

On the other hand, the ratings may experience downward pressure
if evidence emerges of (1) BSP reducing its ownership in Agri
Resources; (2) a termination of management and off-take
agreements; (3) further aggressive debt-funded acquisitions;
and/or (4) crude palm oil prices falling beyond Moody's
expectations, such that credit metrics show continuous
deterioration with Adjusted Debt/EBITDA increasing to 5.0-5.5x,
and EBITDA/Interest declining to 1.5-2.0x or below.

Agri International Resources Pte Ltd is a private company
incorporated in Singapore in 2007 with the objective of
acquiring and developing oil palm plantations in Indonesia.  It
is 87.5% owned by Spinnaker Capital (based in HK), 10.9% by Lim
Advisors (based in Singapore) and 1.5% by Jefferies Singapore
Limited.  The company has two subsidiaries, Agri Resources B.V.
(AR) and AI Finance B.V.

The former is an operating subsidiary owning two oil palm
plantations, Great Four and Solegna, in Sumatra with a total
planted area of 28,399 hectares.  The latter is an SPV for the
US$150m senior secured notes issuance.  AR is 80% owned by AIRPL
and 20% owned by Bakrie Sumatera Plantations Tbk (BSP), an
Indonesian crude palm oil producer and rubber plantation
company.


CHINA AVIATION: CAO Spain Undergoes Voluntary Liquidation
---------------------------------------------------------
China Aviation Oil (Singapore) Corp Ltd disclosed on Sept. 24,
2007, that its wholly owned subsidiary, China Aviation Oil
Spain, S.A., was dissolved.

CAO Spain, which has been dormant since its incorporation in
2003, was placed in voluntary dissolution and liquidation in
July 2007.  The dissolution of CAO Spain 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.


EXCELLENT HOLDINGS: Creditors' Proofs of Debt Due on October 5
--------------------------------------------------------------
The creditors of Excellent Holdings Pte Ltd are required to file
their proofs of debt by October 5, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

         Ramasamy Subramaniam Iyer
         Goh Thien Phong
         Kan Yut Keong
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


FLEXTRONICS INT'L: Unit Wants to Buy Arima's Notebook Operations
----------------------------------------------------------------
Flextronics International Ltd.'s unit, Flextronics Computing
Sales and Marketing (L) Ltd., and Arima Computer Corporation
signed a binding Letter of Intent where Arima will sell its
notebook computer and server related business, operation and
assets owned by Arima and Arima Computer JiangSu, Arima's
subsidiary to Flextronics.

The assets intended for sale include Arima's facilities at Wu-
Jiang, as well as the entire stockholding of Arima's wholly
owned subsidiaries Arima Computer (U.K.) Ltd., Arima Computer
(Texas) Corporation , Arima Computer (California) Corporation
and Arima Computer (Japan) Corporation.

The transaction price is US$59.5 million (NTUS$1,963 million)
over the book value of the disposed assets at closing.  As of
June 30, 2007, the book value of the relevant assets were about
US$132 million (NT$4,356 million).

The definitive sale and purchase agreement is expected to be
executed within 45 days.  Afterwards, Arima will immediately
call a shareholders meeting to seek approval of the transaction.

Flextronics will apply for the Investment Commission's approval
according to applicable laws.  The parties will proceed to close
the deal on a date to be further agreed by both parties after
Flextronics receives the approval from the Investment
Commission.

Arima indicates that the transaction will safeguard all affected
Arima employees' interests.  Flextronics intends to offer
positions to substantially all of Arima's employees of the
notebook and server business.  Flextronics will also offer
employee benefit and base compensation that are substantially
similar in the aggregate to those provided by Arima.  Moreover,
the existing relationships between Arima and suppliers,
customers and banks will remain unchanged.  Prior to the closing
of this transaction, Arima will continue to operate its business
in the ordinary course.

                       About Arima Computer

Headquartered in Taipei, Taiwan, Arima Computer Corp. (TPE:
2381) -- http://www.arima.com.tw/--  designs, manufactures and
distributes notebook computers and peripherals, as well as
related components.  The notebook computers are manufactured for
individuals, offices, schools, plants and families.  During the
year ended Dec. 31, 2006, the company obtained about 84% and 16%
of its total revenue from notebook computers and related
components, respectively.  The company distributes its products
in the domestic market and to overseas markets, including the
rest of Asia, the Americas and Europe.  In 2006, about 98% of
the company's total revenue was from overseas markets.

                  About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Moody's Investors Service assigned a provisional (P)Ba1 rating
to Flextronics International Ltd.'s proposed US$2.5 billion
unsecured term loan that will be used to finance the cash
consideration portion of the pending acquisition of Solectron
Corporation.  This provisional rating assumes a corporate family
rating of Ba1.

In addition, the rating for the proposed term loan reflect both
the overall probability of default of the company, to which
Moody's assumes a PDR of Ba1, and a loss given default of LGD 4.
All of the company's ratings remain under review for possible
downgrade pending consummation of the company's merger with
Solectron, which is expected to close in October 2007.  It is
likely that if the transaction closes as contemplated, the CFR
will be affirmed at Ba1.


SHINE STAR: Court to Hear Wind-Up Petition on October 5
-------------------------------------------------------
The High Court of Singapore will hear on October 5, 2007, at
10:00 a.m., a petition to have the operations of Shine Star Sea
Transport Pte Ltd wound up.

Tianjin North United International Ship Agency Co Ltd filed the
petition on September 13, 2007.

Tianjin North's solicitor is:

         PK Wong & Associates LLC
         9 Temasek Boulevard #26-03
         Suntec City Tower Two
         Singapore 038989


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

BANK OF AYUDHYA: Fitch Assigns Positive Outlook to Nat'l Ratings
----------------------------------------------------------------
Fitch Ratings revised yesterday the outlook on the International
and National Long-term ratings of the Bank of Ayudhya Public
Company Limited to Positive from Stable.

This follows the increasing commitment of GE Capital
International Holdings Corporation to the bank, as evidenced by
BAY's planned purchase of GECIH's auto loan business in
Thailand, as well as additional capital increases in July and
last week resulting in GECIH increasing its stake in BAY to 35%
from 29%.  BAY's ratings are now as follows:

    * Long-term foreign currency Issuer Default Rating (IDR)
      'BBB-' (BBB minus) with Positive Outlook

    * Short-term foreign currency IDR 'F3'

    * National Long-term Rating 'A+(tha)' with Positive Outlook

    * National Short-term Rating 'F1(tha)'

    * Individual rating 'C/D'

    * Support rating '3'

    * Support Rating Floor at 'BB'

    * Subordinated debt rating at 'BB+'

    * National subordinated debt rating at 'A(tha)'.

Earlier in January 2007, Fitch Ratings upgraded BAY's ratings
after GECIH completed the acquisition of a 29% stake in the
bank.

The Outlook revision is based on the increasing commitment of
GECIH, as well as BAY's stronger capital position and franchise,
notwithstanding the difficult operating environment in 2007.
While asset quality remains weak, strong capital buffers and an
expected improved economic outlook in 2008, together with the
operational and financial support of GECIH, should see its
performance improve over the next one to two years.  Downside
risks could arise from a further period of weak economic growth
and political instability which more severely impacts loan
growth and asset quality.

The capital raisings in 2007 enable BAY to address loan loss
reserve and capital adequacy weaknesses, which had in part,
previously constrained the bank's ratings.  The increasing
commitment from GECIH should also bolster the bank's retail
banking franchise.  GECIH has strong representation at both the
board and senior management levels of BAY, including the newly
appointed CEO and CFO.  BAY could also benefit from GECIH's
expertise in global transaction services, technology and
operations.  The shift towards higher-margin consumer banking
should, additionally, help improve the bank's profitability in
the medium term, although it could also increase earnings
volatility.

BAY reported net loss of THB7.8 billion in H107, due to
significantly higher provisions and loss on debt restructuring.
Impaired loans increased to THB76 billion, or 16.5% of total
loans, from THB64 billion, or 13.8%, at end-2006.  Although
BAY's loan loss reserve coverage has continued to improve,
rising to 49% of impaired loans at end-June 2007, this still
appears low compared to some of its peers, implying a risk of
further provisioning. While BAY does not expect any further
large provisioning, the bank now has sufficient buffer to absorb
a more aggressive clean up of its balance sheet.

After capital increases -- THB27.8 billion in January 2007,
THB9.1 billion in July 2007 and THB2.6 billion in September 2007
-- BAY's Total capital ratio and Tier 1 capital ratio rose to
approximately 20% and 15%, respectively, at September 2007.
These ratios are likely to fall to about 16% and 12%,
respectively, by year-end following the completion of the
acquisition of GE Capital Auto Lease with assets of about THB94
billion in used car and motorcycle financing.  Additional
provisioning and asset growth could see the capital ratios
decline further, but the bank should still remain strongly
capitalised.


TOTAL ACCESS: Earns THB1.33-Billion Profit for Second Quarter
-------------------------------------------------------------
Total Access Communications PCL has reported a THB1.332-billion
consolidated net income for the second quarter of 2007, up 13.3%
from the THB1.176 billion reported for the same period in 2006.

For the three months ended June 30, 2007, the company earned a
gross profit of THB4.891 billion, comprising of
THB16.229 billion in revenues from sales and services minus cost
of sales and services of THB11.337 billion.  Selling and
administrative expenses for the period totaled THB2.233 billion,
interest income reached THB35.840 million and other income
reached THB16.235 million.  The company also recorded a foreign
exchange loss of THB4.984 million for the second quarter.

For the first half of the year, the company recognized a net
income of THB2.891 billion, an increase of 18.8% from the
THB2.433 billion net income for the same period in 2006.  Gross
profit is at THB10.024 billion, selling and administrative
expenses totaled 4.576 billion, interest income reached
THB53.258 million and other income is at THB75.773 million.  A
foreign exchange loss of THB32.052 million was also recorded for
the first six months of 2007.

As of June 30, 2007, the company had THB101.781 billion in total
assets and THB54.269 billion in total liabilities, resulting in
a shareholders' equity of THB47.412 billion.  The company's
balance sheets also showed an illiquid state as its
THB23.997 billion of current liabilities exceeded its
THB16.107 billion of current assets.


Total Access Communications (DTAC) -- http://www.dtac.co.th/--
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 3,
2006, that Moody's Investors Service upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concludes the review for possible upgrade
commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.

Fitch Ratings on July 18, 2006, affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


TRUE CORP: Unit Freezes Investments Pending Info on NTC Policies
----------------------------------------------------------------
True Corp.'s subsidiary, True Online Co., will freeze all
investments in high-speed Internet pending clarification by the
National Telecommunications Commission regarding policies on
frequencies and technology, the Bangkok Post reports.

According to Noppadol Dej-udom, True Corp.'s general manager,
True Online planned to invest in WiMax Wireless broadband
technology as soon as the NTC issues next-generation broadband
licenses.  He also said that its new investment is also delayed
by the proposed formation of a National Telecommunications and
Broadcasting Commission.

Mr. Noppadol predicted about 5 to 10 million broadband users in
Thailand by 2009, as well as a 40% growth to 1 million
subscribers by this year's end.  Broadband users will also
increase by 30% to 1.3 million next year, driven by a growth in
the number of video-streaming users, he added.  As for True, Mr.
Noppadol expects 600,000 broadband customers by the end of 2007.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating.  The outlook is negative.

The Troubled Company Reporter-Asia Pacific reported on Nov. 27,
2006, that Moody's Investors Service affirmed True Corporation
Public Company Ltd's Ba3 corporate family rating and at the same
time changed the rating outlook to negative from stable.


* Good Fiscal Position Supports Baa1 Bond Ratings, Moodys Says
--------------------------------------------------------------
In its annual report on Thailand, Moody's Investors Service says
the country's Baa1 foreign and local currency government bond
ratings are supported by a sustainable fiscal position and a
macroeconomic performance that has so far largely withstood
political uncertainties arising from the September 2006 military
coup.

The Baa1 government bond rating, along with Moody's assessment
of a moderate risk of a payments moratorium in the event of a
government default, serves as the basis for Thailand's A3
foreign currency country ceiling for bonds.

"Thailand's rating indicators for the most part continue to
place the country in line with its rating peers," said Tom
Byrne, Moody's Senior Vice President, author of the report.

The shift in the government budget into surplus between 2003 and
2006 reflects a policy capability for fiscal prudence.
"Although a small deficit is likely in 2007, social welfare
spending and planned public infrastructure initiatives are not
likely to destabilize the fiscal position over the medium term"
said Mr. Byrne.  The ratio of government debt to GDP is on a
declining trend and revenue mobilization has improved in recent
years from a previous low level, he noted.

There has, however, been some erosion in consumer confidence and
business sentiment in the past year, resulting in lackluster
investment, said the analyst.  "By revising the Foreign Business
Act, which imposes new constraints on foreign investment in some
sectors, the military government has given mixed signals on the
role of foreign participation in the economy," said Mr. Byrne.

Nonetheless, he explained, Thailand's much improved external
payments position coupled with an ample domestic savings rate
provides some cushion to the economy from any diminishing of
long-term, productive foreign investment inflows or other
external shocks.

Moody's stable outlook on the ratings anticipates that the
current junta and future, post-election government will maintain
prudent policies and sustain Thailand's relatively good credit
fundamentals, said Byrne.


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

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

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

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

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

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

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

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

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

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

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

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

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

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***