TCRAP_Public/071004.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  

            Thursday, October 4, 2007, Vol. 10, No. 197
  
                            Headlines

A U S T R A L I A

CHEROKEE INVESTMENT: Will Declare Priority Dividend on Nov. 9
CONSOLIDATED ROAD: To Declare Dividend on Oct. 16
DATA-TECH SOFTWARE: Liquidator Presents Wind-Up Report
FORTESCUE METALS: Shares Rise 480% from 2006, Hitting AU$50
FORTESCUE METALS: Posts AU$68-Million Loss for FY2007

GALEEN PTY: Members Receive Wind-Up Report
GENERAL CABLE: Selling US$415 Million of 1% Senior Notes
GETTY IMAGES: S&P Lifts Corporate Credit Rating to BB from B+
ITRON INC: Partners with T&TEC to Carry Advanced Metering System
LION CORPORATION: Declares First and Final Dividend

N.B.S. BLIND: To Declare First and Final Dividend on Nov. 9
RICKARD CONSTRUCTIONS: Placed Under Voluntary Wind-Up
SCO GROUP: Names Ken Nielsen as Interim Chief Financial Officer
SCO GROUP: Court Approves Epiq Bankruptcy as Claims Agent
SUN MICROSYSTEMS: Members Resolve to Liquidate Business

T H MOTT: Members' Final Meeting Set for October 30
TELETAX SYSTEMS: Members Receive Wind-Up Report


C H I N A   &   H O N G  K O N G

ACXIOM CORP: S&P Puts 'BB' Debt Ratings on Watch Negative
ACXIOM CORP: Silver Lake and ValueAct Terminates Merger Deal
ACXIOM CORP: Charles Morgan to Retire as Chairman
BOE TECHNOLOGY: Plans to Issue CNY6BB New Shares to Fund Project
DIRECTORATE LIMITED: Placed Under Voluntary Liquidation

DOUBLE DELIGHT: Members Agree on Voluntary Liquidation
FAIRDEAL INTERNATIONAL: Har and Yeung Quit as Liquidators
FERRO CORPORATION: Board Declares Regular Quarterly Dividend
K.A.T. SERVICES: Requires Creditors to File Claims by Oct. 26
KONFULL LIMITED: Undergoes Liquidation Proceedings

MEGA GLORY: Requires Creditors to File Claims by October 30
NINGBO BIRD: Unlicensed Handsets Cut 39.33% in 1st Half Revenue
OCEAN BEST: Toohey and Mitchell Quit as Liquidators
SUNKONGAO COMPANY: Liquidators Resign from Post
TRW AUTOMOTIVE: Fitch Affirms Issuer Default Rating at BB

YUEN TAI: Commences Liquidation Proceedings
ZTE CORP: Pres. Arroyo Terminates US$330-Million NBN Deal
ZURICH CAPITAL: Liquidators Quit Post


I N D I A

AES CORPORATION: Plans to Construct 170 MW Wind Project in Texas
AES CORP: NY Attorney General Wants Greenhouse Risks Disclosed
CABLE & WIRELESS: Unit Launches Network Operations Center
GENERAL MOTORS: Credit Suisse Maintains Neutral Rating on Shares
JIK INDUSTRIES: Books INR22.7-Mil. Net Loss in Yr. Ended June 30

JIK INDUSTRIES: Completes One-Time Settlement & Exits From CDR
JCT ELECTRONICS: Reappoints Arjun Thapar as Managing Director
QUEBECOR WORLD: Inks Amended US$750 Million Bank Credit Facility
QUEBECOR WORLD: Unit Calls for Redemption of US$370-Mil. Notes
QUEBECOR WORLD: Posts US$21.1 Mln Net Loss in Qtr. Ended June 30

TATA POWER: Shares Rise Along with BSE Sensex Surge


I N D O N E S I A

ALCATEL-LUCENT: Unit Hires Paul Segre as Chief Executive Officer
ANEKA TAMBANG: Sees Lower Fiscal-Year 2007 Nickel Output
BANK MANDIRI: Sees 2007 Net Profit to Reach IDR4 Trillion
BANK NEGARA: Partners w/ 2 Developers for Housing Loan Expansion
BANK NEGARA: MSOE Plans to Sell 473.89 Million Shares

BANK TABUNGAN: Government Plans to Acquire Stake


J A P A N

DELPHI CORP: Closes US$66 Mil. Sale of Catalyst Biz to Umicore
MAZDA MOTOR: Unveils Dual-Fuel Car for Lease in Japan
MAZDA MOTOR: Releases Special "Prestige Edition" Roadster


K O R E A

REMY INT'L: Likely Bankruptcy Filing Cues Moody's C/LD Rating
REMY INT'L: Noteholders Support Prepackaged Reorganization Plan
SUNTRONIX INC: KR Gives 'B' Rating to 4th Unsecured Bonds


M A L A Y S I A

CHIN FOH: Balance Sheet Upside Down by MYR54.19 Mil. at July 31
KL INFRASTRUCTURE: Bursa to Delist Securities on October 12
KNOLL INC: Completes Acquisition of Edelman Leather
SHAW GROUP: Posts US$62 Million Net Loss in Qtr. Ended Feb. 28
SOLECTRON CORP: 634.19 Million Shares Vote for Exchange

TALAM CORP: Bursa Defers Slated Trading Suspension
TALAM CORP: Posts MYR1.19MM Net Profit in Qtr Ended July 31
TRANSOCEAN HOLDINGS: Bursa Allows Appeal Against Delisting
* Moody's Issues Annual Report on Malaysia


N E W  Z E A L A N D

ACADEMIC ACCOMMODATION: Creditors' Proofs of Debt Due on Oct. 26
ANDROS TRANSPORT: Fixes Oct. 11 as Last Day to File Claims
BALMORAL MARKETING: Taps Official Assignee as Liquidator
J & M STEEL: Appoints Whittfield and Finnigan as Liquidators
METRO MOTOR: Creditors' Proofs of Debt Due on October 11

MIKE GADSBY: Subject to Essential Foods' Wind-Up Petition
SUNSHINE HOLDINGS: Shareholders Resolve to Liquidate Business
TACTICAL MANAGEMENT: Court to Hear Wind-Up Petition on Oct. 8
THE ASIAN PRODUCE: Fixes October 23 as Last Day to File Claims
THE CORPORATE CLUB: Subject to CIR's Wind-Up Petition


P H I L I P P I N E S

BANGKO SENTRAL: Expects Peso to Remain Strong in the Near Term
CHINA BANK: To Set Up New Thrift Subsidiary, Inside Sources Say
DEL MONTE: Moody's Affirms Corporate Family Rating at Ba3


S I N G A P O R E

FLEXTRONICS: Reports Final Results of Solectron Merger Elections
FLEXTRONICS: Fitch Affirms Ratings at 'BB+' with Neg. Outlook
FLEXTRONICS: Moody's Assigns Ba1 on Term Loan with Neg. Outlook
REFCO INC: Axis Says Reimbursement Sought Isn't Part of Coverage
REFCO INC: Former Directors Want Axis to Pay Defense Costs

REFCO INC: Class Action Against Thomas H. Lee Partners Dismissed
SCOTTISH RE: To Restate Basic Earnings Per Ordinary Share


T H A I L A N D

KRUNG THAI: Krungthai Card Tightens Rules on Personal Borrowing

     - - - - - - - -

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

CHEROKEE INVESTMENT: Will Declare Priority Dividend on Nov. 9
-------------------------------------------------------------
Cherokee Investment Group Pty will declare dividend for its
priority creditors on November 9, 2007.

Creditors who were not able to file their proofs of debt by the
Oct. 1 due date will be excluded from the company's dividend
distribution.

The company's deed administrator is:

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

                   About Cherokee Investment

Located at Leichhardt, in New South Wales, Australia, Cherokee
Investment Group Pty Limited is an investor relation company.


CONSOLIDATED ROAD: To Declare Dividend on Oct. 16
-------------------------------------------------
Consolidated Road & Civil Pty Ltd will declare its first and
final dividend on October 16, 2007.

Creditors who were able to file their proofs of debt by the
Oct. 2 due date will be included in the company's dividend
distribution.
The company's deed administrator is:

         D. P. Juratowitch
         Cor Cordis Chartered Accountants
         406 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Consolidated Road

Consolidated Road & Civil Pty Ltd provides engineering services.  
The company is located at Geelong North, in Victoria, Australia.


DATA-TECH SOFTWARE: Liquidator Presents Wind-Up Report
------------------------------------------------------
On September 27, 2007, the members of Data-Tech Software Pty Ltd
had a meeting and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Matthew Addison
         12 Wesley Court
         Burwood East, Victoria
         Australia

                    About Data-Tech Software

Data-Tech Software Pty Ltd is a distributor of durable goods.  
The company is located at Blackburn, in Victoria, Australia.


FORTESCUE METALS: Shares Rise 480% from 2006, Hitting AU$50
-----------------------------------------------------------
Shares in Fortescue Metals Group Limited have grown
exponentially over the past 12 months, increasing by more than
480% on year to hit an intra-day high of AU$50.18 last week, The
Australian reports.

According to The Australian, Fortescue shares hit the AU$50 mark
despite the company being yet to ship a single tonne of ore.

The company's shares hit the mark on Oct. 3, trading at AU$50.05
by 13:36 AEST, the report notes.  

The Australian recounts that this time in 2006, Fortescue was
trading at about AU$8.50.

Fortescue's flagship iron ore project, located 260 kilometers
south-east of Port Hedland in the Pilbara region of Western
Australia, is initially slated to produce 55 million tonnes of
iron ore per annum, with the first shipment to Asian steel mills
expected from mid-May 2008, the report explains.

The Australian recalls that less than two months ago, when the
Fortescue share price was fetching about AU$30, brokerage
Southern Cross Equities initiated coverage of the company with a
12-month price target of AU$50.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the     
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported a net loss for the past three fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million,
net loss for the year ended June 30, 2006, was AU$2.15 million,
and net loss for the year ended June 30, 2007, was AU$68
million.

In August 2006, Moody's Investors Service assigned a Ba3 rating
to approximately US$1.9 billion in senior secured 144A bonds to
be issued by FMG Finance Pty Ltd, the financing vehicle of the
Fortescue Metal Group.  The funding will be used to partially
finance the development of the Company's iron ore mine in the
Pilbara region of Western Australia as well as an associated
rail line and port infrastructure.


FORTESCUE METALS: Posts AU$68-Million Loss for FY2007
-----------------------------------------------------
For the fiscal year ended June 30, 2007, Fortescue Metals Group
Limited recorded a AU$68,430,000 loss, compared with the
AU$2,146,000 loss for the 2006 period.

As of June 30, 2007, the company's balance sheet showed total
current assets of AU$1,941,055,000, available to pay total
current liabilities of AU$332,062,000.  At end-June 2006,
current assets totaled AU$19,911,000 while current liabilities
totaled AU$16,674,000.

The company's balance sheet as of June 30, 2007, reflected total
assets of AU$3,689,663,000 and total liabilities of
AU$3,193,148,000, compared with the total assets of
AU$221,048,000 and total liabilities of AU$83,942,000 at end-
June 2006.

Total equity as of June 30, 2007, was AU$496,515,000, compared
with AU$137,106,000 as of June 30, 2006.

                     About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the     
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

                          *     *     *

Fortescue reported a net loss for the past three fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million,
net loss for the year ended June 30, 2006, was AU$2.15 million,
and net loss for the year ended June 30, 2007, was AU$68
million.

In August 2006, Moody's Investors Service assigned a Ba3 rating
to approximately US$1.9 billion in senior secured 144A bonds to
be issued by FMG Finance Pty Ltd, the financing vehicle of the
Fortescue Metal Group.  The funding will be used to partially
finance the development of the Company's iron ore mine in the
Pilbara region of Western Australia as well as an associated
rail line and port infrastructure.


GALEEN PTY: Members Receive Wind-Up Report
------------------------------------------
The members of Galeen Pty Ltd met on September 27, 2007, and
heard the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Matthew Addison
         Addisons at 12 Wesley Court
         Burwood East Victoria
         Australia

                         About Galeen Pty

Galeen Pty Ltd deals with trusts except educational, religious
and charitable trusts.  The company is located at Burwood East,
in Victoria, Australia.

GENERAL CABLE: Selling US$415 Million of 1% Senior Notes
--------------------------------------------------------
General Cable Corporation has entered into an agreement to sell
US$415 million in aggregate principal amount of its 1% Senior
Convertible Notes due 2012.  In addition, the company has
granted to the initial purchaser an option to purchase up to an
additional US$60 million in principal amount of the Notes on the
same terms and conditions as those sold in this offering.

Interest on the Notes will be paid semiannually on October 15
and April 15 at a rate of 1% per year.  The Notes will be
convertible into the company's common stock at a conversion rate
of 11.9142 shares per US$1,000 principal amount of Notes.

This conversion is equivalent to an initial conversion price of
approximately US$83.93 per share.  This represents a 27.5%
premium to US$65.83 per share, which was the reported sale price
of the company's common stock on the New York Stock Exchange on
Sept. 26, 2007.

Prior to Oct. 15, 2012, holders may convert their Notes under
certain circumstances.  On and after Oct. 15, 2012, the notes
will be convertible at any time prior to the close of business
on the business day before the stated maturity date of the
notes.

Upon conversion of a note, if the conversion value is US$1,000
or less, holders will receive an amount in cash in lieu of
common stock equal to the lesser of US$1,000 or the conversion
value of the number of shares of common stock equal to the
conversion rate.  If the conversion value exceeds US$1,000, in
addition to this cash payment, holders will receive, at the
company's election, cash or common stock or a combination of
cash and common stock for the excess amount.

The Notes will be general unsecured obligations of the company,
and will be guaranteed on an unsecured senior basis by certain
of the company's existing and future domestic subsidiaries.

The purpose of this offering is to fund a portion of the
purchase price for the acquisition of the wire and cable
business of Freeport-McMoRan Copper & Gold Inc. and related
costs and, if such acquisition is not consummated for any
reason, for general corporate purposes, which may include
funding the potential expansion of our business in the United
States and into foreign countries and the acquisition of other
complementary businesses.

                      About General Cable

Based in Highland Heights, Kentucky, General Cable Corporation
(NYSE: BGC) -- http://www.generalcable.com/-- develops,  
designs, manufactures, markets and distributes copper, aluminum
and fiber optic wire and cable products for the energy,
industrial, and communications markets.

General Cable has locations in China, Australia, France, Brazil,
the Dominican Republic and Spain.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Moody's Investors Service assigned a rating of B1 to the
US$400 million senior unsecured convertible notes of General
Cable Corporation.  Concurrently, Moody's confirmed all other
ratings for this issuer, concluding a review initiated on Sept.
12, 2007.   Following this rating action, the rating outlook is
stable.


GETTY IMAGES: S&P Lifts Corporate Credit Rating to BB from B+
-------------------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on
Getty Images Inc., including raising the corporate credit rating
to 'BB' from 'B+, and removed the ratings from CreditWatch.  The
outlook is negative.
      
"The rating action is based on the company becoming current on
required Securities and Exchange Commission filings and our
subsequent review with management," explained S&P's credit
analyst Tulip Lim.
     
S&P originally placed the ratings on CreditWatch with developing
implications on Dec. 4, 2006, after the company had received
notices from bondholders that the delay of its third-quarter
10-Q filing constituted an event of default.  Subsequently, the
CreditWatch was revised to positive from developing on June 13,
2007, following the company's filing of its SEC 10-Q forms for
its first and third quarters, and its 2006 Form 10-K.  
The outlook is negative because S&P is concerned about secular
pressures and believe financial policy may become more
aggressive.  As of June 30, 2007, Getty had US$385 million of
debt outstanding.
     
The ratings on Getty Images Inc. reflect its good competitive
position in the niche market for noncommissioned (or stock)
visual imagery, solid discretionary cash flow generation, and
low leverage.  These strengths are partially offset by risks
related to its limited business diversity, its reliance on sales
to the cyclical advertising and publishing industries, the trend
of organic revenue decline, and secular pressures related to the
unfavorable economics of digital migration.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


ITRON INC: Partners with T&TEC to Carry Advanced Metering System
----------------------------------------------------------------
Itron Inc. has signed a contract with the Trinidad & Tobago
Electricity Commission to deliver the largest and most
comprehensive advanced metering system in that region of the
world.  The deployment is expected to fundamentally transform
the way the utility conducts business and serves its customers,
said Doug Staker, vice president of the Itron International
Group.

Trinidad and Tobago is a twin island republic located in the
southern Caribbean, just off the coast of Venezuela.  Its
electricity company, T&TEC, will install 400,000 high-powered,
solid-state CENTRON(R) meters over 20 months as part of a fixed
network system.  T&TEC will be able to remotely read customers'
meters, thereby eliminating the need for access to private
property by meter readers.  Additionally, Itron's technology
will ensure that customers' bills will be based strictly on
accurate, actual reads rather than estimations.  The system will
also enable the utility to perform unscheduled on-demand reads
and collect interval data to support "time-of-use" billings in
the future.

Itron's advanced metering system provides positive outage and
restoration notification, which will improve outage management
and service to T&TEC's customers.  The utility will receive
immediate notification of interruptions to electricity service
in any specific area to facilitate faster restoration.  
Additionally, T&TEC is implementing Itron's Revenue Protection
Suite, an analytic software tool that enables the utility to
identify likely instances of meter tampering on a near real-time
basis in order detect and deter energy theft.

"Trinidad and Tobago Electricity Commission wanted advanced
functionality, such as outage notification, hourly meter reads
and load profile data in order to better understand their
distribution system," said Staker.  "Itron is able to provide
all that capability in a turn-key solution, which includes the
metering and communication equipment, application software,
installation services and training of utility personnel.  When
fully installed, this system will deliver strong value to both
the utility and its customers."

                         About TTEC

The Trinidad & Tobago Electricity Commission, established in
January, 1946, serves more than 384,000 domestic, commercial and
industrial customers in five regional divisions with the
responsibility to manage the supply of power and energy to all
of the Republic of Trinidad & Tobago.  T&TEC is primarily a
transmission and distribution company, however it has a 51%
equity interest in the larger generation company in the country.

                      About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions: as  
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on its
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                        *     *     *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


LION CORPORATION: Declares First and Final Dividend
---------------------------------------------------
Lion Corporation (Australia) Pty Ltd, which is in liquidation,
declared its first and final dividend on October 4, 2007.

Creditors who were not able to file their claims by the Oct. 3
bar date were excluded from the company's dividend distribution.

The company's liquidator is:

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

                     About Lion Corporation

Lion Corporation (Australia) Pty Ltd is a distributor of
construction, mining (except petroleum) machineries and
equipments.  The company is located at Deer Park, in Victoria,
Australia.


N.B.S. BLIND: To Declare First and Final Dividend on Nov. 9
-----------------------------------------------------------
N.B.S. Blind Supplies Pty Ltd, which is in liquidation, will
declare its first and final dividend on November 9, 2007.

Creditors who were not able to file their proofs of debt by the
October 2 due date will be excluded from the company's dividend
distribution.

The company's liquidators are:

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

                       About N.B.S. Blind

N.B.S. Blind Supplies Pty Ltd, which is also trading as Sunlight
Blinds, is a distributor of curtains and draperies.  The company
is located at Dandenong South, in Victoria, Australia.


RICKARD CONSTRUCTIONS: Placed Under Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on July 24, 2007, the
members and creditors of Rickard Constructions Pty Limited
resolved to voluntarily wind up the company's operations.

Neil Geoffrey Singleton was appointed liquidator.

The Liquidator can be reached at:

         Neil Geoffrey Singleton         SimsPartners
         Level 5, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9256 7700

                   About Rickard Constructions

Rickard Constructions Pty Limited is in involved in the
construction of bridge, tunnel and elevated highway.  The
company is located at Drummoyne, in New South Wales, Australia.


SCO GROUP: Names Ken Nielsen as Interim Chief Financial Officer
---------------------------------------------------------------
The SCO Group Inc. has appointed Ken R. Nielsen as Chief
Financial Officer, effective Oct. 1, 2007.  Mr. Nielsen will
initially fill the position in an interim capacity and report to
Darl McBride, President and Chief Executive Officer for The SCO
Group.
    
"Over the past three years, SCO has focused on building a next-
level future for its UNIX platform with exciting new
applications and operating systems for its core enterprise
business and emerging mobile business," said Mr. McBride.  "Ken,
with his proven track record of consumer-based experiences, will
support the strategic direction and growth of our consumer- and
prosumer-driven mobility business.  He will also bring a wealth
of experience in SEC compliance to SCO, which will prove
invaluable as he directs our regulatory filings through the
Chapter 11 reorganization process."
    
Most recently, Mr. Nielsen was Chief Finance Officer at Forward
Foods, LLC where he developed systems and tools, which directly
increased cash flow for the business.  Before that, he worked
with Mrs. Fields' Companies, Inc. for six years, where his
strategic leadership led to improved year-over-year same store
sales and increased international revenue by 25%.  He also
streamlined the financial management and reporting
infrastructure of Mrs. Fields' 20 business entities while
ensuring that the company met all lender and SEC requirements.  
Prior to that, he spent time in a number of senior positions
with Echopass, Ernst & Young, Sprint PCS and Price Waterhouse.
    
"The SCO Group has a unique opportunity to become a leading
applications provider for the mobile marketplace," said Ken
Nielsen, Chief Financial Officer for The SCO Group.  "As an avid
mobile user from my time with Sprint, I am eager to work
alongside Darl to drive this business forward, while supporting
the continued success of SCO's traditional UNIX business."
    
Mr. Nielsen replaces Bert Young who has left The SCO Group to
pursue new opportunities.

                     About The SCO Group

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 18, 2007, The SCO Group, Inc. has filed a voluntary
petition for reorganization under Chapter 11 of the United
States Bankruptcy Code.  SCO's subsidiary, SCO Operations, Inc.,
has also filed a petition for reorganization.  The Board of
Directors of The SCO Group have unanimously determined that
Chapter 11 reorganization is in the best long-term interest of
SCO and its subsidiaries, as well as its customers,
shareholders, and employees.


SCO GROUP: Court Approves Epiq Bankruptcy as Claims Agent
---------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted SCO Group Inc. and its debtor-affiliates authority to
employ Epiq Bankruptcy Solutions LLC as their noticing, claims
and balloting agent.

As the Debtors' claims agent, Epiq is expected to:

    (1) prepare and serve required notices in these chapter 11
        cases, including:

        a) notice of the commencement of these chapter 11 cases
           and the initial meeting of creditors under section
           341(a) of the Bankruptcy Code;

        b) notice of any auction sale hearing;

        c) notice of the claims claims bar date;

        d) notice of objection to claims;
        e) notice of any hearings on a disclosure statement and
           confirmation of a plan of reorganization; and
  
        f) other miscellaneous notices to any entities, as the
           Debtors or the Court may deem necessary or
           appropriate for an orderly administration of these
           chapter 11 cases;

    (2) file with the clerk's office a certificate or affidavit  
        of service that includes a copy of the notice involved,
        a list of persons to whom the notice was mailed and the
        date and manner of mailing, after the mailing of a
        particular notice;

    (3) maintain copies of all proofs of claim and proofs of
        interest filed;

    (4) maintain official claims registers, including, among
        other things, the following information for each proof
        of claim or proof of interest:

        a) the name and address of the claimant and any agent    
           thereof, if the proof of claim or proof of interest
           was filed by an agent;

        b) the date received;

        c) the claim number assigned; and

        d) the asserted amount and classification of the claim;

    (5) assist the Debtors with administrative tasks in the
        preparation of their bankruptcy schedules and
        statements, including the creation and administration of
        a claims database based upon a review of the claims
        against the Debtors' schedules;

    (6) implement necessary security measures to ensure the
        completeness and integrty of the claims registers;
                                
    (7) transmit to the Clerk's office a copy of the claims
        registers on a monthly basis, unless requested by the
        Clerk's office on a more or less frequent basis; or, in
        the alternative, make available the claims register
        on-line;
                                
    (8) maintain an up-to-date mailing list for all entities
        that have filed a proof of claim, or proof of interest,
        or notice of appearance, which list shall be available
        upon request of a party in interest or the Clerk's
        office;

    (9) provide access to the public for examination of copies
        of the proofs of claim or interest without charge during
        regular business hours;

   (10) record all transfers of claims pursuant to Bankruptcy
        Rule 3001(e) and provide notice of such transfers as
        required by Bankruptcy Rule 3001(e);

   (11) comply with applicable federal, state, municipal, and
        local statutes, ordinances, rules, regulations, orders
        and other requirements;

   (12) provide temporary employees to process claims, as
        necessary;

   (13) provide balloting services in connection with the
        solicitation process for any chapter 11 plan for which a
        disclosure statement has been approved by the Court;

   (14) provide other claims processing, noticing and related
        administrative services as may be requested from time to
        time by the Debtors; and

   (15) promptly comply with further conditions and requirements
        as the Court may at any time prescribe.

Under the terms set forth in the standard bankruptcy agreement
between the Debtors and Epiq, the Debtor will pay US$25,000
retainer fee to Epiq.

Daniel C. McElhinney, the senior vice president and director of
Epiq, assures the Court that the firm does not hold any interest
adverse to the Debtors' estate and is a "disinterested person"
as defined in Section 101(14) of the Bankruptcy Code.
                                                                             
Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

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


SUN MICROSYSTEMS: Members Resolve to Liquidate Business
-------------------------------------------------------
During a general meeting held on September 3, 2007, the members
of Sun Microsystems Superannuation Nominees Pty 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 Sun Microsystems

Located at Gordon, in New South Wales, Australia, Sun
Microsystems Superannuation Nominees Pty Ltd is an investor
relation company.


T H MOTT: Members' Final Meeting Set for October 30
---------------------------------------------------
A final meeting will be held for the members of T H Mott Pty Ltd
on October 30, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Noel Robert Willis
         KPMG
         491 Smollett Street
         Albury, New South Wales 2640
         Australia
         Telephone (02) 6021 1111

                         About T H Mott

Located at Albury, in New South Wales, Australia, T H Mott Pty
Ltd is an investor relation company.


TELETAX SYSTEMS: Members Receive Wind-Up Report
----------------------------------------------
The members of Teletax Systems (Aust) Pty Ltd met on Sept. 27,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Matthew Addison
         12 Wesley Court
         Burwood East, Victoria
         Australia

                      About Teletax Systems

Teletax Systems (Australia) Pty Ltd operates manufacturing
industries.  The company is located at Blackburn, in Victoria,
Australia.


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

ACXIOM CORP: S&P Puts 'BB' Debt Ratings on Watch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services' 'BB' corporate credit rating
on Little Rock, Ark.-based Acxiom Corp. remains on CreditWatch
with negative implications, where it was placed on May 17, 2007.  
At the same time, S&P has also placed the 'BB' senior secured
debt ratings on CreditWatch with negative implications, because
the debt will no longer be refinanced as part of the LBO
financing.
     
The CreditWatch update follows the announcement that the US$3
billion buyout by private-equity firm Silver Lake and hedge fund
ValueAct Capital has been canceled.  Additionally, the company's
chairman and Chief Executive Officer has announced his
retirement.  The company will receive US$65 million related to
the termination of the merger agreement, and it is expected to
be substantially more than any one-time expenses related to the
merger agreement.
     
"Our review will focus on Acxiom's operating performance,
business strategy, management succession plans, and financial
policy," said S&P's credit analyst Phil Schrank.
     
Although Acxiom's current debt levels are moderate for the
rating, in the two area, the company has exhibited a much more
aggressive financial policy and could continue to pursue ongoing
acquisitions and share repurchases.  Additionally, Acxiom's
dissident shareholder, ValueAct Capital Partners L.P., retains
its seat on Acxiom's board, and could continue to pursue a more
aggressive shareholder oriented agenda.

                        About Acxiom

Founded in 1969, Acxiom has locations throughout the United
States, in Europe particularly in France and Germany, and in
Australia and China in the Asia-Pacific region.  Acxiom has a
team of specialists with sales and business development
associates based in the largest Latin American markets: Brazil,
Argentina and Mexico.


ACXIOM CORP: Silver Lake and ValueAct Terminates Merger Deal
------------------------------------------------------------
Acxiom(R) Corporation has reached an agreement with Silver Lake
Partners and ValueAct Capital Partners LP to terminate the
acquisition of Acxiom by Axio Holdings, LLC, a company
controlled by Silver Lake and ValueAct Partners.  Acxiom, Silver
Lake and ValueAct Partners have signed a settlement agreement
pursuant to which Acxiom will receive US$65 million in cash to
terminate the merger agreement.

As reported in the Troubled Company on May 17, 2007, Silver Lake
and ValueAct Capital will acquire 100% of the outstanding equity
interests in the company in an all-cash transaction valued at
US$3 billion, including the assumption of approximately US$756
million of debt.

Under the terms of the agreement, Acxiom stockholders will
receive US$27.10 in cash for each outstanding share of stock.  
This represents a premium of approximately 14% over the closing
share price on May 16, 2007, the last trading day before
disclosure of the agreement with Silver Lake and ValueAct
Capital with respect to the acquisition of the company and a
premium of approximately 20% per share over Acxiom's average
closing price per share during the 30 trading.

"Acxiom has been an industry leader for over three decades, and
we will continue to execute on our long-term strategy to remain
the market leader in database marketing, services and data
products," Charles Morgan, Acxiom Chairman and Company Leader
said.  "While I am disappointed that we could not conclude the
merger, we have renewed energy and remain focused and committed
to delivering value for our shareholders and clients."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.


ACXIOM CORP: Charles Morgan to Retire as Chairman
-------------------------------------------------
Charles Morgan, Acxiom(R) Corporation's Chairman and Company
Leader, will retire as Company Leader upon the selection of a
successor.

"For 35 years I have had the privilege of leading Acxiom as we
have created value for our shareholders, clients and
associates," Mr. Morgan said.  "I had been considering stepping
down as the leader of Acxiom and thought the completion of our
going-private transaction would be the natural time to begin an
orderly transition.  As Acxiom will now remain public it is the
right time for a change.  While I had been planning to retire
from Acxiom, I have agreed to stay as Company Leader during this
interim period."

The board disclosed that a search committee comprised of Halsey
Wise, Mack McLarty, Ann Die Hasselmo and Morgan has been formed
and a search will begin.  The search will include both internal
and external candidates.

"Charles Morgan is an outstanding leader," William T. Dillard,
II, Lead Director said.  "The Board is pleased that he will
continue to lead the company as we search for his successor.  We
are all very appreciative of his enormous contributions to the
success of the Acxiom.  We are working toward an ongoing role
for Charles, recognizing that much of the success of the Company
is attributable to his leadership, technological vision and his
direct relationship with many of the clients of the company.  
His contributions to the entire industry over the last three
decades have been recognized by the recent announcement of his
induction to the Direct Marketing Association's Hall of Fame for
2007."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.


BOE TECHNOLOGY: Plans to Issue CNY6BB New Shares to Fund Project
----------------------------------------------------------------  
BOE Technology Group Co., Ltd., plans to issue 300 million to
850 million new shares, aimed at financing its TFT-LCD
expansion, Sinocast reports.

The plan, designed for certain investors, will collect at least
CNY6 billion proceeds which are to be used to support its 4.5
generation TFT-LCD and fifth generation TFT-LCD businesses, the
report adds.  

Analysts from Huatai Securities told SinoCast that the offering
is perfect for the company due to bullish stock market and the
rebounding LCD panel market.

Apart from benefiting from the rising LCD panel prices, BOE will
also be fueled by the expansion of the fifth generation TFT-LCD
scale, said its chairman Wang Dongsheng.

The capacity per month has gained from 60K to 85K within shorter
than five months.  The Third generation expansion plan will soon
be trigged and the capacity is expected to jump 50% next year,
Mr. Wang added.  

Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 24, 2006.


DIRECTORATE LIMITED: Placed Under Voluntary Liquidation
-------------------------------------------------------
The members of Directorate Limited passed on September 17, 2007,
a resolution to have the company's operations wound up.

Only the creditors who can file their claims by October 26,
2007, will be included in the company's dividend distribution.

The company's liquidators are:

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


DOUBLE DELIGHT: Members Agree on Voluntary Liquidation
------------------------------------------------------
The members of Double Delight Investment Company Limited on
September 18, 2007, passed a resolution to have the company's
operations wound up.

Creditors who can file their proofs of debt by October 31, 2007,
will be included in the company's dividend distribution.

The company's liquidator is:

         Chung Kwok Keung Peter
         Central Plaza, 32nd Floor, Suite 3202
         Central Plaza, 18 Harbour Road
         Wanchai, Hong Kong


FAIRDEAL INTERNATIONAL: Har and Yeung Quit as Liquidators
---------------------------------------------------------
Chan Mi Har and Betty Yuen Yeung quit as liquidators of Fairdeal
International Finance Limited on September 17, 2007.

The former Liquidators can be reached at:

         Chan Mi Har
         Betty Yuen Yeung
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


FERRO CORPORATION: Board Declares Regular Quarterly Dividend
------------------------------------------------------------
Ferro Corporation's Board of Directors has declared a regular
quarterly dividend of 14.5 cents per share of common stock.

The dividend is payable on Dec. 10, 2007, to shareholders of
record on Nov. 15, 2007.

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

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

                        *     *     *

Ferro Corp. carries Moody's Investors Service's B1 corporate
family rating assigned on May 2007.  Moody's also assigned a B1
rating to the company's $200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


K.A.T. SERVICES: Requires Creditors to File Claims by Oct. 26
-------------------------------------------------------------
On September 17, 2007, the members of K.A.T. Services Limited
passed a resolution to have the company's operations wound up.

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

The company's liquidators are:

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


KONFULL LIMITED: Undergoes Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on September 18, 2007,
the members of Konfull Limited resolved to voluntarily liquidate
the company's business.

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

The company's liquidator is:

         Ng Kin Yung, Tony
         805 Capitol Centre
         5-19 Jardine's Bazaar
         Causeway Bay
         Hong Kong


MEGA GLORY: Requires Creditors to File Claims by October 30
-----------------------------------------------------------
The creditors of Mega Glory Trading Limited are required to file
their proofs of debt by October 30, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Liu Kit Man
         Euro Trade Centre, 10th Floor
         21-23 Des Voeux Road Central
         Hong Kong


NINGBO BIRD: Unlicensed Handsets Cut 39.33% in 1st Half Revenue
---------------------------------------------------------------
Ningbo Bird Co., Ltd., has slid into a loss by posting a 39.33%
drop in revenues from its main business while its operating
profits plummeted 1,142.5% to a minus CNY246 million and net
profits down 859.2% to a minus CNY237 million due to stiff
competition and widespread unlicensed handsets, SinoCast
reports, citing the company's interim report for 2007 first
half.

The company also predicated a huge loss in the first nine
months, the news says.

Bird, together with other Chinese handset makers, enjoyed
dazzled results from 2003 to 2004. The company in 2000 alone set
up 28 sales branches, more than 300 representative offices, thus
debuting a widespread sale network around the country.  The
staff number hit as much as 5,000, the news agency recounts.

To date, it still has had 20-odd sales branches, more than 300
representative offices and 36 provincial service centers.  It
meanwhile has about 400 service centers in smaller cities.

However, as the market has changed greatly, Bird's marketing
mode fails to maintain its glory but becomes a heavy burden due
to the high operating costs, pointed out analyst Jiang Lifeng at
CCID Consulting, which dedicates to providing professional
market research and management consultancy services, Sino Cast
says.  

This is also the reason for Bird to slide into its first loss in
2005.  The company in 2006 grabbed an 8% share in the local
market but the figure has declined to the current 2.3%.

The report relates that foreign brands, like Nokia, Motorola and
Samsung, have also caused fierce pressure to Bird.

Meanwhile, to revive its glory, Bird has decided to sell its
stakes in three joint ventures for aboutCNY 52 million.  A 50%
it owned in Ningbo Sagem Bird Research and Development Co., Ltd.
would be sold to Sagem, Bird, the news agency adds.  

Based in Ningbo, Zhejiang Province, Ningbo Bird Co., Ltd. --
http://www.birdintl.com/main.html-- is principally engaged in  
the development, manufacture and sale of mobile communications
products.  The company offers mobile phones and accessories,
communications system equipment, personal digital assistants
(PDAs), office equipment and other electronics products, under
the brand name of Bird.  The company also exports its products
to over 60 countries, including the United States, Mexico,
Argentina, and France, among others.  

Xinhua Far East China Ratings gave the company a BB- issuer
credit rating on April 5, 2006.


OCEAN BEST: Toohey and Mitchell Quit as Liquidators
---------------------------------------------------
On September 18, 2007, John James Toohey and Anthony Mitchell
quit as liquidators of Ocean Best Development Limited.

The former Liquidators can be reached at:

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


SUNKONGAO COMPANY: Liquidators Resign from Post
-----------------------------------------------
John James Toohey and Anthony Mitchell ceased to act as
liquidators of Sunkongao Company Limited on September 18, 2007.
The former Liquidators can be reached at:

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


TRW AUTOMOTIVE: Fitch Affirms Issuer Default Rating at BB
---------------------------------------------------------
Fitch Ratings has affirmed the following ratings on TRW
Automotive Holdings Corp. and TRW Automotive Inc.:

TRW Automotive Holdings Corp.

-- Issuer Default Rating at 'BB'.

TRW Automotive Inc.

-- Issuer Default Rating at 'BB';
-- Senior secured revolving credit facility at 'BB+';
-- Senior secured term loan A facility at 'BB+';
-- Senior secured term loan B facility at 'BB+';
-- Senior unsecured notes at 'BB-'.

Fitch's rating actions affect approximately US$3 billion in
total debt.  The Rating Outlook is Stable.

Fitch's ratings reflect TRW's relatively diverse customer base,
global manufacturing presence, the company's technology-driven
products and healthy liquidity.  A substantial book of business
outside of North America and continued healthy demand for safety
related products partially offsets significant declines in North
American OEM customers' volumes as well as industry cost
challenges.  While the company's margins have declined versus
year-ago results, profitability remains above average for an
automotive supplier but is at the low end of the credit
category.

The Stable Rating Outlook is based on TRW's healthy liquidity
position, which should provide the company with a buffer if
industry fundamentals were to erode materially.  In addition,
current credit market conditions should have little direct
impact on TRW's liquidity as the company refinanced its bonds in
March and its bank facility in May.

Rating concerns include debt levels, margin pressures from price
competition and raw materials, customers' production volumes,
the potential for increased capital expenditures as customers
reduce product cycle times and the risk of work stoppages due to
a financially stressed base of suppliers other than TRW.  In
addition, Fitch expects the company to generate limited free
cash flow through at least 2008, enabling only modest debt
reduction.

For 2005 and 2006, TRW's Free Cash Flow was US$9 million and
US$54 million, respectively.  Given recent margin erosion, the
working capital investment of a growing business and average
annual capital expenditure increases of approximately 4%, Fitch
believes TRW's ability to generate Free Cash Flow is limited
through at least 2008.  Even though 4% average annual growth in
capital expenditures is on par for TRW, capital investment may
be subject to increase as D3 customers could succeed in reducing
product development cycle times.  While this has been a stated
objective of the D3 for many years with only limited success
relative to the leaps that Japanese competitors have produced
(Japanese product life cycles average about 4 years while the D3
average about 6 years), the D3's objective to deliver quality
new products more frequently may come to fruition.  However,
since the company has significant exposure to Toyota, Honda and
Nissan, TRW already has experience with more advanced product
development cycle times.

Including the premiums from the recent refinancing, Total
Adjusted Debt levels have increased slightly versus Fitch's
previous expectations.  In addition, both coverage and leverage
metrics are at the lower end of the rating category.  Trailing
twelve-month free cash flow was -US$157 million, largely due to
working capital investment.  TRW's Total Adjusted Debt levels
over the same period increased by US$134 million.  However, the
company successfully refinanced its entire capital structure in
the first half of 2007.  Because of the refinancing, but also
due to lower Operating EBITDA margin, coverage ratios have
improved modestly while leverage ticked slightly higher.  Given
Fitch's limited Free Cash Flow expectations, debt reduction over
the next 18 months is likely to be only modest.

In March of this year, TRW Automotive Inc. replaced its existing
senior unsecured and senior subordinated debt with new senior
unsecured notes.  TRW also replaced US$2.5 billion in existing
bank facilities with the same amount in new facilities.  The new
bank lines closed on May 9, 2007.  The new capital structure
provides TRW with a lower cost of capital, extended maturities,
and loosened covenants providing greater financial flexibility.

At the end of the second quarter of 2007, TRW had approximately
US$1.4 billion of committed availability, including US$1.1
billion under its US$1.4 billion revolver and US$300 million in
committed securitization programs.  Under TRW's U.S.
securitization facility, all US$209 million of receivables were
eligible and available for funding and there was US$127 million
outstanding at the end of the quarter.  In addition,
approximately EUR122 million of its EUR155 million programs and
all of the GBP25 million program were available under the
European facilities.  As of June 29, TRW had nothing outstanding
on any of its European A/R programs. Including the cash and
marketable securities balance of US$284 million, total liquidity
at the end of the second quarter of 2007 was approximately
US$1.7 billion.

As of June 29, the company had US$1.3 billion in secured bank
debt, US$1.5 billion in senior unsecured notes, and US$0.2
billion in short term debt, stub debt after tender offers and
capital leases, all totaled equaling US$3 billion of debt which
is nearly unchanged from the year ago period.  TRW has no major
maturities until 2012.  The company was well within its
financial covenants at the end of the second quarter.

TRW has one of the more diverse customer bases in the Fitch
supplier universe.  The company supplies more than 40 major
vehicle manufacturers and 250 nameplates and holds leading
positions in all of its primary product categories.  In 2006,
sales to customers other than Ford and General Motors accounted
for 74.3% of total revenue.  Only 14.6% and 11.1% of the
company's 2006 revenue was attributable to Ford and General
Motor's, respectively.  Revenue attributable to North America
was only about one-third of TRW's total in 2006.  Europe
accounted for 57% while Asia and South America represented 7%
and 3% of 2006 revenue, respectively.

Demand remains strong for components and systems relating to
safety and fuel economy.  Consumer advocacy groups, the National
Highway Transportation and Safety Administration and other
industry groups as well as government legislation spur demand
for TRW's safety related products.  Higher gasoline prices and
clean air legislation creates demand for the company's engine
components.  As a result, the company's revenue has grown since
2001 while Ford and GM unit volumes have suffered significant
declines.

TRW does not provide a booked new business sales number as
several of its peers do but the company does guide to 4% long
term annualized sales growth. By comparison, the compound
annualized growth rate of TRW's sales was 6.1% over the last 5
years.  Automotive suppliers generally have some degree of
revenue visibility given the nature of the business, e.g. long-
term contracts, long product lead times and the tendency of the
automakers to use the incumbent suppliers of a current vehicle
program for the successor program.  Assuming the normal price
reductions of the industry at around 3%, plus vehicle program
attrition, TRW's 4% long-term revenue growth guidance implies
that the company benefits from a consistent, significant book of
new business.  Fitch views annualized revenue growth of 4% as
reasonable for TRW.  Fitch expects to see sales growth continue
due to increasing penetration of foreign automakers, demand for
products that address safety and emissions legislation, higher
sales of complete modules and TRW's product innovation.

                    About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive  
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services.


YUEN TAI: Commences Liquidation Proceedings
-------------------------------------------
At an extraordinary general meeting held on September 25, 2007,
the members of Yuen Tai Electrical (Hong Kong) Company Limited
resolved to voluntarily liquidate the company's business.

The company requires its creditors to file their proofs of debt
by October 26, 2007.

The company's liquidator is:

         Suen Man Fai
         Sing Pao Building, Room 2402, 24th Floor
         101 King's Road, Fortress Hill
         Hong Kong


ZTE CORP: Pres. Arroyo Terminates US$330-Million NBN Deal
---------------------------------------------------------   
Philippine President Gloria Macapagal Arroyo has told Chinese
President Hu Jintao that her government had cancelled the
US$330-million telecoms deal with ZTE Corporation because of the
corruption scandal, Reuters reports.

Citing presidential spokesman Ignacio Bunye, Reuters relates
that Pres. Arroyo discussed the cancellation of the deal with
Chinese telecom firm ZTE Corp. in a bilateral meeting with
Mr. Hu in Shanghai, where she was a guest at the opening of the
2007 Special Olympics.

A statement released by Mr. Bunye said: "The president explained
the difficult decision not to continue with the NBN (national
broadband network) contract and the president counted on the
good relations between our two countries for understanding."

"We are gratified that President Hu offered understanding when
he said that our relationship is in very good shape and the
Philippines has been a great ally," he added.

The telecoms contract that ZTE bagged was tied to concessional
loans that the Chinese government would provide the Philippines
to bankroll the project, the news agency relates.

More than a week ago, Mrs. Arroyo suspended the telecoms deal
after her husband, Mike Arroyo, was named in a senate inquiry
into allegations of kickbacks in the project and following a
growing rift in her ruling coalition.

The bribery scandal has been an irritant for the president since
July, but she has not been directly implicated.

As widely reported by the Philippine media, the Philippines'
election chief, Benjamin Abalos, a key ally of the Arroyo
Administration, resigned recently following allegations that he
offered bribes to secure a contract for ZTE to set up a
broadband network linking Philippine government agencies across
the archipelago.

The poll chief's resignation, which came just before he was to
face impeachment proceedings in Congress, was widely viewed as
an attempt to protect Mrs. Arroyo.


Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.

The group operates both in the domestic and international
market.

The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
Outlook is Stable.


ZURICH CAPITAL: Liquidators Quit Post
-------------------------------------
Ying Hing Chiu and Paul D S Moyes quit as liquidators of Zurich
Capital Markets Hong Kong Limited.

The former Liquidators can be reached at:

         Ying Hing Chiu
         Paul D S Moyes
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


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

AES CORPORATION: Plans to Construct 170 MW Wind Project in Texas
----------------------------------------------------------------
The AES Corporation said it plans to begin construction of
Buffalo Gap 3, a 170 megawatts expansion of its Buffalo Gap wind
farm near Abilene, Texas.  Once completed, the project will
increase capacity at Buffalo Gap to 524 MW, making it one of the
largest operating wind farms in the United States.  Commercial
operations are expected to begin mid-2008.  AES signed a seven-
year power purchase agreement to sell all of the electricity it
produces at the Buffalo Gap 3 wind generation facility to Direct
Energy, a subsidiary of Centrica plc.  Financial terms of the
agreement were not disclosed.

"This expansion underscores AES's ongoing commitment to
renewable energy," said Ned Hall, President, AES Renewable
Generation.  "With more than 1,000 MW of wind projects in
operation in the United States and another 4,000 MW in various
stages of development throughout the world, AES is well
positioned to meet growing demand for wind generated power."

"The Buffalo Gap 3 expansion will allow AES to continue
developing renewable energy sources in West Texas, benefiting
the local economy through the creation of new jobs and an
increased tax base," said Ryan Pfaff, Managing Director, AES
Wind Generation.  "We are also pleased to further expand our
relationship with Direct Energy, a world-class organization that
shares our commitment to the West Texas wind market."

AES purchased 74 Siemens model SWT-2.3-93 60 Hz wind turbine
generators for the Buffalo Gap 3 project.

"This expansion is consistent with AES's long-term goal to be a
major wind energy producer, and is part of our plan to more than
triple our wind-generated megawatts globally by 2011," said
William Luraschi, AES Executive Vice President and President of
Alterative Energy.  "As one of the cleanest, lowest-cost
renewables, wind generation will be an area of continuing focus
and priority for AES."

AES's Alternative Energy business comprises the company's
activities in wind generation, greenhouse gas emissions offset
projects, liquefied natural gas and other technologies.

AES entered the wind generation business in 2004.  The company's
wind development projects are located primarily in the United
States and Europe.  AES has plans to expand its wind business to
other countries where it does business, including countries in
Asia and Latin America.

                       About AES Corporation
Headquartered in Arlington, Virginia, AES Corporation (NYSE:
AES) -- 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 has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Fitch Ratings has affirmed AES Corporation's Issuer Default
Rating at 'B+', and assigned a short-term IDR of 'B'.


AES CORP: NY Attorney General Wants Greenhouse Risks Disclosed
--------------------------------------------------------------
Environment News Service reports that New York Attorney General
Andrew Cuomo has subpoenaed the AES Corporation, demanding that
the firm disclose the financial risks of its greenhouse gas
emissions to shareholders, specifically to the New York State
Common Retirement Fund.

Environment News relates that Mr. Cuomo also sent the subpoenas
to:

         -- Dominion Resources,
         -- Xcel Energy,
         -- Dynegy, and
         -- Peabody Energy.

Mr. Cuomo told Environment News that AES is among the US'
largest producers of greenhouse gas pollutants, including carbon
dioxide.

AES' 2006 Form 10-K filing with the U.S. Securities and Exchange
Commission failed to disclose projected emissions, nor evaluate
the effect of upcoming greenhouse gas regulations on the firm's
"financial picture," Environment News says, citing Mr. Cuomo.

Mr. Cuomo commented to Environment News, "Climate change is one
of the most pressing environmental challenges facing the world
today."  He reminded the executives that emissions from US power
plants "constitute 30% of total US carbon emissions."

"Regulation of greenhouse gas emissions on the state level
through the Regional Greenhouse Gas Initiative will begin,"
Environment News notes, citing Mr. Cuomo.

Mr. Cuomo told Environment News, "Any one of the several new or
likely regulatory initiatives for CO2 emissions from power
plants -- including state carbon controls, E.P.A.'s regulations
under the Clean Air Act, or the enactment of federal global
warming legislation -- would add a significant cost to carbon-
intensive coal generation.  Selective disclosure of favorable
information or omission of unfavorable information concerning
climate change is misleading."

                       About AES Corporation

Headquartered in Arlington, Virginia, AES Corporation (NYSE:
AES) -- 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 15distribution
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 has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2007,
Fitch Ratings has affirmed AES Corporation's Issuer Default
Rating at 'B+', and assigned a short-term IDR of 'B'.


CABLE & WIRELESS: Unit Launches Network Operations Center
---------------------------------------------------------
Cable & Wireless' Barbados subsidiary has launched a
US$5-million network operations center in Barbados to monitor
its 14 units throughout the Caribbean, according to a report by
the Trinidad Guardian.

The Guardian notes that the center is in Wildey.  It will check
global interconnection and allow management of network resources
across the Caribbean.

Business News Americas relates that the center will have over 30
workers, who have undergone special training to monitor service.

Cable & Wireless Barbados' center will collaborate with its
Jamaican counterpart will collaborate to provide redundancy and
service continuity 24/7, The Guardian states.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


GENERAL MOTORS: Credit Suisse Maintains Neutral Rating on Shares
----------------------------------------------------------------
Credit Suisse analyst C. Ceraso has kept his "neutral" rating on
General Motors's shares, Newratings.com reports.

Newratings.com relates that the target price for General Motors'
shares was set at US$31.

The analyst said in a research note that General Motors will
transfer its retiree healthcare responsibility to the union-
managed VEBA trust.  VEBA would be formed as part of General
Motors' new four-year labor contract with the United Auto
Workers.

The UAW disagrees with General Motors on the funding for the
trust, Newratings.com notes, citing the analyst.

The deal would be "accretive to General Motors' cash flow by
US$2.5 billion" yearly.  It would also boost earnings,
Newratings.com states, citing Credit Suisse.

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.


JIK INDUSTRIES: Books INR22.7-Mil. Net Loss in Yr. Ended June 30
----------------------------------------------------------------
JIK Industries Limited sustained a net loss of INR22.71 million
on revenues of INR330,000 in the 12 months ended June 30, 2007,
the company's financial results as filed with the Bombay Stock
Exchange shows.  For the quarter ended June 30, 2007, the
company booked net loss of INR4.83 million on revenues of
INR160,000.

The company noted in the financials that it is currently
operating in one segment -- crystalware & allied products.

The company's financials for the financial year and quarter
ended June 30, 2006, however, were ported at BSE.

For the year ended June 30, 2007, the company incurred an
operating loss of INR13.3 million after deducting from revenues
operating expenditures totaling INR13.63 million.  The company
also booked interest charges of INR53.78 million and
depreciation expense of INR10.15 million.

For the April-June 2007 quarter, the company reported operating
expenditures of INR5.85 million, hence it booked an operating
loss of INR13.77 million.

A copy of the company's financial results for the 12 months
ended June 30, 2007, is available for free at BSE at:

              http://ResearchArchives.com/t/s?2401

A copy of the company's financial results for the three months
ended June 30, 2007, is available for free at BSE at:

              http://ResearchArchives.com/t/s?2402

Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade
non-lead crystalware segment and is the only organized player in
the country.  JIK's products also include crystal glassware such
as, glass tumblers, bowls, stemware, showpieces, and vases,
manufactured at Balkum, Thane, Maharashtra.  The company
collapsed following accidents at its chemical waste recycling
plant and at its crystal-making unit.  The company, which had
diversified interests -- crystal making, money changing and
chemical waste recycling -- was forced to exit the money
changing business after its net worth was eroded, and pursuant
to the Reserve Bank of India stipulations.

On April 17, 2006, the Corporate Debt Restructuring Committee
approved JIK's debt-restructuring package.  The CDR package
entitled the company to a INR105-million debt waiver, in
addition to the reduction in loan interest rate to 9%.  The
package allowed the company to complete the major part of its
debt and business restructuring.  So far, the company's chemical
division is shelved closed and discontinued as whole.


JIK INDUSTRIES: Completes One-Time Settlement & Exits From CDR
---------------------------------------------------------------
JIK Industries Ltd, at the meeting of its board of directors on
Sept. 27, 2007, has taken on record that the company has
completed a one-time settlement and exited from Corporate Debt
Restructuring, a filing with the Bombay Stock Exchange reveals.

Pursuant to the CDR package, the company is entitled to a debt
waiver and reduction of loan interest rate to 9%.   

Also during the meeting, the board has considered these
business:

   1. S. V. Shah appointed as a nominee director on the board of
      the company for the operating agency (Bank of India).

   2. Regarding cancellation and Re-Allotment of 8,54,941 equity
      shares to promoter.  As per the order dated May 25, 2007,
      by the Board for Industrial and Financial Reconstruction,
      the board decided to cancel & re-allot the same as per
      directives of the BIFR or by another competent authority.

   3. Promoter will be allotted 4,16,98,100 equity shares as
      partly paid shares of INR10 each at par, as per BIFR order
      and on these payment terms:

         i. 10% against allotment; and

        ii. 90% in 6 installments payable within 24 months from
            May 25, 2007.

Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade
non-lead crystalware segment and is the only organized player in
the country.  JIK's products also include crystal glassware such
as, glass tumblers, bowls, stemware, showpieces, and vases,
manufactured at Balkum, Thane, Maharashtra.  The company
collapsed following accidents at its chemical waste recycling
plant and at its crystal-making unit.  The company, which had
diversified interests -- crystal making, money changing and
chemical waste recycling -- was forced to exit the money
changing business after its net worth was eroded, and pursuant
to the Reserve Bank of India stipulations.

On April 17, 2006, the CDR Committee approved JIK's debt-
restructuring package.  The CDR package entitled the company to
a INR105-million debt waiver, in addition to the reduction in
loan interest rate to 9%.  The package allowed the company to
complete the major part of its debt and business restructuring.
So far, the company's chemical division is shelved closed and
discontinued as whole.  Post restructuring, the company will
remove and reduce approximately 48% of outstanding debt and
increase share capital and network.


JCT ELECTRONICS: Reappoints Arjun Thapar as Managing Director
-------------------------------------------------------------
JCT Electronics Ltd has reappointed Arjun Thapar as the
company's managing director for a further period of five years
with effect from Feb. 4, 2008.

In a filing with the Bombay Stock Exchange, the company
disclosed that its members at the 30th annual general meeting on
Sept. 21, 2007, have accorded to the reappointment on
remuneration, terms and conditions.

During the meeting the members also approved the:

   1. Adoption of the audited Balance Sheet as at March 31,
      2007, the Profit & Loss Account for the year ended on that
      together with the reports of the Auditors and Directors
      on the financials.

   2. Re-appointment of K .Jayabharath Reddy as director, liable
      to retire by rotation.

   3. Appointment of M/s V Sahai & Co., Chartered Accountants,
      New Delhi as auditors.

JCT Electronics Ltd. manufactures color picture and black &
white tubes for television sets.  The company also manufactures
cathode ray tubes and gas discharge tubes.

JCT Electronics incurred net losses for at least two consecutive
years -- INR1.83 billion in FY2005-06 and INR1.73 billion in
FY2006-07.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 28, 2007, that JCT Electronics has a stockholder's equity
deficit of INR165.74 million.


QUEBECOR WORLD: Inks Amended US$750 Million Bank Credit Facility
----------------------------------------------------------------
Quebecor World Inc. has agreed to new terms in its syndicated
bank credit facility.  The amendment includes modification of
the terms to provide financial flexibility through to maturity
of the agreement in January 2009.

As part of the new agreement, the company:

   -- has agreed to a US$750 million facility, of which a
      portion will be secured by a lien on assets;

   -- has committed to reduce the facility to US$500 million by
      July 1, 2008; and

   -- has agreed to certain restrictions on the use of proceeds
      and terms of repayment.

Quebecor World believes the modified credit facility, combined
with other financing initiatives currently underway, should
provide the company with the required liquidity to execute its
business plan.

                     About Quebecor World
                           
Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides  
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has about 29,000 employees working in more than 120
printing and related facilities in the U.S., Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the U.K.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating to 'B' from 'B+' ratings on
Quebecor World Inc.
    
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


QUEBECOR WORLD: Unit Calls for Redemption of US$370-Mil. Notes
--------------------------------------------------------------
Quebecor World Capital Corporation, a wholly owned subsidiary of
Quebecor World Inc., calls for redemption of approximately
US$370 million of:

   -- all of its outstanding 8.42% Senior Notes, Series A, due
      July 15, 2010;

   -- 8.52% Senior Notes, Series B, due July 15, 2012;

   -- 8.54% Senior Notes, Series C, due Sept. 15, 2015; and    

   -- 8.69% Senior Notes, Series D, due Sept. 15, 2020.

The redemption price includes 100% of the outstanding principal
amount of the Notes, plus the accrued and unpaid interest on the
Notes to the Redemption Date plus the applicable Make-Whole
Amount determined for the Redemption Date with respect to the
outstanding principal amount of the Notes.  The redemption will
take place on Oct. 29, 2007.

Quebecor World Capital Corporation is giving written notice of
the redemption to all Noteholders in whose name the Notes are
registered.

                     About Quebecor World
                           
Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides  
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has about 29,000 employees working in more than 120
printing and related facilities in the U.S., Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the U.K.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating to 'B' from 'B+' ratings on
Quebecor World Inc.
    
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


QUEBECOR WORLD: Posts US$21.1 Mln Net Loss in Qtr. Ended June 30
----------------------------------------------------------------
Quebecor World Inc. reported a net loss from continuing
operations of US$21.1 million for the second quarter ended
June 30, 2007, compared to a net loss from continuing operations
of US$6.5 million for the same period ended June 30, 2006.

Including discontinued operations, net loss was US$21.1 million
for the quarter ended June 30, 2007, compared to a net loss of
US$7.2 million for the same period last year.

Second quarter 2007 results incorporate impairment of assets,
restructuring and other charges, net of taxes, of US$26.3
million compared to US$27.0 million in 2006.  Excluding
impairment of assets, restructuring and other charges, adjusted
operating income was US$33.9 million compared to US$50.4 million
during the second quarter last year.  The company attributes
this shortfall to temporary inefficiencies and volume reductions
caused by the retooling, restructuring, and press start-up
activity as well as market conditions.  

Consolidated revenues for the quarter were US$1.36 billion
compared to US$1.45 billion in the second quarter of 2006.

"In North America, we are achieving significant improved
earnings in our business groups where the retooling and
restructuring is essentially complete, such as our Book and
Magazine Divisions", commented Wes Lucas, president and chief executive
officer, Quebecor World Inc.  "In addition, results
improved year-over-year in several business groups, such as
Targeted Marketing, Premedia, and Retail.  However, these
improved performances were offset by those divisions that are in
the middle of retooling and restructuring, such as the
significant new press start-ups and plant closures in the
Catalog and Directory Divisions, as well as the Canada Division.  
These elements contributed to a slight net increase in the North
America adjusted EBITDA and adjusted EBIT margins in the
quarter.  In addition, we were pleased with our Latin America
division where we achieved sales growth adjusted for foreign
exchange of more than 8% and a three-fold increase in EBIT."

"However, as expected, the acceleration of our re-tooling
efforts and the challenging market conditions in some segments,
especially in Europe, negatively impacted our financial
results," added Mr. Lucas.   "In Europe, to meet the difficult
European market conditions, we successfully started-up what is
considered to be Europe's most advanced gravure printing
facility with state-of-the-art technology and low cost
automation in Charleroi, Belgium."

In the second quarter, restructuring activities included the
closure of the Phoenix, Ariz. facility, the announcement of the
shutdown of one of the Vancouver, B.C. facilities and the
installation of four new or relocated presses across the
platform.

In the second quarter, Quebecor World generated adjusted EBITDA
of US$114.0 million compared to US$130.6 million in the second
quarter of 2006.

During the quarter, the company redeemed all of its 6%
Convertible Senior Subordinated Notes due on Oct. 1, 2007, for a
redemption price of 100.6% of the outstanding principal amount
of the Notes, plus the accrued and unpaid interest.  

For the first six months of 2007, Quebecor World reported a net
loss from continuing operations of US$59.2 million, compared to
2006's net loss from continuing operations of US$200,000 for the
same period.  

Consolidated revenues for the first half of 2007 were
US$2.75 billion compared to US$2.92 billion in the same period
of 2006.

At June 30, 2007, the company's consolidated balance sheet
showed US$5.74 billion in total assets, US$3.46 billion in total
liabilities, US$351.1 million in future income taxes, US$164.3
million in preferred shares, US$1.2 million in minority
interest, and US$1.77 billion in total stockholders' equity.

The company's consolidated balance sheet at June 30, 2007,
further showed US$889.1 million in total current assets
available to pay US$1.096 billion in total current liabilities.

                     About Quebecor World
                           
Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--  
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating to 'B' from 'B+' ratings on
Quebecor World Inc.
    
Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


TATA POWER: Shares Rise Along with BSE Sensex Surge
---------------------------------------------------
Tata Power Co. Ltd.'s shares surged along with the rise in the
Bombay Stock Exchange's sensitive index, media reports say.

Tata Power's shares rose by 19.70% while the Sensex's rose 6.16%
from Sept. 19 to Oct. 1, 2007, Gayatri Ramanathan of
livemint.com notes.

Shares of other firms in the power industry also rose, including
those of NTPC Ltd. and Reliance Energy Ltd.

Among the three firms, shares of Reliance Energy rose the most
in the nine trading sessions to Oct. 1:

                             Close as on     Close as on
                               Sept. 19       Oct. 1
                             -----------     -----------
   Reliance Energy Ltd        INR946.10       INR1,349.40
   Tata Power Co Ltd             760.90            910.80
   NTPC Ltd                      189.50            206.00

"Power stocks have been gaining strong investor attention from
the past few months and this has been complemented by a surge in
the IPO activities in the sector," The Financial Express quotes
an unnamed analyst as saying.

Some power companies are looking at unlocking value and that is
what is driving investors to these stocks, Sanjeev Aggarwal,
director of business development at AES India, told livemint.

Citing analysts, livemint said that the positive market
sentiment has rubbed off on stocks of all power firms, across
businesses like generation, distribution and engineering and
process contractors.


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

                          *     *     *

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

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


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

ALCATEL-LUCENT: Unit Hires Paul Segre as Chief Executive Officer
----------------------------------------------------------------
Alcatel-Lucent's unit Genesys Telecommunications Laboratories
has appointed Paul Segre, its current Chief Operating Officer,
as president and CEO.  As a key member of the current management
team, Mr. Segre has played a major role in shaping its growth
strategy over the past five years.

As COO, Mr. Segre has served as a key architect of Genesys
strategy to expand its market footprint by developing Dynamic
Contact Center technology to enable enterprise to adapt to fast-
changing customer service environments.  He has also championed
its increased investment in IP and voice self-service offerings
that extend communications beyond the contact center.

Mr. Segre joined Genesys in 2002 as the CTO, responsible for
product strategy and development, so his experience spans both
the product creation capabilities as well as the sales and
operations execution of the company.  Before joining Genesys, he
was Vice President and General Manager of Alcatel's Wireline
Access business unit, the leading provider of next-generation
Digital Loop Carrier products.  Previously, he held the position
of Vice President and General Manager of the Advanced Products
Division for DSC and held various senior management positions at
AT&T in network management and workforce management.

"Paul Segre is the natural choice to take Genesys to the next
level.  His leadership skills and experience with Genesys'
people and technology, its partners and customers will benefit
the entire organization," said Hubert de Pesquidoux, President,
Alcatel-Lucent Enterprise Business Group.

Wes Hayden, Genesys' former CEO will join Nuance, as president
of a newly formed Enterprise Division.  As a result, Genesys and
Nuance expect to develop their existing partnership, in which
they jointly sell and implement customer service and speech
solutions.

"Genesys is just beginning to realize its full potential," Segre
said.  "Our core markets remain very healthy, with Genesys
expanding at more than twice the market growth rate.  And we are
gaining incredible traction for our strategy of creating a
unified platform for delivering rich customer experiences via
the web, voice or video across any device." Segre added.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sep. 19,
2007, that Standard & Poor's Ratings Services revised its
outlook on international equipment supplier Alcatel-Lucent and
related entity Lucent Technologies Inc. to stable from positive.
At the same time, the 'BB-' long-term corporate credit ratings
on the group were affirmed.  The 'B' short-term corporate credit
rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.


ANEKA TAMBANG: Sees Lower Fiscal-Year 2007 Nickel Output
--------------------------------------------------------
PT Aneka Tambang Tbk has revised its nickel output target for
the fiscal year 2007 to 16,000 tons, Reuters reports.

According to the report, the new target is lower compared to a
previous target of 20,000 tons, due to a leak in a new smelter.

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

                          *     *     *

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

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


BANK MANDIRI: Sees 2007 Net Profit to Reach IDR4 Trillion
---------------------------------------------------------
PT Bank Mandiri's 2007 net profit is expected to reach
IDR4 trillion from IDR2.42 trillion last year.

According to the report, the success of the bank's handling of
non performing loans will contribute to the improvement of its
performance

Bank Finance Director Pahala Mansyur told the news agency that
in the first quarter of this year the bank received an
additional earning of IDR475 billion in non recurring income
from arrears in loan interest.

Banking analyst Mirza Adityaswara predicted a higher net profit
of IDR4.4 trillion to be posted by the bank this year, the
report adds.

                        About Bank Mandiri

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

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

The detailed ratings are:

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

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

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


BANK NEGARA: Partners w/ 2 Developers for Housing Loan Expansion
----------------------------------------------------------------
PT Bank Negara Indonesia, in order to expand its housing loans
in Greater Surabaya Area, has forged a working relations with
two developers in the region, namely the Ciputra Group (PT
Galaxi Alam Semesta, PT Galaxi Citra Perdana and PT Citra
Bahagia Elok) and Pakuwon Group (PT Pakuwon Jati, PT Pakuwon
Darma and PT Artisan Surya Kreasi) to facilitate disbursement of
the KPR BNI Griya to potential customers of the two groups.

In the signing of agreements with those two developer groups, in
Surabaya, BNI's Consumer Director, Kemal Ranadireksa, reiterated
BNI's commitment to grow its housing credit portfolio, BNI
Griya.  As of June 2007, BNI's total outstanding consumer credit
stood at IDR11.13 trillion, of which KPR BNI Griya accounted for
the largest composition at approximately 35%.

The Ciputra Group is one of the largest property developers in
Indonesia, since 1961.  Some of the Group's projects in Surabaya
include among others Kota Mandiri Citraraya, Bukit Palma Estate,
CitraHarmoni Sidoarjo Estate, The Taman Dayu Estate, CitraGarden
Sidoarjo Estate, Ciputra Golf and Ciputra Waterpark.  For
purchases of properties belonging to the Ciputra Group,
especially for the Bukit Palma Estate, the KPR BNI Griya offers
customers the benefits of complimentary provision,
administration, insurance and notarial expenses.

The Pakuwon Group is a major developer with home base in
Surabaya, since 1981.  Some of the Group's prominent property
developments in Surabaya include the Superblock Tunjungan Plaza,
Supermall Pakuwon Indah, Pakuwon Trade Center and Sheraton
Surabaya Hotel & Tower.

                            BNI Griya

This year, BNI Griya has become a leading product of BNI. To
provide greater choices to customers wanting to buy
houses/apartments, BNI offers three choices of home loan
products, namely BNI Griya Sehat to finance the purchase of low-
end but hygienic houses, BNI Griya Idaman to finance mid-range
houses, and BNI Griya Impian to purchase one's dream house. In
connection with its anniversary, BNI launches a special
anniversary offering, the "BNI Griya Semarak HUT" (6 July-30
September) with extra trappings and benefits, including low
annual interest rate of 9%, free administration fees, discount
of 50% on provision fees and choice of prize of either
microwave, vacuum cleaner or water dispenser.

                       About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial  
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2007, Standard & Poor's Ratings Services raised PT
Bank Negara Indonesia (Persero) Tbk's long-term counterparty
credit ratings to 'BB-' from 'B+'.  The outlook is stable.  At
the same time, the Bank Fundamental Strength Rating of the bank
remains unchanged at 'D'.


BANK NEGARA: MSOE Plans to Sell 473.89 Million Shares
-----------------------------------------------------
The Ministry of State Owned Enterprise plans to sell 473.89
million shares of PT Bank Negara Indonesia (Persero) Tbk,
Reuters reports.

According to the report, the planned date is on November 1,
2007.  No further details were provided.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial  
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter-Asia Pacific on
April 20, 2007, Standard & Poor's Ratings Services raised PT
Bank Negara Indonesia (Persero) Tbk's long-term counterparty
credit ratings to 'BB-' from 'B+'.  The outlook is stable.  At
the same time, the Bank Fundamental Strength Rating of the bank
remains unchanged at 'D'.


BANK TABUNGAN: Government Plans to Acquire Stake
------------------------------------------------
State Minister for State Enterprises Sofyan Djalil said the
government is considering acquisition of state savings bank PT
Bank Tabungan Negara by a larger state bank, Asia Pulse reports.

According to the report, acquisition by either Bank Negara
Indonesia or Bank Rakyat Indonesia may be an option to
restructure Bank Tabungan.

Mr. Djalil said an initial public offering that is scheduled
next year will be postponed, adding that funds raised from IPO
would be too small and could not cope with mismatch problems
faced by the bank.  The bank, which focuses on financing housing
credits, needs long term funds but it has only short term funds,
the report notes.

Mr. Djalil told the news agency that restructuring of BTN is
urgent to cope with the mismatch problem especially as in the
future more banks provide housing credits and its market share
will be reduced.  Without immediate restructuring it is not
unlikely BTN will not be able to survive, he added.

                       About Bank Tabungan

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank  
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.

                          *     *     *
The Troubled Company Reporter - Asia Pacific reported on
Aug 02, 2007, that Moody's Investors Service has placed the
foreign currency long-term debt and foreign currency long-term
deposit ratings of Bank Tabungan Negara (Persero) on review for
possible upgrade.

The detailed ratings are:

   * B2 foreign currency long-term deposit rating was placed on
     review for possible upgrade; and

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


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

DELPHI CORP: Closes US$66 Mil. Sale of Catalyst Biz to Umicore
--------------------------------------------------------------
Delphi Corporation and certain of its affiliates have completed
the sale of the company's original equipment and aftermarket
catalyst business to Umicore for approximately US$66 million,
subject to post-closing adjustments, Delphi officials disclosed
yesterday.

As reported in the Troubled Company Reporter on June 7, 2007,
Delphi selected Umicore as the lead bidder, and received
bankruptcy court approval on June 26, 2007, to proceed with the
competitive bidding process for the sale of the catalyst
business.  On Aug. 8, 2007, in accordance with bidding
procedures approved by the bankruptcy court, Delphi conducted an
auction and selected Umicore as the successful bidder.  On Aug.
16, 2007, Delphi received approval from the bankruptcy court to
proceed with the sale of assets related to the catalyst business
to Umicore.

Although the company has sold its catalyst business, it will
continue to provide full engine management systems, including
air and fuel management, combustion and valvetrain technology,
and exhaust systems technology through its gas EMS product
business unit.

Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single supplier of vehicle  
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  The Court has set a hearing on October 3 to consider the
adequacy of the Disclosure Statement.


MAZDA MOTOR: Unveils Dual-Fuel Car for Lease in Japan
-----------------------------------------------------
Mazda Motor Corp. said that it will begin offering in April an
advanced vehicle fueled by hydrogen or gasoline for lease in
Japan, the Wall Street Journal reports.

According to WSJ's Yoshio Takahashi, the Mazda5 minivan has an
electric motor powered by a generator.  A rotary engine that can
switch between hydrogen and gasoline drives the generator, and
when running on hydrogen emits only water.  With the dual-fuel
option, WSJ notes, drivers won't have to worry about getting to
one of the limited number of hydrogen stations if they are low
on fuel.

Mazda's existing hydrogen-gasoline car, released in Japan in
2006, is an RX-8 powered by just a rotary engine, Mr. Takahashi
writes.  Using an electric motor is more efficient, because it
doesn't lose energy through a transmission as with a regular
engine, WSJ cites Akihiro Kashiwagi of Mazda's program-
management division, as saying.

WSJ says that the leasing price for the Mazda5 hasn't been set
yet.  Mazda, the report notes, leases its eight RX-8 sports cars
to corporate or government customers for JPY420,000 a month.

                      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: Releases Special "Prestige Edition" Roadster
---------------------------------------------------------
Mazda Motor Corporation announced the launch of the special
edition Mazda Roadster Prestige Edition for the Japanese
domestic market.  Mazda's two-seat lightweight open-top sports
car (known as the Mazda MX-5 in overseas markets) has been newly
outfitted with premium features including black genuine leather
seats and alloy wheels made by BBS Japan Co. Ltd.  The Prestige
Edition goes on sale from today at all Mazda and Mazda Anfini
dealerships throughout Japan.

The Mazda Roadster Prestige Edition is based on the Roadster RS
RHT and Roadster VS RHT -- the premium grades of the Mazda
Roadster Power Retractable Hard Top range.  This new top-of-the-
range sports car appropriately features heated bucket seats with
black genuine leather upholstery, 17-inch aluminum alloy wheels forged by
BBS Japan Co. Ltd., stainless steel scuff plates and
front fog lights.  Additionally, a front strut tower bar (cowl
connecting type) and Mazda's Dynamic Stability Control (DSC)
system are specially added to the six-speed automatic
transmission model.

The manufacturer's suggested retail price (including consumption
tax) for the Mazda Roadster Prestige Edition is 2,950,000 yen
for the six-speed manual transmission model and 3,050,000 yen
for the six-speed automatic transmission model.  Sales will be
conducted on a made-to-order basis.

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.


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

REMY INT'L: Likely Bankruptcy Filing Cues Moody's C/LD Rating
-------------------------------------------------------------
Moody's Investors Service 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 about 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 about 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 about 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.


REMY INT'L: Noteholders Support Prepackaged Reorganization Plan
---------------------------------------------------------------
Remy International Inc. has received overwhelming acceptance of
its prepackaged plan of reorganization and will proceed to
promptly commence voluntary proceedings under Chapter 11 of the
U.S. Bankruptcy Code to seek confirmation of the plan.  
Specifically, in excess of 99.9% in dollar amount and 98.1% in
number of holders of 8-5/8% Senior Notes and 100% in dollar
amount and 100% in number of holders of 9-3/8% Senior
Subordinated Notes and 11% Senior Subordinated Notes that voted
on the prepackaged plan, voted to approve the plan.

As reported in the Troubled Company Reporter on Aug. 2, 2007,
the key elements of the prepackaged plan include:

   * Repayment of the Company's secured creditors in full.
   
   * Raise US$85 million in preferred equity through a
     backstopped rights offering to be made to holders of the   
     company's Senior Notes and Senior Subordinated Notes.

   * Total debt reduction of US$360 million through:

     -- Exchange of the company's US$145 million of existing
        8-5/8% Senior Notes for US$100 million of New Third-Lien
        Notes and US$45 million in cash (plus an amount of cash
        equal to the accrued but unpaid interest through the
        filing date (estimated to be US$10 million) and up to
        US$2 million of new preferred stock in respect of post
        petition interest).  In addition, these noteholders
        will receive a US$10 million consent fee for agreeing to    
        the overall restructuring.

     -- Reduction of the company's unsecured debt obligations
        by US$315 million by converting the 9-3/8% Senior
        Subordinated Notes and 11% Senior Subordinated Notes
        into 100% of the common equity of the reorganized
        company.

     -- Cancellation of all of the company's existing equity
        interests.

"We are extremely pleased with the overwhelming support we
received from our noteholders and we are working expeditiously
to initiate our prepackaged chapter 11 filing as planned," John
Weber, President and CEO, said.

                   About Remy International Inc.
    
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.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2007,
Moody's Investors Service lowered the Probability of Default
Ratings of Remy International Inc. to C/LD from Ca/LD, and
confirmed the Corporate Family Rating at Ca.


SUNTRONIX INC: KR Gives 'B' Rating to 4th Unsecured Bonds--------------------
-------------------------------------
Korea Ratings Corporation has rated Suntronix, Inc.'s 4th
unsecured bonds with warrants at 'B'.  The rating reflects
Suntronix's sales base backed by regular customers, and
improving profitability in the optical film business as a result
of the better LCD market conditions.  Also, the rating takes
into consideration the company's steady operating losses in the
power supply module business due to lower margin, and fixed cost
burden, and its heavy debt burden.  The Rating Outlook is
'Stable', reflecting Suntronix's customer base and better
profitability in the optical film business, despite the low
operating profitability and weak financial structure.

The company has maintained annual revenues of KRW50 billion
thanks to its strength in power supply module for printers and
an increase in product supply to the visual equipment sector.
However, due to the decrease in selling price, and the fixed
cost burden, Suntronix has continued operating losses in the
power supply business since 2006.  To overcome it, the company
established a local corporation in Tian Jin, China while set up
a plan for downsizing in Korea.  It has strengthened production
system in China. But, it would take some time for the company to
see tangible recovery in profitability.  The optical film
business purchases film sheets from optical film manufacturers,
processing and selling them to primarily BLU makers such as Won
Woo Precision Co., Ltd, Heesung Electronics Ltd. and Heesung
Precision Ltd. which are suppliers of LG Philips LCD.  Since
2006, the optical film business has posted operating losses.
Suntronix has difficulties securing margin owing to downward
pressure on price arising from a sharp drop in LCD panel price,
and continuing operating losses in LG Philips LCD.  However, the
recent stabilization of LCD panel price and revising operating
profitability in LG Philips LCD helped Suntronix to report
operating income since March 2007.  Yet, the company is smaller
in size and weaker in bargaining power than film sheet makers
and BLU producers.  Given that, it would be difficult for
Suntronix to obtain a proper level of margin according to market
changes going forward.

Suntronix's yields management and tangible cost-saving efforts,
in KR's views, will be important factors in profitability.
Spending for Sun Tech's acquisition of a stake in the company
and the merger process in 2006 is owned in the form of treasury
stock by Suntronix.  Afterwards, the lower profitability led to
sluggish cash flow from operations.  Subsequently, Suntronix's
borrowings totaled KRW35.9 billion as at end-July 2007.
About 75% of the total is short-term borrowings. Plus, the
significant portion of long-term borrowings (including bonds)
falls due in one year. Given these, the debt structure
stability, in KR's opinion, is weak.

                      About Suntronix Inc.

Founded in August 1984 under the name, 'Sun Engineering', the
company was incorporated as SunKorea Electronics Co., Ltd. in
May 1987.  Its principal activity is to manufacture and market
power supply module for printers and monitors. This KOSDAQ-
listed company expanded the business portfolio to
include the LCD optical film business through a merger with Sun
Tech Co., Ltd. in 2006.  The power supply module business
supplied more than 80% of its products to Samsung Electronics
Co., Ltd.


===============
M A L A Y S I A
===============
CHIN FOH: Balance Sheet Upside Down by MYR54.19 Mil. at July 31
---------------------------------------------------------------
Chin Foh Bhd's unaudited balance sheet as of July 31, 2007, went
upside down by MYR54.19 million, on total assets of
MYR186.24 million and total liabilities of MYR240.43 million.

As of July 31, 2007, the company's balance sheet also showed
strained liquidity with current assets of MYR96.84 million
available to pay current liabilities of MYR205.99 million.

For the second quarter ended July 31, 2007, the company posted a
net loss of MYR3.98 million on MYR46.95 million in revenues as
compared with a net profit of MYR302,000 on MYR47.50 million in
revenues in the same period in 2006.

Malaysia-based Chin Foh Berhad -- http://www.chinfoh.com.my--  
is principally involved in trading and distribution of metal
base and non-metal base products, construction materials, panels
and non-ferrous metal products.  Its other activities include
manufacturing of glass, aluminium extrusions, stainless steel
and related products, rotary aluminium ventilators, providing,
cutting and slitting of metal and other related services,
general contracting, design, fabrication, supply and
installation of curtain wall and cladding and holding properties
and investments.  Operations are carried out in Malaysia,
Australia, and China.

Chin Foh is listed under Bursa Malaysia's Amended Practice
Note 17 category and is therefore required to submit a
regularization plan to the Securities Commission and other
relevant authorities for approval.

On May 31, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Securities Commission did not approve the
company's reform plan proposals.

Chin Foh Bhd's unaudited balance sheet as of July 31, 2007, went
upside down by MYR54.19 million, on total assets of
MYR186.24 million and total liabilities of MYR240.43 million.


KL INFRASTRUCTURE: Bursa to Delist Securities on October 12
-----------------------------------------------------------
The Bursa Malaysia Securities Bhd will delist and remove the
securities of KL Infrastructure Group Bhd from its Official List
on October 12, 2007, at 9:00 a.m.

According to the bourse, the decision was made after KL Infra
failed to submit its regularization plan to the Securities
Commission and other relevant authorities for approval within
the Aug. 31, 2007 extended timeframe.

On September 6, 2007, the Troubled Company Reporter-Asia Pacific
reported that the bourse served a notice addressed to the
company on September 3, to make representations to Bursa
Securities as to why its securities should not be delisted from
the Official List of Bursa Securities.  As such, the bourse
believed the due process was accorded to the company.


KL Infrastructure Group is principally engaged in the concession
and operation of an intra-city public transit system called the
KL Monorail.  Its other activities include provision of
advertising space on columns and stations along KL Monorail
project route, property development and investment holding.  The
Group's activities are carried out principally in Malaysia.

The Group has been incurring losses in the past years due to its
high operating expenses and loan-interest payments.

KL Infrastructure Group Berhad disclosed on Sept. 28, 2006, that
it has become an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its auditors
have expressed doubt on its ability to continue as a going
concern.


KNOLL INC: Completes Acquisition of Edelman Leather
----------------------------------------------------
Knoll Inc. has completed the previously announced purchase of
Teddy and Arthur Edelman, Limited, purveyors of fine leathers to
the residential, hospitality, aviation and contract office
furniture markets.
    
Andrew B. Cogan, Knoll Chief Executive Officer, reiterated, "The
strategic acquisition of Edelman is consistent with our strategy
of building sales in our high design, high margin specialty
businesses, which appeal to both business buyers and consumers
worldwide.  Edelman's reputation in the design community for
unique leathers and its showroom network as well as its storied
history is highly complementary in terms of culture, customers,
markets and products."
    
Edelman Leather will continue to operate as an independent
company and will maintain its own headquarters and distribution
center in New Milford, Connecticut.  John Edelman will continue
to serve as President of Edelman Leather; John McPhee will
continue in his role as Edelman Leather's Chief Operating
Officer.  The business will operate under the name Edelman
Leather, LLC.
    
                      About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures  
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                        *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's US$200 million senior secured
revolver and US$250 million senior secured term loan carry
Moody's Ba2.  Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.


SHAW GROUP: Posts US$62 Million Net Loss in Qtr. Ended Feb. 28
--------------------------------------------------------------
The Shaw Group Inc. filed Sept. 28 its financial results for the
quarter ended Feb. 28, 2007, with the U.S. Securities and
Exchange Commission.

The company reported a US$62.5 million net loss on US$1.2
billion revenues for the quarter ended Feb. 28, 2007, compared
with a US$21.8 million net income on US$1.2 billion revenues for
the same quarter of 2006.

The company recognized an operating loss of US$41.5 million and
a net loss of US$62.6 million for the three months ended
Feb. 28, 2007.

In addition to the company's operating loss, Shaw's net income
also includes:

   * a US$44.5 million (US$26.7 million net of taxes) impairment
     of military housing privatization entities; and

   * a US$13.1 million (including tax expense of US$8.6 million)
     net income by our Investment in Westinghouse segment.

At Feb. 28, 2007, the company's balance sheet total assets of
US$3.5 billion and total liabilities of US$2.3 billion,
resulting in a US$1.2 billion stockholders' equity.

As of Feb. 28, 2007, and Aug. 31, 2006, the company had
restricted and escrowed cash of US$39.2 million and US$43.4
million, respectively, which consisted of:

   * US$30.3 million and US$40.2 million, respectively, in
     connection with a power project with which the company has
     joint authority with another party to the contract.  The
     project was substantially completed in 2006.  The company
     has reached tentative settlements on claims and disputed
     amounts with the owner and major subcontractors;

   * US$1.1 million in each period related to deposits
     designated to fund remediation costs associated with a sold
     property; and

   * The remaining US$7.8 million as of Feb. 28, 2007 and
     US$2.1 million as of Aug. 31, 2006 is related to escrow
     amounts contractually required by various other projects.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?23d6

                      About Shaw Group

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

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

                        *     *     *

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

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


SOLECTRON CORP: 634.19 Million Shares Vote for Exchange
-------------------------------------------------------
Computershare Shareholders Services Inc., the exchange agent for
the Flextronics International Ltd. and Solectron Corporation
merger, has calculated preliminary 918,360,722 shares of
Solectron common stock outstanding as of Sept. 27, 2007, the
election deadline, disclosing:
    
   * 634,188,636 of the outstanding Solectron shares have
     submitted valid elections to receive Flextronics ordinary
     shares;
   
   * 78,459,142 of the outstanding Solectron shares have
     submitted valid elections to receive cash; and
   
   * 205,712,944 of the outstanding Solectron shares did not
     submit valid elections or submitted elections that are
     subject to the guaranteed delivery procedure.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 $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.

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 disclosed after the close of business, today, Oct. 2,
2007.
    
Flextronics expects to pay approximately $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 5 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.

                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.

                  About Solectron Corporation

Based in Milpitas, California, Solectron Corporation (NYSE: SLR)
-- http://www.solectron.com/-- provides complete product   
lifecycle services.  The company 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 customers worldwide.  The
company works with the providers of networking, computing,
telecommunications, storage, consumer, automotive, industrial,
medical, self-service automation and aerospace and defense
products.  The company's Lean Six Sigma methodology provides
OEMs with quality, flexibility, innovation and cost benefits
that improve competitive advantage.  Solectron operates in more
than 20 countries on five continents including France, Malaysia,
and Brazil, among others.  It had sales from continuing
operations of US$10.6 billion in fiscal 2006.

                          *     *     *

Moody's Investor Services placed Solectron Corporation's long
term corporate family and probability of default ratings at'B1'
in June 2007.  

In December 2006, Standard & Poor's assigned a 'BB-' rating on
the company's long term foreign and local issuer credit which
still hold to date.  The outlook is stable.


TALAM CORP: Bursa Defers Slated Trading Suspension
--------------------------------------------------
The Bursa Malaysia Securities Bhd will defer the trading
suspension of Talam Corp Bhd's securities initially scheduled
for today, Oct. 4, 2007, after the company made an appeal
against the bourse's earlier decision.

In addition, the bourse also decided to defer the commencement
of a delisting procedure against the company for the same reason
it deferred the suspension of securities trade.

On October 2, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Bursa Securities decided to suspend the
trading of Talam's securities after the Securities Commission
rejected its regularization plan.

The commission, according to a report from the TCR-AP, did not
approve the proposed regularization plan based on these factors:

    (i) Talam will not immediately turnaround post-restructuring
        based on the financial forecast and projections
        submitted;

   (ii) Substantial accumulated losses of MYR156 million remain
        post restructuring;

  (iii) The proposals appear to benefit the creditors more than
        the minority shareholders of Talam as the shareholders
        will be undergoing a capital reduction exercise whilst
        none of the creditors will be taking a 'hair-cut' on the
        amount owing to them by Talam;

   (iv) Upon completion of the restructuring scheme, Abrar
        Discounts Berhad ("ADB") will hold 36.3% equity interest
        in Talam.  There is uncertainty over the possible
        emergence of a new substantial shareholder which would
        have an impact on the direction of Talam moving forward
        as at this juncture, it is not known if ADB will dispose
        its interest in Talam or the identity of the potential
        buyer of the block of shares held by ADB; and

    (v) There is no clear indication that IJM Corporation Berhad
        ("IJM") is acting as a 'white-knight' to Talam's
         restructuring scheme given that, inter-alia,:

        -- IJM would not be a substantial shareholder in Talam
           pursuant to the restructuring scheme.  IJM's
           effective interest in Talam, via its shareholding in
           Kumpulan Europlus Berhad, is minimal; and

        -- IJM is involved only in selected stalled projects of
           Talam.

The Bursa will now wait for the decision on Talam's appeal on
whether or not it will continue the delisting procedure against
the company.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in  
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of  Talam
Corporation for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from Sept. 1, 2006.


TALAM CORP: Posts MYR1.19MM Net Profit in Qtr Ended July 31
-----------------------------------------------------------
Talam Corp Bhd returned to black by posting a net profit of
MYR1.19 million on MYR59.82 million of revenues in the quarter
ended July 31, 2007, as compared with a net loss of
MYR4.79 million on MYR52.49 million of revenues in the same
period last year.

As of July 31, 2007, the company's unaudited balance sheet
showed strained liquidity with current assets of MYR1.74 billion
available to pay current liabilities of MYR2.65 billion.

Talam Corp's total assets as of July 31, 2007, amounted to
MYR3.22 billion and total liabilities aggregated to
MYR2.87 billion, resulting to a shareholders' equity of
MYR343.02 million.


Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in  
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of  Talam
Corporation for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from Sept. 1, 2006.


TRANSOCEAN HOLDINGS: Bursa Allows Appeal Against Delisting
----------------------------------------------------------
The Bursa Malaysia Securities Bhd allowed Transocean Holdings
Bhd's appeal against the bourse's earlier decision to delist the
company's securities from its official list on August 30, 2007.

In its decision to allow Transocean's appeal, the bourse said:  
"After due consideration of all facts and circumstances of the
matter and in view that Transocean had submitted its proposal to
comply with paragraph 8.16A of the LR on August 30, 2007, to the
relevant authorities for approval, the Appeals Committee has
decided to allow TOCEAN's appeal and to await the outcome of the
Company's submission."

Bursa Securities however qualified that its decision is without
prejudice to Bursa Securities' right to exercise its powers
under paragraphs 8.16A(3) and 16.17 of the LR to proceed to de-
list the securities of TOCEAN from the Official List of Bursa
Securities in the event:

   -- TOCEAN fails to obtain the approval from the relevant
      authorities for the implementation of the Proposals and
      does not appeal the decision within the timeframe
      prescribed to lodge an appeal;

   -- TOCEAN does not succeed in its appeal against the decision
      of the relevant authorities; or

   -- TOCEAN fails to implement the Proposals within the
      timeframe or extended timeframes stipulated by the
      relevant authorities.

Upon occurrence of any of the events set out, the securities of
the Company shall be removed from the Official List of Bursa
Securities upon the expiry of 7 market days from the date TOCEAN
is notified by Bursa Securities or such other date as may be
specified by Bursa Securities.

The Troubled Company Reporter-Asia Pacific reported on Aug. 24,
2007, that the bourse decided to delist Transocean's securities
on Aug. 30 after the company failed to submit its regularization
plan to the Securities Commission and other relevant authorities
on the appointed deadline.

                  About Transocean Holdings Bhd

Transocean Holdings Bhd is a Malaysia-based company involved in
investment holding, provision of management services and letting
of properties.  The Company, through its subsidiaries, is
engaged in investment holding, custom brokerage, provision of
freight forwarding, warehousing and trucking-related services,
provision of container haulage services, provision of
international ocean freight services, distribution and
contracting of irrigation parts and equipment, trading of
irrigation parts and equipment, cultivating and trading of
agricultural products, property development, tissue research in
horticultural, agricultural and pharmaceutical plants,
cooperating with local farms for export, and carrying out
scientific and experimental research.

On June 30, 2004, the Company was categorized as an
undercapitalized company as its paid-up share capital is
MYR29.00 million.


* Moody's Issues Annual Report on Malaysia
------------------------------------------  
In its annual report on Malaysia, Moody's Investors Service says
the country's A3 foreign and local currency government bond
ratings balances the country's strong external payments position
against its weaker government debt ratios.

Malaysia's A3 foreign currency country ceiling for bonds is
based on the government bond ratings and Moody's assessment of a moderate
risk of a payments moratorium in the event of a
government default.

"Malaysia's external strengths have grown over decades of rapid
export-led industrialization and, more recently, because of the
ongoing commodity price boom," said Moody's Vice President
Aninda Mitra, author of the report.

As a result, he said, total external trade represents 212% of
GDP, making Malaysia one of the most open economies in the
world, behind only Hong Kong, Singapore and Luxembourg.

"Ample balance-of-payments surpluses continue to provide
Malaysia with a remarkably strong external liquidity cushion
that forestalls downside risks to the sustainability of its
external or public debt burdens," said Mr. Mitra.

He added, however, that going forward, the external sector could
continue diminishing in importance as Malaysia's export-oriented
electronics industry matures structurally.  Moreover, the reform
of government-linked companies and new investment projects also
appear to have started a drive toward more autonomous, and
sustainable, domestic demand.

"But until domestic demand and especially private investment
gains more traction, further fiscal consolidation could be
difficult," he said. In this regard, Mr. Mitra added, the
prospects for improved ratings could remain encumbered by a
relatively high government debt burden.

He believes that inflationary pressures will remain well
contained within Bank Negara's comfort range for the remainder
of the year, due to the mix of rapid capital formation,
including higher inflows of foreign direct investment, low food
price pressures, and a gradually appreciating exchange rate.

The rating agency's report, "Malaysia: 2007 Credit Analysis," is
a yearly update to the markets and is not a rating action.


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

ACADEMIC ACCOMMODATION: Creditors' Proofs of Debt Due on Oct. 26
----------------------------------------------------------------
John Trevor Whittfield and Peri Micaela Finnigan were appointed
liquidators of Academic Accommodation Management (3) Ltd. on
October 26, 2007.

Messrs. Whittfield and Finnigan require the company's creditors
to file their proofs of debt by October 26, 2007.

The Liquidators can be reached at:

         John Trevor Whittfield
         Peri Micaela Finnigan
         c/o McDonald Vague, Chartered Accountants
         PO Box 6092, Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


ANDROS TRANSPORT: Fixes Oct. 11 as Last Day to File Claims
----------------------------------------------------------
On September 13, 2007, Henry David Levin and David Stuart Vance
were appointed liquidators of Andros Transport Limited.

Messrs. Levin and Vance are accepting creditors' proofs of debt
until October 11, 2007.

The Liquidators can be reached at:

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


BALMORAL MARKETING: Taps Official Assignee as Liquidator
--------------------------------------------------------
The Official Assignee was appointed liquidator of Balmoral
Marketing Ltd. on October 5, 2005.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


J & M STEEL: Appoints Whittfield and Finnigan as Liquidators
------------------------------------------------------------
On September 13, 2007, John Trevor Whittfield and Peri Micaela
Finnigan were appointed liquidators of J & M Steel Fixing Ltd.

Creditors who cannot file their proofs of debt by Oct. 26, will
be excluded from sharing the company's dividend distribution.

The Liquidators can be reached at:

         John Trevor Whittfield
         Peri Micaela Finnigan
         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


METRO MOTOR: Creditors' Proofs of Debt Due on October 11
--------------------------------------------------------
Henry David Levin and David Stuart Vance were appointed
liquidators of Metro Motor Holdings (2003) Ltd. on September 13,
2007.

Messrs. Levin and Vance require the company's creditors to file
their proofs of debt by October 11, 2007.

The Liquidators can be reached at:

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


MIKE GADSBY: Subject to Essential Foods' Wind-Up Petition
---------------------------------------------------------
Essential Foods Limited filed on July 20, 2007, a petition to
have the operations of Mike Gadsby Building & Design Ltd. wound
up.
The High Court of Rotorua will hear the petition on October 8,
2007, at 10:45 a.m.

Essential Foods' solicitor is:

         Malcolm Whitlock
         c/o Debt Recovery Group NZ Limited
         Level 5, 5 Short Street
         PO Box 99675, Newmarket, Auckland
         New Zealand


SUNSHINE HOLDINGS: Shareholders Resolve to Liquidate Business
-------------------------------------------------------------
On September 7, 2007, the shareholders of Sunshine Holdings 2006
Ltd. passed a resolution to have the company's operations wound
up.

Rhys Michael Barlow was appointed liquidator.

The Liquidator can be reached at:

         Rhys Michael Barlow
         c/o BDO Spicers (Wellington) Limited
         Chartered Accountants
         BDO House, Level 2
         99-105 Customhouse Quay
         PO Box 10340, Wellington
         New Zealand
         Telephone:(04) 472 5850
         Facsimile:(04) 473 3582
         e-mail: rhys.barlow@wlg.bdospicers.com


TACTICAL MANAGEMENT: Court to Hear Wind-Up Petition on Oct. 8
-------------------------------------------------------------
A petition to have Tactical Management Systems Ltd's operations
wound up will be heard before the High Court of Rotorua on
October 8, 2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
July 27, 2007.

The CIR's solicitor is:

         Martyn Robert Edward Cherry
         c/o Inland Revenue Department
         Legal and Technical Services
         7-27 Waterloo Quay
         PO Box 1462, Wellington
         New Zealand
         Telephone:(04) 890 1060
         Facsimile:(04) 890 0009


THE ASIAN PRODUCE: Fixes October 23 as Last Day to File Claims
--------------------------------------------------------------
On September 11, 2007, Peri Micaela Finnigan and Boris van
Delden were appointed liquidators of The Asian Produce Company
Ltd.

Messrs. Finnigan and Delden are accepting creditors' proofs of
debt until October 23, 2007.

The Liquidators can be reached at:

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


THE CORPORATE CLUB: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
The Commissioner of Inland Revenue filed on June 14, 2007, a
petition to have The Corporate Club Ltd.'s operations wound up.
The petition will be heard before the High Court of Auckland
today, October 4, at 10:00 a.m.

The CIR's solicitor is:

         Phillip Edward Macredie
         c/o Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1064
         Facsimile:(09) 984 3116


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

BANGKO SENTRAL: Expects Peso to Remain Strong in the Near Term
--------------------------------------------------------------
The Bangko Sentral ng Pilipinas announced Wednesday that it
expects the strength of the peso to remain unchanged in the near
term despite the escalating prices of oil, the current US
subprime crisis or its activities in the spot foreign exchange
market, BSP's top officials told the Philippine Daily Inquirer.

Deputy Governor Diwa Guinigundo told reporters at a forum that
"[the] peso is expected to remain firm for the rest of the year
on the back of sustained dollar inflows."  

According to the report, the peso closed at PHP45.14 to the
dollar on Wednesday, slightly weaker than Tuesday's PHP44.915,
which traders attribute to a suspected intervention by the BSP
aimed to prevent further appreciation of the local currency.  
Reacting on this, BSP governor Amando Tetangco Jr. said that
"[a] strong peso is not the BSP's policy."  Instead, he stresses
that the policy of the BSP is "a market-determined exchange rate
with occasional scope for official action on [its] part to
smoothen excessive volatility in the exchange rate."  Mr.
Tetangco then said that the BSP always intervenes whether the
exchange rate is going up or down.

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.


CHINA BANK: To Set Up New Thrift Subsidiary, Inside Sources Say
---------------------------------------------------------------
China Banking Corp. eyes setting up a new thrift and savings
bank in order to cater to its growing consumer and retail
market, the Philippine Star reports, citing inside company
sources.

Such a move would free up the bank's commercial banking
functions so it can focus on middle market, corporates, trust
and other such operations, these sources added.

The proposed thrift bank will take care of the existing branches
of Manila Bank, a thrift bank which China Bank acquired last
June.  The number of branches for the thrift bank is still
subject to approvals and consultations with monetary
authorities, sources said.

According to sources within the banking industry, it has been
China Bank's intention to operate a thrift bank since its
affiliate Banco de Oro Unibank has acquired one in Equitable
Savings Bank.

China Banking Corporation -- http://www.chinabank.com.ph/-- is  
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

                          *     *     *

The bank's long-term issuer default carries Fitch's BB rating,
while it has a C individual rating and a support rating o


DEL MONTE: Moody's Affirms Corporate Family Rating at Ba3
---------------------------------------------------------
Moody's Investors Service affirmed Del Monte Foods Company's Ba3
corporate family rating, Ba3 probability of default rating and
speculative grade liquidity rating of SGL-2, following the
company's announcement that its board had authorized the
repurchase of up to US$200 million of the company's stock over
the next 36 months.

"The affirmation was based on Moody's expectation that share
repurchases, if any, will not require material debt funding
given Del Monte's cash generation ability," said Elaine
Francolino, vice president-senior credit officer.  Moody's also
assumes that any share repurchases will not be done on an
accelerated basis.  The rating outlook remains stable.

Ratings affirmed:

   -- Corporate family rating at Ba3

   -- Probability of default rating at Ba3

   -- Senior secured revolving credit agreement, Term Loan A
      and Term Loan B at Ba2 (LGD3,33%)

   -- US$250 million 6.75% senior subordinated notes due 2015
      and US$450 million 8.625% senior subordinated notes due
      2012 at B2 (LGD5,84%)

   -- Speculative grade liquidity rating at SGL-2

Del Monte's Ba3 corporate family rating and Ba3 probability of
default rating incorporate several elements of the company's
overall business profile that are strong -- such as its market
shares, brand portfolio, and profit margin -- and consistent
with a low investment grade rating.  However, these elements are
more than offset by debt protection measures which generally
score in the B category and an increasingly aggressive financial
policy that is assessed at Ba.

The company's speculative grade liquidity rating of SGL-2 (good
liquidity) reflects the expectation that Del Monte will generate
relatively stable cash flow despite raw materials cost
pressures.  Moody's anticipates that the company's free cash
flow will fund its working capital, capital expenditures,
shareholder enhancement and scheduled debt payments over the
next 12 months.  However, the company may have to draw on its
revolving credit facility to cover seasonal working capital
swings on an interim basis during the May to October period when
inventory production typically peaks.

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.

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

FLEXTRONICS: Reports Final Results of Solectron Merger Elections
----------------------------------------------------------------
As previously announced, Flextronics International Ltd. (Nasdaq:
FLEX) completed its acquisition of  Solectron Corporation on
October 1, 2007.  Flextronics, on Oct. 2, 2007, announced final
results for the elections made by Solectron stockholders
regarding the form  of merger consideration they will receive in
the merger.

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., EDT,
on September 27, 2007.

The exchange agent for the transaction, Computershare
Shareholders Services, Inc., has calculated that of the
918,438,865 shares of Solectron common stock outstanding as of
the effective time of the merger:

   -- 725,108,506 of the outstanding Solectron shares, or 79.0%,
      have submitted valid elections to receive Flextronics
      ordinary shares;

   -- 81,440,695 of the outstanding Solectron shares, or 8.9%,
      have submitted valid elections to receive cash; and

   -- 111,889,664 of the outstanding Solectron shares, or 12.2%,
      did not submit valid elections.

Based on the election results and the terms of the merger
agreement:

   -- Solectron stockholders who elected to receive stock
      consideration will receive Flextronics ordinary shares
      with respect to approximately 88.66% of their Solectron
      shares and cash with respect to approximately 11.34% 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.

Flextronics will pay approximately US$1.07 billion in cash and
issue approximately 221.8 million Flextronics ordinary shares
pursuant to the merger.  No fractional Flextronics ordinary
shares will be issued.  Instead, each Solectron stockholder that
would otherwise be entitled to receive Flextronics fractional
shares will receive an amount in cash based on US$11.42 per
Flextronics ordinary share, 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.

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.
                 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.


FLEXTRONICS: Fitch Affirms Ratings at 'BB+' with Neg. Outlook
-------------------------------------------------------------
Fitch Ratings has on October 2, 2007, completed its review of
Flextronics International Ltd. following the company's
acquisition of Solectron Corp. and resolved Flextronics' Rating
Watch Negative status by affirming the following ratings:

   -- Issuer Default Rating (IDR) at 'BB+';

   -- Senior unsecured credit facility at 'BB+'.

Fitch also rates Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.  The
Rating Outlook is Negative.

Fitch's action affects approximately US$5.4 billion of total
debt including the revolving credit facility.

The Negative Outlook reflects:

   -- Integration risks inherent in an acquisition of this size,
      with the combined company expected to generate in excess
      of US$30 billion in annual revenue, particularly in an
      industry that is dependent on seamless day-to-day
      execution;

   -- The risk of customer loss following the acquisition of
      Solectron, although Fitch expects this risk to be
      Manageable; and

   -- Historically volatile free cash flow combined with
      relatively high leverage adds risk to the expectation that
      Flextronics will be able to reduce leverage in the near
      term in line with expectations.

The ratings reflect the following expectations:

   -- Flextronics has significant opportunity to decrease costs
      and improve cash flow pro forma for its acquisition of
      Solectron;

   -- Flextronics will continue to outgrow its North American
      peers and gain global market share;

   -- Pro forma free cash flow in excess of US$500 million which
      will be utilized to repay debt over the next several years
      in addition to making small acquisitions;

   -- Pro forma leverage of approximately 2.7 times (x), which
      is expected to decrease to 2x or below within 2 years;

   -- The global competitive environment remains challenging,
      which could negatively affect profitability and free cash
      flow expectations.

Credit strengths include:

   -- Flextronics' competitive advantage in its scale and scope
      of operations;

   -- Strong execution track record as evidenced by the
      company's peer leading metrics including return on
      invested capital of 10.4% and cash conversion cycle days
      of 13;

   -- High working capital nature of the business, which
      represents an additional source of liquidity in business
      downturns.

Credit concerns include:

   -- Near-term integration risks;

   -- Difficult competitive environment which has pressured
      profitability across the industry;

   -- Potential for future acquisitions to have a negative
      impact on the expected repayment of debt;

   -- Customer concentration risk as the top 10 customers
      represent approximately 60% of total revenue.

Flextronics acquired Solectron for US$3.6 billion in total
consideration.  Approximately US$2.5 billion of that
consideration was paid in Flextronics stock with the remaining
Us$1.1 billion paid in cash.  Additionally, Flextronics will
redeem Solectron's existing debt totaling approximately US$675
million.  Flextronics is utilizing a US$1.9 billion senior
unsecured term loan which matures in 2014 to cover the cash
expense of the acquisition and debt redemption.  The downgrade
of the subordinated notes from 'BB' to 'BB-' reflects the
issuance of senior unsecured debt where previously all of
Flextronics' outstanding debt was subordinated.

Fitch estimates pro forma leverage (total debt/operating EBITDA)
to be 2.7x and interest coverage (EBITDA/interest expense) at
approximately 4.8x including the EBITDA contribution from
Solectron for its latest 12 month (LTM) period ended June 1,
2007.  After adjusting for off-balance sheet debt and operating
leases, Fitch estimates pro forma adjusted leverage (total
adjusted debt / operating EBITDAR) to be 3.8x.

Pro forma for the close of the transaction, liquidity is
expected to be solid with approximately Us$1.4 billion in cash
and a fully available Us$2 billion senior unsecured revolving
credit facility which matures in 2012.  Additionally,
Flextronics utilizes a US$750 million accounts receivable
securitization program which provides additional liquidity, of
which US$538 million was outstanding on June 29, 2007, for which
the company received $416 million of cash proceeds with the
remaining balance representing Flextronics' investment
participation in the program.

Total debt, pro forma for the close of the acquisition, is
expected to be approximately Us$3.4 billion, consisting of
US$1.9 billion in a senior unsecured term loan B which matures
in 2014, US$195 million in 0% junior subordinated convertible
notes which mature in 2009, US$500 million in 1% convertible
subordinated notes which mature in 2010, Us$400 million in 6.5%
senior subordinated notes which mature in 2013, and Us$400
million in 6.25% senior subordinated notes which mature in 2014.  
In addition to the Us$416 million in cash proceeds from
outstanding receivables under Flextronics' Us$750 million
accounts receivable securitization facility, which Fitch
includes in its calculation of adjusted debt, Flextronics also
utilizes one-time sales of accounts receivable which, as of June
29, 2007, represented an additional US$443 million in off-
balance-sheet debt.


FLEXTRONICS: Moody's Assigns Ba1 on Term Loan with Neg. Outlook
---------------------------------------------------------------
On October 2, 2007, Moody's Investors Service confirmed the
ratings of Flextronics International, Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new US$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.  The initial draw on the
term loan (US$1.1 billion) will finance the cash portion of the
merger consideration.  Ratings confirmed include the company's
Ba1 corporate family rating and the Ba2 ratings on its senior
subordinated notes.  At the same time, Moody's upgraded
Solectron's convertible senior notes and senior subordinated
notes to Ba2 from B3 and withdrew Solectron's B1 corporate
family, B1 probability-of-default and SGL-1 speculative grade
liquidity ratings.  These rating actions conclude a review of
Flextronics' and Solectron's ratings initiated on June 4, 2007.

The Ba1 rating of the new unsecured term loan is consistent with
Moody's press release dated September 19, 2007 in which a
provisional rating of (P)Ba1 was assigned to the proposed US$2.5
billion unsecured term loan pending closing of the Solectron
acquisition.  The total amount of the term loan has been reduced
to US$1.75 billion as the majority of Solectron shareholders
elected stock over cash.  The remaining US$650 million will be
drawn down and used to pay off Solectron debt over the next
several months.  The company has the option to redeem the US$150
million senior subordinated notes at the make-whole premium plus
accrued and unpaid interest in accordance with the indenture.
The holders of the US$450 million convertible notes have the
right to redeem the notes upon a change in control.  We expect
the process for redeeming the Solectron senior subordinated and
convertible notes to be completed by the end of 2007.  Upon
repayment of the notes in full, Moody's will withdraw the note
ratings.  To the extent that any stub notes remain outstanding,
they would likely be rated Ba2.

Flextronics' Ba1 corporate family rating reflects the company's
size and scale with combined revenue more than double that of
Jabil (its largest competitor in the North American market),
product and end market diversity, and reasonable credit metrics
with the expectation of improving cash flow generation and de-
leveraging.

The catalysts for EMS industry growth are largely attributable
to the overall increase in the electronics markets and the
outsourcing trends of OEMs, as well as the convergence of
similar capabilities of certain EMS companies with distributors
and ODM's.  Moody's believes that the acquisition of Solectron
will allow Flextronics to more effectively compete against the
major Asian providers on a global basis, most importantly Hon
Hai (Foxconn).  The combined company will not only be able to
generate significant production volumes at very low costs to
provide scalable economies for consumer markets, but also
manufacture highly-customized products in the networking,
communications, and computing markets.  In addition, Flextronics
will differentiate itself from its competitors through vertical
integration, breadth of service offerings, and geographic reach.

The rating also reflects risks associated with the volatility of
the EMS industry, exacerbated by client concentration and the
inherent challenges Flextronics will face in managing a global
business with revenue approximating US$30 billion.  Synergies
from the Solectron acquisition should be achievable given the
physical proximity of several key facilities to each other,
which provides an easier transition with facility closures, and
limited overlap between the various businesses and customers.
While it is expected that there will be a loss of some customer
accounts, due in part to customers' desire to find a second
source provider, there is limited overlap in the customer base.
Where there is overlap, there appear to be only a few business
lines where both Flextronics and Solectron provide the same type
of product or service.

The negative rating outlook for Flextronics reflects the near-
term integration and execution risks associated with the
Solectron acquisition as well as Moody's expectation that there
will continue to be pricing pressures from the OEM's.  The
ratings could be downgraded if there is a significant decline of
revenue or profitability or if the company is unable to generate
positive free cash flow on a sustained basis.

Flextronics' leverage is moderate on a reported basis with pro
forma total debt to CY 2008 EBITDA of 2.1x. Moody's makes
further adjustments to this indebtedness with the inclusion of
operating leases and securitized accounts receivables, bringing
this adjusted pro forma debt to approximately $4.5 billion with
leverage of around 3x.

Flextronics ratings assigned and confirmed:

   -- New $1.75 billion Unsecured Term Loan due 2014, of which
      US$1.1 billion is drawn, Ba1;

   -- Corporate Family Rating, Ba1;

   -- Probability-of-Default Rating, Ba1;

   -- US$400 million 6.25% Senior Subordinated Notes, due 2014,
      Ba2;

   -- US$400 million 6.5% Senior Subordinated Notes, due 2013,
      Ba2;

   -- US$8.2 million 9.875% Senior Subordinated Notes, due 2010,
      Ba2; and

   -- Speculative Grade Liquidity Rating of SGL-1.

Solectron ratings upgraded:

   -- US$450 million 0.5% Convertible Senior Notes due 2034,
      Ba2; and

   -- US$150 million 8.0% Senior Subordinated Notes due 2016,
      Ba2.

Solectron ratings withdrawn:

   -- Solectron Corporate Family Rating, B1;

   -- Solectron Probability-of-Default Rating, B1; and

   -- Speculative Grade Liquidity Rating of SGL-1.

Flextronics International Ltd., headquartered in Singapore and
with its main U.S. offices in San Jose, California, is one of
the largest global providers of contract electronics
manufacturing services (EMS) to OEMs. Upon the merger with
Solectron, its focus will be primarily with telecommunications
equipment, enterprise and personal computing, and mobile and
consumer digital markets.


REFCO INC: Axis Says Reimbursement Sought Isn't Part of Coverage
----------------------------------------------------------------
In response to the Declaratory Judgment Motion filed by former
directors of Refco, Inc., Wayne E. Borgeest, Esq., at Kaufman
Borgeest & Ryan LLP, in Valhalla, New York, states, behalf of
Axis Reinsurance Company, that the Axis Policy entitles
reimbursement to the Insureds, only when the covered defense
costs have been established.

Mr. Borgeest tells the Hon. Robert Drain of the U.S. Bankruptcy
Court for the Southern District of New York that Axis intends to
litigate the coverage issue, to determine that those costs
sought to be advanced by the Insured Parties are not covered by
the Axis Policy.

The Axis Policy, Mr. Borgeest explains, does not cover claims
arising from circumstances, transactions, or events on which any
Insured Party has knowledge and information.

Mr. Borgeest asserts that Axis had determined, through Refco's
filings in the Securities and Exchange Commission, as well as
the Examiner's Report, that the Insured Parties did have
relevant knowledge and information on the issues being
litigated.

Axis thus seeks summary judgment against all the insured
parties, and a declaration that, to the extent that the Court
orders the advancement of the defense costs, and later
determines that those costs are not covered by the Axis Policy,
the Debtors will repay the non-covered costs.

In response, the Directors insist that the Court should enter a
summary judgment in their favor, and against Axis.  The
Directors maintain that the Debtors have paid all premiums, and
the Directors, as well as other insured parties, have performed
all terms and conditions with respect to the Axis Policy.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a      
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 69;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC: Former Directors Want Axis to Pay Defense Costs
----------------------------------------------------------
Leo R. Breitman, Nathan Gantcher, David V. Harkins, Scott L.
Jaeckel, Thomas H. Lee, Ronald L. O'Kelley, and Scott A. Schoen,
former directors of Refco, Inc., ask the U.S. Bankruptcy Court
for the Southern District of New York to issue a declaratory
judgment requiring Axis Reinsurance Company to advance defense
costs to them, as incurred, pursuant to the terms of the excess
directors and officers liability insurance policy issued by Axis
to Refco.

The "tower" of D&O Insurance Policies consists of a primary
policy and five excess policies, issued by The U.S. Specialty
Insurance Company, Lexington Insurance Company, Axis, as
primary, first excess, and second excess policies.

The Directors, as well as other former Refco officers and
directors, have been named as defendants in various civil and
criminal proceedings relating to Refco's collapse.

Michael F. Walsh, Esq., at Weil, Gotshal & Manges, LLP, in New
York, reminds the Court that the Directors have requested
advancement of their defense costs, in accordance with the terms
of the Axis Policy, which Axis has refused to do.

According to Mr. Walsh, Axis had sought a declaration that the
claims asserted by the Insureds were not covered by the Axis
Policy.  The Court dismissed the complaint, stating that the
issues determining coverage overlap the factual issues to be
adjudicated, and directed Axis to make the advancement to the
Insureds, but not including the Directors.

Mr. Walsh discloses that the Insureds have already exhausted the
primary and first excess D&O Policies, and are incurring costs
as the litigation proceeds towards trial.

Accordingly, the Directors ask the Court to require Axis to
advance defense costs, in accordance with the Axis Policy, and
to award their reasonable attorneys' fees and expenses in
connection with the Action, as well as the adversary proceeding
commenced by Axis against Refco.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a      
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 69;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REFCO INC: Class Action Against Thomas H. Lee Partners Dismissed
----------------------------------------------------------------The United
States Bankruptcy Court for the District of Delaware
has dismissed the securities class action lawsuit commenced by
brokerage customers of Refco Capital Markets, Ltd., against
Thomas H. Lee Partners, controlling owner of Refco, Inc., and
Grant Thornton LLP, auditor of RCM.

"The complaint must be dismissed because it fails sufficiently
to allege deceptive conduct," District Judge Gerard E. Lynch
said in his 27-page opinion, entered Sept. 13, 2007.

Judge Lynch said that the RCM Customers Plaintiffs failed to
explain how T.H. Lee and the other defendants "created a false
impression" about the handling of customer assets.  The judge
found that the suit needed more details about the agreements
between RCM and its brokerage clients.

Judge Lynch did not rule on the merits of the case, saying that
the RCM Customers Plaintiffs did not allege enough facts to go
forward.

The Opinion addresses certain motions to dismiss filed by
defendants Tone N. Grant, Joseph J. Murphy, William M. Sexton,
Gerald M. Sherer, Philip Silverman, Robert C. Trosten, Phillip
R. Bennett, Grant Thornton and the THL Defendants.

Judge Lynch has granted leave to replead as to all defendants,
except Messrs. Silverman, Sexton, Murphy and Sherer.  The clerk
of the District Court will mark the case closed as to those
defendants.

As previously reported, the RCM Customers Plaintiffs, as
represented by Kirby, McInerney & Squire, LLP, entrusted, at any
time from October 17, 2000, to October 17, 2005, securities to
RCM and/or Refco Securities, LLC, directly or indirectly, as
custodian and broker for safe-keeping, and continued to hold
positions with RCM on the Petition Date or thereafter.

The Complaint charges Refco, 14 of Refco's senior officers and
directors, Refco's controlling shareholders, Refco's auditor,
and 19 financial institutions that underwrote the company's
common stock and bond offerings with violations of Sections10(b)
and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder.

In the lawsuit against Thomas H. Lee, and Grant Thornton, the
RCM Customers Plaintiffs asserted that the "brokerage secretly
sold their securities and 'diverted' the proceeds to other Refco
entities," according to Bloomberg News.

The RCM Customers Plaintiffs will advise the District Court by
Oct. 8, 2007, as to whether they intend to file an amended
complaint.  If so, the parties are directed to meet and confer
regarding a schedule for the filing of an amended complaint and
subsequent motions to dismiss, and to submit a stipulated
schedule, or competing proposed schedules, to the District Court
by Oct. 22.

Counsel to the RCM Customers Plaintiffs told Bloomberg News that
it is "likely" that a new complaint will be filed.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a      
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 69;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SCOTTISH RE: To Restate Basic Earnings Per Ordinary Share
---------------------------------------------------------
Scottish Re Group Limited filed a Form 8-K with the U.S.
Securities and Exchange Commission indicating that on
Sept. 12, 2007, the company received correspondence from the
agency providing several comments to certain of the company's
public filings.  The comments in the SEC's letter predominately
relate to disclosure matters the company believes will not
result in material changes, if any, to previously reported net
income or shareholders' equity.  The company has not yet
responded to the SEC's letter and therefore, not withstanding
the foregoing, cannot provide any guarantee the SEC will concur
with the company's approach to responding to any of the SEC's
comments.

The Form 8-K goes on to say that in conducting the review
necessary to respond to the SEC's letter, the company determined
it is required to restate basic earnings per ordinary share and
diluted earnings per ordinary share for the three months and six
months ended June 30, 2007, as reported in its Form 10-Q for
such period which was filed on Aug. 14, 2007.  The Form 8-K
further goes on to say the calculation of earnings per share for
such periods included in the Form 10-Q filed on Aug. 14, 2007
should no longer be relied upon and that the company intends to
file an amended Form 10-Q for the quarter ended June 30, 2007.

The requirement to restate the company's basic earnings per
ordinary share and diluted earnings per ordinary share arose
from the company's failure to deduct US$120.8 million
attributable to the beneficial conversion feature of the
Convertible Cumulative Participating Preferred Shares issued on
May 7, 2007 in calculating net loss available to ordinary
shareholders for the purposes of earnings per share, in
accordance with EITF Topic D-98.  The impact of this change is a
reduction in basic income per ordinary share of US$1.46 to a
basic loss per ordinary share of US$(0.30) for the three months
ended June 30, 2007, and a reduction in basic income per
ordinary share of US$0.98 to a basic loss per ordinary share of
US$(0.84) for the six months ended June 30, 2007.  The further
impact of this change is a reduction in diluted income per
ordinary share of US$0.63 to a diluted loss per ordinary share
of US$(0.30) for the three months ended June 30, 2007, and a
reduction in diluted income per ordinary share of US$0.58 to a
diluted loss per ordinary share of US$(0.84) for the six months
ended June 30, 2007.

The US$120.8 million deduction is a one-time, non-cash, deemed
dividend and does not have an effect on net income,
comprehensive income or cash flows for the three and six months
ended June 30, 2007, nor will it have an impact on total
shareholders' equity as of June 30, 2007.

The company continues to communicate with the SEC and to conduct
the review necessary to respond appropriately to all of the
comments in the SEC's letter.

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

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

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


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

KRUNG THAI: Krungthai Card Tightens Rules on Personal Borrowing
---------------------------------------------------------------
Krungthai Card, an affiliate of Krung Thai Bank PCL, said that
it will tighten standards regarding lending and personal loans
released to individuals having income of at least THB10,000 a
month in light of rising credit risk,  managing director Niwatt
Chittalarn told the Bangkok Post.

Only individuals with an income of at least THB15,000 a month
will be eligible to apply for credit cards, Mr. Niwatt added.  
Mr. Niwatt also specified that new customers should also have
monthly debt obligations accounting for no more than 80% of
total revenues in order to be accepted by the bank.

The company revamped its lending policies because of higher
default risk for low-income income borrowers since most of them
use new credit for additional purchases instead of refinancing
existing debt, the article relates.

The company finds that it did not make sense to pursue low
income customers given the higher credit risk than with
wealthier borrowers, Mr. Niwatt said.  He then pointed out that
it was a "big problem for the industry" since operators tend to
focus more on growth than on quality and the value of educating
borrowers.

The company official then criticized the credit discipline,
saying that "it's almost become part of [Thailand's] social
values, that [one] can borrow without repaying."

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

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

                          *     *     *

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




                           *********

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 ***