TCRAP_Public/071009.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  

            Tuesday, October 9, 2007, Vol. 10, No. 200
  
                            Headlines

A U S T R A L I A

AG-SPRAY: Creditors' Receive Wind-Up Report
BASIS CAPITAL: Repeals Suspension on Pay Redemption of Pac-Rim
CHRYSLER LLC: UAW Gives 72-Hour Deadline for Deal Closure
COEUR D'ALENE: RBC Capital Keeps Sector Perform Rating on Shares
COLES GROUP: Banks Still to Syndicate AU$10 Million Loan Money

FERNBANK PTY: Members' Final Meeting Set for October 11
FORTESCUE METALS: Shares Rise to Record 6.7% to AU$53.05
GENERAL CABLE: Amends Credit Agreement to Issue Additional Notes
H COOMBE: Declares First and Final Dividend
HASBRO INC: Paying US$0.16 Per Share Dividend on Nov. 15

HRS SEISMIC: Members' Meeting Set for October 12
PAJINGO GOLD: Members to Hold Final Meeting on October 11
SKYCITY DARWIN; Members to Hear Liquidator's Report on Oct. 11
SYMBION HEALTH: Strikes New Buyout Deal with Healthscope


C H I N A   &   H O N G  K O N G

ALERIS INTERNATIONAL: Earns US$34.9 Million in 2007 2nd Quarter
BALI INTERNATIONAL: Requires Creditors to File Claims by Oct. 28
BIO-RAD LAB: Completes Buy of 77.7% Outstanding DiaMed Shares
CITIC PACIFIC: Dah Chong Eyes Profitability in Auto Financing
CITIC PACIFIC: Starts IPO; Proceeds to Fund Business Expansion

FORTRESS CAPITAL: Creditors to Meet on October 11
MATTEL CHINA: Sets Members' Final Meeting for October 29
MAXBUSY GROUP: Requires Creditors to File Claims by October 17
SHK FOREXCHANGE: Shareholders Resolve to Liquidate Business
STAR GLORY: Creditors' Meeting Set for October 11

SHUN LOONG ASSET: Taps Lo Wai On as Liquidator
SHUN LOONG CAPITAL: Creditors' Proofs of Debt Due on Oct. 28
SHUN LOONG ON-LINE: Commences Wind-Up Proceedings
* China to Conduct Audit on Major Telecom Operators


I N D I A

AES CORP: Will Build US$25-Million Dock for Somerset Plant
BANK OF INDIA: Raises INR155 Crore From Perpetual Debt Issue
BAUSCH & LOMB: Names D. Bhattacharjee as Pres. for Asia Pacific
BAUSCH & LOMB: S&P Cuts Ratings to B+ on Merger Possibility
BAUSCH & LOMB: Gets Requisite Tenders for Debt Securities

ICICI BANK: Gets RBI Nod to Open New Branches & Off-Site ATMs
MINING & ALLIED MACHINERY: Court Stays Asset Sale for 14 Weeks
TATA STEEL: Board OKs Rights Issue, Record Date Fixed on Nov. 5


I N D O N E S I A

ANEKA TAMBANG: Plans to Reduce Nickel Dependency
AVNET INC: Inks US$600 Five-Year Senior Unsec. Credit Facility
CHAROEN PHOKPHAND: To Build IDR75-Billion Day-Old-Chick Industry
GARUDA INDONESIA: Reopens Jakarta-Pontianak Flight Route
GARUDA INDONESIA: Ups Flight From Semarang Cty to Singapore

PERUSAHAAN LISTRIK: Plans to Build Thermal Power Plant in Belu
SEMEN GRESIK: Plans to Build 400 MW Coal-Fired Power Plants


J A P A N

DELPHI CORP: Posts US$100 Mln Net Loss in Month Ended August 31
ICONIX BRAND: Closes US$231-Mil. Official Pillowtex Acquisition
JAPAN AIRLINES: To Book JPY20 Billion in Anticipated Losses
MITSUBISHI MOTORS: To Recall Toppo BJ and Delica Units
XM SATELLITE: Special Shareholders Meeting Set for November 13


K O R E A

CLOROX CO: Prices US$750 Million 11.40% Senior Notes Offering
DURA AUTOMOTIVE: Incurs US$11.4 Million Net Loss in August 2007
LYONDELL CHEMICAL: Board Declares Conditional Quarterly Dividend


M A L A Y S I A

CNLT (FAR EAST): UOB Claims Over MYR2 Million in Loan Default
FOAMEX INT'L: Sells US$10 Mil. Carpet Facilities to Future Foam
MALAYSIA AIR: Union Wants to Cut Number of Foreign Workers
MANGIUM INDUSTRIES: Unit Faces Summon on MYR1-Million Default
MEGAN MEDIA: Asks to Extend Schedule for General Meeting

SOLECTRON CORP: Agent Discloses Final Result of Exchange


N E W  Z E A L A N D

ABSOLUTELY FLAWLESS: Appoints Vance and McCallum as Liquidators
BREWERY HOUSE: Appoints John Francis Managh as Liquidator
CBD DIRECT: Commences Wind-Up Proceedings
FAST ALUMINIUM: Court to Hear Wind-Up Petition on Nov. 15
FX SCAFFOLDING: Accepting Proofs of Debt Until Nov. 15

PORTAGE ROAD: Commences Liquidation Proceedings
RARE EARTH: Subject to Labtec's Wind-Up Petition
SIGUALS LTD: Accepting Creditors' Proofs of Debt Until Oct. 12
SMARTLINE PARCEL: Shareholders Resolve to Wind Up Operations
WELLSFORD LIQUOR: Appoints Horton and Price as Liquidators


P H I L I P P I N E S

APC GROUP: Unit to Begin Develop Batong Buhay Geothermal Site
BANGKO SENTRAL: Needs Gov't Recapitalization if Forex Loss Ups
BANGKO SENTRAL: Proposes 6% Annual Surcharge for Rules Violators
HERTZ CORP: Fitch Affirms BB Issuer Default & Debt Ratings
NAT'L POWER: MERALCO Seeks Lower Rates Before Buying More Power

RIZAL COMMERCIAL: Remains Bank of Choice for Japanese Investors
WENDY'S INT'L: Reports Preliminary September Same-Store Sales


S I N G A P O R E

ACG JURONG: Court to Hear Wind-Up Petition on Oct. 19
FLEXTRONICS INT'L: Solectron Global to Redeem 8% Senior Notes
ISOFT GROUP: Shareholders Okay IBA Health Revised Offer
OLDLAB PTE: Requires Creditors to File Proofs of Debt by Nov. 5
STATS CHIPPAC: Concludes Acquisition of LSI's Thailand Facility

STATS CHIPPAC: Changes Name of Taiwan Subsidiary


S R I   L A N K A

* Fitch Assigns Sri Lanka's Debut Sovereign Bond 'BB-' Rating


T H A I L A N D

ARVINMERITOR: S&P Lowers Corporate Credit Rating to B+
BANK OF AYUDHYA: Will Pay Interest for Debentures on November 4
BANK OF AYUDHYA: Affiliate to Expand to Bancassurance Next Year
FEDERAL-MOGUL: Posts Net Loss of US$10.4 Million in August 2007
SIAM GENERAL: Ends Talks for Transfer of 73 Title Deeds to EWC


* BOND PRICING: For the Week 8 October to 12 October 2007

     - - - - - - - -

"tcr-ap's"

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

AG-SPRAY: Creditors' Receive Wind-Up Report
-------------------------------------------
The creditors of AG-Spray Trading Pty Ltd met on September 27,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Maris Rudaks
         c/o Maris Rudaks & Associates
         Chartered Accountants
         Level 2, 99 Frome Street
         Adelaide, South Australia 5000
         Telephone:(08) 8236 1500
         Facsimile:(08) 8236 1555

                          About AG-Spray

AG-Spray Trading Pty Ltd is a distributor of durable goods.  The
company is located at Mclaren Vale, in South Australia,
Australia.


BASIS CAPITAL: Repeals Suspension on Pay Redemption of Pac-Rim
--------------------------------------------------------------
Basis Capital Funds Management Ltd. said it would lift the
suspension on pay redemption for its Pac-Rim Opportunity Fund
after management proposed to split the AU$355 million fund,
Katherine Jimenez writes for The Australian.

Basis, through a letter, told investors that Pac-Rim directors
have decided to lift the suspension on fund and pay redemption
requests as of June 30, the report notes.  

However, "redemptions from September onwards have been suspended
pending the outcome of any potential restructuring," relates Ms.
Jimenez.

Ms. Jimenez quotes the directors of Pac-Rim as saying, "By
attracting new investors, liquidity will return to the new two
funds more quickly than retaining the current, hybrid structure.  
Restructuring will also seek to provide existing investors with
the ability to exit one or both of the new funds."

Reportedly, more than AU$350 million worth has been invested by
Australians in the Pac-Rim Opportunity fund, which has 50% of
its assets split between high yield and structured finance.  
Basis Capital's Aust-Rimi Diversified Fund mainly invests of its
assets in the Pac-Rim fund, notes The Australian.

The Troubled Company Reporter-Asia Pacific reported on Oct. 5,
2007, that Basis Capital intended to split Pac-Rim fund to
protect its assets and start attracting new funds and create
much needed liquidity.

                        About Basis Capital

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

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


CHRYSLER LLC: UAW Gives 72-Hour Deadline for Deal Closure
---------------------------------------------------------
The United Auto Workers union gave Chrysler LLC 72 hours to
complete a contract patterned from General Motors Corp.'s
tentative agreement with the union, otherwise they will hold a
strike, the Associated Press reports, citing an inside source.

Both parties have resumed negotiations on Sunday, but more
details have to be ironed out, AP relates.

The talks, John Lippert of Bloomberg News says, started after
UAW President Ron Gettelfinger decided, on Friday, to forego
discussions with Ford Motor Co., instigating speculations that
Chrysler's two-month old owner, Cerberus Capital Management LP,
would be easier to handle than Ford, which was under
restructuring since last year.  As reported in the Troubled
Company Reporter on Oct. 4, 2007, Ford disclosed that total
September sales dropped 21% compared with a year ago.

As previously reported, GM and the UAW reached a tentative
agreement on a new national labor contract after more than
73,000 UAW union members throughout the United States went on
strike against GM.  The tentative agreement, covering
approximately 74,000 represented employees, includes a
memorandum of understanding to establish an independent retiree
health care trust, as well as other changes to the national
agreement.

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 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.


COEUR D'ALENE: RBC Capital Keeps Sector Perform Rating on Shares
----------------------------------------------------------------
RBC Capital Markets analysts have kept their "sector perform"
rating on Coeur d'Alene Mines Corp's shares, Newratings.com
reports.

Newratings.com relates that the target price for Coeur d'Alene
was decreased to US$4.50 from US$5.75.

The analysts said in a research note that the Palmarejo Project
would require higher-than-expected capex for underground mining.
Commencement of operations would be postponed until early-2009.

The analysts told Newratings.com that Coeur d'Alene's share
price would "continue to trade at a discount to that of its
peers in the near term on account of uncertainties surrounding
the company's projects in Bolivia and Alaska."

According to Newratings.com, the operating earnings per share
estimates for 2007 and 2008 were decreased to US$0.16 from
US$0.18, and to US$0.27 from US$0.32, respectively.

The operating earnings per share estimate for Coeur d'Alene's
shares for 2009 were increased to US$0.53 from US$0.51,
Newratings.com states.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver  
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                       *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


COLES GROUP: Banks Still to Syndicate AU$10 Million Loan Money
--------------------------------------------------------------
The consortium of three banks financing Wesfarmers Ltd.'s
takeover of Coles Group Limited has yet to syndicate the
AU$10-billion borrowing to other lenders, Vanda Carson of The
Sydney Morning Herald reports.

ANZ Bank, National Australia Bank and Banque Nationale de Paris
are holding on to the debt.  According to consortium leader BNP,
negotiations on the deal to fund the purchase of Coles were
continuing and no outcome had been reached, conveys SMH.

Ms. Carson writes that the fallout from the global credit crunch
in August has meant banks have been having difficulties
syndicating loans, although the banks had earlier declared the
credit crunch was not having any "material impact."

Syndication, according to the article, is seen as a way of
spreading financial risk across many investors.

                       About Coles Group

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

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


FERNBANK PTY: Members' Final Meeting Set for October 11
-------------------------------------------------------
A final meeting will be held for the members of Fernbank Pty Ltd
on October 11, 2007, at 10:00 a.m.

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

The company's liquidator is:

         R. A. Ferguson
         c/o Fergusons Chartered Accountants
         Level 8, 115 Grenfell Street
         Adelaide, South Australia 5000
         Australia

                       About Fernbank Pty

Fernbank Pty Ltd, which is also trading as Henly Direct
Marketing, provides direct mail advertising services.  The
company is located at Moorabbin, in Victoria, Australia.


FORTESCUE METALS: Shares Rise to Record 6.7% to AU$53.05
--------------------------------------------------------
Fortescue Metals Group Limited rose to a record 6.7% in Sydney
trade on speculation that prices may gain and a court ruling
helped the chances of lower development costs, Jesse Riseborough
of Bloomberg News reports.

Mr. Riseborough writes that Fortescue gained as much as AU$3.34
to AU$53.05 and traded at AU$52.51 at 10:38 a.m. Sydney time on
October 8, 2007, at the Australian Stock Exchange, giving it a
market value of AU$14.7 billion.

Bloomberg cites a Merrill Lynch & Co. report on Sept. 26 as
stating that the price of ore may gain as much as 50% driven by
demand from China.  Also, Peter Arden, commodities analyst at
Ord Minnett Ltd. expressed to Mr. Riseborough by phone that "The
price outcome is going to be very favorable for Australian
producers this year.  People are still prepared to buy the dream
in that sector."

Another factor to this development, notes Bloomberg, is the
court ruling in opposition to BHP Billiton Ltd.'s appeal in the
Australian Federal Court on Oct. 5 against a ruling allowing
rivals access to the line.   

Reportedly, with the court ruling, Fortescue can gain access to
BHP Billiton's railway, which runs near its deposits, cutting
future development costs planned by the company.  Bloomberg
quotes Fortescue Director Graeme Rowley saying that the decision
was a "significant step" for its company to seek access to the
railway.  

BHP, however, is reviewing its options, Bloomberg cites
Fortescue spokesowman Samantha Evans.

                        About Fortescue Metals

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

                          *     *     *

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

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


GENERAL CABLE: Amends Credit Agreement to Issue Additional Notes
----------------------------------------------------------------
General Cable Corporation and its subsidiary, General Cable
Industries Inc. entered on Sept. 21, 2007, into a Third
Amendment to its Second Amended and Restated Credit Agreement,
dated as of as of Nov. 23, 2005, to permit the issuance of an
additional US$475,000,000 of convertible notes.

The credit agreement was entered among Industries, as borrower,
the company and the other guarantors, Merrill Lynch Capital, a
division of Merrill Lynch Business Financial Services Inc., as
administrative agent, collateral agent and joint lead arranger,
National City Business Credit Inc., as syndication agent, Bank
of America N.A., as documentation agent, UBS Securities LLC, as
joint lead arranger, and the lenders thereto.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed US$400 million senior unsecured convertible
notes of General Cable Corporation.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on General Cable Corp.  S&P said the outlook is
stable.


H COOMBE: Declares First and Final Dividend
-------------------------------------------
H Coombe Proprietary Limited, which is in liquidation, declared
its first and final dividend on October 3, 2007.

Creditors who were not able to file their claims by the Oct. 2
due date, were excluded in sharing the company's dividend
distribution.

The company's liquidator is:

         S. W. Vine
         Ground Floor, 200 East Terrace
         Adelaide, South Australia 5000
         Australia

                          About H Coombe

Located at Croydon, in South Australia, Australia, H Coombe
Proprietary Limited is an investor relation company.


HASBRO INC: Paying US$0.16 Per Share Dividend on Nov. 15
--------------------------------------------------------
Hasbro Inc.'s Board of Directors has declared a quarterly cash
dividend of US$0.16 per common share.  The dividend will be
payable on Nov. 15, 2007, to shareholders of record at the close
of business on Nov. 1, 2007.

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family  
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, and Mexico, among others.

                       *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


HRS SEISMIC: Members' Meeting Set for October 12
------------------------------------------------
The members of HRS Seismic Services Pty Ltd will meet on
Oct. 12, 2007, at 9:30 a.m., to hear the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         K. S. Wallman
         PO Box 263
         West Perth, Western Australia 6872
         Australia
         Telephone:(08) 9481 0977


                        About HRS Seismic

Hrs Seismic Services Pty Ltd is a distributor of durable goods.  
The company is located at Subiaco, in Western Australia,
Australia.


PAJINGO GOLD: Members to Hold Final Meeting on October 11
---------------------------------------------------------
A final meeting will be held for the members of Pajingo Gold
Mine Pty Ltd on October 11, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         Sam Davies
         McGrathNicol
         Level 13, 99 Gawler Place
         Adelaide, South Australia 5000
         Australia
         Telephone:+61 8 8468 3700
         Web site: http://www.mcgrathnicol.com

                        About Pajingo Gold

Pajingo Gold Mine Pty Ltd is involved in the business of gold
ores.  The company is located at Currajong, in Queensland,
Australia.


SKYCITY DARWIN; Members to Hear Liquidator's Report on Oct. 11
--------------------------------------------------------------
Skycity Darwin Holdings Pty Ltd will hold a final meeting for
its members on October 11, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         R. A. Ferguson
         c/o Fergusons Chartered Accountants
         Level 8, 115 Grenfell Street
         Adelaide, South Australia 5000
         Australia

                      About Skycity Darwin

Skycity Darwin Holdings Pty Ltd operates offices of holding
companies.  The company is located at Darwin, in NT, Australia.


SYMBION HEALTH: Strikes New Buyout Deal with Healthscope
--------------------------------------------------------
Symbion Health Ltd. and Healthscope Ltd. have struck a new deal,
press reports say.

Symbion and Healthscope have announced a revised proposal, which
they say will have a similar outcome to the previously proposed
AU$2.86-billion merger proposal, The Age relates.  The previous
proposal, the report recounts, was voted down by Symbion
shareholders last month.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 12, 2007, Symbion disclosed that it had not received
adequate votes in favor of its scheme of arrangement with
Healthscope.  The report explained that despite almost unanimous
shareholder support for the scheme from Symbion shareholders,
major shareholder and rival suitor Primary Health Care Ltd.
voted its shares against the scheme and its 20% shareholding was
enough to deprive Symbion shareholders of the benefits of the
Healthscope merger.

                       The New Agreement

According to The Wall Street Journal, like the original
agreement in May, the new Healthscope-Symbion deal would break
up Symbion, with some of its assets going to Healthscope and the
remainder acquired by private-equity firms Ironbridge Capital
and Archer Capital.

Under the revised proposal, Healthscope will acquire Symbion's
pathology, diagnostic imaging and medical center businesses, the
Sydney Morning Herald explains.  Symbion shareholders will get
AU$2.516 billion to AU$2.646 million for the diagnostics
businesses via the issue of Healthscope shares and the
assumption of debt by Healthscope.

Meanwhile, SMH adds, Ironbridge and Archer would acquire
Symbion's pharmacy services and consumer businesses via a scheme
of arrangement.  WSJ relates that the private-equity firms would
acquire Symbion for AU$1.77 a Symbion share.

Symbion said that the agreement would deliver shareholders an
implied value of between AU$4.23 and AU$4.43 a share (US$3.80
and US$3.98) through a mix of cash and shares, or between
AU$2.74 billion and AU$2.87 billion (US$2.46 billion and
US$2.58 billion), WSJ notes.  That represents a premium of as
much as 5.5% over Symbion's closing price on Friday last week.

Trading in Symbion shares was halted on Monday.

The estimated value, WSJ notes, excludes the 2007 final dividend
paid by Symbion on Sept. 28 of five Australian cents a share,
and is about nine Australian cents a share less than the
original proposal due to additional costs and expenses.

Symbion said that the revised proposal implies an enterprise
value, which includes the assumption of debt, of between
AU$3.58 billion and AU$3.71 billion, WSJ conveys.  That
represents 14.1 to 14.6 times Symbion's 2007 earnings before
interest tax and depreciation.

If the merger is implemented, Symbion would own only the
consumer and pharmacy-services businesses.  Yet, consistent with
the original proposal, Symbion shareholders would own 53% to 56%
of the merged entity, enabling them to share in Healthscope's
expected cost savings, WSJ stresses out.

                        Primary Competes

However, according to WSJ, Primary Health Care wrote to Symbion,
suggesting that it would make a competing proposal.

Reuters says that Primary had expressed interest in buying
Symbion's medical centers business and parts of its pathology
and radiology businesses after Symbion announced its revised
tie-up agreement with Healthscope on Monday.

WSJ cites Symbion as saying that Primary's proposal appears
similar to the one it made on Sept. 6, which proposal was
rejected.  Symbion said it would consider Primary's letter "in
due course."

"The Symbion Health directors unanimously recommend the revised
(Healthscope) proposal in the absence of a superior proposal,"
The Age quotes the company as saying.  The recommendation, the
report says, is subject to the receipt of an independent
expert's confirming that the diagnostics sale plan is in the
best interests of, or fair and reasonable for, Symbion
shareholders.

                     About Symbion Health

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business.  Most of
its earnings are derived from the provision of pathology and
diagnostic imaging services.  The company also manufactures and
markets vitamin and mineral supplements (consumer
nutriceuticals).  In addition, it operates a wholesale medical
products distribution network, focusing on the distribution of
prescription drugs to pharmacies and hospitals.

                          *     *     *

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


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

ALERIS INTERNATIONAL: Earns US$34.9 Million in 2007 2nd Quarter
---------------------------------------------------------------
Aleris International Inc. reported a net income of
US$34.9 million on revenues of US$1.6 billion for the quarter
ended June 30, 2007, compared to net income of US$55.4 million
on revenues of US$1.0 billion for the second quarter of 2006.  

Results for 2007 include losses from special items consisting of
US$19.5 million for the impact of recording previously acquired
assets at fair value, US$1.7 million of restructuring and other
charges, US$2.3 million of sponsor management fees, and US$1.1
million of charges for non-cash stock-based compensation, offset
by US$46.7 million of unrealized gains on derivative financial
instruments.

Results for 2006 include US$18.0 million of unrealized gains on
derivative financial instruments and a US$300,000 benefit from
restructuring, as well as unfavorable special items of
US$2.7 million for non-cash stock-based expense and US$500,000
for the impact of recording previously acquired assets at fair
value.

EBITDA excluding special items totaled US$104.6 million in the
second quarter of 2007 compared with US$102.7 million in the
same period last year.  Results were driven primarily by the
Corus Aluminum acquisition and ongoing companywide productivity
initiatives, partially offset by lower sales volumes in some of
the company's North American based businesses, as well as
US$23.7 million of losses on inventory hedges that were
established to reduce inventory exposure to fluctuations in the
London Metal Exchange.  The company expects to realize inventory
hedge gains in the third quarter 2007.

Free cash flow for the second quarter of 2007 was US$119.9
million compared with US$38.0 million in the second quarter of
2006.  

Commenting on Aleris' second quarter results, Steven J.
Demetriou, chairman and chief executive officer, said, "We
continue to be pleased with the growth and development of Aleris
during the second quarter of 2007.  Though we were adversely
impacted by destocking in our distribution segment and
challenging housing and transportation segments in North
America, we continue to make progress on the integration of the
Corus Aluminum acquisition in Europe and cost reduction
improvements throughout our global operations which resulted in
record free cash flow during the quarter.  We now expect to
achieve US$65 million in synergies related to Corus, an increase
from our previous estimate of US$45 million."

Mr. Demetriou added, "Our strategic growth initiatives continued
with the completion of the acquisition of EKCO Products and the
announcement of the pending purchase of Wabash Alloys, which
produces aluminum casting alloys and molten metal throughout
North America.  We continue to focus on productivity and synergy
capture, which contributed $31 million in savings during the
second quarter, as well as growing through the acquisition of
quality assets that we expect will provide excellent returns to
our stakeholders."

For the first half of 2007, Aleris reported revenues of US$3.2
billion and a net loss of US$18.2 million.  The results were
significantly impacted by unfavorable special items including
US$86.2 million for the impact of recording previously acquired
assets at fair value, US$8.9 million of restructuring and other
charges, US$4.6 million of sponsor management fees, and US$1.8
million of charges for non-cash stock-based compensation,
partially offset by unrealized gains of US$47.6 million on
derivative financial instruments.

For the comparable 2006 period, Aleris reported revenues of
US$1.9 billion and net income of US$83.6 million.  The 2006
results included favorable special items of US$17.2 million for
unrealized gains on derivative financial instruments and
US$300,000 related to adjustments to reduce a restructuring
accrual, partially offset by charges of US$4.5 million for
stock-based compensation and US$1.6 million for the impact of
recording previously acquired assets at fair value.

EBITDA excluding special items of US$222.3 million for the first
half of 2007 represents a 23% increase compared with US$181.1
million for the first half of 2006.  The increase were primarily
driven by the Corus Aluminum acquisition and companywide
productivity and synergy initiatives, offset partially by lower
sales volumes at some of the company's North American based
businesses, as well as US$27.0 million of losses on inventory
hedges that were established to reduce inventory exposure to
fluctuations in the LME.  Free cash flow for the first half of
2007 was US$175.1 million compared with US$76.5 million for the
first half of 2006.

Capital expenditures were US$47.5 million for the second quarter
of 2007, compared with US$14.8 million for the previous year's
second quarter.  The increase is primarily attributable to the
Corus Aluminum acquisition which accounted for US$31 million of
capital expenditures in the second quarter 2007.  Year-to-date
capital expenditures were US$92.2 million compared with US$25.8
million in the first half of 2006.

At June 30, 2007, the company's consolidated balance sheet
showed US$4.92 billion in total assets, $4.07 in total
liabilities, and $850.8 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2409

                    About Aleris International

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures aluminum     
rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates production facilities in the United States,
Brazil, Germany, Mexico, China and Wales, and employs
approximately 9,200.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent $105 million 9% senior notes due
2014, which are an add-on to the company's existing $600 million
9% senior notes due 2014.


BALI INTERNATIONAL: Requires Creditors to File Claims by Oct. 28
----------------------------------------------------------------
The creditors of Bali International Finance (Nominees) Limited
are required to file their proofs of debt by October 28, 2007,
to be included in the company's dividend distribution.

The company went into liquidation on September 21, 2007.

The company's liquidator is:

         Lo Wai On
         Park-In Commercial Building, Room 1901-2
         56 Dundas Street, Mongkok
         Kowloon, Hong Kong


BIO-RAD LAB: Completes Buy of 77.7% Outstanding DiaMed Shares
-------------------------------------------------------------
Bio-Rad Laboratories Inc. completed the purchase of about 77.7%
of the outstanding shares of DiaMed Holding AG for about 477
million Swiss francs.  Bio-Rad entered into a definitive
agreement to acquire the shares in May 2007.

The transaction was subject to certain closing conditions,
including regulatory approvals.  DiaMed holds about 9.6% of its
out-standing shares as treasury shares.  Bio-Rad will conduct a
tender offer to acquire the remaining 12.7% outstanding shares
within the next 12 months.

"We are very pleased to have DiaMed join Bio-Rad," said Norman
Schwartz, Bio-Rad president and CEO.  "DiaMed has an exceptional
reputation for quality and customer care, and we believe the
company and its portfolio of products will fit in well with Bio-
Rad's current diagnostics business."

                          About DiaMed

Diamed -- http://www.diamed.ch/-- develops and manufactures  
test systems aimed at providing laboratories with ease of use,
safety, and reliability.  The company is situated in Cressier
sur Morat, Switzerland, near Fribourg, between Bern and
Lausanne.  DiaMed haslocal manufacturing facilities in Brazil,
Tunisia and France.

                         About Bio-Rad

Bio-Rad Laboratories, Inc. -- http://www.bio-rad.com/-- (AMEX:   
BIO and BIOb), manufactures and distributes a broad range of
products for the life science research and clinical diagnostics
markets.  Founded in 1952, Bio-Rad is headquartered in Hercules,
California, and serves more than 85,000 research and industry
customers worldwide through its global network of operations,
which includes China.  The company employs over 5,000 people
globally and had revenues of nearly US$1.3 billion in 2006.

                          *     *     *

In September 2006, Moody's placed the company's corporate family
rating at Ba2 and senior subordinate rating at Ba3.  These
ratings still hold true to date.  The outlook is stable.

In May 2003, Standard & Poor's placed the company's long-term
foreign and local issuer credit ratings at BB+.  Both ratings
still hold true to date.


CITIC PACIFIC: Dah Chong Eyes Profitability in Auto Financing
-------------------------------------------------------------
Dah Chong Hong Holdings, a unit of Citic Pacific Ltd, said its
motor vehicle distribution business will continue to be
profitable and that it may diversify into auto financing as it
expands the auto business, The Standard reports.

According to the company, in the 2007 first half, the gross
profit margin of the auto-related business was 18.1%, while that
of auto sales was 12.7%.  The company operates 29 outlets in 10
major cities in the mainland, the world's second largest auto
market, behind the United States.

"Annual car production in China is more than one million and the
ratio [of vehicle ownership to population] is nearly 1 to 100.
Compared with 1:1 in the United States and Germany's 2:1, the
potential in China is very high," chairman Clement Hui Ying-bun
told The Standard.

Mr. Hui said that auto loans and cash are popular methods of
paying for cars.  He added that in a mature market, auto loans
should account for 80% of payments.

Dah Chong Hong is keen to offer auto financing, Mr. Hu
expressed.  

For the moment, however, the company would remain focused on the
three core businesses -- motor vehicles, food and consumer
products, and logistics services, the report says.  In Hong
Kong, Dah Chong Hong distributes 11 commercial and passenger
auto brands including Honda, Nissan, Audi, Volkswagen, Bentley
and MAN. It distributes 17 auto brands in the mainland.


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.


CITIC PACIFIC: Starts IPO; Proceeds to Fund Business Expansion
--------------------------------------------------------------
Dah Chong Hong Holdings Ltd, a unit of Citic Pacific Ltd, opened
its initial public offering for retail subscription late last
week, The Standard reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 8, 2007, shareholders of the parent company Citic Pacific
approve the proposed spin-off and the pre-IPO along with the
post-IPO share option scheme on Oct. 3, 2007, at an
extraordinary general meeting by the company.

About 45% of the HK$893.9 million net proceeds will be spent
over the next three years to expand the motor vehicle business,
including setting up more city dealerships in the mainland,
chairman Clement Hui Ying-bun told The Standard.

"We aim at adding on average, six city dealerships annually in
the next three years," Mr. Hui said.

In addition, about 29% of the IPO proceeds will be spent over
the next three years to expand the logistics and food supply
chain business.

"Dah Chong Hong has the potential to run third party logistics,"
Mr. Hui added.

It aims to provide repackaging, reprocessing of packaged of food
and cold chain management services -- handling products under
controlled temperatures.

The mainland contribution to turnover grew significantly from
40.7% in the first half of last year, to 46% this year, the
chairman said.


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.


FORTRESS CAPITAL: Creditors to Meet on October 11
-------------------------------------------------
The creditors of Fortress Capital Investments Limited will meet
on October 11, 2007, at 10:15 a.m., for the purposes mentioned
in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

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


MATTEL CHINA: Sets Members' Final Meeting for October 29
--------------------------------------------------------
A final meeting will be held for the members of Mattel China
Properties Limited on October 29, 2007, at 11:00 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.


MAXBUSY GROUP: Requires Creditors to File Claims by October 17
--------------------------------------------------------------
Maxbusy Group Company Limited, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by October 17, 2007.

Failure to file claims by the due date will exclude a creditor
from sharing in the company's dividend distribution.

The company's liquidators are:

         Jacky Ching Wing Muk
         Edward Simon Middleton
         Alexandra House, 27th Floor
         18 Chater Road, Central
         Hong Kong


SHK FOREXCHANGE: Shareholders Resolve to Liquidate Business
-----------------------------------------------------------
At an extraordinary general meeting held on September 21, 2007,
the shareholders of SHK Forexchange Management Limited resolved
to liquidate the company's business.

Creditors who can file their proofs of debt by October 28, 2007,
will be included in the company's dividend distribution.

The company's liquidator is:

         Lo Wai On
         Park-In Commercial Building, Room 1901-2
         56 Dundas Street, Mongkok
         Kowloon, Hong Kong


STAR GLORY: Creditors' Meeting Set for October 11
-------------------------------------------------
The creditors of Star Glory Investment Limited will meet on
October 11, 2007, at 11:00 a.m., for the purposes mentioned in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

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


SHUN LOONG ASSET: Taps Lo Wai On as Liquidator
----------------------------------------------
On September 21, 2007, the shareholders of Shun Loong Capital
Limited appointed Lo Wai On as the company's liquidator.

Mr. Lo is accepting creditors' proofs of debt until Oct. 28,
2007.

The Liquidator can be reached at:

         Lo Wai On
         Park-In Commercial Building, Room 1901-2
         56 Dundas Street, Mongkok
         Kowloon, Hong Kong


SHUN LOONG CAPITAL: Creditors' Proofs of Debt Due on Oct. 28
------------------------------------------------------------
Shun Loong Capital Limited requires its creditors to file their
proofs of debt by October 28, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 21, 2007.

The company's liquidator is:

         Lo Wai On
         Park-In Commercial Building, Room 1901-2
         56 Dundas Street, Mongkok
         Kowloon, Hong Kong


SHUN LOONG ON-LINE: Commences Wind-Up Proceedings
-------------------------------------------------
At an extraordinary general meeting held on September 21, 2007,
the shareholders of Shun Loong On-Line Investment Services
(H.K.) Limited agreed to voluntarily wind up the company's
operations.

Creditors must file their proofs of debt by October 28, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

         Lo Wai On
         Park-In Commercial Building, Room 1901-2
         56 Dundas Street, Mongkok
         Kowloon, Hong Kong


* China to Conduct Audit on Major Telecom Operators
---------------------------------------------------
Chinese auditors will launch an investigation into the country's
five largest telecommunications operators from early October,
Xinhuanet News reports, citing a statement from the National
Audit Office.  

According to the government regulator, special audit teams will
scrutinize:

    -- China Mobile
    -- China Telecom
    -- China Unicom
    -- China Netcom and
    -- China Railcom

to see whether they comply with the country's financial and
economic laws.

The investigation, which will last for two months as part of an
NAO plan mapped out earlier this year, aims to encourage these
state-owned firms to improve management, raise economic returns
and sharpen their competitive edge, said the NAO.

Last year four of the five firms -- excluding China Railcom --
reaped combined profits of CNY104.73 billion (US$13.96 billion),
about 14% of the total made by the 159 central state-owned
enterprises, Xinhuanet says.


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

AES CORP: Will Build US$25-Million Dock for Somerset Plant
----------------------------------------------------------
Bill Michelmore at the Buffalo News reports that the AES Corp.
will construct a US$25-million dock reaching into Lake Ontario.

According to the Buffalo News, the 3,200-foot-long pier will
receive ships carrying coal and limestone to supply AES' power
plant in Somerset in the Niagara County.  The dock will be made
available to other Western New York firms that want to use
freighters to import cargo through the Great Lakes.

AES' dock project manager Ron Reimann told the Buffalo News that
the firm's coal-fired electric generating station in Somerset
would use the unloading pier for 80 deliveries of coal and
limestone over nine months.  Then it will be opened up to other
companies.  Construction work for the dock in the Niagara County
would be launched in 2008.  The first shipment of coal and
limestone would arrive at the plant in 2009.

About 100 construction workers would be involved in the project,
which would also help retain over 150 union and management jobs
at the plant, the Buffalo News states, citing AES head Kevin
Pierce.  The project will bring global ship traffic to AES.

Headquartered in Arlington, Virginia, AES Corporation (NYSE:
AES) -- http://www.aes.com/-- is a global power company.  The  
company operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Specifically, it also has operations in
India.  Generating 44,000 megawatts of electricity through 124
power facilities, the company delivers electricity through 15
distribution companies.

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

                          *     *     *

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


BANK OF INDIA: Raises INR155 Crore From Perpetual Debt Issue
------------------------------------------------------------
The Bank of India raised INR155 crore by issuing Innovative
Perpetual Debt Instruments (Series 3), the bank informed the
Bombay Stock Exchange.

The bank raised the amount through private placement of the
bonds, which has a face value of INR10,00,000 each.

The bond, callable after 10 years, carries a coupon rate of
10.40% per annum of up to 10 years and 10.90% p.a. after 10
years (if call option not exercised).  Interest is paid every
April 1.

The bond is listed in the wholesale debt market segment of
National Stock Exchange of India Ltd.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *     *     *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


BAUSCH & LOMB: Names D. Bhattacharjee as Pres. for Asia Pacific
---------------------------------------------------------------
Bausch & Lomb has named Dipankar Bhattacharjee corporate vice
president and president for Asia Pacific Region.  Mr.
Bhattacharjee was most recently vice president for commercial
operations, Asia Pacific.  Prior to that, he was vice president
of commercial operations for Greece, Italy, South Africa and
Turkey, and head of distributor operations for the Europe,
Middle East and Africa Region.

Mr. Bhattacharjee joined the company in 1993 as national sales
manager for Bausch & Lomb India.  Earlier, he held various sales
and management positions with Nestle and Bank of America.

Mr. Bhattacharjee holds a Master of Management Studies from
Jamnalal Bajaj Institute of Management Studies at the University
of Bombay, India, and a Bachelor's degree in Economics, with
honors, from St. Stephen's College, University of Delhi, India.
He will be based at Bausch & Lomb's Asia Pacific headquarters in
Hong Kong.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and  
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).

                          *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


BAUSCH & LOMB: S&P Cuts Ratings to B+ on Merger Possibility
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Bausch & Lomb Inc. to 'B+' from 'BB+' and removed all
the ratings from CreditWatch where they were placed on May 17,
2007, with negative implications.  The outlook is stable.  This
action reflects the expectation that Bausch & Lomb's merger with
Warburg Pincus, to be financed with US$1.9 billion of common
equity and US$3.2 billion of debt, will be consummated,
resulting in debt leverage of about 7x.

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to Rochester, N.Y.-based Bausch & Lomb's
proposed US$2.475 billion secured financing, comprising a
US$1.1 billion U.S. term loan, a US$300 million delayed draw
term loan, a US$500 million revolving credit facility, and a
euro-denominated Bausch & Lomb B.V. term loan in an amount about
equivalent to US$575 million.  The senior secured credit
facilities are rated 'BB-' (one notch above the corporate credit
rating on the company), with a recovery rating of '2',
indicating the expectation for substantial (70%-90%) recovery in
the event of a payment default.

S&P also assigned its 'B-' rating to the company's proposed
US$400 million senior unsecured notes, US$175 million senior
pay-in-kind toggle notes, and US$175 million senior subordinated
notes.

Outstanding debt ratings are affirmed.  Per the tender offer
underway, we expect that outstanding debt will be repaid with
the proceeds of the proposed debt financing.  At that time, the
ratings on the retired debt will be withdrawn.

"The rating on Bausch & Lomb reflects the strength of the
company's product offerings in multiple segments of the vision
care industry, recurring sales of several core products, and its
geographic and customer diversity," said Standard & Poor's
credit analyst Cheryl Richer.  "However, very high debt leverage
resulting from the acquisition drives the company's non-
investment grade rating."  Business concerns include formidable
competitors and the continuous pressure to innovate.  Lens care
sales are rebounding gradually in the aftermath of the May 2006
global recall of ReNu with MoistureLoc multipurpose lens care
solution.

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and  
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  


BAUSCH & LOMB: Gets Requisite Tenders for Debt Securities
---------------------------------------------------------
Bausch & Lomb Inc. has received tenders and consents
representing a majority of each of its outstanding:

   * 6.95% Senior Notes due 2007,
   * 5.90% Senior Notes due 2008,
   * 6.56% Medium-Term Notes due 2026 and
   * 7.125% Debentures due 2028,

all pursuant to its cash tender offers and consent solicitations
for the Debt Securities.

As of 5:00 p.m., New York City time, on Oct. 3, 2007, the
company had received tenders and consents in respect of these
principal amounts of Debt Securities:

   * US$72,769,000 (or approximately 54.63% of the aggregate
     principal amount) of the 6.95% Senior Notes due 2007,

   * US$49,250,000 (or approximately 98.50% of the aggregate
     principal amount) of the 5.90% Senior Notes due 2008,

   * US$342,000 (or approximately 81.24% of the aggregate
     principal amount) of the 6.56% Medium-Term Notes due 2026
     and

   * US$53,638,000 (or approximately 80.74% of the aggregate
     principal amount) of the 7.125% Debentures due 2028.

As a result of the receipt of the requisite consents for each
series of Debt Securities, the Company expects to enter promptly
into a supplemental indenture incorporating the proposed
amendments, which eliminate or make less restrictive
substantially all of the restrictive covenants, as well as
certain events of default and related provisions in the
indentures governing the Debt Securities.  The supplemental
indenture will become operative upon acceptance and payment by
the company of the tendered Debt Securities.

The Consent Payment Deadline with respect to the tender offers
and consent solicitations has now passed and withdrawal rights
have terminated.  Holders of Debt Securities who have not
already tendered their Debt Securities may do so at any time at
or prior to 8:00 a.m., New York City time, on Oct. 19, 2007,
unless extended or earlier terminated by the company, but such
holders will only be eligible to receive the applicable tender
offer price, which is an amount equal to the applicable purchase
price less the applicable consent payment, for their Debt
Securities, or US$980 per US$1,000 principal amount of Debt
Securities tendered and accepted for payment.

In each case, holders whose Debt Securities are accepted for
payment in the tender offers will receive accrued and unpaid
interest in respect of such purchased Debt Securities to, but
not including, the applicable settlement date.

The tender offers and consent solicitations are being made
pursuant to the terms and conditions set forth in the company's
Offer to Purchase and Consent Solicitation Statement for the
Debt Securities dated Sept. 19, 2007, and the related Letter of
Transmittal and Consent.  The tender offers and consent
solicitations are subject to the satisfaction of certain
conditions, including closing of the proposed merger between the
Company and an affiliate of Warburg Pincus LLC.

Citigroup Global Markets Inc., Banc of America Securities LLC,
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities
Inc. are acting as dealer managers for the tender offers and
consent solicitations.  Questions regarding the transaction may
be directed to Citigroup Global Markets Inc. by telephone at
(800) 558-3745 (toll-free), Banc of America Securities LLC by
telephone at (888) 628-8536 (toll-free) for the Debt Securities
and (888) 583-8900 x2200 (toll-free) for the Convertible
Securities, Credit Suisse Securities (USA) LLC by telephone at
(212) 325-7596 (collect) or J.P. Morgan Securities Inc. by
telephone at (212) 270-1477 (collect).

Global Bondholder Services is the information agent for the
tender offers and consent solicitations.  Requests for
documentation should be directed to Global Bondholder Services
at (866) 540-1500 (toll-free).

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and   
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).


ICICI BANK: Gets RBI Nod to Open New Branches & Off-Site ATMs
-------------------------------------------------------------
The Reserve Bank of India approved ICICI Bank Ltd's application
to establish new branches and additional off-site automated
teller machines, a regulatory filing with the Bombay Stock
Exchange states.

The RBI previously imposed a ban on branch expansion as penalty
on ICICI, being one of the banks tainted in an initial-public-
offer allotment scam.  The regulator lifted the ban late last
year.

With RBI's approval, the bank now is licensed to set up new
branches and increase the number of ATMs.  The BSE filing,
however, does not mention how many branches the bank plans to
open or the number of off-site ATMs it will add.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group    
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


MINING & ALLIED MACHINERY: Court Stays Asset Sale for 14 Weeks
--------------------------------------------------------------
The Calcutta High Court stayed for 14 weeks the sale of assets
of Mining and Allied Machinery Corporation, a public sector
undertaking that is being liquidated, Express News Service
reports.

According to the report, the High Court made the decision on
Thursday after hearing a petition filed by Coal India Ltd. and
the Damodar Valley Corporation, which petition outlined a
proposal to revive the company.

The two companies, pursuant to the petition, also asked the High
Court to give them three months to determine whether MAMC had
been able to pay off its creditors and to examine the condition
of the plant and its machinery.

Badal Sanyal of The Hindu Business Line said that Coal India
intended to resuscitate MAMC and set up a joint venture with a
foreign underground mining equipment and machinery manufacturer.
Although MAMC's existing manufacturing facilities have become
nearly junk, it still has huge land and ready infrastructure
suitable to begin production within a short time, Business Line
said citing unnamed sources from Coal India.

The JV's objectives, according to Business Line, are:

   1. to produce equipment and machinery at lesser cost compared
      to the imported ones;

   2. to ensure easy availability of machinery and spares for
      Coal India's underground mines.

Damodar Valley teamed up with Coal India on the proposal because
it "was keen to source mining equipment and machinery from the
revived company for its existing and future captive underground
coal mines," Mr. Badal wrote.

Express News relates that the High Court, after being told that
Coal India has already prepared a revival package, directed it
and Damodar Valley to furnish a bank guarantee of INR100 crore
by Oct. 12.

Based in Durgapur in West Bengal, Mining and Allied Machinery
Corporation Limited is an Indian public sector undertaking.

Earlier in 2001-2002, the state government had requested its
central counterpart to revive MAMC, but the central government
had decided to shut it down.  Coal India Ltd later showed
interest in reviving MAMC and, together with Damodal Valley
Corp., prepared a revival package for the company.


TATA STEEL: Board OKs Rights Issue, Record Date Fixed on Nov. 5
---------------------------------------------------------------
Tata Steel Ltd's board of directors has approved the issue of
shares on a right basis to the existing shareholders of the
company through two simultaneous but unlinked issues:

   1. Equity shares in the ratio of one equity share for every
      five equity shares held at a price of  INR300  per share
      (i.e. face value of INR10 each and a premium of INR290 per
      share), raising an amount of INR3,654 crore;  and

   2. Two-percent Cumulative Convertible Preference Shares
      (CCPS) of INR100 each, compulsorily convertible into
      equity shares of INR10 each, with an indicative conversion
      price in the range of INR500 to INR600 per equity share
      (on an ex-rights basis), as may be decided by the board or
      the committee, to enable the company to raise a total
      amount of up to INR6,000 crore.

The committee of directors at its meeting on Oct. 5, 200,7
approved:

   1. Size of CCPS to be offered on rights basis:

      The company would issue CCPS of INR5,481 crore in the
      ratio of 9:10 to the existing equity shareholders.

   2. Conversion price of CCPS into Equity Share:

      The six CCPS of the face value of INR100 each will be
      compulsorily and automatically converted into one equity
      share fully paid up of INR10 each at a premium of INR590.

   3. Time of conversion:

      The CCPS will be compulsorily and automatically converted
      into equity share fully paid up on Sept. 1, 2009, without
      any application or any further act on the part of the CCPS
      holders.  There will be no redemption of the CCPS.  On
      conversion CCPS into equity shares, the equity share
      capital would stand increased to 82.21-crore shares of
      INR10 each.

In consultation with the Bombay Stock Exchange and National
Stock Exchange, the company has fixed Nov. 5, 2007, as the
record date to determine the shareholders entitled to receive
the rights offer.

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.


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

ANEKA TAMBANG: Plans to Reduce Nickel Dependency
------------------------------------------------
PT Aneka Tambang Tbk plans to reduce its nickel dependency and
and step up its gold and bauxite business in coming years,
Antara News reports, citing Antam Finance Director Kurniadi
Atmosasmito.

Mr. Atmosasmito told the news agency that the firm expects
nickel to account for 60-70% of its revenue within 10 years,
while gold and bauxite will contribute around 40% to its
coffers.  Depending in one commodity is difficult, and nickel
has been dominant in the company's revenue, he added.   The
report points out that experts said having more than one
commodity in its basket reduce volatility for the company.

Reuters says the company plans to acquire gold mines, short-
listing 10 gold mines already, to boost its gold reserves that
are expected to run out by 2013.  Gold investment was relatively
stable due to higher oil prices and growing demand from China
and India, the report relates.

Antam, last month, also signed a deal worth up to US$1.4 billion
with United Company Rusal to construct a bauxite and alumina
complex on the island of Borneo from 2009, the report recounts.   

Antam plans to develop more new smelters for gold and bauxite in
future, the report adds.

                      About Aneka Tambang

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

                          *     *     *

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

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


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.


CHAROEN PHOKPHAND: To Build IDR75-Billion Day-Old-Chick Industry
----------------------------------------------------------------
PT Central Proteinaprima Tbk plans to build a IDR75 billion day-
old-chick industry in West Sumatra early next month, Antara News
reports, citing Edwardi MM, head of the West Sumatra Husbandry
Office.

Mr. MM told the news agency that West Sumatra had bought DOCs
from neighboring provinces such as North Sumatra to meet demand
from hundreds of poultry breeders.

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.

The Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that Fitch Ratings assigned a Long-term foreign currency
Issuer Default Rating of 'B+' to PT Central Proteinaprima Tbk.  
The Outlook on the rating is Stable.  At the same time, Fitch
has assigned an expected rating of 'B+' and an expected recovery
rating of 'RR4' to the proposed senior notes to be issued by
Blue Ocean Resources Pte Ltd and guaranteed by CPP and its
subsidiaries.  The ratings were assigned based on an indicative
issue size and tenor communicated to the agency by CPP; any
material deviations from these may result in a negative rating
action.  Further, the final ratings are contingent upon receipt
of final documents conforming to the information already
received.


GARUDA INDONESIA: Reopens Jakarta-Pontianak Flight Route
--------------------------------------------------------
PT Garuda Indonesia reopened its Jakarta-Pontianak flight route
starting yesterday, after the airline terminated its service to
the West Kalimantan provincial capital in 2005, Antara News
reports.

According to the report, the company move is due to Pontianak
becoming a big market for Garuda.  Garuda will use Boeing 737-
300 in serving the said route once a day, the report says.

Antara adds that West Kalimantan airport, the biggest one in
Kalimanta, has the potential to attract foreign tourists,
particularly those from Australia.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


GARUDA INDONESIA: Ups Flight From Semarang Cty to Singapore
-----------------------------------------------------------
PT Garuda Indonesia will increase its flight frequency from
Central Java' Semarang city to Singapore to five from four times
a week starting next year, Antara News reports.

The report relates that Saman Kadarisman, head of the Central
Java Information, Communication and Public Relations Office,
said if it was only possible the airline will fly the route
every day due to strong demand.  To anticipate the possible
closure of its Semarang-Singapore route, the Garuda changed its
morning flight to night using its idle plane, he added.

Mr. Kadarisman said given the change in flight schedule, Garuda
flew to Singapore via Soekarno-Hatta Airport in Jakarta in the
morning and flew back to Semarang in the evening, the report
adds.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter-Asia Pacific reported on Sep. 6,
2007, that Garuda, saddled with a debt of around US$750 million
including some US$475 million owed to the European Credit
Agency, is in negotiations with creditors to restructure some of
its debt.  The carrier's debt needs to be restructured,
otherwise Garuda will not be able to fly anymore as its debt is
too big, the report added.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on Dec. 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter-Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


PERUSAHAAN LISTRIK: Plans to Build Thermal Power Plant in Belu
--------------------------------------------------------------
PT Perusahaan Listrik Negara plans to build a thermal power
plant in Belu District at the end of this year to supply
electricity to East Nusa Tenggara province as well as
neighboring Timor Leste, Antara News reports, citing PLN
President Director Eddy Widiono.

According to the report, the Belu Project's main priority is to
serve the people of the NTT part of Timor Island, with
expectation that Timor Leste will also be supplied with
electricity as well.  

The company expects that electricity supply to Timor Leste to be
profitable because the price would be higher than that charged
to its domestic clients, the report notes.   However, PLN would
give priority to electricity supply to NTT because of various
considerations, including political ones, the report notes.

The report says that Mr. Widiono admitted it would not be easy
to do electricity supply business with another country,
especially with a new country like Timor Leste.

The planned construction of the Belu project, which would have a
capacity of 2X12 MW, would be part of the government's plan to
increase electricity supply to 10,000 MW by the year 2010, the
report adds.

                     About Perusahaan Listrik

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

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

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

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


SEMEN GRESIK: Plans to Build 400 MW Coal-Fired Power Plants
-----------------------------------------------------------
PT Semen Gresik Tbk is planning to build low calorie coal-fired
power plants with a combined capacity of about 400 megawatts to
meet power demand from its three plants, Antara News reports.

Ir Rudiantara, Semen Gresik vice president director, said the
power plants will be built in stages in the locations of their
factories in Tuban, Indarung and South Sulawesi.  The power
plants will have a combined capacity of 400 megawatts, he added

The report notes that construction of three power plants would
cost US$450-500 million which would originate from the company's
funds and loans from financial instutitions.

                       About Semen Gresik

SGG is the largest cement player in Indonesia with a 46% market
share.  It has a total production capacity of 16.9 mtpa with
facilities located in Tuban (East Java), Padang (West Sumatra)
and Tonasa (South Sulawesi).  As of June 2007, SGG was 51% owned
by the government and 24.9% by the Rajawali Group, with the
remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 02,
2007, that Moody's Investors Service has assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's has assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.  This is the first time that Moody's has assigned
ratings to SGG.


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

DELPHI CORP: Posts US$100 Mln Net Loss in Month Ended August 31
---------------------------------------------------------------
                    Delphi Corporation, et al.
               Unaudited Consolidated Balance Sheet
                      As of August 31, 2007
                          (In Millions)

                              ASSETS

Current assets:
   Cash and cash equivalents                                
US$20
   Restricted cash                                          138
   Accounts receivable, net:
      General Motors and affiliates                       1,545
      Other third parties                                   972
      Non-Debtor affiliates                                 367
   Notes receivable from non-Debtor affiliates              292
   Inventories, net:
      Productive material, work-in-process & supplies       862
      Finished goods                                        249
   Other current assets                                     226
                                                       --------
      TOTAL CURRENT ASSETS                                4,671

Long-term assets:
   Property, net                                          1,819
   Investment in affiliates                                 362
   Investments in non-Debtor affiliates                   3,936
   Goodwill                                                 152
   Other intangible assets                                   28
   Other                                                    301
                                                       --------
      TOTAL LONG-TERM ASSETS                              6,598
                                                       --------
TOTAL ASSETS                                          US$11,269
                                                       ========

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities not subject to compromise:
   Debtor-in-possession financing                        
US$3,105
   Accounts payable                                       1,261
   Accounts payable to non-Debtor affiliates                623
   Accrued liabilities                                      763
   Notes payable to non-Debtor affiliates                   131
                                                       --------
   TOTAL CURRENT LIABILITIES                              5,883

Long-term liabilities not subject to compromise:
   Employee benefit plan obligations and other              707

Liabilities subject to compromise                        18,216
                                                       --------
   TOTAL LIABILITIES                                     24,806

Stockholders' deficit:
   Common stock                                               6
   Additional paid-in capital                             2,779
   Accumulated deficit                                  (13,534)
   Accumulated other comprehensive loss                  (2,736)
   Treasury stock, at cost (3.2 million shares)             (52)
                                                       --------
   TOTAL STOCKHOLDERS' DEFICIT                          (13,537)
                                                       --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT           US$11,269
                                                       ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                   Month Ended August 31, 2007
                          (In Millions)

Net sales:
   General Motors and affiliates                           
US$925
   Other customers                                          554
   Non-Debtor affiliates                                     45
                                                       --------
Total net sales                                           1,524
                                                       --------
Operating expenses:
   Cost of sales                                          1,463
   Long-lived asset impairment charges                        -
   Securities & ERISA litigation charge                      21
   Depreciation and amortization                             41
   Selling, general and administrative                       93
                                                       --------
Total operating expenses                                  1,618
                                                       --------
Operating loss                                              (94)

Interest expense                                            (24)
Loss on extinguishment of debt                                -
Other (expense) income, net                                  16

Reorganization items                                        (14)
Income tax benefit (expense)                                  -
Equity income from non-consolidated affiliates                1
Equity income from non-Debtor affiliates                     15
                                                       --------
NET LOSS                                                (US$100)
                                                       ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                   Month Ended August 31, 2007
                          (In Millions)

Cash flows from operating activities:
   Net loss                                             (US$100)
   Adjustments to reconcile net loss
    to net cash provided by operating activities:
    Depreciation and amortization                            41
    Deferred income taxes                                    (1)
    Pension and other postretirement benefit expenses        78
    Equity income from unconsolidated affiliates             (1)
    Equity income from non-Debtor affiliates                (15)
    Reorganization items                                     14
    Securities & ERISA litigation charges                    21
   Changes in operating assets and liabilities:
    Accounts receivable, net                                (84)
    Inventories, net                                         17
    Other assets                                              8
    Accounts payable, accrued and other long-term debts     (98)
    U.S. employee special attrition program                 (14)
    Other postretirement benefit payments                   (20)
    Pension contributions                                    (1)
    Payments for reorganization items                       (11)
    Other                                                    (2)
                                                       --------
Net cash used in operating activities                      (168)

Cash flows from investing activities:
   Capital expenditures                                     (22)
   Increase in restricted cash                              (28)
   Other                                                      4
                                                       --------
Net cash used in investing activities                       (46)

Cash flows from financing activities:
   Net proceeds from DIP facility                            75
   Net repayments of borrowings under other debt pacts      131
   Other                                                     (2)
                                                       --------
Net cash used in financing activities                       204
                                                       --------
Decrease in cash and cash equivalents                       (10)
Cash and cash equivalents at beginning of period             30
                                                       --------
Cash and cash equivalents at end of period                US$20
                                                       ========

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).


ICONIX BRAND: Closes US$231-Mil. Official Pillowtex Acquisition
---------------------------------------------------------------
Iconix Brand Group Inc. has closed acquisition of Official
Pillowtex, LLC, a licensing company that owns a large portfolio
of home brands including four primary brands, Cannon, Royal
Velvet, Fieldcrest and Charisma and numerous others home brands
including St. Mary's and Santa Cruz.  The purchase price for the
acquisition was approximately US$231 million in cash with
contingent payments of up to an additional US$15 million in cash
based upon the brands surpassing specific revenue targets.
    
Neil Cole, Chairman and Chief Executive Officer, Iconix, stated,
"We are pleased to acquire Pillowtex in a diversifying and
transformative acquisition for Iconix.  The home sector is a
natural progression for Iconix and we plan to infuse these
brands with our strategic and innovative marketing as we expand
them into new categories."

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON)
-- http://www.iconixbrand.com/-- owns fashion brands to retail  
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Standard & Poor's Ratings Services revised its ratings outlook
on Iconix Brand Group Inc. to negative.  At the same time,
Standard & Poor's assigned its 'B-' debt rating to Iconix's then
proposed US$250 million convertible senior subordinated notes
due 2012.

As reported in the Troubled Company Reporter on June 18, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's then proposed US$250 million convertible senior
subordinated note offering.


JAPAN AIRLINES: To Book JPY20 Billion in Anticipated Losses
-----------------------------------------------------------
Japan Airlines International Co., Ltd., expects to book about
JPY20 billion in losses in anticipation of a potentially huge
fine for its apparent involvement in an international airfare
cartel, sources of The Asahi Shimbun revealed.

The Asahi Shimbun writes that this comes after the U.S. Justice
Department fined British Airways Plc and Korean Air Lines Co.
US$300 million each (about JPY36 billion) in August for fixing
the prices of passenger and cargo flights with other airlines to
set fuel surcharges due to oil price hike.

Reportedly, U.S. authorities have indicated that other airlines
could face heavy fines as the investigations are ongoing.

One executive of the Tokyo-based airline said to Asahi Shimbun,
that no provision had been set aside by JAL for anticipated
losses due for the fine because the company was not able to
"even predict the amount involved."  

JAL, which has seen a decrease in the number of passengers due
to a string of flight mishaps, said that it will include the
JPY20 billion in losses in its Nov. 6 announcement in its
financial results for the first half of the current fiscal year,
notes Asahi Shimbun.  The article conveys that JAL, before
making the announcement, will discuss the details with its
auditing company.

However, according to the report, JAL is projecting a
consolidated net profit of JPY7 billion for the year ending
March 2008 despite the fact that the JPY20 billion in loss will
eat into the projected profit.  According to the sources, JAL
officials maintain the company will be able to avoid a downward
revision due to the sale of its assets and other measures that
will counter the losses, states Asahi Shimbun.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.  
  
                          *     *     *  

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.  
  
The TCR-AP reported on Oct. 10, 2006, that Moody's Investors  
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.  
  
Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MITSUBISHI MOTORS: To Recall Toppo BJ and Delica Units
------------------------------------------------------
Mitsubishi Motors Corporation has notified the transport
ministry that it will recall the Toppo BJ minivehicle and the
Delica minivan for free repairs due to defects in engine-linked
components, Kyodo News reports.

According to the report, a total of 34,850 Toppo BJ units
manufactured between September 1998 and August 2002, and 1,784
Delica units made in March this year will be recalled.

The Toppo BJ's air inlet portion of the intercooler may fall
off, while in the case of Delica, there is a risk of a fuel leak
caused by a faulty attachment part of the fuel pump, Kyodo
states.


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

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

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

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


XM SATELLITE: Special Shareholders Meeting Set for November 13
--------------------------------------------------------------
XM Satellite Radio Holdings Inc. will hold a special meeting of
shareholders on Tuesday, Nov. 13, 2007 at 3:00 p.m. in
Washington, DC.

The purpose of the meeting is to consider and vote upon a
proposal to adopt the Agreement and Plan of Merger between XM
and Sirius Satellite Radio.

As reported in the Troubled Company Reporter on Feb. 22, 2007,
SIRIUS and XM Satellite Radio disclosed a definitive agreement
under which the companies will be combined in a tax-free, all-
stock merger of equals.  XM stockholders will receive 4.6 shares
of SIRIUS common stock for each share of XM they own.  XM and
SIRIUS stockholders will each own approximately 50% of the
combined company.

Shareholders of record as of October 1, 2007 are eligible to
vote at the meeting.

The proposed transaction, which has been approved by the Boards
of Directors of both companies, is also subject to regulatory
review and approvals, including antitrust agencies and the FCC,
and the satisfaction of customary closing conditions.

                  About SIRIUS Satellite Radio

Based in New York, SIRIUS Satellite Radio Inc. (NASDAQ: SIRI) --
http://www.sirius.com/ -- provides sports radio programming,  
broadcasting play-by-play action of more than 350 pro and
college teams.  SIRIUS features news, talk and play-by-play
action from the NFL, NASCAR, NBA, NHL, Barclays English Premier
League soccer, UEFA Champions League, the Wimbledon
Championships and more than 125 colleges, plus live coverage of
several of the year's top thoroughbred horse races.  SIRIUS also
features programming from ESPN Radio and ESPNews.

                       About XM Satellite

Headquartered in Washington, D.C., XM Satellite Radio Holdings
Inc. -- http://www.xmradio.com/-- parent of XM Satellite Radio    
Inc. (Nasdaq:XMSR), is a satellite radio broadcaster.   XM has
broadcast facilities in New York and Nashville, and additional
offices in Boca Raton, Florida; Southfield, Michigan; and
Yokohama, Japan.

At June 30, 2007, the company's balace sheet showed a US$659.8
million stockholders' deficit, compared to a US$397.8 million
deficit at Dec. 31, 2006.

                          *     *     *

Standard & Poor's assigned CCC+ long-term foreign and local
issuer credit ratings to XM Satellite Radio Holdings Inc. on
February 2007.

XM Satellite Radio Holdings Inc. also holds Moody's Investors
Services' Caa1 long-term corporate family rating (assigned June
2003), Caa3 senior unsecured debt rating (assigned February
2005), and Caa1 probability of default rating(assigned September
2006).  These three ratings still hold to date.


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

CLOROX CO: Prices US$750 Million 11.40% Senior Notes Offering
-------------------------------------------------------------
The Clorox Company has priced the offering of US$750 million
aggregate principal amount of its senior notes in an
underwritten registered public offering.  The senior notes
consist of US$400 million aggregate principal amount of 5.95%
senior notes due 2017, and US$350 million aggregate principal
amount of 5.45% senior notes due 2012.  The offering was made
pursuant to an effective shelf registration statement filed by
The Clorox Company with the U.S. Securities and Exchange
Commission on Oct. 3, 2007.  The offering is expected to close
on Oct. 9, 2007, subject to customary closing conditions.

J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and
Goldman, Sachs & Co. acted as joint lead book-running managers.  
Clorox has filed a prospectus supplement and an accompanying
prospectus with the Securities and Exchange Commission in
connection with the offering of the senior notes.

Copies of these materials are available by contacting:

          J.P Morgan Securities Inc.
          270 Park Ave.
          New York NY 10017
          Tel: (212) 834-4533

          Citigroup Global Markets Inc.
          388 Greenwich St.
          New York, NY 10013,
          Tel. (877) 858-5407

               -- or --

          Goldman, Sachs & Co.
          85 Broad St.
          New York, NY 10004
          Tel: (866) 471-2526

Electronic copies of the prospectus supplement and accompanying
prospectus are available at http://www.sec.gov/

Clorox intends to use the net proceeds from the offering to
retire commercial paper issued in connection with its repurchase
of its common stock under an accelerated stock repurchase
agreement entered into on Aug. 10, 2007.

                     About Clorox Company

Headquartered in Oakland, California, The Clorox Company
(NYSE: CLX) -- http://www.thecloroxcompany.com/-- provides  
household cleaning products and reaches beyond bleach.  Although
best known for bleach (leader worldwide), Clorox makes laundry
and cleaning items (Formula 409, Pine-Sol, Tilex), cat litter
(Fresh Step), car care products (Armor All, STP), the Brita
water-filtration system (in North America), and charcoal
briquettes (Kingsford).

The company has locations worldwide, including the Philippines,
South Korea, Hungary, Russia and the United Kingdom.

At Dec. 31, 2006, Clorox's balance sheet showed total assets of
US$3,624 million and total liabilities of US$3,657 million
resulting in a stockholders' deficit of US$33 million.  The
company reported a stockholders' deficit of US$156 million at
June 30, 2006.


DURA AUTOMOTIVE: Incurs US$11.4 Million Net Loss in August 2007
---------------------------------------------------------------
        Dura Automotive Systems, Inc., and Subsidiaries
        Condensed Unaudited Consolidated Balance Sheet
                     As of August 26, 2007
                     (Dollars in thousands)

                             ASSETS

Current Assets:
  Cash and cash equivalents                             
US$13,597
  Accounts receivable, net
     Trade                                              134,255
     Other                                               10,929
     Non-Debtor subsidiaries                             28,934
  Inventories                                            81,955
  Other current assets                                   37,163
                                                     ----------
     Total current assets                               306,803


Property, plant and equipment, net                      164,318
Goodwill, net                                           249,927
Notes receivable from Non-Debtors subsidiaries          184,198
Investment in Non-Debtors subsidiaries                  790,647
Other noncurrent assets                                  25,179
                                                     ----------
Total Assets                                       US$1,721,072
                                                     ==========

             LIABILITIES AND STOCKHOLDERS' INVESTMENT

Current liabilities:
  Debtors-in-possession financing                      
US$249,130
  Accounts payable                                       54,525
  Accounts payable to Non-Debtors subsidiaries            1,377
  Accrued Liabilities                                    84,759
                                                     ----------
     Total current liabilities                          389,791

Long-term Liabilities:
  Notes Payable to Non-Debtors subsidiaries               8,812
  Other noncurrent liabilities                           60,742
Liabilities Subject to Compromise                     1,312,352
                                                     ----------
Total Liabilities                                     1,771,697

Stockholders' Investment                                (50,625)
                                                     ----------
Total Liabilities and Stockholders' Investment     US$1,721,072
                                                     ==========


       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statement of Operations
            For the Four Weeks Ended August 26, 2007
                     (Dollars in thousands)

Total sales                                             
US$83,342
Cost of sales                                            80,238
                                                     ----------
Gross (loss) profit                                       3,104

Selling, general and administrative expenses              5,627
Facility consolidation, asset impairment
  and other charges                                         452
Amortization expense                                         34
                                                     ----------
Operating (loss) income                                  (3,009)

Interest expense, net                                     3,749
                                                     ----------
Loss before reorganization items and income taxes        (6,758)

Reorganization items                                      4,637
                                                     ----------
Income before income taxes                              (11,395)

Provision for income taxes                                   12
                                                     ----------
Net Income (Loss)                                    (US$11,407)
                                                     ==========


       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statements of Cash Flows
            For the Four Weeks Ended July 29, 2007
                     (Dollars in thousands)

Operating Activities:
Net Income (loss)                                      
(US$11,407)
Adjustments to reconcile net loss to net cash used
  in operations activities:
     Depreciation, amortization & asset impairment        2,468
     Amortization of deferred financing fees                708
     (Gain)/Loss on sale of assets                           61
     Reorganization items                                 4,637
Changes in other operating items:
  Accounts receivable                                   (14,749)
  Inventories                                             2,284)
  Other current assets                                      541
  Noncurrent assets                                         245
  Accounts payable                                        7,293
  Accrued liabilities                                    (1,163)
  Noncurrent liabilities                                   (227)
  Current intercompany transactions                       5,057
                                                     ----------
Net cash provided by operating activities                (4,249)

Investing Activities:
Purchases of property, plant & equipment                 (1,332)
Proceeds from sales of assets                              
                                                     ----------
Net cash (used in) provided by
   investing activities                                  (1,332)

Financing Activities:
DIP borrowings                                           12,474
Payments on Prepetition Date                               (303)
                                                     ----------
Net cash provided by financing activities                12,171
Net Increase (Decrease) in Cash & Equivalents             6,590

Cash & Cash Equivalent, Beginning Balance                 7,007
                                                     ----------
Cash & Cash Equivalent, Ending Balance                US$13,597
                                                     ==========

                     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.


LYONDELL CHEMICAL: Board Declares Conditional Quarterly Dividend
----------------------------------------------------------------
On Oct. 4, 2007, Lyondell Chemical Company's Board of Directors
declared a conditional quarterly dividend of US$0.225 per share
of common stock to stockholders of record as of the close of
business at 5 p.m. EST on Nov. 26, 2007.

On July 17, 2007, Basell and Lyondell entered into a definitive
merger agreement that would result in each holder of Lyondell
common stock receiving US$48 per share in cash merger
consideration and Lyondell becoming a wholly owned subsidiary of
Basell.  A special meeting of Lyondell shareholders has been
called for Nov. 20, 2007 to vote on the merger proposal.  While
the closing date of the merger has yet to be determined, we are
working toward a completion date in the fourth quarter of 2007,
although there can be no assurance regarding the exact timing.

The dividend will be payable on Dec. 17, 2007 only if the merger
has not closed on or prior to the Record Date.  If the closing
of the merger occurs after the Record Date, the dividend will be
paid on the Payment Date to persons who were holders of record
on the Record Date, even if the closing were to occur before the
Payment Date.  If the merger closes on or prior to the Record
Date, Lyondell shareholders will receive the merger
consideration, but no dividend will be paid.

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's  
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 23,
2007, Moody's Investors Service placed the ratings of Lyondell
Chemical Company, Equistar Chemical Company LP and Millennium
Chemicals Inc. (Corporate Family Ratings of Ba3) under review
for possible downgrade following the disclosure that Lyondell
has agreed to be acquired by Basell AF SCA (Ba3 CFR under review
for possible downgrade) in a transaction worth roughly
US$19 billion including the assumption of debt.

Moody's also affirmed Lyondell's speculative grade
liquidity rating at SGL-1.  However, the financing of this
potential transaction, could result in a change to the SGL
rating as well.

On Jul 23, 2007, Fitch Ratings has placed Lyondell, Equistar and
Millennium on Rating Watch Negative following the disclosure
that Lyondell has agreed to be acquired by Basell for
US$12.66 billion, or US$48 per share.  The transaction is valued
at US$19 billion including the consolidated debt outstanding at
Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

-- Issuer Default Rating 'BB-';
-- Senior secured credit facility and term loan 'BB+';
-- Senior secured notes 'BB+';
-- Senior unsecured notes 'BB-';
-- Debentures 'BB-'.


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

CNLT (FAR EAST): UOB Claims Over MYR2 Million in Loan Default
-------------------------------------------------------------
CNLT (Far East) Bhd has been served with a Writ of Summons from
United Overseas Bank (Malaysia) Berhad issued by the Kuala
Lumpur High Court for these claims:

   (1) The total sum of MYR2,613,745.29 as at February 28, 2007;

   (2) Interest on MYR2,613,745.29 at a rate of 3.5% per annum
       above the prescribed loan rate on a monthly rest basis
       from March 1, 2007, up to full settlement;

   (3) Costs; and

   (4) Such other relief as the Honourable Court deems fit.

The claims are in respect of the defaulted payment of interest
and loan repayment of banking facilities granted by UOB to the
company.


Based in Malaysia, CNLT (Far East) Bhd was admitted into the
Amended PN17 listing criteria of the Bursa Malaysia Securities
Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing
requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007, as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

   (ii) The auditors of CNLT have expressed a modified opinion
        with emphasis on the Company's going concern in its
        latest audited accounts for the financial year ended
        December 31, 2005.


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 transcation 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 ouroverall portfolio and the sale of
these facilities providesbetter value to our stockholders.  We
remain committed to thecarpet 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. Foamex
has Asian locations in Malaysia, Thailand and China.  The
company's Latin American subsidiary is in Mexico.

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

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. 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 US$566.2 million and total liabilities of
US$823.5 million, resulting to a total stockholders' deficit of
US$257.3 million.


MALAYSIA AIR: Union Wants to Cut Number of Foreign Workers
----------------------------------------------------------
The Malaysia Airlines Employees Union asked the government to
reduce the number of foreign workers at the Kuala Lumpur
International Airport, especially at the high-risk areas, Asia
Pulse reports.

According to the union's executive secretary, Mustafar Maarof,
about 600 foreign workers were working for Malaysia Airlines at
the airport.

"MASEU urges the government and others concerned to draw up a
tighter system of recruiting, supplying and determining the
number of foreign workers before any untoward incident happens,"
Mr. Mustafar said in a statement late last week.

He said the foreign workers were brought in by private companies
appointed by MAS to work at the baggage section, delivery of
baggage to the aircraft and at the tarmac.  "Some sections of
the KLIA were gazetted as prohibited areas under the law," he
added.

"But it is surprising that thousands of foreign workers were
given passes by Malaysia Airports Holdings Berhad (MAHB) to work
in high-risk areas which should be under tight security.  It is
understood that another 300 foreign workers are working at MAS
Cargo, including as forklift drivers," he added.

Mr. Mustafar said the number of foreign workers he was referring
to did not include the hundreds brought in by other companies
appointed by MAHB to work at the Main Terminal and Satellite
Terminal buildings.


Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.

In late February 2006, it unveiled a radical rescue plan to
raise MYR4 billion to stay afloat and return to profitability by
2007.  Under the restructuring plan, the airline pledged to cut
its budget by 20% across the board, terminate many unprofitable
routes, freeze recruitment except for front-line staff, crack
down on corruption by encouraging whistle-blowing and stop
corporate sponsorship.


MANGIUM INDUSTRIES: Unit Faces Summon on MYR1-Million Default
-------------------------------------------------------------
Mangium Sawmill Sdn Bhd, a wholly owned unit of Mangium
Industries Bhd, had been served with a copy of the Writ of
Summons dated September 28, 2007, in relation to these claims by
Madam Wong Kin Nyuk:

   a. An amount of MYR1,019,774.21 together with interest at the
      rate of 3% per annum from June 11, 2003, up to the date of
      Judgment;

   b. Statutory Interest from the date of Judgment up to the
      date of full settlement;

   c. Reimbursement of legal fees on a solicitor client basis;
      and

   d. Any other relief which the Court deems fit to grant.

In a statement with the Bursa Malaysia Securities Bhd, the
company said that Madam Wong was appointed as Director of MSSB
since December 8, 1988, and had resigned from MSSB effective
from July 8, 2002.

On 28 August 1999, MSSB procured an overdraft facility of limit
MYR1,500,000.00 from Hock Hua Bank Berhad, Kota Kinabalu Branch
(now taken over by Public Bank Berhad).  The said Facility was
secured against the fixed deposit totaling RM1,000,000.00 placed
by Madam Wong in the Bank.  The Bank had on January 17, 2003,
uplifted Madam Wong's fixed deposit together with the interest
accrued thereon totaling MYR1,019,774.21 as partial settlement
of the said Facility.

Currently, MSSB does not have any significant operations.  As
such, the legal suit is not expected to have any major impact on
the operations of the Group.  Furthermore, the financial impact
on the Group cannot be determined at this point in time.

                    About Mangium Industries

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

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

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


MEGAN MEDIA: Asks to Extend Schedule for General Meeting
--------------------------------------------------------  
Megan Media Holdings Bhd had asked Suruhanjaya Syarikat Malaysia
to extend the deadline for it to conduct an Annual General
Meeting as it is yet to submit its statutory audit for the
financial period ended April 30, 2007.

The company proposed to conduct its AGM on or before Dec. 31,
2007.

According to the company, the auditing of the financial report
is presently still on going.

The company would only be able to convene the annual general
meeting after the financial report has been fully audited.  With
the current situation, the timing of the AGM remains uncertain
and would depend on the timing of the completion of the
statutory audit, the company said.


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

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

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

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


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:
    
   -- 725,108,506 of the outstanding Solectron shares have
      submitted valid elections to receive Flextronics
      ordinary shares;
    
   -- 81,440,695 of the outstanding Solectron shares have
      submitted valid elections to receive cash; and
   
   -- 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 US$3.89 in cash for each share
of Solectron common stock, subject to proration due to minimum
and maximum limits on the amount of stock consideration and cash
consideration.  The election deadline expired at 5:00 p.m., EDT,
on Sept. 27, 2007.

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

   -- Solectron stockholders who elected to receive stock
      consideration will receive Flextronics ordinary shares
      with respect to approximately 88.66% of their Solectron
      shares and cash with respect to approximately 11.34% of
      their Solectron shares;
    
   -- Solectron stockholders who elected to receive cash
      consideration will receive cash with respect to all of
      their Solectron shares; and
    
   -- Solectron stockholders that failed to submit a valid
      election will receive cash with respect to all of their
      Solectron shares.
    
Flextronics will pay approximately US$1.07 billion in cash and
issue approximately 221.8 million Flextronics ordinary shares
pursuant to the merger.  No fractional Flextronics ordinary
shares will be issued.  Instead, each Solectron stockholder that
would otherwise be entitled to receive Flextronics fractional
shares will receive an amount in cash based on
US$11.42 per Flextronics ordinary share, the average of the per
share closing prices of Flextronics ordinary shares reported on
the NASDAQ Global Select Market during the five consecutive
trading days ending on the trading day immediately preceding the
closing date of the merger.

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

                About Flextronics International

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

                  About Solectron Corporation

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

                          *     *     *

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.


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

ABSOLUTELY FLAWLESS: Appoints Vance and McCallum as Liquidators
---------------------------------------------------------------
David Stuart Vance and Bruce McCallum were appointed liquidators
of Absolutely Flawless Ltd. on September 7, 2007.

The company set Sept. as the bar date for filing creditors'
proofs of claim.

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

The Liquidators can be reached at:

         David Stuart Vance
         Bruce McCallum
         c/o PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


BREWERY HOUSE: Appoints John Francis Managh as Liquidator
---------------------------------------------------------
The shareholders of Brewery House Ltd. appointed John Francis
Managh as the company's liquidator on September 13, 2007.

Creditors who can file their proofs of debt by October 18, 2007,
will be included in the company's dividend distribution.

The Liquidator can be reached at:

         John Managh
         50 Tennyson Street
         PO Box 1022, Napier
         New Zealand
         Telephone/Facsimile:(06) 835 6280


CBD DIRECT: Commences Wind-Up Proceedings
-----------------------------------------
CBD Direct Ltd. went into liquidation on September 6, 2007.

Creditors who were not able to file their proofs of debt by the
Oct. 4 due date will be excluded from the company's dividend
distribution.

The company's liquidator is:

         J. M. Gilbert
         c/o C & C Strategic Limited
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


FAST ALUMINIUM: Court to Hear Wind-Up Petition on Nov. 15
---------------------------------------------------------
The High Court of Auckland will hear on November 15, 2007, at
10:00 a.m., a petition to have Fast Aluminium Scaffold Ltd.'s
operations wound up.

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

The CIR's solicitor is:

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


FX SCAFFOLDING: Accepting Proofs of Debt Until Nov. 15
------------------------------------------------------
FX Scaffolding & Formwork 2004 Ltd. requires its creditors to
file their proofs of debt by November 15, 2007, to be able to
join in the company's dividend distribution.

The company went into liquidation on September 10, 2007.

The company's liquidator is:

         Stephen Tubbs
         c/o BDO Spicers
         Spicer House, Level 6
         148 Victoria Street
         Christchurch
         New Zealand
         Telephone:(03) 353 5528
         Facsimile:(03) 353 5526
         e-mail: barbara.king@chc.bdospicers.com


PORTAGE ROAD: Commences Liquidation Proceedings
-----------------------------------------------
On September 12, 2007, members resolved to liquidate the
business of Portage Road Holdings Ltd.

Christopher John Lynch was appointed liquidator.

The Liquidator can be reached at:

         Christopher John Lynch
         c/o Staples Rodway Taranaki Limited
         109-113 Powderham Street
         New Plymouth
         New Zealand
         Telephone:(06) 758 0956
         Facsimile:(06) 757 5081


RARE EARTH: Subject to Labtec's Wind-Up Petition
------------------------------------------------
On August 29, 2007, Labtec Limited filed a petition to have Rare
Earth Mining NZ Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
December 6, 2007, at 10:45 a.m.

Labtec's solicitor is:

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


SIGUALS LTD: Accepting Creditors' Proofs of Debt Until Oct. 12
--------------------------------------------------------------
On September 12, 2007, Michael William Hartley was appointed
liquidator of Siguals Ltd.

Mr. Hartley is accepting creditors' proofs of debt until
Oct. 12, 2007.

The Liquidator can be reached at:

         Michael William Hartley
         PO Box 46127, Herne Bay
         Auckland
         New Zealand


SMARTLINE PARCEL: Shareholders Resolve to Wind Up Operations
------------------------------------------------------------
On September 5, 2007, the shareholders of Smartline Parcel
Company Ltd. agreed to voluntarily liquidate the company's
business.

Creditors who were not able to file their proofs of debt by the
Oct. 3 due date will be excluded from the company's dividend
distribution.

The company's liquidators are:

         Kevin David Pitfield
         Gareth Russel Hoole
         Staples Rodway Limited
         Chartered Accountants
         PO Box 3899, Auckland
         New Zealand
         Telephone:(09) 309 0463


WELLSFORD LIQUOR: Appoints Horton and Price as Liquidators
----------------------------------------------------------
On September 8, 2007, the shareholders of Wellsford Liquor Store
Ltd. resolved to liquidate the company's business.

Creditors who were not able to file their proofs of debt by the
Oct. 5 due date will be excluded from the company's dividend
distribution.

The company's liquidators are:

         Christopher Robert Ross Horton
         John Albert Price
         c/o Horton Price Limited
         PO Box 9125, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276


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

APC GROUP: Unit to Begin Develop Batong Buhay Geothermal Site
----------------------------------------------------------------
Aragorn Power and Energy Corp. will start building a geothermal
site in Kalinga and is seeking the consent of the indigenous
residents of the area, the Philippine Daily Inquirer reports.

APEC is a subsidiary of APC Group Inc.

The site will be developed in partnership with Guidance Power,
APC Chairman and President Willy Ocier said.  Mr. Ocier also
said the residents' consent is the last requirement in its
concession agreement with the Department of Energy for the
Batong Buhay site in Kalinga and in Acupan in Benguet.

                        About APC Group

APC Group, Inc., was incorporated on October 15, 1993, with the
primary purpose of engaging in oil and gas exploration and
development in the Philippines.  The company is 46.6% owned by
Belle Corporation.  APC has investments in telecommunications, a
cement project, and manpower outsourcing businesses.

The Troubled Company Reporter-Asia Pacific reported that the
company had a capital deficiency as of September 30, 2006, and
December 31, 2005, amounting to PHP8.89 billion and
PHP8.70 billion, respectively.

                      Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Marydith C. Miguel at Sycip Gorres
Velayo and Co. raised significant doubts on APC Group, Inc.'s
ability to continue as a going concern.  The auditor cited the
company's recurring losses arising principally from the losses
of PhilCom and PhilCom Corporation, which affected the ability
of both companies to service their maturing obligations on a
timely basis.  In addition, the company's consolidated current
liabilities exceeded its consolidated current assets as of
December 31, 2005, and 2004.  Further, the restructuring of the
long-term debt of the two PhilCom entities are still under
negotiation with the creditors.

Net loss for the year ended Dec. 31, 2006, amounted to
PHP790.2 million, compared with PHP874.7 million in 2005.


BANGKO SENTRAL: Needs Gov't Recapitalization if Forex Loss Ups
--------------------------------------------------------------
The government must complete its PHP50-billion recapitalization
in the event that the Bangko Sentral ng Pilipinas' losses from
foreign exchange operations become unbearable, BSP Deputy
Governor Diwa Guinigundo told the Philippine Star over the
weekend.

However, the BSP has enough capital reserves to cushion against
the peso's appreciation, Mr. Guinigundo said.

The losses have nothing to do with the BSP's latest decision to
cut its interest rates to 5.75% for the overnight borrowing or
reserve repurchase rate and 7.75% for the overnight borrowing
and lending rates, Mr. Guinigundo clarified.  In fact, he said,
the BSP's balance sheet is not discussed during monetary policy
meetings.

However, Mr. Guinigundo admitted, the BSP would lower its
expenditures for mop-up operations because the interest rates on
special deposit accounts will go down 25 basis points.  Under
its charter, the BSP should have more foreign assets than
liabilities, Mr. Guinigundo pointed out, saying that the BSP is
"a passive loser" when the local currency appreciates.

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: Proposes 6% Annual Surcharge for Rules Violators
----------------------------------------------------------------
An annual surcharge of 6% will be imposed by the Bangko Sentral
ng Pilipinas on all unpaid monetary penalties if approved by its
Monetary Board, the Manila Bulletin reports.

The extra fee is based on "legal interest rates," BSP Deputy
Governor Nestor A. Espenilla Jr. said.  It is in line with the
BSP's enforcement of banking and supervision rules and
regulations in order to improve BSP's penalties practices, he
added.

However, banks will have 15 days to appeal in case the decision
is confirmed by the Monetary Board, Mr. Espenilla revealed.  
The BSP is hoping that banks will be discouraged to commit
violations because of the surcharges, the article 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.


HERTZ CORP: Fitch Affirms BB Issuer Default & Debt Ratings
----------------------------------------------------------
Fitch Ratings has affirmed these ratings:

The Hertz Corporation

-- Issuer Default Rating at 'BB';
-- Senior secured revolving facility at 'BBB';
-- Secured term facility at 'BBB-';
-- Letter of credit facility at 'BBB-';
-- Senior unsecured debt at 'BB-';
-- Subordinated Debt at 'B+';

The Rating Outlook has been revised to Positive from Stable.

The affirmation of Hertz's ratings reflects:

-- Strength of the company's market position in the airport
    car rental and commercial equipment markets and ability and
    experience in managing through cyclicality and seasonality
    inherent in car and equipment rental sectors;

-- Ample liquidity to support growth;

-- Limited financial flexibility as a primarily secured
    borrower;

-- Weak capitalization/Lack of tangible equity.

The Positive Rating Outlook reflects the improvements in
operating performance, cash flow available to repay debt and
collateral coverage since being spun-off from the Ford Motor
Company in late 2005.

Key drivers for a ratings upgrade include the expectation that
management's strategy to grow revenue, improve operating
efficiency and offset rising fleet costs will continue to
generate sustainable operating performance improvement and
cashflow to further delever the company.

Further improvements in cash flow available for debt repayment
or strengthening of collateral coverage may result in upward
notching of individual ratings from their current levels
relative to Hertz's IDR, including equating the senior unsecured
debt rating with the IDR.

Negative rating factors include any significant operating cash
flow deterioration and weakening of the company's financial
profile resulting from either a cyclical downturn or exogenous
events that restrict or inhibit travel.

Fitch has also affirmed and withdrawn these ratings:

The Hertz Corporation

-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B';

Hertz Finance Centre Plc

-- Issuer Default Rating (IDR) at 'BB';
-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B';

Hertz Australia Pty

-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B';

Hertz Canada Ltd.

-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B'.

The commercial paper ratings have been withdrawn as no
commercial paper is expected to be outstanding.  Withdrawal of
the Hertz Finance Centre Plc ratings reflects full repayment of
debt.

Headquartered in Park Ridge, New Jersey, Hertz Corp. --
http://www.hertz.com/-- is a car rental company that operates  
from approximately 7,600 locations in 145 countries worldwide.

Hertz also operates an equipment rental business, Hertz
Equipment Rental Corporation, offering a diverse line of
equipment, including tools and supplies, as well as new and used
equipment for sale, to customers ranging from major industrial
companies to local contractors and consumers through more than
360 branches in the United States, Canada, France, and Spain.

Hertz has operations in the Philippines, Hungary, and Peru,
among others.


NAT'L POWER: MERALCO Seeks Lower Rates Before Buying More Power
---------------------------------------------------------------
The National Power Corp. should consider a much lower rate in
order to entice the Manila Electric Co. to buy more power, the
Philippine Star reports.

MERALCO President Jesus Francisco told the Philippine Star that
they will start buying more power from NAPOCOR if the rates are
lowered to PHP3.26 per kilowatt-hour.

NAPOCOR earlier said that MERALCO's customers enjoy lower power
rates if it sources more power from the state-run firm, the
article recounts.

MERALCO currently sources 50%-60% of its supply requirement from
the state generator, the Star recounts.  


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

                          *     *     *

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

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

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


RIZAL COMMERCIAL: Remains Bank of Choice for Japanese Investors
---------------------------------------------------------------
Out of 508 Japanese locators in the country's economic zones,
363 have chosen Rizal Commercial Banking Corp. as their banking
choice with a penetration rate of 71.5%, the Philippine Star
reports.

RCBC also garnered a 70% rate last year, PhilStar recounts.

RCBC successfully solicited new business because of its strong
brand in the Japanese market, RCBC first vice president and
Japanese business relationship officer Koji Onozawa said in a
statement.  Mr. Onozawa added that RCBC is "an established
brand" and is the best bank for the Japanese market in the
Philippines.

Meanwhile, Yasuhiro Matsumoto, RCBC's senior vice president and
head of Japanese business relationships, expects the figures to
improve in light of growth in the local economy, PhilStar says.  
The Japanese market is expected to return with renewed
confidence in the Philippines, Mr. Matsumoto said.


Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

                          *     *     *

On November 2, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings assigned a final rating of 'B-' to
Rizal Commercial Banking Corporation's hybrid issue of up to
US$100 million.  The rating action follows the receipt of final
documents conforming to information previously received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable, the TCR-AP said.

The TCR-AP reported on October 24, 2006, that Standard & Poor's
Ratings Services assigned its 'CCC' rating to Philippines' Rizal
Commercial Banking Corp's (RCBC; B/Stable/B) US$100 million non-
cumulative step-up callable perpetual capital securities.


WENDY'S INT'L: Reports Preliminary September Same-Store Sales
-------------------------------------------------------------
Wendy's International, Inc., reported preliminary average same-
store sales for the third quarter of 2007, which ended on
Sept. 30.

Average same-store sales at U.S. company restaurants increased
0.2% for the quarter, compared to 4.1% during the same quarter a
year ago.  Year-to-date average same-store sales at U.S. company
restaurants are up 1.5%.

Average same-store sales at U.S. franchise restaurants increased
1.3% for the quarter, compared to 3.9% during the same quarter a
year ago.  Year-to-date average same-store sales at U.S.
franchise restaurants are up 1.8%.

"We are encouraged by another quarter of positive same-store
sales growth -- our fifth in a row -- as we continue to
successfully execute our strategic plan and the turnaround of
the Wendy's(R) business," said Chief Executive Officer and
President Kerrii Anderson.  "We are intensely focused on
improving restaurant operations and enhancing the overall
customer experience, and we look to accelerate our progress.

"We have initiatives in place to grow sales and profits at every
restaurant in the system," added Mr. Anderson.  "Our positive
performance is due to the accomplishments of our employees and
franchisees who focus every day on running great restaurants."

             Wendy's Third-Quarter Promotions

In July, Wendy's introduced its latest premium hamburger, the
Baconator(TM).  The Baconator features a half-pound of fresh,
never frozen beef, six strips of hickory-smoked bacon, topped
with American cheese, ketchup and mayonnaise.

Wendy's in August introduced limited-time offerings at the
local-market level, including its Chicken Cordon Bleu, Monterey
Ranch, and Wendy Melt premium sandwiches.

In September, the Company promoted its Super Value Menu(R),
featuring its Junior Bacon Cheeseburger and 5-piece Crispy
Chicken Nuggets, both quality-favorites among the younger,
price-sensitive consumer.

Additionally, Wendy's "Red Wig" marketing campaign continued to
break through with targeted younger customers who frequent
quick-service restaurants.

Wendy's to feature its Super Value Menu and Combo Choices in the
fourth quarter

In October, Wendy's continues to promote its Super Value Menu.
Also this month, the Company will promote its Combo Choices,
allowing customers to mix-and-match their favorite sandwich,
drink and choice of a side item.  Side items available in a
Wendy's Combo meal include fries, a baked potato, side salad,
Caesar side salad, chili, low-fat yogurt with granola, or
Mandarin oranges -- at no extra cost.

                    Wendy's Menu Expansion

The Company has completed the rollout of its new breakfast menu
to more than 750 restaurants, of which 40% are franchised
locations.  The Frescuit(TM), Wendy's top-selling breakfast
sandwich, is made with a "fresher biscuit" that's baked in the
restaurants daily.  In addition, breakfast values, including the
Sausage & Egg Burrito, and Wendy's new proprietary coffee --
Custom Bean(TM) by Folgers Gourmet Selections(TM) -- are proving
popular with Wendy's customers.

Preliminary Third-Quarter Same-Store Sales Summary:

               3Q 2007    3Q 2006    2007 YTD
               -------    -------    --------
U.S. Company     0.2%        4.1%       1.5%
U.S. Franchise   1.3%        3.9%       1.8%

Monthly Same-Store Sales Summary for July, August and September:

                   July           Aug.          Sept.
               2007   2006     2007  2006    2007   2006
               -----------     ----------    -----------
U.S. Company    0.1%   3.6%     0.9%  4.7%   -0.2%   4.3%
U.S. Franchise  1.3%   3.2%     2.0%  4.5%    0.7%   4.2%

                Third-Quarter Disclosure Plans

Management plans to release its 2007 third-quarter results after
the market closes on Oct. 25, 2007.  A conference call and
webcast to discuss the Company's results will be held at 8:00
a.m. ET on Oct. 26, 2007.  The dial-in number is (877) 572-6014  
(U.S. and Canada) or (706) 679-4852  (International).  A
simultaneous webcast will also be available at
http://www.wendys-invest.com/ The call will also be archived at  
that site.

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries  
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


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

ACG JURONG: Court to Hear Wind-Up Petition on Oct. 19
-----------------------------------------------------
A petition to have ACG Jurong Marine Pte Ltd's operations wound
up will be heard before the High Court of Singapore on Oct. 19,
2007, at 10:00 a.m.

The petition was filed by Standard Roof Pte Ltd on Sept. 5,
2007.

Standard Roof's solicitor is:

         Christopher Bridges
         No. 16 Jalan Kilang Timor
         #03-03 Redhill Forum
         Singapore 159308


FLEXTRONICS INT'L: Solectron Global to Redeem 8% Senior Notes
-------------------------------------------------------------
Flextronics International Ltd. has announced that, in connection
with ITS previously-announced acquisition of Solectron
Corporation on Oct. 1, 2007, Solectron Global Finance Ltd.
notified holders of its outstanding 8.00% Senior Subordinated
Notes due 2016 (8% Notes) that it is exercising its right to
redeem the 8% Notes prior to maturity pursuant to the optional
redemption procedures provided for under the indenture governing
the 8% Notes.  The 8% Notes will be redeemed at 100% of the
principal amount of the 8% Notes, plus (i) accrued and unpaid
interest to, but not including, the date of redemption, and (ii)
the make-whole premium provided for under the indenture.  The
redemption date will be Oct. 31, 2007.  Separately, Solectron
Global Finance Ltd. has notified holders of the 8% Notes that it
will repurchase any 8% Notes delivered for repurchase pursuant
to a change of control offer to repurchase at a price of 101% of
their aggregate principal amount, plus accrued and unpaid
interest to the date of repurchase.  Solectron Global Finance
Ltd. will repurchase all 8% Notes tendered pursuant to this
offer on Oct. 31, 2007.  Any 8% Notes that are not repurchased
pursuant to the repurchase offer will be redeemed on
Oct. 31, 2007.
    
U.S. Bank National Association is acting as the paying agent for
the repurchase offer for the 8% Notes and the redemption agent
for the redemption.
    
As a result of Flextronics's acquisition of Solectron,
Flextronics intends to deliver notice on Oct. 31, 2007 of a
change in control purchase offer for all of Solectron's
outstanding 0.50% Convertible Senior Notes due 2034 and
Solectron's 0.50% Convertible Senior Notes Series B due 2034 in
accordance with the procedures set forth in the indentures
governing the Convertible Notes.  It is expected that any
Convertible Notes tendered pursuant to these change of control
purchase offers will be repurchased on or about Dec. 14, 2007.  
All Convertible Notes tendered will be repurchased at a price
equal to 100% of their outstanding principal amount, plus
accrued and unpaid interest to, but excluding, the date of
repurchase.

                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 including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                        *     *     *

As previously reported in the Troubled Company Reporter, Fitch
Ratings has completed its review of Flextronics International
Ltd. following the company's acquisition of Solectron Corp. and
resolved Flextronics' Rating Watch Negative status by affirming
these ratings: Issuer Default Rating at 'BB+'; and Senior
unsecured credit facility at 'BB+'.

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

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new US$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.

The initial draw on the term loan (US$1.1 billion) will finance
the cash portion of the merger consideration.


ISOFT GROUP: Shareholders Okay IBA Health Revised Offer
-------------------------------------------------------
The shareholder resolutions to approve the revised offer by IBA
Health Ltd. for iSOFT Group plc, to be effected by means of a
scheme of arrangement, were duly passed at the Court Meeting and
the Extraordinary General Meeting held earlier on Oct. 4, 2007.

At the Court Meeting, a majority in number of iSOFT
Shareholders, who voted either in person or by proxy and who
together represented over 75% by value of the votes cast, voted
in favor of the resolution to approve the Revised Scheme.  The
resolution was accordingly passed.

At the Extraordinary General Meeting, the special resolution
providing for the implementation of the Revised Scheme was also
passed by the requisite majority.

                          Court Meeting

The voting on the resolution to approve the Revised Scheme was
taken on a poll and the results were:

    * Number of Meeting Shareholders voting:

      For: 398 (98.03%)
      Against: 8 (1.97%)

    * Number of votes:

      For: 58,555,013 (99.98%)
      Against: 12,982 (0.02%)

                Extraordinary General Meeting

The voting on the Special Resolution giving effect to the
Revised Scheme was taken on a poll and the results were as:

    * Number of votes:

      For: 117,832,722 (99.98%)
      Against: 32,426 (0.02%)

Implementation of the Revised Offer remains subject to the High
Court of Justice for England and Wales sanctioning the Revised
Scheme at the Court Hearing which is expected to take place on
Oct. 25, 2007 and confirming the associated reduction of iSOFT's
share capital at the Court Hearing which is expected to take
place on Oct. 29, 2007.  Subject to the Revised Scheme receiving
the sanction and confirmation of the Court on those dates, the
effective date of the Revised Scheme is expected to be Oct. 30,
2007.  It is also expected that if the Revised Scheme becomes
effective on Oct. 30, 2007, listing of the iSOFT Shares will be
cancelled at or about 8:00 a.m. on Oct. 30, 2007.  The
consideration due to shareholders is expected to be sent no
later than 14 days after the effective date.

                      IBA Revised Cash Offer

As previously reported in the TCR-Europe on Aug. 24, 2007, IBA
has submitted a revised cash offer of AUD410.7 million (GBP166.3
million) for iSOFT.  The revised offer will have a scrip
alternative.

IBA has also agreed to acquire around 56.6 million shares in
iSOFT from existing shareholders representing 24.3% of the
issued capital of iSOFT.

Under the revised offer, iSOFT shareholders will be entitled to
receive:

   -- 69 pence cash for each iSOFT share; or

   -- 1.65 IBA shares for every 1 iSOFT share, an implied offer
      price of 70.2 pence for each iSOFT share based on AEP's
      subscription price under the share component of the AEP
      Investment of US$1.05 per IBA share (61.5 pence for each
      iSOFT share at IBA's closing price of US$0.92 on Aug. 21,
      2007); or

   -- a combination of cash and the Share Alternative.

The cash offer represents a 4.5% premium to CompuGROUP's offer
of 66 pence for each iSOFT share on July 20, 2007.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                           *   *   *

In June 2006 iSOFT revealed a change in accounting policy for
revenue recognition, as a consequence of which it became
necessary to review and restate revenues in prior years.
Arising out of that review a number of possible accounting
irregularities came to light in which it appears that some
revenues reported in the financial years ended April 30, 2004
and 2005 may have been recognized earlier than they should have
been.

On July 20, 2006 the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006 it was confirmed that
there were indeed matters that needed further investigation and
we handed over relevant documents to the Financial Services
Authority (FSA), which is now conducting that investigation.
The Group is working closely and cooperatively with the FSA in
order to complete the investigation as quickly as possible.

On Oct. 25, 2006 the Accountancy Investigation and Discipline
Board (AIDB) announced that it will conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended April
30, 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities conducted
by Deloitte & Touche LLP in July and August 2006 did not uncover
evidence that any of the current non-executive directors had any
knowledge of the irregularities.

At the present time the Group has no indication of when either
the FSA or the AIDB intend to conclude their investigations and
report.  On the basis of information that has come to light so
far, the directors consider that the restatement of revenues in
the financial statements for the year ended April 30, 2006
corrected, where appropriate, the impact of these particular
matters.  As the investigation is not yet concluded, it is not
possible for the Board to finally determine what implications,
if any, may arise from the conclusion of the investigations into
these matters.  Nevertheless they must be thoroughly
investigated and the Group will continue to cooperate with both
organizations.

                      Going Concern Doubt

At April 30, 2007, in preparing their cash flow projections,
iSOFT's directors recognize that there are material
uncertainties that may cast significant doubt on the Group's
ability to continue as a going concern.

The nature of the Group's business is such that there can be
considerable unpredictable variation and uncertainty regarding
the timing and margin on sales, the quantum and timing of cash
flows from new business activity and the achievement of
contractual milestones.  In addition, until the proposed
CompuGROUP transaction legally completes, the successful
completion of the transaction (including shareholder and court
approval) and ongoing willingness and ability of CompuGROUP to
provide financial support to the Group remain uncertainties.
Should the transaction not proceed, it would be necessary to
extend or renegotiate the Group's banking agreements beyond
their current expiry date of Nov. 14, 2007.


OLDLAB PTE: Requires Creditors to File Proofs of Debt by Nov. 5
---------------------------------------------------------------
Oldlab Pte Ltd, which is in voluntary liquidation, requires its
creditors to file their proofs of debt by November 5, 2007.

Failure to file claims by the due date will exclude a creditor
from the company's dividend distribution.

The company's liquidator is:

         Lai Seng Kwoon
         c/o 16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


STATS CHIPPAC: Concludes Acquisition of LSI's Thailand Facility
---------------------------------------------------------------
STATS ChipPAC Ltd. disclosed on Oct. 3, 2007, that it has
completed its acquisition of LSI Corporation's assembly and test
operation in Pathumthani, Thailand.

As previously reported by the Troubled Company Reporter - Asia
Pacific on July 27, 2007, STATS ChipPAC entered into a
definitive agreement to acquire LSI's assembly and test
operation in Thailand which consists of a facility with
approximately 440,000 square feet of floor space, manufacturing
equipment and certain other assets.  The company also offered
employment contracts to some of LSI employees in the Thailand
facility.

The product portfolio and services offered by the Thailand
operation complement STATS ChipPAC's packaging and test
offering.  The company has also entered into a long-term supply
agreement with LSI that reinforces STATS ChipPAC's position in
the data storage and communications market.

                       About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 30, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from
'BB'.  The outlook is stable.  The issue rating on the senior
unsecured debt has also been raised to 'BB+' from 'BB'.  The
ratings have been removed from CreditWatch, where they were
placed with positive implications on March 2, 2007.


STATS CHIPPAC: Changes Name of Taiwan Subsidiary
------------------------------------------------
STATS ChipPAC Ltd announced that Winstek Semiconductor
Corporation, a subsidiary of STATS ChipPAC, has changed its name
to STATS ChipPAC Taiwan Semiconductor Corporation effective
October 5, 2007.

"The new name reflects our common corporate identity and
reinforces the fact that we are seamlessly integrated with STATS
ChipPAC's assembly and test operations worldwide.  We are
excited to build on STATS ChipPAC's name recognition in Taiwan
and will continue to provide our customers with best-in-class
full turnkey solutions," said Richard Weng, Chairman, STATS
ChipPAC Taiwan Semiconductor Corporation.

"Over the years, Winstek has played a very significant role in
STATS ChipPAC's continuing strategy to offer our customers a
full turnkey solution in key geographic markets," said Tan Lay
Koon, President and Chief Executive Officer, STATS ChipPAC.

"We believe this new common identity strengthens our combined
service offering to customers and reinforces our strong focus
and commitment in the Taiwan market."


                       About STATS ChipPAC

STATS ChipPAC Ltd is a back-end semiconductor assembly and test
company.  It provides full-turnkey solutions to semiconductor
businesses, including foundries, integrated device manufacturers
and fabless companies in the U.S., Europe and Asia.  It ranked
fourth in the global outsourcing semiconductor assembly and test
industry as of end-2006.  In fiscal year 2006, packaging revenue
accounted for 74% of sales, and test and other revenues the
balance.  The communications segment accounted for 57% of sales.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands, and United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 30, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from
'BB'.  The outlook is stable.  The issue rating on the senior
unsecured debt has also been raised to 'BB+' from 'BB'.  The
ratings have been removed from CreditWatch, where they were
placed with positive implications on March 2, 2007.


=================
S R I   L A N K A
=================

* Fitch Assigns Sri Lanka's Debut Sovereign Bond 'BB-' Rating
-------------------------------------------------------------  
Fitch Ratings has said today that it will assign the Democratic
Socialist Republic of Sri Lanka's forthcoming debut sovereign
bond a rating of 'BB- (BB minus)'.  This rating is in line with
Sri Lanka's 'BB-' Long-term foreign currency Issuer Default
rating which is on Negative Outlook.

Fitch assigned Sri Lanka Long-term IDRs of 'BB-' in December
2005.  The Outlook on Sri Lanka's Sovereign Ratings was
subsequently revised from Stable to Negative in April 2006, in
response to a renewed outbreak of violence between government
security forces and the Liberation Tigers of Tamil Eelam (LTTE),
which seeks a separate state.  "Fitch judged this turn of events
to be a material deterioration in the domestic security
situation with potentially adverse consequences for growth,
economic stability and sovereign creditworthiness" says Paul
Rawkins, Senior Director in Fitch's Sovereign rating team in
London.

Sri Lanka's economy has displayed a remarkable resilience to
shocks over a long period of time, sustaining negative growth
only once in recent times, at the height of the last outbreak of
hostilities in 2001.  Last year, the economy expanded at 7.4%,
its fastest rate for more than two decades, underpinned by
rising domestic and foreign investment and record inflows of
remittances (equivalent to around 8% of GDP).  More recently,
however, growth has slowed to around 6% and inflation has risen
sharply to 17% year-on-year (from 10% in H106), driving up
yields on government paper to similar levels.  "Steering
inflation back down to single digits will be essential for
sustaining strong economic growth and containing the
government's debt service costs" says Mr. Rawkins.

Fitch says that Sri Lanka has an unblemished debt service record
-- a rare trait among sub-investment grade sovereigns -- while
public debt declined slightly in 2006.  Nonetheless, public debt
remains high by the standards of rating peers at 93% of GDP and
interest payments absorb almost 30% of government revenues,
notwithstanding the concessional nature of much external public
debt.  Fitch opines that concerted fiscal consolidation is
required to reduce the vulnerability of the economy and the
public finances to adverse shocks and to smooth the transition
to less concessional sources of fiscal and external funding.
Should the security situation adversely affect economic growth
and delay planned reductions in the budget deficit from last
year's level of 7.3% of GDP (including grants), the government's
target of reducing public debt to 76% of GDP by 2010 could be at
risk.

The main opposition party, the United National Party (UNP), has
publicly challenged the legality and the economic rationale for
the bond issue and has threatened to disavow the debt and
withhold payments on the bond, should it come to power at some
time in the future.  The government has stated that the bond has
been properly authorized and Fitch currently judges that any
future UNP administration would not willfully default.

The ratings are underpinned by high levels of human capital
development, good governance, reasonably strong institutions and
a liberal economic climate.  Fitch believes that these
attributes should stand the country in good stead over the
medium term.  In the near term, however, "a further
deterioration in the security situation to the point where it
adversely affects Sri Lanka's credit fundamentals could lead to
a downgrade of the Sovereign Ratings" says Mr. Rawkins.

Conversely, the Outlook could revert to Stable if there are
clear signs of fiscal consolidation, a reduction in inflation
and, in Fitch's judgement, a material diminution in the risk to
sovereign creditworthiness from the conflict.


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

ARVINMERITOR: S&P Lowers Corporate Credit Rating to B+
------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating and related ratings on ArvinMeritor Inc. to 'B+'
from 'BB-'.  The outlook is negative.  The company's short-term
rating of 'B-1' was withdrawn.

"The downgrade reflects ArvinMeritor's worse-than-expected
performance in the fourth quarter of fiscal 2007 and weaker
prospects for at least the first half of fiscal 2008," said
Standard & Poor's credit analyst Robert Schulz.  "We no longer
expect the company's already-weak credit measures to recover
sufficiently to maintain the previous rating."

The ratings on ArvinMeritor reflect the company's weak
profitability, which has recently kept cash generation negative,
along with the cyclical and competitive pricing pressures of the
capital-intensive automotive and heavy-vehicle component supply
industry.  Despite ArvinMeritor's leadership position in several
market segments, fair customer and platform diversity, and
ongoing restructuring efforts, margins remain pressured.  The
company will face challenges from the downturn in commercial
truck production and from production cuts by U.S.-based
automakers into fiscal 2008.

The outlook is negative.  S&P is concerned about how
profitability improvement will unfold during 2008, given
uncertainty about production among many automotive and heavy-
truck customers.  Still, S&P expects the company's financial
profile to eventually become consistent with the 'B+' rating.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,  
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.


BANK OF AYUDHYA: Will Pay Interest for Debentures on November 4
---------------------------------------------------------------
Bank of Ayudhya PCL will make interest payments for its
Subordinated Debentures due 2013 on November 4, 2007, at a rate
of 4% per annum for the 92-day period from August 5 until
November 4, 2007.

Only debenture holders of record as of October 22 will be
entitled to receive interest payments on the debentures.

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.


BANK OF AYUDHYA: Affiliate to Expand to Bancassurance Next Year
---------------------------------------------------------------
Ayudhya Insurance PCL expects to expand into bancassurance and
motor insurance next year to take advantage of Bank of Ayudhya
PCL's branches and GE Capital's presence in auto leasing, the
Bangkok Post reports.

Ayudhya Insurance is an affiliate of BAY, of which GE Capital is
a major shareholder.

According to the Post, Ayudhya Insurance's president, Adisorn
Tantianankul, said they will work more closely with BAY next
year for the planned venture, and that they are studying joint
direct marketing with their affiliates.

The company expects premiums of THB150 million at this year's
end from bancassurance as a result of its focus on insurance
products, Mr. Adisorn said.

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.


FEDERAL-MOGUL: Posts Net Loss of US$10.4 Million in August 2007
-------------------------------------------------------------

                Federal-Mogul Global, Inc., et al.
                     Unaudited Balance Sheet
                      As of August 31, 2007
                          (In millions)

                              Assets

Cash and equivalents                                      
US$52.3
Accounts receivable                                       599.8
Inventories                                               400.7
Deferred taxes                                            192.5
Prepaid expenses and other current assets                 108.2
                                                       --------
Total current assets                                    1,353.4

Summary of Unpaid Postpetition Debits                      24.8
Intercompany Loans Receivable (Payable)                 1,678.2
                                                       --------
Intercompany Balances                                   1,703.0

Property, plant and equipment                             766.4
Goodwill                                                  930.5
Other intangible assets                                   340.1
Insurance recoverable                                     880.2
Other non-current assets                                  521.2
                                                       --------
Total Assets                                         US$6,494.9
                                                       ========

               Liabilities and Shareholders' Equity

Short-term debt                                          
US$708.1
Accounts payable                                          239.9
Accrued compensation                                       62.4
Restructuring and rationalization reserves                 17.0
Current portion of asbestos liability                         -
Interest payable                                            3.8
Other accrued liabilities                                 261.0
                                                       --------
Total current liabilities                               1,292.2

Long-term debt                                                -
Post-employment benefits                                  725.1
Other accrued liabilities                                 546.5
Liabilities subject to compromise                       5,456.9

Shareholders' equity:
   Preferred stock                                      1,050.6
   Common stock                                           662.1
   Additional paid-in capital                           7,997.3
   Accumulated deficit                                (11,424.1)
   Accumulated other comprehensive income                 188.4
   Other                                                      -
                                                       --------
Total Shareholders' Equity                             (1,525.7)
                                                       --------
Total Liabilities and Shareholders' Equity           US$6,494.9
                                                       ========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
               For the Month Ended August 31, 2007
                          (In millions)

Net sales                                                
US$283.8
Cost of products sold                                     236.1
                                                       --------
Gross margin                                               47.6

Selling, general & administrative expenses                (44.6)
Amortization                                               (1.2)
Reorganization items                                       (4.2)
Interest income (expense), net                            (16.3)
Other income (expense), net                                 8.4
                                                       --------
Earnings before Income Taxes                              (10.2)

Income Tax (Expense) Benefit                               (0.2)
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                                (10.4)
                                                       --------
Net Earnings (loss)                                    (US$10.4)
                                                       ========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
               For the Month Ended August 31, 2007
                          (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                    
(US$10.4)
Adjustments to reconcile net earnings (loss) to net cash:
   Depreciation and amortization                           15.1
   Adjustment of assets held for sale and
      other long-lived assets to fair value                   -
   Asbestos charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg. principle            -
   Change in post-employment benefits                       0.4
   Decrease (increase) in accounts receivable              (3.6)
   Decrease (increase) in inventories                      11.9
   Increase (decrease) in accounts payable                 (5.5)
   Change in other assets & other liabilities             (33.3)
   Change in restructuring charge                             -
   Refunds (payments) against asbestos liability              -
                                                       --------
Net Cash Provided From Operating Activities               (25.2)

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment            (6.6)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                           -
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                       --------
Net Cash Provided From (Used By) Investing Activities      (6.6)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                             25.1
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                   (0.1)
                                                       --------
Net Cash Provided From Financing Activities                25.0

Increase (Decrease) in Cash and Equivalents                (6.8)

Cash and equivalents at beginning of period                59.1
                                                       --------
Cash and equivalents at end of period                   US$52.3
                                                       ========

Headquartered in Southfield, Mich., Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts   
company with worldwide revenue of some US$6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.  The confirmation hearing began June 18, 2007, and
is set to conclude on Oct. 1, 2007.  (Federal-Mogul Bankruptcy
News, Issue No. 146; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SIAM GENERAL: Ends Talks for Transfer of 73 Title Deeds to EWC
---------------------------------------------------------------
Siam General Factoring PCL has concluded negotiations with the
owner of the lands on which it is in dispute with -- Eastern
Wire PCL -- for the transfer of 73 title deeds worth
THB73.12 million as mandated by the court judgments.

The Court had earlier ruled that the company and EWC coordinate
with the landowner on the transfer of land worth of THB190
million within 45 days after the settlement date of August 21.  
The parties will continue to negotiate for the remaining
THB116.88 million in the obligation.


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

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

The company is undergoing rehabilitation.


* BOND PRICING: For the Week 8 October to 12 October 2007
---------------------------------------------------------



Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.70
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.80
Antares Energy Limited        10.000%  10/31/13     AUD     1.84
Arrow Energy NL               10.000%  03/31/08     AUD     2.41
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.80
Becton Property Group          9.500%  06/30/10     AUD     1.05
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Bounty Industries Limited     10.000%  06/30/10     AUD     0.18
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.75
Cardno Ltd                     9.000%  06/30/08     AUD     7.25
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.16
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.86
FGL Finance                    6.250%  03/17/10     AUD     7.49
First Australian              10.000%  10/31/09     AUD     0.70
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.95
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.25
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.25
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.44
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.10
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.40
IMF Australia Ltd             11.500%  06/30/10     AUD     0.75
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.85
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.08
LongReach Group Limited       10.000%  10/31/08     AUD     0.20
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Minerals Corp.                10.500%  09/30/07     AUD     0.70
Nylex Limited                 10.000%  12/08/09     AUD     2.00
Primelife Corporation         10.000%  01/31/08     AUD     1.01
Renison Consolidated
   Mines N.L                  10.000%  03/31/09     AUD     0.13
Salomon SB Aust                4.250%  02/01/19     USD     8.64
Silver Chef Limited           10.000%  08/31/08     AUD     1.03
Speirs Group Ltd.             10.000%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD     9.00
TrustPower Ltd                 8.500%  09/15/12     NZD     8.75
TrustPower Ltd                 8.500%  03/15/14     NZD     9.00


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00
CITIC Guoan Information
   Indust. Co., Ltd            1.200%  09/14/13    CNY     70.80



JAPAN
-----
Cent Japan Rail                1.310%  03/18/33     JPY    74.54
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.77
Nara Prefecture                1.520%  10/31/14     JPY     9.53

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    47.09
Korea Dev. Bank                7.450%  10/31/21     KRW    47.06
Korea Dev. Bank                7.400%  11/02/21     KRW    47.45
Korea Dev. Bank                7.310%  11/08/21     KRW    46.99
Korea Dev. Bank                8.450%  12/15/26     KRW    69.95


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.30
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.14
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.35
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.40
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.73
EG Industries Berhad           5.000%  06/16/10     MYR     0.54
Equine Capital                 3.000%  08/26/08     MYR     2.51
Gadang Holdings Berhad         2.000%  12/24/18     MYR     0.77
Greatpac Holdings              2.000%  12/11/08     MYR     0.19
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.48
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
Insas Bhd                      8.000%  04/19/09     MYR     0.69
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.46
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.61
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.17
Kumpulan Jetson                5.000%  11/27/12     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.64
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.64
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.63
Media Prima Bhd                2.000%  07/18/08     MYR     1.90
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.59
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.26
Pelikan International          3.000%  04/08/10     MYR     1.80
Pelikan International          3.000%  04/08/10     MYR     1.97
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     0.93
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.23
Rubberex Corporation (M)
   Berhad                      4.000%  08/14/12     MYR     0.73
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.63
Southern Steel                 5.500%  07/31/08     MYR     1.65
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     0.06
Tradewinds Corp.               2.000%  02/08/12     MYR     1.00
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.63
TRC Synergy Berhad             5.000%  01/20/12     MYR     2.04
Wah Seong Corp.                3.000%  05/21/12     MYR     5.00
WCT Land Bhd                   3.000%  08/02/09     MYR     3.40
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.83
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.04


SRI LANKA
---------
Sri Lanka Govt                7.000%  08/01/11     LKR     72.76
Sri Lanka Govt                7.000%  10/15/11     LKR     71.73
Sri Lanka Govt                6.850%  04/15/12     LKR     69.07
Sri Lanka Govt                8.500%  10/15/13     LKR     71.32
Sri Lanka Govt                8.500%  07/15/13     LKR     70.23
Sri Lanka Govt                7.500%  08/01/13     LKR     65.92
Sri Lanka Govt                7.500%  11/01/13     LKR     65.08
Sri Lanka Govt                8.500%  02/01/18     LKR     64.82
Sri Lanka Govt                8.500%  07/15/18     LKR     64.19
Sri Lanka Govt                7.500%  08/15/18     LKR     59.03
Sri Lanka Govt                7.000%  10/01/23     LKR     50.94


SINGAPORE
---------
Sengkang Mall                  4.880%  11/20/12     SGD     2.50





                           *********

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

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

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




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline Abangan, and
Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***