TCRAP_Public/071008.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Monday, October 8, 2007, Vol. 10, No. 199
  
                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Plan Confirmation Hearing Set for Nov. 15
ADVANCED MARKETING: Judge OKs Baker Taylor Settlement Pact
BELVALLEY PTY: Members to Hold Final Meeting on Oct. 18
BLACK HOLDINGS: Members' Final Meeting Set for Oct. 16
CHRYSLER LLC: Reports 5% Drop in U.S. Sales for Sept. 2007

CHRYSLER LLC: Intends to Close Assembly Plant in Illinois
IGAS ENGINEERING: Members & Creditors Opt to Wind Up Operations
KENDLE INTERNATIONAL: Names Ken Hintze as Vice President
PAYEZY PTY: Liquidator to Give Wind-Up Report on Oct. 12
R & R (AUST): Taps van der Velde and Sweeney as Liquidators

SCO GROUP: Section 341(a) Creditors Meeting Set for Oct. 18
SCO GROUP: Taps Berger Singerman as General Counsel
SCO GROUP: Promotes Sandy Gupta to President of SCO Operations
TECHDEX PTY: Members Resolve to Liquidate Business
THE HOME OF FURNITURE: Final General Meeting Set for Oct. 10

THE PHOTOPLAY: Members and Creditors Set to Meet on Oct. 12
WHAREMA PTY: Members to Receive Wind-Up Report on Oct. 15
ZINIFEX LTD: Nyrstar Revised Profit Down by 19 Percent
ZINIFEX LTD: To Float Nyrstar on NYX with Umicore


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Expects Improved Second Quarter Financial Results
ACXIOM CORP: Silver Lake & ValueAct Terminates Merger Deal
CITIC PACIFIC: Shareholders Approve Dah Chong's Spin-Off
CONCORD COMMUNICATIONS: Members' General Meeting Set for Oct. 29
DANA CORP: Appaloosa Re-Affirms Investment Bid; Sends Final Deal

DANA CORP: Eyes Entry of Mexican Unit Restructuring Process
DISTACOM HONG KONG: Liquidator to Give Wind-Up Report on Oct. 29
EARNSON DEVELOPMENT: Final General Meeting Set for Oct. 31
FIAT SPA: CEO Optimistic About Bus Production Deal in China
GREAT YIELD: Members to Meet on October 29

TOYOTA MOTOR: Liquidators Quit Post


I N D I A

BANK OF BARODA: Signs Definitive Pacts for Pioneer Global JV
DECCAN AVIATION: Grants 451,000 Options to Employees & Director
PRA INTERNATIONAL: Moody's Assigns B3 Corporate Family Rating
PRA INTERNATIONAL: S&P Assigns B Corporate Credit Rating
TATA STEEL: Members OK Capital Increase to INR8000,00,00,000

TATA STEEL: Managing Director of Corporate Services Resigns


I N D O N E S I A

AVNET INC: Inks US$600 Five-Year Senior Unsec. Credit Facility
BANK CENTRAL ASIA: Vice President Resigns Effective Jan. 1, 2008
BANK NEGARA: Ups Capital Participation in PT BNI Multifinance
DAVOMAS ABADI: Lehman Brothers Buys 1,226,871,942 Shares
FOSTER WHEELER: Bags EPC Pact for ExxonMobil's Chemical Project

PARKER DRILLING: Improved Performance Spurs S&P to Lift Ratings


J A P A N

DELPHI CORP: U.S. Trustee Adds SABIC to Creditors Committee
FORD MOTOR: Overall September 2007 Vehicle Sales Decline by 21%
GAP INC: Distributing US$0.08 Per Share Quarterly Dividend
INTERNATIONAL RECTIFIER: Alex Lidow Steps Down as CEO & Director
INTERNATIONAL RECTIFIER: Discloses Key Internal Initiatives

LIBERTY GLOBAL: Hires Bob Leighton as Senior VP for Programming
MICRON TECH: Posts US$320 Million Net Loss in Year Ended Aug. 30
NIS GROUP: S&P Downgrades Credit & Debt Ratings to 'BB-'
SOJITZ CORP: Wraps Up Primary Metals Tender Offer
SOLO CUP: Hires Scott Advertising as Creative Agency


K O R E A

DURA AUTOMOTIVE: Gets Court Nod to Submit Plan to Creditors
EG SEMICON: Board OKs Issuance of 3,980,000 Common Shares
ESTECHPHARMA CO: Adjusts Price of Third Convertible Bonds


M A L A Y S I A

KNOLL INC: Completes US$67 Million Edelman Purchase
FOAMEX INT'L: Sells US$10 Mil. Carpet Facilities to Future Foam
SMART MODULAR: Reports US$13.2-Mln Net Income in Fourth Qtr 2007
SOLECTRON CORP: Agent Discloses Final Result of Exchange
PECD BERHAD: MARC Cuts Rating of MYR200M Fixed Rate Bonds to BB+

TALAM CORP: Works on Alternative Reform Plan


N E W  Z E A L A N D

A&R WHITCOULLS: Seeks Clearance to Acquire Borders New Zealand
CARROW HOLDINGS: Fixes Oct. 20 as Last Day to File Claims
CLEGG & CO: Covenant Trustee Appoints BDO Spicers as Receivers
DEEP BLUE: Accepting Proofs of Debt Until Oct. 20
GILBERT PRINTING: Court to Hear Wind-Up Petition on Nov. 29

HERITAGE GOLD: CEO Trent Lash Named New Managing Director
HIGHGATE MOTORS: Creditors' Proofs of Debt Due on Oct. 31
JOLLY FARMER: Court Sets Wind-Up Petition Hearing for Nov. 8
KATO LOGGING: Appoints Parsons and Kenealy as Liquidators
KTD LTD: Commences Liquidation Proceedings

STONNE LTD: Subject to Deeney Planning's Wind-Up Petition
WARREN REID: Subject to ACP Media's Wind-Up Petition
WESTMERE LTD: Shareholder Resolves to Liquidate Business


P H I L I P P I N E S

BANGKO SENTRAL: Strong Peso Cues 25 BP Interest Rate Cut
BANGKO SENTRAL: Sees 2007 BoP Surplus Hitting US$6.3 Billion
BANGKO SENTRAL: Optimistic on Int'l. Reserves Reaching US$30BB
FOOSTER WHEELER: Philippine Unit Executes Earn-In Pact w/ PDEP
IPVG CORP: Enters Outsourcing Services Venture with Indian Firm

PHIL AIRLINES: Exits Receivership Ahead of 2009 Schedule
* September International Reserves Reach US$30.7 Billion


S I N G A P O R E

BARTLEY CONSORTIUM: Placed Under Voluntary Liquidation
IN ACTIVE: Requires Creditors to File Proofs of Debt by Nov. 5
SELCO (SINGAPORE): Pays Fourth Interim Dividend
SPECTRUM BRANDS: Amy Yoder Assumes Role as United President
SPECTRUM BRANDS: Names Anthony Genito as Chief Financial Officer


T H A I L A N D

ARVINMERITOR: Discloses Updated Financial Outlook
ARVINMERITOR INC: Amends Diluted Earnings Per Share Forecast
BANK OF AYUDHYA: Huge Loss Provision May Cue Weak 2007 Earnings
G-STEEL: S&P Places 'B+' Long-term Ratings on CreditWatch
ITV PCL: Expects to Report Progress of Rehab Plan by End-October

     - - - - - - - -

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

ADVANCED MARKETING: Plan Confirmation Hearing Set for Nov. 15
-------------------------------------------------------------
The Honorable Christopher S. Sontchi of the U.S. Bankruptcy
Court for the District of Delaware has set a hearing on Nov. 15,
2007, to consider confirmation of the Second Amended Joint Plan
of Liquidation filed by Advanced Marketing Services Inc. and its
debtor-affiliates and the Official Committee of Unsecured
Creditors.

Objections to the Plan, if any, must be submitted by November 6.

As reported in the Troubled Company Reporter on Sept. 28, 2007,
the Court had approved the Disclosure Statement describing the
Plan.  At the September 26 hearing, Judge Sontchi found that the
Disclosure Statement, as amended, contains "adequate
information" as required by Section 1125 of the Bankruptcy Code.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                     About Advanced Marketing

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

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

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
(Advanced Marketing Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or   
215/945-7000).


ADVANCED MARKETING: Judge OKs Baker Taylor Settlement Pact
-----------------------------------------------------------
The Honorable Christopher S. Sontchi of the U.S. Bankruptcy
Court for the District of Delaware issued a final order
approving the settlement agreement between Advanced Marketing
Services, Inc., and Baker and Taylor, Inc.

Under the Settlement Agreement, Baker & Taylor will pay AMS
US$6,050,000, and deliver to the Debtor US$1,750,000 of specific
inventory.

Judge Sontchi has extended until Oct. 31, 2007, the terms of the
Transition Services Agreement, pursuant to which AMS will pay
Baker & Taylor US$4,250,000 as a one-time payment that nets all
amounts due to either party under the TSA through and including
October 31.

Baker & Taylor agreed to promptly pay AMS the net amount of
US$1,800,000 by wire transfer, consisting of the US$6,050,000
APA payment, less the US$4,250,000 TSA payment.

As reported in the Troubled Company Reporter on March 23, 2007,
Baker & Taylor, completed the acquisition of the wholesale
operations of Advanced Marketing.  Baker & Taylor's acquisition
includes Advanced Marketing assets through which it distributes
bestsellers, children's books, culinary titles, reference works,
and other books to membership warehouse clubs.  Baker & Taylor
also acquired Advanced Marketing's wholesale distribution
operations in the United Kingdom and in Mexico.

As reported in the Troubled Company Reporter on July 24, 2007,
the Debtors asked the Court to compel Baker & Taylor, Inc., to
pay the remaining US$6,216,222 due under their Asset Purchase
Agreement.

Under the agreement, the purchase price was to be paid in three
installments:

  -- on the closing date, US$20,000,000 plus certain additional
     sums, including 33.3% of the "Combined APG/AR Price";

  -- 30 days after the closing date, 33.3% of the Combined
     APG/AR Price; and

  -- 60 days after the Closing Date, 33.4% of the Combined
     APG/AR Price, minus US$1,000,000.

Pursuant to the terms of the APA, the amount of the Final
Payment should have been US$10,350,632.  However, B&T paid only
US$4,134,410 on May 18, 2007, leaving the $6,200,000 shortfall.

AMS disclosed that it tried many times to persuade B&T to pay
what it owes, B&T continues to withhold the amount.

To justify its refusal to pay, B&T has relied on unfounded and
patently erroneous interpretations of the Purchase Agreement.  
B&T has insisted it is entitled to US$2,043,969 held by AMS in
its ban account at the time of closing, on the ground that any
funds deposited in the account on or after 12:01 a.m. on March
19, 2007, belong to B&T.

AMS contends B&T's position is false.  AMS points out the
Purchase Agreement provides that any cash in its bank accounts
prior to 2:00 p.m. on March 19, 2007, belongs to it.  The
parties did not agree to an earlier or later date, AMS says.

                     About Advanced Marketing

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

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

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.  
(Advanced Marketing Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or   
215/945-7000).


BELVALLEY PTY: Members to Hold Final Meeting on Oct. 18
-------------------------------------------------------
The members of Belvalley Pty Ltd will hold their final meeting
on October 18, 2007, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          A. A. Gaffney
          RSM Bird Cameron
          Chartered Accountants
          8 St George's Terrace
          Perth, Western Australia 6000
          Australia
          Telephone:(08) 9261 9100

                       About Belvalley Pty

Located at Bruce Rock, in Western Australia, Australia,
Belvalley Pty Ltd is an investor relation company.


BLACK HOLDINGS: Members' Final Meeting Set for Oct. 16
------------------------------------------------------
A final meeting will be held for the members of Black Holdings
Pty Limited on October 16, 2007, at 4:00 p.m.

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

The company's liquidator is:

          Geoffrey P. Dwyer
          Level 32, 80 Collins Street
          Melbourne, Victoria 3000
          Australia

                      About Black Holdings

Located at Melbourne, Victoria, Australia, Black Holdings Pty
Limited is an investor relation company.


CHRYSLER LLC: Reports 5% Drop in U.S. Sales for Sept. 2007
----------------------------------------------------------
Chrysler LLC reported U.S. sales for September 2007 of 159,799
units; down 5% compared to September 2006 with 168,888 units
sold.  All sales figures are reported as unadjusted.
    
"With the overall industry down versus September 2006, Chrysler
retail sales remain strong," said Darryl Jackson, Vice President
-- U.S. Sales.  "Our fleet sales continue to trend down more
than 20% driving the overall sales decrease for the month.  This
is directly in line with our plan to reduce daily rental fleet
during the second half of the year."
    
Chrysler brand car sales were led by Sebring Sedan, which posted
sales of 4,418 units and Sebring Convertible which finished the
month with sales of 1,639 units.  Chrysler Aspen sales rose 8%
versus August 2007 with 3,875 units.
    
Jeep(R) brand sales were down 11% year-over-year with retail
sales up and fleet down driven by planned fleet reductions,
while Wrangler posted gains.  Jeep Wrangler and Wrangler
Unlimited posted sales of 8,605 units, up 71% versus September
2006.
    
Dodge brand sales increased 5% over last year led by Dodge Ram,
which posted a gain of 20%.  The all-new Dodge Nitro was up 2%
over August 2007.
    
"Our sell down on 2007 models is going very well and in October
we will continue to offer aggressive lease and retail payments
for our customers," said Michael Keegan, Vice President - Volume
Planning and Sales Operations.  "We will extend the 0% APR
offering for 60 months on more 2007 models through the end of
the month."
    
Chrysler finished the month with 450,733 units of inventory, or
a 71-day supply.  Inventory is down by 15% compared to September
2006 when it was at 533,220 units.

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

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

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


CHRYSLER LLC: Intends to Close Assembly Plant in Illinois
---------------------------------------------------------
Chrysler LLC, which has started contract negotiations with the
United Auto Workers union this week, plans to shutter an
assembly plant in Belvidere, Illinois, that produces the Dodge
Caliber, Jeep Compass and Jeep Patriot, Kevin Krolicki of
Reuters reports.

According to Mr. Krolicki, Chrysler spokeswoman Michele Tinson
said that the temporary shutdown was being done to adjust
inventory levels of the plant, which employs 3,400 workers.

As reported in the Troubled Company Reporter on Oct. 4, 2007,
Chrysler reported U.S. sales for September 2007 of 159,799
units; down 5% compared to September 2006 with 168,888 units
sold.  Jeep(R) brand sales were down 11% year-over-year with
retail sales up and fleet down driven by planned fleet
reductions, while Wrangler posted gains.  Jeep Wrangler and
Wrangler Unlimited posted sales of 8,605 units, up 71% versus
September 2006.  Dodge brand sales increased 5% over last year
led by Dodge Ram which posted a gain of 20%.  The all-new Dodge
Nitro was up 2% over August 2007.

                       About Chrysler LLC

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

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

                          *    *    *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.
     
Accordingly, S&P assigned a 'BB-' rating to the $5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


IGAS ENGINEERING: Members & Creditors Opt to Wind Up Operations
---------------------------------------------------------------
At an extraordinary general meeting held on August 30, 2007, the
members and creditors of Igas Engineering Pty Ltd resolved to
voluntarily wind up the company's business.

Joseph Loebenstein was appointed liquidator.

The Liquidator can be reached at:

          Joseph Loebenstein
          Chartered Accountant
          c/o Loebenstein Insolvency Services Pty Ltd
          1/191 Balaclava Road, Caulfield North
          Victoria
          Australia

                      About Igas Engineering

Igas Engineering Pty Ltd provides business services.  The
company is located at Mulgrave, Victoria, Australia.


KENDLE INTERNATIONAL: Names Ken Hintze as Vice President
--------------------------------------------------------
Kendle International has appointed Ken Hintze, PhD, as Vice
President, Global Clinical Safety and Pharmacovigilance.  Dr.
Hintze will lead the continued growth and development of
Kendle's global clinical safety and pharmacovigilance business,
including safety services in support of Phase I-IV trials as
well as stand- alone safety projects.  Dr. Hintze most recently
was Senior Director, Global Clinical Safety and
Pharmacovigilance and has been instrumental in advancing
Kendle's safety organization to the global resource it is today.
    
"Patient safety remains among our highest priorities at Kendle,"
noted Melanie Bruno, PhD, Vice President, Global Regulatory
Affairs and Quality.  "With increasingly complex safety
regulations worldwide, our global network of experts ensures
both regulatory compliance as well as patient health and
welfare.  We are very pleased to have Dr. Hintze in this
important global role and look forward to his ongoing leadership
and expertise as we focus on meeting our customers' needs for
high-quality safety services."
    
With more than 100 safety experts based in nine locations
worldwide, Kendle offers a globally connected network of safety
experts experienced in working within the regulatory
requirements of any country.  The company's safety organization
develops risk management plans, coordinates global
regulatory reporting -- including Suspected Unexpected Serious
Adverse Reaction reports as well as periodic reports -- and
performs endpoint adjudication utilizing a new proprietary
electronic endpoint adjudication system that increases both
speed and accuracy.  The organization is proficient in the full
spectrum of safety database systems and can maintain databases
internally or within a customer's system via secure connections.  
The Safety organization works closely with Kendle's Medical
Affairs group in reviewing adverse events to provide customers
with comprehensive medical monitoring and safety services.
    
Dr. Hintze brings nearly 30 years of safety and regulatory
experience to this position.  He joined Kendle in 2002 following
23 years at Procter & Gamble in various safety roles involving
pharmaceutical and consumer products, including Section Manager,
Information Systems and Data Management and North America
Product Safety Surveillance; and Section Manager, Global
Corporate Toxicology and Consumer Health and Safety Affairs.  
Dr. Hintze earned Doctorate and Master of Science degrees in
pharmacology/toxicology from the University of Iowa and a
Bachelor of Science in chemistry from Iowa State University.  He
is a member of numerous medical and scientific societies,
including the Society of Toxicologists.  Dr. Hintze is a widely-
published author, as well as an accomplished speaker presenting
at numerous professional conferences and symposia.  He is based
in Cincinnati and reports to Dr. Bruno.

                         About Kendle

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL) --
http://www.kendle.com/-- is a global clinical research  
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions -- North America, Europe,
Asia/Pacific, Africa and Latin America including Brazil.

Kendle has existing operations in Australia, China and India.

                        *     *     *

As of July 3, 2007, the company carried Moody's B1 long-term
corporate family rating, B1 bank loan debt, and B2 probability
of default rating.  Moody's said the outlook was stable.

In addition, the company also carried Standard & Poor's B+ long-
term foreign and local issuer credits.  S&P said the outlook was
stable.


PAYEZY PTY: Liquidator to Give Wind-Up Report on Oct. 12
--------------------------------------------------------
Payezy Pty Ltd will hold a general meeting for its members and
creditors on October 12, 2007, at 10:00 a.m.

At the meeting, A. H. Douglas-Brown, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

          A. H. Douglas-Brown
          Bentleys MRI Perth
          1st Floor, 10 Kings Park Road
          West Perth, Western Australia 6005
          Telephone:(08) 9480 2000

                         About Payezy Pty

Payezy Pty Ltd provides business services.  The company is
located at Perth, in Western Australia, Australia.


R & R (AUST): Taps van der Velde and Sweeney as Liquidators
-----------------------------------------------------------
During a general meeting held on August 27, 2007, the members of
R & R (Aust) Pty Ltd agreed to voluntarily wind up the company's
operations.  

Terry Grant van der Velde and Paul Desmond Sweeney were
appointed liquidators at the creditors' meeting held later that
day.

The Liquidators can be reached at:

          Terry Grant van der Velde
          Paul Desmond Sweeney
          c/o SV Partners
          SV Partners, Insolvency Accountants
          and Risk Managers
          SV House, 138 Mary Street,
          Brisbane, Queensland 4000
          Australia
          Web site: http://www.svpartners.com.au

                        About R & R (Aust)

R & R (Aust) Pty Ltd, which is also trading as Mansfreds Bar &
Bistro, operates drinking places.  The company is located at
Fortitude Valley, in Queensland, Australia.


SCO GROUP: Section 341(a) Creditors Meeting Set for Oct. 18
-----------------------------------------------------------
The United States Trustee for Region 3, Kelly Beaudin Stapleton,
will convene a meeting of creditors of The SCO Group Inc. and
its debtor-affiliates on Oct. 18, 2007, at 10:00 a.m., at Room
2112, 2nd Floor, J. Caleb Boggs Federal Courthouse, in
Wilmington, Delaware.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                    About The SCO Group

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

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


SCO GROUP: Taps Berger Singerman as General Counsel
---------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the United States
Bankruptcy Court for the District of Delaware for authority to
employ Berger Singerman P.A. as their general counsel, nunc pro
tunc to Sept 14, 2007.

Debtors selected the firm because the firm's attorneys are
qualified to practice in this Court and are qualified to advise
the Debtors on their relations with, and responsibilities to,
the creditors and other interested parties.

As the Debtors' general counsel, Berger Singerman will:

   a) advise the Debtors with respect to its powers and duties
      as debtors-in-possession and the continued management of
      their business operations;

   b) advise the Debtors with respect to their responsibilities
      in complying with the United States Trustee's Operating
      Guidelines and Reporting requirements and with the rules
      of the Court;

   c) prepare motions, pleadings, orders, applications,
      adversary proceedings, and other legal documents necessary
      in the administration of the cases;

   d) protect the interests of the Debtors in all matters
      pending before the Court; and

   e) represent the Debtors in negotiations with their creditors
      and in the preparation of a plan.

The firm's professionals billing rate are:

     Professional                     Hourly Rate
     ------------                     -----------
     Paul Steven Singerman, Esq.        US$475
     Arthur J. Spector, Esq.            US$450

     Associate Attorneys              US$250 - US$370
     Legal Assistants/Paralegals      US$75 - US$160
      
The firm disclosed that on Sept. 4, 2007, and Sept. 12, 2007,
Berger Singerman received retainers of US$50,000 and US$375,000,
respectively, in connection with Debtors' chapter 11 cases.

Arthur J. Spector, Esq., a shareholder of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors and their estate, and that the firm is a "disinterested
person" as that term is defined under Section 101(14) of the
Bankruptcy Code.

Mr. Spector can be reached at:

   Arthur J. Spector, Esq.
   Berger Singerman P.A.
   350 E. Las Olas Boulevard, Suite 1000
   Fort Lauderdale, Florida 33301
   Tel.: (954) 713-7511
   http://www.bergersingerman.com/

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

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


SCO GROUP: Promotes Sandy Gupta to President of SCO Operations
--------------------------------------------------------------
The SCO Group, Inc. has promoted Sandy Gupta to President of SCO
Operations Inc., effective immediately.  Mr. Gupta will continue
to report to Darl McBride, President and CEO of The SCO Group.

"With Sandy's extensive UNIX technical background and vision for
our SCO Mobile products, he will be able to laser-focus on
product deliverables and customer needs," Mr. McBride said.  "We
have a number of key technologies coming out in the next couple
of quarters that will drive value for our customers; Sandy's
focus will be a win-win for them.  Those expanding their IT
infrastructure into the mobile space will see a solid solution
in SCO Mobile Server, with its UNIX technology backbone.  
Customers simply needing updated core SCO UNIX technology will
have greater capabilities as well as future mobile plug and play
functionality."

The SCO Group entered the high-growth mobile market several
years ago and according to IDC's 2007 Worldwide Mobile
Middleware Forecast* it has recently moved into the leadership
quadrant with other mobile technology leaders.

Most recently, Sandy Gupta was Chief Technology Officer and
General Manager for The SCO Group.  Prior to that, he held a
number of senior positions, including VP of SCO Engineering and
Senior Director of UNIX Engineering while working for the SCO
Murray Hill office in New Jersey.  Mr. Gupta joined SCO in 1996
with the ISV engineering group.  During this time, Mr. Gupta
worked with strategic ISV partners -- including Progress,
Oracle, Computer Associates and others -- on their ports to SCO
UNIX platforms.  Mr. Gupta then moved to the SCO UK escalations
group and led the 24x7 enterprise escalations engineering team.  
He also led the SCO eCommerce and Web Services initiative in
2003.

Before joining SCO, Mr. Gupta worked for Fujitsu ICL in the
United Kingdom. During this engagement, Mr. Gupta contributed
tremendous effort to the core kernel team at ICL that oversaw
the reference port and device driver development of UNIX System
V on the SPARC platform. Prior to this experience, Gupta started
his career as an intern scientist at Indian Space and Research
Organization.

"After having worked at SCO for over a decade, I am thrilled to
better serve our customers and partners in this new capacity,"
Mr. Gupta said.  "As our primary focus, we will strengthen and
expand our UNIX product offerings to our partners and
reinvigorate our channels in doing so.  The SCO UNIX partner and
customer ecosystem has also represented a great channel to
launch SCO Mobile products and services complementary to the
core UNIX products."

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

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


TECHDEX PTY: Members Resolve to Liquidate Business
--------------------------------------------------
During a general meeting held on August 30, 2007, the members of
Techdex Pty Ltd agreed to voluntarily liquidate the company's
business.

David James Hambleton was appointed liquidator.

The Liquidator can be reached at:

          David James Hambleton
          R.E. Murphy & Co, Chartered Accountants
          Level 9, 46 Edward Street
          Brisbane, Queensland 4000
          Australia

                        About Techdex Pty

Techdex Pty Ltd is a distributor of durable goods.  The company
is located at Redland Bay, in Queensland, Australia.


THE HOME OF FURNITURE: Final General Meeting Set for Oct. 10
------------------------------------------------------------
The members and creditors of The Home of Furniture Pty Ltd will
hold their final general meeting on October 10, 2007, at 10:15
a.m. and 12:00 p.m., respectively, to receive the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Ian G. Douglas
          1/249 Bouverie Street
          Carlton, Victoria 3053
          Australia
          Telephone:(03) 9342 2444

                   About The Home of Furniture

The Home of Furniture Pty Ltd operates manufacturing industries.  
The company is located at Thomastown, Victoria, Australia.


THE PHOTOPLAY: Members and Creditors Set to Meet on Oct. 12
-----------------------------------------------------------
The members and creditors of The Photoplay Group Pty Ltd will
meet on October 12, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

                      About The Photoplay

The Photoplay Group Pty Ltd is involved with telephone
communication, except radio.  The company is located at Perth,
in Western Australia, Australia.


WHAREMA PTY: Members to Receive Wind-Up Report on Oct. 15
---------------------------------------------------------
Wharema Pty Limited will hold a final meeting for its members on
October 15, 2007, at 4:00 p.m.

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

The company's liquidator is:

          Geoffrey P. Dwyer
          Level 32, 80 Collins Street
          Melbourne, Victoria 3000
          Australia

                        About Wharema Pty

Located at Melbourne, Victoria, Australia, Wharema Pty Limited
is an investor relation company.


ZINIFEX LTD: Nyrstar Revised Profit Down by 19 Percent
------------------------------------------------------
Zinifex Ltd. could receive less money than expected from its
smelter sale after it released revised earnings figures last
week from its Nyrstar smelting joint venture with Belgium's
Umicore, Jamie Freed, of the Sydney Morning Herald, reports.

Nyrstar, according to SMH, released documents saying that the
project would have earned EUR533 million before interest, taxes,
depreciation and amortization in 2006 based on the combined
Zinifex and Umicore's smelting operations.  In June, Zinifex
said that Nyrstar would have earned EUR660 million EBITDA during
the same period, relates SMH.

Reportedly, Martin McFarlane, Zinifex's investor relations head
disclosed that the higher earnings figure released in June was
"a straight joining of the two accounts."  The application of
European accounting standards and other adjustments led to the
lower earnings figure, Mr. McFarlane added.   

                        About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in  
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


ZINIFEX LTD: To Float Nyrstar on NYX with Umicore
-------------------------------------------------
Zinifex Ltd. and Belgium-based Umicore announced its plans to
float Nyrstar on the Euronext Brussels stock exchange after
conducting a bookbuild by mid-November, reports Jamie Freed of
The Sydney Morning Herald.

The float, states Ms. Freed, will proceed only if the partners
are able to sell down at least 51% of their interest in the
company.  Zinifex, writes SMH, would prefer to sell all of its
interest in Nyrstar into the float.

Andrew Trounson of The Australian writes that both companies
were planning to sell shares in Nyrstar through an initial
public offer "in the coming weeks," where the offering remained
subject to market conditions and investor demand, as did the
size of the offering.

The so-called pro-forma earnings figure is essential in allowing
investors to value Nyrstar compared to other publicly listed
smelting companies such as Boliden, Korea Zinc and Cumerio,
states SMH.

Zinifex's investor relations head Martin McFarlane claims they
decided to list Nyrstar in Belgium because it had assets in
Belgium, France and the Netherlands, relates Ms. Freed.

Mr. Trounson quotes Zinifex as saying, "The Euronext markets
have a long and deep understanding of the metals sectors --
especially zinc -- which dovetails neatly with our major
operations in Belgium, the Netherlands and France, so the
Brussels bourse is a natural fit for our business."   

                        About Zinifex Ltd.

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in  
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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

ACXIOM CORP: Expects Improved Second Quarter Financial Results
--------------------------------------------------------------
Acxiom Corporation expects improved revenue, income from
operations and net income for its second fiscal quarter ended
Sept. 30, 2007, compared to its first fiscal quarter figures.

In the first quarter, Acxiom recorded a revenue of
US$338.2 million; an income from operations of US$4.1 million;
and a net loss of US$11.5 million.  The diluted loss per share
of US$0.15 included the impact of US$20.6 million, in unusual
expense items, net of income tax effect.

The unusual items in the first quarter included costs related to
the then-pending transaction with Silver Lake and ValueAct
Capital of US$15.1 million, which were non-deductible for tax
purposes, and US$5.5 million predominantly related to the write-
off of certain long-term assets related to an amended contract.  
These items reduced first-quarter net income by approximately
US$18.5 million and diluted earnings per share by US$0.24.

"Our forecast for the second half of the fiscal year is for
improved results compared to the first half of the year,"
Charles D. Morgan, Acxiom Company Leader and Chairman of the
Board stated.  "Also, I should note that the US$65 million we
expect to receive related to the termination of the merger
agreement will be substantially more than any one-time expenses
related to the merger agreement."

"Acxiom is a leader in database marketing services and data
products," Mr. Morgan concluded.  "Our technology, solid
financial position, strong client relationships and dedicated
associates will ensure that we remain the market leader."

The company plans to disclose second quarter financial results
on Oct. 24, 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 on Oct. 3, 2007,
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.


ACXIOM CORP: Silver Lake & 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 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.


CITIC PACIFIC: Shareholders Approve Dah Chong's Spin-Off
--------------------------------------------------------
The shareholders of Citic Pacific held an extraordinary general
meeting on Oct. 3, 2007, and approved these two ordinary
resolutions by way of voting:  
  
   (1) the proposed spin-off of Dah Chong Hong Holdings Limited;
       and

   (2) the pre-IPO share option scheme and the post-IPO share
       option scheme of Dah Chong Hong.

The unit's spin-off gained 99.9957% vote of approval from the
shareholders, while the pre-IPO share option scheme and the
post-IPO share option scheme of Dah Chong Hong obtained 84.6229%
vote approval.

The company earlier disclosed its planned spin-off and separate
listing of Dah Chong Hong on the main board of The Stock
Exchange of Hong Kong Limited and its proposed share option
schemes.


Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of  
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


CONCORD COMMUNICATIONS: Members' General Meeting Set for Oct. 29
----------------------------------------------------------------
The members of Concord Communications Limited will hold their
final general meeting on Oct. 29, 2007, to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The meeting will be held at Roo, 1307-8 of Dominion Centre, 43-
59 Queen's Road East, in Wanchai, Hong Kong.


DANA CORP: Appaloosa Re-Affirms Investment Bid; Sends Final Deal
----------------------------------------------------------------
Appaloosa Management, L.P., on Sept. 21, 2007, re-affirmed its
investment offer, to replace the investment offer of
Centerbridge Capital Partners, L.P., and delivered to Dana Corp.
and its debtor-affiliates the Official Committee of Unsecured
Creditors a final investment proposal letter.  

James Bolin, a partner at Appaloosa, stated, in the September 21
Letter, that Appaloosa's Investment Offer is substantially
similar to Centerbridge's Proposal, with certain material
improvements and modifications,.

The improvements and modifications are:

  (a) Appaloosa proposes to eliminate and waive the break-up fee
      described in the Centerbridge Proposal.

  (b) Appaloosa will enhance the conversion price from 0.83
      times Distributable Market Equity Value Per Share to 0.90
      times Distributable Market Equity Value Per Share.

  (c) In lieu of the limited Rule 144A offering contemplated by
      the Centerbridge Proposal, the right to purchase the
      Series B Preferred at par will be offered to all holders
      of allowed unsecured claims on a pro rata basis.  Any
      shares of Series B Preferred not purchased in the Series B
      Rights Offering will be purchased at par by Appaloosa and
      certain other entities, who will receive a guaranteed
      minimum of 40% of the Series B Preferred and a commitment
      fee of $10,000,000 as consideration for their agreement to
      perform the foregoing Standby Purchaser obligations.

  (d) Appaloosa proposes to eliminate the ceiling/floor "collar"
      mechanism contained in the Centerbridge Proposal.

  (e) Most of Appaloosa's approval rights will be subject to
      being over-ridden by a 2/3 vote of common shareholders
      with the exception of certain specified protective
      approval rights, which are not subject to over-ride.  The
      approval rights not subject to over-ride relate to:
   
         -- issuance of securities that are senior to or on
            parity with the Series A Preferred;

         -- amendments to the Company's by-laws that materially
            change the rights of members of the Investor Group
            or Qualified Purchaser Transferees or the Company's
            shareholders generally, or to the Charter or
            Articles if the amendment would adversely impact
            Appaloosa's rights or investment; and

         -- other than the annual 4.0% dividends on the Series B
            Preferred, declaration and payment of dividends on
            stock that ranks junior to or on parity with the
            Series A Preferred.

  (f) Appaloosa will select three members of the Board of
      Directors, and the Creditors Committee will select the
      other three.  One director will be the chief executive
      officer, one director will be the new Executive Chairman,
      one director will be selected by the Standby Purchasers
      other than Appaloosa.  The initial Executive Chairman of
      the Board will be selected by a selection committee
      comprised of one Appaloosa representative and one
      representative of the Standby Purchasers.  The Executive
      Chairman will be approved by a majority vote of the
      Selection Committee.  Any successor Executive Chairman
      will be selected by the Nominating and Governance
      Committee of the Board, subject to the approval of
      Appaloosa.

  (g) All of Appaloosa's approval rights will continue until the
      earlier of (i) the date on which Appaloosa ceases to own
      Series A Preferred Shares having an aggregate liquidation
      preference of at least $125,000,000, and (ii) the third
      anniversary of Appaloosa's investment.

  (h) Appaloosa proposes to include an additional closing
      condition to the effect that there will not have occurred
      any material strike or labor stoppage or slowdown at Dana
      Corp., General Motors, Chrysler, Ford Motor Company or
      any of their respective subsidiaries.

A full-text copy of Appaloosa's September 21 Letter is available
for free at http://ResearchArchives.com/t/s?23e0

Aside from the Investment Letter, Appaloosa also delivered to
the Debtors and the Creditors Committee drafts of:

  (1) an Amended Joint Plan of Reorganization, a copy of which
      is available for free at
      http://ResearchArchives.com/t/s?23e1

  (2) a Plan Support Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e2


  (3) an Investment Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e3

  (4) a Shareholders Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e4


  (5) Articles of Designation with Respect to Preferred Stock, a
      copy of which is available for free at:

                   http://ResearchArchives.com/t/s?23e5

  (6) a Series A Registration Rights Agreement, a copy of which
      is available for free at
      http://ResearchArchives.com/t/s?23e6

  (7) a Series B Registration Rights Agreement, a copy of which
      is available for free at
      http://ResearchArchives.com/t/s?23e6

  (8) a Market Maker Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e7

                          About Dana Corp.

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  The Court has set a hearing on Oct. 23, 2007, to consider
the adequacy of the Disclosure Statement explaining the Debtors'
Plan.  (Dana Corporation Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


DANA CORP: Eyes Entry of Mexican Unit Restructuring Process
-----------------------------------------------------------
In July 2006, Spicer S.A., de C.V., a Mexican joint venture
between Dana Corp. and DESC S.A. de C.V., was dissolved, and the
Debtors acquired 100% ownership of certain of the subsidiaries
of Spicer Mexico.

Since that acquisition, the Debtors determined, after
consultation with their U.S. and Mexican advisors, to take
several steps to optimize the tax and operational efficiencies
of their operations in Mexico, which will involve converting
certain of their operations into maquiladoras:

  (a) Dana Heavy Axle Mexico S.A. de C.V. operations in
      Monterrey, Mexico will be contributed into a non-debtor
      subsidiary known as Dana Ejes S.A. de C.V., which will
      subsequently be converted into a maquiladora;

  (b) A maquiladora will be created out of the current
      operations of Spicer Group members Ejes Tractivos S.A. de
      C.V., Autometales S.A. de C.V., and Dana de Mexico
      Corporacion S. de R.L. de C.V.;

  (c) Nondebtor Tecnologia de Mocion Controlada S.A. de C.V.
      will expand its existing maquiladora operations to include
      a new maquiladora to support the sealing business;

  (d) Dana will acquire additional equipment to expand the
      operations at DHAM's Toluca facility; and

  (e) Dana's ownership of certain Mexican Dana Companies will be
      transferred to Debtor Spicer Heavy Axle Holdings, Inc.,
      which will be renamed Dana Global Products, Inc.

A maquiladora, according to Corinne Ball, Esq., at Jones Day, in
New York, explains, is a Mexican corporation that operates under
a program developed by the Mexican Secretariat of Commerce and
Industrial Development that permits the Mexican corporation to:

  -- temporarily receive component parts and raw materials from
     a foreign company without being charged any import duties;

  -- convert the component parts and raw materials into finished
     goods;

  -- ship the finished goods to, or on behalf of, the foreign
     company; and

  -- charge the foreign company for the value added in Mexico
     plus a relatively modest government mandated mark-up.

After these transactions, the inventory, finished goods and
equipment for the Sealing Maquila will be owned by Debtor Dana
Global Products, Inc., which will also conduct all the future
purchasing of goods for the Sealing Maquila.

In addition, as part of the Debtors' strategy to expand low cost
manufacturing operations, the Toluca Facility requires
additional equipment to be able to expand production.  Dana
Heavy Axle Mexico does not currently have the cash to purchase
additional equipment for the Toluca Facility.  Instead, the
Debtors will transfer approximately $2,500,000 in equipment from
their Glasgow, Kentucky, plant to the Toluca Facility, and the
Debtors will purchase approximately $11,000,000 of equipment
from third party vendors for use at the Toluca Facility.

Both the transferred and purchased equipment will be placed in
the name of Dana Holdings Mexico as an investment.

Dana Heavy Axle Mexico will purchase the equipment from Dana
Holdings Mexico by issuing a $13,500,000 note in return for the
equipment.  Because the Debtors will indirectly own Dana
Holdings Mexico through DGPI, they will benefit from the note
held by Dana Holding Mexico and will thus be receiving
equivalent value on their investment in Dana Holdings Mexico.

Ms. Ball tells the Court that in connection with the Debtors'
emergence from bankruptcy, they are planning to rationalize the
holding structure of their international affiliates.  For
Mexican tax reasons, each of the maquiladoras to be formed must
be owned by a stable U.S. entity that can conduct the purchasing
of goods required to operate the maquiladoras on a going forward
basis -- that entity will be DGPI.

The Debtors will transfer their 100% ownership interest in Dana
Holdings Mexico and DHAM and almost 100% ownership interest in
Tecnologia de Mocion Controlada to DGPI in return for additional
stock to be issued by DGPI.

Because the Debtors own 100% of the stock of DGPI, they will
receive reasonably equivalent value for the transfer through the
increase in value of DGPI by the value of the shares of Dana
Holdings Mexico, DHAM and TMC that are to be transferred to
DGPI.

The Debtors' Disclosure Statement explaining their Plan of
Reorganization provides that a critical part of their
restructuring plan has been to optimize their manufacturing
footprint so as to minimize costs, Ms. Ball notes.  A critical
focus of these efforts is the movement to low cost manufacturing
operations, a significant block of which are in Mexico.  The
various transactions involved in the Mexican Affiliate
Restructuring will allow the Debtors to increase their
production of low-cost goods in Mexico and provide a tax-
efficient structure for the production of those goods.

The Debtors project that the Mexican Affiliate Restructuring
will:

  -- generate approximately $4,700,000 in annual tax savings
     over the current structure;

  -- provide more than $12,000,000 in additional U.S. income
     annually; and

  -- facilitate labor savings for the Debtors as part of their
     manufacturing footprint optimization.

Accordingly, the Debtors seek the U.S. Court Bankruptcy Court
for the Southern District of New York's authority to enter into
the Mexican Affiliate Restructuring process.

The Debtors also seek a waiver of any stay of the effectiveness
of the order approving the Restructuring Motion.

While the go-live date for the Mexican maquiladoras is Nov. 1,
2007, the purchases of the assets and other activities described
in the step transactions must occur before that date, and
certain of those purchases can only occur after the transfer of
shares in DHAM, Dana Holdings Mexico and TMC are made to Debtor
DGPI, Ms. Ball says.  If the various asset sales and share
transfers cannot commence until the anticipated expiration of
the automatic stay on October 29, 2007, the go-live date on the
maquiladoras will have to be delayed by an additional month
because it will be difficult to make the necessary accounting
changes in the middle of a month.

Delaying the project will cost the Debtors approximately
$375,000 in lost tax savings and decrease income in the U.S. by
approximately $1,000,000, Ms. Ball adds.

                          About Dana Corp.

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  The Court has set a hearing on Oct. 23, 2007, to consider
the adequacy of the Disclosure Statement explaining the Debtors'
Plan.  (Dana Corporation Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


DISTACOM HONG KONG: Liquidator to Give Wind-Up Report on Oct. 29
----------------------------------------------------------------
Distacom Hong Kong Limited will hold its final general meeting
on October 29, 2007, at 10:00 a.m., at the 7th Floor of
Alexandra House, 18 Chater Road, in Central, Hong Kong.

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


EARNSON DEVELOPMENT: Final General Meeting Set for Oct. 31
----------------------------------------------------------
Earnson Development Limited will hold a final general meeting on
October 31, 2007, at 10:30 a.m., at Room 13A of Tak Lee
Commercial Building, 113-117 Wanchai Road, Hong Kong.

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


FIAT SPA: CEO Optimistic About Bus Production Deal in China
-----------------------------------------------------------
Fiat S.p.A. Chief Executive Officer Sergio Marchionne sees a
"good chance" for clinching a deal with Chinese carmaker SAIC on
production of buses in China, Reuters reported.  

"I believe there is a good chance to clinch the accord," Mr.
Marchionne was quoted as saying.  

In an interview with the company's CEO at the sideline of a
university event, the news agency gathered that the Italian auto
maker's truck division Iveco was studying broadening production
to buses with SAIC.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction
equipment.  Fiat's creditors include Banca Intesa, Banca Monte
dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia,
Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore, China
Spain, among others.

                            *   *   *

As reported in the TCR-Europe on Aug. 24, 2007, Moody's
Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate
Family Rating, and the group's other long-term senior unsecured
ratings.

At the same time, the positive outlook on all long-term ratings
was maintained.  The short term Not Prime rating remains
unchanged.


GREAT YIELD: Members to Meet on October 29
------------------------------------------
The members of Great Yield Technologies Limited will hold an
extraordinary general meeting on October 29, 200, to pass a
resolution that liquidates the company's business due to its
inability to pay its debts.


TOYOTA MOTOR: Liquidators Quit Post
-----------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey quit as liquidators of
Toyota Motor (China) Limited on September 21, 2007.

The former Liquidators can be reached at:

          Lai Kar Yan (Derek)
          Darach E. Haughey
          One Pacific Place, 32nd Floor
          88 Queensway
          Hong Kong


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

BANK OF BARODA: Signs Definitive Pacts for Pioneer Global JV
------------------------------------------------------------
Bank of Baroda and Italy's Pioneer Global Asset Management SpA
signed on Oct. 5, 2007, a definitive agreement to launch a joint
venture for asset management business.

The bank and Pioneer signed in February this year the memorandum
of understanding for the joint venture, which will be named
Baroda Pioneer Asset Management Company Ltd.

According to a report by the Troubled Company Reporter-Asia
Pacific on July 17, 2007, the bank decided to form the JV
because mutual funds have become a major destination for
investment of late and they chose Pioneer because the foray
would need "specialized expertise."

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.  Fitch said the outlook on all
ratings is stable.


DECCAN AVIATION: Grants 451,000 Options to Employees & Director
---------------------------------------------------------------
Deccan Aviation Ltd disclosed in an Oct. 1 filing with the
Bombay Stock Exchange that the carrier's ESOP Committee has
granted 451,000 options to its employees and an executive
director.

The options were granted on these terms:

   a. The options granted be vested in tranches over a period of
      four years from the time of grant.

   b. The options can be exercised within a period of five years
      from the date they vest.

   c. The exercise price at which the options are being granted
      is INR65 per option.

   d. The number of options vesting as a percentage of the
      options granted is in the ratio of 20/20/30/30.

   e. Other terms as per ESOP Plan 2006.

   f. Fringe Benefit Tax as may be applicable and the company
      policy on it.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector. Deccan Aviation, which runs budget airline
Air Deccan, provides company charters, tourism, medical
evacuation, off-shore logistics and a host of other services.

The Troubled Company Reporter-Asia Pacific reported on Oct. 5,
2007, that Deccan Aviation has a stockholder's equity deficit of
US$2.83 million.


PRA INTERNATIONAL: Moody's Assigns B3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating
to PRA International.

Moody's also assigned a B1 rating to the "first-out" portion of
the proposed senior secured credit facility, including the
revolver, and a B3 rating to the "last-out" portion of the
credit facility.  The outlook for the ratings is stable.  This
is the first time Moody's has assigned ratings to PRA.

The ratings are principally constrained by:

  (1) the significant levels of leverage and resulting weak
      credit metrics;

  (2) the potential for near-term operating volatility as a
      result of the company's on-going turnaround as well as
      cancellation risk inherent in the global contract
      research organization industry;

  (3) the limited track record of free cash flow generation and

  (4) the company's small scale and relatively modest
      competitive position against several much larger
      companies.  The ratings are also constrained by Moody's
      concerns about the company's liquidity profile as well as
      the expectation for limited recoverability of assets in a
      bankruptcy scenario.

Despite the above concerns, Moody's acknowledges several
positive trends at the company.  These include:

  (1) a new management team with solid industry and turnaround
      experience;

  (2) good opportunities for growth and margin expansion upon
      successful execution of the strategy;

  (3) positive industry growth trends and

  (4) early signs of positive momentum in the company's
      turnaround.

All ratings are subject to review of final documentation.

Ratings assigned:

PRA International:

-- US$30 million senior secured revolving credit facility due
    2013; B1, LGD3, 35%;

-- US$55 million senior secured first-out term loan due 2014;
    B1, LGD3, 35%;

-- US$85 million senior secured last-out term loan due 2014;
    B3, LGD5, 71%;

-- Corporate Family Rating: B3;

-- Probability of Default Rating: B2;

Pharmaceutical Research Associates Group, BV:

-- US$10 million senior secured revolving credit facility due
    2013; B1, LGD3, 35%

-- US$115 million senior secured first-out term loan due 2014;
    B1, LGD3, 35%

-- The outlook for the ratings is stable.

Headquartered in Reston, Virginia, PRA International --
http://www.praintl.com/-- is a global contract research  
organization that assists pharmaceutical and biotechnology
companies in developing drug compounds, biologics, and drug
delivery devices and gaining necessary regulatory approvals.
Clinical trials and related services are conducted from offices
located all over the world including Argentina, Australia,
Belgium, Poland, India, Taiwan, among others.

The company generated gross revenues of approximately US$382
million (including US$43 million of reimbursed expenses) for the
twelve months ended June 30, 2007.


PRA INTERNATIONAL: S&P Assigns B Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to pharmaceutical contract research organization
PRA International Inc.  The outlook is stable.
     
At the same time, Standard & Poor's Ratings Services assigned
its bank loan and recovery ratings to PRA's secured financing.  
The company's proposed first-out credit facilities are rated
'BB-', with a recovery rating of '1', indicating the
expectations for very high (90%-100%) recovery in the event of
a payment default.  PRA is the borrower for the first-out credit
facilities, consisting of a US$30 million revolving credit
facility and a US$55 million term loan.  Pharmaceutical Research
Associates Group BV is the borrower for the other first-out
credit facilities, consisting of a US$10 million euro-
denominated revolving credit facility, a US$60 million euro-
denominated term loan, and a US$55 million term loan.
     
S&P also assigned its 'CCC+' bank loan rating to the company's
US$85 million last-out term loan, for which PRA is the borrower.  
The recovery rating of '6' indicates the expectation for
negligible (0%-10%) recovery in the event of a payment default.
     
At the same time, S&P assigned its 'CCC+' rating to PRA's
US$170 million senior subordinated notes.
     
The proceeds of the term loans and notes are being used in
conjunction with approximately US$390 million of common equity
to finance the buyout of the company by sponsor Genstar Capital
LLC.  The buyout values the company at about US$750 million,
which represents a multiple of about 13x pro forma adjusted
EBITDA from the past 12 months.
     
"The rating reflects PRA's highly leveraged capital structure,
risks related to its continuing turnaround efforts, a somewhat
concentrated customer base, and the potential for earnings
volatility," said Standard & Poor's credit analyst Alain
Pelanne.  "These factors are offset partially by PRA's
recently improving results, its global footprint and therapeutic
expertise, and trends that support strong growth for the
industry."

Headquartered in Reston, Virginia, PRA International --
http://www.praintl.com/-- is a global contract research  
organization that assists pharmaceutical and biotechnology
companies in developing drug compounds, biologics, and drug
delivery devices and gaining necessary regulatory approvals.  
Clinical trials and related services are conducted from offices
located all over the world including Argentina, Australia,
Belgium, Poland, India, Taiwan, among others.  

The company generated gross revenues of approximately US$382
million (including US$43 million of reimbursed expenses) for the
twelve months ended June 30, 2007.


TATA STEEL: Members OK Capital Increase to INR8000,00,00,000
------------------------------------------------------------
Tata Steel Ltd said in an Oct. 5, 2007 filing with the Bombay
Stock Exchange that its members, at their 100th annual general
meeting, agreed to the increase in the company's authorized
share capital.

Specifically, the members accorded to the increase from the
current capital of INR2000,00,00,000 (divided into 175,00,00,000
ordinary shares of INR10 each and 2,50,00,000 cumulative
redeemable preference shares of INR100 each) to
INR8000,00,00,000 (divided into 175,00,00,000 ordinary shares of
INR10 each, 2,50,00,000 cumulative redeemable preference shares
of INR100 each and 60,00,00,000 cumulative redeemable preference
shares of INR100 each) by creation of 60,00,00,000 cumulative
redeemable preference shares of INR100 each.

Among others, the members also agreed to authorize to the
company's board of directors to create, issue, offer and allot,
ordinary shares, convertible bonds and/or other securities
provided that the total amount raised through the issuance of
the securities does not exceed US$500 million or its equivalent
in one or more currencies, including premium if any, subject to
the necessary provisions and approvals.

The members reappointed Deloitte Haskins & Sells, as auditors
and authorized the firm to examine and audit the accounts of the
company at Jamshedpur, Mines, Collieries, Bearing Division,
Tubes Division, Ferro Alloys & Manganese Division, Wire Division
and other Divisions for the financial year 2007-08.

Deloitte & Touche, Singapore, were also reappointed as the
company's branch auditors to examine and audit the books of
account of the branch office in Singapore for the financial year
2007-08.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As reported in the Troubled Company Reporter-Asia Pacific,
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on Tata Steel to 'BB' from 'BBB.'  
The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


TATA STEEL: Managing Director of Corporate Services Resigns
-----------------------------------------------------------
Tata Steel Limited said in a regulatory filing that A. N. Singh
Dy, Managing Director (Corporate Services), resigned from the
company's board of directors.

According to the company, the managing director quit his post
because he taking up an assignment as Managing Trustee of Sir
Dorabjee Tata Trust and its associated Trusts.  The company did
not disclose if it has found a replacement for Mr. Dy.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Standard & Poor's Ratings Services, on July 10, 2007,
lowered its corporate credit rating on Tata Steel to 'BB' from
'BBB.'  The outlook is positive.  The rating is removed from
CreditWatch, where it was placed on Oct. 18, 2006, with negative
implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

Moody's Investors Service, on Sept. 18, 2007, affirmed the Ba1
corporate family rating of Tata Steel Ltd, and changed the
outlook to negative from stable.


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

AVNET INC: Inks US$600 Five-Year Senior Unsec. Credit Facility
------------------------------------------------------------
Avnet Inc. entered into a five-year senior unsecured credit
facility.  The facility provides for extensions of credits in
the aggregate amount of up to US$500 million with a US$100
million accordion feature allowing Avnet to increase its
borrowing capacity to up to US$600 million, subject to obtaining
commitments for the incremental capacity from existing or new
lenders.  

The term of the facility expires on Sept. 26, 2012, which may be
extended at Avnet's election for up to two additional one-year
terms, subject to Avnet's satisfaction of certain conditions.  
The facility effectively supersedes Avnet's existing credit
facility dated as of Oct. 13, 2005.

Bank of America N.A. will act as administrative agent, swing
line lender and letter of credit issuer; Banc of America
Securities LLC acted as joint lead arranger and sole book
manager; ABN AMRO Incorporated acted as Joint Lead Arranger, and
Credit Suisse First Boston, the Bank of Nova Scotia and BNP
Paribas acted as co-documentation agents.  A total of 18 lenders
participated in the facility.

"We appreciate the continued commitment from our long-term
banking partners and are pleased to welcome new lenders into our
bank group," Raymond Sadowski, Avnet's chief financial officer,
stated.  "The facility not only offers better terms and
conditions than the facility it supersedes but also extends
those terms an additional two years.  There was significant
demand for participation in the facility and this strong
sponsorship demonstrates confidence by the financial community
in Avnet's future and its solid financial condition."

                       About Avnet Inc

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

                          *     *     *

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


BANK CENTRAL ASIA: Vice President Resigns Effective Jan. 1, 2008
----------------------------------------------------------------
PT Bank Central Asia disclosed that its Vice President Aswin
Wirjadi has resigned from his current position, Reuters reports.

Reuters, without stating the reason why Mr. Wirjadi will quit
his post, said that the resignation will be effective January 1,
2008.

The bank made the disclosure in a letter to the Jakarta stock
exchange, the report adds.

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business  
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Aug 15,
2007, that Fitch Ratings affirmed Bank Central's

   * Long-term Foreign Currency Issuer Default Rating at 'BB-'
     with a Positive Outlook; and

   * Short-term Foreign Currency IDR at 'B',

among others.

On Aug 02, 2007, Moody's Investors Service has placed the
foreign currency long-term debt and foreign currency long-term
deposit ratings of Bank Central Asia on review for possible
upgrade.  The detailed ratings are:

   * Ba3 issuer and B2 foreign currency long-term deposit
     ratings were placed on review for possible upgrade.

   * Not Prime foreign currency short-term deposit rating,
     Baa3 global local currency deposit rating and D+ BFSR were
     unaffected -- these ratings carry a stable outlook.


BANK NEGARA: Ups Capital Participation in PT BNI Multifinance
-------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk has raised its capital
participation in PT BNI Multifinance by converting its
IDR188.32 billion loan into capital, Reuters reports.

According to the report, Firman Wibowo, BNI deputy director said
that with the loan-to-capital conversion, BNIMF's paid-up
capital rose to IDR408.36 billion from IDR220 billion previously
with 99.98% of its shares held by BNI and 0.02% by BNIMF's
employees cooperative.

The bank also has capital participation in PT BNI Securities
(99.85 percent) and PT BNI Life Insurance (59.78 percent), the
report adds.

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

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


DAVOMAS ABADI: Lehman Brothers Buys 1,226,871,942 Shares
--------------------------------------------------------
Lehman Brothers Commercial Corporation Asia Limited has bought
1,226,871,942 shares of PT Davomas Abadi Tbk, Reuters reports.

According to the report, the shares were brought at IDR200 per
share, which amounted to IDR245,374,388,400.


Headquartered in Jakarta, Indonesia, PT Davomas Abadi Tbk
processes cocoa beans into cocoa butter and cocoa powder.

The Troubled Company Reporter-Asia Pacific reported on Sept. 4,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
rating on Indonesia's PT Davomas Abadi Tbk.  The outlook is
stable.  At the same time, it affirmed its 'B+' rating on the
US$150 million principal amount of the 11% guaranteed senior
secured notes due in 2011.  The company proposes to increase
this issue to a total of US$238 million through US$88 million
long-term senior secured bonds to be issued by Davomas
International Finance Co. Ltd., a special purpose financing
vehicle wholly owned by Davomas.

On Dec. 15, 2006, that Standard & Poor's Ratings Services
affirmed its 'B+' rating onIndonesia's PT Davomas Abadi Tbk.  
The outlook is stable.  At the same time, it assigned its 'B+'
rating on the proposed US$25 million long-term senior secured
bonds to be issued by Davomas International Finance Co. Ltd., a
special purpose financing vehicle wholly owned by Davomas.

Moody's Investors Service affirmed PT Davomas Abadi Tbk's stable
'B2' corporate family rating and the 'B2' foreign currency
rating of Davomas International Finance Company Pte Limited's
IDR1.13-trillion senior secured notes due in 2011.  Moody's
affirmed the rating after the Company had completed its notes
issuances and subsequent repayments of its outstanding debts.


FOSTER WHEELER: Bags EPC Pact for ExxonMobil's Chemical Project
---------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiaries in its Global Engineering and
Construction Group and its joint venture partner have been
awarded contracts by ExxonMobil Asia Pacific Pte. Ltd. for
project co-ordination and services and the engineering,
procurement and construction (EPC) of a number of downstream
units and associated plant infrastructure for a second
petrochemical complex in Singapore.  As disclosed by ExxonMobil
on Sept. 5, 2007, this project will proceed with construction.

The Foster Wheeler contract value for this project was not
disclosed and will be included in the company's third-quarter
2007 bookings.

The Foster Wheeler-led joint venture has completed the study and
front-end engineering design for substantially the entire non-
licensed technology portion of this complex, which will produce
ethylene, propylene and their derivatives, mainly for the
regional market.

The Foster Wheeler-led joint venture will now engineer, procure
and construct the modification and expansion of ExxonMobil's
existing aromatics and oxo-alcohol production facilities, and
expansion and modification of the existing product storage and
utilities, among others.

"We are delighted that, with the award of the EPC phase of this
huge project, we have the opportunity to continue the excellent
working relationship we have built with the ExxonMobil team
during the front-end phase," said Umberto Della Sala, president
& chief operating officer of Foster Wheeler Ltd.  "We are
committed to leveraging our global strength to deliver what will
be the largest single project ever undertaken by ExxonMobil
Chemical and also the largest project ever executed by Foster
Wheeler for ExxonMobil throughout our long and successful
history with this client."

                       About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of  
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  The outlook is stable.

                  Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.


PARKER DRILLING: Improved Performance Spurs S&P to Lift Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit rating on oil and gas contract driller Parker Drilling
Co. to 'B+' from 'B'.  At the same time, S&P has raised the
issue ratings on Parker's senior and convertible notes to 'B+'
from 'B-'.  These consist of its US$125 million 2.125%
convertible notes due 2012, and US$225 million 9.625% senior
notes due 2013.
     
The outlook is stable.  As of June 30, 2007, Houston, Texas-
based Parker had about US$338 million in debt, adjusted for
operating leases.
     
"The upgrade is based on improved operating performance and
significantly improved credit protection measures," said S&P's
credit analyst Aniki Saha-Yannopoulos.

Further improvement in operating performance should result from
Parker's recent capital expenditure program and favorable
industry conditions.  Also, multiple international contracts
have increased contract visibility through 2010 in certain areas
of the company's business.
     
S&P has raised the ratings on the notes by one additional notch
because the amount of priority debt in the form of the company's
unrated credit facility will not exceed 15% of the book value of
the company's assets -- S&P's current guideline for lowering an
unsecured issue rating by one notch relative to the corporate
credit rating.
     
The ratings on Parker reflect its participation in a highly
competitive, cyclical industry; its active capital spending
program; and operations in international markets and areas that
can expose it to geopolitical risks.  Business segment and
geographic diversity partially mitigate these weaknesses.

                      About Parker Drilling

Headquartered in Houston, Texas, Parker Drilling Company --
http://www.parkerdrilling.com/-- provides contract drilling and  
drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.


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

DELPHI CORP: U.S. Trustee Adds SABIC to Creditors Committee
-----------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, has appointed
SABIC Innovative Plastics as a member of the Official Committee
of Unsecured Creditors of Delphi Corp. and its debtor-
affiliates.  Electronic Data Systems Corp. and General Electric
Company are no longer Committee members.

The Creditors Committee now consists of:

  1. SABIC Innovative Plastics
     9930 Kincey Avenue
     Huntersville, North Carolina
     Attention: Valerie Venable
     Tel: (704) 992-5075

  2. Tyco Electronics Corporation
     60 Columbia Road
     Morristown, New Jersey
     Attention: MaryAnn Brereton
     Tel: (973) 656-8365

  3. IUE-CWA
     2360 W. Dorothy Lane, Suite 201
     Dayton, Ohio
     Attention: Lauren Aspland
     Tel: (937) 294-7813

  4. Capital Research and Management Company
     11100 Santa Monica Blvd., 15th Floor
     Los Angeles, California
     Attention: Michelle Robson
     Tel: (310) 996-6140

  5. Wilmington Trust Company, as Indenture Trustee
     Rodney Square North, 1100 North Market Street
     Wilmington, Delaware
     Attention: Steven M. Cimalore
     Tel: (302) 636-6058

  6. Freescale Semiconductor, Inc.
     6501 William Cannon Drive West, MD: OE16
     Austin, Texas
     Attention: Richard Lee Chambers, III
     Tel: (512) 895-6357

                          About Delphi

Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single supplier of vehicle  
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  

(Delphi Bankruptcy News, Issue No. 87 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FORD MOTOR: Overall September 2007 Vehicle Sales Decline by 21%
---------------------------------------------------------------
Demand continues to grow for Ford Motor Company's all-new and
redesigned crossover vehicles, even as overall sales declined in
September 2007.

Total September sales were 189,863, down 21% compared with a
year ago.  Sales to daily rental companies were down 62% and
sales to individual retail customers were down 15%.

Ford, Lincoln and Mercury's all-new and redesigned crossover
utility sales were up 96% in September and up 52% year-to-date -
? the largest increase of any major manufacturer.

"We continue to be encouraged by customers' strong response to
our new products, which we're launching with high quality," Mark
Fields, president, The Americas, said.  "Demand for our new
crossovers continues to grow and contributes to our efforts to
stabilize U.S. retail market share."

In September, Ford Edge sales were 11,632 and Lincoln MKX sales
were 3,805.  Both new crossovers achieved their highest retail
sales month to date.  The Edge and Lincoln MKX were introduced
in December 2006 and already are among the best sellers in the
mid-size and premium CUV segments.

Sales for the redesigned 2008 model Ford Escape and Mercury
Mariner crossovers were higher in September.  Escape sales were
11,132, up 10%, and Mariner sales were 2,699, up 4%.

The Lincoln brand posted its 12th month in a row of higher
retail sales.  In September, total Lincoln sales were up 33%
(retail up 40%).  Year-to-date, total Lincoln sales were up 15%
(retail up 17%).  Lincoln's rebound reflects the new Lincoln MKX
crossover, the new Lincoln MKZ sedan (up 25% in September) and
the redesigned Navigator (up 38% in September).

"We're building a strong foundation for future growth at
Lincoln," Mr. Fields said.  "This is the early phase of an
aggressive plan to restore Lincoln as America's choice for
luxury vehicles."

Land Rover's September sales were 4,190, up 21%, reflecting the
addition of the all-new LR2 crossover.  Land Rover sales were up
8% year-to-date.

                       About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.  
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


GAP INC: Distributing US$0.08 Per Share Quarterly Dividend
----------------------------------------------------------
The Board of Directors of Gap Inc. voted a quarterly dividend of
US$0.08 per share payable on Oct. 30, 2007, to shareholders of
record at the close of business on Oct. 16, 2007.

                         About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an  
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic inSoutheast Asia and the Middle East.

                           *   *   *

The company continues to carry Fitch's BB+ Issuer Default
Rating.  The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.


INTERNATIONAL RECTIFIER: Alex Lidow Steps Down as CEO & Director
----------------------------------------------------------------
International Rectifier Corporation announced the resignation of
Dr. Alex Lidow as chief executive officer and as a director,
effective immediately.

Don Dancer continues as International Rectifier's acting chief
executive officer.  Mr. Dancer has served in that position since
Aug. 28, 2007.

The board of directors has engaged Korn/Ferry International
(NYSE:KFY) to conduct a search for Dr. Lidow's permanent
replacement.  The search is being led by Dr. James Plummer,
Chairman of the Corporate Governance and Nominating Committee.

Don Dancer, International Rectifier's acting chief executive
officer, said, "We want to thank Alex for his contributions to
the company. During his tenure, he led the pioneering power
MOSFET technology, which drove the adoption of power management
across broader end use applications.  His focus on power
management helped to solidify International Rectifier as a
leader in the industry.  Alex has also encouraged the next
generation of technology professionals who will continue to
create and provide our customers with innovative products."

"I have appreciated the opportunity to serve International
Rectifier as a Director and CEO the last 12 years," said Dr.
Lidow.  "International Rectifier and the power management
industry have a bright future, and I believe the company will
continue to deliver enormous value to the companies it serves
and end-users by helping to reduce global energy consumption and
improving energy efficiency."

Dr. Lidow will receive accrued salary, bonus and vacation
through the date of his departure.  He will be entitled to
exercise his vested options for an additional eighteen months,
or 90 days following the date on which the company becomes
current in its SEC financial reports, whichever is later.  The
company has agreed to vest all of Dr. Lidow's options that had
not already vested.

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

                        *     *     *

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


INTERNATIONAL RECTIFIER: Discloses Key Internal Initiatives
-----------------------------------------------------------
International Rectifier Corporation announced these initiatives:

   -- Shifted reporting of the internal audit function to the
      Audit Committee of the board of directors and the general
      counsel.

   -- Appointed a lead independent director.

   -- Appointed a Special Committee of the board to advise and
      support the acting chief executive officer.

   -- Evaluated independent third party consulting firms to
      document and assess the design effectiveness of processes
      and controls.

   -- Revamped the company's hotline process and placed it under
      the internal audit function.

   -- Changed reporting relationships at the company's Japan
      subsidiary to improve oversight of the subsidiary.

   -- Added interim processes to help assure adherence to proper
      revenue recognition policies at the Japan subsidiary.

The company expects to continue to assess and improve its
internal controls and corporate governance environment.

Jack Vance, International Rectifier's lead independent director,
said, "During this period of transition for the company, the
Audit Committee and I are working diligently to bring the
internal accounting investigation to a resolution.  We are also
taking steps to implement meaningful changes to our internal
controls and governance policies.  Going forward, we will
continue to work with Don Dancer, International Rectifier's
acting chief executive officer, as well as our executive
leadership team and our employees to help ensure that our
company continues to create the products and deliver the level
of service our customers have come to expect of International
Rectifier."

Previously, the Board of Directors designated a Special
Committee, comprised of independent directors of the company, to
advise and support the company's acting chief executive officer.  
The committee is chaired by Dr. Vance, former senior partner of
McKinsey & Co.  The other members include:

   * Mr. Robert Attiyeh, former chief financial officer of AMGEN
     Inc.;

   * Dr. Philip M. Neches, former chief technology officer of
     Teradata Corporation, NCR Corporation, and the AT&T
     Multimedia Products and Systems Group;

   * Dr. James Plummer, Dean of Engineering at Stanford
     University; and

   * Dr. Rochus Vogt, retired provost of the California
     Institute of Technology.

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

                        *     *     *

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


LIBERTY GLOBAL: Hires Bob Leighton as Senior VP for Programming
---------------------------------------------------------------
Liberty Global Inc. has appointed Bob Leighton as its Senior
Vice President, Programming.

In this new role, Mr. Leighton will be responsible for
coordinating and leveraging Liberty Global's programming
activities worldwide, including both channel carriage and
channel venture activities.

Mr. Leighton is a 28-year veteran of the television industry.  
Most recently, he was a consultant on programming issues to
Liberty Global, as well as Comcast Cable.

Prior to this, Mr. Leighton was EVP, Programming for Starz
Encore Entertainment for 7 years.  At Starz, Mr. Leighton was
responsible for all programming functions for 13 channels,
including film acquisition, original program development,
production, on-air promotion, and technical operations.

Mr. Leighton earlier was at HBO for 17 years.  From 1991, he was
based in Eastern Europe for HBO and oversaw the earliest
development, launch and operation of various pay and basic cable
channels throughout the region.  Previous assignments at HBO
during the 1980's in New York included Director of Programming,
Cinemax and Director of Audience Research.  Mr. Leighton began
his television career at Young & Rubicam where he bought
advertising time on both broadcast networks and pioneer ad
supported cable channels.

"Bob Leighton has been at the forefront of the expansion of
television programming into new markets and new media his entire
career," said Mike Fries, President and CEO, Liberty Global,
Inc.  "Particularly given revolutionary changes now taking place
in video delivery, such as on-demand, we look forward to his
experience and leadership as we continue to leverage content
opportunities across our global footprint of 23 million
subscribers."

Mr. Leighton holds a B.A. from Harvard College and an M.B.A.
from Columbia University.

                      About Liberty Global

Headquartered in Englewood, Colorado, Liberty Global Inc. --
http://www.www.lgi.com/-- is an international broadband  
communications provider of video, voice and Internet access
services, with consolidated broadband operations in 19
countries, primarily in Europe, Japan and Chile.

Through its indirect wholly owned subsidiary UGC Europe, Inc.,
and its wholly owned subsidiaries UPC Holding B.V. and Liberty
Global Switzerland, Inc., collectively Europe Broadband, Liberty
Global provides video, voice and Internet access services in 13
European countries.

Through Liberty Global's indirect controlling ownership interest
in Jupiter Telecommunications Co., Ltd., the Company provides
video, voice and Internet access services in Japan.  Through the
Company's indirect 80%-owned subsidiary VTR GlobalCom, S.A., it
provides video, voice and Internet access services in Chile.

                        *     *     *

As reported on April 2, Standard & Poor's Ratings Services
revised its outlook on international cable TV and broadband
provider Liberty Global Inc. to positive from stable.

The outlooks on related entities in the LGI group, including UPC
Broadband Holding and VTR GlobalCom S.A., were also revised to
positive from stable.  The ratings on LGI and its related
entities, including the 'B' long-term corporate credit rating on
LGI, were affirmed.


MICRON TECH: Posts US$320 Million Net Loss in Year Ended Aug. 30
----------------------------------------------------------------
Micron Technology Inc. reported results of operations for its
2007 fiscal year and fourth quarter, which ended Aug. 30, 2007.

For the fourth quarter of fiscal 2007, the company incurred a
net loss of US$158 million on net sales of US$1.4 billion, which
compares to a net loss of US$225 million on net sales of US$1.3
billion for the third quarter.  For the 2007 fiscal year, the
company incurred a net loss of US$320 million on net sales of
US$5.7 billion, which compares to net income of US$408 million
on net sales of US$5.3 billion for the prior fiscal year.

The company's fourth quarter and fiscal year 2007 results were
heavily influenced by industry supply/demand dynamics that
depressed average selling prices for memory products.  The
company's net sales for the fourth quarter of fiscal 2007
increased 11 percent compared to the third quarter primarily as
a result of higher megabit sales of memory products.  Compared
to the prior quarter, fourth quarter megabit sales increased
approximately 25 percent and 60 percent for DRAM and NAND Flash
memory products, respectively, while average selling prices for
both DRAM and NAND Flash memory products decreased approximately
15 percent.  Sales of NAND Flash include sales from the
company's consolidated NAND Flash manufacturing joint venture
(IM Flash) to the company's joint venture partner at long-term
negotiated prices approximating cost.  The results for the
fourth quarter include a charge of US$20 million to write down
the carrying value of work in process and finished goods
inventories of memory products to their estimated fair market
values.

Sales of CMOS image sensors in the fourth quarter of fiscal 2007
increased approximately five percent compared to the third
quarter primarily as a result of higher average selling prices
reflecting the company's shift in mix to higher megapixel
products.  

The company's manufacturing operations achieved noticeable scale
improvements in 2007, with wafer production increasing in excess
of 20 percent over fiscal 2006.  The company's cost of goods
sold per megabit decreased in the fourth quarter of fiscal 2007
compared to the third quarter by approximately 10 percent and 40
percent for DRAM and NAND Flash memory products, respectively.  
These cost reductions were achieved through improved
manufacturing efficiencies and the production of significantly
more NAND Flash wafers.

During the fourth quarter of fiscal 2007, the company began
executing initiatives to drive greater cost efficiency and
revenue growth.  The company recorded a restructure charge in
the fourth quarter of US$19 million comprised primarily of
employee severance and related costs resulting from a reduction
in the company's workforce in the quarter.  The company
continues to pursue opportunities to lower its overhead costs
through the utilization of partnerships and other outside
relationships.  Selling, general and administrative expenses in
the fourth quarter include increased costs associated with the
company's outstanding legal matters.

The company had capital expenditures of approximately US$850
million and US$4 billion, including expenditures by its joint
ventures during the fourth quarter and 2007 fiscal year,
respectively, and ended the fiscal year with cash and investment
balances of US$2.6 billion.

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)  
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's USUS$1.1 billion convertible senior notes due
2014.


NIS GROUP: S&P Downgrades Credit & Debt Ratings to 'BB-'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating and long-term senior unsecured debt
rating on NIS Group Co. Ltd. by two notches to 'BB-' and placed
the ratings on CreditWatch with negative implications,
reflecting worsening operating conditions and their negative
impact on the company's funding flexibility.  The rating actions
reflect growing concerns over NIS Group's financial stability
due to the cautious stance many financial institutions are
taking with respect to credit lines extended to the finance
industry.  Should recent changes in the external business
environment persist over a prolonged period of time, the
stability of NIS Group's financial profile could be negatively
impacted.

Financial institutions have heightened precautionary measures
affecting their lending policies related to financial
institutions because of the following:

   1) increasing refund claims made by borrowers for overcharged
      interest;

   2) increasing concerns over the credit quality of the finance
      industry as a whole; and

   3) the recent bankruptcy of a midsize listed consumer
      finance company.  

NIS Group, which does not have a solid main-bank relationship
with any one specific bank, is relatively vulnerable in this
unstable business climate.  Refund claims made by borrowers for
overcharged interest remain at high levels.  In addition,
consumer and corporate loan losses are trending upward because
of tightening lending standards that are impacting the entire
industry.

The NIS Group was ahead of its industry peers when it
diversified its operations and expanded the scope of its
business to include the real estate-backed loan segment.  
However, the growth of that segment may be constrained by a
potential increase in funding costs resulting from its
deteriorating external environment.  In addition, as of June 30,
2007, the NIS Group held JPY33.2 billion in investment
securities on a book value basis, which leaves its
capitalization and earnings vulnerable to stock market price
fluctuations.

Standard & Poor's will resolve the CreditWatch listing after
analyzing the financial institutions' credit stance, its
business environment including the situation regarding refund
claims related to overcharged interest, and the countermeasures
it pursues to stabilize its financial profile.

                         About NIS Group

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


SOJITZ CORP: Wraps Up Primary Metals Tender Offer
-------------------------------------------------
Sojitz Corporation has successfully concluded a friendly tender
offer for Primary Metals Inc., Kyodo News says, citing company
officials.

Primary Metals, according to Kyodo, is a Canadian mining company
owning a tungsten mine in Portugal.

With shareholders tendering 95.34% of outstanding Primary Metals
shares, Sojitz will take procedures for the forced acquisition
of the remaining stake in order to convert Primary Metals into a
wholly owned subsidiary by the end of this year, notes Kyodo.

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with  
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 28,
2007, that Standard & Poor's Ratings Services raised its long-
term issuer credit rating on Sojitz Corp. to 'BB+' from 'BB' and
removed the rating from CreditWatch where it was placed on Apr.
28, 2006, with positive implications.  The upgrade follows
Sojitz's conversion of a total JPY205 billion of its JPY300
billion in outstanding convertible bonds into common shares by
Feb. 26, 2007.


SOLO CUP: Hires Scott Advertising as Creative Agency
----------------------------------------------------
Solo Cup Company has appointed Scott Advertising as its creative
agency of record for its foodservice marketing and advertising
following an extensive agency review.

"Solo is stepping up its efforts to support its products and
brand with a full complement of marketing tools," said Malcolm
Simmonds, Solo's senior vice president of foodservice sales and
marketing.  "Scott Advertising has an impressive track record in
foodservice and we look forward to a successful collaboration."

As Solo's foodservice marketing agency of record, Scott will be
responsible for developing integrated marketing programs across
various media.  The agency will focus primarily on leveraging
Solo's unique value proposition and on supporting the company's
distribution and foodservice operating partners.

Founded in 1940, Milwaukee-based Scott Advertising is a full-
service advertising agency with clients ranging from foodservice
to sporting goods to business and industry.

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable  
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Asia, including Japan;
Canada; Europe; Mexico; Panama; and the United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Fitch Ratings has affirmed the ratings for Solo
Cup Company as:

  -- Issuer default rating (IDR) 'B-';
  -- Senior secured first lien term loan 'B+/RR2';
  -- Senior secured revolving credit facility 'B+/RR2';
  -- Senior subordinated notes 'CCC/RR6'.


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

DURA AUTOMOTIVE: Gets Court Nod to Submit Plan to Creditors
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved DURA Automotive Systems Inc.'s Disclosure Statement,
solicitation procedures and creditor ballots.  In a hearing that
took place yesterday, Oct. 3, 2007, the U.S. Bankruptcy Court
for the District of Delaware determined that DURA's Disclosure
Statement contains the necessary information to enable creditors
to vote on DURA's Plan of Reorganization.

In addition, the Official Committee of Unsecured Creditors
supports confirmation of DURA's Plan and has filed a statement
urging creditors to vote to accept the Plan.

"This favorable Court decision and support from the Committee
for our plan to reorganize the Company, paves the way for DURA
to exit Chapter 11 this year as planned," said Larry Denton,
Chairman and Chief Executive Officer of Dura Automotive Systems.

"We are looking forward to completing the legal process and
focusing all of our resources on innovation and execution of our
financial and operational strategy to aggressively compete and
grow in the global automotive marketplace."

The Plan and Disclosure Statement provide details on how DURA
intends to treat claims against the Company and emerge from
Chapter 11 protection in the fourth quarter of 2007.  The
Court's approval of the Disclosure Statement enables DURA to
begin sending its Plan of Reorganization and Disclosure
Statement to creditors to obtain their vote on the Plan.  The
ruling allows DURA's balloting agent to soon begin distribution
of ballots and accompanying support materials to parties
eligible to vote to accept or reject the Plan.

The Court also set Nov. 26, 2007, as the hearing date for Plan
confirmation.  Once the Plan is confirmed and administrative
procedures are completed, DURA will officially emerge from
Chapter 11.

DURA was advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

                     About DURA Automotive

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

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

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


EG SEMICON: Board OKs Issuance of 3,980,000 Common Shares
---------------------------------------------------------
EG Semicon Co. Ltd's board of directors has decided to issue
3,980,000 shares of common stock on preferential basis, Reuters
reports.

According to the report, the company raised KRW1,990 million in
proceeds to seek operational funds.

The shares will be listed on October 19, 2007 at the offering
price per share of KRW500, the report adds.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures  
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On October 5, 2007, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


ESTECHPHARMA CO: Adjusts Price of Third Convertible Bonds
---------------------------------------------------------
Estechpharma Co Ltd. has made an amendment regarding its third
convertible bonds, Reuters reports.

According to the report, the conversion price has been adjusted
from KRW4,000 to KRW3,930.

Ansan-si, Gyeonggi-do, Korea-based Estechpharma Co., Ltd. --
http://www.estechpharma.com/-- is mainly involved in the   
manufacture and supply of active pharmaceutical ingredients and
other related products.  The company's offerings range from
anti-inflammatory, anti-arthritic, anti-analgesic, antipyretic,
non-steroidal anti-inflammatory and antiseptic agents to
disinfectants and hemostatic, antibiotic, anti-hepatitis, anti-
ulcer, antispasmodic, antithrombosis, antiplatelet and
antirheumatic agents. Its products are available in different
dosage forms, such as syringes, tablets and capsules.  The
company also has a portfolio of development-stage products,
which include Amlodipine, used in the treatment of angina and
hypertension, and Topiramate, used to treat certain types of
seizures.

On May 30, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a B+ rating.


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

KNOLL INC: Completes US$67 Million Edelman Purchase
---------------------------------------------------
Knoll Inc. has completed the purchase of Teddy and Arthur
Edelman Limited for approximately US$67 million in cash, plus
the assumption of debt not to exceed US$3.7 million and certain
contingent payouts based on the future success of the business.
As reported in the Troubled Company Reporter on Sept. 17, 2007,
Knoll Inc.'s subsidiary entered an asset purchase agreement
pursuant to which it will acquire Teddy and Arthur Edelman
Limited.

"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," Andrew B. Cogan, Knoll CEO, reiterated.  
"Edelman's reputation in the design community for unique
leathers and its showroom network well as its storied history is
highly complementary in terms of culture, customers, markets and
products."

Edelman Leather will operate as an independent company and will
maintain its own headquarters and distribution center in New
Milford, Connecticut.  John Edelman will 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 Teddy and Arthur Edelman Limited

Based in New Milford, Connecticut, Teddy and Arthur Edelman
Limited -- http://www.edelmanleather.com/-- is a purveyor of  
fine leathers to the residential, hospitality, aviation and
contract office furniture markets.

                       About Knoll Inc.

Based 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.

                          *     *     *

As reported in the Troubled Company Reporter on July 27, 2007,
Moody's Investors Service affirmed the company's Ba3 corporate
family rating.


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

The company intends to use the proceeds either to reinvest in
its business or to pay down debt.

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

"This transaction reflects our continuing effort to strengthen
Foamex," Jack Johnson, president and chief executive officer of
Foamex, said.  "The stand-alone carpet cushion facilities are
non-core components of our overall portfolio and the sale of
these facilities provides better value to our stockholders.  We
remain committed to the carpet cushion business and will
continue to manufacture products for the carpet cushion and
flooring underlay market. The remaining capacity can consume all
the scrap foam we produce in our other foam operations."

Headquartered in Linwood, Pennsylvania, Foamex International
Inc. (FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning  
for bedding, furniture, carpet cushion and automotive markets.  
The company also manufactures polymers for the industrial,
aerospace, defense, electronics and computer industries.  
The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.  
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.

Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.

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

At July 1, 2007, Foamex International Inc.'s balance sheet
showed total assets of $566.2 million and total liabilities of
US$823.5 million, resulting to a total stockholders' deficit of
US$257.3 million.


SMART MODULAR: Reports US$13.2-Mln Net Income in Fourth Qtr 2007
----------------------------------------------------------------
SMART Modular Technologies, Inc., has reported net sales for the
fourth quarter of fiscal 2007 were US$165.6 million, down 11%
compared to US$186.5 million for the third quarter of fiscal
2007, and down 16% compared to US$197.0 million for the fourth
quarter of fiscal 2006.  Net sales for the fiscal year ended
Aug. 31, 2007 were US$828.4 million, up 17% compared to
US$707.4 million for fiscal year 2006.

Gross profit for the fourth quarter of fiscal 2007 was
US$31.8 million, down 14% compared to US$36.9 million for the
third quarter of fiscal 2007, and down 5% compared to
US$33.5 million for the fourth quarter of fiscal 2006.  Gross
profit for fiscal year 2007 totaled US$147.8 million, up 17%
compared to gross profit of US$126.6 million for fiscal 2006.
GAAP net income for the fourth quarter of fiscal 2007 was
US$13.2 million, or US$0.21 per diluted share, compared to GAAP
net income of US$14.2 million, or US$0.22 per diluted share for
the third quarter of fiscal 2007, and US$15.7 million, or
US$0.25 per diluted share for the fourth quarter of fiscal 2006.

For fiscal year 2007, SMART reported GAAP net income of
US$55.9 million, or US$0.88 per diluted share, compared to
US$32.3 million, or US$0.55 per diluted share for fiscal year
2006. Our fourth quarter and full fiscal 2007 results also
included an approximately US$1.7 million (approximately US$1.0
million, net of tax) benefit due to the reversal of inventory
reserve related to end-of-life inventory disposed of at cost.  

For the fourth quarter and full fiscal year 2007 and 2006, non-
GAAP financial results have been adjusted to exclude various
infrequent or unusual items.  Please refer to the "Non-GAAP
Information" below for further detail.

SMART ended the fourth quarter and fiscal year 2007 with
US$144.1 million in cash and cash equivalents, compared to
US$114.0 million in cash and cash equivalents at the end of the
third quarter of fiscal 2007.

"The fourth fiscal quarter was a challenging period for the
memory industry," observed Iain MacKenzie, President and Chief
Executive Officer of SMART.  "While our numbers declined from
last quarter, we delivered solid growth in net sales, gross
profit, and EPS for the full fiscal year 2007.

"The majority of our sales are DRAM-related, and our business
model is driven primarily by unit and density growth of DRAM
memory products sold to OEM customers.  The 65% decline in DRAM
average selling prices since the first quarter of fiscal 2007,
and in particular, an entire fourth fiscal quarter of depressed
DRAM ASPs weakened unit and density growth, which in turn
negatively impacted our financial results for the quarter.

"However, some signs that bode well for improved unit and
density growth of SMART products include a trend towards server
virtualization in the enterprise market, in which multiple
applications run on a single physical server, and the continued
growth in computing requirements.

"We continue to work towards diversifying into non-DRAM
businesses by broadening our flash, embedded systems and display
product offerings.  Earlier in the fiscal year, we introduced
our XceedUltra U100 solid state drive product family.  The
XceedUltra, which is the industry's first SSD with a next-
generation serial ATA (SATA) interface, utilizes our proprietary
controller technology to achieve sustained read speeds of
100MB/s and write speeds of 60MB/s. More recently, we introduced
our XceedLite product line of SATA SSDs, designed specifically
to support OEM demands for an industrialized version of the
secure digital form factor.  Both of these new product offerings
position SMART to capitalize on the transition occurring in the
enterprise, military, medical and industrial markets as
streaming video-on-demand, online transaction processing,
internet search, and other data-intensive storage applications
migrate from hard disk drives.  Our embedded systems and display
products reflect the results of our diversification efforts, and
our focus remains on kiosk, POS and digital signage
applications, where the markets are fragmented, and where we can
best leverage our engineering expertise and worldwide
manufacturing presence.

"We successfully closed fiscal year 2007 as a leader in high-end
OEM-focused memory products.  We believe the foundation of our
success is based on the depth of our engineering design
capabilities, customer-centric service, worldwide supply chain,
manufacturing and logistics, and the breadth of our product
portfolio. In spite of an increasingly challenging business
environment throughout the fiscal year, we remained disciplined
and focused, generating strong earnings while controlling costs.  
As we move into fiscal 2008, we remain steadfast in our
objectives to cost-effectively deliver a diverse portfolio of
products and utilizing our global footprint and technology
expertise," concluded Mr. MacKenzie.

                       Business Outlook

The following statements are based upon management's current
expectations.  These statements are forward-looking, and actual
results may differ materially.  The company undertakes no
obligation to update these statements.

For the first quarter of fiscal 2008, SMART estimates net sales
will be in the range of US$165 to US$175 million, gross profit
will be in the range of US$32 to US$35 million, and diluted net
income per share will be in the range of US$0.17 to US$0.18.  
The shares used in computing diluted net income per ordinary
share will be in the range of 63.6 million to 64.4 million.  
SMART currently expects fiscal 2008 diluted net income will be
in the range of US$0.82 to US$0.86 per share.

                     About SMART Modular

SMART Modular Technologies (WWH) Inc. (Nasdaq: SMOD) --
http://www.smartm.com/-- designs, manufactures and supplies  
electronic subsystems to original equipment manufacturers, or
OEMs.  SMART offers more than 500 standard and custom products
to OEMs engaged in the computer, industrial, networking, gaming,
telecommunications, and embedded application markets.
The company has design centers in California, South Korea and
Massachusetts.  Its manufacturing facilities are located in
California, Malaysia, Brazil, Dominican Republic and Puerto
Rico.

                        *     *     *

Moody's Investors Service assigned a B2 rating to SMART Modular
Technologies Inc.'s US$125 million senior secured second lien
notes due 2012 issued under Rule 144A.

Standard & Poor's Ratings Services assigned its B+ corporate
credit rating to Fremont, California-based SMART Modular
Technologies Inc.


SOLECTRON CORP: Agent Discloses Final Result of Exchange
--------------------------------------------------------
Computershare Shareholders Services Inc., the exchange agent for
the transaction, reported final results for the elections made
by Solectron Corporation stockholders regarding the form
of merger consideration they will receive in the merger with
Flextronics International Ltd.  Computershare has calculated
that of the 918,438,865 shares of Solectron common stock
outstanding as of the effective time of the merger:

   a. 725,108,506 of the outstanding Solectron shares have
      submitted valid elections to receive Flextronics ordinary
      shares;

   b. 81,440,695 of the outstanding Solectron shares have
      submitted valid elections to receive cash; and

   c. 111,889,664 of the outstanding Solectron shares did not
      submit valid elections.

Pursuant to the terms of the merger agreement, Solectron
stockholders were entitled to elect to receive either 0.3450 of
a Flextronics ordinary share or $3.89 in cash for each share of
Solectron common stock, subject to proration due to minimum and
maximum limits on the amount of stock consideration and cash
consideration.  The election deadline expired at 5:00 p.m., EDT,
on Sept. 27, 2007.

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

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

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

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

Flextronics will pay approximately US$1.07 billion in cash and
issue approximately 221.8 million Flextronics ordinary shares
pursuant to the merger.  No fractional Flextronics ordinary
shares will be issued.  Instead, each Solectron stockholder that
would otherwise be entitled to receive Flextronics fractional
shares will receive an amount in cash based on US$11.42 per
Flextronics ordinary share, the average of the per share closing
prices of Flextronics ordinary shares reported on the NASDAQ
Global Select Market during the five consecutive trading days
ending on the trading day immediately preceding the closing date
of the merger.

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

                About Flextronics International

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

                  About Solectron Corporation

Based in Milpitas, California, Solectron Corporation (NYSE: SLR)
-- http://www.solectron.com/-- provides complete product    
lifecycle services.  The company offers collaborative design and
new product introduction, supply chain management, lean
manufacturing and aftermarket services such as product warranty
repair and end-of-life support to customers worldwide.  The
company works with the providers of networking, computing,
telecommunications, storage, consumer, automotive, industrial,
medical, self-service automation and aerospace and defense
products.  The company's Lean Six Sigma methodology provides
OEMs with quality, flexibility, innovation and cost benefits
that improve competitive advantage.  Solectron operates in more
than 20 countries on five continents including Malaysia.

                          *     *     *

Moody's Investors Service 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.


PECD BERHAD: MARC Cuts Rating of MYR200M Fixed Rate Bonds to BB+
----------------------------------------------------------------
Malaysian Rating Corp Bhd has downgraded PECD Berhad's
MYR200 million serial fixed rate bonds to BB+ from BBB-.  The
rating outlook remains negative.

The downgrade reflects the major operational and strategic
challenges currently faced by PECD as well as continued
deterioration in its credit metrics, and recognizes the
increased execution challenges confronting management as it
pursues its turnaround strategy.

MARC believes that the recent announcement by PECD of the Dubai
Investment Group's (DIG) withdrawal from a proposed tripartite
joint venture with PECD and Dubai Properties, will hamper PECD's
efforts to strengthen its business profile, in particular its
construction presence in the Middle East.

Earlier on, PECD had announced the termination of two projects,
i.e. the Greater Nile Petroleum Operating Company (GNPOC)
Headquarter Building Project on April 12, 2007, and the Oceana
Project on July 2, 2007.

In light of PECD's high reliance on its construction segment in
respect of earnings and cash flow, MARC believes that its
ability to meaningfully improve its earnings and debt protection
measures will be restrained notwithstanding its impending
recapitalization exercise.

For the first six months ended June 30, 2007, PECD recorded a
net loss before minority interest of MYR12.8 million despite a
smaller loss of MYR3.8 million in 2Q07.

Whilst the latest quarter shows a quarter-on-quarter
improvement, the group is still reporting losses with only the
construction division reporting profits.

Furthermore, the group has been cash flow positive only in one
quarter of eight quarters from 3Q05 through 2Q07.

The Group is not generating sufficient cash flow to fund its
debt service obligations and coupon payments have been serviced
from shareholder advances.

The group's unencumbered cash balances of MYR5.5 million provide
limited liquidity for its debt service obligations.  An
impending rights issue (RI) targeted for completion by end of
2007 and several asset disposals indicate potential funding
flexibility.

PECD is currently negotiating a change to the schedule for the
build-up of its debt service reserve account (DSRA), to one
month prior to the coupon payment vis-a-vis to maintain at all
times, an amount at least equivalent to the coupon payment on
the next maturity.

The Issuer is also seeking its bondholders' indulgence on other
matters including a waiver for non-compliance of its financial
covenant ratio.

The rating continues to be under downward pressure as PECD's
inability to achieve sustained recovery of operating performance
will further depress the already weak earnings and debt
protection measures.

PECD is a domestic public-listed construction company, which has
since 2004, ventured offshore and secured contracts in Dubai,
Sudan and Indonesia.


TALAM CORP: Works on Alternative Reform Plan
--------------------------------------------
Talam Corporation Bhd is working on a new restructuring plan to
be submitted to the Securities Commission in the event that its
appeal against the rejection of the regularization exercise is
not successful, The Edge Daily reports.

Parties familiar with the construction group told the news
agency that the company is confident of addressing all the
issues raised by the SC pertaining to its revamp and accounting
problems.

The insider sources of the paper also said that on Oct. 4, 2007,
Talam's board of directors met to discuss the SC's directive and
to look into coming up with a new restructuring plan if the
company's appeal failed.

A source said: "The company is confident that it can address all
those issues.  The accounts issue is merely an accounting
omission that can be explained."

According to the source, negotiations are also under way with
the financial institutions for a hairline cut and the company is
optimistic that the lenders would agree to it.

The Troubled Company Reporter?Asia Pacific reported on Oct. 4,
2007, that the company failed to gain the approval of the
Securities Commission to implement its various reform plan
proposals, based on these factors:

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

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

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

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

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

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

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

In addition, the SC had recently directed Talam to reinstate the
MYR90 million debtors and re-issue its 2006 and 2007 financial
statements by Oct 31, 2007 for its failure to comply with
approved accounting standards.

Talam posted a staggering net loss of MYR513.4 million in its
financial statement ended Jan 31, 2006, against a net profit of
MYR93 million previously.

In an announcement through Bursa Malaysia Securities Bhd, Talam
stressed that its auditors, Ernst & Young's, did not "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," the company
said.


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

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


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

A&R WHITCOULLS: Seeks Clearance to Acquire Borders New Zealand
--------------------------------------------------------------
New Zealand's Commerce Commission has received an application
from A&R Whitcoulls Group Holdings Pty Limited seeking clearance
to acquire 100% of the shares in Borders New Zealand Limited.

Borders is a wholly owned subsidiary of Borders Group Inc.,
which is listed on the New York stock exchange.  In New Zealand,
Borders is involved in the retail of books, magazines,
stationery, cards, DVDs and CDs.

In considering the application, the Commission's role is to
determine whether the acquisition has the effect of
substantially lessening competition in a market, the company
explained in a filing with the New Zealand Stock Exchange.

Melbourne, New Zealand-based A&R Whitcoulls Group Holdings Pty
Ltd. -- http://www.arw.co.nz/ -- is a specialty retail company    
operating across New Zealand and Australia.  The company
comprises a number of brands, which sell a range of products,
including books, magazines, stationery, calendars, gifts,
greeting cards and digital versatile discs (DVDs). Some of the
Company's subsidiaries include A&R Australia Holdings Pty
Limited, Angus & Robertson Pty Ltd, Angus & Robertson Bookworld
Calendar Club Pty Ltd, Supanews Angus & Robertson Pty Limited,
Whitcoulls Finance Trust, Whitcoulls Limited, Whitcoulls Group
Limited and WHSmith Hong Kong Limited. On October 18, 2005, A&R
Whitcoulls Group Holdings Pty Limited disposed of the travel
retail businesses in Hong Kong and Australian airports.

                          *     *     *

On Oct. 2, 2007, the Troubled Company Reporter-Asia Pacific's
Distressed Bonds column listed A&R Whitcoulls Group's bond with
a 9.500% coupon and December 15, 2010 maturity date as trading
at NZ$10.80.


CARROW HOLDINGS: Fixes Oct. 20 as Last Day to File Claims
---------------------------------------------------------
On Sept. 13, 2007, Carrow Holdings Ltd. went into liquidation.

The company requires its creditors to file their proofs of debt
by October 20, 2007.

The company's liquidator is:

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


CLEGG & CO: Covenant Trustee Appoints BDO Spicers as Receivers
--------------------------------------------------------------
Covenant Trustee Company Limited has placed finance company
Clegg and Co. in receivership.

Since May last year, Clegg is reportedly the 10th New Zealand
finance entity that got into trouble.

In its Web site, Clegg said that Covenant Trustee appointed on
Oct. 4, 2007, Brian Mayo-Smith and Shaun Adams of BDO Spicers as
receivers for Clegg & Co Finance Limited, Clegg & Co Leasing
Limited and Clegg & Co Capital Limited.

According to ShareChat News, the Trustee ordered the
receivership after the company's directors and shareholders were
unable to rectify the breach of a loan restriction clause, which
breach was reportedly to a "significant extent."

"Current information suggests that Clegg & Co Finance Limited
has deposits totaling approximately [NZ]$15 million from about
500 investors," the statement in the company Web site said.

To asses the ability of the three companies to meet their
investors' obligations, the receivers are now in the process of
collecting information relevant to the companies' financial
positions.  The receivers expect to prepare their initial advice
to investors next week and a fuller report in approximately one
month's time.

According to the company statement, initial indications suggest
a dividend will be payable to investors.  The receivers,
however, are still unable to put a figure on that dividend.

Clegg and Co Finance -- http://www.clegg.co.nz/-- is a New  
Zealand finance company dealing with commercial plant finance
leases and other secured lending contracts.


DEEP BLUE: Accepting Proofs of Debt Until Oct. 20
-------------------------------------------------
The creditors of Deep Blue Charters Ltd. are required to file
their proofs of debt by October 20, 2007, to be included in the
company's dividend distribution.

The company went into liquidation on September 10, 2007.

The company's liquidator is:

          Bryan George Pocock
          Level 7, 44 Victoria Street
          PO Box 10788, Wellington
          Australia
          Telephone:(04) 472 3560
          Facsimile:(04) 472 3564


GILBERT PRINTING: Court to Hear Wind-Up Petition on Nov. 29
-----------------------------------------------------------
The High Court of Auckland will hear on November 29, 2007, at
10:45 a.m., a petition to have Gilbert Printing Co Ltd.'s
operations wound up.

The petition was filed by BDO Spicers on August 10, 2007.

BDO Spicers' solicitor is:

          R. B. Hucker
          Hucker & Associates
          Level 7, 55-65 Shortland Street
          Auckland
          New Zealand


HERITAGE GOLD: CEO Trent Lash Named New Managing Director
---------------------------------------------------------
Heritage Gold NZ Limited disclosed in a filing with the New
Zealand Stock Exchange that Chief Executive Officer Trent Lash
has been appointed as the company's new managing director of
the.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 10, 2007, Mr. Lash was recently named the company's new
chief executive officer.  According to the TCR-AP report,
Mr. Lash provided services akin to those of a CEO pursuant to a
management contract entered with Endeavour Group Limited, of
which he is a shareholder and director.

"It is our intention over the next two years to upgrade our
existing prospects, develop new opportunities and build a
company that rewards its shareholders through steady, sustained
uplift in value," Heritage Gold Chairman Geoffrey Hill said in
the regulatory filing.

Mr. Lash's background in the resources sector include building
two resource-related companies from the ground up.  Over the
past 15 years he has been instrumental in transforming and
restructuring companies for venture capital and private equity
groups in both Canada and New Zealand, the NZX filing states.

Mr. Lash said that he, over the next 12 months, intends to
improve the marketability and commercial objectives of the
company and realize its underlying asset value.

"Heritage plans to develop its existing Coromandel gold
prospects at Waihi, realize the value in its cobalt resource at
Broken Hill, Australia and validate the prospectivity of its
Northern Territory uranium interests," Mr. Lash stated.  "In the
next twelve months we plan to undertake underground drilling of
the Talisman Mine project to bring it to a stage that would
either engender interest in joint venture development of the
mine or provide us with a platform to crystallize its value for
our shareholders."

The historic Talisman Mine produced more than 1 million ounces
of gold and 3 million ounces of silver prior to its closure in
1992.

"We have set our sights firmly on developing our Broken Hill
cobalt prospect and expect to make an announcement as
consultants reports become available in the next few months,"
Mr. Lash continued.

Heritage is currently in discussion with a number of parties
interested in securing cobalt concentrates.   The spot price of
cobalt has risen recently to US$30 per pound, up from about
US$20 per pound a year ago.

Heritage Gold assured it shareholders that it will provide
further information once the overall strategic business plan is
finalized.

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The   
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$807,000,
NZ$2,639,467 and NZ$331,563 for the years ended March 31, 2007,
2006, and 2005, respectively.


HIGHGATE MOTORS: Creditors' Proofs of Debt Due on Oct. 31
---------------------------------------------------------
Stephen John Tubbs and Warren Michael Johnstone were appointed
liquidators of Highgate Motors Ltd. on September 3, 2007.

Messrs. Tubbs and Johnstone are accepting creditors' proofs of
debt until October 31, 2007.

The Liquidators can be reached at:

          Stephen John Tubbs
          Warren Michael Johnstone
          BDO Spicers, Level 6,
          Spicer House, 148 Victoria Street
          PO Box 246, Christchurch
          New Zealand
          Telephone:(03) 379 5155
          Facsimile:(03) 353 5526
          e-mail: michelle.bennett@chc.bdospicers.com


JOLLY FARMER: Court Sets Wind-Up Petition Hearing for Nov. 8
------------------------------------------------------------
A petition to have Jolly Farmer (2006) Ltd.'s operations wound
up will be heard before the High Court of Auckland on Nov. 8,
2007, at 10:45 a.m.

Iroam Investment Limited filed the petition on July 30, 2007.

Iroam Investment's solicitor is:

          Murray David Branch
          c/o Harkness Henry & Co
          Hamilton
          New Zealand


KATO LOGGING: Appoints Parsons and Kenealy as Liquidators
---------------------------------------------------------
On Sept 10, 2007, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed liquidators of Kato Logging Ltd.

The Liquidators can be reached at:

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


KTD LTD: Commences Liquidation Proceedings
------------------------------------------
On August 31, 2007, the shareholders of KTD Ltd. passed a
resolution to have KTD Limited's operations wound up.

Creditors who are not able to file their proofs of debt by
Oct. 10 will be excluded from sharing the company's dividend
distribution.

The company's liquidator is:

          Trevor Cooper
          PO Box 23, Morrinsville
          New Zealand
          Telephone:(07) 889 7153
          Facsimile:(07) 889 7151


STONNE LTD: Subject to Deeney Planning's Wind-Up Petition
---------------------------------------------------------
Deeney Planning Stonne Ltd. filed on July 25, 2007, a petition
to have Stonne Limited's operations wound up.

The petition will be heard before the High Court of Auckland on
November 29, 2007, at 10:00 a.m.

Deeney Planning's solicitor is:

          Robert Peter Webber
          PO Box 37661, Parnell
          Auckland
          New Zealand


WARREN REID: Subject to ACP Media's Wind-Up Petition
----------------------------------------------------
On July 11, 2007, ACP Media Limited filed a petition to have the
Warren Reid Wholesale Ltd.'s operations wound up.

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

ACP Media's solicitor is:

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


WESTMERE LTD: Shareholder Resolves to Liquidate Business
--------------------------------------------------------
On September 7, 2007, the shareholder of Westmere Ltd. resolved
to liquidate the company's business.

Gavin Richard O'Dea was appointed liquidator.

The Liquidator can be reached at:

          Gavin Richard O'Dea
          PO Box 140, Hawera
          New Zealand
          Telephone:(06) 278 8060
          Facsimile:(06) 278 1377


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

BANGKO SENTRAL: Strong Peso Cues 25 BP Interest Rate Cut
--------------------------------------------------------
The Bangko Sentral ng Pilipinas has reduced its interest rates
on Thursday by 25 basis points as it has seen that the peso
could buffer against rising commodity prices, the Philippine
Star reports.

According to PhilStar, monetary officials said that the rate cut
could slow down the inflow of foreign investments and prevent
rapid appreciation of the peso.  As a result, the Monetary Board
decided after a meeting on Thursday to lower interest rates to
5.75% for overnight borrowing or reverse repurchase rate and
7.75% for the overnight lending or repurchase rate.

These rates took effect Friday, PhilStar reveals.  The BSP said
it will align its interest rates for its high-yielding, short-
term special deposit account with the new overnight rates.

The decision was based on the assessment that found the
inflation outlook to be benign, BSP Governnor Amando M. Tetangco
Jr. said.

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

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

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

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


BANGKO SENTRAL: Sees 2007 BoP Surplus Hitting US$6.3 Billion
------------------------------------------------------------
The Bangko Sentral ng Pilipinas expects the country's balance of
payments surplus to reach US$6.313 billion for this year, the
Philippine Star reports.

According to the report, BSP Deputy Governor Diwa Guinigundo
declined to indicate the surplus' sustainability at current
levels, but said that the 2008 projections would be even better
than 2007.  Mr. Guinigundo instead said that the central bank
would reassess its BoP projections in late October and November
as soon as it acquires more definite data from this year's third
quarter.

The BSP is currently firming up its projections for next year's
balance of payments surplus prior to meeting with the
International Monetary Fund, the report says.

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

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

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

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


BANGKO SENTRAL: Optimistic on Int'l. Reserves Reaching US$30BB
--------------------------------------------------------------
The Bangko Sentral ng Pilipinas is optimistic that the country's
gross international reserves could reach US$30 billion this year
despite turmoil in the global equities market and low figures in
exports growth, the Philippine Star says.

According to the report, BSP Governor Amando M. Tetangco Jr.
said that the GIR could hit at least US$35 billion over the next
few years, boosted by continued strong inflows.  The
Philippines' reserve is on its way to US$30 billion over the
medium term despite not being as large as major markets in the
Asia-Pacific region, the BSP governor added.

The projection is consistent with the expected expansion in
foreign exchange requirements, assuming that the Philippines
stays in the current trajectory of macroeconomic fundamentals,
Mr. Tetangco said.


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

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

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

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


FOOSTER WHEELER: Philippine Unit Executes Earn-In Pact w/ PDEP
--------------------------------------------------------------
Freeport McMoRan Copper & Gold, Inc's 40%-owned subsidiary
Philex Gold discloses Earn-In Agreement with PDEP, Inc.  Philex
Gold disclosed the execution of the Earn-In Agreement on Oct. 3,
2007, between its wholly-owned subsidiary, Philex Gold
Philippines, Inc. and PDEP, Inc. concerning part of PGPI's
Sibutad Project tenements covering 6,954 hectares in the
province of Zamboanga del Norte in the Island of Mindanao,
Philippines.

Under the terms of the Agreement, PDEPI has the right to earn an
initial interest of 40% in the Property by making certain
expenditures, totaling at least US$2,000,000 over a period of
three years, on or for the benefit of the Property.
Subsequently, PDEPI can earn an additional 20% interest in the
Property by spending another US$2,000,000 on or before the fifth
anniversary of the Agreement.

The Property consists of the areas covered by an Exploration
Permit Application (EPA # 047-IX) that measures 5,846 hectares,
a Mine Production Sharing Agreement (MPSA 63-97-IX) covering 622
hectares and an Application for Production Sharing Agreement
(APSA 73 -IX) covering 486 hectares for a total of 6,954
hectares.  The Property lies in a highly mineralized region in
the Zamboanga Peninsula in Western Mindanao, Philippines.  This
region is host to copper, gold, silver, lead, zinc, chromite
prospects, a volcanic-hosted massive sulfide deposit, and
several epithermal gold and porphyry copper prospects in
advanced exploration stage.

PDEPI has been exploring in the Philippines for the last ten
years.  It is a 40%-held subsidiary of Freeport McMoran
Exploration Corporation, a subsidiary of Freeport-McMoRan Copper
& Gold Inc., which recently acquired Phelps Dodge Corporation, a
company with over a century of experience in the exploration and
mining industry.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

                      About Freeport-McMoRan

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

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific
reported on Oct. 1, 2007, Moody's Investors Service revised
Freeport-McMoRan Copper & Gold Inc.'s and Phelps Dodge's
outlooks to positive and affirmed all of Freeport's and Phelps
Dodge's other ratings.

Outlook Actions:

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

   -- Corporate Family Rating: Ba2

   -- Probability of Default Rating: Ba2

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

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

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

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

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

Issuer: Phelps Dodge Corporation

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

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

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

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

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

FCX

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

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

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

    -- Convertible Preferred Stock at 'B+'.

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

The Rating Outlook remains Positive.

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


IPVG CORP: Enters Outsourcing Services Venture with Indian Firm
---------------------------------------------------------------
IPVG Corp. and India-based Credence Analytics have entered into
a joint venture agreement under which they will set up a
knowledge-process outsourcing facility in the Philippines, the
Philippine Star reports.

The services will be offered initially to banking and financial
institutions in both India and the Philippines, the article
says.  

Under the memorandum of agreement, Credence Analytics will
provide knowledge and expertise in the treasury and financial
industries, while IPVG will put its management and business
process outsourcing expertise into the venture, the report says.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the  
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT.  The company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.

The TCR-AP reported on May 15, 2007, that the corporation posted
a net loss of PHP102.1 million for the year ended Dec. 31, 2006,
the company's third consecutive annual net loss after
PHP43.0 million in 2005 and PHP6.2 million in 2004.


PHIL AIRLINES: Exits Receivership Ahead of 2009 Schedule
--------------------------------------------------------
Philippine Airlines on Thursday formally exited receivership,
culminating a nine-year stint under regulatory supervision that
transformed the once ailing flag carrier into a robust,
profitable company with an ambitious agenda for the future.

In a simple ceremony at the Securities and Exchange Commission
boardroom, SEC chair Fe Barin handed PAL President Jaime J.
Bautista official documents containing the agency's approval
of PAL's petition to move out of receivership.  That formally
released PAL from the strictures of its rehabilitation plan, the
document that has served as the blueprint for the airline since
June 1999, a year after the SEC placed PAL under receivership.

The move was welcomed by PAL's creditors, who have come to terms
with the flag carrier on the rescheduling of its remaining
obligations.  As of August 31, 2007, PAL had US$869 million in
outstanding principal debt, down from US$2.2 billion when it
entered receivership.  

Graduating from receivership will bring about a number of
benefits for PAL, including lower financing costs, improved
financing terms and better access to capital markets.  It will
also open up more doors for the airline, which no longer has to
deal with the stigma of being under rehabilitation.  This is
expected to lead to more commercial and marketing opportunities.

Moreover, the lifting of receivership provides greater
flexibility for PAL as it seeks to grow its fleet, expand
services and venture to new markets.  Mr. Bautista thanked PAL
chairman and CEO Lucio C. Tan, whose infusion of US$200 million
in fresh equity into PAL in June 1999 triggered the approval of
the rehabilitation plan, saving the airline from liquidation and
putting it on the road to recovery.

"Dr. Tan's bold and selfless move, taken when no one else wanted
to touch PAL, was an act of faith in our ability to turn around
the company.  The new PAL, now among the best-performing
airlines in the world, is a testament to Dr. Tan's commitment,"
he said.

The PAL chief also acknowledged the flag carrier's various
stakeholders, particularly the riding public, for standing by
the public when it mattered most: "Your strong support
throughout PAL's rehabilitation lifted us from crisis and turned
us into a success story."

Finally, Mr. Bautista paid tribute to PAL's 7,500-strong work
force: "It was your hard work and sacrifice that enabled us to
attain this remarkable achievement. We could not have done it
without everyone pulling together."

                    About Philippine Airlines

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.

                          *     *     *

This concludes the Troubled Company Reporter's coverage of
Araneta Properties Inc. until facts and circumstances, if any,
emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


* September International Reserves Reach US$30.7 Billion
--------------------------------------------------------
The Philippines' gross international reserves rose to
US$30.7 billion as of September 30 in light of the Bangko
Sentral ng Pilipinas' foreign exchange transactions and income
from investments abroad, the Philippine Daily Inquirer reports.

The figure is ahead of the BSP's US$30-billion year-end GIR
target, the Inquirer relates.

According to BSP data released on Friday, the September GIR is
enough to cover 5.5 months' worth of imports, and is equal to
5.2 times the Philippines' short-term external debt.

                          *     *     *

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

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

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


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

BARTLEY CONSORTIUM: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on October 1, 2007, the
members of Bartley Consortium Pte Ltd resolved to voluntarily
liquidate the company's business.

Only the creditors who can file their proofs of debt by Nov. 5,
2007, will be included in the company's dividend distribution.

The Liquidator can be reached at:

         Chia Lay Beng
         1 Scotts Road
         #21-07/08/09 Shaw Centre
         Singapore 228208


IN ACTIVE: Requires Creditors to File Proofs of Debt by Nov. 5
--------------------------------------------------------------
The creditors of In Active Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
November 5, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


SELCO (SINGAPORE): Pays Fourth Interim Dividend
-----------------------------------------------
On October 8, 2007, Selco (Singapore) Pte Ltd, which is in
compulsory liquidation, paid creditors its fourth interim
dividend.

The company paid 1.40 cents to a dollar.


SPECTRUM BRANDS: Amy Yoder Assumes Role as United President
-----------------------------------------------------------
Spectrum Brands Inc. disclosed that Amy J. Yoder will assume the
title of President, United Industries, effective immediately.
In addition, the company named Anthony L. Genito to the position
of Executive Vice President and Chief Financial Officer.  Both
Ms. Yoder and Mr. Genito will continue their current reporting
relationship to Chief Executive Officer Kent J. Hussey.

"Amy is an outstanding executive who during her short tenure
with Spectrum Brands has been instrumental in setting our Home &
Garden division on the path to improved operating performance
and profitable growth," said Mr. Hussey.  "Her track record of
driving change, combined with her expertise in the home and
garden industry, will benefit the organization as we execute
against our growth strategy for this business.  We're pleased to
recognize her contributions with this well-earned promotion."

"Tony has played a key leadership role in Spectrum Brands'
finance organization since joining the company three years ago,"
continued Hussey.  "His new role as Executive Vice President
recognizes his broader role in the strategic planning and
operational oversight of the company.  We are very pleased to
have the benefit of his expertise and leadership as we continue
to address opportunities for value creation."

Ms. Yoder, who most recently served as Executive Vice President,
Home & Garden, joined Spectrum Brands in March of 2007.  She
previously served as Vice President and General Manager of
Chemtura Corporation's Consumer Products Division.  Her
background includes more than 15 years experience in the
consumer products and agribusiness industries in a variety of
leadership positions with Chemtura, Nufarm Americas, United Agri
Products, Monsanto and E.I. DuPont de Nemours.

Mr. Genito has over 27 years of management, finance and
operational experience, and most recently served as the
company's Senior Vice President and Chief Financial Officer.  He
joined Spectrum Brands in 2004 as Vice President, Finance. Prior
to joining the company, Mr. Genito was vice president - global
supply chain/global quality operations with Schering-Plough
Corporation, culminating twelve years with that company in
various financial positions of increasing responsibility.  He
began his career with Deloitte & Touche.

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

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'.

Fitch said the rating outlook is negative.


SPECTRUM BRANDS: Names Anthony Genito as Chief Financial Officer
----------------------------------------------------------------
Spectrum Brands, Inc. disclosed that Amy J. Yoder will assume
the title of President, United Industries, effective
immediately.  In addition, the company named Anthony L. Genito
to the position of Executive Vice President and Chief Financial
Officer.  Both Ms. Yoder and Mr. Genito will continue their
current reporting relationship to Chief Executive Officer Kent
J. Hussey.

"Amy is an outstanding executive who during her short tenure
with Spectrum Brands has been instrumental in setting our Home &
Garden division on the path to improved operating performance
and profitable growth," Mr. Hussey said.  "Her track record of
driving change, combined with her expertise in the home and
garden industry, will benefit the organization as we execute
against our growth strategy for this business. We're pleased to
recognize her contributions with this well-earned promotion."

"Tony has played a key leadership role in Spectrum Brands'
finance organization since joining the company three years ago,"
Mr. Hussey continued.  "His new role as Executive Vice President
recognizes his broader role in the strategic planning and
operational oversight of the company.  We are very pleased to
have the benefit of his expertise and leadership as we continue
to address opportunities for value creation."

Ms. Yoder, 40, who most recently served as Executive Vice
President, Home & Garden, joined Spectrum Brands in March of
2007.  She previously served as Vice President and General
Manager of Chemtura Corporation's Consumer Products Division.  
Her background includes more than 15 years experience in the
consumer products and agribusiness industries in a variety of
leadership positions with Chemtura, Nufarm Americas, United Agri
Products, Monsanto and E.I. DuPont de Nemours.

Mr. Genito, 50, has over 27 years of management, finance and
operational experience, and most recently served as the
company's Senior Vice President and Chief Financial Officer.  He
joined Spectrum Brands in 2004 as Vice President, Finance. Prior
to joining the company, Genito was vice president - global
supply chain/global quality operations with Schering-Plough
Corporation, culminating twelve years with that company in
various financial positions of increasing responsibility.  He
began his career with Deloitte & Touche.

                    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 Oct. 3, 2007,
Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's
new four-year, $225 million senior secured asset-backed loan
facility priced at LIBOR +225 basis points.  Fitch also affirmed
these ratings: Issuer Default Rating at 'CCC', $1 billion term
loan B at 'B/RR1', EUR350 million term loan at 'B/RR1', $700
million 7.4% senior subordinated notes at 'CCC-/RR5', $2.9
million 8.5% senior subordinated notes at 'CCC-/RR5', and $347
million 11.25% variable rate toggle senior subordinated notes at
'CCC- /RR5'.  The Rating Outlook is Negative.


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

ARVINMERITOR: Discloses Updated Financial Outlook
-------------------------------------------------
ArvinMeritor Inc.'s Senior Vice President, Strategic
Initiatives, and Treasurer, Mary Lehmann, told investors at the
Deutsche Bank Leveraged Finance Conference in Scottsdale, Ariz.,
that ArvinMeritor is revising its forecast for diluted earnings
per share from continuing operations.

Jim Donlon, executive vice president and chief financial
officer, who also attended the conference, said, "In North
America, we are encountering a weaker than anticipated economic
environment in our Commercial Vehicle Systems business group
resulting from decreased freight volumes largely due to the
decline in housing construction.  Our customers expect the
housing recession to delay the recovery cycle for North America
commercial vehicle production into the 2008 calendar year.  In
addition, we are incurring premium freight and labor
inefficiencies mainly in Europe, associated with unanticipated
demand for higher production of truck parts, which is creating
capacity issues for the entire supply chain.

"We anticipate that the company's earnings for the fourth
quarter of fiscal year 2007 will be negatively impacted by
approximately US$0.20 per diluted share due to the combination
of these market conditions," he continued.  "In addition, we
will also report non-recurring items in the fourth quarter
related to suppliers in financial distress, and tax law changes
in Germany, which will require a write-down of the value of
certain deferred tax assets.  We expect these items to reduce
our earnings per share for the fourth fiscal quarter of 2007 by
approximately an additional US$0.20 per share."

                  Fiscal Year 2008 Outlook

"In fiscal year 2008, we anticipate the current soft market
conditions will continue in the short term with recovery later
in the year resulting in a range of US$1.40 to US$1.60 earnings
per share from continuing operations before special items for
fiscal year 2008," Mr. Donlon said.

"While we continue to be challenged by market conditions, we are
encouraged by the results we are seeing from our Performance
Plus profit improvement program.  As previously reported, we
expect to deliver cost improvements of US$75 million in 2008."

"We also are pleased by our Performance Plus growth initiatives,
including ArvinMeritor being sourced as the supplier on 55
percent of the MRAP vehicles awarded thus far, with additional
potential upside as new awards are announced, and our
arrangement with Chery Motors in China that will ramp up to
anticipated sales of US$150 million annually by 2010.  In
addition, our pension and retiree medical costs will decrease,
largely because of improved funding and modifications to plan
benefits.  We anticipate that these savings, combined with our
aggressive internal programs to reduce SG&A costs, will help to
mitigate the soft market conditions in fiscal year 2008."

To continue to maintain financial flexibility, the company has
amended its revolving credit facility to modify certain
covenants through the third quarter of fiscal year 2008.

Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,  
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets.  The company employs approximately 19,000
people in 25 countries.  These countries include: China, India,
Japan, Singapore, Thailand, Australia, Venezuela, Brazil,
Argentina, Belgium, Czech Republic, France, Germany, Hungary,
Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom,
among others.  ArvinMeritor common stock is traded on the New
York Stock Exchange under the ticker symbol ARM.

On September 27, 2007, the Troubled Company Reporter reported
that, following the decision of the United Auto Workers union to
go out on strike against General Motors Corp., Fitch Ratings has
placed these ratings of Arvinmeritor Inc. on Rating Watch
Negative:

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

Moody's Investor Services rated B3 ArvinMeritor Inc.'s long term
corporate family and probability of default on January 2007.
Moody's said the outlook is stable.


ARVINMERITOR INC: Amends Diluted Earnings Per Share Forecast
------------------------------------------------------------
ArvinMeritor Inc.'s senior vice president and treasurer, Mary
Lehmann, told investors Wednesday at the Deutsche Bank Leveraged
Finance Conference in Scottsdale, Arizona, that ArvinMeritor is
revising its forecast for diluted earnings per share from
continuing operations.
    
Jim Donlon, executive vice president and chief financial
officer, who also attended the conference, said, "In North
America, we are encountering a weaker than anticipated economic
environment in our Commercial Vehicle Systems business group
resulting from decreased freight volumes largely due to the
decline in housing construction.  Our customers expect the
housing recession to delay the recovery cycle for North America
commercial vehicle
production into the 2008 calendar year.  In addition, we are
incurring premium freight and labor inefficiencies mainly in
Europe, associated with unanticipated demand for higher
production of truck parts, which is creating capacity issues for
the entire supply chain.

"We anticipate that the company's earnings for the fourth
quarter of fiscal year 2007 will be negatively impacted by
approximately $0.20 per diluted share due to the combination of
these market conditions," he continued.  "In addition, we will
also report non-recurring items in the fourth quarter related to
suppliers in financial distress, and tax law changes in Germany,
which will require a write-down of the value of certain deferred
tax assets. We expect these items to reduce our earnings per
share for the fourth fiscal quarter of 2007 by approximately an
additional $0.20
per share."
     
                     Fiscal Year 2008 Outlook

"In fiscal year 2008, we anticipate the current soft market
conditions will continue in the short term with recovery later
in the year resulting in a range of $1.40 to $1.60 earnings per
share from continuing operations before special items for fiscal
year 2008," Mr. Donlon said.

"While we continue to be challenged by market conditions, we are
encouraged by the results we are seeing from our Performance
Plus profit improvement program.  As previously reported, we
expect to deliver cost improvements of $75 million in 2008.

"We also are pleased by our Performance Plus growth initiatives,
including ArvinMeritor being sourced as the supplier on 55% of
the MRAP vehicles awarded thus far, with additional potential
upside as new awards are announced, and our arrangement with
Chery Motors in China that will ramp up to anticipated sales of
$150 million annually by 2010.  In addition, our pension and
retiree medical costs will decrease, largely because of improved
funding and modifications to plan benefits.  We anticipate that
these savings, combined with our aggressive internal programs to
reduce SG&A costs, will help to mitigate the soft market
conditions in fiscal year 2008."

Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,  
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarkets.  The company employs approximately 19,000
people in 25 countries.  These countries include: China, India,
Japan, Singapore, Thailand, Australia, Venezuela, Brazil,
Argentina, Belgium, Czech Republic, France, Germany, Hungary,
Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom,
among others.  ArvinMeritor common stock is traded on the New
York Stock Exchange under the ticker symbol ARM.

On September 27, 2007, the Troubled Company Reporter reported
that, following the decision of the United Auto Workers union to
go out on strike against General Motors Corp., Fitch Ratings has
placed these ratings of Arvinmeritor Inc. on Rating Watch
Negative:

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

Moody's Investor Services rated B3 ArvinMeritor Inc.'s long term
corporate family and probability of default on January 2007.
Moody's said the outlook is stable.


BANK OF AYUDHYA: Huge Loss Provision May Cue Weak 2007 Earnings
---------------------------------------------------------------
The Bank of Ayudhya PCL is expecting weak earnings for 2007 due
to huge provisions, but is also expecting better output next
year, the Bangkok Post reports, citing Reuters as a source.

Year 2007 is "not a year for dramatic growth," the Post quotes
BAY CEO Tan Kong Khoon.  Instead, it will be year of fundamental
building, Mr. Tan added.  He noted that the bank made a
provision of THB11.5-billion for loan-loss in the second quarter
results, which resulted to a THB7.8-billion first half net loss.  
The Singaporean executive then told the Bangkok Post that BAY
will not need to make major additional provisions.

According to Reuters Estimates, 10 analysts made an average
forecast of a THB3.7-billion net loss for 2007.  This is a turn
around from the THB1.7 billion net income last year.  However,
analysts expect the bank to log in a net profit of
THB9.05 billion next year, Reuters says.

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

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


G-STEEL: S&P Places 'B+' Long-term Ratings on CreditWatch
---------------------------------------------------------
Standard & Poor's Rating Services placed its 'B+' long-term
corporate credit rating on G Steel Public Co. Ltd. and its 'B+'
long-term debt rating on the company's US$170 million senior
unsecured notes on CreditWatch with negative implications.

The CreditWatch action reflects continued pressure on the
company's liquidity position and a delay in the refinancing of a
US$120 million syndicated bank bridging facility.

Although G Steel expects to make progress in discussions with
its banks on renewing the syndicated bank facility in the next
few weeks, refinancing may be delayed beyond the extension
period of Oct. 30, 2007.  Despite that, G Steel continues to
have the capacity to meet scheduled interest payments from
cash reserves and operating income.  However, the company does
not have the capacity to internally fund full redemption of the
bank facility without raising external funding.  

In addition, G Steel's key financial metrics could be stretched
if financing costs escalate following its refinancing of US$120
million bank facility.  

Standard & Poor's expects to resolve the CreditWatch status
after further discussions with G Steel management on the
refinancing of the bank facility and a fuller assessment of the
company's financial position through the third quarter of 2007.
Higher financing costs or failure to refinance the bank facility
ahead of the maturity date will most likely result in the rating
on G Steel being lowered.

Headquartered in Bangkok, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in  
different grades and gauges.  G Steel is a stand-alone operating
entity with no related group companies.


ITV PCL: Expects to Report Progress of Rehab Plan by End-October
----------------------------------------------------------------
ITV PCL is seeking an extension of the deadline for its
submission of the report outlining the progress of its
rehabilitation plan, as it expects to submit the report by
October 31, 2007.

According to a disclosure with the Stock Exchange of Thailand,
the company is still currently preparing the feasibility plans
and needs more to time to review the feasibility details.


Headquartered in Bangkok, Thailand, ITV Public Company Limited
-- http://www.itv.co.th/-- is a media company that operates a  
television broadcast station under an ultra-high-frequency
system.  ITV provides news and entertainment to the public
through television and the Internet via its 52 network stations
throughout the country.

                     Going Concern Doubt

After reviewing ITV PCL's financial statements for the quarter
ended March 31, 2007, Prasan Chuaphanich at
PricewaterhouseCoopers ABAS Ltd. raised significant doubt on the
company's ability to continue as a going concern.

According to Mr. Prasan, the company's concession agreement was
revoked by the Office of the Permanent Secretary of the Office
of the Prime Minister as the company did not pay the unpaid
concession fee totaling THB2.210 billion and the interest on the
total unpaid concession fee at 15% per annum including the
penalty arising from the alteration of television programming of
THB97,760 million.  The company's concession agreement was
revoked on 7 March 2007 by the PMO therefore, the company ceased
its operation at that date.  In addition, the PMO claimed the
undelivered value of assets under concession amounting to Baht
656 million plus interest on 30 March 2007.

On 4 January 2007 and 9 May 2007, the Company filed the
statements of claim regarding the THB2.210-billion unpaid
concession plus the THB97.760-million interest, as well as the
undelivered value of assets under concession plus interest to
the arbitration process.  The company is in the process of
preparing development plans to resolve the cause of delisting
and a plan to undertake new business and rehabilitation for the
Stock Exchange of Thailand after the company seeks and obtains
approval from the company's shareholders.

Mr. Prasan also cited the company's equity and working capital
deficits.





                           *********

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.

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