TCRAP_Public/071001.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

            Monday, October 1, 2007, Vol. 10, No. 194

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Court Approves Joint Disclosure Statement
BROOKDALE PTY: Members Resolve to Liquidate Business
CARMEN PTY: Taps Lopez, Verge and Huxtable as Liquidators
CHRYSLER LLC: UAW-GM Deal Prompts S&P To Watch Credit Ratings
DAVIS POULTRY: Workers Lose Jobs After Commencing Liquidation

EDGEMERE PTY: Shareholders Agree on Voluntary Liquidation
EVANS & TATE: Suppliers Sign Contracts with Other Firms
G.A.V. HOLDINGS: To Declare Priority Dividend on Oct.5
GENERAL CABLE: Moody's Puts B1 Rating on US$400MM Proposed Notes
GENERAL CABLE: S&P Puts B+ Rating on US$400-Mln Senior Notes

LEISURE CONCEPTS: Appoints Mark Pearce as Liquidator
M R G CONTRACTING: Placed Under Voluntary Liquidation
OXFORD YACHTS: To Declare First and Final Dividend on Oct. 16
POLAUS NOMINEES: Sets Final Meeting for October 11
SOLARIS CONSULTING: Liquidator to Give Wind-Up Report on Oct. 10

THIRSTY TOWELS: Members and Creditors to Meet on October 4


C H I N A   &   H O N G  K O N G

CHINA EASTERN: Cathay Says It Has No Further Plans to Buy Stakes
DAIWA SECURITIES: Member to Receive Wind-Up Report on Oct. 22
EAST WEST: Placed Under Voluntary Liquidation
FERRO CORP: Commissions New Plant in Castellon, Spain
KING DRAGON: Court Sets Wind-Up Hearing for Nov. 7

LITAK SHIPPING: Members to Hold General Meeting on October 23
SANMINA-SCI: S&P Changes Outlook; Affirms Low B Debt Ratings
SEMAX INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 3
SKY CAPITAL: Appoints Leung Seh Wing as Liquidator
SUMITOK-SUPER: Requires Creditors to File Claims by October 22

SUNNILAND LIMITED: Creditors' Proofs of Debt Due on October 18
TCL MULTIMEDIA: Buys Asic Micro for CNY25 Million
TITAN PETROCHEMICALS: Unit Sells Oil Carrier for US$91 Million
VICTORIA INTERNATIONAL: Faces Tang Wei Tik's Wind-Up Petition
WELLY PROFIT: Court to Hear Wind-Up Petition on Nov. 14

XINHUA FINANCE: Yucaipa Investment Seen as Positive Note for Mgt


I N D I A

BALLARPUR INDUSTRIES: To Consider BILT Scheme on Oct. 19
BHARTI AIRTEL: Shareholders to Consider ESOP Amendments
CANARA BANK: Closes Sale of 49% Stake in CIMS to Robeco Groep
FERTILISERS & CHEMICALS: Kerala Gov't. May Take Over Firm
GENERAL MOTORS: Fitch Affirms & Removes IDR & Debt Ratings

RYERSON INC: S&P Affirms B+ Corporate Credit Rating


I N D O N E S I A

ALCATEL-LUCENT: Elizabeth Hackenson Joins LGS Board of Directors
BANK MANDIRI: To Upgrade Representative Office in China
FREEPORT-MCMORAN: Strong Earnings Cue Moody's to Revise Outlook
GARUDA INDONESIA: Sees Rising Demand; Ups Seating Capacity
GOODYEAR TIRE: Brazilian Unit Working at Full Capacity

HILTON HOTELS: Gets Requisite Consents to Amend Debt Indentures
HILTON HOTELS: Plans Strategic Development Deal with Belgravia
INDOSAT: May Beat 2007 Customer Target of 16.7 Million
MEDCO ENERGI: Unit Names L. Dale Wooddy III as New President


J A P A N

FORD MOTOR: UAW-GM Deal Spurs S&P to Watch Credit Ratings
IHI CORP: Says H1 Loss May Broaden to JPY50-JPY66 Billion
INTERNATIONAL RECTIFIER: Okays License Pact for DirectFET(R)
MITSUBISHI MOTORS: Revises 1st Half Results for Fiscal Year 2007
NOVA CORP: Labor Union Files Request for Salary Payout

UDMAC-J1: S&P Assigns BB Ratings to Class F & G Trust Certs


K O R E A

ACTUANT CORP: Earns US$31.4 Million in 4th Quarter Ended Aug. 31
DURA AUTOMOTIVE: Disclosure Statement Hearing Adjourned
NACF: To Lend US$180MM to Kohlberg for First Data Acquisition
MAGNA INT'L: Holders Tender 11,908,944 Class A Sub Voting Shares


M A L A Y S I A

FOAMEX INT'L: Selling Carpet Cushion Facilities for US$10 Mil.
MEGAN MEDIA: Posts 2007 First Quarter Net Loss of MYR67.19 Mil.
MP TECHNOLOGY: Inks Agreement to Acquire Cosmopoint
SUREMAX GROUP: Financial Results Disparity Cues Public Reprimand
SHAW GROUP: Bags Engineering Services Contract with FirstEnergy

SOLUTIA INC: Poised to Emerge After Chapter 11 Settlement
* Malaysian Banks' Profitability Improves in H107, Fitch Says


N E W  Z E A L A N D

ARTMOUNT NEW ZEALAND: Shareholders Resolve to Wind Up Operations
COMMUNITY MANAGEMENT: Names Raymond Gordon Burgess as Liquidator
COMMUNITY TAVERNS: Accepting Proofs of Debt Until October 8
CRS TECHNOLOGY: Appoints Shephard and Dunphy as Liquidators
GAYHURST PROPERTY: Court Sets Wind-Up Petition Hearing on Oct. 1

PETER VILE: High Court to Hear Wind-Up Petition on October 4
PLUMB DIRECT: Fixes October 1 as Last Day to File Claims
PUYSEGUR POINT: Taps Nellies and Jenkins as Liquidators
RARE HOLDINGS: Creditors' Proofs of Debt Due on October 12
STEWART ISLAND: Court Sets Wind-Up Hearing for Oct. 3


P H I L I P P I N E S

BANGKO SENTRAL: New Rules Regarding Derivatives Ready by October
BANK OF PHIL ISLANDS: To Establish New Branches in Spain, Italy
DEV'T BANK: Opens US$50-Mil. Credit Facility to Microfinancer
PHIL LONG DISTANCE: Market Capitalization Reaches US$12 Billion
SAN MIGUEL: Gov't Watches Expansion for Effects on Share Prices

* 2007 GDP Growth Target Can be Attained, Finance Secretary Says


S I N G A P O R E

HOCK HENG: Pays First and Final Dividend
RED HAT: Promotes Mark Cook & Paul Argiry as Vice Presidents
RED HAT: JMP Securities Maintains Market Perform Rating
SCOTTISH RE: Names Terry Eleftheriou as Executive VP & CFO
WISEGUYS FILM: To Pay Dividend on October 12


T H A I L A N D

KRUNG THAI: Allows Shareholders to Propose Agenda for 2008 Meet
PHELPS DODGE: Strong Earnings Cue Moody's to Revise Outlook


V I E T N A M

VIETCOMBANK: To Sell 35% Stake Ahead of Domestic IPO

     - - - - - - - -

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

ADVANCED MARKETING: Court Approves Joint Disclosure Statement
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has approved the Disclosure Statement describing the Joint Plan
of Liquidation filed by Debtors Advanced Marketing Services
Inc., Publishers Group Incorporated and Publishers Group West
Incorporated, along with the Official Committee of Unsecured
Creditors.

At the September 26, 2007 hearing, Judge Sontchi found that the
Disclosure Statement, as amended, contains "adequate
information" as required by Section 1125 of the Bankruptcy Code,
Bloomberg News reported.

Judge Sontchi said at the hearing that creditors whose debt is
not backed by collateral will be paid from US$0.29 to US$0.42,
according to Bloomberg.

Pursuant to the Court-approved Disclosure Statement, the
unsecured creditors, which are owed between US$29,000,000 and
US$36,000,000, and all others who receive only partial payment
of what they are owed, are allowed to vote on the Liquidating
Plan before the Court decides whether it should be confirmed.
In addition, secured creditors, whose debts are guaranteed by
collateral, will be paid in full.  Unsecured creditors of PGW
will be paid in full on debts up to US$11,000,000.

The funds to be used to pay AMS' debts will come from the sale
of most of the Debtor's assets to its competitor, Baker &
Taylor, Inc., according to Bloomberg.

Baker & Taylor agreed in March to buy the AMS assets for
US$20,000,000 in cash, plus an amount to be based on the value
of the AMS debts and book inventory.  Baker & Taylor has paid
US$57,800,000 under its original Asset Purchase Agreement with
AMS.

The Debtors and the Committee also delivered at the September 26
hearing a copy of their Second Amended Plan of Liquidation and
accompanying Disclosure Statement to add specific provisions
with respect to the Reclamation Claims and the 20 Day
Administrative Claims filed against AMS, which are allowed as
Administrative Claims pursuant to Sections 502 and 503 of the
Bankruptcy Code and Rule 9019 of the Federal Rules of Bankruptcy
Procedure.

A blacklined copy of the Second Amended Liquidating Plan is
available for free at http://researcharchives.com/t/s?23c4

A blacklined copy of the Second Amended Disclosure Statement is
available for free at http://researcharchives.com/t/s?23c5

The Second Amended Liquidating Plan provides that each of those
claims may be reduced dollar for dollar for returns of goods up
to a certain current amount reflecting the goods in possession
of the Debtors at or about the time of the report for each
claim.

A schedule of the Reclamation Claims and their approved current
amounts is available at no charge at:

             http://researcharchives.com/t/s?23c6

Judge Sontchi has directed the creditors to submit their votes
on the Plan by November 6.

Creditors whose claims are being objected to are not eligible to
vote unless such objections are resolved in their favor or, the
claims are temporarily allowed by the Court for the purpose of
voting to accept or reject the Plan.

The Plan Proponents believe that the Liquidating Plan is in the
best interests of the creditors and is fair and equitable, and,
accordingly, are encouraging the creditors to vote in favor of
the Plan.

The Court will convene a hearing on November 15 to consider
confirmation of the Plan.

Curtis R. Smith, Chief Executive Officer of AMS, stated in Court
filings that upon entry of the Plan Confirmation Order, the cash
and assets of the Deferred Compensation Trust will be
transferred to Reorganized AMS and will become property of the
AMS estate and avaiable for distribution to holders of Allowed
Unsecured Claims against AMS.  Individuals who contributed to
the Deferred Compensation Plan will be treated as holders of
Unsecured Claims against AMS.

William C. Sinnott of Random House Inc., Chairman of the
Creditors Committee, added that on or before the Plan's
substantial consummation, the Plan Proponents may file with the
Court certain agreements or other documents as may be necessary
or appropriate to effectuate and further evidence the terms and
conditions of the Plan.

                     About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

On Aug. 24, 2007, the Debtors and the Committee filed their
joint Plan and Disclosure Statement, which were twice amended in
September 2006.  The Court approved the Disclosure Statement on
Sept. 26, and scheduled the hearing to consider confirmation of
the Plan on Nov. 15, 2007.  (Advanced Marketing Bankruptcy News,
Issue No. 20; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


BROOKDALE PTY: Members Resolve to Liquidate Business
----------------------------------------------------
During a meeting held on August 23, 2007, the members of
Brookdale Pty Ltd resolved to voluntarily liquidate the
company's business.

Paul Vartelas was appointed as liquidator.

The Liquidator can be reached at:

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

                      About Brookdale Pty

Brookdale Pty Ltd, which is also trading as Nilo Wire Work, is a
distributor of miscellaneous fabricated wire products.  The
company is located at Malaga, in Western Australia, Australia.


CARMEN PTY: Taps Lopez, Verge and Huxtable as Liquidators
---------------------------------------------------------
During a general meeting held on August 23, 2007, the members of
Carmen Pty Ltd agreed to voluntarily wind up the company's
operations.

G. A. Lopez, E. R. Verge and C.A.L. Huxtable were appointed
liquidators.

The Liquidators can be reached at:

         G. A. Lopez
         E. R. Verge
         C.A.L. Huxtable
         c/o Melsom Robson Chartered Accountants
         Unit 44B, Level 1
         Piccadilly Square West
         7 Aberdeen Street
         Perth, Western Australia 6000
         Australia

                        About Carmen Pty

Carmen Pty Ltd, which is also trading as Carmen Jewellers,
operates jewelry stores.  The company is located at Morley, in
Western Australia, Australia.


CHRYSLER LLC: UAW-GM Deal Prompts S&P To Watch Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said today that it placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

"The CreditWatch action reflects today's announcement that
General Motors Corp. (GM) and its main union, the United Auto
Workers (UAW), have reached a tentative new labor contract that
includes an agreement designed to address the massive
postretirement employment benefit obligations (OPEB) associated
with GM's UAW population," said Standard & Poor's credit analyst
Robert Schulz.  For now, there are few details about the
specifics of the health care agreement or other important
aspects of the contract such as wages, job security, and work
rules.

Today's tentative agreement ends the nationwide strike at GM
that began earlier this week. The chances of a prolonged and
widespread strike at GM, Chrysler, or Ford Motor Co. are now
largely averted, although we had always considered such a
scenario unlikely because it would be catastrophic to everyone
involved.  GM's UAW members still need to approve the agreement,
and ratification votes should occur this weekend.

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

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


DAVIS POULTRY: Workers Lose Jobs After Commencing Liquidation
-------------------------------------------------------------
One hundred workers at Davis Poultry have lost their jobs after
creditors placed the company in liquidation, The Advertiser
reports.

According to the report, after administrators were appointed to
oversee the Maryborough poultry plant, they resolved they could
not continue to support it.

The last day of work for most of the 100 staff, states The
Advertiser, was on Friday last week, most of whom are residents
of the Central Goldfield Shire.

However, the Central Goldfield Shire Council and the Maryborough
Chamber of Commerce feel confident that most of the staff will
find new work within the town.  The council claimed that it was
committed to looking for a buyer of the factory, relates The
Advertiser.

Along with this, Kelly McNaught, Maryborough Chamber of Commerce
secretary and employment consultant at Tracy, the Placement
People expressed that there are a lot of projects approved that
are coming into fruition such as Matisse Foods, Kmart and Coles,
where the Davis Poultry workers can apply, notes The Advertiser.

Another option for those who lost their jobs in the poultry
company would have opportunities to participate in the
government's Skill Up program, to be delivered through the
Bendigo Regional Institute of TAFE.

The program, conveys The Advertiser, retains eligible workers in
an effort to have them re-enter the workforce as soon as
possible.


EDGEMERE PTY: Shareholders Agree on Voluntary Liquidation
---------------------------------------------------------
The shareholders of Edgemere Pty Ltd passed on August 17, 2007,
a resolution to have the company's operations wound up.

Paul Saba was appointed as liquidator.

                       About Edgemere Pty

Edgemere Pty Ltd operates investment offices.  The company is
located at Mount Lawley, in Western Australia, Australia.


EVANS & TATE: Suppliers Sign Contracts with Other Firms
-------------------------------------------------------
Evans & Tate Limited grape growers have signed contracts to
supply their fruit into the future, reports ABC.

ABC writes that 12 of the higher-end producers banded together
to negotiate contracts, wherein half of them signed new
contracts with the receiver, McGrath Nicol, to supply grapes to
the group which buys the flagship wine company, while four other
signed contracts elsewhere and two others are expected to
finalize outside contracts within the next few weeks.

The article quotes Mark McAuliffe, representing the growers, as
saying, "We were rather surprised by the strength of the demand.
We were contacted by 19 wineries through the Margaret River
region and the eastern states who are looking to secure supply."

Mike Calneggia from the Wine Shack, representing 12 growers,
says there has been a surprising amount of interest in the
product saying they've had more offers to buy the fruit than
they actually have fruit and added that they are still in
negotiations with a number of people at the moment, notes ABC.

                      About Evans & Tate

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

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

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


G.A.V. HOLDINGS: To Declare Priority Dividend on Oct.5
-------------------------------------------------------
G.A.V. Holdings Pty Ltd, which is in liquidation, will declare
dividend for its priority creditors on October 5, 2007.

Creditors are required to file their proofs of debt by that day
to be included in the company's dividend distribution.

The company's liquidator is:

         Vincent Smith
         c/o Pitcher Partners
         Level 17, 140 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9322 2022
         Facsimile:(08) 9322 1262

                      About G.A.V. Holdings

G.A.V. Holdings Pty Ltd is a distributor of miscellaneous
nonmetallic minerals, except fuels.  The company is located at
Bullsbrook, in Western Australia, Australia.


GENERAL CABLE: Moody's Puts B1 Rating on US$400MM Proposed Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a rating of B1 to the
proposed US$400 million senior unsecured convertible notes of
General Cable Corporation.  Concurrently, Moody's confirmed all
other ratings for this issuer, concluding a review initiated on
Sept. 12, 2007.  Following this rating action, the rating
outlook is stable.

The proceeds of the new US$400 million senior unsecured
convertible notes together with a draw under the company's
asset-based revolver and cash on hand will be utilized to
acquire the capital stock of Phelps Dodge International
Corporation, a division of Phelps Dodge Corporation, from
Freeport-McMoRan Copper & Gold Inc.

Moody's took these rating actions:

Assigned these ratings:

-- US$400 million senior unsecured convertible notes due 2012,
    at B1 (LGD4, 64%)

Confirmed ratings:

-- US$355 million senior unsecured convertible notes due 2013,
    at B1 (to LGD4, 64% from LGD4, 63%)

-- US$125 million senior unsecured floating rate notes due
    2015, B1 (to LGD4, 64% from LGD4, 63%)

-- US$200 million senior unsecured notes due 2017, B1 (to LGD4,
    64% from LGD4, 63%)

-- Corporate Family Rating, at Ba3

-- Probability of Default Rating, at Ba3

-- The outlook is stable.

The assignment of a B1 rating to the proposed senior unsecured
convertible notes and the confirmation of the Corporate Family
Rating at Ba3 continues to reflect the company's moderate
leverage; good interest coverage; low cost operations; leading
market position in the wire & cable industry and highly
diversified end markets and customer base after giving effect to
the acquisition of PDIC. For the year ended Dec. 31, 2006, PDIC
reported revenues of approximately US$1.2 billion and operating
earnings of roughly US$68 million.  The combined entity is
considered to be strongly positioned in the Ba3 rating category.

The stable outlook reflects Moody's expectation that the company
will continue to grow volume, particularly in the electric
utility and electrical infrastructure segments as a result of
strong demand for its products.  Moody's also anticipates that
the company will reduce leverage to pre-acquisition levels well
before the end of 2009.

The ratings could come under upward rating pressure if total
debt to EBITDA fall below 2.5 times on a sustained basis or if
demand for the company's products lead to a sustained level of
free cash flow to total debt in excess of 10%.  Downgrade
pressure could occur if the company incurs major integration
problems with respect to the PDIC acquisition.  The ratings
could also be impaired if total debt to EBITDA increases above
3.7 times or if EBIT to interest expense declines below 2.3
times on a sustained basis.

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


GENERAL CABLE: S&P Puts B+ Rating on US$400-Mln Senior Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to Highland Heights, Ky.-based General
Cable Corp.'s proposed US$400 million offering of senior
convertible notes due 2012.  The rating agency also affirmed the
'BB-' corporate credit rating.  The outlook is stable.

The funds will be used to partially fund the acquisition of the
global wire and cable business of Freeport-McMoRan Copper & Gold
Inc. (which operates as Phelps Dodge International Corp.) for
US$735 million, subject to certain adjustments.

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

The proposed acquisition will contribute approximately US$1.4
billion in revenues at current metal prices and is expected to
be accretive to earnings in the first full year.  Standard &
Poor's estimates that the acquired business generated
approximately US$90 million in EBITDA in 2006, or about 6.4% of
sales.  Pro forma for the increased debt levels used to fund the
acquisition, debt to EBITDA rises somewhat, but is still
moderate for the rating, at less than 3.5.

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


LEISURE CONCEPTS: Appoints Mark Pearce as Liquidator
----------------------------------------------------
On August 22, 2007, the members of Leisure Concepts Pty Ltd
passed a resolution to liquidate the company's business.

The company will also declare its first and final dividend on
October 12, 2007.

Creditors who were not able to file their proofs of debt by the
September 26 due date will be excluded from the company's
dividend distribution.

The Liquidator can be reached at:

         Mark Pearce
         c/o Pearce & Heers Insolvency Accountants
         Suite 3, Level 9
         320 Adelaide Street
         Brisbane, Queensland 4000
         Australia

                     About Leisure Concepts

Leisure Concepts Pty Ltd is a distributor of travel trailers and
campers equipments.  The company is located at Lawnton, in
Queensland, Australia.


M R G CONTRACTING: Placed Under Voluntary Liquidation
-----------------------------------------------------
At an extraordinary general meeting held on August 17, 2007, the
members of M R G Contracting Pty Ltd agreed to voluntarily
liquidate the company's business.

Gess Michael Rambaldi was appointed as liquidator.

The Liquidator can be reached at:

         Gess Michael Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                    About M R G Contracting

M R G Contracting Pty Ltd is involved with highway and street
construction.  The company is located at Noble Park, in
Victoria, Australia.


OXFORD YACHTS: To Declare First and Final Dividend on Oct. 16
---------------------------------------------------------------
Oxford Yachts Pty Ltd, which is in liquidation, will declare its
first and final dividend on October 16, 2007.

Creditors who were not able to file their claims by the Sept. 25
due date will be excluded from the company's dividend
distribution.

The company's liquidator is:

         W. J. Fletcher
         Bentleys MRI Chartered Accountants
         GPO Box 740
         Brisbane, Queensland 4001
         Australia

                       About Oxford Yachts

Oxford Yachts Pty Ltd, which is also trading as Southern
Hemispheare Shipyard, is a distributor of fabricated structural
metal.  The company is located at Morningside, in Queensland,
Australia.


POLAUS NOMINEES: Sets Final Meeting for October 11
--------------------------------------------------
Polaus Nominees Pty Ltd will hold a final meeting for its
members and creditors on October 11, 2007, at 11:00 a.m.

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

                      About Polaus Nominees

Polaus Nominees Pty Ltd, which is also trading as The Fishy
Affair Garden Restaurant, operates eating places.  The company
is located at Northbridge, in Western Australia, Australia.


SOLARIS CONSULTING: Liquidator to Give Wind-Up Report on Oct. 10
----------------------------------------------------------------
A final meeting will be held for the members and creditors of
Solaris Consulting Pty Ltd on October 10, 2007, at 9:30 a.m.

At the meeting, R. A. Sutcliffe, Solaris Consulting's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

The Liquidator can be reached at:

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

                    About Solaris Consulting

Solaris Consulting Pty Ltd is a distributor of durable goods.
The company is located at Bentleigh, in Victoria, Australia.


THIRSTY TOWELS: Members and Creditors to Meet on October 4
----------------------------------------------------------
The members and creditors of Thirsty Towels Pty Ltd will meet on
October 4, 2007, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         A. S. R. Hewitt
         Grant Thornton, Rialto Towers
         South Tower, Level 35
         525 Collins Street,
         Melbourne, Victoria
         Australia

                      About Thirsty Towels

Thirsty Towels Pty Ltd is a distributor of homefurnishings.  The
company is located at Collingwood, in Victoria, Australia.


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

CHINA EASTERN: Cathay Says It Has No Further Plans to Buy Stakes
----------------------------------------------------------------
Cathay Pacific Airways is not considering any further bid for
China Eastern Airlines Corporation, Christopher Pratt, chairman
of both Cathay and Swire Pacific, told Reuters.

As reported by the Troubled Company Reporter-Asia Pacific in
late September, Cathay Pacific and the China National Aviation
Holding Company, parent of Air China, entered the picture
recently when it disclosed plans to acquire China Eastern shares
but withdrew the plan.

Cathay's foiled investment was seen by some analysts as an
attempt to counterbid or delay Singapore Air's planned
acquisition in China Eastern, various sources said.

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

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

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


DAIWA SECURITIES: Member to Receive Wind-Up Report on Oct. 22
-------------------------------------------------------------
The sole member of Daiwa Securities SMBC (Asia) Limited will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on October 22, 2007, at
10:00 a.m.

The company's liquidator is:

         Thomas Andrew Corkhill
         c/o Gloucester Tower, 8th Floor
         The Landmark, 15 Queen's Road Central
         Hong Kong


EAST WEST: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on September 14, 2007,
the members of East West Intellectual Property Limited resolved
to voluntarily liquidate the company's business.

Lam Kwai Ming and Chang Lai Ying were appointed as liquidators.

The Liquidators can be reached at:

         Lam Kwai Ming
         Chang Lai Ying
         Island Place Tower, Suites 2205-06
         510 King's Road, North Point
         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 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.


KING DRAGON: Court Sets Wind-Up Hearing for Nov. 7
--------------------------------------------------
A petition to have the operations of King Dragon Building
Limited will be heard before the High Court of Hong Kong on
November 7, 2007, at 9:30 a.m.

Wong Tsz Ho filed the petition on August 29, 2007.


LITAK SHIPPING: Members to Hold General Meeting on October 23
-------------------------------------------------------------
The members of Litak Shipping Company Limited will hold their
final general meeting on October 23, 2007, at 10:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The meeting will be held at 905 Silvercord, Tower 2, 30 Canton
Road, Tsimshatsui, in Kowloon, 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.


SEMAX INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 3
-------------------------------------------------------------
The High Court of Hong Kong will hear on October 3, 2007, at
9:30 a.m., a petition to have the operations of Semax
International Limited wound up.

The petition was filed by Mohammad Masood on July 25, 2007.


SKY CAPITAL: Appoints Leung Seh Wing as Liquidator
--------------------------------------------------
At an extraordinary general meeting held on September 11, 2007,
the members of Sky Capital International Limited appointed Leung
Seh Wing as liquidator.

The Liquidator can be reached at:

         Leung Seh Wing
         Gold & Silver Commercial Building, 8th Floor
         12-18 Mercer Street, Central
         Hong Kong


SUMITOK-SUPER: Requires Creditors to File Claims by October 22
--------------------------------------------------------------
The creditors of Sumitok-Super High-Tech (H.K.) Company Limited
are required to file their proofs of debt by October 22, 2007,
to be included in the company's dividend distribution.

The company went into liquidation on September 17, 2007.

The company's liquidators are:

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


SUNNILAND LIMITED: Creditors' Proofs of Debt Due on October 18
--------------------------------------------------------------
On September 13, 2007, the sole member of Sunniland passed a
resolution to liquidate the business of Sunniland Limited.

Creditors who can file their claims by October 18, 2007, can
share in the company's dividend distribution.

The company's liquidators are:

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


TCL MULTIMEDIA: Buys Asic Micro for CNY25 Million
-------------------------------------------------
TCL Multimedia Technology Holdings Limited agreed to buy the
entire stake in Asic Microelectronics from the controlling
shareholders for a total consideration of CNY25 million
(US$25.75 million), Infocast News reports.

According to Infocast, Asic Microelectronics has been engaged in
design and development of various integrated circuits (mainly
for remote controls) and provision of integrated circuits
related technical supports.


Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

On Aug. 31, 2006, the Troubled Company Reporter-Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP report recounted that in 2004, TCL acquired the TV
unit of French electronics firm Thomson, which uses the Thomson
brand in Europe and RCA in North America.  TCL grouped all its
TV businesses under TMT.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007, in France after it failed to settle
a number of outstanding liabilities.


TITAN PETROCHEMICALS: Unit Sells Oil Carrier for US$91 Million
--------------------------------------------------------------
Titan Petrochemicals' unit, Titan Virgo Co., has agreed to sell
a double-hulled 'very large crude oil carrier' with a dead
weight of 299,993 tons for US$91 million, Infocast News reports.

The company said that the disposal enables it to realize value
in the vessel and strengthen the cash flow of it which will be
available for deployment for its benefit, the news agency adds.

After the sale, Titan's transportation division will operate
seven very large crude carriers, and its fleet capacity
excluding the four VLCCs being used as floating storage, will
become approximately 2.13 million dwt.


Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.

Moody's Investors Service has downgraded the corporate family
rating of Titan Petrochemical Group Ltd ("Titan") from B1 to B2.
At the same time, Titan's unsecured bond rating is also lowered
to B3.  The outlook for both ratings is stable.

Standard & Poor's Ratings Services on Sept. 4, 2007, revised the
outlook on the rating on Titan Petrochemicals Group Ltd. To
negative from stable.  At the same time, it affirmed both the
'B+' long-term corporate credit rating on Titan and the  'B'
issue rating on the company's US$400 million guaranteed senior
unsecured notes due 2012.


VICTORIA INTERNATIONAL: Faces Tang Wei Tik's Wind-Up Petition
-------------------------------------------------------------
On August 20, 2007, Tang Wai Tik filed a petition to have the
operations of Victoria International Travel Co. Limited wound
up.

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


WELLY PROFIT: Court to Hear Wind-Up Petition on Nov. 14
-------------------------------------------------------
The High Court of Welly Profit Limited will hear on November 14,
2007, at 9:30 a.m., a petition to have the operations of Welly
Profit Limited wound up.

The petition was filed by Shum Chung Yuen on September 3, 2007.


XINHUA FINANCE: Yucaipa Investment Seen as Positive Note for Mgt
----------------------------------------------------------------
A planned investment from The Yucaipa Companies in Xinhua
Finance Ltd has boosted the Chinese firm's stock and is seen by
investors as a vote of confidence to its embattled management
and Chief Executive Officer Loretta Fredy Bush, the Wall Street
Journal reports.

According to the report, in recent months, Ms. Bush has tried to
deflect allegations of self-dealing and links with
businesspeople with checkered pasts.  Company shares had plunged
to record lows, and Ms. Bush had been hit with investor lawsuits
and staff defections.

On September 28, 2007, the Troubled Company Reporter-Asia
Pacific reported that The Yucaipa Companies 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.

With the announcement, Xinhua Finance Media's American
depositary receipts rose 90 cents, or 11%, to US$8.78 at 4 p.m.
Nasdaq Stock Market composite trading on Friday, Sept. 28.  That
followed a 50% increase in the stock in the four prior days.
The shares remain below the company's March offering price of
US$13, however, WSJ relates.  The size, scope and timing of
Yucaipa's investment weren't clear, and it appeared that money
will flow to selling shareholders rather than to the company.

Meanwhile, the appointment of Mr. Olson, a Yucaipa partner, as
an independent director would strengthen Xinhua Finance
corporate governance, The Journal says.  Yucaipa, which is run
by Los Angeles billionaire Ronald Burkle, counts former
President Clinton as a partner.  A Yucaipa spokesman declined to
comment. The recent decline in Xinhua Finance's shares offers
Yucaipa exposure to China, a hot investment theme, at a lower
price than just a few months ago.


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
=========

BALLARPUR INDUSTRIES: To Consider BILT Scheme on Oct. 19
--------------------------------------------------------
Ballarpur Industries Ltd will hold separate meetings for its
equity shareholders and creditors on Oct. 19, 2007, to consider
approving a scheme of arrangement and reorganization with BILT
Graphic Paper Products Ltd.

The meeting is pursuant to the order made by the Honorable High
Court of Judicature at Bombay, Nagpur Bench.

As a part of the restructuring plan, it would be mandatory for
the investors to sell 40% of their holdings back to the company
at a price of INR125 per share, Moneycontrol.com relates.

According the Moneycontrol.com, the announcement of the
financial restructuring plan and stock buy-back plan, the
company's stock has appreciated by almost 20%.

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

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

BILT is currently restructuring its business.  According to
Moneycontrol, under the restructure, BILT is transferring its
three units to its subsidiary BPH for a cash consideration of
INR19.5 billion.  It will utilize INR9.4 billion for compulsory
buy-back of shares and INR10.1 billion for repaying debt.
Before the buy-back, share capital of BILT will be split into
'5' shares of face value of INR2 each from the current face
value of INR10.  BPH (Netherland) is a 80% owned subsidiary of
BILT, while balance 20% is held by JP Morgan.  BPH already holds
Sabah Forest Industries.  BILT is transferring three units under
BPH, which in turn will raise funds in the form of debt &
private equity to pay BILT for its plants.  This is expected to
reduce the JP Morgan's stake from 20% to 4% and BILT's stake to
77%.  The balance 19% stake will be held by the private equity.

Moneycontrol further notes that the benefits of the
restructuring are:

(a) Better valuation: Internationally paper companies trade at
    much better valuation than in India.  BILT had historically
    traded at EV/EBIDTA of ~5x, currently it is trading at
    EV/EBIDTA of 8x where as BPH is expected to raise funds at a
    EV/EBIDTA of ~10x.

(b) Refinancing of Debt through international route will help
    the company to bring down its average interest cost from 8%
    to 7%.

(c) For FY 08 an EPS of INR4.3 (without restricting) was
    expected, but with the current restructuring initiative of
    the company, it is expected that EPS of INR6.5, a growth of
    51%, wil be achieved.


BHARTI AIRTEL: Shareholders to Consider ESOP Amendments
-------------------------------------------------------
Bharti Airtel Ltd informed the Bombay Stock Exchange that its
shareholders will consider approving these special resolutions
by way of postal ballot:

1. Amendment of ESOP Scheme I:

   Resolved that in accordance with Securities and Exchange
   Board of India (Employee Stock Option Scheme and Employee
   Stock Purchase Scheme) Guidelines 1999, as amended, and any
   other laws for the time being in force, consent of the
   members of the company is hereby accorded for amendment in
   Bharti Airtel Employee Stock Option Scheme - I by
   substituting the existing clause 12 relating to tax
   liabilities by the following clause:

   12. Tax Liabilities:

   12.1 In the event of any tax liability or any other levies
        including Fringe Benefit Tax (FBT) arising on account of
        the issue of options and / or allotment or transfer of
        the shares to the employee, the liability shall be that
        of the employee alone and shall be paid / reimbursed by
        the employee when due.  The Company shall be entitled to
        recover taxes so levied from the concerned employees.

   12.2 All tax liabilities arising on disposal of the equity
        shares after exercise of options shall be borne by the
        employee.

2. Amendment of ESOP Scheme 2O05:

   Resolved that in accordance with Securities and Exchange
   Board of India (Employee Stock Option Scheme and Employee
   Stock Purchase Scheme), Guidelines 1999, as amended, and any
   other laws for the time being in force, consent of the
   members of the company is accorded for amendment in Bharti
   Airtel Employee Stock Option Scheme -2005 by substituting the
   existing clause 19.1 relating to tax liability by this
   clause:

   19.1 In the event of any tax liability or any other levies
        including Fringe Benefit Tax (FBT) levied by the
        government, arising on account of the issue of options
        and / or allotment or transfer of the shares to the
        employee, the liability shall be that of the employee
        alone and shall be paid / reimbursed by the employee
        when due.  The Company shall be entitled to recover
        taxes as may be incurred by it with respect to such
        employee.

The company has appointed Kiran Sharma, a practicing company
secretary, as the Scrutinizer for conducting the postal ballot
process in fair and transparent manner.

The Postal Ballot form duly completed should reach the
Scrutinizer not later than closing of business hours on Oct. 26,
2007.  The Chairman & Managing Director and in his absence, any
person authorized by the CMD, will announce the result of the
postal ballot on Oct. 27.

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

                         *     *      *

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

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


CANARA BANK: Closes Sale of 49% Stake in CIMS to Robeco Groep
-------------------------------------------------------------
Canara Bank has closed the transaction in connection with the
joint venture with Robeco Groep N. V., a filing with the Bombay
Stock Exchange says.

The Troubled Company Reporter-Asia Pacific reported on March 21,
2007, of Canara Bank's plan to divest 49% of its stake in asset-
management unit Canbank Investment Management Services Ltd to
Robeco Groep.  In that regard, the bank and Robeco Groep signed
a memorandum of understanding to form the joint venture.

The bank reportedly sold the 49% stake to Robeco at about
INR1.15 billion.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.


FERTILISERS & CHEMICALS: Kerala Gov't. May Take Over Firm
---------------------------------------------------------
The Kerala Government may consider taking over Fertilisers &
Chemicals Travancore Limited into its fold f the Union Finance
Ministry would not find the company's latest restructuring
package feasible, G.K. Nair of the Business Lines says citing
K. Chandran Pillai, MP, who has been leading a campaign for the
revival of FACT.

The Ministry's approval of the latest revival package is far
from certain since

According to Mr. Nair, the Ministry recently rejected a
Department of Fertilizers' proposal for a fresh financial
package for FACT saying the scheme is 'open ended' and does not
cap the government's financial liability from 2007-08 to 2011-
12.

The Ministry also asserts that FACT is chronically loss-making.

As reported on the Troubled Company Reporter-Asia Pacific on
July 20, 2007, FACT sought the intervention of the Prime
Minister to resolve the crisis relating to the steep rise in raw
materials cost, which has made it difficult for the company to
maintain continued production.

Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals.  Its products
include ammonium sulphate, factomfos, urea and caprolactam.  The
company operates solely in the domestic market.

The company, which had been making profits for over a decade,
started reporting losses from 1998-99 onwards due to the steep
rise in cost of raw materials like naphtha, benzene, sulphur and
rock phosphate.  There were also uneconomic realization from
sales and the company had to stop production because of a
liquidity crunch.  In 2004, the company was referred to the
Board for Industrial and Financial Reconstruction as a
potentially sick unit.  The company is currently undergoing a
revamp program to turn its business around.


GENERAL MOTORS: Fitch Affirms & Removes IDR & Debt Ratings
----------------------------------------------------------
Fitch Ratings has affirmed and removed the Issuer Default Rating
and debt ratings of General Motors from Rating Watch Negative
following the announcement that GM has reached an agreement on a
new contract with the United Auto Workers (UAW).  Fitch
currently rates GM as:

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

The Rating Outlook is Negative.

Fitch will review the terms of the new agreement, but does not
anticipate an Outlook revision or rating change as a result of
the contract alone.  Any change in the Rating Outlook is not
expected until a clear path to positive free cash flow is
established, and Fitch estimates that the full removal of
retiree health care costs will be insufficient in itself to
accomplish this.  The ability to achieve positive free cash flow
will also hinge upon GM's ability to stabilize volume and
revenues in North America, and to establish further improvement
in its fixed cost structure through restructuring actions and
labor outsourcing.

The contract has yet to be ratified, which could remain a
hurdle.  Failure to ratify the contract, which would send the
parties back to the negotiating table, would likely result in
another Rating Watch Negative placement.  Terms of the contract
that Fitch will be focusing on include:

-- The funding amount, structure and timetable of an
    independent VEBA trust to remove retiree healthcare
    liabilities from the balance sheet;

-- The terms of any contingent funding requirements for GM
    related to the VEBA trust;

-- Changes to job classifications and wage rates - effectively
    the establishment of a two-tier wage scale through greater
    flexibility in labor outsourcing to parts manufacturers
    and/or other third-party suppliers;

-- Changes to health care costs for retirees and existing
    workers;

-- Risks associated with any changes to pension obligations
    from wage rates, or to pension benefits paid;

-- The flexibility to downsize manufacturing and personnel
    costs in response to cyclical market conditions or product
    performance;

-- Commitments by GM to maintain employment levels (including
    the terms of any job banks) or product programs at U.S.
    manufacturing operations;

-- The cost of payments to workers for ratification, and the
    costs of any subsequent buyout packages;

-- GM's liquidity position following the financing of VEBA and
    other costs related to the terms of the contract.

A subsequent review of the Rating Outlook or rating will
encompass the impact of these contract terms in the context of
additional rating factors listed below:

-- GM's liquidity buffer and ability to finance large working
    capital requirements, economic and product cycles and
    restructuring actions over the next several years;

-- Fitch's Recovery Rating analysis estimates that further
    plant closings and restructuring actions, beyond what is
    currently contemplated, will be needed to restore North
    American operations to viable operating margins in the
    absence of an upturn in revenue performance;

-- GM's liquidity over the past several years has been boosted
    by numerous asset sales that have reduced asset protection
    for debt holders and GM's earnings capacity.  Asset sales
    have included a controlling interest in GMAC, Allison
    Transmission, its electro-motive division and shareholdings
    in Suzuki and Fuji Heavy Industries.  Proceeds have been
    used to finance operating losses, substantial costs related
    to Delphi, the funding of an independent VEBA related to an
    earlier healthcare agreement with the UAW, and a price
    adjustment related to the sale of GMAC, all of which have
    reduced available liquidity;

-- Despite the potential removal of health care liabilities,
    GM's balance sheet has added significant incremental debt
    over the past several years, and the potential absence of
    free cash flow available over the near term will preclude
    significant debt reduction from existing levels;

-- Ongoing heavy costs related to its agreement with Delphi,
    and any additional costs required to assist in Delphi's
    emergence from bankruptcy;

-- The impact of local labor agreements on GM's fixed cost
    structure;

-- GM's North American revenue performance, which will remain
    under pressure for at least the next twelve months due to
    deteriorating economic conditions, the impact of a
    recessionary housing market on pickup sales, and weak
    performance across a number of GM's product segments;

-- Strong performance of GM's international operations, and the
    ability of those operations to contribute to the servicing
    of consolidated liabilities.

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.


RYERSON INC: S&P Affirms B+ Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
Chicago, Ill.-based metals processor and distributor Ryerson
Inc., including its 'B+' corporate credit rating.  S&P removed
all ratings from CreditWatch, where they had been placed with
negative implications on July 24, 2007, after the company
announced that it had agreed to be acquired by Platinum Equity
for around US$2 billion.

S&P also assigned its 'B+' senior secured rating and '4'
recovery rating to Ryerson's proposed US$575 million senior
secured notes, comprised of US$150 million of floating-rate
senior secured notes due 2014 and US$425 million senior secured
notes due 2015.  The recovery rating indicates expectations of
average (30% to 50%) recovery in the event of a payment default.
The outlook is negative.

"The affirmation incorporates the prospects for debt repayment
as a result of improved operating results and inventory
management, due to a new information system, and further cash
generation from tighter inventory management and asset sales,"
said Standard & Poor's credit analyst Marie Shmaruk.  "Still, we
remain cautious about the company's heavy debt burden and its
ability to continue to generate and sustain further meaningful
cash flow from working capital improvement."

Pro forma for the transaction, Ryerson will have book debt of
around US$1.4 billion.  After adjustments for postretirement
benefits and operating leases, total debt will approximate
US$1.7 billion.

Also pro forma for the transaction, the company will have more
than US$300 million available under its US$1.35 billion
revolving credit facility due 2012 and US$35 million in cash.

"The ratings are predicated on the rapid and permanent reduction
of debt during the next 12 months to attain credit metrics more
in line with the rating, with debt to EBITDA in the 5.0x to 5.5x
range," Ms. Shmaruk said.  "A downgrade is possible if the
company does not make reasonable progress in meeting these
objectives or if end markets and operating performance
deteriorate.  We would change the outlook to stable if the
company achieves improved credit metrics that we believe are
sustainable for the longer term."

                         About Ryerson

Ryerson Inc. (NYSE: RYI) -- http://www.ryerson.com/-- is a
distributor and processor of metals in North America, with 2006
revenues of US$5.9 billion.  The company services customers
through a network of service centers across the United States
and in Canada, Mexico, India, and China.  On Jan. 1, 2006, the
company changed its name from Ryerson Tull Inc. to Ryerson Inc.


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

ALCATEL-LUCENT: Elizabeth Hackenson Joins LGS Board of Directors
----------------------------------------------------------------
LGS, a subsidiary of Alcatel-Lucent dedicated to serving the
U.S. government community, discloses that Alcatel-Lucent CIO
Elizabeth Hackenson will join the LGS Board of Directors.

Prior to the merger with Alcatel, Hackenson was the Chief
Information Officer for Lucent Technologies.  Before joining
Lucent in April 2006, Ms. Hackenson held the position of
Executive Vice President and Chief Information Officer for MCI.

In 2005, Computer World named Elizabeth Hackenson one of its top
100 premier IT leaders.  The Washington Post named her one of
the top 200 female executives in 2004 and Information Week
ranked the department she led as one of the top 100 for IT
leadership.

The LGS Board includes four outside directors, two inside
directors from Alcatel-Lucent and one internal director from
LGS.  Ms. Hackenson replaces Frank D'Amelio, former Chief
Administrative Officer for Alcatel-Lucent, who recently left the
company.

The four outside directors for the LGS board remain unchanged
and are:

          -- Dr. William Perry,
          -- R. James Woolsey,
          -- Kenneth A. Minihan, and
          -- Dr. Lee Buchanan.

Elizabeth Hackenson and Hubert de Pesquidoux are the Alcatel-
Lucent directors, and Ron Iverson is the LGS officer director.

"This is a wonderful time to have Elizabeth bring her extensive
experience as a CIO to our board," said Ron Iverson, CEO, LGS.
"As we continue to look for ways to help the U.S. government
solve its unique communications challenges, Elizabeth's years of
experience and her deep understanding of how the communications
and data needs of large complex organizations work will be
invaluable."

Ms. Hackenson currently leads an organization of some 2,200
people at Alcatel-Lucent and her organization has been
responsible for merging the IT and communications systems that
now serve some 80,000 employees.  In the 10 months since the
merger of Alcatel and Lucent, her team has integrated both
company networks, consolidated data centers, rationalized
investment portfolio and developed plans for application
consolidation.

                            About LGS

Headquartered in Vienna, Virginia, LGS --
http://www.LGSinnovations.com/-- was created by joining the
Lucent and Alcatel Government business units and Bell Labs
Government.  LGS is the sole sales and contracting channel for
Alcatel-Lucent for all classified and unclassified business
contracted from U.S. federal agencies and departments, both
military and civilian.

LGS designs and delivers Transformed Communications and R&D-
based technology solutions to the U.S. government community.
Leveraging the world-class R&D of Bell Labs and innovation of
Alcatel-Lucent, with global reach and expertise, LGS challenges
itself to solve the unsolvable and deliver secure, reliable,
standards-based solutions to its customers.

The company has offices in California, Colorado, Maryland, New
Jersey and North Carolina

                       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.


BANK MANDIRI: To Upgrade Representative Office in China
-------------------------------------------------------
PT Bank Mandiri plans to upgrade its Chinese representative
office into a full branch to strengthen its presence in the
country, The Jakarta Post reports.

According to the report, China Trade Minister Bo Xilai is
expected to help facilitate the application process to aid the
unit's immediate operation as an official Bank Mandiri branch.
Mr. Xilai coordinated with the China Banking Regulatory
Commission, the report adds.

"Indonesia is very liberal in this regard.  We've opened our
doors to ICBC China, Bank of China, all of which have marketed
their products all the way to Majalengka, Garut and Papua," The
Post quoted Bank Mandiri Executive Agus Martowardojo as saying.
"But our office branch in China, unfortunately, is still a
representative office, not a fully operating branch."

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.


FREEPORT-MCMORAN: Strong Earnings Cue Moody's to Revise Outlook
---------------------------------------------------------------
Moody's Investors Service has revised Freeport-McMoRan Copper &
Gold Inc.'s and Phelps Dodge's outlooks to positive and affirmed
all of Freeport's and Phelps Dodge's other ratings.  The ratings
reflect the overall probability of default of Freeport, to which
Moody's assigns a PDR of Ba2.  The change in outlook reflects
the very strong earnings and cash flow of Freeport in the
current metals market, Freeport's use of free cash flow to
reduce debt since the acquisition of Phelps Dodge, and Moody's
assumption that free cash flow will be sufficient to permit
repayment of much of the company's US$2.45 billion Term Loan A
over the next two to three quarters.

The Ba2 corporate family rating reflects Freeport's high debt
level of approximately US$11.3 billion, including Moody's
adjustments, the high concentration in copper and resultant
variability in earnings and cash flow, significant capital
expenditures, and a high level of reliance on the Grasberg mine
in Indonesia.  The Ba2 rating favorably considers the company's
leading positions in copper and molybdenum, a significant amount
of gold production, the low cost, long-life reserves at PT-FI,
and improved operating and political diversity.

Outlook Actions:

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

   -- Corporate Family Rating: Ba2

   -- Probability of Default Rating: Ba2

   -- US$0.5 billion Senior Secured Revolving Credit facility,
      Baa2, LGD1, 2%

   -- US$1.0 billion Senior Secured Revolving Credit Facility,
      Baa3, LGD2, 17%

   -- US$2.45 billion Senior Secured Term Loan A, Baa3, LGD2,
      17%

   -- US$339.7 million 6.875% Senior Secured Notes due 2014,
      Baa3, LGD2, 17%

   -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%

Issuer: Phelps Dodge Corporation

   -- US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3,
      36%

   -- US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3,
      36%

   -- US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3,
      36%

   -- US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3,
      36%

Moody's last rating action on Freeport was to assign a Baa3
rating to its Term Loan A and upgrade the Phelps Dodge notes to
Ba1 in July 2007.

                     About Freeport-McMoRan

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

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


GARUDA INDONESIA: Sees Rising Demand; Ups Seating Capacity
----------------------------------------------------------
PT Garuda Indonesia has decided to increase the seating capacity
of its flights to 42,443 from 28,839 at present in anticipation
of rising demand during the Idul Fitri holidays, Antara News
reports.

According to the news agency, Garuda Communication Head
Pujobroto sees two options:

   1. replace their 134-seat Boeing 737-400 planes with 293-seat
      Airbus A-330 planes; or

   2. increase the number of its flights.

The increase would affect the national flag carrier's 11 routes
consisting of eight domestic routes and three international
routes, the report says.   The domestic routes were Jakarta-
Batam, Jakarta-Yogyakarta, Jakarta-Medan, Jakarta-Padang,
Jakarta-Solo, Jakarta-Semarang, Jakarta-Denpasar and Jakarta-
Surabaya, while the international routes were Jakarta-Kuala
Lumpur, Jakarta-Singapore, and Jakarta-Denpasar-Perth.

The Idul Fitri 2007 is special because it will coincide with the
government-sponsored joint leave, making the official holiday
period longer (from October 12-16), the report adds.

                          *     *     *

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.


GOODYEAR TIRE: Brazilian Unit Working at Full Capacity
------------------------------------------------------
Rubens Campos, Goodyear Tire & Rubber Company's Brazilian unit
Goodyear do Brasil off-road and agricultural equipment tires
product manager, told Business News Americas that the firm is
working at full capacity due to strong demand from the mining
industry.

Mr. Campos explained to the press that demand is very high and
that there has been no idleness in production.

BNamericas relates that Goodyear do Brasil produces an average
of 250 tires a month measuring for mining purposes at its plant
in Americana, Sao Paulo.  The firm exports some of the products
to other Latin American nations.

Mr. Campos commented to BNamericas, "We usually work with a rate
of 50:50 in terms of yearly exports and domestic sales, but
local shipments this year could reach 60% to 70%.  We are giving
priority to the Brazilian market."

BNamericas notes that Goodyear do Brasil is launching two new
tires:

          -- one targeting underground mining activities, and
          -- another on equipment for moving containers at
             ports.

Goodyear Tire is positive about demand for coming years from the
mining sector, BNamericas states, citing Mr. Campos.  Demand for
off-road would be strong by 2010.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 8,
2007, that Standard & Poor's Ratings Services raised its ratings
on the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust to 'B' from 'B-' and removed them
from CreditWatch, where they were placed with positive
implications on May 14, 2007.

The rating actions reflect the May 31, 2007, raising of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., and its removal from
CreditWatch positive.

On March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of
SGL-2.  The outlook has reverted to stable from negative.


HILTON HOTELS: Gets Requisite Consents to Amend Debt Indentures
---------------------------------------------------------------
Hilton Hotels Corporation has received the requisite consents to
adopt all of the proposed amendments to the indenture with
respect to its outstanding:

   * 7.625% Notes due 2008,
   * 7.200% Notes due 2009,
   * 8.250% Notes due 2011,
   * 7.625% Notes due 2012 and
   * 7.500% Notes due 2017

pursuant to Hilton's previously announced tender offers and
consent solicitations for such Consented Securities.  Hilton's
tender offers and consent solicitations for the Consented
Securities and for its Chilean Inflation-Indexed (UF) Notes due
2009 and its 8.000% Quarterly Interest Bonds due 2031 are being
made pursuant to the terms of Hilton's Offer to Purchase and
Consent Solicitation Statement dated Sept. 12, 2007, and the
related Consent and Letter of Transmittal, as amended.  The
tender offers and consent solicitations are being conducted in
connection with the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the Merger is a
condition to the completion of the tender offers and consent
solicitations.  However, the completion of the tender offers and
consent solicitations is not a condition to completion of the
Merger.

It is expected that the supplemental indenture effecting the
Proposed Amendments with respect to the Consented Securities
will be executed promptly.  The Proposed Amendments will become
operative with respect to the Consented Securities immediately
prior to the acceptance for payment of such Consented Securities
pursuant to the tender offers therefor.

In addition, Hilton announced that it has amended its previously
announced cash tender offer for its CLP Notes.  Following
discussions with investors, Hilton has determined to amend the
terms of the tender offer for the CLP Notes to provide that the
"CLP Notes Total Consideration", as defined in the Offer to
Purchase and the Letter of Transmittal and other tender offer
documents, for each CLP50,000 original principal amount validly
tendered and not validly withdrawn pursuant to the tender offer
for such CLP Notes will be CLP65,560.95, payable in U.S. dollars
based on the Observed Exchange Rate, as defined in the Officers'
Certificate for the CLP Notes, which is published at or about
5:00 p.m. (Santiago, Chile time) on the second business day
prior to the Offer Expiration Date for CLP Notes purchased
pursuant to the tender offer for such securities, namely on
Oct. 9, 2007, if the tender offer for the CLP Notes is not
extended.  As amended, the CLP Notes Total Consideration
includes a consent payment of CLP2,000 per CLP50,000 original
principal amount of CLP Notes, which consent payment will be
payable in respect of CLP Notes validly tendered at or prior to
the Amended Consent Payment Deadline.  Holders validly tendering
and not withdrawing their CLP Notes after the Amended Consent
Payment Deadline and at or prior to the Offer Expiration Date,
will be eligible to receive only the CLP Notes tender offer
consideration which is equal to the total consideration less the
consent payment, for their CLP Notes.

Further, Hilton has extended the consent payment deadline
applicable to the CLP Notes and the Bonds.  Holders who wish to
receive the applicable total consideration for their CLP Notes
or Bonds must validly tender and not validly withdraw their
securities at or prior to 5:00 p.m., New York City time, today,
Oct. 1, 2007, unless extended or earlier terminated.  CLP Notes
and Bonds tendered may be withdrawn at any time prior to the
Amended Consent Payment Deadline, but not thereafter.

The consent payment deadline applicable to the Consented
Securities has now passed and withdrawal rights with respect to
the Consented Securities have terminated.  Holders of Consented
Securities who have not already tendered their Consented
Securities may do so at any time at or prior to the Offer
Expiration Date (as defined below), but such holders will only
be eligible to receive the applicable tender offer
consideration, which is an amount, paid in cash, equal to the
applicable total consideration less the applicable consent
payment, for their Consented Securities.

The offer for each issue of Securities will expire at 8:00 a.m.,
New York City time, on Oct. 11, 2007, unless extended or earlier
terminated by Hilton.  As indicated in the Offer to Purchase, it
is expected that the Offer Expiration Date will be extended to
coincide with the date that the Merger becomes effective.

Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
the Offer to Purchase and the Letter of Transmittal, as amended.
The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including receipt of
consents sufficient to approve the Proposed Amendments and the
Merger having occurred, or such Merger occurring substantially
concurrent with the Offer Expiration Date.  Further details
about the terms and conditions of the tender offers and the
consent solicitations are set forth in the Offer to Purchase.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively.  Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations.  The Offer
to Purchase and other documents relating to the tender offers
and consent solicitations are expected to be distributed to
holders beginning Sept. 25.  Requests for documentation may be
directed to Global Bondholder Services Corporation, the
Information Agent, which can be contacted at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad, and Tobago, Philippines and Vietnam.

                          *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


HILTON HOTELS: Plans Strategic Development Deal with Belgravia
--------------------------------------------------------------
Hilton Hotels Corporation and Belgravia Asset Management Limited
have agreed upon the terms that Hilton will offer Belgravia for
a Strategic Development Agreement which, when signed, will
provide the opportunity for Belgravia to introduce 25 new hotels
(comprising 3,000 rooms) across Russia -- one of the company's
key strategic development markets -- as well as other Central
and Eastern European markets.

Over the next five years, Hilton and Belgravia expect to
introduce both Hampton by Hilton(TM) and Hilton Garden Inn(TM)
hotels across Russia, Central and Eastern European markets, all
of which Hilton expects to manage.  The first property is
expected to be a Hampton by Hilton hotel in St Petersburg, which
is expected to open during the second quarter of 2008.

This will be the second major Russian hotel development
announcement with a leading property partner this year, as the
company concentrates on multi-unit deals in key emerging
markets.  In June this year Hilton announced a SDA with London &
Regional Properties Limited to develop 25 new hotels,
encompassing selected brands within the Hilton Family of Hotels,
including Conrad(R), Hilton(R), Doubletree by Hilton(TM), Hilton
Garden Inn(TM) and Hampton by Hilton(TM) hotels.

Over the next ten years, Hilton plans to open 70 Hilton Family
hotels across Russia, not only focussing on Moscow and St.
Petersburg, but also actively looking at opportunities in key
regional cities.

Separate from the anticipated SDA with Belgravia, Hilton's first
hotel in Russia will be the 275-room Hilton Moscow
Leningradskaya, which is scheduled to open early next year.

"With the limited number of internationally branded properties
in Russia, this anticipated alliance with Belgravia Financial
Services Group will help us accelerate our growth plans and make
a significant impact on the Russian hotel market in a relatively
short space of time, said Ian Carter, Chief Executive of
Hilton's International Operations.  "The introduction of
additional brands from the Hilton Family of Hotels will also
enable us to meet rising demands for quality accommodation, as
well as providing a hotel product to suit all sectors and
budgets."

Duncan Hickman, Belgravia Chairman said, "As a result of
extensive research Belgravia has confirmed that the Russian
economy hotel sector offers tremendous growth opportunities.
The choice of partner for this sector was critical and the
global presence and respect for Hilton sealed our choice of
partner; giving us the confidence to be sure that this alliance
will be a huge success."

"We are believe that Russia represents some of the greatest
potential for hotel growth in the world at the present time and
are delighted to be partnering with Belgravia to capitalise on
this potential," Mr. Carter added.

Over the next five years, Hilton expects to offer travellers to
Russia a choice of accommodation ranging from its well-known
hotel brand Hilton, which will be joined by Doubletree by Hilton
in catering to demands for upscale accommodation.  The recent
announcement means that in the near future, Hilton expects
travellers to soon be able to stay in Hilton Garden Inn
properties, the company's ever-popular mid-market brand, as well
as Hampton by Hilton, which is targeted at budget conscious
travellers.

While initial projects will be in Russia, Hilton would also like
to introduce its Hilton Garden Inn and Hampton by Hilton product
in other Eastern and Central European countries where Belgravia
currently has a significant number of projects underway.

                      About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad, and Tobago, Philippines and Vietnam.

                          *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


INDOSAT: May Beat 2007 Customer Target of 16.7 Million
------------------------------------------------------
PT Indosat Tbk may beat its 2007 target of adding 5-6 million
new users this year to its total base of 16.7 million at the end
of 2006, various reports say.

President Director Johnny Swandi Sjam told reporters the company
is likely to beat the target and possibly add 7,000,000 new
users this year.

Antara News relates that at end-June, Indosat's cellphone
subscribers totaled 20 million, up 44.3% from end-June last
year, with 3.3 million added in the first half.

Mr. Sjam told Antara that the increase in the subscriber base in
the past two months is in line with the expansion of the
company's coverage as well as aggressive promotional activities.

The number of mobile phone users has grown rapidly in Indonesia
in recent years and is expected to top 100 million next year,
Reuters relates.

                          About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.

At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


MEDCO ENERGI: Unit Names L. Dale Wooddy III as New President
------------------------------------------------------------
PT Medco Energi Internasional Tbk's unit, Medco Energi US LLC,
has appointed L. Dale Wooddy III as its new president.
Mr. Wooddy, a former Chevron and Ocean Energy executive, has
nearly 30 years of international and domestic oil and gas
related experience.

A native of Houston, Texas, 50-year-old Mr. Wooddy has assembled
and successfully led teams that have evaluated, developed, and
operated world-wide mineral interests as well as US onshore and
offshore Gulf of Mexico properties.  He earned Chevron's highest
honor -- The Chairman's Award -- for his participation in the
company's in-house consulting team responsible for merging
Chevron and Gulf Oil's worldwide research and US exploration and
production activities.

As an entrepreneur, Mr. Wooddy founded the petroleum industry's
first dedicated web-based oil and gas property brokerage and has
served as an officer and principal in a variety of oilfield
service related businesses.

His past international assignments include General Operations
Manager for ChevronTexaco in Kazakhstan and Papua New Guinea and
as Senior Vice President of Ocean Energy, Inc., and President of
Ocean Energy International overseeing operations in West Africa,
Egypt, the Indian Sub-Continent, the Middle East, Russia, and
Indonesia.

"I am really excited about joining the Medco Energi US team.
These are exciting times in our industry with many opportunities
for growth and Medco US has a very aggressive strategy in place
to take full advantage of such opportunities," said Mr. Wooddy.

Medco Energi US, a wholly owned subsidiary of PT Medco Energi
Internasional Tbk, is engaged in the exploration, development,
acquisition and production of oil and natural gas reserves in
the Gulf of Mexico.

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


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

FORD MOTOR: UAW-GM Deal Spurs S&P to Watch Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services has placed its long-term
corporate credit ratings on Ford Motor Co. and related entities
on CreditWatch with positive implications.  The short-term 'B-3'
ratings are not on CreditWatch.

"The CreditWatch action reflects today's announcement that
General Motors Corp. and its main union, the United Auto Workers
(UAW), have reached a tentative new labor contract that includes
an agreement designed to address the massive postretirement
employment benefit obligations associated with GM's UAW
population," said Standard & Poor's credit analyst Robert
Schulz.  For now, there are few details about the specifics of
the health care agreement or other important aspects of the
contract such as wages, job security, and work rules.

The tentative agreement ends the nationwide strike at GM that
began earlier this week.  The chances of a prolonged and
widespread strike at GM, Ford, or Chrysler LLC are now largely
averted, although we had always considered such a scenario
unlikely because it would be catastrophic to everyone involved.
GM's UAW members still need to approve the agreement, and
ratification votes should occur this weekend.

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.


IHI CORP: Says H1 Loss May Broaden to JPY50-JPY66 Billion
---------------------------------------------------------
IHI Corp. said its 2007 first-half loss may be greater than
forecasted and that it may restate earnings for past years, Nori
Kuboyama writes for Bloomberg News.

Tokyo-based IHI, in a statement to the Tokyo Stock Exchange,
said that the net loss may widen to JPY50 billion or as much as
JPY66 billion in the next six months ending Sept. 30 from a
previously predicted loss of JPY8 billion, Mr. Kuboyama relates.

Despite this loss change, Japan's third-biggest heavy machinery
maker raised its full-year profit forecast by 63% to
JPY26 billion.  However, if previous year's earnings are
corrected, IHI may cut the full-year forecast to JPY10 billion,
notes Bloomberg.

                         About IHI Corp.

Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp
--formerly Ishikawajima-Harima Heavy Industries Co.,Ltd., is a
Japan-based company engaged in six business segments.  The
Logistics and Steel segment offers concrete products, automated
storages, loaders and others.  The Machinery segment offers
plastic processing machines, industrial boilers, pumps and
others.  The Energy Plant segment develops waste incineration
facilities, nuclear power plants, thermal power plants and
process plants, water treatment plants, renewable power plants
and other facilities.  The Aerospace segment produces aircraft
engine parts and provides aircraft maintenance services.  The
Ship and Offshore segment builds container ships, bulk carriers,
tankers and other ships, as well as develops marine equipment
and machinery and provides design and engineering services.  The
Others segment provides real estate, financial and insurance
services.

Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Standard & Poors Rating Agency affirmed its BB+ long-
term corporate credit rating with a positive outlook.


INTERNATIONAL RECTIFIER: Okays License Pact for DirectFET(R)
-----------------------------------------------------------
International Rectifier, IR(R) disclosed that Infineon
Technologies will license from International Rectifier its
patented advanced power management packaging technology,
DirectFET(R).

Designed for use in AC-DC and DC-DC power conversion
applications in computers, notebooks, telecommunications and
consumer electronics devices, the DirectFET power package is an
industry-first surface-mount power MOSFET packaging technology
for efficient topside cooling in an SO-8 footprint or smaller.
Compared to standard plastic discrete packages, DirectFET's
metal can construction enables dual-sided cooling to effectively
double the current handling capacity of high frequency DC-DC
buck converters.

Infineon will deploy the DirectFET power package technology with
its OptiMOS(R) 2 and OptiMOS 3 chip technology and expects to
sample the OptiMOS 2 in DirectFET packages starting early 2008.

Vice President of IR's Enterprise Power business unit, Tim
Phillips, said, "By deploying a unique dual-sided cooling
design, IR's DirectFET package technology is the preferred
solution to reduce energy losses while shrinking the design
footprint in advanced computing, consumer and communications
applications."

"We are continually developing leading-edge technology to save
energy and, through licensing agreements, we can broaden the
energy-saving impact made possible with such innovations as
DirectFET, as well as further expanding our presence in the
largest segment of the power management market," he added.

"With this agreement, Infineon continues to expand its power
semiconductor portfolio.  Combining our successful OptiMOS chip
technology with various package options suited for a wide range
of applications, we enable power supply designers achieve energy
and cost-efficient solutions for a given application," said
Arunjai Mittal, Senior Vice President and General Manager of the
Power Management and Drives business unit at Infineon
Technologies.  "Providing OptiMOS 2 and OptiMOS 3 devices with
their excellent characteristics in a package with double-sided
cooling capability will further strengthen Infineon's position
in the power conversion market."

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

                        *     *     *

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


MITSUBISHI MOTORS: Revises 1st Half Results for Fiscal Year 2007
----------------------------------------------------------------
Mitsubishi Motors Corporation has, to reflect recent trends in
its corporate performance, made the following changes to the
first-half consolidated results forecasts for the fiscal year
ending March 31, 2008 announced on April 26, 2007:

Revenue, which was initially forecasted to total to
JPY1.2 million, has now been changed to JPY1.3 million, an 8.5%
increase.  Operating income is now expected to amount to
JPY15.0 million, a 200% upsurge from the previous forecast's
JPY5.00 million.

The first-half consolidated results for the current fiscal year
are expected to exceed the forecasts for revenue, operating
income, and ordinary income originally announced on April 26,
2007 due to increases in unit sales volume, principally in
overseas markets, and to favorable effects stemming from the
weaker yen. The net income forecast is left unchanged because of
expected increases in consolidated taxes.

The Company makes no changes to its consolidated forecasts for
the full fiscal year at the current time because of
uncertainties about domestic sales, as well as about currency
movements and raw material costs.

                     About Mitsubishi Motors

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

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

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

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


NOVA CORP: Labor Union Files Request for Salary Payout
------------------------------------------------------
The labor union of the scandal-tainted language school operator
Nova Corp. filed a request with labor standards supervision
authorities to order the company to pay wages in arrears to its
foreign teachers, Japan Times reports, citing union officials.

According to the report, Osaka-based Nova failed to pay
September wages, which were supposed to be delivered on the
15th, to its foreign teachers, except for those in urban areas
such as Tokyo and Osaka.  Nationwide, some 5,000 foreign
teachers are registered with Nova, adds the article.

The union officials, relates Japan Times, said that the monthly
salaries of its 2,000 Japanese employees were paid late
nationwide in July and August.

Chairman of Nova's general union, Katsuji Yamahara revealed in a
press conference that the union will ask the Ministry of
Economy, Trade and Industry in October to extend assistance to
the company so it can avoid bankruptcy.  Mr. Yamahara criticized
Nova for failing to explain the reasons for the delayed
salaries, calling the repeated practice "malicious," notes Japan
Times.

                        About Nova Corp.

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

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

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


UDMAC-J1: S&P Assigns BB Ratings to Class F & G Trust Certs
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
ratings to UDMAC-J1 Trust Certificates' JPY42.34 billion trust
certificates, classes A to G, and class X, due June 2013 (see
list below).

UDMAC-J1 Trust Certificates
JPY42.34 billion trust certificates due June 2013

Class   Rating   Amount        Coupon Type   O/C Ratio

A       AAA      JPY25.80 bil.   Floating      39.1%
B       AA       JPY4.40 bil.    Floating      28.7%
C       A        JPY4.40 bil.    Floating      18.3%
D       BBB      JPY4.50 bil.    Floating      7.7%
E       BBB-     JPY1.50 bil.    Floating      4.1%
F       BB+      JPY1.40 bil.    Floating      0.8%
G       BB       JPY0.34 bil.    Floating      0.0%
X       X        JPY42.34 bil. (notional principal)

The trust certificates are ultimately secured by loans extended
to seven borrowers.  This transaction has been arranged by UBS
Securities Japan Ltd.

Standard & Poor's ratings address the full and timely payment of
interest and the full repayment of principal by the
transaction's legal final maturity in June 2013 for the class A
certificates, the full payment of interest and repayment of
principal by the legal maturity date for the class B to G
certificates, and the timely payment of available interest for
the interest-only class X certificates.

The ratings are based on:

   * The quality of the loans that ultimately secure the rated
     certificates;

   * The quality of the underlying properties that secure the
     loans;

   * Ample credit support provided by the senior/subordinated
     structure of the notes;

   * Liquidity support provided by servicer advances; and

   * The soundness of the transaction's legal structure.

UBS Securities Japan entrusts 17 nonrecourse loans extended to
seven borrowers to Shinsei Trust & Banking Co. Ltd. as the
trustee, which in turn issues an aggregate of JPY42.34 billion
trust certificates.  One of the seven borrowers is a J-REIT
(Japan real estate investment trust).  Each loan is ultimately
backed by the first security rights over the borrowers' real
estate beneficial interests.  Shinsei Trust has appointed
Premier Asset Management Co. as the servicer.


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

ACTUANT CORP: Earns US$31.4 Million in 4th Quarter Ended Aug. 31
----------------------------------------------------------------
Actuant Corporation reported fourth quarter fiscal 2007 net
earnings and EPS of US$31.4 million and US$1.00, respectively,
compared to prior year net earnings and EPS of US$25.2 million
and US$0.82, respectively.

Fiscal 2007 fourth quarter results include a US$1.1 million
charge covering a portion of the Company's previously announced
restructuring of its European Electrical business and a
US$1.6 million benefit from the utilization of a foreign tax
credit. Fiscal 2006 fourth quarter results include a
US$4.5 million restructuring charge and a US$5.4 million income
tax benefit primarily related to the reversal of a tax valuation
allowance for net operating losses.  Excluding these items,
fourth quarter EPS increased 25% year-over-year from US$0.79 to
US$0.99.

Net earnings and EPS for the year ended Aug. 31, 2007, were
US$105.0 million and US$3.38, respectively, compared to prior
year net earnings and EPS of US$92.6 million and US$3.01,
respectively.  Fiscal 2007 results include a US$4.5 million
charge related to European Electrical restructuring and a
US$1.6 million benefit (US$0.05 per diluted share) from the
utilization of a foreign tax credit.  Fiscal 2006 results
include a US$4.5 million restructuring charge and an
US$8.0 million income tax benefit primarily related to the
reversal of a tax valuation allowance for net operating losses.
Excluding these special items, full year EPS increased 20% year-
over-year from US$2.90 to US$3.47.

Robert Arzbaecher, President and CEO of Actuant commented, "We
are extremely pleased with our 2007 results, representing the
6th consecutive year of diluted earnings per share improvement
in excess of 15%, excluding special items.  Our team continues
to execute on the Actuant business model, leveraging organic
growth opportunities in our diverse, niche businesses.  In
addition to core growth, we acquired five businesses during the
fiscal year and completed a sixth in September, strengthening
our existing units.  Lastly, with our strong performance in the
second half of the year, we generated margin expansion and
record cash flow.  I am tremendously proud of what the Actuant
team has achieved and equally enthusiastic about our future
opportunities."

                      Consolidated Results

Fourth quarter sales increased 20% to US$390 million from US$325
million in the prior year, reflecting the combination of core
growth, business acquisitions and the weaker US dollar.
Excluding the impact of foreign currency rate changes (3%) and
acquisitions (11%), core sales growth was 6%.  All four business
segments contributed to the core growth with the Industrial and
Engineered Products segments generating double-digit
improvement.

Operating margins in the fourth quarter improved 50 basis
points, to 13.8% from 13.3% in the prior year, excluding
restructuring charges.  The increase is the result of higher
gross profit margins as well as tightly controlled selling,
administrative and engineering spending, partially offset by
higher acquisition related amortization expense.  These results
reflect the Company's continuous improvement initiatives
including strategic sourcing and Lean Enterprise Across
Discipline activities, as well as volume leverage.

Sales for the year ended Aug. 31, 2007, were US$1.46 billion,
21% higher than the US$1.20 billion in the comparable prior year
period.  Core sales increased 6% for the fiscal year, with
acquisitions and foreign currency rate changes contributing 11%
and 4%, respectively.

Fiscal 2007 fourth quarter Electrical segment sales increased
18% to US$132 million, reflecting 3% core sales growth,
favorable foreign currency exchange rate changes and the
acquisitions of Actown (August 2006) and BH Electronics (July
2007).  Electrical segment operating profit margin declined from
8.6% in the fourth quarter of fiscal 2006 to 8.2% in fiscal 2007
resulting from unfavorable sales and acquisition mix.  Partially
offsetting this was the benefit of higher volumes, most notably
in the professional electrical product line, along with the
benefit of continuous improvement initiatives across the
businesses.  The company is on track to substantially complete
the previously announced restructuring of its European
Electrical operations by the end of the second quarter of fiscal
2008.

Actuation Systems fourth quarter fiscal 2007 sales increased 4%
to US$104 million.  Core sales grew 1% in the quarter as
increased demand for the company's recreational vehicle (RV) and
truck actuation products outside of North America was partially
offset by declines in both the automotive and North American
truck markets.  The decline in North American truck was
anticipated due to the impact of emissions regulation changes,
while automotive sales declined due to new platform launches in
the prior year.  Operating profit margins improved 40 basis
points compared to last year due primarily to higher volumes and
the benefit of profit improvement actions.

Fiscal 2007 fourth quarter Engineered Products segment sales
more than doubled to US$33 million reflecting both 15% core
sales growth and the acquisition of Maxima in December 2006.
Operating profit margins improved 160 basis points to 14.9%, the
highest of the year, due to favorable acquisition mix and base
business expansion.

                     Financial Position

Fiscal year-end net debt (total debt of US$562 million less
US$87 million of cash) was US$475 million, a decrease of
US$6 million from the beginning of the quarter.  Strong cash
flow in the quarter more than offset the US$30 million of cash
used to finance the BH Electronics acquisition, US$4 million of
Senior Notes issuance costs and US$11 million of capital
expenditures.

Actuant used approximately US$163 million of cash during the
2007 fiscal year to fund acquisitions and US$31 million for
capital expenditures.  Despite this significant capital
deployment, net debt at year-end was only US$20 million higher
than the US$455 million at the beginning of the year.  Actuant
generated cash from operations of US$177 million in fiscal 2007,
approximately 45% higher than the prior year, reflecting record
earnings and effective working capital management.

                           Outlook

The company increased its fiscal year 2008 guidance to reflect
the BH Electronics and TK Simplex acquisitions, as well as its
current business, economic and foreign exchange rate outlooks.
Full year fiscal 2008 EPS is expected to be in the range of
US$3.80-3.95 (excluding European Electrical restructuring
charges) on sales of US$1.55-1.60 billion.  For the first
quarter, the Company expects sales to be in the US$390-400
million range, generating EPS of approximately US$0.93-0.97 per
diluted share.  Mr. Arzbaecher commented, "Actuant's strong
positions in niche markets, variable cost structure and ROIC
focus, as well as end market and geographic diversification,
should continue to reward shareholders in fiscal 2008."

                      About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan,
United Kingdom and South Korea.  The Actuant businesses  are
market leaders in highly engineered position and motion  control
systems and branded hydraulic and electrical tools and
supplies.  Since its creation through a spin-off in 2000,
Actuant has grown its sales from US$482 million to over US$1
billion and its market capitalization from US$113 million to
over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


DURA AUTOMOTIVE: Disclosure Statement Hearing Adjourned
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware adjourned
to October 3 the hearing to consider the adequacy of the
Disclosure Statement explaining the Plan of Reorganization filed
by DURA Automotive Systems Inc. and its debtor-affiliates.

The Debtors say that they intend to file a revised plan to
address some minor issues.

                      Overview of the Plan

As reported in the Troubled Company Reporter on Aug. 24, 2007,
DURA's Plan provides for these creditor recoveries:

   -- Cash payment in full of all allowed debtor-in-possession
      claims, administrative expenses, priority claims and
      second lien secured claims;

   -- Conversion of allowed senior notes and allowed general
      unsecured claims of more than $75,000 into between 57.4%
      to 60.7% of reorganized DURA's new common stock; and

   -- Cash payment in lieu of an equity distribution of all
      allowed trade claims and allowed general unsecured claims
      of US$75,000 or less.

The Plan further provides that there will be no recoveries for
subordinated notes' and convertible preferred securities'
claims, nor will the Debtors common stock holders receive any
recoveries.

The Plan will be partly funded through exit financing that the
Debtors intends to procure prior to emergence.  Additional Plan
funding will come from a fully backstopped new money equity
investment of between US$140 million to US$160 million in
exchange for between 39.3% and 42.6% of Reorganized Dura's
common stock.  Senior notes claims holders that are accredited
investors will be eligible to subscribe for their pro rata
shares of the new money investment.

                            Objections

1. Second Lien Group

The Informal Group of Second Lien Lenders said that each member
should be treated as "impaired" under the Joint Plan of
Reorganization and should be entitled to vote on the Plan.

The current members of the Second Lien Group are Allstate
Investments LLC; Allstate Life Insurance Company; Merrill
Lynch Capital; PIMCO Floating Rate Strategy Fund; Silver Point
Capital, LLC; Blackport Capital Fund Ltd.; and Gradient
Partners, L.P.

Pursuant to a Credit Agreement dated May 3, 2005, certain of the
Debtors borrowed US$225,000,000 on a second lien basis.  The
Debtors propose to treat the "allowed claim" of the Second Lien
Lenders as "unimpaired" by paying the claim in full in cash on
the effective date of the Plan.

Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon
LLP, in Wilmington, Delaware, noted that in accordance with the
Credit Agreement, "payment in full" of the Second Lien
Obligations would include (i) principal, (ii) professional fees,
(iii) the Prepayment Fee and (iv) accrued interest, calculated
either at the Default Rate or at the Base Rate.  The Plan,
however, proposes to pay items (i) and (ii) but does not propose
to pay the Prepayment Fee or interest at either the Default Rate
or the Base Rate.

The Plan treatment is based on agreements reached in connection
with the adequate protection arrangements set forth in the
Court's final order approving the Debtors' proposal to obtain
US$300,000,000 of DIP financing and use their prepetition
lenders' cash collateral.

The Second Lien Group does not dispute the adequate protection
arrangements.  "However, they are just that - adequate
protection - and they are not amendments to the Credit
Agreement, which amendments would have required the unanimous
consent of the Second Lien Lenders," Ms. Silverstein pointed
out.

By proposing to pay the Second Lien Obligations consistent with
the Final DIP Order rather than in accordance with the Credit
Agreement, the Plan does not "leave[] unaltered the legal,
equitable, and contractual rights" of the Second Lien Lenders
within the meaning of Section 1124 of the Bankruptcy Code,
Ms. Silverstein asserted.  "As a result, the Second Lien
Obligations are 'impaired,'" she said.

The Second Lien Group acceded that the Debtors will assert that
the issues it has raised is a confirmation issue because,
ultimately, the Court will decide the treatment of the Second
Lien Obligations.  The Second Lien Group, however, believes that
this is a Disclosure Statement issue because it will dictate
whether the Second Lien Lenders are entitled to vote on the
Plan.

Presumably the Second Lien Lenders as a class will vote in favor
of the Plan, just as the members of the Second Lien Group intend
to vote in favor of the Plan.  But the point is, all Second Lien
Lenders should be entitled to a vote to ensure that the class as
a whole accepts the impaired treatment proposed by the Plan,
not just the members of the Second Lien Group that negotiated
the Final DIP Order, Ms. Silverstein argued.  "The Second Lien
Group did not then and does not now purport to speak on behalf
of anyone other than its own members and it should not be the
Second Lien Group alone that determines whether the Plan
treatment is acceptable."

Accordingly, the Second Lien Group objected to the Disclosure
Statement because, in describing the Second Lien Obligations as
unimpaired, it denies the holders of the Second Lien Obligations
their right under the Bankruptcy Code to vote on the Plan and
decide for themselves whether to accept the proposed Plan
treatment of less than their full contractual entitlements.

2. U.S. Trustee

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
noted that the primary purpose of a disclosure statement, which
is mandated by Section 1125 of the Bankruptcy Code, is to give
creditors the adequate information necessary for them to decide
whether to accept a proposed plan.

William K. Harrington, trial attorney at the Office of the U.S.
Trustee, asserted that the Disclosure Statement explaining the
Debtors' Joint Plan of Reorganization should not be approved on
the grounds that it proposes a plan that, as drafted, is
currently unconfirmable as a matter of law because it contains
overbroad and impermissible release provisions.

The non-debtor releases, exculpation provision and injunction
provisions contained in the Plan are overbroad and are
impermissible, Mr. Harrington asserted, citing In re Zenith
Electronics Corp., 241 B.R. 92 (Bankr. D. Del. 1999),In re
Continental Airlines, 203 F.3d 203 (3d Cir. 2000), and In re
Genesis Health Ventures, Inc., 266 B.R. 591 (Bankr. D. Del.
2001).

In addition, the U.S. Trustee has concerns regarding the
Debtors' ability to provide sufficient evidence at the
confirmation hearing to justify their request for "limited"
substantive consolidation under applicable Third Circuit law.

Under applicable Third Circuit law, substantive consolidation is
prohibited unless the proponents can establish a prima facie
case.  Absent consent, in In re Owens Corning, 419 F.3d 195 (3d
Cir. 2005), the Third Circuit Court of Appeals held that when
substantive consolidation is sought the entity seeking the same
must prove "that (i) prepetition they disregarded separateness
so significantly their creditors relied on the breakdown of
entity borders and treated them as one legal entity, or (ii)
postpetition their assets and liabilities are so scrambled that
separating them is prohibitive and hurts all creditors."

Accordingly, the U.S. Trustee avers that the Debtors must be
held to their proof at the confirmation hearing with respect to
their request for "limited" substantive consolidation.

Courts have routinely held that a disclosure statement
accompanying an unconfirmable plan should not be approved
because solicitation of votes on an unconfirmable plan would be
a futile and wasteful effort, Mr. Harrington notes, citing In re
Cardinal Congregate I, 121 B.R. 760 (Bankr. S.D. Ohio 1990); and
In re McCall, 44 B.R. 242 (Bankr. E.D. Pa. 1984).

The U.S. Trustee, citing Atlanta West VI Ltd. Partnership, 91
B.R. 620 (Bankr. N.D. GA. 1988); and In re MacCall, 44 B.R. at
243, says that approval of a disclosure statement where the plan
cannot be confirmed as a matter of law would result in a waste
of judicial time and estate assets in a fruitless solicitation
and confirmation attempt.

3. 9% Noteholders

Thirteen beneficial holders of approximately US$95,000,000 in
face amount of 9% senior subordinated notes due May 2009, issued
by Dura Operating Corp., asked the Court to disapprove the
Disclosure Statement explaining the Debtors' Joint Plan of
Reorganization:

  * Thomas and Pattiann Kurak
  * J.W. Korth & Company
  * Charles T. Kurak
  * Tamara A. Kurak
  * Richard J. Thielen
  * Jeffrey S. Einstein
  * Jason A. Pieper
  * Jeffrey R. Werner
  * Curtis H. Werner
  * Donald L. Welker
  * Jeff Comfort
  * Daniel S. Hennum
  * Carl E. Kruger

The 9% Noteholders complained that the Disclosure Statement does
not provide creditors with adequate information to make an
informed decision as to the fairness and feasibility the Plan in
accordance with Section 1125 of the Bankruptcy Code.

Toby M. Daluz, Esq., at Ballard Spahr Andrews & Ingersoll, LLP,
in Wilmington, Delaware, contended that the Disclosure
Statement:

  -- fails to provide creditors with information sufficient to
     evaluate whether a substantive consolidation of the Debtors
     is permissible or in the best interests of creditors and
     does not inform creditors what distribution would be made
     to them if each of the Debtors were liquidated on a non-
     consolidated basis;

  -- fails to provide any information regarding the ability of
     Pacificor, LLC, to fund its obligations under the Backstop
     Rights Purchase Agreement;

  -- fails to adequately value the Debtors' interests in foreign
     non-debtor affiliates and subsidiaries, thereby preventing
     creditors from analyzing Pacificor's propriety in
     obtaining 42.4% of the New Common Stock in exchange for a
     US$160,000,000 purchase price;

  -- fails to provide a meaningful analysis of the value of the
     New Common Stock which will be distributed to unsecured
     creditors under the Plan;

  -- is silent as to the value and financial import of certain
     significant elements of the Plan, including the Management
     Equity Program and the Rights Offering, preventing
     creditors and the Court from assessing whether the Plan
     unfairly discriminates certain parties or otherwise fails
     to be fair and equitable; and

  -- does not state whether the Debtors have received a
     commitment or at least an expression of serious interest
     from any lender to provide US$400,000,000 in exit financing
     and does not describe the basic terms of the Exit Credit
     Facility.

"The Debtors are piggy-backing the liquidation analysis onto
their assertion that under the Plan, creditors fare better if
the Debtors are liquidated on a consolidated basis," Mr. Daluz
asserted.

"Based upon the vague and circular description of the Exit
Credit Facility contained in the Disclosure Statement, it
appears the Debtors have not obtained a commitment from anyone
to provide any portion of the US$400 in exit financing the
Debtors require," Mr. Daluz added.  In the absence of
information regarding the terms of the Exit Credit Facility,
creditors are unable to assess the feasibility of the Plan, he
maintains.

The 9% Noteholders also contended that the Plan is unconfirmable
because it renders the 9% Notes valueless without providing
creditors the basic financial information necessary to determine
the Debtors' market value.

The Plan, Mr. Daluz argued, improperly requires distribution to
the Senior Noteholders of New Common Stock to which the 9%
Noteholders are entitled under both the terms of the
Subordinated Notes Indentures and the provisions of the
Bankruptcy Code.  As a result, the Plan does not meet the fair
and equitable requirement for confirmation and unfairly
discriminates against the 9% Noteholders, he contended.

The Plan presently provides no safeguards or limitations upon
the use of the 10% of the Distribution Shares reserved for the
Management Equity Program, which creates the possibility that
the Management Incentive Program will be used to circumvent the
requirements for confirmation of the Plan under Section 1129 of
the Bankruptcy Code, Mr. Daluz pointed out.  "The Debtors should
be required to fully disclose the terms of the Management Equity
Program and establish proper safeguards so that the Debtors'
management does not receive 10% of the Distribution Shares on
account of nothing or, alternatively, on account of their
interests in, or claims against, the Debtors."

Herbert R. Benjamin and Mary Page also opposed the Debtors'
Joint Plan of Reorganization.  Mr. Benjamin contends that the
Debtors have misled people in thinking that all of the creditors
will be paid in full.  Ms. Page argues that it is unfair for the
Debtors not to handle retirement pay.

4. Riverside Claims, LLC

Riverside Claims, LLC, a holder of claims against Debtor Dura
Automotive Systems (Canada) Ltd., complained that the Disclosure
Statement explaining the terms of the Debtors' Joint Plan of
Reorganization lacks "adequate information" as that term is
defined under Section 1125 of the Bankruptcy Code.

Robyn J. Spalter, Esq., in New York, contended that the
Disclosure Statement does not provide accurate or adequate
information regarding the substantive consolidation legal
standard in the Third Circuit.  In addition, the Disclosure
Statement does not provide creditors with adequate information
to be able to evaluate the different treatment afforded
creditors with and without substantive consolidation.

"The discussion of the concept of substantive consolidation and
the law regarding same as contained in the Disclosure Statement
is, at best, misleading," Ms. Spalter argued.  Rather than
providing a conclusory statement, the Debtors should provide
information in the Disclosure Statement that allows creditors to
reach the conclusion that "the Plan, with its contemplated
limited substantive consolidation of the Debtors' estates, is
the best option currently available for the Debtors and their
creditors as a whole."

In order to analyze whether substantive consolidation is, as
Debtors allege, not harmful to Dura Canada creditors, the
Disclosure Statement needs to provide additional information on
Dura Canada's liabilities and its inter-Debtor claims, as well
as a claims analysis, Ms. Spalter asserted.

The Disclosure Statement, Ms. Spalter noted, only provides a
liquidation analysis assuming substantive consolidation despite
stating that a separate liquidation analysis has been prepared
for each of the Debtors.

Accordingly, Riverside Claims asked the Court to disapprove the
Disclosure Statement unless it is amended to provide adequate
information as required by Section 1125.

                      About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


NACF: To Lend US$180MM to Kohlberg for First Data Acquisition
-------------------------------------------------------------
National Agricultural Cooperative Federation will lend US$180
million to U.S. private equity firm Kohlberg Kravis Roberts'
US$26 billion purchase of First Data, Reuters reports.

According to the report, Kohlberg Kravis completed the leveraged
buyout last week.

Lead banks Citigroup and Credit Suisse began selling the first
US$5 billion of a planned US$15 billion loan for the deal.  The
US$5 billion loan carries price talk of 275 basis points over
the London interbank offered rate, the report notes.

An unnamed NACF official told Reuters that Credit Suisse tapped
them, saying KKR was looking for senior managing agents in Japan
to finance the deal.  The company has decided to make the
lending and the loans will be extended around October 15, he
added.

The report notes that the 7-year loan to First Data is expected
to net NACF KRW36 billion in profits for that period, excluding
cost of capital.

         About National Agricultural Cooperative Federation

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

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

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


MAGNA INT'L: Holders Tender 11,908,944 Class A Sub Voting Shares
----------------------------------------------------------------
Magna International Inc. has announced the final results of its
offer to purchase up to US$1,536,600,000 in value of its Class A
Subordinate Voting Shares, which expired at 5:00 p.m. (Toronto
time) on Sept. 20, 2007.  Magna International confirmed that it
has purchased for cancellation 11,908,944 Class A Subordinate
Voting Shares, representing 9.2% of its currently issued and
outstanding Class A Subordinate Voting Shares, at US$91.50 per
share for an aggregate purchase price of approximately US$1.1
billion.

Payment for these shares was already made.  The purchase was
funded from the proceeds of the treasury issuance of 20,000,000
Class A Subordinate Voting Shares pursuant to the plan of
arrangement involving Russian Machines, which was completed on
Sept. 20, 2007.  Any Class A Subordinate Voting Shares which
were not validly deposited will be returned as promptly as
possible.

                    About Magna International

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Magna International Inc. will restructure its
operations through plant closings and consolidations in order to
remain profitable, Tony Van Alphen at the Toronto Star reports.


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

FOAMEX INT'L: Selling Carpet Cushion Facilities for US$10 Mil.
--------------------------------------------------------------
Foamex International Inc. has sold its stand-alone carpet
cushion facilities to Future Foam, Inc. for net proceeds of
approximately US$10 million.  The carpet cushion facilities are
located in Fairless Hills, Penn., Dallas, Tex. and Orlando, Fla.
Foamex intends to use the proceeds to either reinvest in its
business or to pay down debt.

Foamex will continue to offer prime polyurethane and rebond
carpet cushion and flooring underlay products through its
remaining carpet cushion facilities, which are integral
components at a number of its foam production facilities in the
Midwest and Western United States.

Commenting on the transaction, Jack Johnson, President and Chief
Executive Officer of Foamex, said: "Today's announcement
reflects our continuing effort to strengthen Foamex.  The stand-
alone carpet cushion facilities are non-core components of our
overall portfolio and the sale of these facilities provides
better value to our stockholders.  We remain committed to the
carpet cushion business and will continue to manufacture
products for the carpet cushion and flooring underlay market.
The remaining capacity can consume all the scrap foam we produce
in our other foam operations."

                   About Foamex International

Headquartered in Linwood, Pennsylvania, Foamex International
Inc. (FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning
for bedding, furniture, carpet cushion and automotive markets.
The company also manufactures polymers for the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.  The
company's Latin American subsidiary is in Mexico.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through
05-12693).  Attorneys at Paul, Weiss, Rifkind, Wharton &
Garrison LLP, represent the Debtors in their restructuring
efforts.  Houlihan, Lokey, Howard and Zukin and O'Melveny &
Myers LLP are advising the ad hoc committee of Senior Secured
Noteholders.  Kenneth A. Rosen, Esq., and Sharon L. Levine,
Esq., at Lowenstein Sandler PC and Donald J. Detweiler, Esq., at
Saul Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. has become effective and the company
has successfully emerged from chapter 11 bankruptcy protection
on Feb. 12, 2007.

As of July 1, 2007, the company reported total assets of
US$566.2 million, total liabilities of US$823.5 million, and
total stockholders' deficit of US$257.3 million.


MEGAN MEDIA: Posts 2007 First Quarter Net Loss of MYR67.19 Mil.
---------------------------------------------------------------
Megan Media Holdings Bhd, which had been hit by accounting
scandals, reported an unaudited net loss of MYR67.19 million for
the first quarter ended July 31, 2007, compared with a net
profit of MYR13.45 million in the previous corresponding
quarter, The Edge Daily says.

Announcing its results on Sept. 28 before the Bursa Malaysia
Securities Bhd, the company said revenues plunged to
MYR11.5 million from MYR230.3 million a year ago.

When compared with the fourth quarter ended April 30, 2007, it
said the loss before taxation was reduced from MYR1.38 billion
to MYR67.2 million largely due to the fact that significant
write-off was made in the fourth quarter arising from the
financial irregularities uncovered by the investigative audit,
the news agency relates.

Among the irregularities were fictitious trading creditors and
debtors created by its subsidiary Memory Tech Sdn Bhd to
overstate purchase and sales, and its financing of payments to
fictitious trading creditors through bank debts, the paper adds.

On the company's prospects, it said the viability of the company
and the group as a going concern depended "on the completion of
a successful implementation of debt restructuring and
regularization plans".

The company has eight months, since June 19, 2007, to submit a
regularization plan to the relevant authorities.


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

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

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

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


MP TECHNOLOGY: Inks Agreement to Acquire Cosmopoint
---------------------------------------------------
Financially distressed MP Technology Resources Bhd will acquire
Cosmopoint Sdn Bhd, which provides education and franchising
services and software development, The Edge Daily reports.

The planned acquisition is part of the company's regularization
plan, the news agency says.

The company's statement said that it had signed a memorandum of
understanding with Cosmopoint, which has a paid-up capital of
MYR20 million comprising 20 million shares of MYR1 each, for the
restructuring scheme.

MP Tech also proposed to transfer its listing status to a new
company that will be formed following the acquisition exercise.


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.


SUREMAX GROUP: Financial Results Disparity Cues Public Reprimand
----------------------------------------------------------------
The Bursa Malaysia Securities Bhd has publicly reprimanded
Suremax Group Bhd for failing to ensure that its unaudited
results in the fourth quarter ended August 31, 2006, results
were prepared accurately before releasing it for public
announcement.

The bourse also said that the company failed to make an
immediate announcement on the deviation between the unaudited
results and the audited results for the quarter under review.

According to the bourse, the company reported an unaudited net
loss after tax and minority interest of MYR3.47 million in its
4th QR 2006 for the financial year ended August 31, 2006, as
compared to an audited net loss after tax and minority interest
of MYR13.94 million in the same period.

The difference between the unaudited results and the audited
results of MYR10.47 million represents a deviation of 302%.


Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

The Troubled Company Reporter-Asia Pacific reported that Suremax
Group Berhad disclosed to the Bursa Securities that its the
shareholders' equity of SUREMAX on a consolidated basis is less
than 25% of the issued and paid-up capital of SUREMAX and the
aforesaid shareholders' equity is also less than the minimum
issued and paid-up capital, triggering yet another criteria in
the bourse's Amended PN17 inclusion requirement.

Another TCR-AP report on May 16, 2006, said that based on the
Audited Financial Statements of Suremax Group for the financial
year ended August 31, 2005, the auditors of Suremax Group Berhad
have expressed a modified opinion with emphasis on Suremax's
going concern.  Furthermore, based on the six months accounts to
February 28, 2006, Suremax's  shareholders' equity on a
consolidated basis is less than 50% of  its issued and paid-up
capital.  As such, Suremax is an affected listed issuer of the
Bursa Malaysia Securities Berhad's Amended Practice Note 17
category.

The company's securities were delisted from the Official List of
Bursa Securities on August 8, 2007.


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.


SOLUTIA INC: Poised to Emerge After Chapter 11 Settlement
---------------------------------------------------------
Solutia Inc. has secured the support of all of the major
constituents in its Chapter 11 cases for a consensual plan of
reorganization.

"I am extremely pleased to announce that we have reached a
comprehensive settlement with all of the major constituents in
our bankruptcy case that will form the basis for a revised
consensual plan of reorganization that will be filed within the
next few days," said Jeffry N. Quinn, chairman, president and
chief executive officer of Solutia Inc.  "The revised plan will
position Solutia to emerge from bankruptcy by the end of this
year as a financially healthy organization well-positioned to
create significant value for its stakeholders."

"The revised plan will provide for US$250 million of new
investment in reorganized Solutia through a backstopped rights
offering to certain creditors, as well as a reallocation of the
legacy liabilities that Solutia assumed when it was spun off.
Importantly, it also will provide for a resolution of all the
litigation between the settling parties including a potential
appeal by our noteholders, the adversary proceeding filed by our
current equity holders against Monsanto and Pharmacia, and
related objections to the Monsanto and Pharmacia claims."

The settlement and revised plan is supported by the Ad Hoc
Committee of Solutia Noteholders, the Official Committee of
Equity Security Holders, the Official Committee of Unsecured
Creditors, Monsanto Company, Pharmacia Corporation, the Official
Committee of Retirees, and the Ad Hoc Committee of Trade
Creditors.  As part of the settlement, the following parties
executed agreements earlier this month in support of the
settlement and revised plan of reorganization: Monsanto,
noteholders controlling at least US$300.1 million in principal
amount of the 2027/2037 notes, the official committee of general
unsecured creditors, the official committee of equity security
holders, the ad hoc trade committee, and Solutia.  The support
agreements became effective on Sept. 6, 2007.

Solutia will update its disclosure statement and plan of
reorganization to reflect the terms of the settlement, and
anticipates filing these documents with the U.S. Bankruptcy
Court for the Southern District of New York promptly.  An
Oct. 10, 2007 court date has been set seeking approval of the
disclosure statement.  Once approved, the disclosure statement
will be sent to Solutia's creditors and equity interest holders
for voting purposes.  Following the voting process, the court
will hold a hearing to approve or "confirm" the plan.

"Since beginning the chapter 11 process, we have concentrated on
the implementation of a reorganization strategy focused on
enhancing our financial and operating performance, changing our
portfolio so that it consists of high potential businesses, and
achieving a reallocation of legacy liabilities.  I am pleased to
say that the men and women of Solutia have been very successful
in executing this strategy and, as a result, we are able to
provide enhanced recoveries for all creditor constituencies,
including current equity holders," added Quinn.  "The revised
plan also situates us well to deliver the fourth component of
our strategy for rehabilitating our company -- exiting
bankruptcy with a competitive capital structure."

James M. Sullivan, chief financial officer of Solutia, noted,
"Despite the recent turbulence in the debt capital markets, I am
confident that Solutia will be able to secure the necessary exit
financing package to consummate the revised plan.  We have
improved our earnings, reduced our risk profile, gained the
infusion of new money investment through the rights offering,
and will propose a capital structure with moderate leverage.  We
are moving forward in earnest with the exit financing process
and plan to put financing in place consistent with our emergence
timeframe."

             Major Terms Underlying Settlement and
                       Reorganization Plan

(1) US$250 Million of New Investment

The revised plan will provide for US$250 million of new
investment in reorganized Solutia.  This investment will be in
the form of a rights offering to the noteholders and general
unsecured creditors, who will be given the opportunity to
purchase shares of the new common stock on a pro rata basis at a
33.3% discount to the implied equity value.  The rights offering
will be backstopped by a group of Solutia's creditors (i.e. they
will purchase any shares not bought by other creditors).  For
this commitment they will receive a fee of 2.50% and an
allocation of 15% of the rights offering.

The US$250 million generated as a result of the rights offering
will be used as follows: US$175 million will be set aside in a
Voluntary Employees' Beneficiary Association Retiree Trust to
fund the retiree welfare benefits for those pre-spin retirees
whom receive these benefits from Solutia; and US$75 million will
be used by Solutia to pay for other legacy liabilities being
retained by the company.

(2) Relief from Tort Litigation and Environmental Remediation
    Liabilities

Consistent with Solutia and Monsanto's prior agreement, the
settlement provides that Monsanto will take on financial
responsibilities in the areas of tort litigation and
environmental remediation.

  -- Monsanto will be financially responsible for all
     current and future tort litigation costs arising from
     Pharmacia's chemical business prior to the Solutia
     spinoff.  This includes litigation arising from
     exposure to PCBs and other chemicals.

  -- Monsanto will accept financial responsibility for
     environmental remediation and clean-up obligations at
     all sites for which Solutia was required to assume
     responsibility at the spinoff but which were never
     owned or operated by Solutia.  Solutia will remain
     responsible for the environmental liabilities at sites
     that it presently owns or operates.

  -- Solutia and Monsanto will share financial responsibility
     with respect to two sites. Under this cost-sharing
     arrangement the first US$50 million of post-emergence
     remediation and cleanup costs will be funded by the
     proceeds of the rights offering described above.  Upon
     emergence, Solutia would be responsible for the funding of
     these sites up to an agreed amount.  Thereafter, if needed,
     Monsanto and Solutia would share responsibility equally.

(3) Current Equity Holders New Common Stock Purchase Option

Under the revised plan, in addition to other considerations,
current equity holders that own at least a specified number of
shares of Solutia common stock will receive rights to purchase,
at the time of the company's emergence from bankruptcy, a pro
rata share of up to 17% of the new common stock for US$175
million which is at a discount from the implied equity value
under the revised plan.  The proceeds from the sale of this
equity will fund a cash payment to Monsanto of up to US$175
million.  Any portion of the 17% of the new common stock that is
not purchased by current equity holders will be distributed to
Monsanto under the revised plan.

(4) Settlement of Litigation and Claims Objection

Each of the settling parties has agreed to stay all pending
litigation relating to Solutia's chapter 11 cases until the
effective date of the plan, at which time this litigation will
be dismissed.  This includes objections to the disclosure
statement and plan of reorganization filed by the noteholders
and the equity security holders, the adversary proceeding filed
by the equity security holders against Monsanto and Pharmacia,
objections to the claims filed in the case by Monsanto and
Pharmacia, and the noteholders' appeal of the decision in the
litigation related to the secured or unsecured nature of their
claims.

(5) Composition of Board of Directors

Under the revised plan, reorganized Solutia's Board of Directors
will be comprised of nine members, including: Jeffry N. Quinn,
Solutia's chairman, president and chief executive officer; J.
Patrick Mulcahy, a current director of Solutia; one director
designated by each of Monsanto, the general unsecured creditors
and the noteholders; and four directors designated by a five-
person search committee consisting of Mr. Quinn, two
representatives from the noteholders and one representative each
from the general unsecured creditors and the ad hoc trade
creditors.  Solutia has engaged the services of Spencer Stuart,
a global search firm, to begin the process of helping identify
and recommend highly qualified board candidates.

(6) Anticipated Creditor Recoveries and Equity Ownership

Assuming full subscription to the rights offering by the
participating parties (including the backstop parties), a full
exercise of the new common stock purchase option, and an
estimated general unsecured claims pool of US$342 million, the
following creditors and equity security holders will receive the
following distributions:

      -- General Unsecured Creditors will receive their pro
         rata  share of 31.4% of the new common stock,
         resulting in a recovery of 80.6 cents on the dollar.

      -- Noteholders will receive their pro rata share of
         43.8% of the new common stock, resulting in a
         recovery of 88.4 cents on the dollar.

      -- Monsanto will receive up to US$175 million in cash.
         Any shares of new common stock not purchased by
         current equity holders pursuant to the new common
         stock purchase option will be distributed to Monsanto
         and the cash distribution reduced accordingly.

      -- Equity Security Holders will receive their pro rate
         share of 1% of the new common stock and pursuant to
         the new common stock purchase option, holders that own
         at least a specified number of shares of Solutia
         common stock will receive rights to purchase a pro
         rata share of up to 17% of the new common stock.

         Assuming the new common stock purchase option is
         fully exercised, current equity security holders will
         own up to 18% of the new common stock.

         Additionally, current equity security holders will
         have the following rights:  i) holders who own at
         least a specified number of shares of Solutia common
         stock will receive their pro rata share of five-year
         warrants to purchase 7.5% of the common stock; and ii)
         holders who own at least a specified number of shares
         of Solutia common stock will receive the right to
         participate in a buy out for cash of  general
         unsecured claims of less than US$100,000 for an amount
         equal to 52.35% of the allowed amount of such claims,
         subject to election of each general unsecured creditor
         to sell their claim.

      -- Retirees will receive the benefits provided for under
         the terms of the settlement between Solutia and its
         retirees, which was previously announced and is not
         being altered by the settlement currently announced.
         In accordance with that settlement, the retirees, as
         a class, will receive 2% of the new common stock.
         This stock will be deposited into a VEBA trust that
         will be used to pay retiree welfare benefits.  This
         is in addition to the US$175 million from the rights
         offering that will also be deposited into the VEBA
         trust.

      -- Backstop Parties (the backstoppers of the rights
         offering) will own 4.7% of the new common stock.

                  General Plan Assumptions

Solutia will be an independent, publicly traded company listed
on a national exchange.  The enterprise value of reorganized
Solutia is currently estimated to be approximately US$2.85
billion, with corresponding implied reorganization equity value
of approximately US$1.2 billion.  In total, 59.75 million common
shares will be issued and allocated upon emergence, exclusive of
an anticipated management incentive plan to be approved as part
of the revised plan of reorganization.

"This settlement is the result of difficult negotiations that
lead to compromise.  A tremendous amount of hard work by all of
the various constituents has gone into this reorganization
process and I want to thank everyone who has been involved,"
stated Mr. Quinn.

                     About Solutia Inc.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and is set to continue on Oct. 10, 2007.


* Malaysian Banks' Profitability Improves in H107, Fitch Says
-------------------------------------------------------------
Fitch Ratings said on Sept. 28, 2007, that the financial
performance of the Malaysian banks improved in H107 on the back
of stable interest margin, stronger non-interest income growth
and lower provision charges.

In a report titled "Malaysia banks - Semi Annual Review and
Outlook" to be released soon, the agency notes that capital
ratios remained well above the regulatory minimum although they
were slightly lower because of a continued focus on enhancing
shareholders' returns.  System NPLs posted a larger decline in
H107, partly as banks began to capitalise on new regulations
issued at end-2005 that has facilitated the sale of NPLs.
Fitch also notes that reserves coverage of NPLs increased with
industry data suggesting that provisions covered 67.1% of NPLs
at end-July 07 (end-2006: 58.9%).  Including collateral, NPLs
are about 2x covered, albeit noting that information on
collateral quality is unavailable.  Even so, stress testing by
the agency which disregards collateral value, suggests that
capital impairment risk is very low for the Malaysian banking
system as a whole.

Against a backdrop of benign growth conditions in Malaysia, the
outlook for banks is expected to remain stable.  Domestic
indicators appear to suggest stronger loan activity in the
second half although it also remains to be seen if the recent
turmoil in financial markets globally (triggered by US subprime
concerns), will have wider implications on interest rates and
growth in the region.

Meanwhile, overseas assets accounted for a still manageable 10%-
20% of total assets among the larger Malaysian banks but are
likely to grow as these banks aspire to become larger regional
players.  While non-organic expansion, particularly into less
creditworthy regional markets, will need to be monitored the
agency is hopeful that a gradual approach towards
regionalization combined with continued enhancements to the
banks' risk management processes, will be mitigating factors.


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

ARTMOUNT NEW ZEALAND: Shareholders Resolve to Wind Up Operations
----------------------------------------------------------------
The shareholders of Artmount New Zealand Ltd. met on Sept. 4,
2007, and agreed through a special resolution to liquidate the
company's business.

Janet Richardson was appointed as liquidator.

The Liquidator can be reached at:

         Janet Richardson
         Daytone House, 53 Davis Crescent
         Newmarket, Auckland
         New Zealand
         Telephone:(09) 522 4659
         Mobile:(021) 304 730
         Facsimile:(09) 522 4658


COMMUNITY MANAGEMENT: Names Raymond Gordon Burgess as Liquidator
----------------------------------------------------------------
Raymond Gordon Burgess was appointed liquidator of Community
Management Limited on August 31, 2007.

Mr. Burgess requires the company's creditors to file their
proofs of debt until October 8, 2007.

The Liquidator can be reached at:

         Raymond Gordon Burgess
         PO Box 82100, Auckland
         New Zealand
         Telephone:(09) 576 7806
         Facsimile:(09) 576 7263


COMMUNITY TAVERNS: Accepting Proofs of Debt Until October 8
-----------------------------------------------------------
On August 31, 2007, Raymond Gordon Burgess was appointed as
liquidator of Community Taverns NZ Ltd.

Mr. Burgess is accepting creditors' proofs of debt until
October 8, 2007.

The Liquidator can be reached at:

         Raymond Gordon Burgess
         PO Box 82100, Auckland
         New Zealand
         Telephone:(09) 576 7806
         Facsimile:(09) 576 7263


CRS TECHNOLOGY: Appoints Shephard and Dunphy as Liquidators
-----------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
liquidators of CRS Technology Group Ltd. on August 15, 2007.

The Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         c/o Shephard Dunphy Limited
         Zephyr House, Level 2
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


GAYHURST PROPERTY: Court Sets Wind-Up Petition Hearing on Oct. 1
----------------------------------------------------------------
A petition to have the operations of Gayhurst Property Holdings
Ltd. wound up will be heard before the High Court of
Christchurch on October 1, 2007, at 10:00 a.m.

Pakuranga Earthmovers Limited filed the petition on August 20,
2007.

Pakuranga Earthmovers' solicitor is:

         Andrew Nicoll
         c/o Martelli McKegg Wells & Cormack
         PricewaterhouseCoopers Tower, Level 20
         188 Quay Street
         Auckland 1010
         New Zealand


PETER VILE: High Court to Hear Wind-Up Petition on October 4
------------------------------------------------------------
The High Court of Auckland will hear on October 4, 2007, at
10:00 a.m., a petition to have the operations of Peter Vile
Builders Ltd. wound up.

The Commissioner of Inland Revenue filed the petition on May 22,
2007.

The CIR's solicitor is:

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


PLUMB DIRECT: Fixes October 1 as Last Day to File Claims
--------------------------------------------------------
On September 3, 2007, Grant Bruce Reynolds was appointed as
liquidator of Plumb Direct Ltd.

Mr. Reynolds fixes October 1, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         c/o Reynolds & Associates Limited
         Insolvency Practitioners
         PO Box 259059, Greenmount
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788


PUYSEGUR POINT: Taps Nellies and Jenkins as Liquidators
-------------------------------------------------------
Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed liquidators of Puysegur Point Marine Ltd. on
September 5, 2007.

The company went into liquidation on that day.

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


RARE HOLDINGS: Creditors' Proofs of Debt Due on October 12
----------------------------------------------------------
The creditors of Rare Holdings Ltd. are required to file their
proofs of debt by October 12, 2007, to be included in the
company's dividend distribution.

The company entered liquidation proceedings on September 7,
2007.

The company's liquidator is:

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


STEWART ISLAND: Court Sets Wind-Up Hearing for Oct. 3
-----------------------------------------------------
On August 15, 2007, Officemax New Zealand Limited filed a
petition to have the operations of Stewart Island Helicopters
Ltd. wound up.

The petition will be heard before the High Court of Invercargill
on October 3, 2007, at 10:00 a.m.

Officemax New Zealand's solicitor is:

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


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

BANGKO SENTRAL: New Rules Regarding Derivatives Ready by October
----------------------------------------------------------------
Deliberations on risk management and investor protection are
taking longer than expected, so the Bangko Sentral ng Pilipinas'
new rules for easing the regulatory framework on derivatives
will not be ready until October, the Philippine Star reports.

According to the BSP, industry groups and regulatory agencies,
including the Securities and Exchange Commission, have already
taken a look at several working drafts of the proposed rules and
regulations.

"We're holding a number of internal consultations and we're
working through various concerns regarding risk management and
investor protection," BSP Deputy Governor Nestor Espenilla Jr.
said, adding that "derivatives are powerful tools" thus "[the
BSP has] to be very careful on how to handle them [to avoid]
unintended consequences."  Mr. Espenilla also said that the
deliberations aimed to ensure that "more players would be able
to participate and at the same time make sure that investor
interests are also looked after."

The BSP is also discussing certain standards issues with banking
industries in order to make sure that banks are capable of
managing the derivative instruments that they will issue,
Mr. Espenilla said.

Under the new rules, banks can issue a wider array of derivative
instruments without having to secure approval from the central
bank, the article says.  According to Mr. Espenilla, the BSP can
afford to allow this freedom to the banking industry since they
have already complied with risk-based principles under the Basel
2 Convention.

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.

On August 21, 2007 Fitch Ratings upgraded Philippine Long
Distance Telephone Company's Long-term local currency Issuer
Default Rating to 'BBB' from 'BBB-' (BBB minus).  The Outlook is
Stable.  At the same time, Fitch has affirmed PLDT's Long-term
foreign currency IDR of 'BB+' and its National Long-term rating
at 'AAA(phl)'. The Outlook is Stable.  Also, PLDT's global bonds
and senior notes have been affirmed at 'BB+'.


BANK OF PHIL ISLANDS: To Establish New Branches in Spain, Italy
---------------------------------------------------------------
Two more branches of the Bank of the Philippine Islands are set
to open next year in Italy and Spain in view of the growing
needs of overseas Filipino workers, the Philippine Star reports.

According to BPI's senior vice president, Teresita B. Tan, said
it will take at least four months to seure full banking licenses
in the two European countries, and a few more months to
establish their presence there.  They would also need to seek
the FSA's endorsement, Ms. Tan added.

According to the article, the bank also operates remittance
offices in both EU nations and will only need to remodel the
physical centers into a full bank branch after approval by the
respective authorities.

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

On May 28, 2007, Moody's Investor Services assigned a B1 foreign
currency deposit rating to BPI.


DEV'T BANK: Opens US$50-Mil. Credit Facility to Microfinancer
-------------------------------------------------------------
The Development Bank of the Philippines has opened a US$50-
million revolving credit facility for the Kabalikat Para sa
Maunlad na Buhay Inc. to support its lending activities to
microenterprises, the Manila Bulletin reports.

This is in accordance with the DBP's thrust to perk up business
activities in the countryside, president and chief executive
officer Reynaldo G. David told the Bulletin.  Mr. David said
that bank's thrust "is to support micro, small and medium
enterprises (MSMEs) to unleash its potential, accelerate its
growth and sustain its progress."

The lending window will bring DBP's total loan exposure to the
microenterprise sector to PHP10 billion and will provide KMBI
with needed resources for its relending activities, Mr. David
added.

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

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

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

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


PHIL LONG DISTANCE: Market Capitalization Reaches US$12 Billion
---------------------------------------------------------------
The Philippine Long Distance Telephone Co.'s market
capitalization is now at US$12 billion, the Philippine Star
reports.

According to PLDT's chairman Manuel Pangilinan, the telecom
giant closed with American depositary receipts of US$63.85 per
share at the close of last Wednesday night's trading at the New
York Stock Exchange.  Mr. Pangilinan also said that PLDT's
shares at the local bourse rose PHP95 or 3.3% to PHP2,940 on
Thursday.

According to the Star, PLDT's market value soared to PHP550
billion since First Pacific Co. acquired a controlling stake in
the company in 1998 and made it the largest firm in the
Philippine in terms of market capitalization.  Besides that, the
Philippine Stock Exchange also named it the country's most
profitable company after registering a net income fo PHP17
billion during the first half of the year.

Because of this, the article says, PLDT's management has
increased its core earnings estimate from an earlier target of
PHP33 billion.  "We look forward to delivering to our
shareholders another year of improved results - in profits, in
cash, and is a much stronger company," Mr. Pangilinan said.

Analysts are expecting earnings of the Philippine Long Distance
Telephone Co. to be boosted by its recently announced job cuts
due to changes in technology and consumer demand, the Philippine
Daily Inquirer relates.

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

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


Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
November 3, 2006, Moody's Investors Service affirmed Philippine
Long Distance Telephone Company's Ba2 senior unsecured foreign
currency rating and changed its outlook to stable from negative.
At the same time, Moody's has affirmed PLDT's Baa3 domestic
currency issuer rating.  The outlook for this rating remains
positive.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.  Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.

On August 21, 2007, the TCR-AP reported that Fitch Ratings
upgraded Philippine Long Distance Telephone Company's Long-term
local currency Issuer Default Rating to 'BBB' from 'BBB-' (BBB
minus).  The Outlook is Stable.  At the same time, Fitch has
affirmed PLDT's Long-term foreign currency IDR of 'BB+' and its
National Long-term rating at 'AAA(phl)'.  The Outlook is Stable.
Also, PLDT's global bonds and senior notes have
been affirmed at 'BB+'.


SAN MIGUEL: Gov't Watches Expansion for Effects on Share Prices
---------------------------------------------------------------
The government is closely watching the progress of San Miguel
Corp.'s diversification into non-core businesses for possible
effects on its privatization plans, BusinessWorld reports.

According to Finance Undersecretary for Privatization John
Phillip P. Sevilla, the diversification will not change the
government's plans for privatization but could possibly impact
the prices of the government's 781 million A and B shares in
SMC.

The shares are currently valued at PHP50 billion, the article
says.

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

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

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


* 2007 GDP Growth Target Can be Attained, Finance Secretary Says
----------------------------------------------------------------
Finance Secretary Margarito Teves is confident that the
Philippines will meet the upper end of the government's 6.1%-
6.7% growth this year, keeping the local currency strong, the
Philippine Daily Inquirer reports, citing Reuters as a source.

The strong gross domestic product growth in the first six months
of 2007 boded well, Mr. Teves told Reuters late on Thursday.
"There is a good chance because we had 7.5 percent growth in the
second quarter and 7.3 percent in the first half."

According to the article, the Philippines' economic growth has
accelerated from the 5.4% notced up in 2006.  The government is
expecting a 6.1%-6.8% increase in GDP next year, it added.

Mr. Teves also told Reuters that it expects the peso to stay
firm.  The peso, the Inquirer's report said, had risen 9%
against the US dollar and is Asia's best performing currency.
It is likely to remain positive or strengthen as long as
macroeconomic fundamentals will continue to improve, Mr. Teves
said.  "A lot of the factors influencing the peso can be
external in character and outside our control," he added.

                          *     *     *

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

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

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


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

HOCK HENG: Pays First and Final Dividend
----------------------------------------
Hock Heng Trading & Construction Pte Ltd., which is in
liquidation, paid its first and final dividend on September 19,
2007.

The company paid 0.4166% to all received claims.

The company's official receiver can be reached at:

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


RED HAT: Promotes Mark Cook & Paul Argiry as Vice Presidents
------------------------------------------------------------
Red Hat Inc. has promoted Mark E. Cook to Vice President,
Finance and Controller and appointed Paul Argiry as Vice
President and Treasurer.  Both will report to Executive Vice
President and Chief Financial Officer, Charlie Peters.

With over 30 years of financial experience, Mr. Cook joined Red
Hat as Treasurer in November 2004 and later was promoted to Vice
President and Treasurer.  Prior to joining Red Hat, Mr. Cook
served as Director of Finance at Cluett American Corp., with
responsibilities for treasury and other financial functions.
Mr. Cook served as Treasurer of the multi-national textile
company, Guilford Mills, Inc.  Previously, Mr. Cook also held a
number of financial positions at Worthington Industries, Inc.,
Blount International, Inc. and RJR Nabisco, Inc.

Mr. Argiry brings over 15 years of diversified financial
experience including public accounting, mergers and
acquisitions, corporate finance and treasury.  He is now
responsible for leading Red Hat's treasury function, including
corporate treasury, payroll, credit and collections and
facilities.  Prior to this role, Mr. Argiry was the Senior
Director of Corporate Finance and Treasury at Jabil Circuit,
Inc., a NYSE-listed electronic manufacturing services company
based in St. Petersburg, Florida.  Mr. Argiry also served as
Director of Finance for Mergers and Acquisitions at Jabil and
worked in the audit division and transaction services group with
Price Waterhouse Coopers.

"We are pleased to have the talents of Mark Cook and Paul Argiry
in these very important positions for our Company," said Charlie
Peters, Executive Vice President and Chief Financial Officer of
Red Hat.  "We are confident that both bring strong experience to
our finance organization and will reinforce the financial
disciplines and strategies already in place."

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.

                        *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services
revised its outlook on Raleigh, North Carolina-based operating
systems provider Red Hat Inc. to stable from positive, and
affirmed its 'B+' corporate credit rating.


RED HAT: JMP Securities Maintains Market Perform Rating
-------------------------------------------------------
JMP Securities analyst Denny C. Fish has kept his "market
perform" rating on Red Hat Inc.'s shares, Newratings.com
reports.

Mr. Fish said in a research note that Red Hat reported mixed
results for the fiscal second quarter 2008.  The firm disclosed
that its revenues surpassed consensus, while its earnings per
share were in-line with the consensus.

JBoss' performance was short of the guidance during the fiscal
first half of 2008, Newratings.com says, citing Red Hat.

The earnings per share estimate for fiscal year 2008 was
decreased to US$0.71 from US$0.72.  Meanwhile, the earnings per
share estimate for fiscal year 2009 was increased by US$0.85 to
US$0.86, 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.

                        *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services
revised its outlook on Raleigh, North Carolina-based operating
systems provider Red Hat Inc. to stable from positive, and
affirmed its 'B+' corporate credit rating.


SCOTTISH RE: Names Terry Eleftheriou as Executive VP & CFO
----------------------------------------------------------
Scottish Re Group Limited has appointed Terry Eleftheriou as
Executive Vice President and Chief Financial Officer, effective
Nov. 12, 2007.  Mr. Eleftheriou will be based at the company's
Hamilton, Bermuda headquarters and will join the Company on
Oct. 1.  He will serve in a transition role until he assumes the
CFO position on Nov. 12.

Mr. Eleftheriou was most recently a group finance executive with
XL Capital where he was responsible for leading a number of
strategic global initiatives to transform and integrate finance
operations and enhance business processes and related controls.
He was also a member of XL's global Finance Executive Council
and Executive Management Group and worked closely with XL's
executive management team and Board of Directors.  Prior to
joining XL Capital in November 2003, Terry was the CFO of Sage
Insurance Group International and previously was the finance
leader for the retirement services segment of American General
Financial Group.  He also occupied a variety of leadership roles
spanning a 15-year career with Ernst & Young where he
specialized in providing assurance and advisory services to
insurance and financial services companies in North America,
Europe, and Asia.

Mr. Eleftheriou is a Fellow of the Institute of Chartered
Accountants in England and Wales and a member of the Connecticut
Society of Certified Public Accountants.  He holds a Bachelor of
Science in Economics from the City University in London,
England.

As Scottish Re's Chief Financial Officer, Mr. Eleftheriou will
lead the company's global finance function and will be
responsible for its financial operations, including accounting
and reporting, financial planning and analysis, taxation, audit,
and investor and rating agency relations.

In welcoming Mr. Eleftheriou to Scottish Re, George Zippel,
President and Chief Executive Officer, noted, "Terry is a proven
insurance financial executive who has led and managed change in
dynamic environments across the globe.  He will be a strong
business partner for me and the senior leadership team of
Scottish Re.  I'm confident Terry will have an immediate and
positive impact as we work to improve our financial, operating
and risk management disciplines and drive profitable growth."

Mr. Eleftheriou commented, "I'm excited to be joining Scottish
Re at this juncture in its development and look forward to
working with George Zippel and the rest of the team in re-
establishing the Company as a leader in the global life
reinsurance industry.  We will build on the existing
capabilities of the Company to deliver against the needs and
expectations of our various stakeholders in order to grow
shareholder value."

                      About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Moody's Investors Service affirmed the ratings of
Scottish Re Group Limited, with the outlook changed to stable
from positive, including its Senior unsecured shelf of (P)Ba3;
its subordinate shelf of (P)B1; its junior subordinate shelf of
(P)B1; its preferred stock of B2; and its preferred stock shelf
of (P)B2.


WISEGUYS FILM: To Pay Dividend on October 12
--------------------------------------------
Wiseguys Film Pte Ltd, which is voluntary liquidation, will pay
its first and final dividend to its preferential creditors on
October 12, 2007.

The company will pay 64.1382% to all claims that will be
received.

The company's liquidator is:

         Winston Loong Sie Yoke
         c/o Winston Loong & Co.
         140 Robinson Road #06-03
         Chow House
         Singapore 068907


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

KRUNG THAI: Allows Shareholders to Propose Agenda for 2008 Meet
---------------------------------------------------------------
Krung Thai Bank PCL is giving its shareholders the opportunity
to propose additional agenda for its 15th Annual General Meeting
next year.

Shareholders can send their proposals through the bank's Web
site, http://www.ktb.co.th/from October 1 until December 31.
Details and procedures for proposals are provided in the
website.

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

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

                          *     *     *

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


PHELPS DODGE: Strong Earnings Cue Moody's to Revise Outlook
-----------------------------------------------------------
Moody's Investors Service has revised Freeport-McMoRan Copper &
Gold Inc.'s and Phelps Dodge's outlooks to positive and affirmed
all of Freeport's and Phelps Dodge's other ratings.  The ratings
reflect the overall probability of default of Freeport, to which
Moody's assigns a PDR of Ba2.

The change in outlook reflects the very strong earnings and cash
flow of Freeport in the current metals market, Freeport's use of
free cash flow to reduce debt since the acquisition of Phelps
Dodge, and Moody's assumption that free cash flow will be
sufficient to permit repayment of much of the company's US$2.45
billion Term Loan A over the next two to three quarters.

The Ba2 corporate family rating reflects Freeport's high debt
level of approximately US$11.3 billion, including Moody's
adjustments, the high concentration in copper and resultant
variability in earnings and cash flow, significant capital
expenditures, and a high level of reliance on the Grasberg mine
in Indonesia.  The Ba2 rating favorably considers the company's
leading positions in copper and molybdenum, a significant amount
of gold production, the low cost, long-life reserves at PT-FI,
and improved operating and political diversity.

Outlook Actions:

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

   -- Corporate Family Rating: Ba2

   -- Probability of Default Rating: Ba2

   -- US$0.5 billion Senior Secured Revolving Credit facility,
      Baa2, LGD1, 2%

   -- US$1.0 billion Senior Secured Revolving Credit Facility,
      Baa3, LGD2, 17%

   -- US$2.45 billion Senior Secured Term Loan A, Baa3, LGD2,
      17%

   -- US$339.7 million 6.875% Senior Secured Notes due 2014,
      Baa3, LGD2, 17%

   -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%

Issuer: Phelps Dodge Corporation

   -- US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3,
      36%

   -- US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3,
      36%

   -- US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3,
      36%

   -- US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3,
      36%

Moody's last rating action on Freeport was to assign a Baa3
rating to its Term Loan A and upgrade the Phelps Dodge notes to
Ba1 in July 2007.

Phelps Dodge has operations in Thailand, Venezuela, China, the
Philippines and Japan, among others.


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

VIETCOMBANK: To Sell 35% Stake Ahead of Domestic IPO
----------------------------------------------------
The Vietnamese Government said on Friday that it approved plans
to sell shares in the Commercial Joint Stock Bank for Foreign
Trade of Vietnam -- Vietcombank -- in October, Dow Jones
reports.

According to Reuters, Vietcombank will sell shares totaling 35%
of the company to a mixture of foreign and domestic investors.

Vietcombank will sell the shares in two phases, Dow Jones
relates.  It will sell 20% to foreigners in October, and another
15% will be sold when its shares are listed on an overseas stock
market.

Reuters' Nguyen Nhat Lam writes that the Government stated in a
directive that up to 20% of the total charter capital of
VND15 trillion (US$928 million) would be sold to no more than
two foreign strategic partners, who will be named -- along with
IPO prices -- next month.

A Vietcombank official told Dow Jones that the bank will sell
shares to foreigners first, followed by its planned domestic
initial public offering.

As mentioned in the TCR-AP on Sept. 20, 2007, Vietcombank is due
to announce the timing of its initial public offering in Vietnam
early in October and name a foreign strategic investor.  After
the domestic IPO, the bank aims to list some of its shares in
Singapore or Hong Kong.

The government said the bank, which has total assets of about
US$11.3 billion at the end of June, would also sell a 6.5% stake
to retail investors via an auction, a 3.5% stake to employees
and 5% to domestic strategic partners, Reuters says.

"The criteria for the foreign strategic investors is that they
must have international or regional financial capacity and
successful investment experience in the region," Reuters quotes
Deputy Prime Minister Nguyen Sinh Hung.

"In phase 2, the bank will issue shares and carry out
international flotation with the total shares floated not
exceeding 15 percent of the total charter capital," Mr. Hung
added.

Reuters recounts that the bank is one of four state-run banks
and other companies that were earmarked for partial
privatization and listing in 2007.  In July, industry officials
asked for a delay in the IPO timetable for major state firms as
they feared share supply surplus could push the market down.

Hanoi limits foreign ownership to 30% in a local bank and allows
a single investor to own a maximum of 10%, Reuters points out.
The government said it would maintain dominant stake of no less
than 51% in Vietcombank, which handles about a quarter of
Vietnam's trade payments.

Several foreign banks have expressed interest in Vietcombank
stakes including Shinhan Bank, a unit of South Korea's Shinhan
Financial Group, who is aiming to acquire a 4% stake in the bank
for about US$100 million.

Credit Suisse is advising Vietcombank on the privatization
process.


                          *     *     *

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

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






                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***