TCRAP_Public/071005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, October 5, 2007, Vol. 10, No. 198

                            Headlines

A U S T R A L I A

BASIS CAPITAL: Plans Splitting Pac-Rim Fund for Protection
CARWARI PTY: Taps Richard Judson as Liquidator
COLES GROUP: Chief Executive Volunteers 22% Pay Cut
CRC FOR INTELLIGENT: Members to Hear Wind-Up Report on Oct. 12
HAWKELAND PTY: Sets Joint Meeting for October 18

KH FOODS: Posts AU$30.5-Million Net Loss for FY2007
KOBAYASHI PTY: Members Resolve to Liquidate Business
LIFE THERAPEUTICS: Octapharma Offers US$60MM for Plasma Centers
LYNDOW PTY: Placed Under Voluntary Liquidation
NORDALE AUSTRALIA: Appoints Burness and Jess as Liquidators

ROSS LLOYD: Placed Under Voluntary Liquidation
SCOTT-OSMOND HOLDINGS: Commences Wind-Up Proceedings
WELL-PAVED: Liquidator to Give Wind-Up Report on Oct. 18
WILDWOOD FURNITURE: Members & Creditors to Meet on Oct. 18


C H I N A   &   H O N G  K O N G

ABN AMRO: Starts Liquidation Proceedings
ACXIOM CORP: Charles Morgan to Retire from Chairmanship
ACXIOM CORP: Silver Lake and ValueAct Terminates Merger Deal
ACXIOM CORP: Cancelled Buyout Cues S&P to Retain Negative Watch
CATHAY TRADE: Appoints Seng and Lo as Liquidators

CHINA PROPERTIES: To Sell 4.8% Stake to The Children's Fund
CHINA SOUTHERN: Bags Exclusive Use of Xianyang's Terminal One
CITIC GROUP: Kazakh's KMG Buys 50% Oil Assets for US$930 Mil.
EAST GREAT SERVICES: Undergoes Liquidation
GREAT CHINA: Unit Bags CNY450-Million Loan from Shenyang Huahai

LEI SHING: Members' Final General Meeting Set for Nov. 1
NIHON (HONG KONG): Creditors' Proofs of Debt Due on Oct. 29
PROTEK ASIA: Appoints Chu Kam Chiu as Liquidator
SAIYU MANAGEMENT: Chung and Toohey Quit as Liquidators
SINO BRILLIANT: Sets Final Meeting for October 24

SOMET (FAR EAST): Placed Under Voluntary Wind-Up
TCL CORP: Looks to Get Nod on IPO; Proceeds to Fund Project
TIME GAIN: Liquidators Quit Post


I N D I A

EXIDE TECHNOLOGIES: US$91.7 Million Rights Offering Expires
GENERAL MOTORS: Lehman Bros. Maintains Equal Weight Rating
GENERAL MOTORS: September 2007 Deliveries Up 4%
ICICI BANK: India to Approve Singapore Stake Increase to 20%
ICICI BANK: Clarifies Media Report on Raising US$11 Billion

INDUSTRIAL DEV'T BANK: Issues 5th Tranche of Omni Bonds 2007
IFCI LTD: Eight Firms Show Up in Pre-bid Meeting for 26% Stake
PRIDE INTERNATIONAL: Earns US$146.1 Mil. in Qtr. Ended June 30
SUN MICROSYSTEMS: Revamping Pact with LatAm Dev't Partners


I N D O N E S I A

ALCATEL-LUCENT SA: Board Affirms Support for CEO Patricia Russo
ALCATEL-LUCENT: Launches BlackBerry Solution in Ukraine
ALLIANCE ONE: Exchange Offer for 8-1/2% Senior Notes Expires
BAKRIE SUMATERA: Sets Up JV for Palm Plantation Area Expansion
GAJAH TUNGGAL: Postpones 28% Stake Sale in Polychem Indonesia

GAJAH TUNGGAL: Targets 60% Increase in FY 2007 Operating Profit
PERUSAHAAN LISTRIK: Pertamina May Stop Supplying Oil Products


J A P A N

ALL NIPPON: Kicks Off Cabin Crew Exchange with Asiana
HANKYU-HANSHIN: Unveils New Holding Company -- H2O Retailing
JVC CORP: To Develop New Technologies with Kenwood Corp.
SOFTBANK CORP: Telecom Unit Ties Up with Siemens on Module Biz


K O R E A

BHK INC: To List on London's AIM Stock Exchange
DASTEK CO: Completes Private Placement of Common Shares
NVIDIA CORP: S&P Affirms BB- Corp. Rating with Stable Outlook


M A L A Y S I A

CHIN FOH: Reform Plan Rejection Leads to Oct. 10 Delisting
KNOLL INC: Completes Acquisition of Edelman Leather
SOLECTRON CORP: Fitch Upgrades & Withdraws Ratings
SOLECTRON CORP: Moody's Puts Ba1 Rating on US$1.75 Bln Term Loan
TALAM CORP: Regulator Orders Reinstatement of '07 Results

TENGGARA OIL: Posts MYR1.09-Mil. Net Loss in Qtr Ended July 31


N E W  Z E A L A N D

BAGLEY CONSTRUCTION: Fixes Oct. 12 as Last Day to File Claims
D.E.M TRANSPORT: Court to Hear Wind-Up Petition on October 8
HAZARD PRESS: Commences Liquidation Proceedings
IRON MOUNTAIN: Acquires RMS Services for US$27 Million
MAMAKU CONTRACTORS: Faces CIR's Liquidation Petition

MELARY LTD: Requires Creditors to File Claims by Oct. 15
MOKOIA ISLAND: Subject to CIR's Wind-Up Petition
RHODES APARTMENTS: Court to Hear Wind-Up Petition on Oct. 8
ROSEMARY DERRICK: Creditors' Proofs of Debt Due on Oct. 18
SAFE AND SOUND: Appoints Finnigan and van Delden as Liquidators

TRIKKE NEW ZEALAND: Taps Deuchrass and Jenkins as Liquidators


P H I L I P P I N E S

BAYAN TELECOMMS: Turns Parent's Advances Into PHP4-Bil. Equity
BAYAN TELECOMMS: Sees PHP10-Bil. Expenses for Wireless Service
CHINA BANKING: Approves Change of Manila Bank's Business Names
JG SUMMIT: Food Unit Acquires Consing Family's Passi Sugar Plant
LAFAYETTE MINING: Rapu-Rapu Secures US$10-Million Capital Loan

PAL HOLDINGS: Trustmark Offering Cues PSE's Trading Suspension
PHIL AIRLINES: May Sell Shares or Tap Debt Market for Financing


S I N G A P O R E

LEAR CORP: Names Matthew Simoncini as Chief Financial Officer
SPECTRUM BRANDS: Closes US$225-Million Revolving Credit Facility
SPECTRUM BRANDS: Fitch Puts B/RR1 Rating on US$225-Mln Sr. Loan
SPECTRUM BRANDS: Selling Canadian Business Division to RoyCap
SPECTRUM BRANDS: Agrees to Sell Canadian Home & Garden Division


T H A I L A N D

SIAM GENERAL FACTORING: Reports Process of EWC Case Settlement
SRITHAI FOOD: SET May Delist Securities After Operations Halt
TMB BANK: Gen. Sonthi Boonyaratglin Steps Down as Director


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

BASIS CAPITAL: Plans Splitting Pac-Rim Fund for Protection
----------------------------------------------------------
Basis Capital Funds Management Ltd. said it plans to split its
Pac-Rim Opportunity Fund, protecting the better-performing,
high-yield Asian assets from the fund's badly hit structured-
credit investments, Richard Gluyas of The Australian reports.

The split plan, writes Mr. Gluyas, would let the embattled
hedge-fund manager start attracting new funds and create much-
needed liquidity, with investors currently unable to withdraw
their money.  In line with this, Pac-Rim fund stockholders would
be given shares in each of the two new funds, Mr. Gluyas
conveys, citing British media reports.

According to The Australian, the Sydney-based hedge fund
structure is complicated with the Aust-Rim fund indirectly
investing in the Pac-Rim master fund, as a shareholder in a
feeder fund.  The article notes, that as of last May, half of
the master fund's assets were comprised of liquid and high-yield
credit securities in Asia and other emerging markets while the
other half was accounted for by structured credit securities,
including a US$79 million investment in the Basis Yield Alpha
fund.

Mentioning British media reports, Mr. Gluyas relates that Pac-
Rim fund said it had also lost around half of its worth in June
and July, mostly due to a collapse in the value of its
structured-credit investments.

The Australian hedge-fund said it has not decided not to reset
the level at which its 20% performance fees are charged, after
the proposed Pac-Rim fund split, states The Australian.  This
means fees would not be payable until investors recouped their
losses.

However, the approach contrasts with Majorca-based and London-
listed manager Absolute Capital Management, which has asked
investors to approve a reset of performance fee levels, after a
split of five funds, so it can continue paying staff, reports
Mr. Gluyas.

On October 2, 2007, Troubled Company Reporter-Asia Pacific
reported that Basis Capital's Aust-Rim Fund lost half its value
in July as it attempted to restructure the fund to prevent it
breaching agreements with banks that financed its leveraged
investments in structured credits and high-yield debt
securities.

                       About Basis Capital

Basis Capital Funds Management Ltd. manages and advises multi
strategy, relative value and arbitrage funds for Australian
domestic and international investors.

The Troubled Company Reporter-Asia Pacific reported on July 30,
2007, that the Basis Field Fund and Basis Aust-Rim Fund ran into
trouble by investing in the unrated, riskiest portions of
collaterized debt obligations.  These portions also known by
bankers as "toxic waste" are first in line for any losses when
borrowers fall short on mortgage payments and have hired
Blackstone Group LP as an adviser to help avoid a fire of sale
of assets.  Blackstone will advise the hedge fund firm "to
prevent adverse pricing and selling of assets."

The TCR-AP reported on Oct. 2, 2007, that after seeking
bankruptcy protection for Basis Yield Fund, Basis Capital
founders Stuart Fowler and Steve Howell said that Aust-Rim fund
lost a calamitous 33% in value in July as the Sydney-based hedge
fund attempted to restructure the fund to prevent it breaching
agreements with banks that financed its leveraged investments in
structured credits and high-yield debt securities.


CARWARI PTY: Taps Richard Judson as Liquidator
----------------------------------------------
During a general meeting held on August 23, 2007, the members of
Carwari Pty Ltd agreed to voluntarily wind up the company's
operations.

Richard Judson was appointed liquidator.

The Liquidator can be reached at:

         Richard Judson
         c/o Members Voluntarys Pty. Ltd.
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                        About Carwari Pty

Carwari Pty Ltd is in the business of food preparations.  The
company is located at Marrickville, in New South Wales,
Australia.


COLES GROUP: Chief Executive Volunteers 22% Pay Cut
---------------------------------------------------
Coles Group Ltd.'s outgoing chief executive officer, John
Fletcher, volunteered for a 22% pay cut in 2007 -- a turbulent
year when a dramatic plunge in supermarket sales led to a profit
downgrade and an auction for the retailer, Nabila Ahmed of The
Age reports.

According to Mr. Ahmed, Mr. Fletcher blamed the failed execution
of his ill-fated Bi-Lo conversion strategy for the result.
Despite this, Mr. Fletcher still pocketed AU$3.56 million for
fiscal 2007.

Mr. Fletcher, opted against AU$1 million of performance shares
in the period, earning less than the AU$4.57 million he took
home in fiscal 2006 and declined AU$3.03 million of performance
shares for 2008 and 2009, writes the Age, saying that details of
Mr. Fletcher's salary and potential payout were revealed in
Coles' annual report.

However, if the Wesfarmers AU$19 billion bid for Coles succeeds,
Mr. Fletcher, notes The Age, will still walk away with AU$27.5
million.  The sum is calculated on the basis that he sells all
his interest in the retailer, includes a year's base salary of
AU$2.5 million.

                        About Coles Group

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

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


CRC FOR INTELLIGENT: Members to Hear Wind-Up Report on Oct. 12
--------------------------------------------------------------
The members of CRC for Intelligent Manufacturing Systems and
Technologies Limited will meet on October 12, 2007, at 11:00
a.m., to receive the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         G. J. Keith
         Grant Thornton, Rialto Towers
         South Tower, Level 35
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                   About CRC for Intelligent

CRC for Intelligent Manufacturing Systems and Technologies
Limited is involved with commercial physical and biological
research.  The company is located at Preston, in Victoria,
Australia.


HAWKELAND PTY: Sets Joint Meeting for October 18
------------------------------------------------
The members and creditors of Hawkeland Pty. Ltd. will hold their
joint meeting on October 18, 2007, at 3:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Richard Judson
         c/o Members Voluntarys Pty. Ltd.
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                       About Hawkeland Pty

Hawkeland Pty Ltd is a distributor of durable goods.  The
company is located at Mornington, in Victoria, Australia.


KH FOODS: Posts AU$30.5-Million Net Loss for FY2007
---------------------------------------------------
Baker and biscuit maker KH Foods Limited posted a net loss of
AU$30.5 million for the year to July 31, 2007, on sales of
AU$61.5 million, FoodWeek Online says.

The company posted a net loss of almost AU$40 million for the
year ended July 31, 2006, the report relates.  KH Foods recorded
a AU$14-million loss for the first half of the 2007 fiscal year.

FoodWeek cites KH Foods' directors as saying that the trading
loss is totally unacceptable.

The company admitted that it has lost contracts to its
competitors while trying to achieve better prices from its
grocery customers.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on Sept. 28, 2007,
recorded KH Foods as having total assets of US$62.30 million and
total shareholders' equity deficit of US$1.71 million.

KH Foods Limited -- http://www.keithharris.com.au/-- is an
Australia-based company engaged in the manufacture and sale of
bakery products, such as savories, cakes, desserts and bread.
It operates in three business divisions: flavor and fragrances
division, which is engaged in the manufacture and sale of
flavors, essences and colors to the food industry, and
fragrances and colors to the industrial and cosmetic industries;
bakery division, which is engaged in the manufacture and sale of
bakery products, and investments division, which is engaged in
investments in shares listed on prescribed stock exchange,
dividend revenue and interest on short term deposits.  The
flavor and fragrances division was sold with effect from
Jan. 31, 2005.  Some of its wholly owned subsidiaries include
Jusfrute Limited, United Beverages Pty. Ltd., Redland Industries
Pty. Ltd., Keith Harris Extracts Pty. Ltd. and Quotidian No.115
Pty. Ltd.  As of January 22, 2007, Washington H. Soul Pattinson
and Co. Ltd. held an 86.62% interest in the company.


KOBAYASHI PTY: Members Resolve to Liquidate Business
----------------------------------------------------
At an extraordinary general meeting held on August 28, 2007, the
members of Kobayashi Pty Ltd resolved to voluntarily liquidate
the company's business.

Stan Traianedes was appointed as liquidator at the creditors'
meeting held later that day.

The Liquidator can be reached at:

         Stan Traianedes
         McLean Delmo Hall Chadwick
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia

                       About Kobayashi Pty

Kobayashi Pty Ltd is involved with manufacturing industries.
The company is located at Melbourne, in Victoria, Australia.


LIFE THERAPEUTICS: Octapharma Offers US$60MM for Plasma Centers
---------------------------------------------------------------
Life Therapeutics (ASX: LFE) disclosed with the Australian Stock
Exchange that its Board of Directors has received a second
unsolicited offer of US$60 million cash for LFE's 14 operating
plasma collection centers and the central testing laboratory.

The company said that the offer follows its September 21, 2007
announcement of an unsolicited cash offer of US$50 million that
it received from Octapharma AG.

Trading Markets notes that the US$60-million cash offer has been
made by "a significant fractionator," whose name was not
disclosed, although the entity is not associated with either
Octapharma or Kedrion SpA.

The Troubled Company Reporter-Asia Pacific reported on Sept. 25,
2007, that Life Therapeutics initially received an acquisition
offer of AU$58.1 million for its plasma collection centers from
the Swiss-based Octapharma.

According to Trading Markets, Octapharma has been informed that
whilst its original offer was not acceptable to the board, a
revised offer would be considered.  The company said it was now
conducting further discussions with Octapharma following that
company's earlier offer.

Thus, Trading Markets says, Life Therapeutics directors will now
give due consideration to this new offer in the best interests
of shareholders.

Moreover, discussions are also taking place with Kedrion in
light of these developments.

As previously reported, Life Therapeutics entered into a
transaction with Kedrion wherein LFE will receive an 11.5%
equity stake in Kedrion in consideration for the sale of the 14
plasma collection centers.  Upon completion of the transaction,
a new joint venture company owned by LFE and Kedrion will
operate the business of the transferred collection centers.

                    About Life Therapeutics

Headquartered in New South Wales, Australia, Life Therapeutics
Limited --  http://www.life-therapeutics.com/-- is engaged in
the collection, management and distribution of plasma-based
products, and development, manufacture and sale of
electrophoresis, hematology and Gradiflow products. It operates
in five segments: Life Sera, which collects specialty plasma,
including Anti D and Hepatitis B; Life Diagnostics, which
develops, manufactures and distributes diagnostic products into
the diagnostic marketplace; Life Gels, which develops,
manufactures and distributes pre-cast electrophoresis gels into
the laboratory market; Life Bioprocess, which markets the
Gradiflow technology in both the commercial and research
markets, and Life Shared Services, which conducts corporate
functions of the organization. At June 30, 2006, the Life Gels
and Life Bioprocess division were classed as discontinued
operations. In November 2006, the Company completed the spin out
of its Australian assets by transferring these assets to a
wholly owned subsidiary, NuSep Ltd.

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

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


LYNDOW PTY: Placed Under Voluntary Liquidation
----------------------------------------------
During a general meeting held on August 28, 2007, the members of
Lyndow Pty Ltd agreed to voluntarily liquidate the company's
business.

Sule Arnautovic was appointed as liquidator.

The Liquidator can be reached at:

         Sule Arnautovic
         Jenkins Peake Chartered Accountants
         PO Box 1570
         Geelong, Victoria 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                        About Lyndow Pty

Located at Belmont, in Victoria, Australia, Lyndow Pty Ltd is an
investor relation company.


NORDALE AUSTRALIA: Appoints Burness and Jess as Liquidators
-----------------------------------------------------------
During a general meeting held on August 24, 2007, the members of
Nordale Australia Pty Ltd resolved to voluntarily liquidate the
company's business.

Paul Burness and Matthew Jess were appointed liquidators.

The Liquidators can be reached at:

         Paul Burness
         Matthew Jess
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5515
         Facsimile:(03) 9314 3233
         Web site: http://www.worrells.net.au

                    About Nordale Australia

Nordale Australia Pty Ltd is a distributor of chemicals and
allied products.  The company is located at Riverwood, in New
South Wales, Australia.


ROSS LLOYD: Placed Under Voluntary Liquidation
----------------------------------------------
The members of Ross Lloyd Realty Pty Limited met on August 23,
2007, and agreed to voluntarily liquidate the company's
business.

Richard Judson was tapped liquidator.

The Liquidator can be reached at:

         Richard Judson
         c/o Members Voluntarys Pty. Ltd.
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                        About Ross Lloyd

Located at Yarrawonga, in Victoria, Australia, Ross Lloyd Realty
Pty Limited is an investor relation company.


SCOTT-OSMOND HOLDINGS: Commences Wind-Up Proceedings
----------------------------------------------------
During a general meeting held on August 23, 2007, the members of
Scott-Osmond Holdings Pty. Ltd. agreed to voluntarily wind up
the company's operations.

Richard Judson was appointed liquidator.

The Liquidator can be reached at:

         Richard Judson
         c/o Members Voluntarys Pty. Ltd.
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                  About Scott-Osmond Holdings

Scott-Osmond Holdings Pty Ltd operates offices of holding
companies.  The company is located at St Marys, in New South
Wales, Australia.


WELL-PAVED: Liquidator to Give Wind-Up Report on Oct. 18
--------------------------------------------------------
A joint meeting will be held for the members and creditors of
Well-Paved Pty Ltd on October 18, 2007, at 4.00 p.m.

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

The Liquidator can be reached at:

         Richard Judson
         c/o Members Voluntarys Pty. Ltd.
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                         About Well-Paved

Well-Paved Pty Ltd is a distributor of construction and mining
machineries and equipments.  The company is located at
Mornington, in Victoria, Australia.


WILDWOOD FURNITURE: Members & Creditors to Meet on Oct. 18
----------------------------------------------------------
The members and creditors of Wildwood Furniture Pty. Ltd. will
hold their joint meeting on October 18, 2007, at 4:30 p.m.

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

The Liquidator can be reached at:

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

                    About Wildwood Furniture

Wildwood Furniture Pty Ltd is a distributor of wood household
furnitures.  The company is located at Heidelberg West, in
Victoria, Australia.


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

ABN AMRO: Starts Liquidation Proceedings
----------------------------------------
On September 24, 2007, the sole member of ABN Amro Mellon Asia
Limited passed a resolution to have the company's operations
wound up.

Paul David Stuart and Yeung Betty Yuen were appointed
liquidators.

The Liquidators can be reached at:

         Paul David Stuart
         Yeung Betty Yuen
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


ACXIOM CORP: Charles Morgan to Retire from Chairmanship
-------------------------------------------------------
Charles Morgan, Acxiom(R) Corporation's chairman and company
leader, will retire from his post 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.

Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, 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.


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, France, Germany,  Australia and
China.


ACXIOM CORP: Cancelled Buyout Cues S&P to Retain Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P 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 CEO 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 Standard & Poor's credit analyst Phil Schrank.

Although Acxiom's current debt levels are moderate for the
rating, in the 2x 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.


CATHAY TRADE: Appoints Seng and Lo as Liquidators
-------------------------------------------------
Natalia K M Seng and Susan Y H Lo were appointed liquidators of
Cathay Trade Services, Asia Limited, on September 14, 2007.

The company went into liquidation on that day.

The Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


CHINA PROPERTIES: To Sell 4.8% Stake to The Children's Fund
-----------------------------------------------------------
China Properties Group Ltd will sell a 4.76% stake to a unit of
British hedge fund The Children's Investment Fund Management for
some US$57 million to finance new projects, various sources say.

In a statement with the local bourse, China Properties said it
would sell 90.33 million shares to The Children's Investment
Master Fund at HK$4.93 per share, a 2% discount to the stock's
closing price of HK$5.03 on Sept. 28.

The net proceeds of HK$436 million (US$56 million) will be used
for the acquisition and development of new projects in China and
as general working capital, it said in a statement.


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

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

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

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


CHINA SOUTHERN: Bags Exclusive Use of Xianyang's Terminal One
--------------------------------------------------------------
China Southern Airlines has signed an agreement to acquire the
exclusive use of Terminal One at Xianyang International Airport,
Asia Travel says.

The deal, according to the report, marks the second all-China
Southern airport terminal outside of the airline's worldwide
home at Baiyun International Airport in Guangzhou -- as China
Southern has full flight operations at Terminal One at Beijing
Capital International Airport.

Located some 30 kilometers from downtown Xi'an, the brand new
Terminal One at Xi'an's Xianyang International Airport
officially opened to the public on September 12.

Passengers can now take China Southern flights and flights
operated by the airline's subsidiary carriers exclusively from
Terminal One.


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

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

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


CITIC GROUP: Kazakh's KMG Buys 50% Oil Assets for US$930 Mil.
-------------------------------------------------------------
Kazakh oil firm KazMunaiGas E&P will pay US$930 million for half
of Chinese firm CITIC Group's Kazakh oil assets, which CITIC
purchased last year from Canada's Nations Energy, Reuters
reports, citing a statement from KMG.

According to Reuters, CITIC agreed to pay US$1.9 billion for
Nations Energy, but was forced to give KazMunaiGas the option to
buy 50% when the Kazakh government threatened to block the sale.

The Kazakh company said its board had approved the deal,
including US$875.5 million of purchase costs and US$54.5 million
of financing costs.  The acquisition is expected to be completed
before the end of the year.

CITIC's main asset is Karazhanbasmunai, a large oil and gas
company developing the Karazhanbas field in the western part of
Kazakhstan with total proven reserves of 363.8 million barrels
of oil and output of 2.3 million tons a year or 42,700 barrels
per day.

The Chinese group said it would guarantee an US$805 million loan
to let KazMunaiGas buy half the asset, Reuters notes.  KMG E&P
said some US$150 million will come from its own funds while
CITIC will provide financing of the remaining balance.

"With the acquisition of Karazhanbasmunai we continue to
implement our growth strategy by adding another 10% to our
current production level," the statement quoted Askar Balzhanov,
Chief Executive Officer of KMG E&P.


State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's
international investments, as well as some domestic ones.  Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

The Troubled Company Reporter-Asia Pacific reported on Feb. 13,
2007, that Standard & Poor's Ratings Services removed the BB+
long-term and B short-term foreign currency counterparty credit
rating on CITIC Group from CreditWatch.  The outlook on the
ratings is developing.

At the same time, Standard & Poor's also removed the BB+ foreign
currency issue rating on the group's senior unsecured debt from
CreditWatch.


EAST GREAT SERVICES: Undergoes Liquidation
------------------------------------------
At an extraordinary general meeting held on September 21, 2007,
the members of East Great Services Limited resolved to
voluntarily liquidate the company's business.

Creditors who can file their claims by October 30, 2007, will be
included in the company's dividend distribution.

The company's liquidators are:

         Ricky P.O. Chong
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


GREAT CHINA: Unit Bags CNY450-Million Loan from Shenyang Huahai
---------------------------------------------------------------
On September 28, 2007, Shenyang Hunnan Loyal Best Property
Development Ltd., an indirect wholly-owned subsidiary of Great
China International Holdings, Inc., obtained a loan of
CNY450 million from Shenyang Huahai International Investment
Co., Ltd, Reuters says.

The capital will be utilized by Loyal Best's land development
project located at the center area of Hunnan New Zone in the
city of Shenyang, China.

The principal amount of the Loan bears interest at 10.02% per
month, which is payable at maturity of the Loan five months
following funding.


Founded in 1989, Great China International Holdings'
(OTCBB:GCIH) wholly owned subsidiary, Shenyang Maryland
International Industry Co., Ltd., is one of the largest non-
state-owned real estate developers in Northeast China.  The
company's core business is premium residential and commercial
development and management.

It currently owns and manages the President Building, which was
completed in April 2002, with 25 tenants comprised of Fortune
500 companies, including General Electric (China) Co., Ltd.,
Johnson & Johnson, Kodak and Philip Morris.

The company's prior developments included the Maryland Building,
Roma Resort Garden, Qiyun New Village, Peacock Garden,
University Campus of Shenyang Teacher's University, and
Chenglong Garden, mostly located in Shenyang.

                        Going Concern Doubt

The Company was in default on US$35,642,750 of bank loans and
US$20,000,000 of additional current bank loans as of June 30,
2006.  Moreover, the Company also had a working capital deficit
of US$114,827,084 as of June 30, 2006.

Murrell, Hall, McIntosh & Co., PLLP expressed a substantial
doubt on the Company's ability to continue as a going concern
after it audited the company's second quarter and first half
report for the period ended June 30, 2006.


LEI SHING: Members' Final General Meeting Set for Nov. 1
--------------------------------------------------------
A final general meeting will be held for the members of Lei
Shing Hong Nominee Limited on November 1, 2007, at 10:00 a.m.,
at the 8th Floor of New World Tower I, 18 Queen's Road, in
Central, Hong Kong.

At the meeting, Lim Mooi Ying, Marianne, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


NIHON (HONG KONG): Creditors' Proofs of Debt Due on Oct. 29
-----------------------------------------------------------
On September 19, 2007, the shareholders of Nihon (Hong Kong)
Company Limited resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt by Oct. 29,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Darach Eoghan Haughey
         Lai Kar Yan, Derek
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


PROTEK ASIA: Appoints Chu Kam Chiu as Liquidator
------------------------------------------------
At an extraordinary general meeting held on September 20, 2007,
the members of Protek Asia (H.K.) Limited passed a resolution to
liquidate the company's business.

Chu Kam Chiu was appointed liquidator.

The Liquidator can be reached at:

         Chu Kam Chiu
         Lap Fai Building, Room 803, 8th Floor
         6-8 Pottinger Street, Central
         Hong Kong


SAIYU MANAGEMENT: Chung and Toohey Quit as Liquidators
------------------------------------------------------
On September 18, 2007, Rainier Hok Chung Lam and John James
Toohey quit as liquidators of Saiyu Management Limited.

The former Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         Prince's Building, 22nd Floor
         Central, Hong Kong


SINO BRILLIANT: Sets Final Meeting for October 24
-------------------------------------------------
Sino Brilliant Investments Limited will hold its final meeting
on October 24, 2007, at 2:15 p.m., at Flat E, 12th Floor of Tak
Lee Commercial Building, 113-117 Wanchai Road, Hong Kong.

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


SOMET (FAR EAST): Placed Under Voluntary Wind-Up
------------------------------------------------
At an extraordinary general meeting held on September 14, 2007,
the members of Somet (Far East) Limited resolved to voluntarily
wind up the company's operations.

Natalia K M Seng and Susan Y H Lo were appointed liquidators.

The Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


TCL CORP: Looks to Get Nod on IPO; Proceeds to Fund Project
-----------------------------------------------------------
TCL Corporation is now waiting for the regulatory nod to launch
a share offering to gain CNY2.3 billion, SinoCast News reports.

According to the report, the funds will be used to finance TCL
Corp.'s two liquid crystal display (LCD) modules making
projects.  The projects are estimated to need CNY1.4 billion
combined investment, the report adds.

Insiders close to the situation told the news agency that the
offering will not be approved until the end of October.

To prepare for the plants, the color TV maker has also appointed
Zhao Zhongyao, its senior vice president, as the leader for the
LCD projects.  It is also luring elites from global prominent
LCD makers, such as Chunghwa Picture Tubes Ltd., the No. 1
player in Taiwan, SinoCast says.

Currently, TCL has more than six LCD TV plants around the world
and the capacity is to climb to 4 million sets by the end of
2008.  But about 50% of the LCD modules are to be purchased from
companies of South Korea, Japan and other nations, said Li
Dongsheng, chairman of the company.

Producing the modules by its own is estimated to cut TCL's LCD
TV cost by 30%.

The two LCD modules making projects, based in Hainan, are
expected to bring at least US$30 million profits to TCL each
year, thus with a much higher profit rate than those generated
by color TVs, the report notes.


Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the
manufacture of TV sets and handset products.

TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication .

Xinhua Far East China Ratings has downgraded on April 7, 2006,
the domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


TIME GAIN: Liquidators Quit Post
--------------------------------
On September 24, 2007, Man Mo Leung and Kenneth Graeme Morrison
quit as liquidators of Time Gain Company Limited.

The former Liquidators can be reached at:

         Man Mo Leung
         Kenneth Graeme Morrison
         The Lee Gardens, 34th Floor
         33 Hysan Avenue, Causeaway Bay
         Hong Kong


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

EXIDE TECHNOLOGIES: US$91.7 Million Rights Offering Expires
-----------------------------------------------------------
Exide Technologies announced that the US$91.7 million rights
offering launched on Aug. 31, 2007 expired effective as of 5:00
p.m., New York City time, on Sept. 28, 2007.  Based on
preliminary results, subscribers in the rights offering,
including Tontine Capital Partners L.P. and Legg Mason
Investment Trust, Inc., subscribed for greater than 75% of the
14 million shares offered in the rights offering pursuant to
their basic subscription rights.  The company expects to receive
the full US$91.7 million in proceeds as a result of shares
purchased in the rights offering and the transactions
contemplated by the standby commitment of the Standby
Purchasers.

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Australia, India, Finland, Poland, New Zealand, among others.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.

                          *     *     *

Standard & Poor's Ratings Services, on April 2007, placed its
'CCC' corporate credit rating on Exide Technologies and all
related debt issue ratings on CreditWatch with positive
implications.  The CreditWatch listing reflects Exide's
gradually improving financial results, strengthened liquidity,
and prospects for further modest improvements in financial
metrics due in part to a better pricing environment.


GENERAL MOTORS: Lehman Bros. Maintains Equal Weight Rating
----------------------------------------------------------
Lehman Brothers analyst Brian A. Johnson has kept his "equal
weight" rating on General Motors Corp.'s shares, Newratings.com
reports.

Newratings.com relates that the target price for General Motors'
shares was increased to US$40 from US$30.

Mr. Johnson said in a research note that the revised United Auto
Workers contract shows greater-than-anticipated unwind of the
auto entitlement economy.

Mr. Johnson told Newratings.com that the increase in the target
price is based on the significant benefits for General Motors
"over the long term on account of lower medical inflation risk
and new hires on decreased wages."

The earnings per share estimate for 2008 were decreased to
US$1.65 from US$2.55, Newratings.com states.

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.


GENERAL MOTORS: September 2007 Deliveries Up 4%
-----------------------------------------------
General Motors Corp. dealers in the United States delivered
337,640 vehicles in September, up 4% compared with a year ago.
The company's 255,274 retail deliveries were up more than 7%.

For the second consecutive month GM bucked industry trends, led
by brisk retail sales of full-size trucks, mid-utility
crossovers, the Cadillac CTS and Chevrolet Cobalt.

"Our market share performance of more than 25% over the last
quarter demonstrates strong consumer acceptance of our new
products and the continued progress we've made in our North
America turnaround strategy," Mark LaNeve, GM North America vice
president, Vehicle Sales, Service and Marketing, said.  "Our
industry-leading truck lineup continued its strong performance,
and we were particularly pleased by our performance in passenger
cars, led by the fuel-efficient Chevy Cobalt and all-new
Cadillac CTS.  The CTS had its best-ever September performance
with more than 5,400 vehicles sold, a testament to the power of
the all-new model."

The company continues transforming its North American business
with overall incentive spending flat compared with a year ago.
September inventories were down about 100,000 vehicles to
approximately 900,000 vehicles.  Fleet deliveries were down, as
planned, by more than 6%.

"Our retail share, which has been stable for two years, improved
in Q3 with all three months solid from a share standpoint," Mr.
LaNeve added.  "For the second consecutive month, we posted good
retail volume despite a challenging industry.  To build on that
retail strength, we're gearing up for the all-new Chevrolet
Malibu launch later this month and are encouraging folks to try
our pickups and SUVs as part of the Truck Month sales event."

Cadillac CTS total sales surged ahead 74%, compared with year-
ago performance, due to the strength of the all-new CTS, now in
showrooms.  GMC Acadia, Saturn OUTLOOK and Buick Enclave
together had total sales of nearly 13,000 vehicles, pushing the
significant increase in GM's mid-crossover segment.  Total sales
of the fuel-efficient Cobalt were up more than 35% compared with
last September.

Other vehicles with retail sales increases, compared with year-
ago levels, include: Chevrolet Aveo, Impala, Silverado, Tahoe,
Suburban, HHR and Equinox; Saturn AURA and VUE; GMC Sierra,
Yukon and Yukon XL; Cadillac Escalade; Pontiac G5, G6 and
Torrent; Buick Lucerne and Saab 9-3.

An increasing number of consumers cite warranty coverage as a
reason for buying a new GM vehicle.  GM's 5 Year/100,000 Mile
Powertrain Limited Warranty continues to be a better choice for
customers.  GM's coverage focuses on the complete ownership
experience and includes other provisions that competitors do not
offer, including transferability to the next owner, more
complete coverage of parts, and coverage for new and certified
used vehicles.  In addition, GM offers superior complementary
programs, such as courtesy transportation and roadside
assistance.

"GM provides the best coverage in the industry and takes care of
the vehicle and the owner like no other vehicle manufacturer,"
Mr. LaNeve added.

                     Certified Used Vehicles

September 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,118
vehicles, down 10.5% from last September.  Total year-to-date
certified GM sales are 402,191 vehicles, up 2% from the same
period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used vehicle brand, posted 36,206 sales,
down 9% from last September.  There was one less selling day
than last September.  Year-to-date sales for GM Certified Used
Vehicles are 353,600 vehicles, up 4% from the same period in
2006.

Cadillac Certified Pre-Owned Vehicles posted September sales of
3,038 vehicles, down 20% from last September.  Saturn Certified
Pre-Owned Vehicles sold 1,173 vehicles in September, down 21%.
Saab Certified Pre-Owned Vehicles sold 564 vehicles, down 26%,
and HUMMER Certified Pre-Owned Vehicles sold 137 vehicles, up
22%.

"Through September, GM Certified Used Vehicles continues to lead
the manufacturer-certified category, with year-to-date sales up
4% from last year's industry-leading annual sales results," Mr.
LaNeve said.  "GM Certified customers enjoy the certified
segment's broadest selection of vehicles from the largest dealer
network, backed by a fully transferable
5-year/100,000-mile powertrain limited warranty, the best
coverage of any full-line automaker."

   GM North America September and 3rd Quarter 2007 Production

In September, GM North America produced 323,000 vehicles
(118,000 cars and 205,000 trucks).  This is down 64,000 units or
16% compared with September 2006 when the region produced
387,000 vehicles (161,000 cars and 226,000 trucks).  Production
totals include joint venture production of 15,000 vehicles in
September 2007 and 22,000 vehicles in September 2006.

GM North America built 1.020 million vehicles (367,000 cars and
653,000 trucks) in the third-quarter of 2007.  This is down
30,000 vehicles or 3% compared with third-quarter of 2006 when
the region produced 1.050 million vehicles (417,000 cars and
633,000 trucks).  The third-quarter 2007 production decline
versus last month's guidance is largely due to the recent UAW
work stoppage in the U.S. Additionally, GM North America's 2007
fourth-quarter production forecast is unchanged at 1 million
vehicles (334,000 cars and 666,000 trucks).  In the fourth-
quarter of 2006 the region produced 1.107 million vehicles
(446,000 cars and 661,000 trucks).

                      About General Motors

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

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Fitch Ratings has affirmed and removed the Issuer Default Rating
and debt ratings of General Motors from Rating Watch Negative
following the announcement that GM has reached an agreement on a
new contract with the United Auto Workers.   Fitch currently
rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior
unsecured 'B- /RR5'.  GM's Rating Outlook is Negative.

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

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


ICICI BANK: India to Approve Singapore Stake Increase to 20%
------------------------------------------------------------
India will allow two of the Singapore Government's investment
entities to increase their aggregate stake in the bank to 20%,
Dow Jones Newswires reports, citing an unnamed Indian official
as source.

According to the report, Singapore-run Temasek Holdings Pte and
Government of Singapore Investment Corp. wanted to increase
their stake to 10% each in ICICI Bank.  However, the plan hit a
snag from the Reserve Bank of India.  Pursuant to RBI
regulations, an overseas investor's interest in a private bank
in India is limited to only 10%.  RBI had asserted that since
the Singapore government owns both Temasek and GIC, the
investment firms comprise a single entity; hence, allowed only a
collective interest of at most 10%.

"Now we have decided to classify Temasek and GIC as separate
investors," Dow Jones' source said.

As reported by the Troubled Company Reporter-Asia Pacific on
Mar. 29, 2007, Indian Prime Minister Manmohan Singh had already
given his approval to the planned stake acquisition following
the signing of the India-Singapore Comprehensive Economic
Cooperation Agreement.

Pursuant to the CECA, the Indian and Singaporean Governments
have agreed to allow two banks from either country to open more
branches in each other's national market by giving them
Qualified Full Banking license, various reports say.  One of the
two Indian banks who will be granted the QFB license is ICICI
Bank.

Under the QFB license, foreign banks are given national
treatment by the host country, The Financial Express relates.

ICICI Bank Ltd (NYSE:IBN) -- http://www.icicibank.com/-- is
India's second largest bank and its largest private sector bank
with over 50 years presence in financial services and with
assets of over US$88 billion as of June 30, 2007.  The Bank
offers a wide range of banking products and financial services
to corporate and retail customers through a variety of delivery
channels and through its specialized subsidiaries in the areas
of investment banking, life and non-life insurance, private
equity and asset management.

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

                         *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.
ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


ICICI BANK: Clarifies Media Report on Raising US$11 Billion
-----------------------------------------------------------
ICICI Bank Ltd said in a regulatory filing that an article in a
financial daily entitled "ICICI Bank to raise US$11bn, plans
major global push," is not accurate.

The Financial Express, on Oct. 3, reported that the bank plans
to raise U$11 billion overseas in the next 12 months to fund its
expansion abroad and credit growth in India.  The financial
daily, citing unnamed people familiar with the plan, said the
bank's fund raising target amounts to US$13 billion in the next
12 months, including US$2 billion of bonds it sold on Sept. 26.

ICICI, however, clarified with the Bombay Stock Exchange that in
the current financial year, the bank and its subsidiaries have
raised approximately US$6 billion through debt from various
sources including loans and bonds.  The bank has also raised
approximately US$5 billion of equity in the current financial
year.

The bank added that it "will continue to raise debt from
international markets from time to time as per its ongoing
requirement."  The bank did not specify how much it plans to
raise.

ICICI Bank Ltd (NYSE:IBN) -- http://www.icicibank.com/-- is
India's second largest bank and its
largest private sector bank with over 50 years presence in
financial services and with assets of over US$88 billion as of
June 30, 2007.  The Bank offers a wide range of banking products
and financial services to corporate and retail customers through
a variety of delivery channels and through its specialized
subsidiaries in the areas of investment banking, life and non-
life insurance, private equity and asset management.

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

                         *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.
ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


INDUSTRIAL DEV'T BANK: Issues 5th Tranche of Omni Bonds 2007
------------------------------------------------------------
The Industrial Development Bank of India Ltd informed the Bombay
Stock Exchange that the bank launched its fifth tranche of IDBI
Omni Bonds 2007 Series VII.  The bank issued 42 unsecured
redeemable non-convertible bonds, on private placement basis, at
INR10,00,000 each at par, aggregating INR4.20 crore.

According to the bank, the issue is part of the liability
restructuring arrangements under the guidance of the government
of India.  The details of the tranche are:


   Minimum subscription: one bond and in multiples of
                         one bond thereafter

   Instrument: Regular Return Bond

   Tenor: 15 years

   Interest Rate: (% p.a.): To be decided

   Interest payment dates: September 23 every year

   Date of redemption: September 23, 2022

   Put / Call option: None

   Trustee: IDBI Trusteeship Services Ltd

The bonds will be listed on the Wholesale Debt Market segment of
the National Stock Exchange of India Ltd. and the Bombay Stock
Exchange Ltd.

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                         *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirms Industrial Development Bank of India's BFSR at D-.
Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.


IFCI LTD: Eight Firms Show Up in Pre-bid Meeting for 26% Stake
--------------------------------------------------------------
Eight firms interested in the 26% stake of IFCI Limited showed
up in a pre-bid meeting on Wednesday, media reports say.  The
meeting was reportedly held to familiarize the bidders about the
company.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 8, 2007, IFCI invited expressions of interest for a
strategic investor, in whom the company plans to divest a 26%
stake.   In a later report, TCR-AP disclosed that the company
received 10 applications for the stake.

After the meeting, Standard Chartered Bank, part of the
consortium of WL Ross & Co. LLC, GS Capital Partners VI Fund,
and Housing Development Finance Corporation Ltd, said it is
still undecided, the Press Trust of India reports.  According to
PTI, the WL Ross consortium is one of the three consortia that
had been shortlisted for the next round of stake sale process.

Other bidders who showed up in the pre-bid gathering are:

   -- General Electric Capital Corporation

   -- Infrastructure Development Finance Company Ltd

   -- Cargill Financial Services Corporation

   -- Natixis

   -- The Blackstone Group L.P.

   -- Consortium of Sterlite Industries (India) Ltd and Morgan
      Stanley & Co.

   -- Consortium of Shinsei Bank Ltd, Punjab National Bank and
      J.C. Flowers & Co. LLC

Newbridge Capital and Kotak Mahindra Bank, who each submitted an
EOI for the stake, were not in the meeting as as they are out of
the bidding process, PTI says.

IFCI wants to raise as much as US$250 million from the sale of
26% in fresh equity.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


PRIDE INTERNATIONAL: Earns US$146.1 Mil. in Qtr. Ended June 30
--------------------------------------------------------------
Pride International Inc. reported a 115% improvement in net
income for the second quarter of 2007, to US$146.1 million,
compared to net income of US$67.8 million for the corresponding
three months in 2006.  Second quarter 2007 results included
gains totaling US$8.8 million resulting primarily from the sale
of a land rig located in Russia.  Revenues for the second
quarter of 2007 totaled US$791.2 million, compared to revenues
of US$616.5 million during the second quarter of 2006.

For the six months ended June 30, 2007, net income was
US$247.8 million, on revenues of US$1.50 billion.  The results
compared to net income of US$138.3 million, on revenues of
US$1.18 billion for the comparable six months in 2006.  Results
for the six months ended June 30, 2006, include after-tax gains
totaling US$19.0 million relating to the sale of assets.

Louis A. Raspino, president and chief executive officer of Pride
International Inc., stated, "Our record second quarter results
were driven by strong operating performance with our fleet of
deepwater and midwater floaters combined with continued average
daily revenue improvements from contract rollovers.  Following
the excellent operating results of first quarter 2007, we
continued in the second quarter with excellent utilization,
uptime, cost control, and shipyard performance, while achieving
21% and 36% average daily revenue increases in our deepwater and
midwater fleets, respectively."

Raspino added, "Partially offsetting these results was our U.S.
Gulf jackup fleet, which experienced lower utilization and lower
average daily revenues in the quarter due to reduced activity,
combined with an increase in out-of-service time as we prepared
to relocate the Pride Oklahoma and Pride Mississippi to the
stronger market in Mexico.

"From a macro perspective, strong global demand for energy is
fueling our customers' continued growth in E&P spending,
particularly in the deepwater.  As part of our stated strategy
to further grow our significant deepwater presence, we recently
committed to the construction of an ultra-deepwater drillship
and acquired a second ultra-deepwater drillship in the early
stages of construction.  When combined with the acquisitions of
our partners' interest in two deepwater joint ventures, we have
now invested or committed over US$2 billion toward our deepwater
growth strategy.  We are confident that the favorable conditions
in the deepwater sector will persist for quite some time,
producing attractive opportunities for deepwater drilling rigs,
especially ultra-deepwater rigs of the caliber we are adding to
our fleet," said Raspino.

Capital expenditures for the six months ended June 30, 2007,
were US$207 million.  Since the close of the second quarter, the
company made initial capital expenditures of approximately
US$210 million related to the commitment to construct an ultra-
deepwater drillship and the acquisition of another ultra-
deepwater drillship in the early stages of construction.  As a
result of these drillship projects, the company has revised its
expected 2007 capital expenditures to an estimated US$790
million.  Total debt at June 30, 2007 was US$1.29 billion,
resulting in a debt-to-total-capitalization ratio of
approximately 31%.

At June 30, 2007, the company's consolidated balance sheet
showed US$5.30 in total assets, US$2.03 billion in total
liabilities, US$333.2 million in deferred income taxes, US$30.7
million in minority interest, and US$2.91 billion in total
stockholders' equity.

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

                    About Pride International

Headquartered in Houston, Pride International Inc. (NYSE: PDE)
-- http://www.prideinternational.com/-- provides onshore and
offshore drilling and related services in more than 25
countries, operating a diverse fleet of 280 rigs, including two
ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups,
16 tender-assisted, barge and platform rigs, five managed and
217 land rigs.  The company also has two ultra-deepwater
drillships under construction with expected deliveries in 2010.

The company maintains operations in France, Mexico, Kazakhstan,
India, and Brazil, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 4, 2007,
Fitch Ratings affirmed Pride International Inc.'s Issuer Default
Rating at 'BB'.  The Rating Outlook is Stable.


SUN MICROSYSTEMS: Revamping Pact with LatAm Dev't Partners
----------------------------------------------------------
Sun Microsystems' Latin American servers sales director
Alejandro Raffaele told Business News Americas that the firm
will revamp its pacts with Latin American channel development
partners to increase sales of its new line of servers based on
Intel Xeon chips.

BNamericas relates that Sun Microsystems and Intel had disclosed
a partnership last year.  Sun Microsystems then launched its
X4150 server using an Intel Xeon 5300 processor and the X4450
based on four of Intel's 7300 series Xeon chips.

According to BNamericas, Sun Microsystems signed distribution
accords with:

          -- US information technology products wholesaler
             Ingram Micro's Mexican unit,

          -- Brazil's Mude, and

          -- Argentina's Solutions Box.

Regional wholesaler ITC sells Sun Microsystem's new servers in
Bolivia, Paraguay and Uruguay.

Mr. Raffaele commented to BNamericas, "[Working with
wholesalers] will enable us to have the appropriate sales
network for these products, considering that our existing
network of value added resellers does do not focus on selling
such products."

BNamericas notes that Sun Microsystem will consolidate and
expand the network of partners as its first strategy to promote
its new servers.  By the end of the 2008 first quarter, Mr.
Raffaele expects to have signed enough alliances to let the firm
cover at least 90% of Latin American nations.

Sun Microsystems will then choose the industries it will target
first.  Then the firm will concentrate on constructing closer
relations with second tier resellers that will target those
industries, BNamericas states.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including India.

                         *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


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

ALCATEL-LUCENT SA: Board Affirms Support for CEO Patricia Russo
---------------------------------------------------------------
Alcatel-Lucent S.A. says that recent reports in the news
concerning a board meeting have led to mischaracterized
interpretations and erroneous speculations.

While clearly disappointed in the most recent changes in the
company's outlook, the Board supports [CEO] Patricia Russo and
the leadership team, and the efforts they are making to adapt
the company's plans in light of this year's developments.

The Board will review the plan to be developed by Management
during the next scheduled Board meeting on Oct. 30, 2007, prior
to the release of the third quarter results.

The Board reiterated its confidence in the strategic direction
taken with the merger of Alcatel-Lucent, the future potential of
the company and said it will continue to work with the company's
leadership team to enhance value for shareholders, employees and
customers worldwide.

La Tribune, citing people privy to the matter, reports that a
split between the company's U.S. and French board members may
force out Ms. Russo and chairman Serge Tchuruk.

Former French Finance Minister Thierry Breton has been floated
as a possible replacement, but U.S. board members are opposing a
French control of the company.

                       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.


ALCATEL-LUCENT: Launches BlackBerry Solution in Ukraine
-------------------------------------------------------
Alcatel-Lucent, MTS Ukraine and Research In Motion launched
Blackberry(R) wireless solution in Ukraine.  Using BlackBerry(R)
smart phones, MTS Ukraine customers will be able to wirelessly
send and receive emails, make phone calls, browse the Internet,
send text messages and access corporate and lifestyle
applications when on the move.

Under the terms of a distribution agreement between Alcatel-
Lucent and RIM, Alcatel-Lucent provides global integration
services, leveraging its strong local presence in the region to
provide MTS Ukraine with end-to-end implementation, launch,
delivery and support services for the BlackBerry solution in the
Ukrainian market.  With Alcatel-Lucent's assistance in managing
delivery of the solution, technology integration and deployment,
MTS Ukraine is able to focus on the delivery of customer facing
services in order to quickly meet market demand.

MTS Ukraine, an integrated mobile telecommunications service
provider, offers a full suite of mobile business and consumer
services in Ukraine.  With the BlackBerry solution from MTS
Ukraine, customers can wirelessly access email as well as other
Internet and intranet based applications to enhance business
communications, employee productivity and competitive advantage
for the organization.  Users can also enjoy the flexibility of
web browsing and communications with friends, family and
colleagues on the go and at their convenience.

"As a leader of innovative services, we are constantly committed
to expand our portfolio of the most advanced telecom solutions.
More and more clients in Ukraine would like to get easy access
to their emails and calendar information when they are on the
move.  Launch of the BlackBerry solution in partnership with
Alcatel-Lucent and RIM is a good example of international
cooperation. It comes in line with our principle 'to give more
to subscribers'.  We are the first mobile operator in Ukraine to
offer our customers this efficient and effective service with
advanced security features, which has already become a hit among
businesses and individuals and around the world," said Pavel
Pavlovsky, general director MTS-Ukraine.

"This is a dynamic time for aggressive carriers like MTS Ukraine
who are eager to take advantage of market opportunities to
deliver converged applications and devices to expand and enrich
their service portfolio," said Johan Vanderplaetse, vice
president for Alcatel-Lucent's activities for the Commonwealth
of Independent States.  "By providing end-to-end solutions and
integration services Alcatel-Lucent is helping carriers in high-
growth economies quickly and confidently extend value-added
services, including telephony and Internet, to a large number of
users globally."

                      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.


ALLIANCE ONE: Exchange Offer for 8-1/2% Senior Notes Expires
------------------------------------------------------------
Alliance One International, Inc.'s exchange offer for all of its
outstanding 8-1/2 % Senior Notes due 2012 expired at 5:00 p.m.
on Oct. 1, 2007.

On Aug. 30, 2007, Alliance One offered to exchange up to
US$150,000,000 aggregate principal amount of its 8-1/2% Senior
Notes due 2012 which have been registered under the Securities
Act of 1933, as amended, for a like principal amount of its
original unregistered 8-1/2 % Senior Notes due 2012.  The terms
of the exchange securities are identical in all material
respects to the terms of the original securities for which they
are being exchanged, except that the registration rights and the
transfer restrictions, applicable to the original securities are
not applicable to the exchange securities.

The exchange offer is made only pursuant to Alliance One's
prospectus, dated Aug. 30, 2007, which has been filed with the
Securities and Exchange Commission as part of Alliance One's
Registration Statement on Form S-4.  The U.S. Securities and
Exchange Commission declared the Registration Statement
effective on Aug. 29, 2007.

Copies of the prospectus and transmittal materials governing the
exchange offer may be obtained from the Exchange Agent, Deutsche
Bank Trust Company Americas, at:

     Deutsche Bank Trust Company Americas
     DB Services Tennessee, Inc.
     Reorganization Unit
     P.O. Box 305050
     Nashville, Tennessee  37211
     Telephone (800) 735-7777
     Fax (615) 835-3701

                        About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a
leaf tobacco merchant.  The company has worldwide operations,
including those in Indonesia, Argentina, Brazil, Bulgaria,
Canada, China, France, India, Philippines, Malaysia, and
Singapore.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Sept. 29, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the US Consumer
Products, Beverage, Toy, Natural Product Processors, Packaged
Food Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Alliance One
International, Inc., and upgraded its B2 rating on the company's
US$300 million senior secured revolver to B1.  In addition,
Moody's assigned an LGD3 rating to notes, suggesting note
holders will experience a 37% loss in the event of a default.


BAKRIE SUMATERA: Sets Up JV for Palm Plantation Area Expansion
-------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk has set up a Netherlands-
based joint venture company, Agri Resources BV, with several
foreign investors to expand the company's oil palm plantation
area, Asia Pulse reports.

President Director Ambono Janurianto told the Asia Pulse that
they plan to conduct an extensive expansion.  The company has
already received the US$250 million worth of funds needed to
implement the plan, he added.

The Troubled Company Reporter-Asia Pacific reported on July 23,
2007, that Bakrie Sumatera has secured fresh funds amounting to
US$250 million to finance the company's six-year expansion plan.
Specifically, the company has a long-term plan of expanding its
oil-palm plantations by 100,000 hectares over six years, with
expectation the area of its plantation will have increased by
7,000 hectares by the end of this year, the report adds.

Bakrie Sumatera Plantations Tbk paid US$10 million for a 20%
stake in a US$100-million joint-venture company Agri Resources
BV, Thomson Financial reports.

Thomson Financial notes that under the terms of the joint
venture agreement, Bakrie Sumatra will manage the acquired
estates and will earn a management fee of US$100 per annum per
each hectare managed.  Agri Resources's crude palm oil and palm
kernel output will be sold to Bakrie Sumatra, with prices
reduced to US$10 for CPO and 5 dollars for kernel as marketing
fee, Thomson Financial adds.

Mr. Janurianto expects the joint venture to start contributing
to Bakrie's earnings this year, the Thomson Financial relates.

Asia Pulse adds that the Bakrie Sumatra is optimistic the series
of transactions that they have made will bring much benefit not
only in terms of corporate financial performance but also income
and operational performance.

                      About Bakrie Sumatera

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

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

The Troubled Company Reporter-Asia Pacific reported on Sep 28,
2007, that Standard & Poor's Ratings Services affirmed its 'B'
corporate credit ratings on Indonesia's PT Bakrie Sumatera
Plantations Tbk.  The outlook is stable.

On Sep 27, 2007, Moody's Investors Service has changed to
positive from stable the outlook for Bakrie Sumatera Plantations
Tbk's B2 corporate family rating and secured bond rating on its
US$160 million notes.


GAJAH TUNGGAL: Postpones 28% Stake Sale in Polychem Indonesia
-------------------------------------------------------------
PT Gajah Tunggal Tbk has postponed its plan to sell 28.8%
shareholding in PT Polychem Indonesia Tbk, various reports say.

Indonesian Commercial newspaper recounts that Gajah Tunggal
planned to sell its 28% stake in Polychem Indonesia as it wants
to focus operation in tire production.  The company wants to
finance its expansion program without using loan fund or making
new debt, the report adds.

Gajah Tunggal is also considering arranging stocks offering to
cut the debt to equity ratio from 1.6:1 at present, Business
Week reports.

Gajah Tunggal Director Catharina Widjaja said that the unit's
product, ethylene glycol, is still under pressure, and if they
sell the unit now, the price will be cheap, Business Week
relates.  They will wait for the market recovery so they can get
the optimum price, the report says.

Some investors have been interested in Polychem, but as the
price of Polychem's products has declined, they will ask for low
price, Business Week adds.

                       About Gajah Tunggal

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

                          *     *     *

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

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

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

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


GAJAH TUNGGAL: Targets 60% Increase in FY 2007 Operating Profit
---------------------------------------------------------------
PT Gajah Tunggal Tbk has targeted its fiscal year 2007 operating
profit to grow by 60% to IDR500 billion to IDR600 billion,
Reuters reports.

According to Reuters Estimates, analysts on average expect the
company's operating profit for the fiscal year 2007 to be
IDR643.41 billion.

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

                          *     *     *

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

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

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

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


PERUSAHAAN LISTRIK: Pertamina May Stop Supplying Oil Products
-------------------------------------------------------------
PT Pertamina may stop supplying oil products to PT Perusahaan
Listrik Negara because of differences over price, Reuters
reports.

The report explains that Pertamina wants PLN to pay a 9.5%
premium to international prices, while PLN wants to pay 5.0%.
Pertamina wants a profit, but with just a 5% margin, Pertamina
will suffer, the report adds.

A PLN official told the news agency that the company would look
to other oil product suppliers if Pertamina stopped supplies.

The official said PLN was expected to consume 10 million
kilolitres of oil products this year, after using 9.2 million kl
in 2006, the report adds.

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

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

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

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


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

ALL NIPPON: Kicks Off Cabin Crew Exchange with Asiana
-----------------------------------------------------
All Nippon Airways Co., Ltd. and Asiana Airlines, Inc. announced
the start of a cabin crew exchange from October 28, 2007, on the
Tokyo Haneda-Seoul Gimpo route, as part of their strategic
alliance to strengthen ties between the two Star Alliance member
carriers.

Under the arrangement, one ANA cabin attendant will be assigned
to a daily Asiana operated Tokyo-Seoul return flight, and vice-
versa, to ensure that the needs of customers from Japan and
Korea are met in their own language.

ANA and Asiana will also take the opportunity to study each
other's inflight service training methods to further improve the
experience of customers while onboard.

Flights from Tokyo's Haneda airport to Gimpo airport in Seoul -
both domestic airports - began in November 2003 with four return
flights per day. Proving very popular due to the proximity of
the airports to their respective city centres, frequency was
increased to eight return flights per day in August 2005.

                     About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The Troubled Company Reporter-Asia Pacific reported on April 20,
2007, that Moody's Investors Service placed the Ba1 senior
unsecured debt ratings of All Nippon Airways Co., Ltd. under
review for possible upgrade.  The rating action reflects ANA's
high and stable profitability despite the ongoing price hikes of
aircraft fuel, as well as Moody's view that the company's
financial flexibility is likely to be further improved by its
recently announced asset disposition related to its hotel
business.


HANKYU-HANSHIN: Unveils New Holding Company -- H2O Retailing
------------------------------------------------------------
Hankyu Hanshin Holdings, Inc., has launched its new holding
company, H2O Retailing Corp., which was made to integrate
operations of the Hankyu and Hanshin department stores, The
Asahi Shimbun reports.

Ranking 7th in the industry in terms of sales, H2O is targeting
JPY700 billion-JPY800 billion in sales and JPY40 billion in
operating profits in fiscal 2014, notes the article.

According to the Asahi Shimbun, Hankyu, known for its lineup of
apparel and other fashion products and Hanshin, popular for its
food section, have about JPY500 billion in combined sales.

Analysts interviewed by Asahi Shimbun expressed that the key
challenge for H20 Retailing is to improve the profitability of
Hanshin Department Store.

                      About Hankyu Hanshin

Hankyu Hanshin Holdings,Inc., -- http://www.hankyu-
hanshin.co.jp/english/index.html -- formerly Hankyu Holdings,
Inc., is a holding company with seven business segments.  The
City Transportation segment is involved in the railway, bus,
taxi, automobile maintenance, car rental and vehicle
manufacturing businesses.  The Real Estate segment leases,
purchases, sells and manages real estates and operates
investment assets.  Travel and International Transportation
segment is involved in traveling and cargo delivery services.
Hotel segment is engaged in the hotel business.  Entertainment
and Communication segment is involved in the opera business,
theater operations, advertising agency services and the
publishing business. Retail segment is engaged in the retail, as
well as food and drink businesses.  Others segment is involved
in finance services, information, human resource and accounting
agency services, golf course management, movie entertainment,
construction and broadcasting.  Headquartered in Osaka, Japan,
it has 68 subsidiaries and 12 associates.

As reported in the Troubled Company Reporter - Asia Pacific,
Standard & Poor's Ratings Services, on June 20, 2006, affirmed
its 'BB' long-term corporate credit and 'BB+' senior unsecured
debt ratings on Hankyu Holdings Inc., following completion of
the company's takeover bid for Hanshin Electric Railway Co. Ltd.
and clarification of Hankyu's financial burden from the
takeover.  At the same time, Standard & Poor's removed the
ratings from CreditWatch, where they were placed on May 1, 2006,
following Hankyu's official announcement of merger discussions.
The outlook on the long-term credit rating is stable.


JVC CORP: To Develop New Technologies with Kenwood Corp.
--------------------------------------------------------
Victor Company of Japan Ltd. (JVC) announced a joint venture
with Kenwood Corp. to develop new technologies in care
electronics and portable and home audio equipment, Kyodo News
reports.

According to Kyodo, the new company -- J&K Technologies Corp. --
will enable JVC and Kenwood to cut development costs and to
improve the price competitiveness of their products.

J&K will develop technology for car navigation systems in its
first stage and it will also develop platforms for car
multimedia products and for car and home audio players, Kyodo
relates.

                       About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of
Japan, Limited (JVC) -- http://www.jvc-victor.co.jp/-- is
primarily engaged in the manufacture and sale of audiovisual
(AV) equipment, information and communications equipment,
electronic products and others.  The Company has five business
segments.  The Consumer Equipment segment offers various types
of televisions, digital video cameras, car audio systems, as
well as players and related equipment for video, mini disc (MD),
compact disc (CD) and digital versatile disc (DVD) systems.  The
Industrial Equipment provides visual inspection devices, audio
and video equipment, as well as projectors.  The Electronic
Devices segment offers monitors, optical pickups, high density
buildups, multilayer boards and display parts.  The Software and
Media segment provides music and visual software and recording
media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96
subsidiaries and seven associated companies.

The Troubled Company Reporter-Asia Pacific reported on June 4,
2007, that JVC reported a net loss of JPY7.9 billion for fiscal
year 2006.  This is its fourth consecutive annual loss.


SOFTBANK CORP: Telecom Unit Ties Up with Siemens on Module Biz
--------------------------------------------------------------
Softbank Corp., through its Internet and telecommunications
segment, Softbank Mobile Corp., will team up with Siemens AG of
Germany to reinforce its wireless communication module business,
Kyodo News reports.

Siemens, according to Kyodo, will sell the products of its own
brand, while Softbank Mobile, will offer the network.

Reportedly, the HC28 Siemens Wireless Module, is compatible with
seven frequency bands of second- and third-generation wireless
communication services and can be used in Japan and abroad.  The
module, writes Kyodo, is designed for use in data communications
using personal computers and the remote management of machine
tools and automobiles.

Through the tie-up, Softbank Mobile expects that it will help
the company to catch up with its rivals in the communication
module business, while Siemens, aims to make a full-fledged
entry into the Japanese market, Kyodo conveys.

                         About Softbank

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was
JPY163.3 billion.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 7,
2007, that Standard & Poor's Rating Agency lifted its long-term
corporate credit and senior unsecured debt ratings to BB from
BB- in light of the company's increasing earnings stability.
The outlook for the long-term credit rating is stable.

Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone
K.K.


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

BHK INC: To List on London's AIM Stock Exchange
-----------------------------------------------
BHK Inc. decided to list on London's AIM Stock Exchange,
Reuters reports.

According to the report, the company will issue 46,074,261
common shares.  The common shares are depositary receipts, for
operating funds, the report adds

Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 14, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


DASTEK CO: Completes Private Placement of Common Shares
-------------------------------------------------------
Dastek Co. Ltd has completed its issuance of 869,200 common
shares through a private placement, Reuters reports.

According to the report, the shares's par value and offer price
are KRW500 and KRW2,300, respectively.

The listing date is October 8, 2007, the report adds.

Based in Gyeonggi Province, Korea, Dastek Co., Ltd. --
http://www.dastek.co.kr/-- specializes in the manufacturing of
electromagnetic devices.  The company produces two main
products: materials for electromagnetic devices, including coils
and molds, and electromagnetic devices, including capacitors and
varistors.

Korea Ratings placed a 'B' rating on the company's
KRW1.0-billion bonds with warrants issue effective on June 30,
2006.


NVIDIA CORP: S&P Affirms BB- Corp. Rating with Stable Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Nvidia Corp. to positive from stable, following several quarters
of strong operating performance despite the acquisition of a key
competitor by Advanced Micro Devices Inc.  The corporate credit
rating is affirmed at 'BB-'.

"The ratings reflect a narrow business profile, frequent product
introductions, and challenges to expand the company's graphics
technology to new applications," said S&P's credit analyst Lucy
Patricola.  "These are offset only partially by the company's
strengthening market share and strong operating performance."
Nvidia had US$127.7 million of lease-adjusted debt outstanding
as of July 29, 2007, and no funded debt.

Nvidia competes in a small subsegment of the semiconductor
industry, designing graphics processors used in desktop and
notebook computers and handheld devices.  The components are
sold to consumers, as an add-in card, to computer OEMs, or in
partnership with Intel or AMD for an integrated chipset.

Profitability is strong and improving with increased volumes.
EBITDA margin was 23% for the July quarter, up from 18%-20%.
Profitability should be sustained in the near-to-intermediate
term, based on expectations of a continued strong share in the
high performance segment.

The company's leverage is very light for the rating, with debt
to EBITDA of less than 1.

                       About NVIDIA Corp.

Headquartered in Santa Clara, California, NVIDIA Corporation
(Nasdaq: NVDA) -- http://www.nvidia.com/-- creates innovative,
industry-changing products for computing, consumer electronics,
and mobile devices.  The NVIDIA(R) graphics processing unit and
media and communications processor brands include NVIDIA
GeForce(R), NVIDIA GoForce(R), NVIDIA Quadro(R), and
NVIDIA nForce(R).  These product families are transforming
visually rich applications such as video games, film production,
broadcasting, industrial design, space exploration, and medical
imaging.

The company has operations in China, Singapore, France, Brazil
and Korea.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services removed its ratings on Nvidia
Corp. from CreditWatch, where they were placed with negative
implications on Aug. 15, 2006.

The corporate credit rating is affirmed at 'BB-'.  The outlook
is stable.


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

CHIN FOH: Reform Plan Rejection Leads to Oct. 10 Delisting
----------------------------------------------------------
The Securities Commission has rejected Chin Foh Bhd's appeal
against the regulatory body's rejection of the company's
proposed corporate restructuring scheme, The Edge Daily says.

In a statement with the Bursa Malaysia Securities Bhd, Chin Foh
informed that a suspension would be imposed on the trading of
its securities with effect from Oct. 10 until further notice.

The company said the SC was of the view that its enhanced
proposals, which included a proposed renounceable rights issue
with warrants, still did not fully address the issues raised in
its earlier letter that informed the company of the rejection of
the proposed scheme.

The company had earlier said that the SC had not given its
approval as paragraph 13.02 of the policies and guidelines on
issue/offer of securities had not been sufficiently addressed.

Paragraph 13.02 states that all proposals by distressed listed
companies must be sufficiently comprehensive and capable of
resolving all financial problems faced; and must demonstrate
that it will increase shareholder value.

"The board will deliberate to determine the next course of
action and will make the necessary announcement in due course,"
Chin Foh said.


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 of 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.


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.


SOLECTRON CORP: Fitch Upgrades & Withdraws Ratings
--------------------------------------------------
Fitch Ratings has upgraded and withdrawn the following Solectron
Corporation ratings following its acquisition by Flextronics
International Ltd.:

-- Issuer Default Rating to 'BB+' from 'BB-';
-- Senior unsecured debt to 'BB+' from 'BB-';
-- Subordinated debt to 'BB-' from 'B+'.

The rating action resolves Solectron's Rating Watch Positive
status.

Fitch has withdrawn all of the ratings for Solectron, including
its senior secured bank facility rating, which was previously
affirmed at 'BB+', based on the expectation that Flextronics
will redeem all outstanding obligations of Solectron following
the close of its acquisition which occurred on Oct. 1, 2007.
The final ratings for Solectron reflect the equivalent ratings
for Flextronics.

                       About Solectron

Headquartered in Milpitas, California, Solectron Corp. (NYSE:
SLR) -- http://www.solectron.com/-- provides a full range of
worldwide manufacturing and integrated supply chain services to
the world's premier high-tech electronics companies.
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.
The company 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.


SOLECTRON CORP: Moody's Puts Ba1 Rating on US$1.75 Bln Term Loan
----------------------------------------------------------------
Moody's Investors Service has 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 Sept. 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.  Moody's
expects 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 2.1.  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 US$4.5 billion
with leverage of around 3.

Flextronics ratings assigned and confirmed:

-- New US$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;

-- Speculative Grade Liquidity Rating of SGL-1.

Solectron ratings upgraded:

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

-- 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;

-- Speculative Grade Liquidity Rating of SGL-1.

Headquartered in Milpitas, California, Solectron Corp. (NYSE:
SLR) -- http://www.solectron.com/-- provides a full range of
worldwide manufacturing and integrated supply chain services to
the world's premier high-tech electronics companies. Solectron's
offerings include new-product design and introduction services,
materials management, product manufacturing, and product
warranty and end-of-life support.  The company 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.


TALAM CORP: Regulator Orders Reinstatement of '07 Results
---------------------------------------------------------
The Securities Commission has directed Talam Corporation Bhd to
reissue its 2006 and 2007 financial statements by Oct. 31, 2007,
for its failure to comply with approved accounting standards,
The Edge Daily reports.

A statement from the Securities Commission, obtained by the news
agency, said Talam's breach of regulation involved the
adjustments of various transactions in its financial statements
for the year ended Jan 31, 2006 despite Talam's auditors, Ernst
& Young's inability to "obtain sufficient appropriate audit
evidence" to satisfy themselves of those adjustments.

"The adjustments had the effect of reclassifying MYR90 million
of its debtors into property development costs, other
liabilities and retained profits brought forward," it said.

The SC said the treatment was in breach of the Financial
Reporting Standard (FRS) 101 2004 Presentation of Financial
Statements which requires that the financial statements should
present fairly the financial position, financial performance and
cash flows of an enterprise.

"In this respect, the SC has directed Talam to reinstate the
MYR90 million debtors, and reissue its 2006 and 2007 financial
statements."

In addition to the re-issuance, Talam is also required to make
the necessary announcement to Bursa Malaysia Bhd in respect of
the rectification of those financial statements together with
reasons and effects (financial or otherwise) of its action, the
report adds.

The SC also ordered Talam to comply with all other relevant
regulatory requirements which include the tabling of the
financial statements to shareholders at a general meeting and
re-lodgment of the financial statements together with the
minutes of the general meeting to the Companies Commission of
Malaysia with 14 days from the date the rectified and re-issued
financial statement submitted to the SC and Bursa Malaysia.

This is the third time that the SC has directed a public listed
company (PLC) to reissue its accounts, The Edge recounts.  The
previous two cases involved Aktif Lifestyle Corporation Bhd on
May 4, 2005 and Oilcorp Bhd on March 24, 2005.

Talam posted a staggering net loss of MYR513.4 million in its
financial statement for the year ending Jan 31, 2006.  Its
turnover for 2006 was MYR254 million compared to MYR1 billion in
2005.

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.


TENGGARA OIL: Posts MYR1.09-Mil. Net Loss in Qtr Ended July 31
--------------------------------------------------------------
Tenggara Oil Bhd incurred a net loss of MYR1.09 million on
MYR181,000 of revenues in the second quarter ended July 31,
2007, as compared with a net loss of MYR2.02 million on
MYR3.62 million of revenues in the same period in 2006.

As of July 31, the company's unaudited balance sheet showed
strained liquidity with current assets of MYR4.76 million
available to pay current liabilities of MYR46.12 million.

The company's total assets as of July 31, 2007, amounted to
MYR21.56 million, while its total liabilities aggregated to
MYR46.12 million, resulting to a shareholders' deficit of
MYR24.56 million.


Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.


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

BAGLEY CONSTRUCTION: Fixes Oct. 12 as Last Day to File Claims
-------------------------------------------------------------
On September 14, 2007, Karen Betty Mason and Michael Lamacraft
were appointed liquidators of Bagley Construction Ltd.

Creditors are required to file their proofs of debt by Oct. 12,
2007, to be included in the company's dividend distribution.

The Liquidators can be reached at:

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


D.E.M TRANSPORT: Court to Hear Wind-Up Petition on October 8
------------------------------------------------------------
The High Court of Rotorua will hear on October 8, 2007, at 10:45
a.m., a petition to have the operations of D.E.M Transport Ltd.
wound up.

The petition was filed by the Commissioner of Inland Revenue on
July 26, 2007.

The CIR's solicitor is:

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


HAZARD PRESS: Commences Liquidation Proceedings
-----------------------------------------------
Hazard Press Ltd. commenced liquidation proceedings on Sept. 12,
2007.

Iain Andrew Nellies and Wayne John Deuchrass were appointed
liquidators.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level 1, 148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


IRON MOUNTAIN: Acquires RMS Services for US$27 Million
------------------------------------------------------
Iron Mountain Incorporated has acquired RMS Services - USA,
Inc., a US$27 million records management company and the
provider of outsourced file room solutions for hospitals. Terms
of the deal were not disclosed.

For more than 30 years, RMS' vision has been to help large
healthcare systems improve organizational performance and
operating results through comprehensive, next-generation file-
room and film-library management solutions.  RMS, like Iron
Mountain, has deployed innovative records management services
that drive operational savings and immediate customer benefits,
and that assist in the transition to an electronic environment.

"Iron Mountain and RMS have a shared passion and vision of
making electronic medical records a reality," said Mark Rempe,
vice president of Health Information Services, Iron Mountain.
"RMS' enterprise-wide file room and film library solutions
complement Iron Mountain's current health information services
solutions, and further helps to solve the evolving challenges of
healthcare providers that are transitioning to electronic health
records.  Furthermore, RMS is a proven innovator in the hospital
medical records management industry and Iron Mountain will
benefit from the addition of the Company's talented and tenured
executive team."

Iron Mountain will be retaining former RMS employees and is
committed to ensuring that customers will be supported by the
same hard-working staff that presently services their accounts.
Additionally, Ed Santangelo, former RMS president and CEO, as
well as his leadership team, will be joining Iron Mountain.  Mr.
Santangelo will become president of Health Information Services
Consulting.

"Over the past two years, RMS has experienced significant growth
and our clients have confidence in our knowledge and ability to
support their transition to electronic records management," said
Mr. Santangelo.  "Iron Mountain understands our value
proposition, as well as the healthcare market, and has the
geographic footprint and capital to finance our growth and to
support and retain our client base."

Both Iron Mountain and RMS have years of experience in
delivering comprehensive health information management solutions
that meet the unique file room and film management challenges of
healthcare providers -- such as managing both physical and
digital records simultaneously, enabling timely access to
patient records, and complying with ever-growing patient-privacy
and records-management regulations.  Over the past 20 years,
Iron Mountain has served more than 45,000 healthcare accounts in
North America, including 2,000 hospitals.

                       About Iron Mountain

Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated is an international provider of information storage
and protection related services.   The company offers
comprehensive records management and data protection solutions,
along with the expertise to address complex information
challenges such as rising storage costs, litigation, regulatory
compliance and disaster recovery.

Iron Mountain entered the Asia Pacific region for the first time
in December of 2005 through the acquisition of the Australian
and New Zealand operations of Pickfords Records Management.   In
May 2006, Iron Mountain entered India when it formed a joint
venture with Mody Access.   And in June 2006, Iron Mountain
expanded its presence in Australia and New Zealand with the
acquisition of Melbourne-based DigiGuard.

As reported in the Troubled Company Reporter-Latin America on
Mar. 19, 2007, Moody's Investors Service assigned a Ba2 rating
to the proposed US$800 million senior secured credit facilities
of Iron Mountain Inc.  Concurrently, Moody's affirmed other
ratings and changed the outlook for the ratings to positive.
The positive outlook recognizes continued strength in operating
performance, including increases in the rate of growth in
storage revenues in recent quarters, and anticipates improved
covenant cushions under the proposed credit facilities.  The
positive outlook also incorporates Moody's expectation that,
given the current market position of the company, the size of
future acquisitions is likely to be smaller on a relative basis
than was the case in prior years.  Moody's expects the company
to continue to pursue an acquisitive strategy.


MAMAKU CONTRACTORS: Faces CIR's Liquidation Petition
----------------------------------------------------
A petition to have Mamaku Contractors Ltd.'s operations wound up
will be heard before the High Court of Rotorua on October 8,
2007.

The Commissioner of Inland Revenue filed the petition on
July 26, 2007.

The CIR's solicitor is:

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


MELARY LTD: Requires Creditors to File Claims by Oct. 15
--------------------------------------------------------
Karen Betty Mason and Jeffrey Philip Meltzer were appointed
liquidators of Melary Ltd. on September 11, 2007.

Messrs. Mason and Meltzer are accepting creditors' proofs of
debt until October 15, 2007.

The Liquidators can be reached at:

         Karen Betty Mason
         Jeffrey Philip Meltzer
         c/o Meltzer Mason Heath, Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


MOKOIA ISLAND: Subject to CIR's Wind-Up Petition
------------------------------------------------
On August 13, 2007, the Commissioner of Inland Revenue filed a
petition to have Mokoia Island Tours Ltd.'s operations wound up.

The petition will be heard before the High Court of Rotorua on
October 8, 2007, at 10:45 a.m.

The CIR's solicitor is:

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


RHODES APARTMENTS: Court to Hear Wind-Up Petition on Oct. 8
-----------------------------------------------------------
The High Court of Wellington will hear on October 8, 2007, at
10:00 a.m., a petition to have Rhodes Apartments Ltd.'s
operations wound up.

The petitions were filed by Minie Ward and Anne Elizabeth Amer.

The Plaintiffs' solicitor is:

         Kaye Elizabeth Stirling
         c/o Hayman Lawyers
         Hayman Centre, Level 4
         24 Johnston Street, Wellington
         New Zealand


ROSEMARY DERRICK: Creditors' Proofs of Debt Due on Oct. 18
----------------------------------------------------------
The creditors of Rosemary Derrick Ltd. are required to file
their proofs of debt by October 18, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on August 7, 2007.

The company's liquidators are:

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


SAFE AND SOUND: Appoints Finnigan and van Delden as Liquidators
---------------------------------------------------------------
Peri Micaela Finnigan and Boris van Delden were appointed
liquidators of Safe and Sound Automotive Ltd. on September 14,
2007.

Messrs. Finnigan and van Delden are accepting creditors' proofs
of debt until October 19, 2007.

The Liquidators can be reached at:

         Peri Micaela Finnigan
         Boris van Delden
         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


TRIKKE NEW ZEALAND: Taps Deuchrass and Jenkins as Liquidators
-------------------------------------------------------------
Wayne John Deuchrass and Paul William Gerrard Jenkins were
appointed liquidators of Trikke New Zealand Ltd. on Sept. 13,
2007.

The company entered wind-up proceedings on that day.

The Liquidators can be reached at:

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


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

BAYAN TELECOMMS: Turns Parent's Advances Into PHP4-Bil. Equity
--------------------------------------------------------------
Bayan Telecommunications Inc. is converting the advance
subscriptions made by its parent company, Benpres Holdings
Corp., amounting to PHP4.4 billion into equity, Bayan officials
told the Philippine Daily Inquirer on Tuesday.

According to Bayan's chief financial officer, Meldin Al Roy,
Benpres' advances are deposits for future subscription even
before the company entered rehabilitation.  Bayan expects to
complete the conversion by the year's end, Mr. Roy said.  "We
are now preparing the papers for submission to the SEC
[Securities and Exchange Commission]," he added.

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star stated that
BayanTel, which has been under receivership since 2004, is
setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  It has so far paid
PHP2 billion out of its total debt of US$325 million.

The company has been undergoing rehabilitation since June 28,
2004.  The rehabilitation plan is based on a sustainable debt
level of PHP17.13 billion, payable over 19 years.  Some
creditors are appealing the lower court's decision.


BAYAN TELECOMMS: Sees PHP10-Bil. Expenses for Wireless Service
--------------------------------------------------------------
Bayan Telecommunications Inc. expects about PHP10 billion in
expenses over a period of five years due to the rising demand of
its wireless land service, from which it targets higher revenues
for 2007, the Philippine Daily Inquirer reports.

According to chief executive consultant Tunde Fafunwa, the
PHP10-billion amount is in addition to the PHP2 billion already
allotted for 2007's capital expenditure.  The company has
already spent PHP1.5 billion out of PHP2 billion, mostly for
building wireless landline base stations. "The company may spend
PHP2 billion or more for every year in the next five years as
the demand grows," Mr. Fafunwa said.

The company would have to generate the needed funds for the next
three years internally, Mr. Tunda said, since the company is
still trying to eliminate its US$325-million debt by 2023 in
order to exit rehabilitation.  Under the rehabilitation, the
company pays creditors an estimated PHP120 million for every
quarter, Mr. Roy added.

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star stated that
BayanTel, which has been under receivership since 2004, is
setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  It has so far paid
PHP2 billion out of its total debt of US$325 million.

The company has been undergoing rehabilitation since June 28,
2004.  The rehabilitation plan is based on a sustainable debt
level of PHP17.13 billion, payable over 19 years.  Some
creditors are appealing the lower court's decision.


CHINA BANKING: Approves Change of Manila Bank's Business Names
--------------------------------------------------------------
China Banking Corp. has allowed the Manila Banking Corp. to
change its business names to reflect China Bank's acquisition of
87.5% of its equity.

During a regular Board meeting held late Wednesday, China Bank's
Board approved the use by MBC of the names "China Bank Savings
Inc." as its corporate name and "ChinaBank Savings" as trade
name.

The change in name is subject to the condition that China Bank
retains ownership of majority of MBC's equity and to the
approval by the appropriate regulatory offices.

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 of 4.


JG SUMMIT: Food Unit Acquires Consing Family's Passi Sugar Plant
----------------------------------------------------------------
Universal Robina Corp. has acquired the manufacturing assets
owned by Passi (Iloilo) Sugar Central Inc. from the Consing
family of Iloilo, making it the second largest sugar milling
company after Victorias Milling Corp., the Philippine Daily
Inquirer reports.

URC is the snack food and beverage unit of JG Summit Holdings
Inc.

According to the Inquirer, the deal covers the transfer of
Passi's two sugar mills to URC.  These mills have a combined
capacity of 8,000 tons per day.

URC president Lance Gokongwei said in a statement that the
purchase "will catapult URC to become the country's second
largest sugar mill and refiner."


JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.

At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.


LAFAYETTE MINING: Rapu-Rapu Secures US$10-Million Capital Loan
--------------------------------------------------------------
Lafayette Mining Philippines Inc.'s Rapu-Rapu Polymetallic
Project has secured a US$10-million loan for working capital
from a foreign investor, the Daily Tribune reports.

The group is also interested to invest an additional
US$140 million that can potentially wipe out the Lafayette
group's debt, the article added.

Carlos Dominguez, Lafayette Philippines' chairman and president,
interpreted the loan as "a vote of confidence from asically the
same investors that made available $15 million to the project
just days after the final lifting order was issued by the DENR."
The loan, Mr. Dominguez said, will allow the company the ability
to improve its operations and to pursue projects for the well-
being of its host communities since it is "under-capitalized and
over-leveraged."

Specifically, it will allow Lafayette Philippines to open new
jobs, build more roads, undertake water and sanitation projects,
improve education, pay more taxes and continue to offer free
electricity to Albay and Sorsogon, Mr. Dominguez said.

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

TCR-AP's "Large Companies with Insolvent Balance Sheets" column
on July 13, 2007, reflected Lafayette Mining Limited as having a
US$127.82 million equity deficit, on total assets of
US$78.17
million.


PAL HOLDINGS: Trustmark Offering Cues PSE's Trading Suspension
--------------------------------------------------------------
PAL Holdings Inc.'s securities are under a trading suspension
imposed by the Philippine Stock Exchange in view of Trustmark
Holdings Corp.'s secondary offering of up to 1,558,700,000 PAL
shares held by it to qualified institutional investors.

The company has entered into an underwriting agreement with
Macquarie Securities (Asia) Pte. Ltd. and Trustmark.

Macquarie has also applied for the Securities and Exchange
Commission's approval of stabilization measures to be employed
in connection with the proposed offering.  These measures
consist of an over allotment to be granted by Trustmark to
Macquarie in respect to such offering.

Formerly known as Baguio Gold Holdings Corporation, the
Company's principal activity is that of a holding company. Based
in Makati City, Philippines, the Company's primary purpose is to
purchase, subscribe, acquire, hold, use, manage, develop, sell,
assign, exchange or dispose of real and personal property,
including shares of stocks, debentures, notes and other
securities of any domestic or foreign corporation.  The company
is a major shareholder of Philippines Airlines Inc.

On August 17, 2006, the Corporation acquired 100% ownership of
six holding companies that collectively own 81.5% of Philippine
Airlines Inc.

PAL Holdings Inc. reported a PHP13.4 billion shareholders'
equity deficit as of December 31, 2006.


PHIL AIRLINES: May Sell Shares or Tap Debt Market for Financing
---------------------------------------------------------------
Philippine Airlines Inc. is considering selling shares or
tapping the debt market in order to secure financing for
initiatives, PAL Holdings Inc. President Jaime J. Bautista told
the BusinessWorld on Wednesday.

PAL Holdings is the holding company for PAL.

At the 6th Management Association of the Philippines conference,
Mr. Bautista told members of the media that the company is
looking at taking both options "because even if [they] sell,
[they] still need cash to pay for refleeting."  Mr. Bautista
went on to say that the company can both borrow or sell as long
as the improvement in the market is sustained.

The proceeds of fundraising will be used for partial financing
of capital expenditures and the refleeting program, Mr. Bautista
revealed.

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

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

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

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


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

LEAR CORP: Names Matthew Simoncini as Chief Financial Officer
-------------------------------------------------------------
Matthew J. Simoncini has been appointed as Lear Corporation's
chief financial officer, effective immediately, reporting to
Lear Vice Chairman James H. Vandenberghe.

Daniel A. Ninivaggi, Lear Executive Vice President, General
Counsel and Chief Administrative Officer, will continue to
oversee Corporate Development and Strategic Planning activities.

Most recently, Mr. Simoncini served as senior vice president of
Global Finance and chief accounting officer where he was
responsible for Lear's worldwide operational finance and
accounting.  Prior to this position, he served as vice
president, Operational Finance since 2004, during which time he
was responsible for Lear's divisional finance organization.  He
also served as the chief financial officer of Lear's Europe,
Asia and Africa operations from 2001-2004.

"Matt has done an outstanding job in a wide variety of key
finance and accounting roles, and his promotion to chief
financial officer is well deserved," said Bob Rossiter, Lear
Chairman, CEO and President.  "His business skills, operational
knowledge and broad financial experience make him the perfect
candidate to lead the Finance function.  I look forward to
working with him to further strengthen Lear's financial position
and continue to reposition our company for future success."

In addition to his qualifications with Lear, Simoncini served in
a variety of senior finance positions for United Technologies
Automotive, which Lear acquired in 1999.  He began his career in
1985 with Deloitte & Touche after earning a bachelor's degree
from Wayne State University in Detroit.  He is a Certified
Public Accountant and a member of the Michigan Association of
Certified Public Accountants.

                         About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Asian countries including Singapore,
China, India, Japan, Philippines, South Korea, and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 7, 2007, Moody's Investors Service affirmed Lear
Corporation's Corporate Family Rating of B2 with a stable
outlook.  Ratings on the company's term loan of B2 and on its
unsecured notes of B3 were similarly affirmed but with slight
revisions to their respective LGD point estimates.

The Troubled Company Reporter - Asia Pacific also reported on
July 26, 2007, that Standard & Poor's Ratings Services raised
its corporate credit rating on Lear Corp. to 'B+' from 'B' and
removed the ratings from CreditWatch with positive implications
where they were placed on July 17, 2007.  The outlook is
negative.


SPECTRUM BRANDS: Closes US$225-Million Revolving Credit Facility
----------------------------------------------------------------
Spectrum Brands, Inc. has successfully closed a US$225 million
asset-based revolving credit facility with Goldman Sachs Credit
Partners L.P. and Wachovia Bank, National Association.  This
revolving credit facility, un-drawn at closing, is available to
finance seasonal working capital and other general corporate
needs.  Borrowings against the facility will bear an interest
rate of 225 basis points over LIBOR or 125 basis points over the
Base Rate as defined in the company's Senior Secured Credit
Facility.

Concurrently, the company used US$200 million in cash on hand to
pay down the US$200 million Dollar Term B II Facility under its
Senior Secured Credit Facility.

                    About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  Fitch said the outlook remains negative.

Moody's Investor Services placed Caa1 on Spectrum Brands Inc.'s
long term corporate family rating and probability of default on
March 2007.  The outlook is stable.


SPECTRUM BRANDS: Fitch Puts B/RR1 Rating on US$225-Mln Sr. Loan
---------------------------------------------------------------
Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's
new four-year, US$225 million senior secured asset-backed loan
facility priced at LIBOR +225 basis points.  The new facility
will replace the US$200 million LIBOR Term Loan B II that is
encompassed within the US$1.6 billion six-year Credit Agreement.
Specifically, the Term Loan B II facility will be repaid with
cash on hand reducing the company's total outstanding debt and
interest spread on the replacement by 175 basis points.  The
asset-backed loan, which can be increased to US$300 million, is
secured primarily by inventory and receivables and will be used
to fund working capital requirements.  Liens on the collateral
under the asset-backed loan will be senior in priority to liens
under the existing credit agreement.  Unused availability shall
be no less than US$25 million.

Fitch has also affirmed these ratings:

   -- Issuer Default Rating at 'CCC';

   -- US$1 billion term loan B at 'B/RR1';

   -- EUR350 million term loan at 'B/RR1';

   -- US$700 million 7.4% senior subordinated notes at 'CCC-
      /RR5';

   -- US$2.9 million 8.5% senior subordinated notes at 'CCC-
      /RR5';

   -- US$347 million 11.25% variable rate toggle senior
      subordinated notes at 'CCC-/RR5'.

The Rating Outlook is Negative.

The ratings reflect Spectrum's high leverage (Debt/EBITDA) of
11.7 times, weak operating performance, and low EBITDA interest
coverage of 1.2 for the last twelve months ending July 1, 2007.
Fitch recognizes that the metrics suffer from Home & Garden
being listed as a discontinued operation as that segment's
EBITDA is removed.  Management expects that Home & Garden will
generate US$50 million in EBITDA for 2007.  Pro-forma for this
amount, leverage remains high at around 10.  Spectrum has
approximately US$2.5 billion in annual revenues with no organic
growth since fiscal 2004, declining EBITDA, and US$2.6 billion
in debt derived mainly from three major acquisitions since 2003.
The acquisitions were made to lessen its dependence on
batteries.

The negative outlook encompasses not only the deterioration in
financial and credit protection measures, but also the fact that
the business profile of the company is uncertain.  The company
is focused on asset sales and debt reduction with a public goal
of leverage under 6.  To that end, Spectrum has two major
segments up for sale.  One of the segments is the previously
mentioned Home & Garden business which generated approximately
US$658 million in net sales and US$75 million of adjusted EBITDA
during the fiscal year ended Sept. 30, 2006.  In August 2007,
management announced that another segment is up for sale with
the goal to complete a transaction by the end of 2007.  It would
appear that if management meets its goal to sell either of these
two major assets, deliberate and positive strides could be made
to de-lever the business.

An additional concern however, is the potential for a poor
holiday season combined with the seasonal build-up of working
capital in the Home & Garden segment.  Barring major asset
sales, liquidity could be inadequate for the seasonal peak in
the February-April 2008 timeframe. Historically, poor
performance and the need for external sources of funds can be
seen in the negative trend in cash flow.  Free cash flow
(defined as cash flow from operations less capital expenditures
and dividends) last peaked at US$163 million in the fiscal year
ended Sept. 30, 2005, before declining to US$68 million in 2006.
Including the net cash used by discontinued operations, for the
last twelve months ended July 1, 2007 free cash flow was a
negative US$141 million.  The shortfall was funded by additional
debt.

While the next six months will be closely monitored, it is noted
that the new asset-backed loan facility provides a level of
financial flexibility.  Additionally, on Sept. 28, 2007 the
company announced that it had signed a definitive agreement to
sell the Canadian division of its Home & Garden business
segment.  The sale is expected to close by Oct. 31, 2007, and
the proceeds will be used to reduce debt.  This segment had
revenues of US$100 million but was not a profit contributor.
Most importantly from a liquidity standpoint, the sale of this
division will reduce peak 2008 borrowing needs by approximately
US$45 million.  The asset-backed loan, reduced working capital
needs from the Canadian division sales, and the fact that
management has done a good job in reducing the company's cost
base provides a level of comfort in the short term.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.


SPECTRUM BRANDS: Selling Canadian Business Division to RoyCap
-------------------------------------------------------------
Spectrum Brands Inc. has signed a definitive agreement to sell
the Canadian division of its Home & Garden business segment,
which operates under the name Nu-Gro, to a new company formed by
RoyCap Merchant Banking Group and Clarke Inc.  This division is
a leading supplier in the Canadian Home & Garden industry, with
Fiscal Year 2006 sales of approximately US$100 million across a
broad range of product categories, including fertilizer, grass
seed, controls and ice melt, under brand names such as CIL,
Wilson, and Alaskan Ice Melter.  The transaction is anticipated
to close by Oct. 31, 2007, subject to certain regulatory
approvals.  Financial terms were not disclosed.

Kent Hussey, Spectrum Brands' Chief Executive Officer,
commented, "The Canadian division of our Home & Garden business
segment is a valuable business that enjoys strong consumer
recognition, a national distribution network and a broad and
loyal customer base, and we are pleased to have found in the
RoyCap/Clarke partnership a buyer that is a good fit for this
asset.  Following the sale of this division, which was not a
profit contributor in our most recent fiscal year, Spectrum's
remaining U.S.-based Home & Garden business will be a more
sharply focused company with improved operating margins and
returns on invested capital."

Net proceeds from the sale will be utilized to reduce
outstanding debt, a key strategic priority for Spectrum Brands.
The company currently estimates that the sale will reduce FY
2008 peak seasonal borrowing needs by approximately US$45
million as a result of cash proceeds from the transaction and
the elimination of the working capital requirement for the
Canadian Home & Garden business in the 2008 lawn and garden
selling season.

National Bank Financial Inc. and Sutherland, Asbill & Brennan
LLP served as advisors to Spectrum Brands on the transaction.

                    About RoyCap Merchant

RoyCap Merchant Banking Group is a division of Royal Capital
Management Corp., a private Toronto based investment company.
RoyCap specializes in returning companies to sustainable, long-
term profitability by making value added investments and
combining hands-on restructuring expertise with a strong,
committed management team.

                     About Clarke Inc.

Clarke Inc. -- http://www.clarkeinc.com/-- is the Halifax-based
parent company of a number of wholly-owned operating companies
and divisions, and is an activist catalyst investor with a
diversified portfolio of strategic and opportunistic
investments.  Clarke's operating companies are in the
transportation services business.  From time to time, Clarke
also participates in joint ventures when they offer the
opportunity to create shareholder value.  Led by George Armoyan
and an entrepreneurial team of professionals focused on
uncovering and creating value, Clarke invests in undervalued
businesses and participates actively where necessary to enhance
performance and increase returns.  In 2006 alone, Clarke
delivered a shareholder return on investment, including
dividends, of 33%. Clarke's securities trade on the Toronto
Stock Exchange (CKI, CKI.DB, CKI.DB.A).

                   About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

The company operates in 13 Latin American nations including El
Salvador, Guatemala, Costa Rica, Colombia and Nicaragua.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  Fitch said the outlook remains negative.

Moody's Investor Services placed Caa1 on Spectrum Brands Inc.'s
long term corporate family rating and probability of default on
March 2007.  The outlook is stable.


SPECTRUM BRANDS: Agrees to Sell Canadian Home & Garden Division
---------------------------------------------------------------
Spectrum Brands, Inc., has signed a definitive agreement to sell
the Canadian division of its Home & Garden business segment,
which operates under the name Nu-Gro, to a new company formed by
RoyCap Merchant Banking Group and Clarke Inc.  This division is
a leading supplier in the Canadian Home & Garden industry, with
FY 2006 sales of approximately $100 million across a broad range
of product categories, including fertilizer, grass seed,
controls and ice melt, under brand names such as CIL, Wilson,
and Alaskan Ice Melter.  The transaction is anticipated to close
by Oct. 31, 2007, subject to certain regulatory approvals.
Financial terms were not disclosed.

"The Canadian division of our Home & Garden business segment is
a valuable business that enjoys strong consumer recognition, a
national distribution network and a broad and loyal customer
base, and we are pleased to have found in the RoyCap/Clarke
partnership a buyer that is a good fit for this asset," Kent
Hussey, Spectrum Brands' Chief Executive Officer, commented.
"Following the sale of this division, which was not a profit
contributor in our most recent fiscal year, Spectrum's remaining
U.S.-based Home & Garden business will be a more sharply focused
company with improved operating margins and returns on invested
capital."

Net proceeds from the sale will be utilized to reduce
outstanding debt, a key strategic priority for Spectrum Brands.
The company currently estimates that the sale will reduce FY
2008 peak seasonal borrowing needs by approximately $45 million
as a result of cash proceeds from the transaction and the
elimination of the working capital requirement for the Canadian
Home & Garden business in the 2008 lawn and garden selling
season.

National Bank Financial Inc. and Sutherland, Asbill & Brennan
LLP served as advisors to Spectrum Brands on the transaction.

                    About Spectrum Brands Inc.

Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE:
SPC) -- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.  The
company has approximately 8,400 employees worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  Fitch said the outlook remains negative.

Moody's Investor Services placed Caa1 on Spectrum Brands Inc.'s
long term corporate family rating and probability of default on
March 2007.  The outlook is stable.


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

SIAM GENERAL FACTORING: Reports Process of EWC Case Settlement
--------------------------------------------------------------
Siam General Factoring PCL has reported on the process for
repaying its debt to Eastern Wire Public Co. in accordance with
the judgment rendered on August 21.

According to a disclosure with the Stock Exchange of Thailand,
the company and EWC will coordinate with the owner of the
dispute lands in order to transfer the right of land to EWC
within 45 days after settlement.  This will take care of THB190
million out of the company's THB500 million debt to EWC.

For the remaining THB310 million, the company can choose whether
to pay by cash or other assets, or to transfer to EWC the right
to receive in one or any of the other debtors within 26 days
since settlement.  The company also has to pay 6% interest
amounting to THB500 million since August 24, 2006, until
completion of the payment.

Headquartered in Bangkok, Thailand, Siam General Factoring
Public Company Limited -- http://www.sgf.co.th/-- is engaged in
the provision of financial services in the forms of factoring,
loans and leasing.  The company offers domestic factoring,
international factoring, leasing, inventory finance, letter of
guarantee, financial support, prefinance and letter of credit
services.  It also provides personal financial services.

The Troubled Company Reporter-Asia Pacific reported on Mar. 28,
2007, that as of December 31, 2006, the company had total assets
of THB1,112,569,672 and total liabilities of THB1,306,068,243,
giving it a total shareholders' equity deficit of
THB193,498,571.  The TCR-AP report also stated that the company
faces possible delisting from the Stock Exchange of Thailand.

The company is undergoing rehabilitation.


SRITHAI FOOD: SET May Delist Securities After Operations Halt
-------------------------------------------------------------
The Stock Exchange of Thailand may delist Srithai Food &
Beverage PCL's securities because the company's operations have
almost entirely halted.

On September 26, the company informed SET that it has closed
down permanently its businesses as well businesses of its
subsidiary, Srithai Food Product Co. Ltd., including legal
termination of all employees.

Sri Thai Food and Beverage Public Company Limited, a poultry
processor, engaged in breeding and raising, as well as sale of
chickens in Thailand and internationally.  The company, through
Sri Thai Food Products Co., Ltd., also processed and distributed
chicken.

Sri Thai had reported a net loss of THB134,339,000 for the year
ended December 31, 2006, compared with the THB189,608,000 net
loss in 2005.

The Troubled Company Reporter-Asia Pacific reported on Aug. 17,
2007, that Sri Thai's latest asset figure was at
US$18.29 million and its stockholders' equity was at US$43.37
million.


TMB BANK: Gen. Sonthi Boonyaratglin Steps Down as Director
----------------------------------------------------------
Gen. Sonthi Boonyaratglin has resigned from his post in TMB Bank
PCL's Board of Directors, the bank's disclosure to the Stock
Exchange of Thailand reports.

According to the disclosure, Gen. Sonthi is no longer a director
since October 1.

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

On July 6, 2007, Standard & Poor's Ratings Services gave TMB
Bank's US$200-million hybrid Tier 1 securities a 'BB' rating.
The TCR-AP also reported on June 13, 2007, that Standard &
Poor's Ratings Services has raised the outlook on TMB Bank PCL's
debt rating from negative to stable.


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



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

AUSTRALIA

Advance Healthcare Group Ltd      AHG      13.59      -12.43
Allstate Explora                  ALX      12.65      -51.62
Austar United Communications
   Limited                        AUN     411.16      -43.72
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39
UnderCoverWear Limited            UCW      28.92      -16.07


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial
   Bldg (Group) Co                672      24.47       -2.40
Bao Long Orienta               600988      15.78      -11.11
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.             121     316.12       -8.92
China Liaoning International
   Cooperation (Group) Ltd        638      20.46      -41.24
Chinese.Com Logi                  805      13.75      -32.33
Chongqing Int'l Enterprise
   Investment Co               000736      19.88      -15.67
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group
   Co., Ltd.                      529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.39
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.67
Hisense Kelon Electrical
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                   600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -77.92
Hunan Hengyang                 600762      61.08      -43.98
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiaozuo Xin'an-a                  719      56.77       -6.52
Junefield Department
   Store Group Limited            758      16.80       -6.34
Lan Bao Technology
   Information Co.,Ltd            631     110.09      -78.89
Loulan Holdings Limited          8039      13.01       -1.04
Mianyang Gao Xin Industrial
   Dev (Group)                 600139      23.90      -15.65
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     253.47      -25.00
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry
   Stock Co.,Ltd               600381      55.58      -55.04
Regal Real Estate
   Investment Trust              1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
   & Chem                      000403     218.51       -3.48
Shanghai Worldbest
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      34.21     -238.76
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -137.55
Shenzhen Kondarl (Group)
   Co., Ltd.                   000048     112.05     -15.98
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92     -53.39
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Direct-A                  757     143.71      -94.34
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
   Economic Trading            600084     359.49      -47.93
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.51
The First Investment &
   Merchant Co, Ltd            600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -150.72
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Ltd                 DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Gujarat State Fi                  GSF     153.48     -157.34
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     238.05     -288.85
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson & Nic Ltd                   JN      15.41       77.32
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Phil Corporation                NPPII      22.13       -4.96
RPG Cables Ltdd                  NRPG      51.43      -20.19
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd                 SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     619.95     -111.52
UB Engineeering                   UBE      47.78       -2.77
Uniflex Cables                    UFC      17.22       -5.04


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.40


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
Nihon Seimitsu Sokki Co., Ltd.   7771      26.87       -6.98
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
Tasco System Co., Ltd            2709      48.45      -14.07
Trustex Holdings, Inc.           9374     102.84       -7.82


KOREA

DaiShin Information &
   Communication Co.            20180     740.50     -158.45
Dong Yang Gang                   1780     108.79       -9.80
E-Rae Electronics Industry
   Co., Ltd                     45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      23.15       -5.10
Hyundai IT Corp.                48410     137.08      -48.10
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Korea Cement Co., Ltd.           3660     145.94      -15.79
Oricom Inc.                     10470      82.65      -40.04
Petroholdings Corporation       53170      19.31       -4.95
Rocket Electric Co., Ltd.         420      77.37       -4.76
Seji Co., Ltd                   53330      37.25       -0.31
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45


MALAYSIA

Boustead Heavy Industries
   Corp. Bhd                     BHIC      57.34     -152.51
Chin Foh Berhad                  CFOH      53.19      -13.88
FED Furniture                    FFHB      38.27       -5.11
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     189.92      -50.36
Paxelent Corp                    PAXE      13.16       -4.51
Putera Capital Berhad            PCAP      10.56       -4.70
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.76      -85.36
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.               AT      61.14      -16.74
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

ADV Systems Auto                  ASA      14.32       -8.54
Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      20.42      -11.65
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24





                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***