TCRAP_Public/070928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, September 28, 2007, Vol. 10, No. 193

                            Headlines

A U S T R A L I A

AZLINK PTY: Names Barry Keith Taylor as Liquidator
CONTIPRIME (VIC): Members Resolve to Wind Up Operations
DELACAMP AUSTRALIA: Declares Dividend for Priority Creditors
DIAMOND TOTAL: Federal Court Issues Wind-Up Order
HIH INSURANCE: Ex-CFO Pleads Guilty to Charges

KEYPOINT INSURANCE: Appoints Peter McCluskey as Liquidator
MCARTHUR EXPRESS: Employees Stage Rally Due to Frozen Salaries
MILL PARK: Placed Under Voluntary Liquidation
NETWORK FOODS: Will Declare First Dividend on October 26
NO WORRIES: Creditors Resolve to Liquidate Business

SPECTRE MANAGEMENT: Members and Creditors to Meet on October 5
STEEL IRON: Commences Liquidation Proceedings
WILD HOLDINGS: Members Receive Wind-Up Report
* ASIC Disqualifies 8 Directors for Role in Failed Firms


C H I N A   &   H O N G  K O N G

BROAD FIT: Members Agree on Voluntary Liquidation
BUDDHIST DAO: Faces Chan Yiu Man's Wind-Up Petition
CHINA PROPERTIES: Posts HK$1.75-Bil. Profit in '07 First Half
DAIICHI DAIMON: Liquidators Quit Post
DANA CORP: Completes Sale of Coupled Products Business

DICKSON DESIGN: Appoints Morris and Keung as Liquidators
FERRO CORP: Commissions New Plant in Castellon, Spain
HANBO ENGINEERING: Court to Hear Wind-Up Petition on Nov. 7
HERCULES INC: Bear Stearns Puts Peer Perform Rating on Shares
LISCO ENGINEERING: Requires Creditors to File Claims by Oct. 5

SANMINA-SCI: S&P Changes Outlook; Affirms Low B Debt Ratings
SBFI (HONG KONG): Middleton and Muk Quit as Liquidators
SHINE FAITH: Creditors' Proofs of Debt Due on October 18
SUMMIT INVESTMENT: Requires Creditors to File Claims by Oct. 18
TEKSID ALUMINUM: Soliciting Consents to Amend 11-3/8% Notes

U.S.A BAUSCH & LOMB: Court to Hear Wind-Up Petition on Oct. 10
XINHUA FINANCE: Gets Yucaipa's Investment; Olson Joins Board


I N D I A

GENERAL MOTORS: Canada Plants Reopened Owe to Tentative UAW Pact
HAYES-LEMMERZ: UAW's GM Strike Prompts Fitch's Negative Watch
ICICI BANK: Sells US$2 Billion in Five-Year Notes, Report Says
ICICI BANK: Gets Bahrain's Full Commercial Bank License
SHYAM TELECOM: Russia's Sistema Acquires 10% in Shyam Telelink

TATA MOTORS: To Offset Drop in Sales with More Discounts


I N D O N E S I A

ALCATEL-LUCENT: Partners w/ Kyocera Wireless for WiMAX Dev't
AVNET INC: To Acquire Components Distributor Betronik GmbH
BANK MANDIRI: Unit Expects 2007 Profit to Reach IDR113 Billion
BAKRIE SUMATERA: S&P Affirms 'B' Corporate Credit Ratings
GARUDA INDONESIA: To Re-Open European Union Flight Route

GARUDA: Hires Simone Barnett as Queensland Sales Representative


J A P A N

CUBIC ONE: S&P Gives Class D CLO BB Rating
FORD MOTOR: Four Firms Still On Track to Buy Jaguar & Land Rover
MITSUBISHI MOTORS: Posts 16.9% Boost for August Production
TENNECO INC: UAW's Strike Against GM Cues Fitch's Negative Watch


K O R E A

BIOMET INC: Closes Merger with Private Equity Group
BIOMET INC: Moody's Assigns B2 Corporate Family Rating
LYONDELL CHEMICAL: To Hold Shareholders Meeting on Nov. 20


M A L A Y S I A

MERGE ENERGY: Second Quarter Profit Falls 86.31%
MP TECHNOLOGY: Titan Wants to Wind Up Unit's Operations
PANGLOBAL BHD: Securities Commission Extends Filing Deadline
PROTON HOLDINGS: Looks to Boost Exports to China and India
SHAW GROUP: Bags Engineering Services Contract with FirstEnergy


N E W  Z E A L A N D

958765 LIMITED: Appoints Montgomerie & Cunningham as Liquidators
AIR NZ: Ties Up w/ Boeing & Rolls Royce for Bio Fuel Research
AIR NEW ZEALAND: Issues 487,040 Shares Under Incentive Plan
CHALM ENGAGEMENT: Fixes October 6 as Last Day to File Claims
CLEAR CHANNEL: Fitch Expects To Cut Issuer Default Rating to B

CLEAR CHANNEL: Shareholders OK Merger with Private Equity Group
JB & V HOLDINGS: Fixes Oct. 10 as Last Day to File Claims
NEW ZEALAND HIRE: Taps Mason and Lamacraft as Liquidators
RAKIURA GROUP: Court to Hear Wind-Up Petition on October 3
RTB CONTRACTING: Court Sets Wind-Up Petition Hearing for Oct. 15

SALES MOTOR: Subject to Nationwide Transport's Wind-Up Petition
TRAVERS DEVELOPMENTS: Subject to CIR's Wind-Up Petition
TYLOS GROUP: Court to Hear Wind-Up Petition on October 4
VALUE VEHICLES: Court Enters Wind-Up Order


P H I L I P P I N E S

BANCO DE ORO-EPCI: Has US$35-Mil. Collateralized Debt in the US
BANGKO SENTRAL: Excludes Equity Securities as Equity Investments
BANGKO SENTRAL: Says Debt Obligations in US Won't Affect Banking
CHIQUITA BRANDS: Expands License & Supply Accord with Landec
METROPOLITAN BANK: Has US$80MM Collaterized Debt Obligation

RIZAL COMMERCIAL: Has $60MM Collaterized Debt Obligation in US
WENDY'S INTERNATIONAL: Fidelity Joins Three Others in Bidding
* Bangko Sentral Sees 2.1%-2.8% Average Inflation for September
* World Bank Lists RP Among Worst Countries for Businesses


S I N G A P O R E

AGRI INTERNATIONAL: S&P Assigns 'B-' Corporate Credit Rating
BBR GEOTECHNIC: Pays Third and Final Dividend
BURKILL TECHNOLOGIES: Court to Hear Wind-Up Petition on Oct. 12
RED HAT: Credit Suisse Puts Outperform Rating on Firm's Shares
RED HAT: Earns US$18.2 Million in Second Quarter Ended Aug. 31

RED HAT: RBC Capital Puts Sector Performing Rating on Shares


T H A I L A N D

THAI PROPERTY: Chalearmchone Boobphakhum Leaves Post as Director


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

AZLINK PTY: Names Barry Keith Taylor as Liquidator
--------------------------------------------------
The members of Azlink Pty Ltd met on August 22, 2007, and
resolved to voluntarily liquidate the company's business.

Barry Keith Taylor was appointed as liquidator.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co.
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                        About Azlink Pty

Azlink Pty Ltd, which is also trading as Surf Coast Auto,
operates gasoline service stations.  The company is located at
Torquay, in Victoria, Australia.


CONTIPRIME (VIC): Members Resolve to Wind Up Operations
-------------------------------------------------------
During a general meeting held on August 8, 2007, the members and
creditors of Contiprime (Vic) Pty Ltd agreed to voluntarily wind
up the company's operations.

Gregory Stuart Andrews was appointed as liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         G S Andrews & Associates
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                     About Contiprime (Vic)

Contiprime (Victoria) Pty Ltd is a distributor of durable goods.
The company is located at Woodend, in Victoria, Australia.


DELACAMP AUSTRALIA: Declares Dividend for Priority Creditors
------------------------------------------------------------
Delacamp Australia Pty Ltd, which is in liquidation, declared
dividend for its priority creditors on September 7, 2007.

Creditors who were not able to timely file their proofs of debt
were excluded from the company's dividend distribution.

The company's liquidator is:

         Wayne Burton
         c/o PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                    About Delacamp Australia

Delacamp Australia Pty Ltd is a distributor of office
equipments.  The company is located at North Melbourne, in
Victoria, Australia.


DIAMOND TOTAL: Federal Court Issues Wind-Up Order
-------------------------------------------------
On August 23, 2007, the Federal Court of Australia issued an
order directing the wind-up of Diamond Total Protective Services
Pty Ltd's operations.

G. A. Crisp was appointed as liquidator.

The Liquidator can be reached at:

         G. A. Crisp
         c/o RSM Bird Cameron Partners
         Level 8, 525 Collins Street
         Melbourne, Victoria 3000
         Australia

                      About Diamond Total

Diamond Total Protective Services Pty Ltd is a distributor of
durable goods.  The company is located at Taylors Lakes, in
Victoria, Australia.


HIH INSURANCE: Ex-CFO Pleads Guilty to Charges
----------------------------------------------
Dominic Fodera, the former Chief Financial Officer of HIH
Insurance Limited, pleaded guilty in the Supreme Court of New
South Wales to a charge arising out of an ASIC investigation
into the affairs of the HIH group of companies.

Mr. Fodera pleaded guilty to knowingly or recklessly failing to
act honestly in the discharge of the duties of his office,
dishonestly and intending to gain an advantage for HIH, namely a
beneficial accounting treatment.

The Australian Securities & Investments Commission alleged that
Mr. Fodera, in his capacity as an officer of HIH, failed to
inform the directors of HIH and its auditor of the true terms
and effect of all of the understandings and contractual
arrangements proposed and entered into between HIH and its
related companies and Hannover Ruckversicherungs-
Aktiengesellschaft, Hannover Reinsurance (Ireland) Ltd and E + S
Reinsurance (Ireland) Ltd, relating to the financial reporting
period ended 30 June 1999.

Justice Bell adjourned the matter until 22 October 2007 for a
sentence hearing.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                     About HIH Insurance

HIH Insurance Limited -- http://www.hih.com.au/-- the holding
company of the HIH Group, was a publicly listed company in
Australia.  Prior to its collapse, the HIH Group was known as
the second largest general insurer in Australia, and had
operations in many other countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


KEYPOINT INSURANCE: Appoints Peter McCluskey as Liquidator
----------------------------------------------------------
During a general meeting held on August 17, 2007, the members of
Keypoint Insurance Systems Pty Ltd resolved to voluntarily
liquidate the company's business.

Peter Mccluskey was appointed as liquidator.

The Liquidator can be reached at:

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

                    About Keypoint Insurance

Keypoint Insurance Systems Pty Ltd provides services for
insurance agents and brokers.  The company is located at South
Melbourne, in Victoria, Australia.


MCARTHUR EXPRESS: Employees Stage Rally Due to Frozen Salaries
--------------------------------------------------------------
A group of 150 employees of McArthur Express rallied on
Wednesday outside the company's premises due to frozen wages and
entitlements after the company was placed in receivership,
reports Australian Associated Press.

AAP writes that the family-owned company, employing 700 people
across Australia, locked its gates on Monday when it went into
receivership.

According to Transport Workers Union senior officer Mark
Crosdale, there was a strong chance the workers would lose money
owed to them as the company was actually a web of companies, and
the relationships between them were still unclear, conveys AAP.
Mr. Crosdale added that they have previously raised concerns
over the structure of the company with the federal government,
but it hadn't acted.

Paul Billingham from receiver and manager Grant Thornton said to
AAP that he anticipated the assets of the company were likely to
be realized on a piecemeal basis.  AAP quotes Mr. Billingham as
saying, "The company has now ceased to trade and we are winding
down operations in an effort to ensure that all customer cargo,
either on the road or at the depots, finds its way back to
customers."

Joe Hockey, Federal Workplace Relations Minister disclosed to
AAP that the federal government would ensure workers receive
their minimum entitlements.

Meanwhile, the rally resulted to two men arrested and a woman
injured as clashes between police and workers emerged from the
rally, relates AAP.

Citing the workers, the article recounts that a clash broke out
when a truck laden with customer cargo tried to leave the Seven
Hills depot on Wednesday afternoon and police held the
protestors back.


MILL PARK: Placed Under Voluntary Liquidation
---------------------------------------------
During a general meeting held on August 22, 2007, the members
and creditors of Mill Park Construction & Maintenance Pty Ltd
resolved to voluntarily liquidate the company's business.

Gregory Stuart Andrews was appointed as liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         c/o G S Andrews & Associates
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                         About Mill Park

Located at Braybrook, in Victoria, Australia, Mill Park
Construction & Maintenance Pty Ltd is an investor relation
company.


NETWORK FOODS: Will Declare First Dividend on October 26
--------------------------------------------------------
Network Foods Limited will declare its first dividend on
October 26, 2007.

Creditors who were not able to file their claims by the
Sept. 26 due date will be excluded from the company's dividend
distribution.

The company's liquidators are:

         Robyn Erskine
         Peter Goodin
         Brooke Bird Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East, Victoria 3123
         Australia
         Telephone:(03) 9882 6666
         Facsimile:(03) 9882 8855

                       About Network Foods

Network Foods Limited is in the confectionery business.  The
company is located at Heidelberg West, in Victoria, Australia.


NO WORRIES: Creditors Resolve to Liquidate Business
---------------------------------------------------
The creditors of No Worries Automotive Pty Ltd met on August 21,
2007, and agreed to voluntarily liquidate the company's
business.

James Patrick Downey was appointed as liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         J P Downey & Co
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                        About No Worries

No Worries Automotive Pty Ltd is a distributor of motor vehicle
parts and accessories.  The company is located at Warrandyte, in
Victoria, Australia.


SPECTRE MANAGEMENT: Members and Creditors to Meet on October 5
--------------------------------------------------------------
The members and creditors of Spectre Management Pty Ltd will
meet on October 5, 2007, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Peter Goodin
         Brooke Bird & Co Insolvency Practitioners
         471 Riversdale Road
         East Hawthorn, Victoria 3123
         Australia
         Telephone:(03) 9882 6666

                    About Spectre Management

Spectre Management Pty Ltd is a distributor of durable goods.
The company is located at Melbourne, in Victoria, Australia.


STEEL IRON: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on August 10, 2007, the
members of Steel Iron Security Pty Ltd resolved to voluntarily
liquidate the company's business.

Richard Herbert Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Judson & Co Chartered Accountants
         Suite 4, Level 1
         10 Park Road
         Cheltenham, Victoria 3192
         Australia
         Telephone:(03) 9585 4155

                        About Steel Iron

Steel Iron Security Pty Ltd is involved with architectural and
ornamental metal work.  The company is located at Moorabbin, in
Victoria, Australia.


WILD HOLDINGS: Members Receive Wind-Up Report
---------------------------------------------
The members of Wild Holdings Pty Ltd met on September 14, 2007,
and received the liquidator's report on the company's wind-up
proceedings and property disposal.

                       About Wild Holdings

Wild Holdings Pty Ltd is a distributor of electrometallurgical
products.  The company is located at Morningside, in Queensland,
Australia.


* ASIC Disqualifies 8 Directors for Role in Failed Firms
--------------------------------------------------------
The Australian Securities & Investments Commissions has
disqualified eight directors from managing corporations
following their involvement in failed companies.

1. Kenneth Duncan Hale

ASIC has disqualified events manager, Kenneth Duncan Hale, of
Upper Beaconsfield, Victoria, from managing corporations for the
maximum period of five years.

The disqualification of Mr. Hale follows an ASIC investigation
into his role in failed companies, Pride Events (Vic) Pty. Ltd.
and ACN 057 885 677 Pty. Ltd.

ASIC's investigation found that Mr. Hale improperly used his
position as a director by facilitating the transfer of the
business of Pride Events (Vic) to a related company on
uncommercial terms and in a manner that advantaged some
creditors of Pride Events (Vic) while disadvantaging others.
Further, Mr. Hale facilitated the overpayment of rent by Pride
Events (Vic) to the Hale Family Trust and failed to keep
adequate financial records for both companies.

2. Brian James Hooker

ASIC has disqualified tea tree plantation promoter, Brian James
Hooker, of Park Ridge, Queensland, for the maximum period of
five years.

Mr. Hooker's disqualification follows an ASIC investigation into
his role in four failed companies, Oils of Nature Management Pty
Ltd., Base Metals Exploration N.L., Northern Rivers Land Company
Limited and Northern Rivers Plantation Management Pty. Ltd.

ASIC's investigation found that each of the companies failed
owing substantial amounts to the Australian Taxation Office
(ATO).  Further, Oils of Nature Management was part of a scheme,
the dominant purpose of which was to obtain a tax benefit in
contravention of the Income Tax Assessment Act.

ASIC also found that Mr. Hooker caused or permitted the transfer
of the business of Oils of Nature Management to another entity
for minimal consideration and for the purpose of defeating the
company's major creditor, the ATO.  Mr. Hooker also failed to
keep proper financial records for the company.

3. Marc Paul Lakos

ASIC has disqualified anti-ageing clinic proprietor, Marc Paul
Lakos, of Lugarno, New South Wales, from managing corporations
for two years.

The disqualification of Mr. Lakos follows an ASIC investigation
into his role in the failed companies, Kore Business Systems
Pty. Ltd. and Eternal Anti-Ageing Clinics Pty. Ltd.

ASIC's investigation found that each of the companies failed
owing substantial amounts to the ATO.  Financial records for
both companies were also incomplete. Mr. Lakos also failed to
supply the liquidators of the companies with documentation as
required under the Corporations Act.

4-5. Ian Townson and Michael Ronald Morris

ASIC has disqualified electrical and shopfitting supply
operators , Ian Townson, of Scarborough, Queensland, and Michael
Ronald Morris, of Kippa-Ring, Queensland, from managing
corporations each for a period of four years.

Mr. Townson and Mr. Morris' disqualification follows an ASIC
investigation into their roles in relation to four failed
companies, Mortown Electrical Pty. Ltd., RWY Pty. Ltd., Sincal
Pty. Ltd. and TLI Pty. Ltd.

ASIC's investigation found that Mr. Townson and Mr. Morris
failed to ensure that RWY Pty. Ltd. and TLI Pty. Ltd. maintained
proper books and records and allowed TLI Pty. Ltd. to incur
debts while insolvent.

The investigation also found that Mr. Townson and Mr. Morris
sold the company's business assets to a related entity for the
purpose of defeating TLI Pty. Ltd.'s major creditor and allowed
TLI Pty. Ltd. to make an uncommercial payment to a company of
which they were directors.

6-7. Luke Ronald Blechynden and Desmond Patrick Blechynden

ASIC has disqualified father and son farming service operators,
Desmond Patrick Blechynden and Luke Ronald Blechynden, of Ocean
Reef, Western Australia, from managing corporations for three
years and one year respectively.

The disqualifications of both men follow an ASIC investigation
into their roles in the failed companies, Allcorp Pty. Ltd.,
Blechynden Transport Pty. Ltd and W.A. Agri-Exports Pty. Ltd.
and a further company relating to Desmond Blechynden, Fodder
Resources Pty. Ltd.

ASIC's investigation found that Desmond Blechynden and Luke
Blechynden failed to ensure that Allcorp Pty. Ltd. maintained
proper books and records.  They also failed to meet with the
liquidator and allowed Allcorp to trade while insolvent.

ASIC also found that Desmond Blechynden failed to ensure that
Blechynden Transport Pty. Ltd. maintained proper books and
records and assist the liquidator of Fodder Resources Pty. Ltd.
Mr. Blechynden also allowed Blechynden Transport Pty. Ltd. to
trade while insolvent.

8. Barry Walter Desmond aka Barrie Walter Desmond

ASIC has disqualified confectionary producer, Barry Walter
Desmond, aka Barrie Walter Desmond, of Pittsworth, Queensland,
from managing corporations for one year.

Mr. Desmond's disqualification follows an ASIC investigation
into his role in two failed companies, Central West
Confectionery Pty. Ltd. and Pittsworth Enterprises Pty. Ltd.

ASIC's investigation found that both companies failed owing
debts to the ATO and that Mr. Desmond failed to ensure that
Central West Confectionery Pty. Ltd. maintained proper books and
records.  Mr. Desmond also failed to provide information and
assistance to the company's liquidator.

ASIC found that Mr. Desmond failed to understand his obligations
with respect to keeping the financial affairs of the companies
and his personal financial affairs separate.

The above disqualified individuals have the right to appeal to
the Administrative Appeals Tribunal for a review of ASIC's
decision.


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

BROAD FIT: Members Agree on Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on September 10, 2007,
the members of Broad Fit Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Oct. 26,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Chui Pui Tim
         Double Building, Rom 1001, 10th Floor
         No. 22 Stanley Street
         Central, Hong Kong


BUDDHIST DAO: Faces Chan Yiu Man's Wind-Up Petition
---------------------------------------------------
Chan Yiu Man filed on August 24, 2007, a petition to have the
operations of Buddhist Dao Hope Yuen Charity Company Limited
wound up.

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


CHINA PROPERTIES: Posts HK$1.75-Bil. Profit in '07 First Half
-------------------------------------------------------------
China Properties Group Ltd posted a net profit of
HK$1.75 billion on HK$1.86 billion of revenues in the first half
period ended June 30, 2007, as compared with a net profit of
HK$158.95 million on HK$790.88 million of revenues in the same
period last year.

The company attributed the increase in its revenue and its
profit with the strong sales of its residential properties,
rental income from retail properties and service apartments.

As of June 30, 2007, the company's unaudited balance sheet
showed current assets of HK$4.74 billion and total current
liabilities of HK$2.72 billion.

The company's unaudited balance sheet as of June 30 also showed
total assets of HK$17.65 billion and total liabilities of
HK$7.56 billion, resulting to a shareholders' equity of
HK$10.08 billion.

                          *     *     *

Incorporated in Grand Cayman, China Properties Group Limited was
listed on the Hong Kong Stock Exchange in February 2007.  It is
74.7% owned by Mr. Wong Sai Chung, who is also the owner of a
private conglomerate, Pacific Concord Holding Limited. China
Properties has two property projects in Shanghai with a total
GFA of 2.4 million sq.m., and has contracted two projects in
Chongqing for a total of GFA of 2.6 sq.m.

On September 14, 2007, Moody's Investors Service affirmed its B1
corporate family and bond ratings for China Properties Group
Limited.  This affirmation follows the announcement by China
Properties that it is to purchase two pieces of land in
Chongqing, China, at a total consideration of HK$2.3 billion.
The outlook for both ratings remains stable.

The Troubled Company Reporter-Asia Pacific reported on April 25,
2007, that Moody's has assigned a provisional bond rating of
(P)B1 to its proposed US$300 million senior unsecured 7-year
bonds, the proceeds of which will be used to finance existing
projects and potentially acquire new properties, including those
under the options from the major shareholder Mr. Wong Sai Chung.

Standard & Poor's Rating Services assigned its 'B+' long-term
corporate credit rating to China Properties Group Ltd.  At the
same time, S&P assigned its 'B+' issue rating to the company's
proposed issue of seven-year US$300 million senior unsecured
notes.


DAIICHI DAIMON: Liquidators Quit Post
-------------------------------------
On September 12, 2007, Lai Kar Yan (Derek) and Darach E. Haughey
quit as liquidators of Daiichi Daimon Hong Kong Co., Limited.

The former Liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


DANA CORP: Completes Sale of Coupled Products Business
------------------------------------------------------
Dana Corporation has completed the sale of its North American
coupled products business to Coupled Products LLC, a wholly
owned subsidiary of Wanxiang (USA) Holdings Corporation.
Dana expects to record an after-tax loss of approximately
US$44 million in the third quarter of 2007 in connection with
this transaction.

The sale substantially concludes the overall divestiture of
Dana's fluid products business.  Last month, the company closed
the sale of its North American fluid products hose and tubing
operations to Orhan Holding, A.S.  Dana previously sold its
European fluid products hose and tubing operations to Orhan in
July 2007.

"The completion of this divestiture marks another important step
in Dana's efforts to concentrate our resources on the core
products and competencies that are the foundation for our future
growth," Dana Chairman and CEO Mike Burns said.  "We wish the
people of the coupled products business the very best as they
move forward with Wanxiang."

The coupled products plants and/or assets involved in the
Wanxiang transaction are located in San Luis Potosi, Mexico; and
Columbia City, Indiana; Pensacola, Florida; Rochester Hills,
Michigan; and Upper Sandusky and Wharton, Ohio.  The coupled
products operations manufacture power-assisted steering
products; heating, ventilation, and air conditioning under-
engine products; and brake products.  The operations employ
approximately 2,050 people and reported consolidated revenues of
approximately US$200 million in 2006.

                        About Dana Corp.

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

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.


DICKSON DESIGN: Appoints Morris and Keung as Liquidators
--------------------------------------------------------
Robert Armor Morris and Stephen Liu Yiu Keung were appointed as
liquidators of Dickson Design Services Limited.

The Liquidators can be reached at:

         Robert Armor Morris
         Stephen Liu Yiu Keung
         Ernst & Young Transactions Limited
         Two International Finance Centre, 18th Floor
         8 Finance Street, Central
         Hong Kong


FERRO CORP: Commissions New Plant in Castellon, Spain
-----------------------------------------------------
Ferro Corporation has commissioned its new tile color plant in
Castellon, Spain, just a year after breaking ground on its
sprawling campus in this southern Spain city.

The plant includes approximately 12,000 square meters
(approximately 129,000 square feet) for production, quality
control and supporting laboratory facilities.  It includes
state-of-the-art material handling and production technologies
that increase manufacturing efficiency and that optimize the
quality and consistency of Ferro's glaze and body stain product
lines sold to the growing European tile market.

"We began producing and shipping color this week -- a month ahead
of schedule," said Michael J. Murry, Vice President, Inorganic
Specialties.  "We're ramping up to reach annual production
capacity of over 20,000 metric tons of color products."

Julio Garcia, European Business Manager for Ferro Tile Coating
Systems, said, "Ferro has produced color products in Castellon
for 42 years.  This major investment enables us to build on our
position as a valued supplier and technical advisor to our
customers.  We are very excited by the opportunity to carry on
Ferro's long-standing tradition of excellence in serving our
customers throughout Europe and the world."

In addition to colors, other facilities at Ferro's Castellon
site produce a range of products used by leading ceramic tile
manufacturers.

                     About Ferro Corp.

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.


HANBO ENGINEERING: Court to Hear Wind-Up Petition on Nov. 7
-----------------------------------------------------------
The High Court of Hong Kong will hear on November 7, 2007, at
9:30 a.m., a petition to have the operations of Hanbo
Engineering Limited wound up.

Lui Wun Lam filed the petition on August 22, 2007.


HERCULES INC: Bear Stearns Puts Peer Perform Rating on Shares
-------------------------------------------------------------
Bear Stearns analyst Scott Burk has assigned a "peer perform"
rating on Hercules Inc.'s shares, Newratings.com reports.

Mr. Burk said in a research note that Red Hat could generate
free cash flows of US$205 million this year through onetime tax
windfalls and an improved business performance.

Mr. Burk told Newratings.com that Hercules may deploy its free
cash flows for:

          -- stock buybacks and dividend programs,
          -- potential acquisitions, and
          -- debt repayment.

Hercules' business segments are industry leaders in terms of
market share and innovation, Newratings.com states, citing Bear
Stearns says.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Standard & Poor's Ratings Services revised its
outlook on Wilmington, Delaware-based Hercules Inc. to positive
from stable and affirmed the existing 'BB' corporate credit
rating.


LISCO ENGINEERING: Requires Creditors to File Claims by Oct. 5
--------------------------------------------------------------
The creditors of Lisco Engineering Limited are required to file
their proofs of debt by October 5, 2007, to be included in the
company's dividend distribution.

The company went into liquidation on September 11, 2007.

The company's liquidators are:

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


SANMINA-SCI: S&P Changes Outlook; Affirms Low B Debt Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Sanmina-SCI Corp. to negative from stable, as a result of
continued operating weakness and increasing leverage.  The
corporate credit and senior unsecured ratings are affirmed at
'B+', and the subordinated debt rating is affirmed at 'B-'.

Sanmina's EBITDA margin slipped to 2.3% in the June quarter from
3.4% in fiscal 2006. Expectations are for earnings to continue
at depressed levels for the near term.  Weakness is attributed
to volume declines and production inefficiencies at the
company's printed circuit board and enclosures businesses.
Although debt levels have been flat for the past four quarters
and are expected to decline over the next two quarters through
working capital contraction and asset sales, leverage statistics
will remain high for the rating, with debt to EBITDA at more
than 6 as of June 30, 2007.

"The ratings reflect continued erosion of profit measures,
diminished liquidity, and high leverage," said S&P's credit
analyst Lucy Patricola.  "These concerns are partially offset by
the company's top-tier business position in low-volume, complex
electronic manufacturing services end markets and its top-tier
OEM customer base."

                     About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.


SBFI (HONG KONG): Middleton and Muk Quit as Liquidators
-------------------------------------------------------
Edward Simon Middleton and Jacky Chung Wing Muk quit as
liquidators of SBFI (Hong Kong) Limited.

The former Liquidators can be reached at:

         Edward Simon Middleton
         Jacky Chung Wing Muk
         KPMG
         Prince's Building, 8th Floor
         10 Chater Road, Central
         Hong Kong


SHINE FAITH: Creditors' Proofs of Debt Due on October 18
--------------------------------------------------------
Shine Faith Investment Limited requires its creditors to file
their proofs of debt by October 18, 2007

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

The company's liquidator is:

         Chan Yau Choi
         Room 1101A, 1-5 Sugar Street
         Hong Kong


SUMMIT INVESTMENT: Requires Creditors to File Claims by Oct. 18
---------------------------------------------------------------
The creditors of Summit Investment Limited are required to file
their proofs of debt by October 18, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Chan Yau Choi
         Room 1101A, 1-5 Sugar Street
         Hong Kong


TEKSID ALUMINUM: Soliciting Consents to Amend 11-3/8% Notes
-----------------------------------------------------------
Teksid Aluminum Luxembourg S.a r.l., S.C.A. commenced a
solicitation of consents from each holder of its outstanding
11-3/8% Senior Notes due 2011 pursuant to a consent solicitation
statement dated Sept. 25, 2007, to implement proposed amendments
to the indenture governing the Senior Notes.

The consent solicitation will expire at 10:00 a.m., New York
City time (3:00 p.m., London time), on Oct. 1, 2007, unless
extended or earlier terminated.  Adoption of the proposed
amendments and execution of a supplemental indenture giving
effect to the proposed amendments requires the receipt of
consents of at least a majority of the then aggregate
outstanding principal amount of Senior Notes on or prior to the
Expiration Date.

Noteholders who consent at or prior to the execution of the
Supplemental Indenture may revoke their consents at any time
prior to the execution of the Supplemental Indenture, but not
thereafter.

By delivering their consents, Noteholders are consenting to the
Proposed Amendments to the Indenture that will amend the
Indenture to, among other things:

   (i) allow the sale of Teksid Deutschland GmbH and TK
       Aluminum-France S.A.S. and, indirectly, the latter's
       subsidiaries Teksid France S.A.S., Metaltemple S.A.S.,
       Fonderie Aluminium Cleon S.A.S. and Fonderie du Poitou
       Aluminium S.A.S. to Bavariaring 0906 GmbH;

  (ii) allow settlement, write-off, or other extinguishment of
       certain intercompany obligations, including the
       obligations owed by the Company to certain of the French
       Subsidiaries and the obligations owed by certain of the
       Company's remaining subsidiaries; and

(iii) allow the Company to capitalize or convert to equity that
       certain intercompany loan in the aggregate amount of
       approximately EUR135 million, which amount includes
       accrued and unpaid interest, owed by TK Aluminum-France
       S.A.S. to the Company.

Houlihan Lokey Howard & Zukin (Europe) Limited and Cadwalader,
Wickersham & Taft LLP, advisors to the ad hoc committee of
Holders, have advised the Company that they believe Holders will
give the Requisite Consents in support of the Proposed
Amendments.  As soon as the Requisite Consents are obtained,
the Company intends to execute the Supplemental Indenture.

There will not be any consent fee offered to holders of Senior
Notes in conjunction with the consent solicitation.

The completion of the consent solicitation is subject to, among
other things, the following conditions:

   -- the valid receipt, prior to the Expiration Date, of the
      Requisite Consents,

   -- the due execution of the Supplemental Indenture, and

   -- certain other general conditions described in the
      Statement.

These conditions are for the Company's sole benefit and the
Company may waive them in whole or in part at any or at various
times prior to the expiration of the consent solicitation in its
sole discretion.  In addition, subject to the terms set forth in
the Statement, the Company expressly reserves the right, but
will not be obligated, at any time or from time to time, on or
prior to the Expiration Date, to extend or amend the consent
solicitation in any respect, subject to applicable law.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                       *     *     *

As reported on May 9, 2007, Moody's Investors Service confirmed
the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid
Aluminum Luxembourg Sarl SCA with a stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


U.S.A BAUSCH & LOMB: Court to Hear Wind-Up Petition on Oct. 10
--------------------------------------------------------------
Bausch & Lomb Incorporated filed on July 26, 2007, a petition to
have the operations of U.S.A. Bausch & Lomb Limited wound up.

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

Bausch & Lomb's solicitor is:

         Baker & McKenzie
         Hutchison House, 14th Floor
         10 Harcourt Road
         Hong Kong
         Telephone: 2846 1888
         Facsimile: 2845 0476


XINHUA FINANCE: Gets Yucaipa's Investment; Olson Joins Board
------------------------------------------------------------
On September 26, 2007, Xinhua Finance Media said that The
Yucaipa Companies, an investment firm with holdings in Asia,
Europe and the Americas, has signed an agreement to purchase a
block of existing shares from certain shareholders who have come
out of IPO lockup.

In addition, David Olson, a Yucaipa partner, has agreed to join
the board of XFMedia as an independent director in connection
with the transaction.

The Yucaipa Companies is a premier investment firm that has
established a record of fostering economic value through the
growth and responsible development of companies.  Since its
founding in 1986, the firm has completed mergers and
acquisitions valued at more than US$30 billion.

As an investor, Yucaipa works with management and contributes at
the board level.  Mr. Olson will bring to XFMedia broad
transaction experience in Asia.  Prior to becoming a Yucaipa
partner, he was Chairman and CEO of Donaldson, Lufkin &
Jenrette's Asia Pacific region and Credit Suisse First Boston's
Chairman of Investment Banking, Asia Pacific.

Fredy Bush, CEO and Chairman of Xinhua Finance Media, said, "the
addition of David as an independent board member will increase
the strength of our corporate governance and strategic
development.  We are thrilled to be forging this new
relationship with a world-class firm like Yucaipa."

Xinhua Finance Limited (XFL) was listed on the Mothers Board of
the Tokyo Stock Exchange in October 2004 after its incorporation
as the holding company of Xinhua Financial Network (XFN).  The
latter was incorporated and registered in Hong Kong in 1999.
XFL is an integrated provider of indices, ratings, financial
news, investor relations, and distribution and media especially
in regard to China.  It has 20 offices and 20 news bureaus
across Asia, Australia, North America and Europe.  It covers key
Chinese and international markets.

Moody's Investors Service upgraded Xinhua Finance Limited's
corporate family rating and senior unsecured bond rating to B1
from B2.  This concludes the review for possible upgrade, which
began on March 15, 2007.  The outlook for both ratings is
stable.

On Sept. 14, 2007, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on Xinhua Finance Ltd to
'B' from 'B+'.  The rating was removed from CreditWatch, where
it had been placed with negative implications on May 23, 2007,
following a series of senior executive departures.  The outlook
is stable.

At the same time, Standard & Poor's lowered its issue rating on
Xinhua Finance's US$100 million senior unsecured notes due 2011
to 'B' from 'B+' and removed it from CreditWatch.


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

GENERAL MOTORS: Canada Plants Reopened Owe to Tentative UAW Pact
----------------------------------------------------------------
General Motors Corp.'s Canada plants reopened Wednesday as a
result of the company's tentative agreement with the United Auto
Workers union, Reuters reports citing GM Canada public relations
director Stew Low.

As reported in yesterday's Troubled Company Reporter, the
automaker's Car Plant 1 and Car Plant 2 in Oshawa, Ontario
closed Tuesday while its transmission plant in Windsor, Ontario
closed Monday.

                      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 yesterday's Troubled Company Reporter, Moody's
Investors Service is maintaining its current ratings of
General Motors Corporation -- B3 Corporate Family, Caa1 senior
unsecured and Ba3 senior secured, and Negative Outlook following
the announcement of a strike against the company by the United
Auto Workers Union.

Following the decision of the United Auto Workers union to go
out
on strike against General Motors Corp., Fitch Ratings placed
General Motors Corporation's 'B' issuer default rating, 'BB/RR1'
senior secured debt rating; and 'B-/RR5' senior unsecured debt
rating on Rating Watch Negative.


HAYES-LEMMERZ: UAW's GM Strike Prompts Fitch's Negative Watch
-------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

  -- IDR 'BB';
  -- Senior unsecured bank facility 'BB';
  -- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.
  -- IDR 'BB'.

ArvinMeritor Inc.

  -- IDR 'BB';
  -- Senior secured 'BB+';
  -- Senior unsecured 'BB-'.

Tenneco, Inc.

  -- IDR 'BB-';
  -- Senior secured bank facility 'BB+';
  -- Senior secured notes 'BB';
  -- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

  -- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

  -- IDR 'B'.
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

  -- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.

Headquartered in Northville, Michigan, Hayes Lemmerz
International Inc. (Nasdaq: HAYZ) -- http://www.hayes-
lemmerz.com/ -- global supplier of automotive and commercial
highway wheels, brakes and powertrain components.  The company
has 30 facilities and approximately 8,500 employees worldwide.

The company has operations in India, Brazil and Germany, among
others.


ICICI BANK: Sells US$2 Billion in Five-Year Notes, Report Says
--------------------------------------------------------------
ICICI Bank Ltd sold, on Wednesday, US$2 billion of five-year
notes in the Rule 144a private placement market, Reuters reports
citing an unnamed "source familiar with the deal."

Deutsche Bank, Goldman Sachs & Co., and Merrill Lynch were the
bookrunning managers for the sale.  Accordign to Reuters, the
notes were priced at 99.916 to yield 2.375 percentage points
over comparable U.S. Treasuries.

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

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

                          *     *     *

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

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


ICICI BANK: Gets Bahrain's Full Commercial Bank License
-------------------------------------------------------
ICICI Bank Ltd has been granted a Full Commercial Branch license
by the Central Bank of Bahrain, three years after it started
operating as an offshore banking unit in the Persian Gulf
country.

With the license, ICICI is the second Indian bank, after State
Bank of India to be able to offer full banking services in
Bahrain.

ICICI Bahrain Country Head Ajay Sharma told the Gulf Daily News
that the bank would now open more branches in different areas of
Bahrain.  "We shall identify locations like Gudaibiya, Sitra,
and Riffa, where there is a large concentration of Indian
population," GDN quoted him as saying.

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

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

                          *     *     *

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

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


SHYAM TELECOM: Russia's Sistema Acquires 10% in Shyam Telelink
--------------------------------------------------------------
Shyam Telecom Ltd informed the Bombay Stock Exchange that
Russian telecom firm, Sistema, has acquired a 10% stake in Shyam
Telelink Ltd, a group company.  According to a BSE filing,
Sistema bought the stake for a cash consideration of US$11.4
million (approx INR45 crore).

Shyam Telelink, presently an unlisted company, has an equity
base of INR455.95 crore.  Shyam Telelink, a Unified Access
Telecom Service Provider in Rajasthan, has also applied for
Unified Access Service Licenses for providing telecom services
throughout India.

Sistema intends to increase its stake to 51% in Telelink subject
to the approval of India's Foreign Investment Promotion Board.
Shyam Telelink, which was earlier a subsidiary of Shyam Telecom,
upon restructuring approved by the court, is directly held by
SBIPL and other Shyam group companies and public.

New Delhi, India-based Shyam Telecom Limited --
http://www.shyamtelecom.com/index.html-- and its subsidiaries'
operations relate to investments, providing telecommunication
and information technology services.  The telecom products and
services segment comprise of manufacturing and services in the
related area.  The turnkey projects and trading services segment
includes the turnkey projects and trading in telecom products.
The investment segment includes investments in the subsidiaries,
which are dealing in telecommunication sectors.  The software
products and services segment includes the services in the area,
including software and information technology related and
information technology enabled services.   It also offers
Internet-related products, including data on wire, data on air
and data on cable.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 21, 2007, that the company has a US$22.80-million equity
deficit.


TATA MOTORS: To Offset Drop in Sales with More Discounts
--------------------------------------------------------
Tata Motors Ltd. will offer more discounts and other incentives
to offset a four-month sales slump, Bloomberg News reports,
citing Managing Director Ravi Kant.

India's auto industry is currently dealing with appreciating
currency and higher interest rates, which have affected the car
sales, among others.

"It is certainly a very challenging position at the moment,"
Reuters quotes Mr. Kant as saying.

Tata Motors has reportedly offered savings of INR61,000 on its
Indigo Marina sedan.

With the drop in sales, Tata Motors has already slashed
production along with auto companies Bajaj Auto Ltd. and Hero
Honda Motors Ltd., Bloomberg notes.

"The sudden turnaround in the auto industry's fortunes can be
partly blamed on the Reserve Bank of India, which has raised its
key short-term lending rate by 2-3% in the past three years to
reign in inflation," India Infoline says.  "This pushed up auto
loan rates by 3-4%, hurting sales."

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

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

                          *     *     *

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

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


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

ALCATEL-LUCENT: Partners w/ Kyocera Wireless for WiMAX Dev't
------------------------------------------------------------
Alcatel-Lucent and Kyocera Wireless have signed a joint
development agreement under which they will collaborate on the
development of end-to-end wireless broadband solutions based on
Universal WiMAX technology.  The solutions will incorporate
Alcatel-Lucent's industry-leading WiMAX network infrastructure
-- based on the latest IEEE 802.16e-2005 standards (also called
Rev-e) -- and a variety of wireless end-user devices from
Kyocera, including multimode mobile phones, non-traditional
wireless devices, wireless PC cards and USB devices for PCs.

Under the agreement, the two companies will cooperate to ensure
the rapid development of WiMAX devices with enhanced mobility
features, as well as multi-mode terminals that can enable
seamless interoperability between WiMAX networks and cellular or
Wi-Fi networks.  The joint program will cover the establishment
of specifications, the development and integration of WiMAX
solutions, and the creation of an interoperability testing
program to ensure that the new Kyocera WiMAX devices can operate
smoothly on Alcatel-Lucent's infrastructure. Alcatel-Lucent and
Kyocera anticipate the commercial availability of fully
integrated solutions of WiMAX base stations and terminals from
the two companies in the first half of 2008.

"The collaboration with Kyocera Wireless represents a further
step forward for Alcatel-Lucent's WiMAX business and enhances
our ability to address end-user demand for mobile broadband
services," said Karim El Naggar, vice president of Alcatel-
Lucent's WiMAX business.  "The commitment by Kyocera, a leading,
innovative developer of mobile devices highlights, how WiMAX is
maturing into a truly mass market service featuring an
interesting and attractive selection of devices from leading
manufacturers.  Furthermore, this collaboration is an integral
part of our Open CPE Program and reinforces our end to end
offering in the high-end, high-performance CPE segment."

The agreement expands on and formalizes an ongoing collaboration
between Alcatel-Lucent and Kyocera on WiMAX solutions.  Earlier
this year, the two companies conducted WiMAX demonstrations --
featuring multiple input/multiple output Spatial Multiplexing
technology -- at the CTIA Wireless tradeshow and exhibition in
Orlando, Florida.

"As the first device manufacturer to successfully demonstrate a
MIMO-enabled WiMAX PC Card, Kyocera has sought to collaborate
with an industry leader such as Alcatel-Lucent within the WiMAX
ecosystem to leverage this necessary building block," said Dave
Carey, vice president of Strategic Planning at Kyocera Wireless.
"The promise of WiMAX is not only high-speed mobile connectivity
but also flexibility to move beyond the traditional handset.  We
look forward to working closely with Alcatel-Lucent to develop
future MIMO-enabled solutions that will separate Kyocera from
our competitors as a true integration leader."

Alcatel-Lucent's Universal WiMAX solution is designed to enable
rapid implementation of voice over IP and broadband services
such as mobile data, video streaming and virtual private network
access in fixed, nomadic and mobile environments.  WiMAX is a
flexible technology that enables people to access high-speed,
high-quality broadband wireless services wherever they are and
wherever they go, providing truly "universal" wireless broadband
access.

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

Kyocera's innovative expertise with antenna diversity lends an
advantage with MIMO-powered WiMAX, which uses multiple antennas
to deliver mobile services three to five times faster than
today's wireless broadband cellular networks, and at a much
lower cost to carriers.

With more than 70 pilots and deployments across the world and 15
commercial contracts signed since the beginning of 2007, this
new project clearly underscores Alcatel Lucent's leading
position in the WiMAX market.

                       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.

                          *     *     *

The 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.


AVNET INC: To Acquire Components Distributor Betronik GmbH
----------------------------------------------------------
Avnet Inc. has entered into an agreement to acquire the Berlin,
Germany-based passive components distributor Betronik GmbH.  The
acquisition is subject to the final approval by the German anti-
trust authority (Bundeskartellamt).

Following anti-trust approval, Betronik and its French
subsidiary DEL S.A. will be combined with the Avnet Time
organization in Germany and France, respectively.  The newly
formed business will operate within Avnet Electronics Marketing
EMEA under the Avnet Time brand.  Betronik reported calendar
year 2006 revenues of approximately US$40 Million.  As a result
of the merger, Ingeborg and Horst Mergener, managing directors
and founders of Betronik, will lead the sales organizations in
Germany reporting directly to Michael Danylow, president of
Avnet Time.

With roots dating back to the 1970s, Betronik GmbH was founded
in 1986 in Berlin by Horst Mergener and his wife, Ingeborg.
Over the last 20 years, the company evolved to a leading
independent distribution organization in the German market for
passive components.  Betronik employs about 80 people in its
logistics center in Berlin, and seven sales offices across
Germany and one in France.  Most importantly, Betronik maintains
an excellent reputation with customers of all sizes and
structures.

Patrick Zammit, President of Avnet Electronics Marketing EMEA,
said: "The acquisition of Betronik, like the Flint acquisition
three months ago, is another great example of Avnet's commitment
to invest in the European IP&E market.  Both Betronik's and
Avnet Time's customers will gain access to one of the industry's
best passive components portfolios as well as a broader spectrum
of value-added services.  We have very exciting plans for Avnet
Time across Europe and are confident that our suppliers and
customers will embrace the opportunities that evolve from this
expansion.

Betronik's Managing Director and Founder Horst Mergener
commented: "Over the last 20 years, we have built an excellent
specialist team on passive components and were able to gain the
respect of many customers for our high service quality.  I
believe that combining forces with Avnet Time now provides the
best options for customers, suppliers and employees.  In leading
the new German sales organisation I want to ensure that
Betronik's entrepreneurial spirit continues to prevail, as part
of Avnet Time.  I am looking forward to be an integral part of
Avnet Time's future strategy."

Michael Danylow said: "Germany is by far the biggest marketplace
in Europe for IP&E products.  Together with Betronik, we can
grow to become a leading force in this critical region."

The newly expanded Avnet Time will work to ensure the strengths
that have made Betronik a preferred choice in the passive
components market will also drive the new organization and that
customers, suppliers and employees will experience a smooth
transition with new and exciting opportunities.

                         About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                          *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


BANK MANDIRI: Unit Expects 2007 Profit to Reach IDR113 Billion
--------------------------------------------------------------
PT Bank Mandiri's unit, Bank Syariah Mandiri, expects its net
profit this year to reach IDR113 billion, revising its earlier
target of IDR75 billion, Antara News reports.

Yuslam Fauzi, BSM President-Director, told the news agency that
until August 2007, the bank's net earnings has reached
IDR78 billion with five more months left to meet the new target.
The target will be met with the support from distribution of
financing that was expected to reach IDR10.5 trillion by the end
of the year.  The financing has already reached IDR9.2 trillion,
Mr. Fauzi added.

According to the report, Mr. Fauzi said that financing target
was supported by non-corporate financing, namely financing below
IDR10 billion as well as corporate financing which was above
IDR10 billion.  The ratio between non-corporate and corporate
financing was 50-50, he noted.

Mr. Fauzi hopes that by the end of 2007, additional capital
coming from shareholders would reach up to IDR100 billion, the
report adds.

                       About Bank Mandiri

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

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

The detailed ratings are:

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

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

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


BAKRIE SUMATERA: S&P Affirms 'B' Corporate Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit ratings on Indonesia's PT Bakrie Sumatera Plantations
Tbk.  The outlook is stable.

"The ratings on BSP reflect the company's satisfactory cost
position and the young age profile of its palm oil plantations,
and favorable industry outlook," said Standard & Poor's credit
analyst Yasmin Wirjawan.  "The ratings also reflect BSP's
aggressive capital expenditure program and earnings
volatility, and the expected weakening of the company's
financial profile."

BSP's near-term liquidity is strong. Cash and cash equivalents
were IDR294 billion as at June 30, 2007, while debt due in one
year was IDR3 billion.  The company's liquidity position has
also improved after the US$170 million rights issue in September
2007.

"Standard & Poor's considers that, while BSP's credit profile
may not face an incremental downward pressure from the
acquisition of a majority holding in Agri International
Resources Pte. Ltd.'s (Agri International; B-/Stable/--)
subsidiary, a further deterioration in Agri International's
financial position may weigh on BSP's ratings," Ms. Wirjawan
noted.

"The outlook or ratings on BSP may be lowered if its
consolidated debt to EBITDA exceeds 4.5x on a sustained basis.
Conversely, the outlook or the ratings could improve if BSP's
financial profile strengthens significantly, with consolidated
debt to EBITDA below 3x on a sustained basis, accompanied by a
successful execution of the company's expansion program."

                      About Bakrie Sumatera

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.


GARUDA INDONESIA: To Re-Open European Union Flight Route
--------------------------------------------------------
PT Garuda Indonesia is planning to reopen its flight route to
the European Union, various reports say, citing Airline Chief
Emirsyah Satar.

Mr. Satar told reporters that the carrier has not yet set any
date for the resumption of its service to the European Union
because they are still engaged in preparations to meet
international flight security and safety standards.

The European Union flight service would mainly be intended for
middle-and upper-or business-class passengers, Mr. Satar added.

The Troubled Company Reporter-Asia Pacific reported on July 17,
2007, that the European Union sent safety experts to Indonesia
to review an EU ban on Indonesian airlines.  Fifty-one
Indonesian airlines, including Garuda, have been barred due to
safety concerns.  Indonesian officials asserted that EU failed
to account the improvements made this year.

Antara News notes that Garuda's six million passengers within
the January-August 2007 period consisted of 513,892 people from
Japan, South Korea and China and 586,972 from other Asian
regions.  It also flew 173,756 passengers from the Middle East,
218,146 from Australia and New Zealand and four million domestic
passengers, the report adds.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

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

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


GARUDA: Hires Simone Barnett as Queensland Sales Representative
---------------------------------------------------------------
PT Garuda Indonesia has appointed Simone Barnett as sales
representative in Queensland to maintain the airline's
commitment to the State and cater to expanding Australian
interest in Bali.

Ms. Barnett has more than 12 years experience in travel,
hospitality and customer service positions requiring a high
level of communication and organizational skills.

Ms. Barnett will be based in Brisbane and travel agents can
contact her by e-mail on bnesales@garuda.com.au  Reservations
and ticketing inquiries will continue to be handled by the
Sydney office.  For the cost of a local call, agents can direct
their enquiries to the following: Ticketing/fares/administration
to 1300 365 331 and Reservations to 1300 365 330.

Garuda Indonesia's Regional Manager, Suranto Yitnopawiro said
"Ms. Barnett's appointment is the latest in a number of positive
steps taken by Garuda Indonesia which have lead to a strong
return to profitability internationally.  Passenger numbers to
Bali have risen more than 50 per cent in the first half of the
year compared with the first half of last year.  As a result we
are able to take this positive step to provide additional
support for our very loyal industry base in Queensland."


Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

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

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


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

CUBIC ONE: S&P Gives Class D CLO BB Rating
------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
super senior credit default swap (Super Senior CDS) agreement to
be entered into by Mizuho Corporate Bank Ltd., and to CuBic One
Ltd.'s global corporate synthetic CLO notes series 2007-1, class
A to D limited recourse secured floating rate credit-linked
securities, due April 2011.

This is a synthetic balance sheet CLO transaction.  The
portfolio refers to loans of 128 global corporate non-Japanese
entities that were originated by Mizuho Corporate Bank Ltd. or
wholly owned overseas subsidiaries that were selected pursuant
to eligible loan criteria under the CDS agreement.

The ratings address, respectively, the likelihood that
cumulative net losses in relation to the reference pool under
the transaction will not exceed the threshold amount for the
Super Senior CDS, and the full and timely payment of interest
and the ultimate full repayment of principal by the ransaction's
legal final maturity for the credit-linked notes.

The ratings reflect the following factors:

   -- Ample credit support is provided by the subordination
      amount to the Super Senior CDS and each class of notes;

   -- The Super Senior CDS and the CDS relating to the credit-
      linked notes are expected to fulfill Standard & Poor's
      requirements;

   -- The credit quality of the account bank, initially Mizuho
      Corporate Bank Ltd., is eligible for supporting the notes
      with appropriate downgrade provisions;

   -- With respect to the credit-linked notes, the issuer is
      established as a special purpose company (incorporated in
      the Cayman Islands) in accordance with Standard & Poor's
      bankruptcy remoteness criteria.

Ratings Assigned

Mizuho Corporate Bank Ltd.
JPY248.4 billion super senior credit default swap scheduled to
terminate April 27, 2011

CuBic One Ltd.
Global corporate synthetic CLO notes series 2007-1:
JPY25.3 billion limited recourse secured floating rate credit-
linked securities due April 2011

   Class               Amount             Rating
   -----               ------             ------
   Super Senior CDS    JPY248.4 bil.      AAAsrp
   A                   JPY14.1 bil.       AAA
   B                   JPY5.5 bil.        AA
   C                   JPY3.7 bil.        BBB
   D                   JPY2.0 bil.        BB


FORD MOTOR: Four Firms Still On Track to Buy Jaguar & Land Rover
----------------------------------------------------------------
Ford Motor Co.'s Jaguar and Land Rover still has four potential
buyers left after two Indian firms, Mahindra & Mahindra and
Cerberus, quit the buying race, Reuters reports, citing sources
familiar with the matter.

The four remaining suitors, according to Reuters' sources, are
One Equity Partners, Ripplewood, Tata Motors and TPG, but these
firms are yet to complete the due diligence.

The Troubled Company Reporter said June 13, 2007, that Ford
employed help from investment banks including Goldman Sachs,
HSBC and Morgan Stanley to explore the sale of its two British
luxury brands, which had lost US$12.6 billion last year.

In August, an International Herald Tribune report said Ford's
financial and legal advisers have begun preparing information to
facilitate due diligence for potential bidders of the two
marques as Ford hopes to reach a tentative deal by the end of
September.

Ford expects to finalize the sale deal by December or the early
stages of Fiscal Year 2008, Lewis Booth, EVP of Ford's European
units, said, according to Breaking News.ie.

                      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.


MITSUBISHI MOTORS: Posts 16.9% Boost for August Production
----------------------------------------------------------
Mitsubishi Motors Corporation announced global production, as
well as domestic sales and export figures for August 2007.

Total global production came in at 109,817 units, an increase of
16.9% over August 2006 and marking the sixth consecutive monthly
increase since March this year.  Production volume in Japan
increased 34.7% to 64,288 units, the eleventh consecutive month
of year-on-year growth.  This growth was driven by increased
output of the New Lancer for the Russian, North America, Latin
American, Middle East and African markets and of the New
Outlander for the U.S., European and Chinese markets.

Vehicle sales in Japan in August totaled 15,356 units, a 10.3%
increase year-on-year.  Registered vehicle sales of 5,578 units
and Mini-car sales of 9,778 units were 28.6% and 2.0% up
respectively on the same month last year.

Overseas production volume totaled 45,529 units, 1.5% down over
August last year.  In Europe production came in at 4,423 units
or 30.5% down on last year's figure.  In North America
production at 8,174 units was 19.2% down on the level seen last
year. In Asia production at 28,790 units was 8.8% up on August
2006.

Total exports from Japan of 46,590 units were 63.9% up on August
2006, marking the tenth consecutive month of year-on-year
increases. Exports to Europe increased to 16,897 units, a
substantial 104.8% rise on the back of firm sales of New Lancer,
New Outlander and New Pajero models.  Exports to Asia rose to
3,046 units, a strong 67.8% increase over the same period last
year and driven mainly by brisk New Outlander sales in China.
Exports to North America fell to 1,728 units, 63.3% down on the
August 2006.

                      About Mitsubishi Motors

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

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

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

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


TENNECO INC: UAW's Strike Against GM Cues Fitch's Negative Watch
----------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

  -- IDR 'BB';
  -- Senior unsecured bank facility 'BB';
  -- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.
  -- IDR 'BB'.

ArvinMeritor Inc.

  -- IDR 'BB';
  -- Senior secured 'BB+';
  -- Senior unsecured 'BB-'.

Tenneco, Inc.

  -- IDR 'BB-';
  -- Senior secured bank facility 'BB+';
  -- Senior secured notes 'BB';
  -- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

  -- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

  -- IDR 'B'.
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

  -- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany.


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

BIOMET INC: Closes Merger with Private Equity Group
---------------------------------------------------
Biomet Inc. has completed its merger with LVB Acquisition Merger
Sub, Inc., a wholly owned subsidiary of LVB Acquisition, Inc.
LVB Acquisition is indirectly owned by investment partnerships
directly or indirectly advised or managed by The Blackstone
Group L.P., Goldman Sachs & Co., Kohlberg Kravis Roberts & Co.
L.P. and TPG Capital.

Pursuant to the merger, Biomet shareholders (other than LVB
Acquisition Merger Sub, Inc. or LVB Acquisition, Inc.) will
receive US$46.00 in cash, without interest and less any required
withholding taxes, for each outstanding Biomet common share.

Biomet common shares will cease trading on NASDAQ at market
close on Sept. 25, 2007, and will no longer be listed.

Shareholders of Biomet who are the holders of record of Biomet
stock certificates will receive instructions and a letter of
transmittal by mail from American Stock Transfer & Trust
Company, the paying agent for the merger, concerning how and
where to forward their certificates for payment.  For shares
held in "street name" by a broker, bank or other nominee,
shareholders will not need to take any action to have shares
converted into cash, as this will be done by the broker, bank or
other nominee.  Questions about the deposit of merger proceeds
should be directed to the appropriate broker, bank or other
nominee.

                   About The Blackstone Group

The Blackstone Group -- http://www.blackstone.com/-- is a
global alternative asset manager and provider of financial
advisory services.  The Blackstone Group is an independent
alternative asset managers in the world.  Its alternative asset
management businesses include the management of corporate
private equity funds, real estate opportunity funds, funds of
hedge funds, mezzanine funds, senior debt funds, proprietary
hedge funds and closed-end mutual funds.  The Blackstone Group
also provides various financial advisory services, including
mergers and acquisitions advisory, restructuring and
reorganization advisory and fund placement services.

                    About Goldman Sachs & Co.

Founded in 1869, Goldman Sachs is one of the oldest and largest
investment banking firms.  Goldman Sachs is also a global leader
in private corporate equity and mezzanine investing.
Established in 1991, the GS Capital Partners Funds are part of
the firm's Principal Investment Area in the Merchant Banking
Division, which has formed 13 investment vehicles aggregating
US$56 billion of capital to date.

                 About Kohlberg Kravis Roberts

Kohlberg Kravis Roberts & Co. is one of the world's oldest and
most experienced private equity firm specializing in management
buyouts.  Founded in 1976, it has offices in New York, Menlo
Park, London, Paris, Hong Kong, and Tokyo.  Throughout its
history, KKR has brought a long-term investment approach to its
portfolio companies, focusing on working in partnership with
management teams and investing for future competitiveness and
growth. Over the past 30 years, KKR has completed over 150
transactions with a total value of over US$294 billion.

                           About TPG

TPG -- http://www.tpg.com/-- is a private investment
partnership that was founded in 1992 and currently has more than
US$30 billion of assets under management.  With offices in San
Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth,
Melbourne, Menlo Park, Moscow, Mumbai, Shanghai, Singapore and
Tokyo, TPG has extensive experience with global public and
private investments executed through leveraged buyouts,
recapitalizations, spinouts, joint ventures and restructurings.
TPG's investments span a variety of industries including
healthcare, retail/consumer, airlines, media and communications,
industrials, technology and financial services.

                          About Biomet

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Headquartered in
Warsaw, Indiana, Biomet and its subsidiaries currently
distribute products in more than 100 countries, including the
Netherlands, Argentina and Korea.

The Troubled Company Reporter-Asia Pacific reported on Jun 27,
2007, that Moody's Investors Service confirmed the provisional
ratings of Biomet Inc.((P)B2 Corporate Family Rating.)

The confirmation is based on Moody's expectation that the
consortium of equity sponsors will finance the incremental
purchase price (US$500 million) with common stock.  The rating
action assumes that the company will not use incremental debt -
including draws on its revolving credit facility - to fund a
dividend in conjunction with this incremental purchase price.
The rating outlook is negative.  This concludes Moody's
rating review that was initiated on June 7, 2007.

The ratings are provisional, subject to the closing of the
transaction and receipt and review of final documentation.
Moody's anticipates that the closing will occur prior to the end
of August 2007.

Ratings confirmed with a negative outlook:

Biomet, Inc.

-- Corporate Family Rating at (P)B2

-- US$350 Million Asset backed revolver at (P)Ba2, (LGD2, 14%)

-- US$400 Million Secured cash flow revolver at (P)B1, (LGD3,
    36%)

-- US$3.6 Billion Secured term loan at (P)B1, (LGD3, 36%)

-- US$775 Million Unsecured senior notes at (P)B3, (LGD4, 63%)

-- US$775 Million Unsecured PIK option notes at (P)B3, (LGD4,
    63%)

-- US$1.015 Billion Unsecured subordinated notes at (P)Caa1,
    (LGD6, 93%)

-- PDR at B2

-- SGL-2


BIOMET INC: Moody's Assigns B2 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has assigned final debt ratings to
Biomet, Inc. (B2 Corporate Family Rating) in conjunction with
the close of the leveraged buy-out transaction by a consortium
of equity sponsors.  The rating outlook is negative.

There is no change from the provisional debt ratings that had
previously been assigned.  The provisional (P)B2 CFR reflected
uncertainty about the final terms of the transaction.  Moody's
notes that subsequent to the assignment of provisional ratings
in May 2007, higher interest rates and a revolver draw of about
US$130 million (raising incremental debt by about US$80 million)
have reduced Biomet's flexibility within the B2 rating.  Also,
as a result, the company's Speculative Grade Liquidity rating
has been changed to an SGL-3 from an SGL-2, which was assigned
in conjunction with the provisional ratings.

Diana Lee, a Senior Credit Officer at Moody's said, "Higher
borrowing costs and the need to use the revolver eliminate any
cushion that may have been available to the company.  As a
result, performance below expectations will have greater
potential to trigger a downgrade."

Ratings assigned with a negative outlook:

Biomet, Inc.

-- Corporate Family Rating at B2

-- US$350 Million Asset backed revolver at Ba2, (LGD2, 13%)

-- US$400 Million Secured cash flow revolver at B1, (LGD3, 36%)

-- US$3.547 Billion Secured term loan at B1, (LGD3, 36%)

-- US$775 Million Unsecured senior notes or bridge loan at B3,
    (LGD4, 63%)

-- US$775 Million Unsecured PIK option notes or bridge loan at
    B3, (LGD4, 63%)

-- US$1.015 Billion Unsecured subordinated notes or bridge loan
    at Caa1, (LGD6, 93%)

-- PDR at B2

Rating changed:

-- Speculative grade liquidity rating: SGL-3 from SGL-2

Moody's believes that Biomet's very high leverage and weak
financial strength and financial policy ratios - some of which
are positioned in the "Caa" category - are a key credit risk.
In particular, interest coverage is negligible and the company's
ability to repay a significant portion of its debt with cash
flow is extremely limited.  While there are no financial
covenants in the revolving bank agreements, there is material
adverse change representation and warranty language.  The
presence of external liquidity sources as well as equity
sponsors that have committed significant capital (of about
US$5.4 billion) lower the likelihood of default for the near
term, and should provide management more time to improve free
cash flow.  The B2 CFR also considers the company's size and the
fairly stable nature of the orthopedic industry, which is
expected to continue to benefit from steady demand.  As a
result, Moody's believes that the B2 CFR is appropriate even
though leverage (estimated at about 9.0 times pro forma
Debt/EBITDA based on year end May 31, 2007 financial statements)
and coverage measures (estimated at 1.1 times pro forma
EBITA/interest) are more consistent with lower ratings.

The rating outlook is negative, reflecting Biomet's weak
position in the B2 category due primarily to Moody's concerns
regarding the high level of debt.  Moody's believes that the
company will need to see operating improvements as well as grow
at industry rates in order to meaningfully de-leverage over the
next 12 to 24 months.

Biomet's SGL-3 rating reflects weak free cash flow, balanced by
substantial external liquidity.  Following the initial draw,
Biomet is expected to have about US$620 million of capacity
under two secured bank revolvers.

                        About Biomet

Based in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and its
subsidiaries design, manufacture, and market products used
primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy.  Biomet and its subsidiaries
currently distribute products in more than 100 countries,
including the Netherlands, Argentina and Korea.


LYONDELL CHEMICAL: To Hold Shareholders Meeting on Nov. 20
----------------------------------------------------------
Lyondell Chemical Company has scheduled a special shareholders
meeting for Tuesday, Nov. 20, 2007, to vote on the proposal to
adopt the Agreement and Plan of Merger, dated as of
July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited
and Lyondell.  Holders of record as of the close of business on
Oct. 9, 2007, will be entitled to vote at the special meeting.
The special meeting will be held beginning at 9:00 a.m. CT in
Lyondell's General Assembly Room, Two Houston Center, 909
Fannin, Suite 400, in Houston, Texas.

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 23,
2007, Moody's Investors Service placed the ratings of Lyondell
Chemical Company, Equistar Chemical Company LP and Millennium
Chemicals Inc. (Corporate Family Ratings of Ba3) under review
for possible downgrade following the announcement that Lyondell
has agreed to be acquired by Basell AF SCA (Ba3 CFR under review
for possible downgrade) in a transaction worth roughly
US$19 billion including the assumption of debt.

Moody's also affirmed Lyondell's speculative grade
liquidity rating at SGL-1.  However, the financing of this
potential transaction, could result in a change to the SGL
rating as well.

On Jul 23, 2007, Fitch Ratings has placed Lyondell, Equistar and
Millennium on Rating Watch Negative following the announcement
that Lyondell has agreed to be acquired by Basell for
US$12.66 billion, or US$48 per share.  The transaction is valued
at US$19 billion including the consolidated debt outstanding at
Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

-- Issuer Default Rating 'BB-';
-- Senior secured credit facility and term loan 'BB+';
-- Senior secured notes 'BB+';
-- Senior unsecured notes 'BB-';
-- Debentures 'BB-'.


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

MERGE ENERGY: Second Quarter Profit Falls 86.31%
------------------------------------------------
Merge Energy Bhd posted a net profit of MYR1.42 million for the
second quarter ended July 31, 2007, down 86.31% from the
MYR10.36-million net profit recorded a year earlier.

The company's revenue also suffered a setback, declining by
77.75% to MYR19.08 million from MYR85.75 million in the previous
second quarter.

For the six-month period, the company's net profit was 83.74%
lower at MYR2.43 million versus MYR14.94 million a year earlier.

The company's six-month period revenue also dropped 73.64% to
MYR38.03 million from MYR144.26 million.

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

On May 8, 2006, the company has been classified as an affected
listed issuer pursuant to the Amended Practice Note No. 17/2005
whereby the company's shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up share capital of
MYR67.00 million.


MP TECHNOLOGY: Titan Wants to Wind Up Unit's Operations
-------------------------------------------------------
MP Tech Plastic Products Sdn Bhd, a former unit of MP Technology
Resources Bhd, has been served with a wind-up notice from Titan
Petchem (M) Sdn Bhd.

The notice was received by the company on September 25, 2007,
and was dated Aug. 6, 2007.

Under the petition, Titan Petchem is asking for a payment of all
the debts incurred by MP Tech's former subsidiary amounting to
MYR2,052,462.75 with interest rate.

MP Tech said that in the event that it were to loss in its
defend against the petition, the company would have to pay the
outstanding amount of MYR2,052,462.75.

The Board of directors had already instructed its solicitors to
defend the petition on the grounds that the debts incurred were
not by MPTPP but by our former subsidiary MP Plastic.


MP Technology Resources Berhad's principal activities are
manufacturing of plastic bags, plastic injection mouldings,
other plastic products, rotogravure, manufacturing and
reconditioning of various plastic and related equipment.  Other
activities include trading in plastic resins, compounding and
recycle materials, manufacturing in printing drums for plastic
and packaging industries and investment holding.

The Group operates in Malaysia.

On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a MYR66.7-million
shareholders' deficit for the financial year ended Nov. 30,
2006.


PANGLOBAL BHD: Securities Commission Extends Filing Deadline
------------------------------------------------------------
Panglobal Bhd disclosed with the Bursa Malaysia Securities Bhd
that it obtained the approval of the Securities Commission to
extend its plan filing deadline to March 25, 2008.

The company was previously required to submit its regularization
plan to the commission and other relevant authorities on
Sept. 24, 2007.


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

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

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


PROTON HOLDINGS: Looks to Boost Exports to China and India
----------------------------------------------------------
Proton Holdings Bhd plans to raise annual car exports to 100,000
within the next few years from about 44,000 forecast for this
fiscal year, Proton Chief Executive Officer Syed Mohamed Tahir
told Reuters.

The bulk of this future exports will be shipped to China and
India where it hoped to establish footholds soon, Mr. Tahir
added.

Mr. Tahir also said that Proton in July appointed Youngman
Automobile Group Ltd as its distributor in China where it hoped
to sell 30,000 cars under a rebadged Europestar brand over 20
months from November.

"We will first ship complete built-up cars to China and switch
to CKD exports from mid-2008," he said.

Proton also has begun talks with potential Indian partners, but
it was premature to say when the company would enter that
market, Mr. Tahir told the news agency.

Of 44,000 Proton cars expected to be exported in the current
financial year ending March 2008, excluding China, some 16,000-
17,000 would go to Iran and 4,000-5,000 to the United Kingdom.

In addition, Proton recently appointed Phranakorn Auto Sales Ltd
as its Thai distributor which would start marketing the
Malaysian brand later this year at a local motorshow.

Phranakorn planned to sell imported Proton cars through 20 local
dealers including 8 in Bangkok.  Its chief executive Apichart
Wangsatorntanakhun told reporters the dealership network would
double in size within four years.

"We expect to get 500-600 advance bookings at the motorshow and
sell 3,000 here in calendar 2008," Mr. Apichart said.


                     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.


SHAW GROUP: Bags Engineering Services Contract with FirstEnergy
---------------------------------------------------------------
The Shaw Group Inc. disclosed that its Nuclear Division of the
Shaw Power Group has been awarded an engineering services
contract by FirstEnergy Nuclear Operating Company, a subsidiary
of FirstEnergy Corp., to expand the used nuclear fuel storage
capacity at its Perry Nuclear Power Plant in northeast Ohio.
The value of Shaw's contract, which will be included in the
company's first quarter fiscal year 2008 backlog, was
undisclosed.

Shaw will provide engineering and design services for the fuel
transfer system, pool-to-pad haul path design, canister pad
design and security system design.  Construction of the new
spent fuel storage system is scheduled for spring of 2008, and
completion is planned for 2010.

"We are pleased to add this important project to our nuclear
services portfolio.  The contract for the Perry Plant fuel
storage expansion reflects our continuous support of and
commitment to the nuclear services market," said J.M. Bernhard
Jr., chairman, president and chief executive officer of Shaw.
"Shaw's Nuclear Division and Maintenance Group provide services
to more than 40 percent of the nation's nuclear energy plants.
Our success in this market has been built on our commitment to
safety, our standardized work practices and our prompt ability
to successfully engineer and complete work assignments.  We look
forward to continuing to identify creative, effective solutions
that benefit our clients and the nuclear industry."

                      About FirstEnergy

FirstEnergy Corp. is a diversified energy company headquartered
in Akron, Ohio.  Its subsidiaries and affiliates are involved in
the generation, transmission and distribution of electricity, as
well as energy management and other energy-related services.
Its seven electric utility operating companies comprise the
nation's fifth largest investor-owned electric system based on
serving 4.5 million customers in Ohio, Pennsylvania and New
Jersey; and its generation subsidiaries control more than 14,000
megawatts of capacity.

                      About Shaw Group

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

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

                        *     *     *

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

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


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

958765 LIMITED: Appoints Montgomerie & Cunningham as Liquidators
----------------------------------------------------------------
On August 20, 2007, Bernard Spencer Montgomerie and Stuart James
Cunningham were appointed liquidators of 958765 Limited in
replacement of Bryan Williams.

Messrs. Montgomerie and Cunningham are accepting creditors'
proofs of debt until October 8, 2007.

The Liquidators can be reached at:

         Bernard Spencer Montgomerie
         Stuart James Cunningham
         c/o Montgomerie & Associates
         PO Box 65, Auckland 1140
         New Zealand
         Telephone:(09) 368 7672
         Facsimile:(09) 307 0174


AIR NZ: Ties Up w/ Boeing & Rolls Royce for Bio Fuel Research
-------------------------------------------------------------
Air New Zealand has signed a memorandum of understanding with
aircraft manufacturer Boeing and engine maker Rolls Royce to
work together on projects aimed at ensuring that commercial
aviation continues to become more environmentally sustainable.

The inaugural step in the relationship will be the first
commercial trial of a bio fuelled, Rolls Royce powered, Boeing
aircraft toward the second half of next year/early 2009.  The
Boeing 747 flight, which is likely to depart Auckland and will
not carry customers, will be conducted under strict safety
standards.

Only one engine will run on a blended bio fuel/kerosene mix and
the remaining three will be powered by regular aviation fuel.
An announcement on the source and mix of the blended fuel will
be made closer to the time of the flight.

Air New Zealand Chief Executive Officer Rob Fyfe says the test
flight is another step in Air New Zealand's plan to lead the
global aviation industry in developing the most environmentally
responsible airline practices possible and the most
environmentally responsible airline.

Mr. Fyfe says that as little as a year ago bio fuel seemed like
"pie in the sky" to many aviation industry observers, but it is
now a possibility and technology is moving so fast that it may
become viable in a much shorter timeframe than previously
thought.

"Air New Zealand is keen to encourage research into alternative
fuels and wants to work hand-in-hand with industry partners and
the New Zealand Government on promoting this type of activity.
Today is a day that both the airline and country should be proud
of.  We are taking the first steps on what promises to be an
inspiring and defining journey."

Mr. Fyfe says Air New Zealand would like to progress to an all
New Zealand bio fuel for future tests flights, but sourcing the
quantity necessary may be a challenge in the short term.

Air New Zealand has already made significant steps towards
becoming one of the world's most environmentally responsible
airlines through a large fleet investment programme.

The Boeing 787 Dreamliner, due to come into Air New Zealand
service in 2010, will save 20 per cent more fuel than similar
aircraft through a combination of new technology and weight
reduction.

"Along with the efficient Boeing 777s currently being flown by
the airline, this will ensure Air New Zealand has one of the
youngest, most technologically advanced, fuel efficient and
environmentally friendly long haul fleets in the world," Mr.
Fyfe says.


"Our long haul fleet purchases together with initiatives
underway in the area of fuel saving, weight reduction and flying
techniques put Air New Zealand at the forefront of
environmentally responsibilities."

                      About Air New Zealand

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

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

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


AIR NEW ZEALAND: Issues 487,040 Shares Under Incentive Plan
-----------------------------------------------------------
Air New Zealand Limited advises that 487,040 shares in the
company under the Mandatory Shareholding Section of the Air New
Zealand Long Term Incentive Plan, and options to acquire
6,585,181 ordinary shares in the company under the Share Option
Section of the Air New Zealand Long Term Incentive Plan, were
issued Sept. 26, 2007 in respect of the Chief Executive Officer
and selected executives, following approvals by the company's
directors on Sept. 14, 2007.

The shares were issued for NZ$1.616 cents per share and paid for
in cash.  This represents a price based on NZ$2.155 (being the
average price for the shares over the 10 business days beginning
on the third business day following the announcement of the
company's full year results) discounted on the basis of an
independent valuation to reflect restrictions placed on the
transfer of the shares under the terms of the Air New Zealand
Long Term Incentive Plan Rules.

The options were issued for nil consideration.  The exercise
price for the options will be set on the third anniversary of
the option grant date in accordance with the formula contained
in the Air New Zealand Long Term Incentive Plan Rules.

The total number of ordinary shares in existence after the issue
is 1,054,465,765.  The 487,040 ordinary shares issued will
represent 0.046% of the ordinary shares on issue.  The 487,040
ordinary shares issued and 6,585,181 options granted over
ordinary shares will represent in aggregate approximately 0.67%
of the ordinary shares on issue on a fully diluted basis.

The options and shares were issued on the terms of the Air New
Zealand Long Term Incentive Plan Rules, an employee share scheme
established by the Company.  A summary of the terms was
contained in the company's 2003 Notice of Annual Meeting.  The
total number of ordinary shares issued under the share scheme is
2,091,132 and the total number of options issued under the
scheme is 18,817,760, which represent in aggregate approximately
1.98% of the ordinary shares on issue on a fully diluted basis.

                      About Air New Zealand

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

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

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


CHALM ENGAGEMENT: Fixes October 6 as Last Day to File Claims
------------------------------------------------------------
Peter Reginald Jollands and Barry White Far were appointed
liquidators of Chalm Engagement Ltd. on August 31, 2007.

Messrs. Jollands and Far are accepting creditors' proofs of debt
until October 6, 2007.

The Liquidators can be reached at:

         Peter Reginald Jollands
         Barry White Far Jollands Callander
         Accountants and Insolvency Practitioners
         Administrator House, Level 8
         44 Anzac Avenue, Auckland
         PO Box 106141, Auckland City
         New Zealand
         Web site: http://www.jollandscallander.co.nz


CLEAR CHANNEL: Fitch Expects To Cut Issuer Default Rating to B
--------------------------------------------------------------
In line with previous guidance, Fitch Ratings expects to
downgrade Clear Channel Communications Inc.'s Issuer Default
Rating to 'B' from 'BB-'.  The Rating Outlook is expected to be
Stable.  Existing ratings remain on Rating Watch Negative
pending the closing of the transaction and review of final
documentation.

The expected rating action reflects the company's announcement
that shareholder's have approved the acquisition of the company
by a group led by Thomas H. Lee Partners, L.P. and Bain Capital
Partners, LLC.

Given the information currently available, including current
valuation and financing commitments, Fitch believes that the IDR
will be 'B'.  Fitch expects pro forma leverage and interest
coverage to approximate 9.0 times and 1.5, respectively, after
taking into account estimated proceeds from planned asset sales.
The stability of the company's traditional Outdoor business, the
strong un-levered free cash flow dynamics of its radio business,
and growth prospects from digital initiatives support the
expected rating and Outlook.  Operating concerns include
continued pressured industry trends in traditional radio
broadcasting.

The company has stated that at least a majority in principal
amount of the 7.65% senior notes due 2010 and the 8% AMFM senior
notes due 2008 will be redeemed.  Publicly disclosed information
to this point is not adequate for Fitch to estimate where the
remaining US$5 billion of existing unsecured bonds will fall
within the capital structure.  Subject to standard carve-outs,
existing bonds have a Limitation on Mortgages covenant that
restricts liens upon the equity or debt of a subsidiary, as well
as liens upon any Principal Property (as defined in the
Indenture) in the United States.  The Indenture does not appear
to limit subsidiary guarantees.

Depending on the placement of the existing bonds, Fitch expects
the secured debt to be rated with 0 to 1 notches up from the IDR
and the new unsecured debt to be rated 1 to 2 notches below the
IDR.  Any debt structurally subordinate to the new unsecured
debt would be notched down accordingly.

                      About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.


CLEAR CHANNEL: Shareholders OK Merger with Private Equity Group
---------------------------------------------------------------
Clear Channel Communications Inc.'s shareholders, based on a
preliminary vote count, approved the adoption of the merger
agreement with a group led by T.H. Lee Partners, L.P. and Bain
Capital Partners, LLC.  The transaction remains subject to
requisite regulatory approvals and customary closing conditions.
The number of shares voted in favor of the transaction
represented more than 73% of the total shares outstanding and
entitled to vote at the meeting.  The preliminary tabulation
indicates that approximately 98% of the shares voted were cast
in favor of the transaction.

"We are pleased with the outcome of today's vote," said Mark
Mays, Chief Executive Officer of Clear Channel.  "On behalf of
Clear Channel's Board of Directors, I want to thank our
shareholders and hard-working employees for their support
throughout this process.  We look forward to completing this
transaction with T.H. Lee and Bain as quickly as possible."

On May 18, 2007, Clear Channel entered into a second amendment
to its previously announced merger agreement with a private
equity group co-led by Thomas H. Lee Partners, L.P. and Bain
Capital Partners, LLC.  Under the terms of the merger agreement,
as amended, Clear Channel shareholders will receive US$39.20 in
cash for each share they own plus additional per share
consideration, if any, if the closing of the merger occurs after
Dec. 31, 2007.  This is an increase from the previous cash
consideration of US$39.00 per share.

As an alternative to receiving the US$39.20 per share cash
consideration, Clear Channel's unaffiliated shareholders were
offered the opportunity on a purely voluntary basis to exchange
some or all of their shares of Clear Channel common stock on a
one-for-one basis for shares of Class A common stock in the new
corporation formed by the private equity group to acquire Clear
Channel (subject to aggregate and individual caps), plus the
additional per share consideration, if any.

At the meeting, all proxy cards and ballots were turned over to
the independent inspector of elections, Mellon Investor
Services, LLC, for final tabulation and certification.

                        About THL Partners

Thomas H. Lee Partners L.P. -- http://www.thl.com/-- is one of
the oldest and most successful private equity investment firms
in the United States.  Since its founding in 1974, THL has
become the preeminent growth buyout firm, raising approximately
US$20 billion of equity capital and investing in more than 100
businesses with an aggregate purchase price of more than US$125
billion and generating superior returns for its investors and
partners.  Notable transactions sponsored by the firm include
Houghton Mifflin, National Waterworks, Univision, The Nielsen
Company, West Corporation, Fidelity National Information
Services, Dunkin Brands, Fisher Scientific, Experian and
ProSiebenSat.1 Media.

                         About Bain Capital

Bain Capital -- http://www.baincapital.com/-- is a global
private investment firm that manages several pools of capital
including private equity, high-yield assets, mezzanine capital
and public equity with more than US$40 billion in assets under
management.  Since its inception in 1984, Bain Capital has made
private equity investments and add-on acquisitions in over 230
companies around the world, including investments in a broad
range of companies such as Burger King, HCA, Warner Chilcott,
Toys "R" Us, AMC Entertainment, Sensata Technologies, Burlington
Coat Factory and ProSiebenSat1 Media. Headquartered in Boston,
Bain Capital has offices in New York, London, Munich, Tokyo,
Hong Kong and Shanghai.

                        About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


JB & V HOLDINGS: Fixes Oct. 10 as Last Day to File Claims
---------------------------------------------------------
The shareholders of JB & V Holdings Ltd., on September 3, 2007,
appointed Lyle Richmond Irwin as the company's liquidator.

Mr. Irwin is accepting creditors' proofs of debt until
October 10, 2007.

The Liquidator can be reached at:

         Lyle Richmond Irwin
         Prince & Partners
         PO Box 3685, Auckland 1001
         New Zealand
         Telephone:(09) 379 5324
         Facsimile:(09) 307 0778
         e-mail: office@prince.co.nz


NEW ZEALAND HIRE: Taps Mason and Lamacraft as Liquidators
---------------------------------------------------------
Karen Betty Mason and Michael Lamacraft were named as
liquidators of New Zealand Hire Company Ltd. on  September 3,
2007.

Creditors whose proofs of debt are not in by October 5, 2007,
will be excluded from the company's dividend distribution.

The Liquidators can be reached at:

         Karen Betty Mason
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


RAKIURA GROUP: Court to Hear Wind-Up Petition on October 3
----------------------------------------------------------
The High Court of Invercargill will hear on October 3, 2007, at
10:00 a.m., a petition to have the operations of Rakiura Group
Ltd. wound up.

Officemax New Zealand Limited filed the petition on August 15,
2007.

Officemax New Zealand's solicitor is:

         Kevin Patrick Mcdonald
         Kevin McDonald & Associates
         Takapuna Towers, 11th Floor
         19-21 Como Street
         PO Box 331065, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


RTB CONTRACTING: Court Sets Wind-Up Petition Hearing for Oct. 15
----------------------------------------------------------------
A petition to have the operations of RTB Contracting (2006) Ltd.
wound up will be heard before the High Court of Whangarei on
October 15, 2007, at 10:45 a.m.

Ward Building Supplies Limited filed the petition on July 25,
2007.

Ward Building's solicitor is:

         Kevin Patrick Mcdonald
         Takapuna Towers, Level 11
         19-21 Como Street
         PO Box 331065, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


SALES MOTOR: Subject to Nationwide Transport's Wind-Up Petition
---------------------------------------------------------------
On August 24, 2007, Nationwide Transport Limited filed a
petition to have the operations of Sales Motor Group Ltd. wound
up.

The High Court of Hamilton will hear the petition on October 1,
2007, at 10:45 a.m.

Nationwide Transport's solicitor is:

         Malcolm David Whitlock
         c/o Whitlock & Co.
         c/o Baycorp House
         15 Hopetoun Street, Auckland
         New Zealand


TRAVERS DEVELOPMENTS: Subject to CIR's Wind-Up Petition
-------------------------------------------------------
On July 24, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of Travers Developments Ltd.
wound up.

The petition will be heard before the High Court of Wellington
on October 1, 2007, at 10:00 a.m.

The CIR's solicitor is:

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


TYLOS GROUP: Court to Hear Wind-Up Petition on October 4
--------------------------------------------------------
A petition to have the operations of Tylos Group Ltd. wound up
will be heard before the High Court of Auckland on October 4,
2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
June 29, 2007.

The CIR's solicitor is:

         Simon John Eisdell Moore
         Meredith Connell
         Forsyth Barr Tower, Level 17
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand
         Telephone:(09) 336 7556)


VALUE VEHICLES: Court Enters Wind-Up Order
------------------------------------------
On September 5, 2007, the High Court at Invercargill entered an
order directing the wind up of Value Vehicles Southland (2003)
Ltd.'s operations.

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

The Liquidators can be reached at:

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


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

BANCO DE ORO-EPCI: Has US$35-Mil. Collateralized Debt in the US
---------------------------------------------------------------
Banco de Oro-Equitable PCI has a collaterized debt obligation of
US$35 million in the United States, but economists say it will
not have a major effect on the banking system, ABS-CBN News
reports.

BDO-EPCI, along with the Metropolitan Bank & Trust Co. and the
Rizal Commercial Banking Corp., make up a total exposure in CDOs
of US$175 million, ABS-CBN relates, citing Sunlife Financial's
chief investment officer, Michael Manuel, revealed in an
economic and political briefing by the Ateneo Center for
Economic Research and Development.

Metrobank has an exposure of US$80 million, while RCBC has
US$60 million, the article reveals.

According to Bangko Sentral ng Pilipinas Governor Amando M.
Tetangco, a handful of banks have CDO exposures but are not in a
critical situation.

                          *     *     *

Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007 that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BANGKO SENTRAL: Excludes Equity Securities as Equity Investments
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas has ruled that shares of stocks
acquired from loan settlements as well as underwritten equity
securities that are held by banks are not considered equity
investments under new accounting standards, BusinessWorld
reports.

According to the report, the BSP based its decision on Circular
581 dated September 14, which state that underwritten equity
securities under the available-for-sale category of banks'
balance sheets do not count as equity investments.  The circular
also banks' shares of stocks that are acquired as payment to
settle loans of allied and non-allied businesses are not part of
equity shares as well.  However, banks' acquisition of these
shares is subject to the Monetary Board's approval, the circular
added.  The circular also required banks to dispose of these
shares within five years since acquisition are subject.

An unnamed central bank official told the BusinessWorld that the
ruling was to "[align] the accounting treatment of equity
shares.  [Banks] have to dispose of it because it was not
intended for investment."

The banking sector has mixed reactions on the directive, the
report said.  China Banking Corp.'s treasurer Antonio Espedido
said that the requirement to dispose of shares of stocks in five
years "limits banks' investments in other non-banks
undertakings."   However, Rizal Banking Corp.'s senior vice
president Marcelo E. Ayes said that the director allowed for
flexibility in using available-for-sale equity and also reduces
volatility.

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

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

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

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


BANGKO SENTRAL: Says Debt Obligations in US Won't Affect Banking
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas is confident that despite a
US$175-million combined collateralized debt obligations in the
United States held by three banks, the impact on the Philippine
banking system is minimal, ABS-CBN News reports.

According to the article, Sunlife Financial's chief investment
officer, Michael Manuel, revealed that these three banks during
an economic and political briefing by the Ateneo Center for
Economic Research and Development are Metropolitan Bank & Trust
Co., Rizal Commercial Banking Corp., and Banco de Oro-Equitable
PCI Bank.

Metrobank has an exposure of US$80 million, BDO-EPCI has
US$35 million and RCBC has US$60 million, Mr. Manuel said.

CDOs are a type of security backed by assets such as bonds,
loans and other assets with different maturities and credit
risks that serves as an important funding vehicle for portfolio
investments in assets like subprime mortgages.

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

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

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

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


CHIQUITA BRANDS: Expands License & Supply Accord with Landec
------------------------------------------------------------
Landec Corporation's food subsidiary, Apio, Inc., has expanded
its joint technology license and supply agreement with Chiquita
Brands International Inc., initially entered into in September
2004, providing Chiquita use of Landec's patented BreatheWay(R)
packaging technology for Chiquita bananas.  The expanded
agreement includes additional exclusive fields for bananas.
Further, as part of this agreement, Landec and Chiquita have
entered into a new exclusive license using Landec's BreatheWay
packaging technology for avocados.

"This expanded agreement covers additional exclusive fields for
bananas which are strategically important to Chiquita, and new
applications for packaging and selling avocados, resulting in
expanded market opportunities for both Chiquita and Landec's
BreatheWay packaging technology.  Under this agreement, in
exchange for expanding the exclusive license fields for bananas
and adding an exclusive license for avocados, the minimum gross
profit amounts to Landec from the purchase of BreatheWay
packaging by Chiquita will increase a total of US$2.1 million
over Landec's next two fiscal years to US$2.9 million in fiscal
year 2008 and to US$2.2 million in fiscal year 2009.  Both
Landec and Chiquita currently expect that the purchases of
BreatheWay packaging by Chiquita in Landec's fiscal year 2009
will exceed the minimum purchase level of US$2.2 million and
will continue to increase appreciably in subsequent years,"
stated Gary Steele, Landec's Chairman and Chief Executive
Officer.  "We are pleased that Chiquita recognizes the unique
properties of Landec's Intelimer(R) BreatheWay packaging
technology with plans to use our packaging technology as a key
enabler in their strategy to bring innovative, value-added
products to market."

"Landec's BreatheWay technology has enabled us to deliver
significantly longer shelf life to expand distribution and meet
consumers' needs for perfectly ripe Chiquita bananas all the
time, with popular products such as single Chiquita to Go(TM)
bananas," said Bob Kistinger, president and chief operating
officer, Chiquita Fresh Group.  "We're excited to expand our
relationship with Landec for bananas and obtain an exclusive
license to Landec technology for avocados. BreatheWay technology
will allow us to offer high-quality, ripe-and-ready avocados
with extended shelf life, which fits our strategy to deliver
innovative, higher-margin products that meet the needs of
customers and consumers for fresh, healthy, convenient foods."

Under the expanded long-term agreement, Landec will continue to
supply Chiquita with its proprietary BreatheWay packaging
technology for the ripening, conservation and shelf-life
extension of bananas, and now avocados, on a worldwide basis and
for certain applications on an exclusive basis.  In addition,
Landec will provide Chiquita with ongoing research and
development, process technology support for the BreatheWay
membranes and packages, and technical service support throughout
the customer chain in order to assist in the development and
market acceptance of the technology.

For its part, Chiquita will provide marketing, distribution and
retail sales support for Chiquita bananas and avocados sold
worldwide in BreatheWay packaging.  To maintain the exclusive
license, Chiquita must meet new increased minimum purchase
thresholds of BreatheWay packages starting in Landec's current
fiscal year.

Mr. Steele commented, "This is an important milestone for both
Landec and Chiquita to continue to advance and take advantage of
our joint progress and momentum in building and delivering
unique value-added products where we extend shelf life and
deliver higher quality products to the consumer.  We believe
Chiquita has the best-recognized brand worldwide for fresh fruit
combined with exceptional technical, logistics, sourcing and
marketing capabilities.  We have worked well together as
partners since 2004 and it was a logical step for us to expand
our relationship."

"This agreement is consistent with our stated goals for fiscal
year 2008 and beyond to expand the use of our proprietary
technology for perishable fruit applications," Mr. Steele said.
"Landec and Chiquita have invested considerable efforts over the
past three years in developing a variety of proprietary
packaging products to extend the shelf life of bananas, and we
are jointly developing BreatheWay packaging for avocado products
as Landec's first fruit application beyond bananas."

Landec's patented BreatheWay food packaging technology regulates
the levels of oxygen and carbon dioxide within a package to
maintain the optimum atmosphere in order to extend the shelf
life of produce.  The versatility of the BreatheWay food
packaging technology extends the shelf life of fresh-cut
vegetables up to 17-20 days and extends the shelf life of
bananas by 7 days.

                     About Landec Corp.

Landec Corporation (Nasdaq: LNDC) -- http://www.landec.com/--
designs, develops, manufactures and sells temperature-activated
and other specialty polymer products for a variety of food,
agricultural and licensed partner applications. Landec's
temperature-activated polymer products are based on its
proprietary Intelimer polymers, which differ from other polymers
in that they can be customized to abruptly change their physical
characteristics when heated or cooled through a pre-set
temperature switch.

                     About Chiquita Brands

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

                          *     *     *

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

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


METROPOLITAN BANK: Has US$80MM Collaterized Debt Obligation
-----------------------------------------------------------
Metropolitan Bank & Trust Co. has a collaterized debt obligation
of US$80 million in the United States, but economists say it
will not have a major effect on the banking system, ABS-CBN News
reports.

Metrobank, along with the Rizal Commercial Banking Corp. and
Banco de Oro-Equitable PCI, make up a total exposure in CDOs of
US$175 million, Sunlife Financial's chief investment officer,
Michael Manuel, revealed in an economic and political briefing
by the Ateneo Center for Economic Research and Development.

RCBC has an exposure of US$60 million, while BDO-EPCI has
US$35 million, the article reveals.

According to Bangko Sentral ng Pilipinas Governor Amando M.
Tetangco, a handful of banks have CDO exposures but are not in a
critical situation.

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

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

                        *     *     *

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

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

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

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

   * Short-term rating 'B,'

   * Support rating '3.

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


RIZAL COMMERCIAL: Has $60MM Collaterized Debt Obligation in US
--------------------------------------------------------------
The Rizal Commericial Banking Corp. has a collaterized debt
obligation of US$60 million in the United States, but economists
say it will not have a major effect on the banking system, ABS-
CBN News reports.

RCBC, along with the Metropolitan Bank & Trust Co. and Banco de
Oro-Equitable PCI, make up a total exposure in CDOs of
US$175 million, ABS-CBN relates, citing Sunlife Financial's
chief investment officer, Michael Manuel, revealed in an
economic and political briefing by the Ateneo Center for
Economic Research and Development.

Metrobank has an exposure of US$80 million, while BDO-EPCI has
US$35 million, the article reveals.

According to Bangko Sentral ng Pilipinas governor Amando M.
Tetangco, a handful of banks have CDO exposures but are not in a
critical situation.

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.


WENDY'S INTERNATIONAL: Fidelity Joins Three Others in Bidding
-------------------------------------------------------------
Fidelity National Financial, Thomas H. Lee Partners LP, Oaktree
Capital Management LP, and Ares Management joined to make a bid
for Wendy's International Inc., The Wall Street Journal
reports, citing a person familiar with the matter.

It is not clear how much the Fidelity group has bid, WSJ
relates.

After Triarc Cos., more than a dozen parties have signed
confidentiality agreements and expressed interest in
participating in the sale process
for Wendy's, another WSJ source said.

As reported in the Troubled Company Reporter on Aug. 1, 2007,
Triarc chairman Nelson Peltz sent a letter asking the Wendy's
special committee working on the sale to consider his company's
purchase offer.  In his letter, Mr. Peltz dislosed that Triarc's
offer could range from $37.00 to $41.00 per share, which could
increase further depending on due diligence results.

Mr. Peltz also noted that Triarc, as a natural, strategic buyer
for Wendy's, should be encouraged to participate in the sale
process.

            Franchisees Want Say in Sale Proceedings

Wendy's franchisees have asked that they be included in talks
regarding the sale of the company, Bloomberg reported.

Bloomberg said that in a letter to the company signed by
representatives of more than 1,100 restaurants, the franchisees
asked to be included in discussions and said that ignoring them
could result in "a very public renunciation."

In response, Bloomberg added, Chairman James Pickett said that
although the franchisees are entitled to their opinions, the
idea that the company is not concerned with them is
"disappointing."

As of July 1, Wendy's had 4,661 franchisee-owned restaurants and
1,297 company-owned locations, Bloomberg said.

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


* Bangko Sentral Sees 2.1%-2.8% Average Inflation for September
---------------------------------------------------------------
The Philippines' average inflation rate is expected to be at
2.1%-2.8% this month as the peso remains firm and domestic
prices remain broadly stable, the Bangko Sentral ng Pilipinas
told the Philippine Daily Inquirer.

According to BSP governor Amando M. Tetangco Jr., they have
noted increases in price of major commodities but the price of
other fresh food items have offset them, supported by the firm
peso.  "Overall, the inflation environment continues to be
favorable," Mr. Tetangco said.

The nationwide inflation rate would remain broadly benign, Mr.
Tetangco said.  He also expressed confidence that there would be
surges in liquidity from the shift in foreign exchange rate.

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

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

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

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


* World Bank Lists RP Among Worst Countries for Businesses
----------------------------------------------------------
A world bank survey has found the Philippines to be among the
worst countries to do business in the world, ranking it at the
133rd place, the Daily Tribune reports.

This marks a 3-spot slip as the Philippines ranked 130 last
year, the article relates.  As a result, the World Bank advised
President Gloria Macapagal Arroyo to step up reforms aimed to
ease business transactions and attract more investors.

According to the Tribune, the Philippines fell in almost all
categories of the World Bank's survey.  It fell to 144th in
terms of starting a business from last year's 135, fell from
75th place to 75th place in dealing with licenses, among others.

Jesse Ang, the International Finance Corp.'s acting country
manager, said in a statement that the survey was meant to show
policy-makes the areas that needed to be reformed.  "In the
Philippines' case, the challenges have been identified and
reforms are starting to be implemented," Mr. Ang said. "Through
more strategic and focused implementation, the Philippines can
quickly lower the cost of doing business and attract more
private sector capital."

Hastening reforms will allow the country to raise its investment
to 20% of its gross domestic product from the current 15%, WB's
acting country director Maryse Gautier said.  Ms. Gautier cited
the importance of raising investment, since not only will it
sustain growth, but will generate more jobs to get more
Filipinos out of poverty.

                          *     *     *

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

AGRI INTERNATIONAL: S&P Assigns 'B-' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services, on Sept. 26, 2007, assigned
its 'B-' corporate credit rating on Agri International Resources
Pte. Ltd.  The outlook is stable.  At the same time, Standard &
Poor's assigned its 'B-' rating to the US$150  million long-term
senior secured bonds, issued by AI Finance B.V., a special
purpose financing vehicle wholly owned by Agri International.

Agri International, a Singapore private company, operates palm
oil plantations in Indonesia through its subsidiary, Agri
Resources B.V. Agri Resources is 20% owned by PT Bakrie Sumatera
Plantations Tbk.  (BSP; B/Stable/--).

"The ratings on Agri International reflect the company's low
capital expenditures and working capital requirements, favorable
industry outlook, and management support from BSP," said
Standard & Poor's credit analyst Yasmin Wirjawan.  "The ratings
also reflect Agri International's highly leveraged position,
high customer risk, and exposure to earnings volatility."

Agri International's near-term liquidity is adequate, supported
by the US$100 million equity participation and US$150 million
debt issuance.  Pro forma cash balance is estimated at about
US$20 million in 2007 with no debt due until 2012.

"The ratings could be lowered if improvements in plantation
yields and output fail to occur, intensifying pressure on
liquidity and resulting in further financial profile
deterioration," Ms. Wirjawan added.  "At this point, we consider
that the possibility of BSP becoming a majority owner in Agri
International may not, in itself, result in an improvement in
the company's outlook or ratings.  Agri International's ratings
are likely to improve if the company's credit protection
measures strengthen, with debt to EBITDA at 3.8x-4.0x on a
sustainable basis.  This may have a positive bearing on Agri
International's ratings if it is accompanied by a significant
improvement in BSP's consolidated financial profile, resulting
in BSP's ratings being raised."


BBR GEOTECHNIC: Pays Third and Final Dividend
---------------------------------------------
BBR Geotechnic (S) Pte Ltd, which is in liquidation, paid its
third and final dividend on September 21, 2007.

The company paid 9% to all admitted ordinary claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Stone Forest Corporate Advisory Pte Ltd
         Member, RSM International
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


BURKILL TECHNOLOGIES: Court to Hear Wind-Up Petition on Oct. 12
---------------------------------------------------------------
The High Court of Singapore will hear on October 12, 2007, at
10:00 a.m., a petition to have the operations of Burkill
Technologies (S) Pte Ltd wound up.

The petition was filed by Globell Chemical Co. Pte Ltd on
August 24, 2007.

Globell Chemical's solicitor is:

         Christopher Bridges
         No. 16 Jalan Kilang Timor
         #03-03 Redhill Forum
         Singapore 159308


RED HAT: Credit Suisse Puts Outperform Rating on Firm's Shares
--------------------------------------------------------------
Credit Suisse analysts have downgraded Red Hat Inc.'s shares to
"neutral" from "outperform," Newratings.com reports.

According to Newratings.com, the target price for Red Hat's
shares was decreased to US$22 from US$27.

The analysts said in a research note that Red Hat continues to
face issues in its transition to a multi-product firm.  Its
JBoss unit's performance wouldn't improve substantially.

The analysts told Newratings.com that Red Hat would report
healthy results for the fiscal second quarter 2007 due to
consistent demand.

Red Hat's potential reorganization of the business model might
hinder its performance, Newratings.com states, citing Credit
Suisse.

                          About Red Hat

Headquartered in Raleigh, N.C., Red Hat Inc. (NYSE: RHT) --
http://www.redhat.com/-- is an open source solutions provider,
with over 50 offices spanning the globe.  CIOs have ranked Red
Hat first for value in Enterprise Software for three consecutive
years in the CIO Insight Magazine Vendor Value study.  Red Hat
provides high-quality, low-cost technology with its operating
system platform, Red Hat Enterprise Linux, together with
applications, management and Services Oriented Architecture
solutions, including the JBoss Enterprise Middleware Suite.  Red
Hat also offers support, training and consulting services to its
customers worldwide.

The company has offices in Singapore, Germany, and Argentina,
among others.

                          *     *     *

Red Hat Inc. still carries Standard & Poor's 'B+' corporate
credit rating last placed on Aug. 21, 2006.  Outlook is Stable.


RED HAT: Earns US$18.2 Million in Second Quarter Ended Aug. 31
--------------------------------------------------------------
Red Hat Inc. disclosed Tuesday financial results for its second
fiscal quarter ended Aug. 31, 2007.

Net income for the quarter was US$18.2 million, compared with
US$16.2 million for the prior quarter and US$11.0 million in the
year ago quarter.  Non-GAAP adjusted net income for the quarter
was US$36.9 million, after adjusting for stock compensation and
tax expense.  This compares to non-GAAP adjusted net income of
US$33.7 million in the prior quarter and US$24.5 million in the
year ago period.

Total revenue for the quarter was US$127.3 million, an increase
of 28.0% from the year ago quarter and 7.0% from the prior
quarter.  Subscription revenue was US$109.2 million, up 29%
year-over-year and 6.0% sequentially.

Non-GAAP operating cash flow totaled US$63.7 million for the
quarter, up 43.0% from the year ago quarter and 22.0%
sequentially.  Total cash, cash equivalents and investments as
of Aug. 31, 2007, were US$1.3 billion.  At quarter end, Red
Hat's total deferred revenue balance was US$377.0 million, an
increase of 33.0% year-over-year and 4.0% sequentially.

"We are pleased to report another solid quarter of strong
revenues.  I am particularly pleased with the steady improvement
in operating margin and operating cash flow.  These performance
improvements come at a time when we are continuing to invest
heavily in our processes and systems as we scale globally,"
stated Charlie Peters, executive vice president and chief
financial officer of Red Hat.  "We continue to see robust demand
for our open source solutions and are encouraged by our market
position."

In addition, Red Hat Inc. disclosed that its Board of Directors
had authorized the continuation of the company's stock and
debenture repurchase program.  Under the program, the company is
authorized to repurchase in aggregate up to US$250 million of
the company's common stock and in aggregate up to US$75 million
of the company's 0.5% Convertible Senior Debentures due 2024.

Repurchased common stock will be available for use in connection
with the company's equity compensation plans and for other
corporate purposes.  Repurchased debentures will be retired and
canceled.  The repurchase program will be funded using the
company's working capital and may be suspended or discontinued
at any time.  Red Hat had approximately 193.9 million shares of
common stock outstanding as of Sept. 21, 2007.

At Aug. 31, 2007, the company's consolidated balance sheet
showed US$1.92 billion in total assets, US$1.02 billion in total
liabilities, and US$898.5 million in total stockholders' equity.

                          About Red Hat

Headquartered in Raleigh, N.C., Red Hat Inc. (NYSE: RHT) --
http://www.redhat.com/-- is an open source solutions provider,
with over 50 offices spanning the globe.  CIOs have ranked Red
Hat first for value in Enterprise Software for three consecutive
years in the CIO Insight Magazine Vendor Value study.  Red Hat
provides high-quality, low-cost technology with its operating
system platform, Red Hat Enterprise Linux, together with
applications, management and Services Oriented Architecture
solutions, including the JBoss Enterprise Middleware Suite.  Red
Hat also offers support, training and consulting services to its
customers worldwide.

The company has offices in Singapore, Germany, and Argentina,
among others.

                          *     *     *

Red Hat Inc. still carries Standard & Poor's 'B+' corporate
credit rating last placed on Aug. 21, 2006.  Outlook is Stable.


RED HAT: RBC Capital Puts Sector Performing Rating on Shares
------------------------------------------------------------
RBC Capital Markets analysts have assigned a "sector perform"
rating on Red Hat Inc.'s shares, Newratings.com reports.

Newratings.com relates that the target price for Red Hat's
shares was set at US$22.

The analysts said in a research note that Red Hat's value
proposition and go-to-market model support:

          -- strong revenue growth,
          -- profit margins, and
          -- cash flow generation.

Red Hat would have to continue taking initiatives to fight off
competition from existing and emerging software and system open
source solutions and services vendors, the analysts told
Newratings.com.

Red Hat reiterated its revenue, operating margin and non-GAAP
EPS guidance for next year at up to US$$520 million, up to 22%
and up to US$0.72, respectively, Newratings.com states.

Headquartered in Raleigh, North Carolina Red Hat, Inc.
--http://www.redhat.com/-- is an open source and Linux
provider.  Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                          *     *     *

Red Hat Inc. still carries Standard & Poor's 'B+' corporate
credit rating last placed on Aug. 21, 2006.  Outlook is Stable.


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

THAI PROPERTY: Chalearmchone Boobphakhum Leaves Post as Director
----------------------------------------------------------------
Chalearmchone Boobphakhum is resigning as director of Thai
Property PCL effective October 1.

Mr. Chalearmchone said that he has other additional
responsibilities due to which he would have no time to
participate in the administration of TPROP.

The company has not yet named a replacement for
Mr. Chalearmchone.

Thai Property Public Company Limited was formerly known as
Rattana Real Estate Public Company Limited.  The company
develops real estate for sale and rental including residential,
commercial, and office buildings.

                      Going Concern Doubt

After reviewing the company's financial statements for the first
quarter of 2007, Narong Puntawong at Ernst & Young Office Ltd.
raised doubt on the company's ability to continue as a going
concern.  Mr. Narong pointed out the uncertainty in the ability
of the company's new investor, Great China Millennium (Thailand)
Co. Ltd., to repay to the Company the overdue remuneration of
THB291 million under the reciprocal agreement.  Mr. Narong also
drew attention to the new investor's late progress with
construction, which may affect the real estate development
project for sales of the Company.

The company currently carries the Stock Exchange of Thailand's
SP sign for suspension of trading due to its inability to timely
submit its financial statements for the second quarter of 2007.


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



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

AUSTRALIA

Advance Healthcare Group Ltd      AHG      13.59      -12.40
Allstate Explora                  ALX      12.65      -51.62
Austar United Communications
   Limited                        AUN     411.16      -43.72
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39
UnderCoverWear Limited            UCW      28.92      -16.07


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial
   Bldg (Group) Co                672      24.47       -2.40
Bao Long Orienta               600988      15.58      -11.10
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.60
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.             121     316.12       -8.92
China Liaoning International
   Cooperation (Group) Ltd        638      20.46      -41.20
Chinese.Com Logi                  805      13.75      -32.30
Chongqing Int'l Enterprise
   Investment Co               000736      19.88      -15.70
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.90
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group
   Co., Ltd.                      529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.60
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.39
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.00
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.70
Hisense Kelon Electrical
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                   600225      52.77      -42.00
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -78.92
Hunan Hengyang                 600762      61.08      -44.00
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiaozuo Xin'an-a                  719      56.77       -6.52
Junefield Department
   Store Group Limited            758      16.80       -6.34
Lan Bao Technology
   Information Co.,Ltd            631     110.09      -78.90
Loulan Holdings Limited          8039      13.01       -1.04
Mianyang Gao Xin Industrial
   Dev (Group)                 600139      23.90      -15.70
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     253.00      -25.00
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry
   Stock Co.,Ltd               600381      55.58      -55.00
Regal Real Estate
   Investment Trust              1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
   & Chem                      000403     218.51       -3.48
Shanghai Xingye Housing
   Co.,Ltd.                    600603      16.23      -49.40
Shanghai Worldbest
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      34.21     -239.00
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -138.00
Shenzhen Kondarl (Group)
   Co., Ltd.                   000048     112.05     -16.00
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92     -53.40
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Direct-A                  757     143.71      -94.30
Sichuan Langsha Holding Ltd.   600137      13.82      -62.10
Stellar Megaunion Corporation  000892      54.33     -152.00
Success Information Industry
   Group Co.                      517      77.23      -17.80
Suntek Technology Co., Ltd     600728      49.03      -14.70
Suntime International
   Economic Trading            600084     359.49      -47.93
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.50
The First Investment &
   Merchant Co,, Ltd           600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.40
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.20
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.30


INDIA

Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.30
Core Healthcare Ltd.             CPAR     214.36     -150.72
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Ltd                 DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      55.15      -30.60
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.00
Gujarat State Fi                  GSF     153.48     -157.00
Himachal Futuris                 HMFC     574.62      -38.70
HMT Limited                       HMT     238.05     -288.85
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson & Nic Ltd                   JN      15.41       77.32
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Phil Corporation                NPPII      22.13       -4.96
RPG Cables Ltdd                  NRPG      51.43      -20.20
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.40
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd                 SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     619.95     -111.52
UB Engineeering                   UBE      47.78       -2.77
Uniflex Cables                    UFC      17.22       -5.04


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.80
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.40


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
NIWS Co., HQ Ltd.                2731     541.08      -33.00
Orient Corporation               8585   37956.19    -1109.02
Tasco System Co., Ltd            2709      48.45      -14.10
Trustex Holdings, Inc.           9374     102.84       -7.82


KOREA

DaiShin Information &
   Communication Co.            20180     740.50     -158.00
Dong Yang Gang                   1780     108.79       -9.80
E-Rae Electronics Industry
   Co., Ltd                     45310      43.30      -10.50
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.30
Everex Inc                      47600      23.15       -5.10
Hyundai IT Corp.                48410     137.08      -48.10
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Korea Cement Co., Ltd.           3660     145.94      -15.80
Oricom Inc.                     10470      82.65      -40.04
Rocket Electric Co., Ltd.         420      77.37       -4.76
Seji Co., Ltd                   53330      37.25       -0.31
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45


MALAYSIA

Boustead Heavy Industries
   Corp. Bhd                     BHIC      57.34     -152.51
FED Furniture                    FFHB      38.27       -5.11
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     189.92      -50.36
Paxelent Corp                    PAXE      13.16       -4.51
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.47      -69.79
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.10
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.30
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

ADV Systems Auto                  ASA      14.30       -8.54
Compact Metal Industries Ltd.     CMI      47.42      -36.50
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      20.42      -11.65
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.00
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.10
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.00
Thai-Denmark PCL                DMARK      21.37      -18.90
Thai-Wah PCL                      TWC      91.56      -41.24





                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***