TCRAP_Public/071003.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, October 3, 2007, Vol. 10, No. 196

                            Headlines

A U S T R A L I A

ALLCO PTY: Members Resolve to Liquidate Business
ATIGON PTY: Members and Creditors Receive Wind-Up Report
COLES GROUP: Shareholders to Vote on Wesfarmers Bid on Nov. 7
FAEDO CARPENTRY: Supreme Court Enters Wind-Up Order
GREAT MATES: Creditors Agree on Voluntary Liquidation

HART'S TYRE: Members Resolve to Liquidate Business
JOHN WEST: ASIC Obtains Court Orders Appointing Liquidator
MAY DAY: Commences Liquidation Proceedings
PSIVIDA: Auditor Raises Going Concern Doubt in FY2007 Report
R & WS ENGINEERING: Sets Joint Meeting for October 11

ST GEORGE: Members to Receive Wind-Up Report on Oct. 11
SURSELL LTD: Undergoes Liquidation Proceedings
UFJ AUSTRALIA: Members' Final Meeting Set for October 15


C H I N A   &   H O N G  K O N G

AVATAR MFG: Members to Hold Final Meeting on Oct. 24
BALLY TOTAL: Emerges from Chapter 11 & Closes Harbinger Deal
BENQ CORP: Mobile Unit's Employees to Get EU Financial Aid
CDW INDUSTRIES: Liquidators Quit Post
CHINA SOUTHERN: JV Bags EUR90-Million Deal from Norwegian Air

DONG FANG: Liquidators Resign from Post
GLOBAL HOME: Members and Creditors to Meet on Oct. 22
HANG FUNG: S&P Assigns BB Rating to Corp. Credit and Sr. Notes
HONG LONG: 2007 First Half Profit Soars to HK$61.39 Million
JUNEFIELD DEPARTMENT: Board Reshuffles as Two Members Resign

MELBOURNE GARMENT: Liquidators to Give Wind-Up Report on Oct. 8
SUNNY SPREAD: Liquidator to Give Wind-Up Report on Oct. 30
TYSON FOODS: John Tyson Stays as Board Chairman
UNI-FASHIONS: Court to Hear Wind-Up Petition on Nov. 14
UNIFLAIR ASIA: Taps Alberto Andreello as Liquidator

WEALTHY BOND: Members to Receive Wind-Up Report on Oct. 28
WORLD BILLION: Members & Creditors to Meet on October 8


I N D I A

AES CORP: Intends to Pursue Return of Investment Value in CEMIG
AFFILIATED COMPUTER: Bags Seven-Year US$111 Mil. Medicaid Deal
AXIS BANK: Board to Consider 2nd Qtr. Financials on Oct. 15
DRESSER-RAND INC: Hires Mark Mai as VP, Gen. Counsel & Secretary
GENERAL MOTORS: National Council Supports 2007 Tentative Pact

QUEBECOR MEDIA: Prices US$700 Million 7.75% Sr. Notes Offering
QUEBECOR MEDIA: Moody's Rates US$700 Million Senior Notes at B2
RPG CABLES: Delists Securities From Calcutta Stock Exchange
RPG LIFE SCIENCES: Schedules Shareholders' AGM on Oct. 23
TATA MOTORS: September 2007 Sales Down 1.3% to 48,347 Units

TATA TELESERVICES: Indicom Crosses 20-Million Subscriber Mark


I N D O N E S I A

AVNET INC: Will Acquire Acal plc's IT Solution Division
BEARINGPOINT: Hires Messrs. Cuviello & Freeman for Defense Team
EXCELCOMINDO PRATAMA: S&P Gives 'BB-' LT Corporate Credit Rating
FREEPORT-MCMORAN: Declares Quarterly Cash Dividends on Stocks
FREEPORT MCMORAN: Reduces Phelps Dodge-Related Debt by 50%

INCO LTD: Board OKs Resumption of Karebbe Project Construction
PERUSAHAAN LISTRIK: To Invite Bid for Transmission Projects
TUPPERWARE BRANDS: Inks New Credit Deal with Lower Interest Rate


J A P A N

GOODWILL GROUP: JCR Removes Debt Rating from Credit Monitor
IHI CORP: S&P Affirms Ratings; Revises Outlook to Stable
J-CORE 8: S&P Affirms BB Rating on Class E Trust Certificate
MAZDA MOTOR: Domestic Sales for August 2007 Down 6.3%
MAZDA MOTOR: Posts 2% Boost in Domestic Production for August

NIS GROUP: JCR Lowers Senior Debt Rating to BB+ from BBB-
TOHOKU MISAWA: JCR Removes Debt Rating with Negative Outlook
NISSIN SERVICER: JCR Downgrades Senior Debt Rating to BB+
* S&P: ABS Originator Defaults in Wake of Credia Bankruptcy


K O R E A

BIOMET INC: Inks Deferred Prosecution Pact with USAO
DURA AUTOMTIVE: Amends Plan to Tweak Terms of Rights Offering
MAGNACHIP SEMICONDUCTOR: Launches Ultra Low Power LDDI Process
REMY INTERNATIONAL: Moody's Confirms Corp. Family Rating at Ca


M A L A Y S I A

AMSTEEL CORP: Bursa to Delist Securities on October 11
MANGIUM INDUSTRIES: Kenanga to Replace Hwang DBS as Plan Advisor
MEGAN MEDIA: Files Reform Plan Proposals to Creditors' Committee


N E W  Z E A L A N D

AIR NEW ZEALAND: Gets Shareholders' Nod for Boeing Transaction
BIKES DIRECT: Creditors' Proofs of Debt Due on October 10
BTM SERVICES: Subject to ACP Media's Wind-Up Petition
CHAPMAN ENTERPRISES: Subject to CIR's Wind-Up Petition
CUSTOM TRAILERS: Faces Fletcher Steel's Wind-Up Petition

D&D CITY: Taps Parsons and Kenealy as Liquidators
FIBREOPTIC LIGHT: Fixes Oct. 4 as Last Day to File Claims
KS ELECTRONICS: Court Sets Wind-Up Petition Hearing for Oct. 4
MAIA TRAVEL: Court to Hear Wind-Up Petition Today
MICHAEL ELLIS: Fixes October 19 as Last Day to File Claims

TRENDZ CERAMIC: Appoints Leonard and Rea as Liquidators


P H I L I P P I N E S

ACESITE (PHILS): Share Swap Hikes Waterfront's Holdings to 46.8%
BANGKO SENTRAL: Budget Consolidation Could Affect Credit Rating
BANGKO SENTRAL: To Diversify Forex Stock Despite Weak US Dollar
DEL MONTE: Gets Board Nod to Repurchase US$200 Million of Shares
DEL MONTE: Paying US$0.04 Per Share Dividend on Nov. 1

METROPOLITAN BANK: Offers PHP5-Billion Tier 2 Subordinated Notes
NAT'L POWER: Urges PEMC to Review Rules on Electricity Trading
PHIL AIRLINES: Rehab Exit Petition Still Pending, Parent Reveals
SERVICEMASTER CO: Ernie Mrozek To Step Down as CFO by Feb. 29
* Traders, Economists See Continued Rise, Recovery of Phil. Peso

* Consumer Demand Gives Rise to 7% Economic Growth in 3rd Qtr.


S I N G A P O R E

DURACO INDUSTRIES: Creditors Set to Meet on Oct. 3
FLEXTRONICS INC: Reports Election Results for Merger Terms
RED HAT: Promotes Mark Cook & Paul Argiry as Vice Presidents
SEA CONTAINERS: Exclusive Plan-filing Period Extended to Dec. 21
UNI-CHARM (SINGAPORE): Creditors' Proofs of Debt Due on Oct. 29


T H A I L A N D

BANK OF AYUDHYA: To Boost Non-Interest Income to 33% in 3 Years
TOTAL ACCESS: CAT Asks NTC to Probe Unit on Int'l. Call Service


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ALLCO PTY: Members Resolve to Liquidate Business
------------------------------------------------
During a general meeting held on August 28, 2007, the members of
Allco Pty Limited agreed to voluntarily liquidate the company's
business.

Murray Smith was appointed as liquidator.

The Liquidator can be reached at:

         Murray Smith
         c/o McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2600
         Web site: http://www.mcgrathnicol.com/

                         About Allco Pty

Allco Pty Limited is in the business of holding companies.  The
company is located at Tomago, in New South Wales, Australia.


ATIGON PTY: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------
The members and creditors of Atigon Pty Ltd met on September 28,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Stephen Baker
         Stephen Baker & Co
         Suite 2, 98 Woolwich Road
         Woolwich, New South Wales 2110
         Australia

                         About Atigon Pty

Atigon Pty Ltd provides computer programming services.  The
company is located at North Sydney, in New South Wales,
Australia.


COLES GROUP: Shareholders to Vote on Wesfarmers Bid on Nov. 7
-------------------------------------------------------------
Coles Group Ltd. shareholders will vote on Wesfarmers Ltd's
AU$19-billion takeover bid on November 7, Susan Murdoch writes
for the Wall Street Journal.

Ms. Murdoch says that a booklet, recently approved by the court,
was sent to Coles shareholders.  Aside from the voting date, the
booklet also contained an independent expert's report by Grant
Samuel & Associates, relates WSJ.

According to WSJ, documents showed that the costs incurred from
the sale process totaled AU$55.9 million during the year to July
29, 2007.

The expert's report, states WSJ, detailed the basis of Grant
Samuel's valuation, with the supermarkets business -- which is
estimated to hold about 34% of the Australian market --
considered critical in judging the whole group.  The expert's
report further stated that the decline in Coles' earnings for
the 2007 financial year was the result of the poorly executed
conversion of its discount supermarket brand Bi-Lo to Coles-
branded stores among others, notes WSJ.  The report noted that
trading near the end of the 2007 financial year and the first
few weeks of 2008 financial year has shown "some preliminary
evidence of a sales turnaround," relates Ms. Murdoch.

Despite its falling short of Grant Samuel's fair value range of
AU$16.21 to AU$18.23 a share, the Coles board still recommended
the Wesfarmers bid to its shareholders, WSJ notes.

                      About Coles Group

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

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


FAEDO CARPENTRY: Supreme Court Enters Wind-Up Order
---------------------------------------------------
On August 30, 2007, the Supreme Court of New South Wales entered
an order directing the wind-up of Faedo Carpentry & Joinery
Service Pty Ltd's operations.

Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         c/o Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9299 2289
         Facsimile:(02) 9299 2239
         e-mail:mail@bankrupt.com.au

                      About Faedo Carpentry

Faedo Carpentry & Joinery Service Pty Ltd provides business
services.  The company is located at Fairfield West, in New
South Wales, Australia.


GREAT MATES: Creditors Agree on Voluntary Liquidation
-----------------------------------------------------
On September 3, 2007, the creditors of Great Mates Limited had a
meeting and agreed to voluntarily liquidate the company's
business.

J. A. Shaw and P. W. Gidley were appointed liquidators.

The Liquidators can be reached at:

         J. A. Shaw
         P. W. Gidley
         Ferrier Hodgson Chartered Accountants
         Level 3, 2 Market Street
         Newcastle, New South Wales 2300
         Australia

                        About Great Mates

Great Mates Limited is involved with membership organizations.
The company is located at Newcastle, in New South Wales,
Australia.


HART'S TYRE: Members Resolve to Liquidate Business
--------------------------------------------------
During a general meeting held on August 24, 2007, the members of
Hart's Tyre & Mechanical Service Pty Limited resolved to
voluntarily liquidate the company's business.

Roderick Mackay Sutherland of Jirsch Sutherland was appointed
liquidator.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         c/o Jirsch Sutherland
         Level 4, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9236 8333
         Facsimile:(02) 9236 8334

                        About Hart's Tyre

Hart's Tyre & Mechanical Service Pty Limited operates auto and
home supply stores.  The company is located at Balgowlah, in New
South Wales, Australia.


JOHN WEST: ASIC Obtains Court Orders Appointing Liquidator
----------------------------------------------------------
The Australian Securities & Investments Commission has obtained
orders from the Supreme Court of South Australia appointing a
liquidator to the managed investment scheme operated by Jonathan
Peter West and John West & Associates Pty. Ltd.

The Court had previously ordered the winding up of JWA.

The Court appointed Austin Taylor, of Meertens Chartered
Accountants, as liquidator of both the company and the scheme.

ASIC alleged that Mr. West or JWA borrowed funds from over 60
investors offering interest rates of up to three per cent per
month and had on-lent those funds to borrowers for commercial
purposes including the purchase and development of property and
the start-up and funding of businesses.  ASIC is concerned that
the majority of these loans are in default and investors are
owed over AU$10.3 million.

The hearing has been adjourned until October 19, 2007, for
further directions.

John West & Associates is a private mortgage broking firm.  The
company was placed in administration in July 2007 after the
Australian Securities & Investments Commission, after an
investigation, discovered that John West was operating a managed
investment scheme where it borrowed funds from investors and
lent those funds to another series of investors for commercial
purposes.  The firm has a debt amounting to AU$9.5 million.


MAY DAY: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary general meeting held on August 14, 2007, the
members of May Day Mines Pty Ltd agreed to voluntarily liquidate
the company's business.

John Vouris of Lawler Partners was appointed as liquidator.

The Liquidator can be reached at:

         John Vouris
         Lawler Partners Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                         About May Day

May Day Mines Pty Ltd provides engineering services.  The
company is located at Royal Exchange, in New South Wales,
Australia.


PSIVIDA: Auditor Raises Going Concern Doubt in FY2007 Report
------------------------------------------------------------
Deloitte Touche Tohmatsu, after auditing pSivida Limited's
annual report for the period to June 30, 2007, raised
substantial doubt on the company's ability to continue as going
concern, citing recurring losses from operations and negative
cash flows from operations.

For the fiscal year ended June 30, 2007, the company incurred a
net loss of AU$122,258,000, an increase from the AU$28,166,000
net loss reported for the fiscal year ended June 30, 2006.  The
current net loss included AU$94,443,000 of impairment write-
downs of certain of its intangible assets.

Annual revenues for 2007 totaled AU$2,282,000, compared with the
AU$1,393,000 in 2006.

For the year ended June 30, 2007, the company and its
subsidiaries incurred a negative operating cash flow of
AU$25,018,000.

At June 30, 2007, pSivida reported consolidated current assets
of AU$6,708,000 available to pay current liabilities of
AU$21,328,000.  These resulted to net current liabilities of
AU$14,620,000.

pSivida's balance sheets as of end-June 2007 showed total assets
of AU$101,554,000 and total liabilities of AU$23,834,000,
resulting in total equity of AU$77,720,000.

In a disclosure with the United States Securities and Exchange
Commission, the company admits that at June 30, 2007, it had
limited sources of ongoing revenues and its current product
candidates were not expected to begin generating cash inflows
for at least three years.  Accordingly, the company said it
needs to raise additional sources of equity and debt capital in
future periods.

pSivida's annual report for the year ended June 30, 2007, is
available for free at:

http://www.sec.gov/Archives/edgar/data/1314102/000119312507211073/d20f.htm#fin35338_2

                       About pSivida

pSivida Limited -- http://www.psivida.com/-- is an Australian
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.


R & WS ENGINEERING: Sets Joint Meeting for October 11
-----------------------------------------------------
A joint meeting will be held for the members and creditors of
R & WS Engineering Pty Limited on October 11, 2007, at 10:00
a.m.

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

The company's liquidator is:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                    About R & WS Engineering

R & WS Engineering Pty Limited is engaged with electrical work.
The company is located at Penrith, in New South Wales,
Australia.


ST GEORGE: Members to Receive Wind-Up Report on Oct. 11
-------------------------------------------------------
The members of St George Scaffolding & Rigging Pty Limited will
have their final meeting on October 11, 2007, at 11:00 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Michael G. Jones
         c/o Jones Partners Insolvency & Business Recovery
         Chartered Accountants
         Australia
         Telephone:(02) 9251 5222

                         About St George

St George Scaffolding & Rigging Pty Ltd is in the business of
nonresidential construction.  The company is located at
Engadine, in New South Wales, Australia.


SURSELL LTD: Undergoes Liquidation Proceedings
----------------------------------------------
During a general meeting held on August 24, 2007, the members of
Sursell Ltd agreed to voluntarily liquidate the company's
business.

Murray Smith was appointed liquidator.

The Liquidator can be reached at:

         Murray Smith
         c/o McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2600
         Web site: http://www.mcgrathnicol.com

                        About Sursell Ltd

Sursell Ltd is involved with colleges and universities.  The
company is located at Homebush Bay, in New South Wales,
Australia.


UFJ AUSTRALIA: Members' Final Meeting Set for October 15
--------------------------------------------------------
A final meeting will be held for the members of UFJ Australia
Limited on October 15, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         Murray Smith
         McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com

                       About UFJ Australia

UFJ Australia Limited is involved in the business of foreign
bank and branches and agencies.  The company is located at
Sydney, in New South Wales, Australia.


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

AVATAR MFG: Members to Hold Final Meeting on Oct. 24
----------------------------------------------------
A final meeting will be held for the members of Avatar Mfg. Co.,
Limited on October 24, 2007, at 10:30 a.m., at the 35th Floor of
One Pacific Place, in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


BALLY TOTAL: Emerges from Chapter 11 & Closes Harbinger Deal
------------------------------------------------------------
Bally Total Fitness Corporation emerged from Chapter 11 on
Oct. 1, 2007, as a private company just over two months after
filing for bankruptcy protection on July 31.

The restructuring arrangements funded by Harbinger Capital
Partners Master Fund I, Ltd. and Harbinger Capital Partners
Special Situations Fund L.P. became effective upon emergence.

Harbinger invested approximately US$233.6 million in exchange
for 100% of the common equity of reorganized Bally.  In
addition:

   -- Senior Noteholders will receive new Senior Second Lien
      Notes bearing interest at 13% as well as a consent fee
      equal to 2% of the face value of their Notes.

   -- Subordinated Noteholders will receive a cash payment of
      US$123.5 million in the aggregate, with the remaining
      balance of the Subordinated Notes satisfied through the
      issuance of approximately US$200 million in new
      subordinated notes of reorganized Bally.  The annual
      interest rate payable under the new subordinated notes is
      15 5/8% as the payment-in-kind interest rate and 14% as
      the cash pay interest rate.

   -- Existing Bally shareholders and holders of certain equity-
      related claims will receive an aggregate distribution of
      US$16.5 million as soon as practicable after the Company
      can determine the maximum amount of the equity-related
      claims.  That determination cannot be made until after the
      Oct. 31, 2007, deadline for submission of proofs of claim
      for equity-related claims, and may require court approval.

   -- The Senior Noteholders will receive new Senior Second
      Lien Notes bearing at 13% as well as a consent fee equal
      to 2% of the face value of their Notes.

   -- Subordinated Noteholders will receive an immediate cash
      payment of US$123,500,000 in the aggregate, with the
      remaining balance of the Subordinated Notes to be
      satisfied through the issuance of approximately
      US$200,000,000 in new subordinated notes of reorganized
      Bally.   The annual interest rate payable under the new
      Subordinated notes will be 15-5/8% as the payment-in-kind
      interest rate, and 14% as the cash pay interest rate.

   -- Existing Bally shareholders and holders of certain
      equity-related claims will receive an aggregate
      distribution of US$16,500,000 as soon as practicable after
      the Company can determine the maximum amount of the
      equity-related claims.   That determination cannot be made
      until after the Oct. 31, 2007 deadline for submission
      of proofs of claim for equity-related claims, and may
      require court approval.

In conjunction with its emergence from Chapter 11, the Company
converted its debtor-in-possession facility to an exit credit
facility.  As previously reported, Morgan Stanley Senior
Funding, Inc., is the sole lead arranger and sole bookrunner for
the US$292 million super-priority secured DIP and senior secured
exit credit facilities.

Bally disclosed that funds, which had been deposited in respect
of subscriptions for notes, which were to be issued in the
rights offering associated with a noteholder sponsored
restructuring plan, which was not consummated, will be returned
promptly.

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally Total and
its affiliates filed for chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite
number of votes in favor of their pre-packaged chapter 11 plan.
Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents
the Debtors in their restructuring efforts.  As of
June 30, 2007, the Debtors had US$408,546,205 in total assets
and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


BENQ CORP: Mobile Unit's Employees to Get EU Financial Aid
----------------------------------------------------------
The European Commission has approved BenQ Mobile GmbH & Co.'s
application for assistance under the European Globalisation
Adjustment Fund, subject to the European Parliament and the
Council's decision.

The Commission has approved the application along with that of
Finnish mobile phone manufacturer Perlos Corporation.

Employment, Social Affairs and Equal Opportunities Commissioner
Vladimir Spidla said, "I am happy to put these applications
forward because they will help over 4,000 redundant workers back
into employment.  The EGF is being used as it was designed to --
to respond to the impact of structural change on dynamic global
markets."

Both applications are made against a general trend towards
delocalizing production for mobile phones and accessories,
mostly to Asia.  This is not only because it is cheaper to make
mobile phones there, but also because of the proximity of
technology partners and a fast-growing consumer market.

The BenQ application concerns two German plants of the Taiwanese
mobile phone manufacturer BenQ.  In December 2006, BenQ withdrew
financial support from the two subsidiary companies, resulting
in about 3,300 workers being made redundant in three production
sites in Munich, Kamp-Lintfort and Bocholt.  The contribution
requested from the EGF in the BenQ application is EUR12.8
million.

The Perlos application relates to redundancies in two Finnish
production plants of Perlos, a manufacturer of mobile phone
accessories.  In this case, some 1,000 redundancies were caused
by the decision to discontinue production activities in Finland
and to close down two Perlos factories located in Joensuu and
Kontiolahti, in the Northern Karelia region, by September 2007.
The contribution requested from the EGF in the Perlos
application is EUR2 million.

The EGF may give a financial contribution in cases where more
than 1,000 workers in an enterprise or a regional sector are
made redundant due to major structural changes in world trade
patterns leading to substantially increased imports into the EU
or a rapid decline in EU market shares.

The EGF was established by the European Parliament and the
Council at the end of 2006 to provide help for people who have
lost their jobs due to the impact of globalisation. Commission
President Jos‚ Manuel Barroso proposed the idea in 2005 to
create an instrument of solidarity to help workers affected by
redundancies resulting from changes in world trade patterns find
their way back into work.

The first two EGF applications concern the French car sector and
relate to suppliers of Peugeot-Citroen and Renault,
respectively.  The Commission is also currently examining
applications for EGF assistance from the Italian and Maltese
governments.  In total, there are now eight formal applications
for assistance from the EGF.

                       About Perlos

Headquartered in Helsinki, Finland, Perlos Corporation is a
worldwide product design and manufacturing partner for the
telecommunications and electronics industries.  It operates in
more than ten countries in Asia, Europe and the Americas.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CDW INDUSTRIES: Liquidators Quit Post
-------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey ceased to act as
liquidators of CDW Industries Limited on September 18, 2007.

The former Liquidators can be reached at:

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


CHINA SOUTHERN: JV Bags EUR90-Million Deal from Norwegian Air
-------------------------------------------------------------
MTU Maintenance Zhuhai, a joint venture company between MTU Aero
Engines Holding AG and China Southern Airlines, has won a
contract from Norwegian Air Shuttle ASA to maintain 44 of the
company's aircraft engines for five years, sources say.

The contract, according to reports, is worth around
EUR90 million.

MTU Aero Engines and China Southern Airlines each own 50% in the
joint venture, which was founded in 2002.

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.

The Troubled Company Reporter-Asia Pacific reported in April
2006 that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.


DONG FANG: Liquidators Resign from Post
---------------------------------------
On September 18, 2007, Lai Kar Yan (Derek) and Darach E. Haughey
resigned as liquidators of Dong Fang Gas Limited.

The former Liquidators can be reached at:

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


GLOBAL HOME: Members and Creditors to Meet on Oct. 22
-----------------------------------------------------
The members and creditors of Global Home Products Hong Kong
Trading Company Limited will meet on October 22, 2007, at 10:00
a.m. and 10:30 a.m., respectively, at the 27th Floor of
Alexandra House, 16-20 Chater Road in Central, Hong Kong.

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


HANG FUNG: S&P Assigns BB Rating to Corp. Credit and Sr. Notes
--------------------------------------------------------------
On Oct. 2, 2007, Standard & Poor's Ratings Services had assigned
its 'BB' long-term corporate credit rating to Hang Fung Gold
Technology Ltd.  The outlook is stable.

At the same time, Standard & Poor's also assigned its 'BB' issue
rating to a proposed issue of about US$150 million in senior
unsecured notes due 2014.

The company will use the proceeds from the proposed issue to
repay short-term borrowing, fund expansion in China, and for
working capital and capital expenditure.

HFG is an integrated jewelry manufacturer and retailer based in
Hong Kong, with annual revenue of HK$3.13 billion in fiscal
2007.

"The long-term credit rating reflects HFG's fair underlying
credit quality, which is affected by execution risks associated
with the company's expansion plan, the competitive and
fragmented market in which it operates, the company's narrow
business focus, and some asset-concentration risk," said
Standard & Poor's credit analyst Ryan Tsang.  These factors are
offset by the HFG's strong underlying liquidity and low
inventory risk, a vertically integrated business model, good
brand image, and strong growth prospects in China.

The company's aggressive expansion plan could increase its
operating risks and financial pressure.  To capture the rapid
increase in the purchasing power of Chinese consumers, the
company plans to increase its retail outlets to more than 300 by
March 2009 from 135 as at Aug. 31, 2007.

The expansion will be funded by a combination of debt and
franchise arrangements.

HFG holds a substantial amount of gold assets.  In fiscal 2007,
the company had about 6 tons of gold display items (GDI),
equivalent to HK$700 million if valued at an average historical
cost of US$463 per ounce (more than HK$1 billion at current
market value).  Due to the liquid nature of gold, these GDI can
be easily converted into cash to satisfy the company's cash
requirements if needed, which enhances the company's financial
flexibility.  HFG's underlying liquidity position is strong.  In
fiscal 2007, the   company had about HK$200 million cash and
HK$700 million GDI, against HK$526 million in debt maturing in
the next 12 months.

Although HFG is planning to dispose of 1 ton of GDI per year for
the next three years, it will maintain a minimum of 3 tons of
GDI.   The company's policy is to maintain about HK$500 million
on its balance sheet, which is sufficient to cover its forecast
short-term interest-bearing loans (excluding gold loan) maturing
every year.


HONG LONG: 2007 First Half Profit Soars to HK$61.39 Million
-----------------------------------------------------------
Hong Long Holdings Ltd posted a net profit of HK$61.39 million
on a turnover of HK$214.79 million in the first half ended
June 30, 2007, as compared with a net profit of HK$2.28 million
on turnover of HK13.98 million in the same period last year.

The company attributed the huge surge on its turnover and profit
for the period to the delivery of about 3,743 s.m. of retail
shops in Hong Long Plaza in June 2007 and the additions to
property leasing income after the grand opening of Hong Long
Plaza in December 2006.  Comparing with the same period last
year, the company said: "In the six months ended June 30, 2006,
our turnover comprised of sales from delivery of only about 80
s.m. retail shops in Harbour City and property leasing income
generated from Harbour City and Baorun Ornament Materials Mall."

As of June 30, 2007, the company's unaudited balance sheet
showed current assets of HK$1.80 billion and current liabilities
of HK$904.10 million.

In addition, Hong Long's balance sheet also showed total assets
of HK$2.94 billion and total liabilities of HK$1.43 billion,
resulting to a stockholders' equity of HK$1.51 billion.

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

Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Hong Long, with a stable outlook.  At
the same time, S&P assigned its 'B' issue rating to the
company's proposed issue of up to US$200 million in five- to
seven-year senior unsecured notes.

The TCR-AP reported on July 5, 2007, that Moody's Investors
Service assigned a (P)B2 corporate family rating to Hong Long.
At the same time, Moody's has assigned a (P)B2 foreign currency
senior unsecured rating to Hong Long's proposed US$175-200
million bond issue.  The outlook for both ratings is stable.


JUNEFIELD DEPARTMENT: Board Reshuffles as Two Members Resign
------------------------------------------------------------
Two members of the board of directors of Junefield Department
Store, Yiu Yu Keung and Li Jong Tong, have vacated their posts
with effect on Oct. 2, 2007, saying that "they wish to allocate
more time to cope with their increasing personal work schedule."

In a statement with the Hong Kong Stock Exchange, the company
said that Mr. Yiu will also cease to be Deputy Chairman of the
Company with effect from Oct. 2.

Mr. Yiu and Mr. Li have confirmed that there is neither
disagreement with the board nor is there any matter relating to
their resignations that need to be brought to the attention of
the shareholders of the company, the statement said.

As a replacement, the company's board appointed Liu Zhongsheng
and Ng Man Chung, both executive directors of the company, as
authorized representatives of Junefield starting Oct. 2.

Mr. Ng has also been appointed as Deputy Chairman of the
company.

Junefield Department Store Group Limited, an investment holding
company, engages in construction contract works, primarily in
respect of design, decoration, electrical, and mechanical works
in the People's Republic of China.  It also engages in property
leasing; and provision of property management and agency
services.

The company is headquartered in Wanchai, Hong Kong.  Junefield
Department Store Group Limited is a subsidiary of Prime Century
Investments Limited.

The Troubled Company Reporter-Asia Pacific reported on Sept. 28,
2007, that Junefield Department Store Group Limited has a
shareholders' deficit of US$6.34 million on total assets of
US$16.80 million.


MELBOURNE GARMENT: Liquidators to Give Wind-Up Report on Oct. 8
---------------------------------------------------------------
The members and creditors of Melbourne Garment Limited will hold
a meeting for its members and creditors on October 8, 2007, at
2:15 p.m. and 3:00 p.m., respectively, to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at Room B1, 35th Floor of One Pacific
Place, in 88 Queensway, Hong Kong.


SUNNY SPREAD: Liquidator to Give Wind-Up Report on Oct. 30
----------------------------------------------------------
Sunny Spread Development Limited will hold a final meeting for
its members on October 30, 2007, at 10:30 a.m., at Room 1228,
12th Floor of One Grand Tower, 639 Nathan Road, in Kowloon,
Hong Kong.

At the meeting, Chiu Ming Chung Joe, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TYSON FOODS: John Tyson Stays as Board Chairman
-----------------------------------------------
Tyson Foods Inc. reported that John Tyson will continue as the
company's Chairman of the Board of Directors but has made the
decision to serve in a non-executive capacity.

Building on the succession planning started last year when the
duties of CEO were turned over to Richard L. "Dick" Bond, Mr.
Tyson will discontinue his remaining responsibilities as an
executive officer of the company.  This includes having senior
executives who have been reporting to him, including the
company's General Counsel and the Senior Vice President of
External Relations, now report to the CEO.

As part of the change in responsibilities, Mr. Tyson will
provide advisory services to the company under the terms of a
new contract, which takes effect today.  This replaces, four
months early, his previous contract that was scheduled to expire
in February 2008 as well as the commitment to enter into a ten
year senior executive employment agreement, and enables the
company to begin the new fiscal year under this revised
organizational structure.  The new contract makes some
adjustments in Mr. Tyson's compensation, which Tyson Foods
officials believe are both favorable to and in the best
interests of the company.

"The decision to relinquish my duties as an executive officer is
part of the evolution of the company's succession planning,"
said Mr. Tyson.  "I have full confidence in Dick Bond and the
rest of the management team to continue to move this company
forward.  As Chairman of the Board of Tyson Foods I will remain
involved in overseeing the strategic direction of the company."

"I thank John for his leadership and the foundation he's
established as Chairman," said Mr. Bond.  "I personally
appreciate the support he's given me as CEO and look forward to
continuing to work with him as Chairman of our Board.  Because
of the hard work of the entire Tyson team, the company returned
to profitability in fiscal 2007, which ends this week, and we
look forward to even more improvement in the year ahead."

Mr. Tyson joined the company's board of directors in 1984.
After serving in various executive capacities, Mr. Tyson became
Chairman in 1998.  He served as Chairman, President and CEO
beginning in 2000 and served as Chairman and CEO from 2001 to
2006.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service upgraded the
speculative grade liquidity rating of Tyson Foods Inc. to SGL-2
(good liquidity) from SGL-3 (adequate liquidity) based on the
company's stronger cash flow generating ability given its cost
cutting measures and improving protein markets.  Tyson's other
ratings, including its Ba1 corporate family rating and Ba1
probability of default rating, were affirmed.  Moody's said the
rating outlook is negative.


UNI-FASHIONS: Court to Hear Wind-Up Petition on Nov. 14
-------------------------------------------------------
The High Court of Hong Kong will hear on November 14, 2007, at
9:30 a.m., a petition to have the operations of Uni-Fashions
Company Limited wound up.

The petition was filed by Leung Yuk Kuen on September 4, 2007,

Leung Yuk's solicitors are:

         Philip W.I. Li & Co.
         C.C. Wu Building
         Room 1202, 12th Floor
         302-308 Hennessy Road
         Wanchai, Hong Kong


UNIFLAIR ASIA: Taps Alberto Andreello as Liquidator
---------------------------------------------------
On June 20, 2007, the members of Uniflair Asia Pacific Limited
passed a resolution appointing Alberto Andreello as the
company's liquidator.

Mr. Andreello is accepting creditors' proofs of debt until
October 29, 2007.

The Liquidator can be reached at:

         Alberto Andreello
         c/o CITIC Tower, 18th Floor
         Tim Mei Avenue
         Central, Hong Kong


WEALTHY BOND: Members to Receive Wind-Up Report on Oct. 28
----------------------------------------------------------
The members of Wealthy Bond Limited will meet on October 28,
2007, at 10:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The meeting will be held at Unit A-B, 7th Floor of Eton
Building, 288 Des Voeux Road, in Central, Hong Kong.


WORLD BILLION: Members & Creditors to Meet on October 8
-------------------------------------------------------
World Billion Industrial Limited will hold a final meeting for
its members and creditors on October 8, 2007, at 2:00 p.m. and
2:30 p.m., respectively, at Room B1, 35th Floor of One Pacific
Place, in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


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

AES CORP: Intends to Pursue Return of Investment Value in CEMIG
---------------------------------------------------------------
Southern Electric Brasil Participacoes, Ltda. (SEB) intends to
pursue a restoration of the value of its investment in Companhia
Energetica de Minas Gerais by all legal means.

In September 1999, a state appellate court in Minas Gerais,
Brazil, granted temporary injunction suspending the
effectiveness of a shareholders' agreement between SEB and the
state of Minas Gerais concerning CEMIG, an integrated utility in
Minas Gerais.

This shareholders' agreement granted SEB certain rights and
powers in respect of CEMIG (Special RightS).

In March 2000, a lower state court in Minas Gerais held the
shareholders' agreement invalid where it purported to grant SEB
the Special Rights and enjoined the exercise of the Special
Rights.

In August 2001, the state appellate court denied an appeal of
the decision and extended the injunction.

In October 2001, SEB filed appeals against the state appellate
court's decision with the Federal Superior Court and the Supreme
Court of Justice.

The state appellate court denied access of these appeals to the
higher courts, and in August 2002 SEB filed interlocutory
appeals against such denial with the Federal Superior Court and
the Supreme Court of Justice.

In December 2004, the Federal Superior Court declined to hear
SEB's appeal.

The Supreme Court of Justice is considering whether to hear
SEB's appeal.

                            About CEMIG

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                          About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

AES is part of the Southern Electric Brasil Participacoes Ltda.
(SEB) consortium, which holds 33% of Cemig.

                        *     *     *

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

                          *     *     *

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

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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


AFFILIATED COMPUTER: Bags Seven-Year US$111 Mil. Medicaid Deal
--------------------------------------------------------------
Affiliated Computer Services, Inc. has announced a seven-year,
US$111 million contract re-bid award with the Department of
Health, Medical Assistance Administration of the District of
Columbia to continue operating the District's Medicaid
Management Information System.

ACS has been the District's Medicaid fiscal agent since February
2001 and received Centers for Medicare & Medicaid Services
certification for the District's current MMIS system in 2004.
Under the renewed contract, ACS will provide, enhance and
implement a CMS-certified MMIS, and will provide services to
operate the enhanced MMIS and process District Medicaid claims.

"We are looking forward to the implementation of a state-of-the-
art, technologically advanced MMIS system that will be certified
by the Center for Medicare and Medicaid Services.  ACS is our
partner in this endeavor and the new system will advance claims
processing and data management for the District's Medicaid
program," said Robert T. Maruca, senior deputy director, Medical
Assistance Administration.

"We highly value the technical competence that ACS brings to our
MMIS operation and know that this new system will benefit the
District, our providers and our consumers.  We anticipate a
continued positive relationship with ACS as our new system is
being developed and implemented," said Mr. Maruca.

In addition to current contract responsibilities, ACS will
expand MMIS operations to include significant enhancements,
services, and system capabilities for web solutions for use by
providers and recipients.  These include a secure web portal; a
Clinical Case Management System; a new web-based Reporting Data
Mart; enhanced Surveillance & Utilization Review System,
Management and Administration Reporting System, and Third-Party
Liability with Operations; an enterprise rules engine; an
advanced, n-tier, thin-client architecture; a powerful IBM
Enterprise Server; and a DB2 relational database management
system that provides enhanced performance and reliability.

"Having provided innovative services to the District for more
than six years, ACS brings comprehensive, in-depth knowledge and
understanding of its Medicaid recipients and government
requirements," said Christopher T. Deelsnyder, ACS senior vice
president and managing director, Government Healthcare
Solutions.  "We will build on current and past experiences to
continue to offer cost-effective solutions that minimize risk,
provide flexibility, and adapt to the changing program needs."

                    About Affiliated Computer

Affiliated Computer Services Inc. (NYSE: ACS) --
http://www.AffiliatedComputer-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                          *     *     *

Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.


AXIS BANK: Board to Consider 2nd Qtr. Financials on Oct. 15
-----------------------------------------------------------
Axis Bank Ltd's board of directors will hold a meeting on
Oct. 15, 2007, to consider and take on record the company's
unaudited quarterly and half yearly financial results ended
Sept. 30, 2007.

As previously reported in the Troubled Company Reporter-Asia
Pacific, the bank, then known as UTI Bank Ltd, posted a net
profit of INR1.75 billion for the first quarter ended June 30,
2007, a 45% jump from the INR1.21 billion booked in same quarter
in 2006.

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations. The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

                          *     *      *

The bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which was placed on July 1,
2005.


DRESSER-RAND INC: Hires Mark Mai as VP, Gen. Counsel & Secretary
----------------------------------------------------------------
Dresser-Rand Group Inc. has announced that Mark F. Mai will be
appointed Vice President, General Counsel and Secretary of
Dresser-Rand effective Oct. 1, 2007.

In this role, Mr. Mai will have responsibility for the worldwide
legal function, and will also serve as secretary to the Board of
Directors.  He will manage all aspects of Dresser-Rand's
internal legal staff, as well as any matters that require
external legal counsel, and will be involved in an advisory
capacity for all aspects of the business that have regulatory
compliance obligations.

Mr. Mai is joining Dresser-Rand from Cooper Industries, where he
most recently served as Associate General Counsel since 2003.
From 2000 to 2003 he was a partner at Thompson & Knight, LLP in
Austin, Texas, heading up that office's corporate and securities
section.  He had worked for Cooper Industries prior to joining
Thompson & Knight, holding positions such as Associate General
Counsel overseeing all litigation matters, Senior Counsel
responsible for advising several operating divisions, and
Corporate Counsel responsible for executing Cooper's merger and
acquisition strategy. Mr. Mai started his career at Baker,
Brown, Sharman & Parker in Houston specializing in corporate and
securities law.

He received his JD from the University of Texas Law School and
his BBA with a concentration in Finance from The University of
Notre Dame.

Vincent R. Volpe, Jr., Dresser-Rand's President and Chief
Executive Officer, said, "Mark's strong legal background and
corporate experience make him an excellent fit for Dresser-Rand.
I look forward to Mark's contributions as a key member of our
leadership team."

                     About Dresser-Rand Group

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


GENERAL MOTORS: National Council Supports 2007 Tentative Pact
-------------------------------------------------------------
The UAW GM National Council -- made up of presidents and
bargaining chairs from more than 80 General Motors Corp.
facilities across the nation -- has voted to unanimously
recommend ratification of the 2007 tentative agreement with GM.

The Council met Friday for four hours to discuss the details of
the proposed agreement with the automaker.

After asking numerous questions of the United Auto Workers union
President Ron Gettelfinger, UAW Vice President Cal Rapson, and
the UAW GM National Negotiating Committee, the council came to
one conclusion: The proposed agreement forged after a two-day
strike by 73,000 UAW members is very much worth supporting.

"We're very pleased to report that it was unanimously supported
and endorsed by our national council members," Mr. Gettelfinger
said at a news conference after the meeting.

The proposed contract was explained further at regional
leadership meetings on Saturday and local union meetings and
ratification votes will follow beginning Sunday.  Ratification
votes are expected to conclude by Oct. 10, 2007.

The proposed contract came about Sept. 26, 2007, at 3:05 a.m.
after a marathon bargaining session while thousands of UAW GM
members showed their solidarity on the picket line.  Asked
whether a unanimous vote from the council was the goal of the
meeting, Mr. Gettelfinger, flanked by UAW Vice President Cal
Rapson and the rest of the UAW GM National Negotiating
Committee, said what was most important was explaining the
critical details of the contract language so that everyone
understood it.

But, he added, the committee was gratified by the unanimous show
of support.

"We have to say we all feel pretty good since we did get it,"
Mr. Gettelfinger said.

Mr. Gettelfinger held off on the majority of the details of the
contract, preferring to allow UAW presidents and bargaining
chairs to explain it to the membership.  But, in response to
media questions about the new Voluntary Employee Beneficiary
Association fund that has been in the news so much, he said he
wanted to assure retirees that their health care was secure in
the near and long-term future.

"Health care is in a crisis in this country," Mr. Gettelfinger
said.  "Our retirees will be protected under this VEBA."

           GM Regularly Scheduled Production Resumes

As a result of the tentative agreement, all GM North America
manufacturing plants resumed regularly scheduled production
operations beginning second shift Wednesday, Sept. 26, 2007.

Production at the GM Powertrain Windsor Transmission plant in
Canada went down on Sept. 24, 2007, due to the strike in the US.
The plant resumed production beginning first shift on
Sept. 27, 2007.

                       About General Motors

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

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
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.   Fitch currently
rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior
unsecured 'B-/RR5'.  GM's Rating Outlook is Negative.

As reported in Troubled Company Reporter on Sept. 26, 2007,
Moody's Investors Service is maintaining its current ratings of
General Motors Corporation -- B3 Corporate Family, Caa1 senior
unsecured and Ba3 senior secured, and Negative Outlook following
the announcement of a strike against the company by the United
Auto Workers Union.

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


QUEBECOR MEDIA: Prices US$700 Million 7.75% Sr. Notes Offering
--------------------------------------------------------------
Quebecor Media Inc. has priced its offering of US$700 million
aggregate principal amount of its senior notes.  The new senior
notes will be sold at a price of 93.75% of par, will carry a
coupon of 7.750% and will mature on March 15, 2016.

Quebecor Media intends to use the proceeds of this offering,
together with liquidity available to the company to:

   a) repay the senior bridge credit facility that it
      entered into to fund its acquisition of Osprey Media
      Income Fund;

   b) repay Sun Media Corporation's term B credit facility;

   c) settle the related currency and interest rate swaps; and

   d) pay the fees and expenses related to this offering.

Headquartered in Montreal, Canada, Quebecor Media Inc. is a
privately held leading Canadian media holding company.  Through
its operating companies, QMI has activities in cable
distribution, business, residential and mobile wireless
telecommunications, newspaper publishing, television
broadcasting, book, magazine and video retailing, publishing and
distribution, music recording, production and distribution and
new media services.

QMI is 54.7% owned by Quebecor Inc, a publicly traded
communications holding company, and 45.3% owned by Capital CDPQ.
Quebecor Inc.'s primary assets are its interests in Quebecor
Media and in Quebecor World, one of the world's largest
commercial printers (B3 Negative).  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


QUEBECOR MEDIA: Moody's Rates US$700 Million Senior Notes at B2
---------------------------------------------------------------
Moody's Investors Service rated Quebecor Media Inc.'s US$700
million add-on senior unsecured note issue B2.  Ratings on the
underlying 7.75% senior unsecured notes due in March of 2016
were affirmed at the same B2 level.  At the same time, QMI's Ba3
corporate family rating and stable ratings outlook were
affirmed.

The rating action was prompted by the September 26th
announcement of the new note issue.  Proceeds will be used to
repay a bridge loan that had been drawn to fund QMI's earlier
acquisition of Osprey Media Income Fund, a publicly traded
publisher of community newspapers and magazines for an aggregate
purchase price of about CDN$575 million (including assumed
debt), and to repay a secured term loan B at Sun Media (the
applicable rating on Moody's debt #373917 will be withdrawn in
due course).

The new note issue is neutral to the company's consolidated debt
profile and had been contemplated in the prevailing Ba3 CFR.
Accordingly, the CFR and stable outlook are affirmed. However,
the notes issue causes QMI's waterfall of debts to be adjusted
and necessitates ratings adjustments on certain existing
instruments.

Assignments:

Issuer: Quebecor Media, Inc.

   -- Senior Unsecured Regular Bond/Debenture ($700 million
      add-on issue), Assigned B2 (LGD5-88)

Upgrades:

Issuer: Quebecor Media, Inc.

   -- Senior Secured Bank Credit Facility (unchanged at B1),
      Upgraded to LGD4-68 from LGD5-74

   -- Senior Unsecured Regular Bond/Debenture (unchanged at
      B2), Upgraded to LGD5-88 from LGD5-89

Issuer: Sun Media Corporation

   -- Senior Secured Bank Credit Facility (unchanged at Baa3),
      Upgraded to LGD1-05 from LGD1-07

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
      (LGD2-27) from Ba2 (LGD3-33)

Issuer: Videotron Ltee

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
      (LGD2-27) from Ba2 (LGD3-33)

On Sept. 26, 2006, Moody's had issued ratings based on QMI's
initial plans to issue $450 million of additional notes.  Those
plans called only for the bridge loan related to the Osprey
transaction to be repaid.  With the transaction being upsized to
US$700 million, QMI now has the ability to repay secured debt at
a subsidiary operating company.  In the context of QMI's
consolidated waterfall of debts, total debt does not change,
however, secured debt at operating companies is reduced and
unsecured debt at the parent holding company is increased.

Based on Moody's Loss Given Default rating methodology, this has
the impact of causing ratings of unsecured debts at operating
companies (Sun Media Corporation and Videotron Ltee) to be
upgraded by one notch compared to what had been contemplated
with the smaller, US$450 million note issue.  This outcome is
consistent with the ratings that had been contemplated in early
July when QMI initially contemplated the financing transaction.

Headquartered in Montreal, Canada, Quebecor Media Inc. is a
privately held leading Canadian media holding company.  Through
its operating companies, QMI has activities in cable
distribution, business, residential and mobile wireless
telecommunications, newspaper publishing, television
broadcasting, book, magazine and video retailing, publishing and
distribution, music recording, production and distribution and
new media services.

QMI is 54.7% owned by Quebecor Inc, a publicly traded
communications holding company, and 45.3% owned by Capital CDPQ.
Quebecor Inc.'s primary assets are its interests in Quebecor
Media and in Quebecor World, one of the world's largest
commercial printers (B3 Negative).  Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


RPG CABLES: Delists Securities From Calcutta Stock Exchange
-----------------------------------------------------------
RPG Cables Ltd sought and obtained the Calcutta Stock Exchange
Association Ltd's approval of their application to delist its
equity shares, a filing with the Bombay Stock Exchange says.
Accordingly, the company's shares have been delisted from the
Calcutta Stock Exchange.

RPG Cables, however, did not disclose the reason for the
delisting application.

As previously reported in the Troubled Company Reporter-Asia
Pacific, the company reported a net loss of INR32.5 million in
the first quarter ended June 30, 2007, an improvement compared
to the INR79.8-million loss incurred in the same quarter in
2006.

The State Bank of India, the company's operating agency
appointed by the Board for Industrial and Financial
Reconstruction, has prepared a modified rehabilitation scheme
for the revival of the company and is expected to be submitted
to the BIFR soon.

Headquartered in Mysore, India, RPG Cables Ltd. operates in two
segments: Power cables and Telecommunication cables.  The
company manufactures power and control cables, jelly filled
telephone cables, optical cables and housewiring cables.

The Troubled Company Reporter-Asia Pacific reported on Sept. 28,
2007, that RPG Cables has a stockholder's equity deficit of
US$20 million.


RPG LIFE SCIENCES: Schedules Shareholders' AGM on Oct. 23
---------------------------------------------------------
RPG Life Sciences Ltd informed the Bombay Stock Exchange that
the 39th Annual General Meeting of its members will be held on
Oct. 23, 2007.

Among others, the members will consider at the meeting the
change of the name of the company from "RPG Life Sciences
Ltd" to "Brabourne Enterprises Ltd" or another name as may be
approved by the registrar of companies, subject to necessary
provisions and approvals.

The members will also transact these businesses:

   1. To receive, consider and adopt the audited balance sheet
      as at March 31, 2007, the profit and loss account for the
      year ended on that date together with the related reports
      of the board of directors and the auditors.

   2. To declare a dividend for the year ended on March 31,
      2007.

   3. To appoint a director in place of Manoj Maheshwari, C. L.
      Jain and Niraj Bajaj, who will retire by rotation and,
      being eligible, offer themselves for re-appointment.

   4. To appoint M/s. Lovelock & Lewes, Chartered Accountants,
      as auditors.

   5. To appoint Arvind Vasudeva, as director of the company
      liable to retire by rotation.

   6. Subject to sanction of the Scheme of Arrangement between
      the company, RPG Pharmaceuticals Ltd, Instant Holdings Ltd
      and Inflant Trading and Investment Company Ltd by the High
      Court of Judicature at Bombay, and the Scheme becoming
      effective, the consent of the members of the company is
      accorded for adjustment of debit balance in profit and
      loss account that may arise consequent to carrying out of
      the transactions envisaged under the said Scheme or
      otherwise on implementation of the provisions of the said
      Scheme, against the amount lying in share premium account
      of the company at the time of the adjustment provided,
      however, that the amount that may be so adjusted against
      the amount of the share premium account will not exceed
      INR23 crore.

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors.


TATA MOTORS: September 2007 Sales Down 1.3% to 48,347 Units
-----------------------------------------------------------
Tata Motors Ltd reported a total sale of 48,347 vehicles
(including exports) for the month of September 2007, nearly flat
compared to 48,963 vehicles sold in September last year.

Cumulative sales for the company at 2,62,950 units was also
flat.  The domestic market continues to be sluggish, due to the
high interest rate regime, continuing to affect retails.

Commercial Vehicles

The company's sales of commercial vehicles in September 2007 in
the domestic market were 27,036 units, flat compared to 26,627
vehicles sold in September last year.  Medium and Heavy
Commercial Vehicle sales stood at 14,129 units, a decline of 7%
over September 2006, while Light Commercial Vehicle sales were
12,907 units, a growth of 13% over September 2006.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 1,32,871 units, flat over last year.
Cumulative M&HCV sales stood at 68,776 units, a decline of 11%
over last year, while LCV sales for the fiscal were 64,095 nos.,
an increase of 13% over last year.

Passenger Vehicles

The passenger vehicle business achieved total sales of 17,006
vehicles in the domestic market in September 2007, a decline of
8.6% over September 2006, but a growth of 2.3% over August 2007.
The Indica reported sales of 11,376 units, a growth of 6.4% over
September 2006, and flat vs. August 2007.  The Indigo family
registered sales of 2,328 units, a decline of 34.8% over
September 2006, but a growth of 6.2% over August 2007.  The Sumo
and Safari accounted for sales of 3,302 nos., a decline of 24%
over September 2006, but a growth of 9% over August 2007.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were nearly flat at 1,02,477 units.  Cumulative
sales of the Indica were flat at 68,468 units.  Cumulative sales
of the Indigo family were 14,312 units, a decline of 14%.
Cumulative sales of Sumo and Safari were flat at 19,697 units.

Exports

The company's sales from exports at 4,305 vehicles in September
2007 grew by 16% as compared to 3,727 vehicles in September
2006.  The cumulative sales from exports in the current period
at 27,602 units have recorded a growth of 3% over the previous
year.

                        About Tata Motors

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

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

                          *     *     *

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

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


TATA TELESERVICES: Indicom Crosses 20-Million Subscriber Mark
-------------------------------------------------------------
Tata Indicom said in a press release that it has crossed
the 20-million-subscriber mark, making it the only service
provider to achieve this record in the shortest period of time-
just four years.

Tata Teleservices Ltd continues to register the highest
Compounded Annual Growth Rate at 112%, and this runaway growth
seen the company achieve a year-on-year increase of 86% in its
total subscriber base--a record in the Indian telecom industry.
A recent TRAI report also recognized Tata Indicom as the
fastest-growing service provider, with an increase in market
share from 3.5% in March 2004 to 9.7% in March 2007.  This is
against a backdrop of declining market share registered by all
other telecom service providers in the same period.

Commenting on the landmark achievement, Ashok Sud, President-
Corporate Affairs, said, "Tata Indicom began pan-India
operations in an already established and fiercely competitive
market only in 2004.  Despite many initial constraints, Tata
Indicom continued to surpass industry growth rates and has
consistently introduced path-breaking offerings.  Today, the
brand symbolizes trust and transparency to the Indian consumer.
This remarkable achievement bears testimony to the never-failing
spirit of all TTSL employees, management, our channel partners
and customers.  This is a remarkable milestone, considering that
it has taken many of the other telecom players over 10 years to
reach the 20-million subscriber mark."

Among the many unique initiatives kicked off by Tata Indicom was
to redefine the prepaid mobile market in India with the "Non-
Stop Mobile" and 'Don't Stop' mobile schemes.  TTSL was the
first to introduce its own range of branded handsets and today
offers the widest range of high-end and full-value handsets.

The company also has to its credit the introduction of several
attractive bundled offers and innovative tariff plans, well
ahead of the rest of the industry.  This is of significance,
considering that GSM operators are now emulating the trend that
was set by CDMA players.

A subsidiary of Tata Sons Limited, Tata Teleservices
(Maharashtra) Limited, is an Indian company engaged in the
business of providing telecommunication services.  The company
provides services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges.

Together with Tata Teleservices Ltd, Tata Teleservices
(Maharashtra) Limited, currently offers services under the brand
name 'Tata Indicom'.

The company has incurred at least two years of consecutive net
losses -- INR3.15 billion in fiscal year ended Mar. 31, 2007,
and INR5.41 billion in FY2006.


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

AVNET INC: Will Acquire Acal plc's IT Solution Division
-------------------------------------------------------
Avnet Inc. has reached a definitive agreement with Acal plc for
Avnet to acquire the IT Solutions division of Acal plc.  Acal IT
Solutions is a leading value-added distributor for Storage Area
Networking, Secure Networking and Electronic Document Management
products and services, with operations in the United Kingdom,
the Netherlands, Belgium, Germany, France and Sweden.  The
closing of the transaction is subject to approval by Acal
shareholders and EU merger control clearance.

With the acquisition, Avnet gains an additional 2000 Acal
resellers and system integrators as well as 180 employees
experienced in the design and installation of complex solutions
addressing storage networking and document management
requirements.  Acal IT Solutions markets a portfolio of storage
networking, networking and fibre channel products from leading
suppliers including Brocade, Cisco, Emulex, Juniper and Qlogic
and document management solutions from Canon, Fujitsu and Kodak,
among others.  Its Headway Technology Group is positioned to
meet the increasing requirements of document management and
storage with a portfolio of products including document capture
software, scanners, optical, CD and DVD storage hardware and
software and tape backup solutions.  In addition, the
acquisition of Acal will bring to Avnet a value-added services
unit providing network infrastructure planning and
implementation and training as well as technical support.  In
the fiscal year ended March 31, 2007, Acal IT Solutions revenue
was approximately US$200 million.  Acal IT Solutions will be
integrated into Avnet Technology Solutions' EMEA business.

Dick Borsboom, president of Avnet Technology Solutions EMEA,
commented, "The acquisition of Acal's IT Solutions business will
significantly expand our product line by adding complementary
products in high growth segments including Storage Area
Networking, wired and wireless networking and security, and
document management.  In addition, Acal IT Solutions brings a
suite of professional services that will enhance our ability to
deliver solutions and services that meet the increasingly
complex requirements of the combined customer base.  We are
excited about the opportunities this transaction will provide to
deepen our engagement with our reseller partners and accelerate
the growth of Technology Solutions in Europe."

The transaction will also provide Avnet Technology Solutions
EMEA with access to a new market segment through the Headway
Technology Group.  The group specializes in the design and
installation of document imaging solutions that include high-
quality document scanners, optical character recognition tools
and highly sophisticated hardware and software to manage the
data easily.

Mr. Borsboom added, "While document management and imaging
started out as separate markets, they are now migrating to
enterprise content management solutions as enterprises seek to
automate, or virtualize, their business processes.  This suite
of products and services offers significant opportunities for
cross selling because we can expand the range of opportunities
we can address with a complete solution."

                           About Avnet

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

                          *     *     *

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


BEARINGPOINT: Hires Messrs. Cuviello & Freeman for Defense Team
---------------------------------------------------------------
BearingPoint Inc. reported that two high-ranking and well-
respected former U.S. Army generals have joined the firm's
Public Services unit to bolster BearingPoint's focus on
providing Mission Related Services to the Department of Defense.
As Senior Strategists for the firm's MRS Defense practice,
retired Army Lt. Gen. Peter M. Cuviello and retired Army Maj.
Gen. Carl H. Freeman will work to build, promote and deliver
BearingPoint expertise to meet ongoing and emerging needs in the
various service branches and defense agencies.

Mr. Cuviello, former Chief Information Officer for the Army,
will serve as Senior Strategist for BearingPoint's work within
the aerospace and defense sectors, focusing on network-enabled
operation support initiatives including the Department of
Defense Architecture Framework, battlespace and situational
awareness, IT security, and business intelligence.  Mr. Cuviello
brings more than 36 years of experience to BearingPoint.  He
oversaw the Army's US$5.6 billion IT budget, and between 2000-
2003 he transformed that service branch into a network-centric
and knowledge-based force, including leading the Army's
biometric security efforts and deploying Army Knowledge Online,
a portal that continues to serve 1.8 million users.  Prior to
joining BearingPoint, Mr. Cuviello served as vice president for
business strategies with Lockheed Martin's Savi Group, an asset
management and automated identification technology integrator.

Mr. Freeman has more than 35 years of military experience, and
as Senior Strategist for BearingPoint, he will focus on client
requirements to include logistics transformation, the Army's
RESET program as well as emerging joint interagency
requirements.  From 2000 to 2004, Mr. Freeman served as chairman
of the Inter-American Defense Board, the world's oldest
collective security organization, and as president of the Inter-
American Defense College located in Washington, D.C. A
multifunctional logistician, Mr. Freeman will help lead
BearingPoint's support to combatant commands as they address the
requirements of working in foreign countries alongside civilian
agencies, including USAID, the Department of Agriculture and
DHS.  Prior to joining BearingPoint, Mr. Freeman was an adjunct
professor at the Joint Special Operations University and a
private consultant.

"Pete and Carl both have tremendous experience that can augment
BearingPoint's existing capabilities and further enhance our
push to offer more Mission Related Services to our clients,"
said Mark Goulart, senior vice president of BearingPoint's
Department of Defense practice. "We're excited to have them on-
board, and I know they will drive incredible results for our
defense segment."

BearingPoint's Mission Related Services practice is committed to
serving the Department of Defense and helping it meet its
mission in supporting U.S. troops.  Staffed with highly skilled,
deeply experienced professionals, the practice has capabilities
in logistics, security, joint and inter-agency operations,
decision support systems, and weapon systems program acquisition
and management.  BearingPoint offers branch commands flexibility
and innovation -- backed by a record of helping defense and
other government clients undertake successful transformation
initiatives.

                        About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations, including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

Moody's Investors Service's rated BearingPoint Inc.'s 2.5%
Series A Convertible Subordinated Debentures due 2024 at B3.


EXCELCOMINDO PRATAMA: S&P Gives 'BB-' LT Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Indonesia's cellular operator, PT
Excelcomindo Pratama Tbk, on CreditWatch with negative
implications following the disclosure that its parent, Telekom
Malaysia Bhd. (foreign currency A-/Watch Neg/--; local currency
A/Watch Neg/--), intends to separate its cellular and
international operations from its fixed-line business.  At the
same time, Standard & Poor's 'BB-' rating on Excelcomindo's
outstanding senior unsecured notes has been placed on
CreditWatch with negative implications.

"The ratings on Excelcomindo factor in the potential financial
support from the parent company," said Standard & Poor's credit
analyst Yasmin Wirjawan.  "Some of Telekom Malaysia's
outstanding debt securities, such as the US dollar bond due
2014, have a cross-default clause.  As the rated US dollar
debt will remain at Telekom Malaysia's fixed-line unit, the
cross-default clause may no longer apply to the cellular
business, including Excelcomindo."

The CreditWatch placement will be resolved after a detailed
review of Excelcomindo's business strategy and capital
expenditure and funding plans, including potential support from
its new parent entity, TM International Sdn. Bhd.  "Given the
increasingly competitive environment and the company's heavy
capital spending plans, Standard & Poor's will assess the extent
to which  Excelcomindo's standalone credit profile potentially
mitigates concerns that may arise from lower parent support,"
Ms. Wirjawan added.

                      About Excelcomidndo

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.


FREEPORT-MCMORAN: Declares Quarterly Cash Dividends on Stocks
-------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has declared the following
quarterly cash dividends payable on Nov. 1, 2007, to holders of
record as of Oct. 15, 2007:

   -- US$0.3125 per share of FCX's Common Stock.

   -- US$1.6875 per share of FCX's 6«% Mandatory Convertible
      Preferred Stock (NYSE: FCXprM).

   -- US$13.75 per share of FCX's 5«% Convertible Perpetual
      Preferred Stock.

                     About Freeport-McMoRan

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

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

                          *     *     *

As reported in the Troubled Company Reporter- Asia Pacific
reported on Oct 01, 2007, that 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.

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%

On Jul 16, 2007, that Fitch Ratings upgrades these
ratings of Freeport-McMoRan Copper & Gold Inc.

FCX

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

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

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

    -- Convertible Preferred Stock at 'B+'.

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

The Rating Outlook remains Positive.

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


FREEPORT MCMORAN: Reduces Phelps Dodge-Related Debt by 50%
----------------------------------------------------------
Freeport McMoRan Copper & Gold Chief Executive Officer Richard
Adkerson told Business News Americas that the firm has decreased
the debt taken out for its acquisition of Phelps Dodge by 50% in
six months.

According to BNamericas, Mr. Adkerson said that copper and gold
prices coming in much higher than expected let Freeport McMoRan
cut its debt from the Phelps Dodge deal to about US$9.8 billion,
or US$7.7 billion net of cash, at the end of the first half.

BNamericas notes that Freeport McMoRan took out a US$17.5-
billion debt when it acquired Phelps Dodge in March 2007.  The
firm initially expected it would take over two years to reach
its current debt.

Mr. Adkerson told BNamericas that if price trends continue,
Freeport McMoRan would further decrease its debt to US$8.2
billion, or US$6.5 billion net of cash by year-end.

With current prices, the board will set out a dividend policy,
which would differ from that implemented by the firm before the
Phelps Dodge acquisition, BNamericas states, citing Mr.
Adkerson.

                        About Phelps Dodge

Phelps Dodge Corp. (NYSE: PD) http://www.phelpsdodge.com/-- is
one of the world's leading producers of copper and molybdenum
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company employs 15,000 people
worldwide.  Phelps Dodge has mining operations in Chile, Peru,
Colombia, Venezuela and Ecuador, among others.

                      About Freeport-McMoRan


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

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

                          *     *     *

As reported in the Troubled Company Reporter- Asia Pacific
reported on Oct 01, 2007, that 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.

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%

On Jul 16, 2007, that Fitch Ratings upgrades these
ratings of Freeport-McMoRan Copper & Gold Inc.

FCX

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

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

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

    -- Convertible Preferred Stock at 'B+'.

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

The Rating Outlook remains Positive.

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


INCO LTD: Board OKs Resumption of Karebbe Project Construction
--------------------------------------------------------------
Canada Inco Ltd.'s Indonesian unit PT International Nickel
Indonesia Tbk's Board of Commissioners has approved the
resumption of construction at the hydroelectric Karebbe project
following the issuance of a forestry permit to PT Inco by the
Minister of Forestry of the Republic of Indonesia in late August
2007.

The Karebbe dam and hydroelectric generating facility are
expected to raise PT Inco's generating capacity to support
annual production of 200 million pounds of nickel in matte and
are expected to provide another 90 megawatts per year of
hydropower.

Groundwork at Karebbe, the Company's major capital project, has
been suspended since early January 2006, pending the
finalization of the terms of the forestry permit.  The Board of
Commissioners approval enables the Company to resume work on the
project.

                      About Inco Limited

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used
primarily for manufacturing stainless steel and batteries.  Inco
also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


PERUSAHAAN LISTRIK: To Invite Bid for Transmission Projects
-----------------------------------------------------------
PT Perusahaan Listrik Negara plans to put the Sumatra and Java
power transmission networks projects out to tender by early next
year, The Jakarta Post reports.

The report relates that Herman Darnel Ibrahim, PLN transmission
and distribution director, said the company was currently
conducting a feasibility study, with expectations that the
tender for the US$1.2-billion project would take place in April
2008.  Mr. Ibrahim told The Post that the company could not
afford to wait any longer if it wanted to meet the schedule set
out in PLN's blueprint.

The blueprint shows the new transmission facilities, which also
include the submarine cables.  The company expect the cables to
be completed in 2011, the report notes.

The Post says that local and foreign firms have shown interest
in constructing coal-fired power plants in Sumatra.

Once the transmission projects will be completed it will be able
to supply electricity from Sumatra to Java, where blackouts are
also frequent, the report adds.

The Post notes that under this program, PLN will build 10 coal-
fired power plants with a total capacity of 6,900 megawatts in
Java and 25 power plants outside Java with a total capacity of
3,100 megawatts.

                     About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

The Troubled Company Reporter-Asia Pacific reported on Jun 18,
2007, that Standard & Poor's Ratings Services today affirmed its
'BB-' foreign currency rating and 'BB' local currency rating on
Indonesia's PT Perusahaan Listrik Negara (Persero).  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed senior unsecured notes to be
issued by PLN's wholly owned subsidiary, Majapahit Holding B.V.

The notes are irrevocably and unconditionally guaranteed by PLN,
which is fully owned by the Indonesian government.  As the size
and exact terms are being finalized, this issue rating is
subject to final documentation.

"The ratings on PLN reflect its overall weak financial profile,
uncertainties related to tariff revision and timely and adequate
subsidy payments for bridging the shortfall in its operating
cash flows," said Standard & Poor's credit analyst Anshukant
Taneja.


TUPPERWARE BRANDS: Inks New Credit Deal with Lower Interest Rate
----------------------------------------------------------------
Tupperware Brands has entered into a new secured agreement with
improved terms with a group of banks.  The new credit agreement
includes a US$200 million revolving facility and US$600 million
in term loans, replacing the current agreement that also had a
US$200 million revolving facility and US$601 million of term
loans outstanding as of the end of the company's second quarter.
Similar to the previous agreement, it provides for floating rate
borrowings but at a lower interest rate spread and with lower
commitment fees.  The company estimates that the improved terms
will result in lower cash interest expense of approximately
US$20 million over the agreement's five-year term, in comparison
with interest that would have been incurred under the previous
agreement.  Other terms, including the debt covenants under the
new agreement are comparable with the previous agreement.

In connection with the termination of the company's previous
credit agreement, in its third quarter ending Sept. 29, 2007, it
will record one- time costs of about US$10 million, for the
write off of deferred debt costs and the termination of
floating-to-fixed interest rate swaps.

J.P. Morgan Securities Inc. was the sole book runner and agent.
J.P. Morgan Securities Inc. and Key Bank N.A. were the joint
lead arrangers.


Tupperware Brands Corporation -- http://www.tupperware.com/--
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

The Troubled Company Reporter-Asia Pacific reported on Sept. 18,
2007, that Standard & Poor's Ratings Services assigned its bank
loan and recovery ratings to Orlando, Florida-based Tupperware
Brands Corp.'s proposed US$750 million senior secured credit
facilities.  The facilities were rated 'BBB-', with a recovery
rating of '1', indicating S&P's expectation of very high (90%-
100%) recovery in the event of a payment default.  The ratings
are based on preliminary terms and are subject to review upon
final documentation.

Also, Standard & Poor's affirmed its 'BB' corporate credit
rating on the company.  The outlook is stable.


On Sept. 20, 2007, Moody's Investors Service assigned a Ba1
rating to Tupperware Brands Corporation proposed senior secured
credit facilities, consisting of a US$200 million revolving
credit facility and a US$550 million term loan A, both due 2012.

Moody's also affirmed the company's Ba2 corporate family rating
and Ba3 probability of default rating, and changed the outlook
to positive from stable.  The company will primarily use
proceeds from the new credit facility to refinance the existing
credit facility.  The transaction is not expected to increase
pro forma debt levels.  These ratings are subject to review of
final documentation.

Ratings assigned:

   -- US$200 million senior secured revolving credit facility
      due 2012 at Ba1 (LGD2, 22%);

   -- US$550 million senior secured term loan A due 2012 to Ba1
     (LGD2, 22%).

Ratings affirmed:

   -- Corporate family rating at Ba2;
   -- Probability of default rating at Ba3.

Ratings to be withdrawn at closing of new credit facilities:

   -- US$200 million senior secured revolving credit facility
      due 2010 at Ba1 (LGD2, 25%);

   -- US$601 million senior secured term loan due 2012 to Ba1
      (LGD2, 25%).


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

GOODWILL GROUP: JCR Removes Debt Rating from Credit Monitor
-----------------------------------------------------------
Japan Credit Rating Agency has removed its rating on senior
debts of the issuer from Credit Monitor with Negative direction
to it and has downgraded it from BBB-/Negative to BB+ with
Stable outlook.

The Goodwill Group, Inc. is a pure holding company of Goodwill
Group.  It became Japan's largest temp staff agency, acquiring
rival temp staff agency Crystal (current Goodwill Premier) in
November 2006.  On the other hand, the Ministry of Health
declared that it would not renew the business licenses of
Goodwill's subsidiary Comsn for nursing care operations in June
2007.  Goodwill then decided to sell off all of the nursing care
operations to outside parties.  In September 2007, Goodwill made
conclusion of agreement on transfer of all of the nursing care
operations of Comsn.  Although acquisition of Goodwill Premier
increased earnings of temporary staffing business of Goodwill,
it will take time for it to improve the financial structure
drastically.  The administrative sanction against Goodwill by
the Ministry lowered its confidence in society.  JCR assessed
that the loss of confidence will have negative impact on
competitive edge of Goodwill's temporary staffing business to a
certain degree.  Accordingly, JCR downgraded its rating for
Goodwill.  Although JCR removed its rating on the Company from
Credit Monitor, given conclusion of agreement on nursing care
business transfer, JCR will continue to keep an eye on
compliance of it in the temporary staffing business.

                      About Goodwill Group

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

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

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


IHI CORP: S&P Affirms Ratings; Revises Outlook to Stable
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term corporate credit rating on IHI Corp. to stable from
positive, following a material deterioration in profitability
from projects in the company's Energy and Plant Operations
segment.  Standard & Poor's recognizes the increased need for
more prudent monitoring of the company's project management
capabilities and cash flow stability.  The 'BB+' long-term
corporate rating and 'BBB-' long-term senior unsecured issue
rating were affirmed.

On Sept. 28, 2007, the company lowered its operating earnings
forecast to minus JPY17 billion from a profit of JPY40 billion
for fiscal 2007 (ending March 31, 2008).  This predicted
deterioration in earnings is mainly attributable to scheduling
delays and cost increases in its Energy and Plant Operations
segment, which are largely a result of project management
errors.  Operating losses may increase by an additional
JPY28 billion due to more stringent cost estimates for projects.

The weakened profitability has revealed IHI's risk management
mechanism to be unable to perform to a sufficiently high level.
This is in spite of company efforts to enhance the management of
its projects by improving screening and expanding the number of
candidate projects.  Standard & Poor's incorporated IHI's
efforts to develop its project management system into its
rating analysis, and viewed a decrease in unprofitable projects
as a positive sign.  However, Standard & Poor's has recognized
the need to re-examine the effectiveness of IHI's risk
management, including its candidate project screening, cost
control, and process schedule.

At the same time, however, IHI maintains steady earnings from
its liquefied natural gas (LNG) storage facilities business, and
the company has also announced its policy to focus resources on
its more profitable businesses while being more selective in its
choice of projects/contracts.  As such, the possibility of
continued material losses from the Energy and Plant Operations
segment has fallen.  Furthermore, the company intends to
maintain a net profit position in fiscal 2007 by selling fixed
assets.  This decision is expected to limit any significant
impact on the company's debt-to-capital structure.

Consequently, Standard & Poor's affirmed its ratings and revised
the outlook on the long-term corporate credit rating to stable.

The ratings on IHI may come under downward pressure if measures
to enhance risk management are not implemented early or if
improvements are not seen in the short term following
implementation.  Standard & Poor's will also consider a downward
revision of its ratings or outlook on the ratings if the
company's profitability or cash-flow stability weaken.  This
might be caused by a delay in earnings recovery in its less
profitable businesses -- including its Logistics Systems and
Structures Operations and Shipbuilding and Offshore Operations
segments -- or by continued profitability deterioration in its
Energy and Plant Operations segment.  Both of these factors
could lead to greater concerns over the company's weakening
financial profile.

On the other hand, Standard & Poor's will consider an upward
revision of its ratings or outlook, if the company's efforts
lead to enhancement of project management capabilities and
improved stability of cash flow.  However, this is likely to
take time to confirm.

The rating on IHI's long-term senior unsecured debt is one notch
higher than the long-term corporate credit rating.  This
reflects the lower default risk of the company's debt than its
bank loans based on the expectation for debt forgiveness by
creditor banks in case of default.

This unsolicited rating(s) was initiated by Standard & Poor's.
It may be based solely on publicly available information and may
or may not involve the participation of the issuer's management.
Standard & Poor's has used information from sources believed to
be reliable, but does not guarantee the accuracy, adequacy, or
completeness of any information used.

Ratings List

Ratings Affirmed; CreditWatch/Outlook Action

                                     To               From
IHI Corp. (Unsolicited Ratings)
Corporate Credit Rating         BB+/Stable/--   BB+/Positive/--


Ratings Affirmed

IHI Corp. (Unsolicited Ratings)

Senior Unsecured
  Local Currency                     BBB-


J-CORE 8: S&P Affirms BB Rating on Class E Trust Certificate
------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on one
class of J-CORE 8 Trust Certificates' JPY34.5 billion floating-
rate trust certificates, due December 2012.  The rating on the
class C certificates was raised by two notches to 'AA' from
'A+'.  At the same time, Standard & Poor's affirmed its ratings
on the class A, class B, class D, and class E trust
certificates.  The trust certificates were issued on Nov. 8,
2005.

The upgrade reflects a decline in the LTV ratio of the class C
certificates as of Sept. 28, 2007, resulting from the sequential
redemption of trust certificates accounting for about 8.7% of
the initial issue amount, following the sale of real estate
trust certificate interests and real estate properties that back
the trust certificates.  The redeemed amount on an accumulated
basis represents about 59% of the initial issue amount,
including the latest redemption.  The number of remaining
underlying trust certificate interests and real estate
properties is now six, compared with the initial 28.

The transaction is a sales-type CMBS transaction ultimately
secured by specified bonds (tokutei shasai) backed by trust
certificate interests and real estate properties (28 properties
in total).  Deutsche Securities Inc. serves as the arranger.

Rating Raised:
JPY34.5 billion J-CORE 8 floating rate trust certificates due
2012

Class     To   From   Current balance    Initial balance
-----     --   ----   ---------------    ---------------
C         AA   A+     JPY3.3 bil.        JPY3.3 bil.

Ratings Affirmed
Class     Rating      Current balance    Initial balance
-----     ------      ---------------    ---------------
A         AAA         JPY2.2977 bil.     JPY22.7 bil.
B         AAA         JPY3.5 bil.        JPY3.5 bil.
D         BBB         JPY3.0 bil.        JPY3.0 bil.
E         BB          JPY2.0 bil.        JPY2.0 bil.


MAZDA MOTOR: Domestic Sales for August 2007 Down 6.3%
-----------------------------------------------------
Mazda Motor Corporation disclosed that domestic sales were below
the same period of August last year, down 6.3% due to a decrease
in commercial vehicle sales despite the strong sales of the all
new-Mazda2/Demio.

Domestic commercial vehicles only sold 3,041 units for the month
of August, down by 17.5% from the last year's 3,903 units.  The
automaker's registered vehicle is also down by 7.5% totaling
14,225 units only compared to the 15,382 units the previous
year.  Passenger cars sales also went down by 3.7%, selling only
15,151 units year-on-year.  Sales for the micro-mini also
contributed to the decreasing domestic sales selling 3,967
units, compared to last year's 4,038 units, a difference of
1.8%.

However, export figures climbed up 20.9% year-on-year due to
steady global sales of Mazda3 and an increase in all-new Mazda2
exports to Europe.  On a market basis, exports to Europe were
particularly healthy at 21,460 units, a 42.6% year-on-year
increase, mainly due to the addition of Mazda2 exports and
increased exports of Mazda3.
The Oceania market followed next to Europe with 5,655 units, or
an increase of 14.3%.  North America increased 9.9% with 21,596
units sold.  Exported commerical vehicles surged an 83.2% or an
equivalent of 623 units sold, while export passenger cars went
up 20.5% to 61,167 units as compared to the same period last
year.

                      About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


MAZDA MOTOR: Posts 2% Boost in Domestic Production for August
-------------------------------------------------------------
Mazda Motor Corporation posts a 2.0% boost in its domestic
production for August 2007 due to the increased production of
the all-new Mazda2 and a rise in Mazda3 production to meet
steady global sales demand.

The domestic production of passenger cars improved 6.2% totaling
70,298 units year-on-year, while the commercial vehicles dipped
54.6% to 2,232 units as compared to the 4,919 units the same
period last year.

Overseas production spiraled down 20.6% totaling 20,946 units
due to the end of production of Familia and Premacy models in
China.  Passenger cars 23.0% decrease of 15,107 units year-on-
year, while commercial vehicles decrease 13.5% to 5,839 units.

Global production is down by 4.1% totaling to 93,476 units, with
passenger cars decreasing by 0.5% to 85,405 units and commercial
vehicles' 8,071 units, down 30.8%.

                      About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                          *     *     *

As reported in the TCR-AP on April 27, 2007, Standard & Poor's
Ratings Services raised Mazda Motor Corp.'s long-term corporate
credit rating and the company's long-term senior unsecured debt
to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


NIS GROUP: JCR Lowers Senior Debt Rating to BB+ from BBB-
---------------------------------------------------------
Japan Credit Rating Agency has downgraded its rating on senior
debts, shelf registration and CP program with maximum amount
decreased from JPY30 billion to JPY15 billion of NIS Group from
BBB-/Negative, preliminary BBB- and J-2 to BB+/Negative,
preliminary BB+ and J-3, respectively.  JCR has also downgraded
its rating on senior debts of Nissin Servicer from BBB-/Negative
to BB+/Negative.

JCR has been evaluating good performance and the reaping the
benefit of efforts to diversify business of NIS Group as
supporting factors in its rating.  On the other hand, JCR put
rating outlook for NIS Group Negative, assuming negative impact
of reforms of regulations on money lending business on earnings
of the Company because changes in its financial balance and
business risk derived from the lowered ROA and the increasing
investment account are considered constraints on rating.
Downward pressure on performance due to the increasing bad debt
and consumers' claims for refunds of excess interest payments,
loss from impairment of investment securities, hardening of
lending posture toward consumer finance companies are now coming
to the surface.  Accordingly, JCR downgraded its rating on NIS
Group.  JCR put the rating outlook Negative, assuming that
reforms of regulations on money lending business in December
last year and the following deterioration in business
environment will continue to have negative impact for the time
being.  As for Nissin Servicer, JCR thinks that integrity of the
it and the parent company, NIS Group, is strong in
creditworthiness, given its high position in the group and
strong relationship with the group in human affairs, business
and fund procurement.  Accordingly, JCR downgraded its rating on
Nissin Servicer, following downgrade of its rating on NIS Group.

                   About NIS Group

Headquartered in Ehime Prefecture, Japan, NIS Group Co., Ltd.,
formerly Nissin Co., Ltd., -- http://www.nisgroup.jp/-- is
mainly engaged in the provision of secured and unsecured loans
to individuals, including small business owners, consumers,
small- and medium-sized enterprises in Japan.  The Company
operates in four business segments.  The Integrated Loan
Services segment is engaged in the provision of secured and
unsecured loans, trust assurance, leasing and securities
services to individuals and corporate clients.  The Debt
Management and Collection segment is engaged in the purchase,
management and collection of debts.  The Real Estate segment is
engaged in the purchase, sale and development of real estate, as
well as the asset management business.  The Others segment is
engaged in the provision of construction services and enterprise
support services, among others.  The Company has 54 subsidiaries
and 10 associated companies.


TOHOKU MISAWA: JCR Removes Debt Rating with Negative Outlook
------------------------------------------------------------
Japan Credit Rating Agency has removed its rating on senior
debts of the issuer from Credit Monitor with Negative direction
to it and has upgraded it from #BB/Negative to BB+ with Stable
outlook.

JCR placed its rating on Tohoku Misawa Homes Co. Ltd. under
Credit Monitor, following agreement on merger of Tohoku Misawa
Homes and Misawa Homes Kitanihon as of October 1, 2007, on
May 11, 2007.  JCR put rating outlook Negative because of weak
financial structure of Misawa Homes Kitanihon at that time.  JCR
upgraded its rating on the Company, however, removing Credit
Monitor from it, given prospect for stronger integrity of Tohoku
Misawa Homes and the parent company Misawa Homes (former Misawa
Homes Holdings), strengthening of operating base and improvement
in operational efficiency due to the merger.

Headquartered in Miyagi, Japan, Tohoku Misawa Homes Co. Ltd's --
http://www.t-misawa.co.jp-- principal activity is to construct
ceramic prefabricated houses.  The activities of the Group
include marketing of houses in lot, real estate agents, fixed
assets leasing and other house-related facilities and furniture
sales.


NISSIN SERVICER: JCR Downgrades Senior Debt Rating to BB+
---------------------------------------------------------
Japan Credit Rating Agency has downgraded the rating on senior
debts, shelf registration and CP program with maximum amount
decreased from JPY30 billion to JPY15 billion of NIS Group from
BBB-/Negative, preliminary BBB- and J-2 to BB+/Negative,
preliminary BB+ and J-3, respectively.  JCR has also downgraded
its rating on senior debts of Nissin Servicer from BBB-/Negative
to BB+/Negative.

JCR has been evaluating good performance and the reaping the
benefit of efforts to diversify business of NIS Group as
supporting factors in its rating.  On the other hand, JCR put
rating outlook for NIS Group Negative, assuming negative impact
of reforms of regulations on money lending business on earnings
of the Company because changes in its financial balance and
business risk derived from the lowered ROA and the increasing
investment account are considered constraints on rating.
Downward pressure on performance due to the increasing bad debt
and consumers' claims for refunds of excess interest payments,
loss from impairment of investment securities, hardening of
lending posture toward consumer finance companies are now coming
to the surface.  Accordingly, JCR downgraded its rating on NIS
Group.  JCR put the rating outlook Negative, assuming that
reforms of regulations on money lending business in December
last year and the following deterioration in business
environment will continue to have negative impact for the time
being.  As for Nissin Servicer, JCR thinks that integrity of the
it and the parent company, NIS Group, is strong in
creditworthiness, given its high position in the group and
strong relationship with the group in human affairs, business
and fund procurement.  Accordingly, JCR downgraded its rating on
Nissin Servicer, following downgrade of its rating on NIS Group.

                     About Nissin Servicer

Nissin Servicer Co., Ltd. -- http://www.nissin-servicer.co.jp--
is a Tokyo, Japan-based company principally engaged in the
credit management and credit collection businesses.  The
Company, along with its 20 subsidiaries and 9 associated
companies, is also engaged in the investment business, the real
estate-related business, as well as the management of
corporation reconstruction funds.


* S&P: ABS Originator Defaults in Wake of Credia Bankruptcy
-----------------------------------------------------------
Standard & Poor's Ratings Services published a Japanese-language
report outlining the impact of originator/servicer defaults on
the ratings on Japanese ABS transactions, focusing on servicing
schemes and the performance of underlying assets.

The report comes in the wake of the bankruptcy filing by Credia
Co., a midsize consumer finance company, which sought protection
from creditors under the Civil Rehabilitation Law on Sept. 14,
2007.  The Tokyo District Court then decided on Sept. 21 that
bankruptcy procedures should commence.

This is the first bankruptcy case in Japan by a listed finance
company exclusively engaged in consumer finance.  Credia serves
as the originator of two securitization transactions rated by
Standard & Poor's: CABS Ltd.'s master trust series 2003-1
transaction, and the CABS Ltd. Master Trust Series 2005-1
deal.

Previously, Standard & Poor's published its basic analytical
guidelines for Japanese ABS transactions backed by consumer
loans in the article titled "Consumer Loan ABS Rating Guidelines
In Japan", which was published June 27, 2007.

The S&P's current published report concludes that a wide variety
of risks can result from the bankruptcy of the originator of a
consumer loan ABS transaction.  Standard & Poor's will continue
to gather information on originator bankruptcy cases and examine
them from various perspectives, aiming to improve its rating
analysis methodologies.

The Japanese-language report is available on Standard & Poor's
Research Online at http://www.researchonline.jp/ Standard &
Poor's CreditWire Japan on Bloomberg Professional at SPCJ,
and Standard & Poor's Japanese Web site, at
http://www.standardandpoors.co.jp/ The English report will be
available on RatingsDirect, the real-time Web-based source for
Standard & Poor's credit ratings, research, and risk analysis,
at http://www.ratingsdirect.com/ and on Standard & Poor's Web
site at http://www.standardandpoors.com/


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

BIOMET INC: Inks Deferred Prosecution Pact with USAO
----------------------------------------------------
Biomet Inc. has entered into a Deferred Prosecution Agreement
with the United States Attorney's Office for the District of New
Jersey -- USAO.  The agreement concludes the government's
investigation into whether consulting agreements between the
largest orthopedic manufacturers and orthopedic surgeons who use
joint reconstruction and replacement products may have violated
the federal Anti-Kickback Statute.

Through the DPA, the USAO agrees not to prosecute the Company in
connection with this matter, provided that the Company satisfies
its obligations under the agreement over the next 18 months.
The DPA calls for the appointment of an independent monitor to
review the Company's compliance with the DPA, particularly in
relation to the Company's consulting agreements.

The company has, at the same time, reached an agreement with the
United States to settle civil and administrative claims relating
to this matter for a payment of US$26,949,120, without any
admission of liability or wrongdoing by the company.  Finally,
the company has entered into a Corporate Integrity Agreement
with the Office of the Inspector General of the U.S. Department
of Health and Human Services.

The financial settlement to be paid by Biomet is the lowest
among the four investigated companies that agreed to a civil
settlement, on both an absolute basis and as a percentage of
U.S. total joint sales.  This resolution reflects the company's
full cooperation throughout the investigation.

The DPA acknowledges that the Company did not engage in any
conduct that adversely affected patient health or patient care,
and the Settlement Agreement is not an admission of improper
conduct on Biomet's part.

Biomet's President and Chief Executive Officer, Jeffrey R.
Binder, stated: "Biomet has long been committed to upholding the
highest standards of ethical and legal conduct and, in fact, was
among the first orthopedic companies to establish a voluntary
internal compliance program in 1999.  We fully intend to work
with the independent monitor, the Department of Justice and the
Office of Inspector General to institute and review additional
healthcare compliance practices and procedures.  Moving forward,
we are very confident in our ability to compete successfully on
a level playing field, given the quality of our products and
service."

                          About Biomet

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

The Troubled Company Reporter-Asia Pacific reported on Sep 28,
2007, that Moody's Investors Service has assigned final debt
ratings to Biomet, Inc. (B2 Corporate Family Rating) in
conjunction with the close of the leveraged buy-out transaction
by a consortium of equity sponsors.  The rating outlook is
negative.

Ratings assigned with a negative outlook:

Biomet, Inc.

-- Corporate Family Rating at B2

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

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

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

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

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

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

-- PDR at B2

Rating changed:

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


DURA AUTOMTIVE: Amends Plan to Tweak Terms of Rights Offering
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates amended
their Joint Plan of Reorganization and accompanying disclosure
statement to:

    (i) address Pacificor LLC's requirement that Dura become a
        privately held company once it exits Chapter 11 and

   (ii) provide additional information and update parties-in-
        interest on company developments since filing their
        original plan on Aug. 22, 2007.

Pacificor, as backstop party, is entitled to buy unsold of
shares of the 39.3% to 42.6% of shares in Reorganized Dura to be
issued in a rights offering available to holders of 8.625%
senior unsecured notes due April 2012, which rights offering is
expected to raise US$140,000,000 to US$160,000,000.  As a
substantial holder of the senior notes, Pacificor will get a
share of the 57.4% to 60.7% of the reorganized company allotted
to that class of debt under the proposed reorganization plan.

The Associated Press says that Pacificor hasn't explained why it
wants Dura to be private held.  Private-equity investors,
however, according to AP, prefer to take positions in companies
that are outside the purview of securities regulators.

The amendment to the Amended Backstop Rights Purchase Agreement
dated as of August 13, 2007, between Dura and Pacificor, and the
Amended Plan, submitted to the Court on September 28, 2007,
specifically provide that the Reorganized Debtors will be a
private company not required to register the new common stock
under Section 12 of the Securities Exchange Act of 1934.  If the
proposal is approved by the Court at the hearing scheduled for
October 3, 2007, Dura will not be required to issue public
financial statements once it's out of bankruptcy.

Dura has warned that if the changes are not approved, it would
unlikely be able to find and negotiate an alternative backstop
or other transaction in sufficient time to permit it to exit
Chapter 11 prior to December 31, 2007, when the US$185,000,000
debtor-in-possession term-loan facility and the US$115,000,000
revolving credit facility arranged by Goldman Sachs Capital
Partners L.P., and General Electric Capital Corporation are set
to expire.

Companies are generally exempt from U.S. Securities and Exchange
Commission rules if they have fewer than 300 shareholders.  In
that light, Dura grouped into to subclasses senior notes claims
aggregating US$418,700,000, which holders are expected to
recover 55 cents on the dollar on their claims:

   (i) Holders of claims for US$75,000 or less in Senior Notes
       principal amount -- Class 3B Senior Notes Claims -- will
       receive the cash equivalent to its pro rata share of the
       distribution of the new stock, the price of which is set
       at US$10 a share; and

  (ii) Holders of claims that exceed US$75,000 in Senior Notes
       principal amount -- Class 3A senior Notes Claims -- will
       receive its pro rata distribution of the new stock and
       will have the option to purchase shares in the rights
       offering.  These holders were previously allowed to
       purchase shares under the Original Plan

The Plan and the Backstop Deal have contemplated that holders of
the 9% subordinated notes due 2009, which are owed in excess of
US$535,600,000, holders of US$56,907,500 aggregate principal
amount of its 7 1/2% Convertible Subordinated Debentures due
March 31, 2028, and holders of the existing common stock of Dura
will receive zero recovery on their claims and interests, and
will not be entitled to participate in the rights offering.

The absolute priority rule under 11 U.S.C. Sec.
1129(b)(2)(B)(ii) provides that holders of claims that are
junior in rank to a certain class of claims will receive take
nothing under a Chapter 11 plan unless the claimants in the
senior class are paid in full.  The 9% Noteholders and holders
of other debentures subordinated by the 8-5/8% Notes, led by
U.S. Bank Trust National Association, and HSBC Bank USA,
National Association, have vigorously opposed the Backstop Deal,
which terms were incorporated in the Reorganization Plan.  The
9% Noteholders, however, failed to obtained support from the
Bankruptcy Court and have appealed the Bankruptcy Court Judge
Kevin J. Carey's order approving the Original Backstop Deal
before the U.S. District Court for the District of Delaware.

                       Recent Developments

The Amended Plan and the August 13 Backstop Deal have gained
support from the Official Committee of Unsecured Creditors in
Dura's case.  The Creditors Committee's support is conditioned,
among other things, to the reimbursement of the reasonable fees
and expenses of U.S. Bank Trust National Association, the
trustee under the Subordinated Notes, and The First National
Bank of Chicago, the trustee under the Subordinated Indentures.
The disclosure statement detailing the terms of the Amended Plan
did not, however, state whether the trustees are supporting the
Plan.

As part of their postpetition business plan and operational
restructuring efforts, the Debtors announced that they will exit
certain unprofitable business lines:

   (i) On September 23, 2007, the Debtors signed an asset
       purchase agreement with Advanced Closure Systems, LLC, to
       sell their hinges and latches business for US$3,500,000,
       subject to higher or better offers.  As part of the sale
       process, ACS negotiated and successfully resolved a
       collective bargaining agreement with the hinges and
       latches business' unionized work force.  Additionally,
       ACS has agreed to assume the majority of the pension
       obligation related to the business.

  (ii) On August 27, the Debtors closed the sale of Atwood
       Mobile Products, Inc.'s assets to Atwood Acquisition Co.,
       LLC, for US$160,200,000 aggregate cash consideration.
       The proceeds of the sale were used to pay down a portion
       of the funds owed under the DIP Term Loan and the DIP
       Revolver.  As of August 31, 2007, the outstanding balance
       of the DIP Term Loan was US$104,200,000, and there were
       no borrowings outstanding under the DIP Revolver.

(iii) The Debtors plan to cease all operations in all three
      facilities in Canada by December 31, 2007:

        -- The Debtors intend to cease their seat-adjuster
           business located in Bracebridge, Ontario, by October
           and completely close the facility by December 31.
           Manufacturing operations are being relocated to the
           Debtors' facilities in Gordonsville, Tennessee, and
           Stockton, Illinois;

        -- The Debtors closed their Brantford, Ontario facility
           on May 31.  The operations previously located at
           Brantford were relocated to other plants in order to
           facilitate better customer service, lower freight
           costs and improve plant capacity utilization.  The
           Debtors have contracted to sell the Brantford
           facility real estate and improvements to Mareddy
           Corporation for CNUS$1,050,000, subject to seller
           financing of CNUS$800,000 for a period of six months;
           and

        -- The Debtors are in the process of winding up the
           Stratford, Ontario facility, which together with the
           Brantford facility, was operated by their North
           American Shifter Systems and Cables sub-division, and
           are soliciting purchasers for the real estate and
           improvements.  The Debtors' efforts to sell the
           Stratford facility remain unsuccessful.

                   Disclosure Statement Hearing

The Debtors need to obtain the Court's approval of the
Disclosure Statement explaining the terms of their Chapter 11
Plan before they could begin soliciting votes for their Plan and
proceed with the rights offering.

The Debtors' representative will present at the hearing
scheduled on October 3, 2007, at 2:00 p.m. that the Disclosure
Statement contains "adequate information" necessary for holders
of eligible decision about whether to vote to accept or reject
the Plan, as required by Section 1125(b) of the Bankruptcy Code.

                      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 USUS$1,993,178,000 in total assets
and USUS$1,730,758,000 in total liabilities.


MAGNACHIP SEMICONDUCTOR: Launches Ultra Low Power LDDI Process
--------------------------------------------------------------
MagnaChip Semiconductor Ltd launched its ultra low power Large
Display Driver IC process for use in notebook applications.

This unique solution supports the 0.18um process at low
voltages, specifically, 2.5V and 9V, and provides for low power
consumption.  Currently, this process accommodates the smallest
chip size available for notebook applications.  Compared to the
existing 0.3um processes in the market, this solution enables a
40% reduction in chip size and 30% less power consumption, thus
supporting extended battery life.

Mr. Tae Young Hwang, Executive Vice President and General
Manager of the Display Solutions Division, said, "We remain
focused on expanding our technology leadership in support of our
customers worldwide.  We have refined our large display
solutions to offer the market the first low power, low voltage
process with a smaller cell size.  These enhancements provide a
distinctive, competitive edge to our customers in the growing
display market."

                   About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                          *     *     *

Moody's Investors Service, on April 20, 2007, downgraded
MagnaChip Semiconductor LLC's corporate family rating to B2 from
B1.  At the same time, Moody's has downgraded the following debt
ratings as issued by MagnaChip Semiconductor Finance Co (US) and
MagnaChip Semiconductor SA:

   1) USUS$100 million 5-year senior secured credit revolver to
      B1 from Ba3

   2) USUS$500 million aggregate floating- and fixed-rate second
      priority senior secured notes due 2011 to B2 from B1

   3) USUS$250 million senior subordinated notes due 2014 to
      Caa1 from B3

The outlook for the ratings is negative.  This concludes the
review for possible downgrade commenced on February 1, 2007. On
Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.
The outlook on the long-term corporate credit rating is
negative.


REMY INTERNATIONAL: Moody's Confirms Corp. Family Rating at Ca
--------------------------------------------------------------
Moody's Investors Service has lowered the Probability of Default
Ratings of Remy International, Inc. to C/LD from Ca/LD, and
confirmed the Corporate Family Rating at Ca.  In a related
action, Moody's raised the ratings on the second-priority senior
secured floating rate notes, to B3 from Caa3; confirmed the
rating on the senior unsecured notes at Ca; and confirmed the
ratings of the senior subordinated notes at C.  The outlook is
negative.  The Probability of Default rating of C/LD reflects
the expectation that Remy will file for Chapter 11 shortly after
the Oct. 1, 2007 deadline for the solicitation of votes for a
prepackaged plan of reorganization from Remy's unsecured
noteholders.  The raised rating on the second priority senior
secured floating rating rate notes reflects an increased
certainty within the LGD Methodology of a higher recovery
contemplated by a consensual financial restructuring previously
agreed upon by approximately 80% of the unsecured noteholders
and the company.

As part of the unsecured noteholder Plan Support Agreement, the
consenting noteholders have agreed, subject to certain
conditions, to backstop a rights offering of new preferred stock
to be issued under the prepackaged plan of reorganization that
will provide approximately US$85 million of new capital to fund
the prepackaged plan of reorganization and the company's post-
emergence operations.

The prepackaged plan includes full cash repayment of the second
priority senior secured floating rate notes.  The superior
recovery for this security results in the rating upgrade.
Recovery for the remaining instruments will be at levels
consistent with the current ratings: the company's existing 8 5-
8% senior unsecured notes will be exchanged for US$100 million
of new third-lien payment-in-kind notes and approximately US$55
million in cash which includes a US$10 million consent fee; and
the existing senior subordinated notes will be converted into
100% of the common equity of the reorganized company.

Upon the company's filing of it prepackaged Chapter 11, Moody's
will lower the Probability of Default Rating to D and withdraw
the ratings.

Ratings lowered:

-- Probability of Default Rating, to C/LD from Ca/LD;

Ratings raised:

-- US$125 million of guaranteed second-priority senior secured
    floating rate notes, to B3 (LGD2, 12%) from Caa3 (LGD3,
    49%);

Ratings confirmed:

-- US$145 million of 8.625% guaranteed senior unsecured notes
    at Ca (LGD4, 52%);

-- US$150 million of 9.375% guaranteed senior subordinated
    notes at C (LGD6, 99%);

-- US$165 million of 11% guaranteed senior subordinated notes
    at C (LGD6, 99%);

-- Corporate Family Rating, Ca;

The last rating action was on May 17, 2007 when the ratings were
lowered.

The US$80 million senior secured term loan and the senior
secured asset based revolving credit facility are not rated by
Moody's.

Headquartered in Anderson, Indiana, Remy International Inc. --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Brazil
and Korea.


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

AMSTEEL CORP: Bursa to Delist Securities on October 11
------------------------------------------------------
Bursa Malaysia Securities Bhd will delist the securities of
Amsteel Corp Bhd from its official list on October 11, 2007, at
9:00 a.m. after the company failed to comply with the
requirements stipulated in the extended timeframe agreement with
the bourse.

According to its filing with the bourse, the company failed to
make a requisite announcement regarding its reform plan
proposals on Sept. 30, 2007, as required under the extended
timeframe agreement.

The Troubled Company Reporter-Asia Pacific reported on Aug. 2,
2007, that Bursa Malaysia Securities extended Amsteel's reform
plan filing deadline to October 31, 2007, after the company
appealed an earlier decision of the bourse to delist its
securities on July 12, 2007.  The bourse also extended until
Sept. 30, 2007, the company's deadline to make its requisite
announcement regarding its reform plan.

Under the agreement, failure to meet these deadlines will
constitute delisting.

Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As of June 30, 2006, the Company's accumulated losses reached
MYR2,119,522,000.  The Company was classified under Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category
and is required to submit and implement a financial
regularization plan to avert delisting procedures.


MANGIUM INDUSTRIES: Kenanga to Replace Hwang DBS as Plan Advisor
----------------------------------------------------------------
Mangium Industries Bhd disclosed with the Bursa Malaysia
Securities Bhd that it has engaged Kenanga Investment Bank
Berhad as its new advisor to replace HWANG-DBS Investment Bank
Berhad for its plan to regularize its financial condition.

Further, Knight Frank (Ooi & Zaharin Sdn Bhd), the appointed
Valuer of the company, is carrying out the valuation on SAFODA
Bengkoka Project in Sabah, the company said.

Mangium Industries has approximately four months to submit its
Regularization Plan to the relevant authorities for approval.

                    About Mangium Industries

Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22, became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital.  As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.

Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million.  Shareholders' deficit in the company totaled
MYR46.11 million.


MEGAN MEDIA: Files Reform Plan Proposals to Creditors' Committee
----------------------------------------------------------------
Megan Media Holdings Bhd has forwarded a formal proposal to the
Creditors Steering Committee on a comprehensive debt
restructuring and regularization plan to resolve its financial
distress, including defaults on all its credit facilities
totaling MYR900 million in principal sums, The Edge Daily
reports.

In a statement with the Bursa Malaysia Securities Bhd, the
company said: "The (Megan) continues to adopt a consultative
approach and has been in discussions with the Malaysia creditor
banks through the Creditors Steering Committee.  Pending its
review and acceptance or rejection (of the formal proposal), the
creditor banks reserve their position to take legal action."

Megan Media, which has about five months to submit its
regularization plan to the authorities, added that its state of
solvency would depend on its debt restructuring and
regularization plan.  It said it was closely monitoring its
short-term cash flow, which was sufficient for its current
operations.

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.


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

AIR NEW ZEALAND: Gets Shareholders' Nod for Boeing Transaction
--------------------------------------------------------------
Air New Zealand Ltd said in a regulatory filing that 99.93% of
the carrier's shareholders voted to approve the purchase of
additional Boeing aircraft.

According to the New Zealand Press Association, the airline only
needed 75% approval for the Boeing transaction.  ANZ already
bought six Boeing B789s and four Boeing B773ERs, but needed
shareholder approval if it wanted to exercise any or all option
rights over a further eight B789s and three B773ERs linked to
the original purchase, NZPA relates.

Hence, ANZ, on Sept. 28, sought the shareholders' nod for the
Boeing transaction.  Voting was conducted by poll.  The special
resolution was approved by 921,061,612 votes (representing 1147
shareholders) with 675,858 votes against (99 shareholders).
Abstentions were received in respect of 57,620 shares
representing 38 shareholders.

Air New Zealand advises further details of voting at its Annual
Meeting last Friday in respect of the special resolution "To
approve the Aircraft Acquisition", authorising Air New Zealand
to purchase additional Boeing aircraft.

Voting was conducted by poll at the direction of the Chairman.
The special resolution was approved by 921,061,612 votes (99.93%
of votes cast, representing 1147 shareholders) with 675,858
votes against (00.07% of votes cast, representing 99
shareholders). Abstentions were received in respect of 57,620
shares representing 38 shareholders

As at the 14 September record date for the purposes of voting at
the Annual Meeting, Air New Zealand had 1,051,682,560 shares on
issue to over 25,000 shareholders.

                          *     *     *

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

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

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


BIKES DIRECT: Creditors' Proofs of Debt Due on October 10
---------------------------------------------------------
On September 10, 2007, the shareholders of Bikes Direct Ltd.
passed a resolution to liquidate the company's business.

Creditors are required to file their proofs of debt by
October 10, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         N. P. Fagerlund
         c/o HFK Limited
         PO Box 5071, Papanui
         Christchurch
         New Zealand
         Telephone:(03) 352 9189


BTM SERVICES: Subject to ACP Media's Wind-Up Petition
-----------------------------------------------------
On July 16, 2007, ACP Media Limited filed a petition to have the
operations of BTM Services Ltd. wound up.

The petition will be heard before the High Court of Auckland on
October 18, 2007, at 10:45 a.m.

ACP Media's solicitor is:

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


CHAPMAN ENTERPRISES: Subject to CIR's Wind-Up Petition
------------------------------------------------------
A petition to have the operations of Chapman Enterprises Ltd.
was filed by the Commissioner of Inland Revenue on July 6, 2007.

The High Court of Auckland will hear the petition on October 4,
2007, at 10:45 a.m.

The CIR's solicitor is:

         Andrew Hamer Instone
         c/o Inland Revenue Department
         Legal and Technical Services
         7-27 Waterloo Quay
         PO Box 1462, Wellington
         New Zealand
         Telephone:(04) 890 1133
         Facsimile:(04) 890 0009


CUSTOM TRAILERS: Faces Fletcher Steel's Wind-Up Petition
--------------------------------------------------------
Fletcher Steel Limited filed on July 17, 2007, a petition to
have the operations of Custom Trailers Ltd. wound up.

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

Fletcher Steel's solicitor is:

         Crispin Ross Vinnell
         c/o Anthony Harper
         Anthony Harper Building, Level 5
         47 Cathedral Square
         PO Box 2646, Christchurch
         New Zealand
         Facsimile:(03) 366 9277


D&D CITY: Taps Parsons and Kenealy as Liquidators
-------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed liquidators of D&D City Ltd. on September 13, 2007.

The Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         c/o Indepth Forensic Limited
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Web site: http://www.indepth.co.nz


FIBREOPTIC LIGHT: Fixes Oct. 4 as Last Day to File Claims
---------------------------------------------------------
On September 6, 2007, the shareholders of Fibreoptic Light &
Design Ltd. passed a resolution to have the operations of
Fibreoptic Light & Design Limited wound up.

Creditors are required to file their claims by October 4, 2007,
to be included in the company's dividend distribution.

The company's liquidator is:

         Nicholas John Hayes
         c/o Nicholas Hayes
         PO Box 9323, Hamilton 2015
         New Zealand
         Telephone:(07) 849 0664
         Facsimile:(07) 849 0634


KS ELECTRONICS: Court Sets Wind-Up Petition Hearing for Oct. 4
--------------------------------------------------------------
A petition to have the operations of KS Electronics Ltd. wound
up will be heard before the High Court of Auckland on October 4,
2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on July 2,
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


MAIA TRAVEL: Court to Hear Wind-Up Petition Today
-------------------------------------------------
On August 21, 2007, the Commissioner of Inland Revenue filed a
petition to have the operations of Maia Travel Ltd. wound up.

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

The CIR's solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         Legal and Technical Services
         1 Bryce Street
         PO Box 432, Hamilton
         New Zealand
         Telephone:(07) 959 0373
         Facsimile:(07) 959 7614


MICHAEL ELLIS: Fixes October 19 as Last Day to File Claims
----------------------------------------------------------
On September 12, 2007, Peri Micaela Finnigan and Victoria Toon
were appointed liquidators of Michael Ellis Ltd.

Creditors who can file their proofs of debt by October 19, 2007,
will be included in the sharing of the company's dividend
distribution.

The Liquidators can be reached at:

         Peri Micaela Finnigan
         Victoria Toon
         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
         Telephone:(09) 306 3355


TRENDZ CERAMIC: Appoints Leonard and Rea as Liquidators
-------------------------------------------------------
John Maurice Leonard and Gerald Stanley Rea were appointed
liquidators of Trendz Ceramic Tiling Co. Ltd. on September 3,
2007.

Messrs. Leonard and Rea are accepting creditors' proofs of debt
until October 18, 2007.

The Liquidators can be reached at:

         John Maurice Leonard
         Gerald Stanley Rea
         Gerry Rea Partners
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


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

ACESITE (PHILS): Share Swap Hikes Waterfront's Holdings to 46.8%
----------------------------------------------------------------
Waterfront Philippines Inc. has increased its equity interest in
Acesite (Philippines) Hotels Corp. to 46.88% or 46.808 million
shares by swapping 191,322,900 of its shares for 21,258,100
shares in Acesite which are held by Chesa Holdings Corp. and
Pacific Rehouse Corp.

WPI had previously held 25.59% of Acesite, equivalent to
25.550 million shares.

In a disclosure with the Philippine Stock Exchange, Acesite
explained that it is not a party to the exchange of shares and
did not issue new or additional shares.  Instead, the shares
held by Chesa Holdings and Pacific Rehouse that were exchanged
for WPI's shares were issued and outstanding shares of the
company.


Formerly known as Delbros Hotel Corporation, Acesite (Phils.)
Hotel Corporation -- http://www.manilapavilion.com.ph/-- is a
foreign-owned domestic corporation incorporated to engage in
hotel operations and investing.  DHC owns the Holiday Inn Manila
Pavilion Hotel, a deluxe hotel situated along United Nations
Avenue in Manila.  The operations of the latter are being
managed by Holiday Inn Worldwide.  A major customer of the hotel
is the Philippine Amusement and Gaming Corporation, which
operates the Casino Filipino - Pavilion.

                 Debt Default and Restructuring

An event of default occurred with respect to the Acesite's
payment of its US$15 million loan with the Singapore Branch of
the Industrial and Commercial Bank of China, which matured on
March 31, 1998.  On June 3, 2003, the loan was restructured by
ICBC, which stipulated six semi-annual installment payments of
principal and interest until April 2006.  In July 2004, the
company's new management requested for a reprieve on loan
principal payments due for the period, which the company
suggested to be placed at the end of the term of the Amended
Agreement.  The outstanding principal balance of the ICBC loan
as of March 31, 2006, is US$9.18 million.  Management is still
negotiating with ICBC for a rescheduling of payment on the
remaining principal balances.

                       Material Lawsuits

Acesite is party to a case that involves a PHP30.15 million
petition for the Bureau of Internal Revenue to refund Extended
Value Added Tax payments made from July 1996 to October 1997.
Both the Court of Tax Appeals and then later the Court of
Appeals ruled in favor of Acesite, and ordered the BIR to refund
PHP30.05 million.  The case is presently with the Supreme Court
on further appeal by the BIR.

Acesite also has a PHP5.26 million petition for the City
Treasurer of Manila to refund local taxes payments made on
April 19, 2002.  The case is still pending with the Regional
Trial Court in Manila, Branch 15.


BANGKO SENTRAL: Budget Consolidation Could Affect Credit Rating
----------------------------------------------------------------
The results of the government's consolidation of its budget for
the last few months of this year is a vital factor for the
country's credit rating, the Bangko Sentral ng Pilipinas said
Monday.

BSP Gov. Amando M. Tetangco told the Philippine Daily Inquirer
that the latest fiscal data from the National Government, which
showed a monthly budget surplus, aroused little feedback from
the credit rating agencies.  Mr. Tetangco said that the focus
has not fallen on the government's fiscal position but rather on
the fall-out of the US subprime crisis.

However, the credit agencies find that the continually weak tax
collections raised questions on the sustainability of fiscal
reforms, Mr. Tetangco said.  These agencies have decided to
watch the developments, but are likely to cease this attitude if
the government failed to show sustainability of reforms in its
revenue efforts.  Sustainability is a major factor influencing
the credit agencies' overall assessment, as well as assessments
made by creditors and investors, Mr. Tetangco explained.

Credit agencies are concerned about the government's revenue
efforts for next year, Mr. Tetangco revealed.  The BSP governor
then noted that the proceeds from the government's current
privatization efforts in order to meet its budget deficit target
are effective only for the short-term but not the long term.

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

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

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

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


BANGKO SENTRAL: To Diversify Forex Stock Despite Weak US Dollar
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas will diversify its foreign
currency stocks despite the continued weakness of the US dollar
as it plans to reflect changes in economic patterns, BSP
Governor Amanda Tetangco Jr. told the Daily Tribune.

According to the Tribune, Mr. Tetangco did not specify the
rudiments of the planned diversification.  However, he hinted at
capital preservation, where the currency basket of the foreign
exchange reserve pool will not depreciate over time.

The BSP's planned changes in managing its foreign exchange
reserves, which have been pegged at US$30.3 billion as of
August 30, will take their cue from potential interest income
from the pool, Mr. Tetangco revealed.  "This includes
diversification in managing the BSP's liabilities as well," he
added.

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.


DEL MONTE: Gets Board Nod to Repurchase US$200 Million of Shares
----------------------------------------------------------------
Del Monte Foods Company's Board of Directors has authorized the
company to repurchase up to US$200 million of the company's
common stock over the next 36 months.  Currently, the company
has approximately 202.5 million shares of common stock
outstanding.

"This share repurchase program is enabled by our strong cash
flow and reflects our confidence in Del Monte's long-term growth
prospects," said Richard G. Wolford, Chairman and CEO of Del
Monte Foods.  "Having an established share repurchase program
enhances our flexibility, including our ability to respond
opportunistically to marketplace changes.  We believe
repurchasing shares is consistent with both our disciplined
approach to capital allocation and commitment to returning value
to shareholders."

Repurchases of the company's common stock may be made from time
to time, through a variety of methods, including open market
purchases, privately negotiated transactions, and block
transactions.  Del Monte Foods Company has no obligation to
repurchase shares under the authorization, and the timing,
actual number and value of the shares which are repurchased will
be at the discretion of management and will depend on a number
of factors, including the price of the Company's common stock.
The company may suspend or discontinue repurchases at any time.

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.  Del
Monte has operations in the Philippines.

                        *     *     *

Standard & Poor's assigned 'BB-' Long-term Foreign and Local
Issuer Credit rating to Del Monte Foods Company.

Fitch Ratings rates Del Monte Foods Company's Issuer default
rating at 'BB-'.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2006, In connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors, and Agricultural Cooperative sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Del Monte
Corp.

Moody's also revised or confirmed its probability-of-default
ratings and assigned loss-given-default ratings on these loans
facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Revolving Credit
Facility Due 2011         Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan A Due 2011      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sub. Global
Notes Due 2012            B2       B2      LGD5       83%

Gtd. Sr. Sub. Global
Notes Due 2015            B2       B2      LGD5       83%


DEL MONTE: Paying US$0.04 Per Share Dividend on Nov. 1
------------------------------------------------------
Del Monte Foods Company's Board of Directors has declared a cash
dividend on its common stock of US$0.04 per share.  The dividend
is payable on Nov. 1, 2007, to stockholders of record as of the
close of business on Oct. 18, 2007.

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.  Del
Monte has operations in the Philippines.

                        *     *     *

Standard & Poor's assigned 'BB-' Long-term Foreign and Local
Issuer Credit rating to Del Monte Foods Company.

Fitch Ratings rates Del Monte Foods Company's Issuer default
rating at 'BB-'.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2006, In connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors, and Agricultural Cooperative sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Del Monte
Corp.

Moody's also revised or confirmed its probability-of-default
ratings and assigned loss-given-default ratings on these loans
facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Revolving Credit
Facility Due 2011         Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan A Due 2011      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sub. Global
Notes Due 2012            B2       B2      LGD5       83%

Gtd. Sr. Sub. Global
Notes Due 2015            B2       B2      LGD5       83%


METROPOLITAN BANK: Offers PHP5-Billion Tier 2 Subordinated Notes
----------------------------------------------------------------
Metropolitan Bank & Trust Co. is offering PHP5 billion in lower
Tier 2 peso-denominated subordinated notes as the first part of
its PHP10-billion offering for capitalization, the Philippine
Daily Inquirer reports.

According to the article, ING Bank and Standard Chartered Bank
will act as joint lead arrangers, bookrunner, selling agents and
market makers for the issue.

The subordinated notes mature 10 years form the issue date with
an indicative coupon rate of 7% with interest payments every
quarter, Metrobank said.  They also have call options by the
time the 5th year ends, the bank added.

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

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

                        *     *     *

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

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

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

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

   * Short-term rating 'B,'

   * Support rating '3.

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


NAT'L POWER: Urges PEMC to Review Rules on Electricity Trading
--------------------------------------------------------------
The National Power Corp. is urging the Philippine Electricity
Market Corp. to review its existing rules regarding modes of
trading, NAPOCOR President Cyril del Callar told the Philippine
Star.

Specifically, Mr. del Callar is urging the PEMC, which operates
the wholesale electrity spot market, to take into consideration
the implications of switching from a gross pool to a net pool.

Under the net pool concept, PEMC will trade only its
uncontracted requirements and can potentially correct the
demand-supply imbalance, Mr. del Callar explained.  He said a
review is called for to avoid the incidence of alleged price
manipulations in the market.

The Electric Power Industry Reform Act requires a 10%-15%
trading of market players' contracted requirements, the Star
relates.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

The TCR-AP reported that on November 2, 2006, Moody's Investors
Service changed the outlook to stable from negative for the B1
senior unsecured debt rating of National Power Corporation,
which is guaranteed by the Republic of Philippines.  This rating
action follows Moody's decision to change the outlook of
Philippines' B1 long-term foreign currency government rating to
stable from negative.

The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--).  The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.
Napocor will use the proceeds for capital expenditure.

On October 25, 2006, Fitch Ratings assigned a rating of 'BB' to
the US$500 million fixed-rate notes issued by National Power
Corporation in the Philippines.


PHIL AIRLINES: Rehab Exit Petition Still Pending, Parent Reveals
----------------------------------------------------------------
Philippine Airlines Inc. has not yet received official approval
from the Securities and Exchange Commission, a disclosure by
holding company PAL Holdings Inc. with the Philippine Stock
Exchange Commission says.

The BusinessMirror had published in its October 1 issue that the
Securities and Exchange Commission had approved PAL's
application to exit rehabilitation ahead of schedule.  The
article had said that the SEC based its decision on PAL's growth
scenarios.

PAL's request to exit rehabilitation is still pending before the
SEC, PAL Holdings said.

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter-Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

According to a TCR-AP report on July 24, 2007, Philippine
Airlines Inc. is considering emerging from its rehabilitation
after it brought down its foreign debts to US$953 million as of
March 31, 2007, from the initial US$2.3 billion upon entering
rehab in June 1999.


SERVICEMASTER CO: Ernie Mrozek To Step Down as CFO by Feb. 29
-------------------------------------------------------------
ServiceMaster Co. announced that Vice Chairman and Chief
Financial Officer Ernie Mrozek will transition out of his
current position by Feb. 29, 2008.  Mr. Mrozek currently has
responsibility for finance and accounting, strategic sourcing,
investor relations, and risk and safety.

As a result of Mr. Mrozek's decision, ServiceMaster will be
searching for a new Chief Financial Officer.  Mr. Mrozek has
agreed to remain with the company through February 2008 to help
ensure a smooth transition.

Mr. Mrozek has been based in the company's Downer's Grove,
Illinois, headquarters office, which was recently relocated to
Memphis.

"ServiceMaster is a great company with a bright future," Mr.
Mrozek said.  "I have been honored to work with so many talented
and dedicated people during the past 20 years.  While family
considerations prevent me from relocating to Memphis, I look
forward to working closely with CEO Pat Spainhour and the
leadership team to complete a smooth transition."

Mr. Spainhour said, "I know this was a very difficult decision
for Ernie.  Although everyone at ServiceMaster is saddened by
this news, we are grateful for Ernie's passion, leadership and
accomplishments throughout his many years of dedicated service.
We wish him the very best as he takes the next step in his
career."

Mr. Mrozek joined ServiceMaster in 1987 as Vice President of
Accounting.  He served in several leadership roles with the
company, including President and Chief Operating Officer.

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM)
currently serves residential and commercial customers through a
network of over 5,500 company-owned locations and franchised
licenses.  The company's brands include TruGreen, TruGreen
LandCare, Terminix, American Home Shield, InStar Services Group,
ServiceMaster Clean, Merry Maids, Furniture Medic, and
AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home
warranties, disaster response and reconstruction, cleaning and
disaster restoration, house cleaning, furniture repair, and home
inspection.  The company has operations in Australia, Chile,
China, Dominican Republic, Hong Kong, Indonesia, Japan, and the
United Kingdom, among others.

On August 6, 2007, Standard & Poor's Ratings Services has placed
its 'B+' bank loan rating on Memphis, Tenn.-based The
ServiceMaster Co. on CreditWatch with developing implications.
ServiceMaster's other ratings, including its 'B' corporate
credit rating, have been affirmed.  The outlook remains
negative.

On July 29, 2007, Moody's Investors Service assigned a B3 rating
to the US$1.15-billion senior unsecured interim term loan
(bridge facility) of The ServiceMaster Company and withdrew the
B3 rating on the US$1.15 billion proposed senior unsecured note
offering, which was cancelled.


* Traders, Economists See Continued Rise, Recovery of Phil. Peso
----------------------------------------------------------------
Economists and traders are expecting the peso to continue to
appreciate and recover from the effects of the risk aversion in
July and August, the Philippine Daily Inquirer reports.

Frances Cheung, a Standard Chartered Bank economist, said that
she maintains her positive long-term outlook for the local
currency because of the country's strong external position.  She
said that although the Philippines has a vulnerable spot for
change in risk appetite, existing economic fundamentals are firm
enough to support the currency.  "Going into next year, the peso
may gradually strengthen to PHP44.40 [per US$1]," Ms. Cheung
added.

DBS Bank, on the other hand, told the Inquirer that the peso is
expected to recover in that event that no renewed volatility in
global financial markets exist since "[t]he factors that
supported the currency's appreciation since 2005 remain intact."

The peso was seen to be at PHP44.74 and PHP44.81 during the
first two hours of yesterday's trading, the article reveals.
Traders say this is indicative of "the inherent weakness of the
dollar" and the solid economic fundamentals buoying the peso
upward.  Traders further suspected the central bank's
intervention by buying dollars on the currency spot market in an
effort to stem the peso's rise.

                          *     *     *

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.


* Consumer Demand Gives Rise to 7% Economic Growth in 3rd Qtr.
--------------------------------------------------------------
The Philippine economy has registered a growth greater than 7%
during the third quarter in light of brisk consumer demand,
Acting Economic Planning Secretary August Santos told the
Philippine Star.

The economy had earlier risen to 7.5% year-on-year in the second
quarter of the year, a feat which Mr. Santos expects to be
sustained in the third quarter.  Mr. Santos also said he sees a
possibility that the government will adjust its growth target of
6.1% to 6.7% for 2007, given the economic growth trend and an
expected recovery by the agricultural sector.

                          *     *     *

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

DURACO INDUSTRIES: Creditors Set to Meet on Oct. 3
--------------------------------------------------
The creditors of Duraco Industries (Pte) Ltd, which is
undergoing liquidation, will meet today, October 3, 2007, at
2:00 p.m., at 4 Battery Road, #17-01 Bank of China Building,
Singapore 049908.

At the meeting, the creditors will be asked to:

   -- approve the sale of shares held by the company in
      Interplex Plating Pte Ltd; and

   -- consider any other matters to be brought before the
      meeting.

The company's liquidator is:

         Seshadri Rajagopalan
         c/o One Raffles Quay
         North Tower, Level 18
          Singapore 048583


FLEXTRONICS INC: Reports Election Results for Merger Terms
----------------------------------------------------------
Flextronics International Ltd. and Solectron Corporation has
announced preliminary results for the elections made by
Solectron stockholders regarding the form of merger
consideration they will receive in the pending acquisition of
Solectron by Flextronics.  Pursuant to the terms of the merger
agreement, Solectron stockholders were entitled to elect to
receive either 0.3450 of a Flextronics ordinary share or US$3.89
in cash for each share of Solectron common stock, subject to
proration due to minimum and maximum limits on the amount of
stock consideration and cash consideration.  The election
deadline expired at 5:00 p.m., EST, on Sept. 27, 2007.

The exchange agent for the transaction, Computershare
Shareholders Services, Inc., has calculated that of the
918,360,722 shares of Solectron common stock outstanding as of
Sept. 27, 2007:

*  634,188,636 of the outstanding Solectron shares, or 69.0%,
    have submitted valid elections to receive Flextronics
    ordinary shares;

*  78,459,142 of the outstanding Solectron shares, or 8.5%,
    have submitted valid elections to receive cash; and

*  205,712,944 of the outstanding Solectron shares, or 22.4%,
    did not submit valid elections or submitted elections that
    are subject to the guaranteed delivery procedure.

Based on the number of valid elections received by the election
deadline and subject to final determination:

*  Solectron stockholders who elected to receive stock
    consideration will receive Flextronics ordinary shares with
    respect to all of their Solectron shares;

*  Solectron stockholders who elected to receive cash
    consideration will receive cash with respect to all of
    their Solectron shares; and

*  Solectron stockholders that failed to submit a valid
    election will receive cash with respect to all of their
    Solectron shares.

The allocation of the consideration to be received by holders of
Solectron common stock may change based upon the elections that
were made subject to guaranteed delivery.  The final allocation
will be announced after the close of business on Oct. 2, 2007.

Flextronics expects to pay approximately US$1.07 billion in cash
and issue approximately 221.8 million Flextronics ordinary
shares upon consummation of the merger.  No fractional
Flextronics ordinary shares will be issued in the merger.
Instead, each Solectron stockholder that would otherwise be
entitled to receive Flextronics fractional shares will receive
an amount in cash based on the average of the per share closing
prices of Flextronics ordinary shares reported on the NASDAQ
Global Select Market during the five consecutive trading days
ending on the trading day immediately preceding the closing date
of the merger.

As provided by the merger agreement, exchangeable shares of
Solectron Global Services Canada Inc., other than exchangeable
shares owned by Solectron, any of its subsidiaries or their
affiliates, will be automatically exchanged for shares of
Solectron common stock, on a one-for-one basis, prior to the
effective time of the merger.  The merger agreement provides
that holders of exchangeable shares were entitled to elect to
receive the same consideration in the merger, and to participate
directly in the merger, as a holder of shares of Solectron
common stock.  Therefore, for all purposes above, references to
Solectron stockholders are intended to also include holders of
exchangeable shares.

Solectron stockholders with questions regarding individual
allocation results should contact Innisfree M&A Incorporated
toll free from within the United States and Canada at
877-825-8971.

As previously announced and subject to customary losing
conditions, Flextronics expects to complete its acquisition of
Solectron on Oct. 1, 2007.

                       About Solectron

Solectron Corporation -- http://www.solectron.com-- is one of
the world's largest providers of complete product lifecycle
services. Solectron Corp. offers collaborative design and new
product introduction, supply chain management, Lean
manufacturing and aftermarket services such as product warranty
repair and end-of-life support to leading customers worldwide.
Solectron Corp. works with the world's premier providers of
networking, telecommunications, computing, storage, consumer,
automotive, industrial, medical, self-service automation and
aerospace and defense products.  The company's industry-leading
Lean Six Sigma methodology (Solectron Production System(TM))
provides OEMs with quality, flexibility, innovation and cost
benefits that improve competitive advantage.  Based in Milpitas,
California, Solectron Corp. operates in more than 20 countries
on five continents and had sales from continuing operations of
US$10.6 billion in fiscal 2006.

                About Flextronics International

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

The company has operations in Brazil and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 24, 2007, Moody's Investors Service assigned a provisional
(P)Ba1 rating to Flextronics International Ltd.'s proposed
US$2.5 billion unsecured term loan that will be used to finance
the cash consideration portion of the pending acquisition of
Solectron Corporation.  This provisional rating assumes a
corporate family rating of Ba1.

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


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.


SEA CONTAINERS: Exclusive Plan-filing Period Extended to Dec. 21
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
extended Sea Containers Ltd.'s exclusive periods to file a
Chapter 11 plan through and including Dec. 21, 2007, and solicit
acceptances of that plan through and including Feb. 19, 2008.

Prior to the Court's entry of its order, the Official Committee
of Unsecured Creditors of Sea Containers Services Ltd. reserved
its right to seek termination of the exclusivity period prior to
its expiration, and the right to object to any future requests
for extensions of exclusivity.

"Although the SCSL Committee does not object per se to the
Debtors maintaining exclusivity at this time, the SCSL Committee
believes the circumstances may soon warrant a termination of
exclusivity," counsel for SCSL Committee, Evelyn J. Meltzer,
Esq., at Pepper Hamilton LLP, in Wilmington, Delaware, told the
Court.

As previously reported, Sea Containers informed Judge Carey that
these outstanding issues currently prevent them from filing a
confirmable Chapter 11 plan:

   (1) obtaining and analyzing information from the discovery
       process necessary to value the Debtors' interests in GE
       SeaCo SRL;

   (2) gaining better clarity on the validity of GE SeaCo's and
       GE Capital Corporation's significant claims against the
       estates, including determining whether to estimate the
       claims in the bankruptcy court pending an arbitrator's
       decision; and

   (3) reaching a global settlement among the Debtors, the
       Unsecured Committees of Sea Containers Ltd. and Sea
       Container Services Ltd. regarding various intercompany
       issues and pension and other claims asserted against SCL
       and SCSL.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.  (Sea
Containers Bankruptcy News, Issue No. 27; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


UNI-CHARM (SINGAPORE): Creditors' Proofs of Debt Due on Oct. 29
---------------------------------------------------------------
Uni-Charm (Singapore) Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by October 29, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

         Yeap Lam Kheng
         Bob Yap Cheng Ghee
         c/o 16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


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

BANK OF AYUDHYA: To Boost Non-Interest Income to 33% in 3 Years
----------------------------------------------------------------
Bank of Ayudhya PCL has set its strategy in order to meet its
goal of boosting non-interest income to 33% and to hike up its
ROE ratio to 20% over the next three years, Chief Executive
Officer Tan Kong Khoon told TMC.Net.

Investments have been made in staff training and technology
system development, Mr. Tan said.  BAY also plans products that
are intended to appeal to every economic segment, and these
products may help improve the bank's risk management, he added.
Mr. Tan also said that capital-market products by BAY's
subsidiaries will help it achieve the non-interest income
target.

The bank also expects its consumer loans to account for 50% of
its total loan portfolio as a result of the plan for expansion,
Mr. Tan revealed.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating.


TOTAL ACCESS: CAT Asks NTC to Probe Unit on Int'l. Call Service
---------------------------------------------------------------
CAT Telecom is asking the National Telecommunications Commission
to investigate a subsidiary of Total Access Communication PCL
over its usage of the "+" sign for a service trial for its
international-call service, The Nation reports.

DTAC's service trial using the "+" sign is appropriate since the
NTC has yet to provide a phone number for the company to provide
the service, a CAT source told the Nation on Monday.  The "+"
sign is already being used to route mobile-phone calls to CAT's
001 international-call service, the source added.

For its part, a source within DTAC said that CAT and DTAC had
already discussed on how CAT's business will not be impacted by
the network service being offered by DTAC, The Nation notes.

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

                          *     *     *

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***