TCRAP_Public/071010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

          Wednesday, October 10, 2007, Vol. 10, No. 201
  
                            Headlines

A U S T R A L I A

ADVANCE HEALTHCARE: Ernst & Young Raises Going Concern Doubt
AIRN LTD: To Declare Dividend for Unsecured Creditors on Oct. 11
AUSSIE PET: Members Resolve to Wind Up Operations
BABCOCK & BROWN: Fitch Affirms BB+ Long-term IDR Rating
BERRINGAR PTY: Court Enters Wind-Up Order

CAMP ALDINGA: Placed Under Voluntary Liquidation
COLES GROUP: Moody's Revises Status Review to Possible Upgrade
CONSTELLATION BRANDS: Earns US$72.1 Million in Second Quarter
CRAIGHAVEN INVESTMENTS: Will Declare Final Dividend on Oct. 18
HEAVENREEF PTY: Undergoes Wind-Up Proceedings

INDOPHIL RESOURCES: Unit Faces Local Labor and Permit Issues
KEELRAY PTY: Creditors' Final Meeting Set for October 29
LEN BLACK'S: Creditors Receive Wind-Up Report
SARAH JANE: Holds Annual Meeting
SYMBION HEALTH: Moody's Continues Downward Review of Ba1 Rating


C H I N A   &   H O N G  K O N G

BRIGHT EVER: Final General Meeting Set for October 29
CHINA EASTERN: Expands Joint Business with ST Engineering
CIPHER LIMITED: Members to Hold Final Meeting on October 29
CYBER DRAGON: Members Set to Hold General Meeting on Oct. 29
FAME MANY: Liquidator to Give Wind-Up Report on October 30

IAN WILKINSON: Liquidator to Present Wind-Up Report on Oct. 29
INT'L PAPER: Completes US$620MM Joint Venture with Ilim Holding
JOINT BRIGHT: Requires Creditors to File Claims by October 31
NATION FOREST: Members Set to Meet on October 29
NEO-CHINA: Buys Zhuhai Project for CNY3.1 Billion

SAM CHEONG: Members to Receive Wind-Up Report on October 31
SANOFI SYNTHELABO: Sets Final General Meeting on October 29
TECNO (HONG KONG): Members to Hold Final Meeting on October 31
TITAN PETROCHEMICAL: Builds China's Largest Ship Repair Yard
XINHUA FINANCE: Pension Plan Buys Glass Lewis for US$46 Million


I N D I A

BAUSCH & LOMB: WP Prism Deal Cues Moody's B2 Rating
IFCI LTD: Infrastructure Dev't. May Buy 26% Stake, Reports Say
KINETIC ENGINEERING: To Issue Shares to Reliance & Micro Age
RYERSON INC: Senior Notes Remain Convertible Until Nov. 21
STATE BANK OF INDIA: S. Bhattacharya Named New Managing Director

TATA STEEL: Board to Meet on Oct. 26 for 2nd Quarter Results
TATA TELESERVICES: Issues Shares on Conversion of US$8.4BB FCCBs


I N D O N E S I A

ALCATEL-LUCENT: Selected by Brasil Telecom to Deploy WiMAX
BEARINGPOINT INC: Bags US$57.9-Mil. Deal for IT Support Services
HILTON HOTELS: Tender Offer Expiration Date Extended to Oct. 24
GARUDA INDONESIA: To Add Four Boeing Aircrafts in January
TELKOM INDONESIA: May Implement DLD Access Code by Late October

TELKOM INDONESIA: Analysts Downgrade Ratings to Equal Weight


J A P A N

CREDIA CO: JCR Lowers CP Program Rating to NJ from J-3
DELPHI CORP: Disclosure Statement Hearing Moved to October 25
DELPHI CORP: Initiates 707 Adversary Cases Under Seal
INTERNATIONAL RECTIFIER: Discloses Key Internal Initiatives
MAZDA MOTOR: To Build US$500-Million Plant in Thailand with Ford

SAMSONITE CORP: Pending CVC Deal Prompts S&P to Keep Neg. Watch
SHINKI CO: JCR Downgrades Ratings to BB+ Under Credit Monitor
* Bingham Seals Deal with Second Japanese Law Firm This Year


K O R E A

CORECROSS INC: Converts Bonds w/ Warrants for Additional Shares
MAGNACHIP SEMICOND: Moody's Confirms B2 Corporate Family Rating
REMY WORLDWIDE: Files Pre-Packaged Bankruptcy in Delaware
REMY WORLDWIDE: Case Summary and 30 Largest Unsecured Creditors
* Moody's Says 2nd Summit will not Affect South Korea's Ratings


M A L A Y S I A

ASPEN TECHNOLOGY: Gets Staff Determination Letter from Nasdaq
DATAPREP HOLDINGS: Completes Reform Plan; Exits Amended PN17
GULA PERAK: RAM Affirms D Ratings to Convertible Notes
MBF HOLDINGS: Incorporates Vintage Developers as New Unit
TENAGA NASIONAL: Asks Govt. to Remove Natural Gas Price Cap


M O N G O L I A

KHAN BANK: Fitch Affirms B+ Issuer Ratings Outlook to Positive


N E W  Z E A L A N D

ABH LTD: Commences Liquidation Proceedings
ALL GLASS: Accepting Creditors' Proofs of Debt Until Nov. 16
BIOCORP (NZ): Court Sets Wind-Up Petition Hearing for Oct. 15
CA LTD: Fixes October 31 as Last Day to File Claims
CHICATITA'S LTD: Appoints Official Assignee as Liquidator

GENEVA FINANCE: Admits to Cutback in Lending
LES PRICE: Faces CIR's Wind-Up Petition
MICHAEL HOWARD: Court to Hear Wind-Up Petition on Oct. 11
NZ OUTDOOR: Court to Hear Wind-Up Petition on February 21
SOUTH DOLOMITE: Requires Creditors to File Claims by Oct. 19

TY AUSTRALIA: Subject to CIR's Wind-Up Petition
WEIGHT WATCHERS: June 30 Balance Sheet Upside-Down by US$991,266
WINDOW REPLACEMENT: Taps Official Assignee as Liquidator


P H I L I P P I N E S

BANGKO SENTRAL: Assigns US$14-Bil. Assets to JP Morgan, Citibank
LAND BANK: Receives ISO Certification for Trust Banking Business
LODESTAR INVESTMENT: Shareholders Sell Shares to Anggala Group
PHIL LONG DISTANCE: Wireless Subscribers Hit US$28 Mil. in Sept.
WELLEX INDUSTRIES: Annual Stockholders' Meeting Set for Nov. 20

* Peso Hits PHP44.35/US$1 Rate, Cues Central Bank's Intervention


S I N G A P O R E

BOON WAN: Requires Creditors to File Proofs of Debt by Oct. 26
HOE SENG: Accepting Proofs of Debt Until October 26
LEVI STRAUSS: Selects Vanessa Castagna & Stephen Neal on Board
LEVI STRAUSS: Discloses Expiration of Consent Payment Deadline
POLYONE CORP: To Pay US$15.2 Mil. Remediation Charge in 3rd Qtr.


T H A I L A N D

TMB BANK: Board to Finalize Recapitalization Details on Oct. 18


V I E T N A M

* Vietnam Government Fails to Sell VND500-Billion Bonds
* Vietnam's Economy Grows More Than 8% in 9 Months to September


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ADVANCE HEALTHCARE: Ernst & Young Raises Going Concern Doubt
------------------------------------------------------------
After auditing Advance Healthcare Group Ltd's financial
statements for the six months ended June 30, 2007, Gavin A.
Buckingham of Ernst & Young raised substantial doubt on the
company's and its subsidiaries' ability to continue as a going
concern.

Mr. Buckingham noted that the company and consolidated entity
incurred net losses of AU$2.74 million and AU$4.55 million,
respectively, during the six months ended June 30, 2007.  And,
as of that date, the company and the consolidated entity's
current liabilities exceeded their current assets by
AU$4.736 million and AU$8.709 million, respectively.

According to Advance, the consolidated net loss for the six
months ended June 30, 2007, of AU$4.55 million was an increase
from the AU$8.68-million net loss reported for the same period
in 2006.  Included in the result for 2007 are non continuing
expenses totaling AU$1.357 million, leaving an underlying loss
after income tax of AU$3.194 million.  These non-continuing
expenses are comprised of interest expenses of AU$1.056 million
relating to convertible notes that were converted to equity
during the period, and a one time dispute resolution settlement
of AU$0.300 million.

Total revenue on continuing operations was AU$40.89 million for
the six months ended June 30, 2007, compared to AU$87.16 million
for the 12-month period ended December 31, 2006.

As of end-June 2007, Advance's consolidated balance sheet showed
total current assets of AU$17.31 million available to pay total
current liabilities of AU$26.02 million.

Moreover, as of June 30, 2007, the consolidated balance sheet
reflected total assets of AU$18.41 million and total liabilities
of AU$26.39 million, resulting in a total shareholders' equity
deficit of AU$7.98 million.

According to the company's six-month report, the ability of the
company and the consolidated entity to continue as going
concerns and therefore realize their assets and extinguish their
liabilities in the normal course of business is dependent upon
the directors successfully achieving these goals:

   (a) Continuing to manage the operational performance of the
       company and consolidated entity including increasing the
       operational cash flow from Advance controlled entity
       Cottman Australia Pty Ltd. and reducing overhead
       expenditure;

   (b) Maintaining the continued ongoing support financial
       support from GE Capital in respect of the finance
       facility provided to Cottman; and

   (c) Maintaining the continued ongoing financial support from
       Deep Blue Pty Ltd and Covenant Nominees Pty Ltd.

The report explained that subsequent to June 30, 2007, the Group
received AU$3 million in debt funding from Covenant Nominees,
the major shareholder of Fulcrum Equity Limited, which is the
ultimate parent of Advance.  This loan is to be repaid via
alternative funding or entitlements issue by November 30, 2007.

Deep Blue, on the other hand, has indicated that it intends to
continue to assist the Group in securing the additional funding
required for the period until they return to a cash flow
positive position.

The report further pointed out that during the six months ended
June 30, 2007, the Group signed a new three-year Facility
Agreement with GE Capital Finance Pty Ltd to fund the Cottman
operations of the Group.  The Group has been in compliance with
the covenants under this agreement from the date of signing.  In
addition, Deep Blue has provided a AU$2 million guarantee to GE
to enable Cottman to extend its borrowing capacity under the GE
facility by that amount.

Australian firm Advance Healthcare Group Ltd --
http://www.ahgl.com.au/-- was incorporated in New South Wales  
in December 1983 as Melbourne Australia Investments Limited and
listed on the Official List of ASX in March 1987.  The company's
name was subsequently changed to Inovax Limited in May 1994. In
September 2003, shareholders approved the change in the
company's name to Advance Healthcare Group Limited.

During the early 1990's the company's activities were
concentrated in the biotechnology sector.  Since 1996 the its
activities have been increasingly focused on the wholesale
distribution of pharmaceutical, medical and surgical products.
With operations in Western Australia, South Australia and New
South Wales, Advance has established a solid reputation and
position in the healthcare market.


AIRN LTD: To Declare Dividend for Unsecured Creditors on Oct. 11
----------------------------------------------------------------
Airn Ltd, which is formerly trading as Airnet Commercial
Australia Ltd, will declare its first and final dividend for its
unsecured creditors on October 11, 2007.

Unsecured 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 deed administrator is:

         Des Munro
         SimsPartners
         Level 4, 12 Pirie Street
         Adelaide, South Australia 5000
         Australia

                          About Airn Ltd

Airn Ltd is engaged in the business of telephone communication,
except radio.  The company is located at Adelaide, in South
Australia, Australia.


AUSSIE PET: Members Resolve to Wind Up Operations
-------------------------------------------------
At an extraordinary general meeting held on August 30, 2007, the
members of Aussie Pet Supplies (NSW) Pty Limited agreed to
voluntarily liquidate the company's business.

Peter P. Krejci was appointed liquidator.

The Liquidator can be reached at:

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

                        About Aussie Pet

Aussie Pet Supplies (NSW) Pty Limited operates miscellaneous
retail stores.  The company is located at Haberfield, in New
South Wales, Australia.


BABCOCK & BROWN: Fitch Affirms BB+ Long-term IDR Rating
-------------------------------------------------------
Fitch Ratings has affirmed the 'BBB-' senior secured rating on
Babcock and Brown Power Flinders (formerly known as "Flinders
Power Partnership") project debt bank facility as well as its
'BB+' Long-term Issuer Default Rating.  The Outlook is Stable.

The ratings benefit from Flinders' importance to the South
Australian market as the provider of around 40% of the State's
electricity supply.  Flinders' plants enjoy the lowest marginal
cost as the only coal-fired facilities in the region.

While Flinders relies heavily on two plants in close
geographical proximity, a portfolio approach to the six
available units, as well as a contract position over the
capacity of the Osborne cogeneration facility (Osborne) provides
production flexibility and some ability to 'self-insure'.  Fitch
expects that Flinders will continue to exhibit a conservative
hedging position which will provide stability to its cash flows.  
Flinders' operating costs are expected to be relatively
predictable through its captive long-term coal supply, with
reserves sufficient until at least 2017 (with a further 10 years
supply recently identified).

Flinders' relatively high leverage reduces the partnership's
financial flexibility. Other risks include the inherited loss-
making Osborne contracts.  While Flinders' coal-fired plants are
not new facilities, the recent refurbishment of Playford has
improved the plant's performance and capacity utilisation in its
targeted mid-merit dispatch role.  The continued upgrades to
Northern Power Station will also improve Flinders' future
performance.

The senior secured (project debt) rating of 'BBB-' (BBB minus)
also reflects the strong structural features of the project
finance facility.  Key enhancements include: first ranking
senior secured status; cash flow waterfall (with distribution
lock-ups which govern distributions to its shareholder); debt
service cash reserve; Osborne cash reserve; loss-making Osborne
contract structured separately to project debt; restrictions on
further indebtedness; and other covenants.

                   About Babcock & Brown Power

Based in Sydney, Australia, Babcock & Brown Power Fund --
http://www.bbpower.com -- is engaged in the power generation  
business.  The Company has interests in 13 operating power
stations representing over 3,300 megawatt of installed
generation capacity and five power stations under construction.  
The Company owns a number of other associated power assets the
largest being a 67% stake in the WA retail assets of AlintaAGL.  
The Company has been has been developing, operating and
acquiring the generation portfolio over a period of 10 years.  
The Company's assets are diversified by geographic location,
fuel source, customers, contract types and operating mode.


BERRINGAR PTY: Court Enters Wind-Up Order
-----------------------------------------
On August 31, 2007, the Federal Court of Australia entered an
order directing the wind up of Berringar Pty Ltd's operations.

Steven Nicols was appointed liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia

                      About Berringar Pty

Berringar Pty Ltd is a distributor of durable goods.  The
company is located at Charlestown, in New South Wales,
Australia.


CAMP ALDINGA: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on Sept. 3, 2007, the
members of Camp Aldinga (SA) Pty Ltd resolved to voluntarily
liquidate the company's business.

Dean G Scott of HLB Mann Judd (SA) Pty Ltd was appointed
liquidator.

The Liquidator can be reached at:

         Dean G. Scott
         HLB Mann Judd (SA) Pty Ltd
         2nd Floor, 83-89 Currie Street
         Adelaide, South Australia 5000
         Australia

                       About Camp Aldinga

Camp Aldinga (Sa) Pty Ltd provides business services.  The
company is located at Adelaide, in South Australia, Australia.


COLES GROUP: Moody's Revises Status Review to Possible Upgrade
--------------------------------------------------------------
Moody's Investors Service has revised the status of the review
of Coles Group Ltd's Baa2 issuer and senior unsecured ratings to
review for possible upgrade.  The rating was placed on review
with direction uncertain following the full takeover offer from
Wesfarmers Ltd (unrated).  The P-2 short term rating has been
confirmed.

"The change in the review status reflects Moody's updated
opinion, that Coles debt obligations under Wesfarmers' ownership
are likely to exhibit a credit profile of Baa2 or higher", says
Peter Fullerton, lead analyst for Coles.

The rating would reflect the credit profile of Coles and the
consolidated Wesfarmers/Coles group which would benefit from the
business diversity and the overall solid operating profile of
Wesfarmers' operations.

"The rating would also incorporate any issues surrounding
structural or legal subordination within the wider group as well
as Moody's assessment of its consolidated operating and
financial profile, including its long-term asset structure and
liquidity position, given the high level of debt expected to
mature in the first year" says Fullerton.

"On the other hand, if Wesfarmers extinguishes all of the debt
at Coles - through repayments or refinancing - then it is most
likely that Moody's would withdraw its ratings," adds Fullerton.

"Moody's notes Coles' Deed of Common Provisions requires any new
owner to negotiate with existing debt holders upon any change of
control," says Fullerton, adding, "Furthermore, the debt holders
-- based on majority vote -- may elect to be repaid in full".

"Based on information provided to the market, Wesfarmers stated
that it would have in place the funding capacity to repay all of
Coles' debt obligations, if debt holders so demanded," says
Fullerton.

Coles Group, based in Melbourne, is one of Australia's largest
retailers.  Approximately 80% of its revenues are obtained from
its core supermarkets division, which encompasses the retailing
of food and groceries, liquor and fuel.  The company also
operates a number of other retail formats, including Kmart and
Target, which retail general merchandise and apparel, and
Officeworks.

Wesfarmers Limited, based in Perth, has a portfolio of
diversified businesses in Australia and New Zealand, including
interests in home improvement products and building supplies,
coal mining, gas processing and distribution, industrial and
safety product distribution, chemicals and fertilizers
manufacture and insurance.
  
                     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.


CONSTELLATION BRANDS: Earns US$72.1 Million in Second Quarter
-------------------------------------------------------------
Constellation Brands Inc. has reported results of operations for
its second quarter ended Aug. 31, 2007.

The company reported net income of US$72.1 million on net sales
of US$892.6 million for the quarter ended Aug. 31, 2007,
compared with net income of US$68.4 million on net sales of
US$1.42 billion for the prior year second quarter.

"We have substantially completed our previously announced U.S.
wine distributor inventory reduction initiative during the
second quarter," stated Rob Sands, Constellation Brands
president and chief executive officer.  "For the quarter, we
delivered solid cash flow and reduced our debt by more than
US$200 million from first quarter levels.  As anticipated, both
the U.S. wine distributor inventory reduction and the lingering
softness in our U.K. business impacted our overall performance.  
However, we believe the distributor inventory initiative, as
well as our ongoing efforts to improve performance in the U.K.,
will better position us for long-term growth."

The reported consolidated net sales decrease of 37% primarily
reflects the benefits of the SVEDKA Vodka acquisition, more than
offset by the impact of reporting the Crown Imports and Matthew
Clark wholesale business joint ventures under the equity method.

"Our Canadian business turned in a solid performance for the
quarter, driven by very good results from Jackson-Triggs,
Sawmill Creek, Inniskillin and new products," explained Sands.  
"Our premium U.S. wine portfolio continues to deliver solid
marketplace performance with brands such as Woodbridge by Robert
Mondavi, Kim Crawford, Nobilo, Estancia, Toasted Head and Simi.

"SVEDKA continued to be a stellar performer and maintained an
excellent growth rate in the second quarter," said Sands.  
"SVEDKA's growing appeal validates our point of view about
continued U.S. consumer interest in, and demand for, premium
spirits.  Additionally, our 99 Schnapps family, Ridgemont
Reserve 1792 bourbon, Meukow cognac and recently launched
products turned in solid performances."

Operating income decreased to US$117.2 million for the second
quarter ended Aug. 31, 2007, from US$181.3 million for the
second quarter ended Aug. 31, 2006.  Equity in earnings of
equity method investees rose to US$80.1 million from US$200,000
for the same period last year.
    
The decrease in operating income and the increase in equity
earnings for second quarter 2008 were primarily due to the
impact of reporting US$78.8 million of equity earnings from the
Crown Imports joint venture under the equity method.  "Our Crown
Imports joint venture is gaining traction and we look for
continued growth as we strive to maximize the long-term
potential for Corona and the other brands in the joint venture's
leading imported beer portfolio in the U.S.," stated Sands.
    
For the second quarter, acquisition-related integration costs,
restructuring and related charges and unusual items totaled
US$8.0 million, compared with US$53.9 million for the prior
year.  Net income was also impacted by interest expense, which
increased 20% to US$86.7 million for second quarter 2008,
primarily due to the financing of the SVEDKA acquisition and
US$500 million of share repurchases.  Due to strong free cash
flow generated during the quarter, total debt decreased by more
than US$200 million from first quarter levels.

At Aug. 31, 2007, the company's consolidated balance sheet
showed US$9.73 billion in total assets, US$6.54 billion in total
liabilities, and US$3.19 in total stockholders' equity.
   
                        Share Repurchases

During the second quarter, the company received an additional
900,000 shares under the accelerated share repurchase
transaction announced in May 2007, which completed the
transaction.  The company did not make any additional cash
payments in connection with receipt of these shares.  For the
first half of fiscal 2008, the company purchased 21.3 million
shares of its class A common stock through a combination of open
market repurchases and an accelerated share repurchase
transaction at an aggregate cost of US$500 million, or an
average of US$23.44 per share.

                    About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an   
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Australia and New
Zealand.  The company has more than 250 brands in its portfolio,
sales in approximately 150 countries and operates approximately
60 wineries, distilleries and distribution facilities.

                          *     *     *

Constellation Brands Inc. still carries Fitch Ratings' BB-
Issuer Default Rating last placed on March 2, 2007.  The Rating
Outlook is Negative.


CRAIGHAVEN INVESTMENTS: Will Declare Final Dividend on Oct. 18
--------------------------------------------------------------
Craighaven Investments Pty Ltd, which is liquidation, will
declare its final dividend on October 18, 2007.

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

The company's liquidator is:

         Henry Kazar
         SimsPartners
         Chartered Accountants
         PO Box 138, Canberra ACT 2600
         Australia

                  About Craighaven Investments

Craighaven Investments Pty Ltd provides business services.  The
company is located at North Wollongong, in New South Wales,
Australia.


HEAVENREEF PTY: Undergoes Wind-Up Proceedings
---------------------------------------------
During a general meeting held on September 10, 2007, the members
of Heavenreef Pty Limited resolved to voluntarily liquidate the
company's business.

Frank Lo Pilato was appointed liquidator.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988

                      About Heavenreef Pty

Heavenreef Pty Limited is involved with manufacturing
industries.  The company is located at Ardlethan, in New South
Wales, Australia.


INDOPHIL RESOURCES: Unit Faces Local Labor and Permit Issues
------------------------------------------------------------
An Indophil Resources NL unit is facing local labor issues and
possible closure if the firm does not produce documents proving
the extension of its exploration permit, MindaNews reports.

According to the report, Sagittarius Mines, Inc., continued
their barricade of vital facilities as the firm defended its
hiring practices and the local government unit warned of
possible closure.

Nilo Reysoma, board member of the SMI Workers Association,
stressed that the padlocking of the main office, a barricade at
Barangay Tablu which leads to the base camp of the firm, and
protest actions at the villages of Lambayong and Liberty, where
the firm's ore farm is located, were due to the management's
decision not to absorb them as regular workers, conveys
MindaNews.

MindaNews quotes Mr. Reysoma as saying, "There are around 200
people working in the company for two to three years now who
have not been regularized."

However, Bella Lechonsito, community relations and development
superintendent of the SMI said that the firm would like to
thresh out the issue with the workers through the Sangguniang
Bayan, relates MindaNews.  Ms. Lechonsito added that the company
"cannot accommodate to regularize them (200 workers) at this
time" because they are still in an "extended pre-feasibility
study stage."

Reportedly, the Tampakan Sangguniang Bayan supports the fight of
the workers.

Alongside this, the municipal council has brought up the issue
of exploration, where acting Vice Mayor Relly Leysa wrote on
October 1 that the firm failed to shed light on the status of
its exploration permit saying, "Though we deeply understand the
nature and objectives of Sagittarius' investment interest in
Tampakan -- we are counting our bounds to ensure the checking of
appropriate legal tenures and occupancy instruments to ensure
the welfare of our people and environmental safety (will) be
practically well-attended.  For as long as the company cannot
produce an acceptable, appropriate proof for an "extended"
exploration permit as well as your work program, we cannot help
nor (sic) argue among ourselves but to exercise a stringent
restriction of your presence in Tampakan," notes MindaNews.

SMI, on October 3 issued a statement saying that it has reviewed
key hiring practices as part of its commitment to support local
employment opportunities at its copper and gold project in
Tampakan after conducting discussion with local officials,
community members and rotational workers, MindaNews writes.

MindaNews cites SMI project manager Gerardo Laviste expressing
that the company will embark on a comprehensive review of its
rotational worker scheme to ensure hiring practices are equal,
open and transparent.

SMI, whose majority shares are owned by Indophil Resources and
Xstrata Copper, can only accommodate 37 regular employees
through open hiring.  Nevertheless, based on the comprehensive
review, the firm is creating 37 regular position, and an
additional 55 positions on the firm's drilling program extending
to late 2008, states MindaNews.

                    About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL --
http://www.indophil.com/-- conducts mineral exploration and  
evaluation activities in the Philippines.  On April 12, 2005,
Indophil and Xstrata Queensland Limited (Xstrata Copper) signed
a binding letter of agreement to amend the option granted to
Xstrata Copper to acquire a 62.5% interest in the Tampakan
Copper-Gold Project.  According to the revised agreement,
Indophil is required to sole fund an agreed pre-feasibility
study work program.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on April 20, 2007, listed
Indophil Resources with US$37.79 in assets and US$69.96 million
in capital deficiency.


KEELRAY PTY: Creditors' Final Meeting Set for October 29
--------------------------------------------------------
A final meeting will be held for the creditors of Keelray Pty
Limited on October 29, 2007, at 9:00 a.m.

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

The Liquidator can be reached at:

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

                        About Keelray Pty

Keelray Pty Limited provides amusement and recreation services.  
The company is located at Mount Kuring-Gai, in New South Wales,
Australia.


LEN BLACK'S: Creditors Receive Wind-Up Report
---------------------------------------------
The creditors of Len Black's Courier Service Pty Limited met on
October 4, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stephen Jay
         c/o Nicholls & Co Chartered Accountants
         PO Box 1250, Dubbo
         New South Wales 2830
         Australia

                        About Len Black's

Len Black's Courier Service Pty Limited is in the business of
courier services except by air.  The company is located at
Bathurst, in New South Wales, Australia.


SARAH JANE: Holds Annual Meeting
--------------------------------
Sarah Jane Pty Limited held its annual meeting on October 4,
2007.

At the meeting, the G. J. Parker, the company's liquidator, gave
a report on the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

         G. J. Parker
         Parker Insolvency, Level 5
         49 Market Street
         Sydney, New South Wales 2000
         Australia

                         About Sarah Jane

Sarah Jane Pty Limited operates women's clothing stores.  tHe
company is located at Paddington, in New South Wales, Australia.


SYMBION HEALTH: Moody's Continues Downward Review of Ba1 Rating
---------------------------------------------------------------
Moody's Investors Service said that the Ba1 issuer rating on
Symbion Health Limited remains on review for possible downgrade.  
This follows the announcement of the company's revised proposal
to sell its Diagnostic assets to Healthscope and its Consumer
and Pharmacy Services assets to a private equity consortium.

"The rating review continues to reflect the uncertainty
surrounding Symbion's financial and operating profiles going
forward," says Peter Fullerton, a Moody's AVP/Analyst.

The revised proposal incorporates a similar outcome to the
original proposal previously presented to Symbion shareholders.
This involves the effective sale or transfer (via script for
script arrangements) of all of Symbion's assets to Healthscope
and a private equity consortium. Should the revised proposal be
implemented, the rated debt at the Symbion level is expected to
be repaid.

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.

                      About Symbion Health

Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/-- formerly Mayne Group Limited,   
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions.  Symbion Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients. Symbion
Medical Centers provides local communities with healthcare and
family medicine.  Symbion Imaging provides imaging services to
patients on the eastern seaboard of Australia.  Symbion Pharmacy
Services supplies a line of pharmaceuticals and associated
products to pharmacies.  Symbion Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).


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

BRIGHT EVER: Final General Meeting Set for October 29
-----------------------------------------------------
Bright Ever Development Limited will hold a general meeting for
its members on October 29, 2007, at Room 1307-8 of Dominion
Centre, 43-59 Queen's Road East, in Wanchai, Hong Kong.

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


CHINA EASTERN: Expands Joint Business with ST Engineering
---------------------------------------------------------
China Eastern Airlines Corp. and Singapore Technologies
Engineering Ltd are expanding their joint venture -- Shanghai
Technologies Aerospace Co Ltd -- which includes maintenance,
repair and overhaul facilities, with the construction of a new
hangar complex, Thomson Financial reports.

Located at the Pudong Airport in Shanghai, the new hangar
complex will cost SGD56 million to build, the Singapore firm
said.  The hangar will be capable of accommodating three narrow-
body aircraft and two wide-body aircraft simultaneously,
including the Airbus A380 jumbo passenger jet.

According to the report, the new hangar will be operational by
mid-2009.

Shanghai Technologies Aerospace began operations at the Hongqiao
International Airport in Shanghai in January 2005 and has
completed MRO works on over 150 aircraft.  

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal  
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
foreign currency and local currency issuer default ratings to B+
from BB-.  The outlook on the IDRs is stable.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating.


CIPHER LIMITED: Members to Hold Final Meeting on October 29
-----------------------------------------------------------
The members of Cipher Limited are required to file their proofs
of debt by October 29, 2007, to be included in the company's
dividend distribution.

The meeting will be held at the 8th Floor of Gloucester Tower,
The Landmark, 15 Queen's Road, in Central, Hong Kong.


CYBER DRAGON: Members Set to Hold General Meeting on Oct. 29
------------------------------------------------------------
The members of Cyber Dragon International Limited will hold
their general meeting on October 29, 2007, at Room 1307-8 of
Dominion Centre, 43-59 Queen's Road East, in Wanchai, Hong Kong.

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


FAME MANY: Liquidator to Give Wind-Up Report on October 30
----------------------------------------------------------
A final general meeting will be held for the members of Fame
Many Company Limited on October 30, 2007, at 10:00 a.m., at
Suite 1102, 11th Floor of Lucky Building, No. 39 Wellington
Street, in Central, Hong Kong.

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


IAN WILKINSON: Liquidator to Present Wind-Up Report on Oct. 29
--------------------------------------------------------------
The members of Ian Wilkinson (Asia) Limited will hold their
final general meeting on October 29, 2007, at Room 1307-8 of
Dominion Centre, 43-59 Queen's Road East, in Wanchai, Hong Kong.

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


INT'L PAPER: Completes US$620MM Joint Venture with Ilim Holding
---------------------------------------------------------------
International Paper and Ilim Holding S.A. have completed the
formation of a 50:50 joint venture.  To form the joint venture,
International Paper purchased 50% of Ilim Holding S.A., for
approximately US$620 million.  

The joint venture will operate as Ilim Group.  The deal received
approval from the Russian Federal Antimonopoly Service in June
and the partners signed a definitive agreement for the deal in
August.
    
"The formation of this 50:50 joint venture is a real strategic
milestone for International Paper," John Faraci, International
Paper chairman and chief executive officer, said.  "Both parties
bring important strengths and expertise to the JV, and we are
very positive about the future success of this new partnership."
    
"We are very pleased to begin our partnership with Ilim and work
together to continue to grow this business," Mary Laschinger,
International Paper senior vice president and president of IP
Europe, said.  "We believe the joint venture has all the
ingredients needed for success: good
management, talented, hard-working employees, a solid asset base
with improvement potential, and strong supply positions in high-
growth markets."
    
"We are opening a new page in the history of Ilim Group and the
entire Russian pulp and paper industry," Zakhar Smushkin,
chairman of Ilim Group, said.  "We have formed an alliance that
is unprecedented in our sector and will become the center of
dynamic growth of the entire Russian forest products industry.  
This is a response to global market challenges and the appeals
from the Russian President and the government of the Russian
Federation."

"The company's products will be able to meet the demand of the
growing Russian market for high-quality paper and packaging
products and also resolve the import replacement problem," said
Mr. Smushkin.  "In five years' time, every fourth sheet of paper
and every third corrugated box in the Russian market
will be produced by our company."
    
A key element of the joint venture strategy is a long-term
investment program in which the joint venture will invest,
through cash from operations and additional debt, approximately
$1.5 billion in Ilim's four mills over approximately five years.  

This investment in the Russian pulp and paper industry will
upgrade equipment, increase production capacity and allow for
new high-value uncoated paper, pulp and corrugated packaging
product development.
    
The pulp and paper mill that International Paper owns and
operates in Svetogorsk, in Russia's Leningrad region, will not
be owned by the joint venture and will continue to operate as
part of IP's European Papers business.  Similarly, Ilim Pulp's
wood products enterprises will not be integrated into the joint
venture; instead they will be combined to create Russia's
largest wood products holding company.
    
             Board of Directors and Management Team
    
The joint venture has formed a new board of directors which
includes four members each from Idba Empire Beef &
Redistribution Companylim and International Paper. Board members
from International Paper are: (i) Mary Laschinger, senior vice
president and president, IP Europe; (ii) Cato Ealy, senior vice
president, corporate development;
(iii) Richard Phillips, retired senior vice president,        
technology; and (iv) Dwight Van Inwegen, chief financial
officer, IP Europe.

Ilim is represented by the Ilim Pulp shareholders Boris
Zingarevich, Mikhail Zingarevich, and Leonid Erukhimovich, well
as Zakhar Smushkin, who will also chair the board of directors.
    
Paul Herbert, former International Paper senior vice president,
was named the joint venture's chief executive officer.

Ilim Group's full management team consists of:
    
   -- Sergey Kostylev, deputy CEO (formerly of Ilim)
   
   -- Alexandr Pozdnyakov, deputy CEO, managing director, Ilim
      West (formerly of Ilim)
    
   -- Brian McDonald, deputy CEO, managing director, Ilim East
      (formerly of International Paper)
    
   -- Yuri Aivazov, deputy CEO, managing director, corrugated
      box business (formerly of Ilim)
   
   -- Alexandr Emdin, deputy CEO, chief financial officer
      (formerly of Ilim)
    
   -- John Rankin, deputy CEO, managing director, manufacturing
      and investments (formerly of International Paper)
    
   -- Yuri Masiyansky, chief administration and human resources
      director (formerly of Ilim)
    
   -- Alexandr Bass, chief managing director, supply chain
      (formerly of Ilim)
   
   -- Viktor Atamanov, managing director, strategic planning
      and marketing (formerly of Ilim)
    
   -- Alexei Lomko, general counsel and central legal (formerly
      of Ilim)
    
   -- Alexandr Khromov, managing director, security (formerly
      of Ilim)
    
   -- Elena Konnova, public relations director (formerly of
      Ilim)
    
   -- Dmitry Chuiko, government relations director (formerly of
      Ilim)
    
   -- Igor Tyukov, board of directors administration officer
      (formerly of Ilim)
    
                        About Ilim Group
    
Ilim Group -- http://www.ilimgroup.com/-- was registered in St.  
Petersburg on Sept. 27, 2006.  In 2007, the Group was joined by
Kotlas Pulp and Paper Mill, Bratsk Pulp and Containerboard Mill
and Ust-Ilimsk Pulp and Paper Mill as the mills were converted
to a single share.  On July 2 Ilim Group started its activities
as a unified company.  Production assets of the Group are
structured on the production and geographical basis and include
these business units: SevCBP (Northern Pulp and Paper
Production), SibCBP (Siberian Pulp and Paper Production),
Consumer Packaging and Corrugated Packaging.  The company also
includes centralized service providers to the Group's branches
and subsidiaries.

                    About International Paper

Headquartered in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is an  
uncoated paper and packaging company with primary markets and
manufacturing operations in North America, Europe, Russia, Latin
America, Asia and North Africa.  International Paper employs
approximately 54,000 people in more than 20 countries, including
China, and serves customers worldwide.  

                          *     *     *

In December 2005, Moody's Investors Service placed International
Paper Co.'s senior subordinate rating at 'Ba1'.  The rating
still holds to date with a stable outlook.


JOINT BRIGHT: Requires Creditors to File Claims by October 31
-------------------------------------------------------------
The creditors of Joint Bright (Asia) Limited are required to
file their proofs of debt by October 31, 2007, to be included in
the company's dividend distribution.

The company's liquidator is:

         Leung Chi Wing
         Kiu Fu Comm. Bldg., Room B, 4th Floor
         300-306 Lockhart Road, Wanchai
         H.K.


NATION FOREST: Members Set to Meet on October 29
------------------------------------------------
The members of Nation Forest Investment Limited will meet on
October 29, 2007, at 3:00 p.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The meeting will be held at Room 1402-11, Tower 1, Silvercord,
30 Canton Road, in Tsimshatsui, Kowloon.


NEO-CHINA: Buys Zhuhai Project for CNY3.1 Billion
-------------------------------------------------
Neo-China Group (Holdings) Limited has agreed to acquire 100%
equity interest in Zhuhai City Qi Zhou Island Movie Town Company
Limited, a project company established to carry out the property
development project named "Qi Ao Island Project" in Zhuhai City,
for CNY3.1 billion, Infocast News reports.

The project company is carrying out the property development
project which covers a gross site area of 2.216 million square
metres and it is a mix of commercial property and high class
residential villas development, the report relates.

According to Infocast, the construction works is targeted to
commence in early 2008 with a construction period of
approximately five years.

Zhuhai City Qi Zhou Island Movie Town is incorporated with a
registered capital of CNY90 million.

Neo China Group (Holdings) Limited (Neo China) is a Chinese
property developer engaged in residential and mixed-use
developments.  It has 11 major projects under development in 8
cities in China and a land bank of over 9.8 million sqm (in
saleable area), including around 6.9 million sqm under title.  
It also has two primary land development projects in Tianjin and
Chengdu with a total area of 8.4 million sqm.

Moody's Investors Service has affirmed Neo-China Group Holdings'
B1 corporate family rating and senior unsecured bond rating in
view of the successful closing of its US$400 million bond
issuance.


SAM CHEONG: Members to Receive Wind-Up Report on October 31
-----------------------------------------------------------
A final general meeting will be held for the members of Sam
Cheong Ho Limited on October 31, 2007, at 10:00 a.m., at Room
101, 1st Floor of Sam Cheong Building, 216-220 Des Voeux Road,
in Central, Hong Kong.

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

The company's liquidator is:

         Lee Hing Tai, Ronald
         Sam Cheong Building, 1st Floor
         216-220 Des Voeux Road Central
         Hong Kong


SANOFI SYNTHELABO: Sets Final General Meeting on October 29
-----------------------------------------------------------
Sanofi Synthelabo HK Limited will hold a final general meeting
on October 29, 2007, at 10:00 a.m., at Level 28 of Three Pacific
Place, in 1 Queen's Road East, Hong Kong.

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


TECNO (HONG KONG): Members to Hold Final Meeting on October 31
--------------------------------------------------------------
The members of Tecno (Hong Kong) Company Limited will meet on
October 31, 2007, at 10:00 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

The meeting will be held at Room 1102 of Star House, 3 Salisbury
Road, Tsimshatsui, in Kowloon, Hong Kong.


TITAN PETROCHEMICAL: Builds China's Largest Ship Repair Yard
-------------------------------------------------------------
Titan Petrochemicals Group Ltd is building China's biggest ship-
repair yard to cut the tanker operator's reliance on shipping
oil, Shanghai Daily reports.

The Troubled company Reporter-Asia Pacific reported on Sept. 5,
2007, that Titan Petrochemicals will buy from its controlling
shareholder, Titan Oil Pte Ltd, a shipyard in Quanzhou in the
southeastern Fujian province for US$170 million in order to
expand its logistics business.

"If demand for ships in the world continues to go up, demand for
ship repair will go up," Titan Petrochemicals Chief Executive
Barry Cheung told the news agency before a tour of the site in
Fujian Province, southeast China.  Meanwhile, "we expect the
VLCC markets won't be very strong.  Rates will continue to be
under pressure," he added.

Titan Petrochemicals, according to the newspaper, is following a
similar move made by COSCO Corp Singapore Ltd, a unit of China's
biggest shipping line, which turned itself into a ship-repair
company and reduced its reliance on operating bulk vessels.

The cost of transporting oil products from the Persian Gulf to
Japan has fallen for six straight weeks, tumbling 30%, the Daily
notes, citing data from the Baltic Exchange in London.


Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--  
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.  

On Sept. 4, 2007, Moody's Investors Service has downgraded the
corporate family rating of Titan Petrochemical Group Ltd
("Titan") from B1 to B2.  At the same time, Titan's unsecured
bond rating is also lowered to B3.  The outlook for both ratings
is stable.

In addition, Standard & Poor's Ratings Services on Sept. 4,
2007, revised the outlook on the rating on Titan Petrochemicals
Group Ltd. To negative from stable.  At the same time, it
affirmed both the 'B+' long-term corporate credit rating on
Titan and the  'B' issue rating on the company's US$400 million
guaranteed senior unsecured notes due 2012.


XINHUA FINANCE: Pension Plan Buys Glass Lewis for US$46 Million
---------------------------------------------------------------
Ontario Teachers' Pension Plan bought the proxy adviser Glass,
Lewis & Co. on Friday for US$46 million from Xinhua Finance
Limited, various reports say.

The move, according to Financial Times, comes just a few months
after Xinhua -- the Shanghai-based financial-information
provider -- bought Glass Lewis for US$45 million, a price that
was considered steep at the time.

Ownership by Xinhua, which has been buffeted by governance and
financial problems, had been a source of embarrassment and staff
departures at Glass Lewis, which advises shareholders about how
to vote on corporate proxy issues concerning governance matters
including takeover provisions, board rules and executive pay,
The Associated Press relates.

Shortly after that acquisition, two Glass Lewis executives,
including the former chief accountant of the Securities and
Exchange Commission, suddenly resigned, the Financial Times
says.  

With the purchase, Glass Lewis is now firm in the hands of the
governance-focused US$106 billion Canadian pension fund, AP
adds.

"The investment in Glass Lewis ensures that investors will have
an impartial, expert source of information on corporate
governance, accounting and legal issues at public companies for
years to come," said Brian Gibson, senior vice president, public
equities at the pension plan.

Fredy Bush, chief executive of Xinhua Finance, said in a
statement on Friday: "While Glass Lewis has continued to build
on its reputation as a leading provider of independent proxy
research as part of Xinhua Finance, both companies agreed that
its business could best thrive under independent ownership
outside the public markets.

"We believe this transaction is in the best interests of both
Xinhua Finance's shareholders as well as Glass Lewis employees
and clients."

Glass Lewis, which is based in San Francisco, was founded in
2003 and covers 15,000 companies worldwide.  It advises
institutions that manage more than US$15,000 billion
collectively.


Xinhua Finance Limited (XFL) was listed on the Mothers Board of
the Tokyo Stock Exchange in October 2004 after its incorporation
as the holding company of Xinhua Financial Network (XFN).  The
latter was incorporated and registered in Hong Kong in 1999.   
XFL is an integrated provider of indices, ratings, financial
news, investor relations, and distribution and media especially
in regard to China.  It has 20 offices and 20 news bureaus
across Asia, Australia, North America and Europe.  It covers key
Chinese and international markets.

Moody's Investors Service upgraded Xinhua Finance Limited's
corporate family rating and senior unsecured bond rating to B1
from B2.  This concludes the review for possible upgrade, which
began on March 15, 2007.  The outlook for both ratings is
stable.

On Sept. 14, 2007, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on Xinhua Finance Ltd to
'B' from 'B+'.  The rating was removed from CreditWatch, where
it had been placed with negative implications on May 23, 2007,
following a series of senior executive departures.  The outlook
is stable.

At the same time, Standard & Poor's lowered its issue rating on
Xinhua Finance's US$100 million senior unsecured notes due 2011
to 'B' from 'B+' and removed it from CreditWatch.


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

BAUSCH & LOMB: WP Prism Deal Cues Moody's B2 Rating
---------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
to WP Prism LLC.  It is Moody's understanding that at the close
of the transaction, WP Prism LLC will merge into Bausch & Lomb
Incorporated, which will be the surviving entity.  

Concurrently, Moody's also assigned ratings to the proposed
senior secured credit facilities, proposed senior unsecured
notes, proposed senior unsecured PIK toggle notes, and proposed
senior subordinated notes.  Additionally, Moody's assigned a B2
Probability of Default Rating and an SGL-2 Speculative Grade
Liquidity Rating. The outlook for the ratings is stable.

Proceeds from the proposed credit facilities, proposed senior
unsecured notes, proposed senior unsecured PIK toggle notes, and
proposed senior subordinated notes, along with cash equity from
Warburg Pincus and some BOL existing cash, will be used to
complete the acquisition of BOL by WP for a total consideration
of US$4.7 billion including about US$785 million of existing
debt.

Moody's continued the review for possible downgrade of Bausch &
Lomb Incorporated's existing ratings with the expectation that
they will be withdrawn at the close of the transaction if
substantially all existing debt is paid.

The B2 Corporate Family Rating acknowledges the pro forma high
leverage, pro forma negative free cash flow for the ratings
horizon, litigation risk stemming from tax and product recall
matters, and the highly competitive industry.  Pro forma for the
Warburg Pincus transaction adjusted debt to EBITDA will be about
7 times for the last twelve months ended June 30, 2007.

Sidney Matti, analyst, stated that, "Moody's does not expect
BOL's leverage to decline materially over the intermediate term
as the company continues to embark on smaller acquisitions as
well as incur costs associated with both tax and product
liability litigation."  Additionally, Moody's anticipates that
free cash flow to adjusted debt will remain negative over the
ratings horizon because of increased interest costs and weaker
operating performance stemming from the recall of the
MoistureLoc product in 2006.

The B2 Corporate Family Rating also considers BOL's strong brand
equity, geographic and product diversity and its relative size
within the eye care industry.  Moody's notes that BOL has a
significant presence outside the U.S. with over 55% of the
company's revenues being generated in foreign jurisdictions.
Additionally, the company has an extensive product portfolio
with a presence in the major segments of the eye care industry.
The geographic and product portfolio provides the company with
diversity to its revenues and operating performance.  At
US$2.4 billion in revenues for the last twelve months ended
June 30, 2007, the company is one of the largest players within
the eye care industry.

The stable ratings outlook anticipates the company will continue
to experience improving operating performance driven by the
introduction of new products and growth within the eye care
segment driven by favorable demographic trends as well as the
adoption by end users of newer technology.  Additionally, the
rating outlook incorporates Moody's expectation that the company
will continue its acquisition strategy over the near term.  
However, Moody's anticipates that the company will undertake
smaller acquisitions over the ratings horizon.

The SGL-2 speculative grade liquidity rating reflects a good
liquidity profile comprised of Moody's expectation for stable
cash flow generation coupled with cash on hand, availability
under the US$500 million proposed senior secured revolving
credit facility and the covenant-lite structure of the senior
secured credit facilities.

Ratings are subject to review of final documentation.

These ratings were assigned to Bausch & Lomb Incorporated:

   -- B2 Corporate Family Rating;

   -- B2 Probability of Default Rating;

   -- SGL-2 Speculative Grade Liquidity Rating;

   -- B1 rating (LGD3/35%) on a US$500 million Senior Secured
      Revolver;

   -- B1 rating (LGD3/35%) on a US$1,100 million U.S. Senior
      Secured Term Loan;

   -- B1 rating (LGD3/35%) on a US$300 million Delayed Draw Term
      Loan;

   -- Caa1 rating (LGD5/86%) on US$400 million Senior Unsecured
      Notes;

   -- Caa1 rating (LGD5/86%) on US$175 million Senior Unsecured
      PIK Toggle Option Notes; and

   -- Caa1 rating (LGD6/95%) on US$175 million Senior
      Subordinated Notes.

These rating was assigned to Bausch & Lomb B.V.:

   -- B1 rating (LGD3/35%) on a US$575 million European Senior
      Secured Term Loan.

These Bausch & Lomb Incorporated ratings remain on review for
possible downgrade and will be withdrawn at the close of the
transaction:

   -- Ba1 Corporate Family Rating;

   -- Ba1 Probability of Default Rating;

   -- Ba1 rating on US$133.2 million Senior Unsecured Notes due
      2007;

   -- Ba1 rating on US$50 million Senior Unsecured Notes due
      2008;

   -- Ba1 rating on US$160 million Senior Unsecured Convertible
      Notes due 2023;

   -- Ba1 rating on US$0.4 million Senior Unsecured Debentures
      due 2026; and

   -- Ba1 rating on US$66.4 million Senior Unsecured Debentures
      due 2028

Headquartered in Rochester, New York, Bausch & Lomb Incorporated
is a leading worldwide provider of eye care products, including
contact lens, lens care, ophthalmic pharmaceuticals, and
surgical products.  BOL is being acquired by Warburg Pincus, a
private equity firm.  For the twelve months ended June 30, 2007,
the company reported US$2.4 billion in revenues.

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).


IFCI LTD: Infrastructure Dev't. May Buy 26% Stake, Reports Say
--------------------------------------------------------------
Indian asset management firm Infrastructure Development Finance
Co. may buy a 26% stake in IFCI Ltd, Gautam Chakravorthy and
Paul Gordon write for Bloomberg News.

IDFC's interest is evident when it showed up with other seven
firms in a pre-bid meeting last week to familiarize bidders
about IFCI.  The suitors, who submitted expressions of interest
for the stake, originally total 10.  Newbridge Capital and Kotak
Mahindra Bank, did not make it to the short list.  Newbridge
withdrew from the process while Kotak Mahindra was not invited
for the pre-bid meeting, The Indian Express relates.

IDFC Chief Executive Officer Rajiv Lall told Bloomberg in an
interview that the company has yet to decide, but admits that
they are now doing due diligence.

IDFC manages venture capital funds focusing on four key sectors:
transport, energy, telecommunication and information technology,
and industrial and commercial infrastructure.

Other bidders who made it to the next part of the bidding
process are:

   -- General Electric Capital Corporation

   -- Cargill Financial Services Corporation

   -- Natixis

   -- The Blackstone Group L.P.

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

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

According to The Indian Express, IFCI would come up with the
request for proposal for the remaining eight suitors sometime
this week.

As mentioned in previous reports by the Troubled Company
Reporter-Asia Pacific, IFCI wants to raise as much as
US$250 million from the sale of 26% in fresh equity.

The winner of the stake will gain access to a market where
lending grew 28%last year, and where the central bank limits
foreign banks' ownership of local private rivals to 5%,
Bloomberg points out.

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

                          *     *     *

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

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


KINETIC ENGINEERING: To Issue Shares to Reliance & Micro Age
------------------------------------------------------------
Kinetic Engineering Ltd's committee of the board of directors
agreed, at its meeting on Monday, to issue 1,50,00,000
Redeemable Non-Convertible Non-Cumulative Preference Shares of
INR10 each to Reliance Capital Ltd, a filing with the Bombay
Stock Exchange reveals.

Pursuant to the BSE filing, the committee also agreed to issue
"865384 Optionally Convertible Cumulative Preference Shares" of
INR156 each to Micro Age Instruments Pvt Ltd.  Each OCCPs is
convertible into one fully paid up equity shares of the face
value of INR10 each at a premium of INR146 per equity shares at
the option of Micro Age, which option is to be exercised within
18 months from the date of allotment of OCCPs.

The proposed preference share issuances are still subject to
shareholders' approval.  To seek their approval, Kinetic
Engineering will hold an extraordinary general meeting on
Nov. 6, 2007.

India-based Kinetic Engineering Ltd. --
http://www.kineticindia.com/-- is an automobile manufacturer,
which specializes in two wheelers.  The company has sold over 6
million vehicles in India.  Kinetic has brought to India
technologies, such as four valve engines, electric start on
scooters and motorcycles, v-twin engines and upside down (USD)
forks.  The company offers top-end bikes, such as Comet and
Aquila.  It has a nationwide network of nearly 450 dealers and
over 1,000 service centers.  Kinetic exports vehicles to the
United States, Canada, Latin America, Europe, Africa, Middle
East and South Asia.

For the 15 months ended Dec. 30, 2006, the company booked a net
loss of INR432.9 million.  For the period Apr. 1, 2004, to
Sept. 30, 2005, the company incurred a net loss of INR549.6
million.


RYERSON INC: Senior Notes Remain Convertible Until Nov. 21
----------------------------------------------------------
Ryerson Inc.'s 3.50% Convertible Senior Notes due 2024 started
being convertible on Oct. 4, 2007, and will remain convertible
through Nov. 21, 2007, the date on which Ryerson's fundamental
change repurchase offer is expected to expire.

The date of expiration of the fundamental change repurchase
offer will be extended one day for each day after Oct. 19, 2007,
that the closing of the merger with an affiliate of Platinum
Equity LLC occurs.

Pursuant to the indenture, the merger will constitute a
"fundamental change."  Ryerson expects that the merger will
occur on Oct. 19, 2007, assuming that Ryerson's shareholders
approve the merger and that the other conditions to closing are
satisfied.

It is possible that the merger may occur at a later date, but it
will not occur prior to Oct. 19, 2007.

Ryerson is required pursuant to the indenture to make an offer
to repurchase the Notes at 100% of the principal amount of the
Notes, plus any accrued but unpaid interest, within 30 days of
the fundamental change date.  Ryerson expects to make the offer
on Oct. 22, 2007, the first business day after the merger.

Each US$1,000 principal amount of Notes may be exchanged for:

  a) US$1,000 in cash;

  b) a number of shares of Ryerson common stock having a value
     equal to the amount that 46.7880 shares of Ryerson common
     stock times the average closing stock price over the ten
     trading days prior to the conversion exceeds US$1,000; and

  c) additional shares, which are calculated based on the
     closing price on the actual closing date of the merger.

If the merger occurs on Oct. 19, 2007, each US$1,000 principal
amount of Notes would be convertible into 1.1026 additional
shares of Ryerson common stock.  The number of additional shares
to which holders of the Notes will be entitled will decrease for
each day after Oct. 19, 2007 that the merger is delayed.

For more information on notes conversion contact:

    Ryerson Inc.
    ATTN: Investor Relations
    2621 West 15th Place
    Chicago, IL 60608

                         About Ryerson Inc.

Headquartered in Chicago, Illinois, Ryerson Inc. (NYSE: RYI) --
http://www.ryerson.com/-- is a distributor and processor of  
metals in North America.  The company services customers through
a network of service centers across the United States and in
Canada, Mexico, India, and China.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Ryerson Inc., including its 'B+' corporate credit rating.  S&P
removed all ratings from CreditWatch, where they had been placed
with negative implications on July 24, 2007, after the company
after it has agreed to be acquired by Platinum Equity for around
US$2 billion.


STATE BANK OF INDIA: S. Bhattacharya Named New Managing Director
----------------------------------------------------------------
S. K. Bhattacharya has been appointed as State Bank of India's
new managing director.  Mr. Bhattacharya's appointment is
effective from Oct. 8, 2007, to Oct. 31, 2010, the bank said in
a regulatory filing.

In September, the bank disclosed the end of Ajay G. Piramal's
tenure as the bank's director.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed
US$225 million Hybrid Tier I perpetual notes under its US$5
billion MTN program.  The Hybrid Tier I notes will be perpetual
notes with a call option 10 years from the date of issue.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Primerating on State
Bank of India's foreign currency bank deposits, Ba2/Not Prime on
Financial Strength Rating in June 2006.


TATA STEEL: Board to Meet on Oct. 26 for 2nd Quarter Results
------------------------------------------------------------
Tata Steel Ltd informed the Bombay Stock Exchange that its board
of directors will hold a meeting on Oct. 26, 2007.  Among
others, the board will take on record the audited financial
results of the company for the second quarter and half year
ended Sept. 30, 2007.

As previously reported by the Troubled Company Reporter-Asia
Pacific, Tata Steel posted a net profit of INR12.22 billion for
the quarter ended June 30, 2007, a 28% improvement from the
INR9534.10-million profit gained in the same quarter of the
previous fiscal year.  For the second quarter of the previous
financial year, the company booked a net profit of
INR11.01 billion on net sales of INR41.86 billion.

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

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

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

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


TATA TELESERVICES: Issues Shares on Conversion of US$8.4BB FCCBs
----------------------------------------------------------------
Tata Teleservices Maharashtra Ltd's finance committee has
approved the issue and allotment of an aggregate of 1,51,58,152
equity shares of INR10 each to investors who exercised their
right to convert US$8,359,000 in foreign currency convertible
bonds into shares, the company informed the Bombay Stock
Exchange on Monday.

According to the company, the equity shares have been issued and
allotted at a premium of INR14.49 per share (i.e., at an issue
price of INR24.49 per share).  Previously, the conversion price
was INR24.96 per share according the terms of the issue, it got
adjusted to INR24.49 per share after the rights issue of shares
of the company in January 2007.  The deemed date of allotment of
the equity shares is Sept. 28, 2007.

The company noted that out of the total FCCBs of US$125 million
issued in June 2004, FCCBs aggregating US$90.42 million have so
far been converted into 16,17,99,948 equity shares (including
this 15th Tranche) of the company.

With the latest allotment, Tata Group holding stands marginally
reduced to 67%.

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

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


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

ALCATEL-LUCENT: Selected by Brasil Telecom to Deploy WiMAX
------------------------------------------------------------
Alcatel-Lucent has been selected by Brasil Telecom to deploy the
first commercial WiMAX networks -- using the 802.16e-2005 (also
called Rev-e) standard -- in the cities of Sao Paulo, Curitiba
and Porto Alegre.

"WiMAX will enable us to distribute state-of-the-art services,
particularly in the rural and urban regions do not have access
to many of the services those in more urban areas take for
granted.  This network will enable us to fully meet our
customers' services requirements in Sao Paulo, Curitiba and
Porto Alegre, in addition to its surrounding region," said Mauro
Fukuda, Brasil Telecom Director of Technology and Architecture.
"We selected Alcatel-Lucent because its universal WiMAX solution
is available now and it is flexible, easy to deploy and
scalable, which will help our partners bring these services to
market more quickly."

Under the agreement, Alcatel-Lucent will provide its end-to-end
WiMAX solution, including base stations, wireless access
controllers, backbone links, Ethernet MXC 9500 links, IP
aggregation equipment, software and application platforms.  It
also will provide design and planning for end-to-end integration
of the network as well as provisioning services for Brasil
Telecom's network.

"With our complete and powerful WiMAX solution, Brasil Telecom's
network will benefit from the most advanced technologies in
terms of radio frequency management.  Our solution will enable
Brasil Telecom's professional and residential subscribers to
have fast, reliable connections to the Internet in fixed and
nomadic environments in areas with little or no DSL coverage,"
said Olivier Picard, President of Alcatel-Lucent's Europe and
South activities.  "This project underscores Alcatel-Lucent's
commitment to WiMAX as a key element of its universal broadband
access strategy, and expands the company's footprint in the
region."

Alcatel-Lucent's Universal WiMAX solution is designed to enable
rapid implementation of voice over IP and broadband services
such as mobile data, video streaming and virtual private network
(VPN) access in fixed, nomadic and mobile environments.  WiMAX
is a flexible technology that enables people to access high-
speed, high-quality broadband wireless services wherever they
are and wherever they go, providing truly "universal" wireless
broadband access.  Alcatel-Lucent's Open CPE (Customer Premises
Equipment) program will give Brasil Telecom access to the most
advanced end-user devices and to a large choice of devices for
its services.

Alcatel-Lucent's Universal WiMAX solution integrates the latest
technological innovations, such as "beam forming"(i) and
MIMO(ii).  "Beam forming" makes it possible for a service
provider to dramatically reduce the number of radio sites needed
to provide coverage -- in some instances by as much as 40
percent -- while reducing interferences and ensuring better
indoor penetration of the radio signal.  "MIMO" helps make radio
links more robust, nearly doubling the capacity delivered in
dense urban environments.

With more than 70 pilots and deployments across the world and 15
commercial contracts signed since the beginning of 2007, this
new project clearly underscores Alcatel-Lucent's leadership in
the WiMAX market.

                       About Brasil Telecom

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company  
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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


BEARINGPOINT INC: Bags US$57.9-Mil. Deal for IT Support Services
----------------------------------------------------------------
BearingPoint Inc. has been awarded a contract to provide
business transformation, Navy Marine Corps Intranet (NMCI), and
IT support services for the U.S. Navy's Naval Network Warfare
Command.  The contract is for one year with four annual options,
and has an award ceiling of US$57.9 million.

BearingPoint will assist NETWARCOM in meeting their mission to
deliver and operate a reliable, secure and battle-ready global
network to United States Fleet Forces.  BearingPoint's scope of
work under the contract will include development of broad
business transformation strategies, as well as a variety of IT
and consulting services including:

   -- Transitioning users from legacy networks to NMCI
   -- Supporting the reduction of legacy applications
   -- Developing account and file-share processes and policies
   -- Hardware and software technical refresh support
   -- Consultation on CIO-level initiatives including

Information Assurance, portfolio management through Cyber Asset
Reduction and Security tasks, and Next Generation Enterprise
Network strategies NMCI serves as the Department of the Navy's
connection to the Global Information Grid and provides a secure,
integrated means to conduct Network Centric Operations
throughout the Navy.

The move to shift all personnel to NMCI and eliminate costly,
less secure legacy IT systems is a high priority for Navy
leadership.

BearingPoint has provided support to the NETWARCOM's NMCI
program office since its inception in 1999, designing many of
the current NMCI processes and tools, including the Reliability
and Availability Prediction tool used for NMCI ordering.  
BearingPoint has also been a major player in other Navy IT
efforts such as the Functional Area Manager process, server
consolidation IT and IT asset discovery.

"BearingPoint is pleased to continue its support of the Navy and
its mission," said Beth Smith, senior vice president of
BearingPoint's Navy sector and leader of its DoD Business
Systems practice.  "The move to newer, integrated IT systems is
designed to help reduce costs and provide better security.  
NETWARCOM's efforts have an immediate positive effect on the
Navy."

BearingPoint's team of subcontractors for this effort will
include CACI, Lockheed Martin, Target Systems, and TKC
Technology Solutions.

                       About BearingPoint

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

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

                          *     *     *

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


HILTON HOTELS: Tender Offer Expiration Date Extended to Oct. 24
---------------------------------------------------------------
Hilton Hotels Corporation has extended the offer expiration date
and price determination date for its previously announced tender
offers for any and all of its:

    * 7.625% Notes due 2008,
    * 7.200% Notes due 2009,
    * 8.250% Notes due 2011,
    * 7.625% Notes due 2012 and
    * 7.500% Notes due 2017,
    * 7.430% Chilean Inflation-Indexed (UF) Notes due 2009 and
    * 8.000% Quarterly Interest Bonds due 2031

The offer expiration date will now be 8:00 a.m., New York City
time, on Oct. 24, 2007, unless extended or earlier terminated by
Hilton in its sole discretion.  As indicated in the Offer to
Purchase referred to below, it is expected that the Offer
Expiration Date will be extended as necessary to coincide with
the date that the Merger referred to below becomes effective. In
addition, Hilton announced that the price determination date
applicable to the tender offers for the Notes will now be 11:00
a.m., New York City time, on Oct. 19, 2007, unless extended or
earlier terminated by Hilton in its sole discretion.

Hilton announced that the changes to the offer expiration date
and the price determination date have no effect on the consent
payment deadline applicable to the Bonds, which deadline remains
5:00 p.m., New York City time, on Oct. 9, 2007, unless extended
or terminated by Hilton.  Hilton has previously indicated that
it is likely that the Bonds will be called for redemption at
US$25 per US$25 principal amount of Bonds, plus accrued and
unpaid interest, concurrent with the completion of the Merger in
the event that the requisite consents are not obtained with
respect to the Bonds.

Hilton further announced that holders of the CLP Notes who have
validly tendered their CLP Notes will receive CLP65,560.95 for
each CLP50,000 original principal amount payable in U.S. dollars
based on the Observed Exchange Rate, as defined in the Officer's
Certificate for the CLP Notes, which is published at or about
5:00 p.m. (Santiago, Chile time) on the second business day
prior to the Offer Expiration Date for the CLP Notes purchased
pursuant to the tender offer for such securities, namely
Oct. 22, 2007, if the tender offer for the CLP Notes is not
extended.

Holders of the Bonds must tender their securities at or prior to
the Consent Payment Deadline in order to be eligible to receive
the total consideration offered for the Bonds of US$25.125 per
US$25 principal amount.  Holders of the Bonds that are tendered
after the Consent Payment Deadline and at or prior to the Offer
Expiration Date will only be eligible to receive the tender
offer consideration offered for the Bonds of US$24.125 per US$25
principal amount.  Holders whose Bonds are accepted for payment
in the tender offer for the Bonds will also receive accrued and
unpaid interest in respect of such purchased Bonds from the last
interest payment date for such Bonds preceding the payment date
for purchased Bonds to, but not including, such payment date.

Holders of the Notes and the CLP Notes who have not already
tendered their Consented Securities may do so at any time at or
prior to the Offer Expiration Date, but such holders will only
be eligible to receive the applicable tender offer
consideration, which is an amount, paid in cash, equal to the
applicable total consideration less the applicable consent
payment, for their Consented Securities.

As of 5:00 p.m., New York City time, on Oct. 4, 2007, the
company had received tenders in respect of the following
principal amounts of Securities:

Series of Securities          Principal Amount Tendered
--------------------          -------------------------
7.625% Notes due 2008         US$361.6 million (approx. 90.4%)
7.200% Notes due 2009         US$122.2 million (approx. 61.1%)
8.250% Notes due 2011         US$289.3 million (approx. 96.4%)
7.625% Notes due 2012         US$369.3 million (approx. 98.5%)
7.500% Notes due 2017         US$139.0 million (approx. 69.5%)
7.430% Chilean
   Inflation-Indexed (UF)     CLP67.7 billion (100%)
   Notes due 2009
8.000% Quarterly Interest     US$91.4 million (approx. 45.7%)
   Bonds due 2031

Hilton's tender offers and consent solicitations for the
Securities are being made pursuant to the terms of Hilton's
Offer to Purchase and Consent Solicitation Statement dated
Sept. 12, 2007, and the related Consent and Letter of
Transmittal, as previously amended and as amended hereby.  The
tender offers and consent solicitations are being conducted in
connection with the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the Merger is a
condition to the completion of the tender offers and consent
solicitations.  However, the completion of the tender offers and
consent solicitations is not a condition to completion of the
Merger.

Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
the Offer to Purchase and the Letter of Transmittal, as amended.
The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including the receipt of
consents sufficient to approve the Proposed Amendments and the
Merger having occurred, or such Merger occurring substantially
concurrent with the Offer Expiration Date.  Further details
about the terms and conditions of the tender offers and the
consent solicitations are set forth in the Offer to Purchase.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free), (212) 272-
5112 (collect), and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively.  Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations.  Requests
for documentation may be directed to Global Bondholder Services
Corporation, the Information Agent, which can be contacted at
(212) 430-3774 (for banks and brokers only) or (866) 924-2200
(for all others toll-free).

                      About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad, and Tobago, Philippines and Vietnam.

                          *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


GARUDA INDONESIA: To Add Four Boeing Aircrafts in January
---------------------------------------------------------
PT Garuda Indonesia plans to add four Boeing 737-400 aircraft to
its fleet in January, Bisnis Indonesia reports, citing Garuda
President Director Emirsyah Satar.

Mr. Satar told the news agency that they are ready to bring in
four B737-400 airplanes in January 2008 while waiting for the
arrivals of the Boeing 737-800NGs.  Spokesman Pujobroto also
said the company will add one cargo plane in December this year,
the report notes.

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.


TELKOM INDONESIA: May Implement DLD Access Code by Late October
---------------------------------------------------------------
PT Telekomunikasi Indonesia may implement its domestic long
distance access code by the end of October that would mark the
partial opening up of DLD service to competition, Thomson
Financial reports.

According to the report, Eddy Kurnia, Telkom vice president for
public & marketing communication, said the company will try to
comply with the regulation, but will still discuss a few issues
with the regulator.  Telkom earlier missed the September 27
deadline to implement its "017" DLD access code in at least five
cities -- Jakarta, Surabaya, Denpasar, Batam and Medan, but the
telecommunication regulatory body, has set a new deadline of
October 30 to introduce the access code, the report adds.

Thomson Financial relates that once Telkom introduces its "017"
access code, the fixed line telephone subscriber will be free to
choose either to use the "017", or "011" access code provided by
competitor PT Indosat.  In 2005, Telkom and Indosat agreed to
full implementation of their access codes in 2010, the report
recounts.

Mr. Kurnia told the news agency that Telkom is reluctant to open
up the DLD access because it feels that other operators are not
making significant progress in rolling out fixed line
telephones, as opposed to their fast growing cellular business.

The report notes that Citigroup analyst Karen Ang predicted that
the DLD revenue will account for about 14% of fixed line
revenue, or about 6% of Telkom's consolidated revenue in 2007.

The DLD contribution is estimated to decline to 11% of fixed
line and 4% of Telkom's consolidated revenue in 2009, the report
adds.

                      About Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long        
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


TELKOM INDONESIA: Analysts Downgrade Ratings to Equal Weight
------------------------------------------------------------
Analysts at Lehman Brothers downgrade PT Telekomunikasi
Indonesia Tbk from "overweight" to "equal weight," News ratings
reports.

According to the report, the analysts mentioned in a published
research noted that the company is facing intensifying
competition from PT Indosat and PT Excelcomindo Pratama.  

Lehman Brothers said Telkom's subscriber growth is unlikely to
translate to accelerated revenue growth going ahead, with users
simply spreading their MOUs, the report adds.

                     About Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long        
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


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

CREDIA CO: JCR Lowers CP Program Rating to NJ from J-3
------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the rating on CP
program of the issuer from J-3 to NJ of Credia Co., Ltd.

On the one hand, JCR has been evaluating highly synergy to be
created in sales from Credia's work on business diversification
and tie-up business with JCB as supporting factors in the rating
for it.  On the other, JCR has been concerned about expected
drop in its profitability in the course of changes in the
business portfolio, in particular, drop in its tolerance to
changes in external business environment such as consumers'
claims for refunds of excess interest payments and the
increasing bad loans.  Although its balance of credit guarantee
has failed to grow, its income has been going as scheduled.  Its
retention of liquidity through cost management and relationships
with core banks has been also recognized.  However, it is highly
likely that concerns over the hovering high consumers' claims
for refunds of excess interest payments and bad loans and delay
in sales activities for its new lines of business will constrain
Credia's business development.  Accordingly, JCR downgraded its
rating for the Company from J-3 to NJ.

Shizuoka, Japan-based Credia Co., Ltd. --
http://www.credia.co.jp/-- is engaged in the financial service  
business.  The company has operations in five divisions:
finance, credit guarantee, debt collection services, installment
purchase brokerage and credit card.  The company is also
involved in advertisement agency, information processing service
and real estate leasing businesses.


DELPHI CORP: Disclosure Statement Hearing Moved to October 25
-------------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for
the Southern District of New York moved the hearing to consider
approval of the disclosure statement explaining Delphi Corp.'s
plan of reorganization to Oct. 25, 2007, The Associated Press
reports.

Delphi asked the Court at a hearing on October 3 to defer ruling
on the adequacy of the disclosure statement to give the company
time to negotiate for financing to fund the plan, AP says.

Delphi Chairman Robert Miller said the company is very close to
securing a financing deal to fund its chapter 11 plan, The Wall
Street Journal reports.  Mr. Miller noted that the turmoil in
credit markets that created financing difficulties for the
company appeared to be settling down, the Journal says.  "I am
confident that we will get the funding put together very
shortly," Mr. Miller said.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, told the Court at a hearing
Wednesday that the funding may be less than the $7.1 billion
originally sought.

Mr. Butler also told Judge Drain the Plan will undergo "laser-
like, focused amendments" which may affect creditor recoveries,
the Journal says.

Delphi expects to have a financing commitment letter by the end
of the disclosure hearing, Bloomberg News relates.

Mr. Miller expects the company to emerge from bankruptcy by the
end of the year.

                          About Delphi

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 88 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


DELPHI CORP: Initiates 707 Adversary Cases Under Seal
-----------------------------------------------------
Delphi Corp. has initiated 707 adversary cases against suppliers
and other business contacts before the U.S. Bankruptcy Court for
the Southern District of New York.

Delphi initially filed:

    * 440 lawsuits on Sept. 28, 2007,
    * 137 lawsuits on Sept. 29, and
    * 130 lawsuits on Sept. 30.

All of the adversary complaints have been filed under seal.

The Debtors obtained permission in August to file the lawsuits
secret.  The Debtors want to keep the actions secret to avoid
"unnecessarily alarming potential defendants."  The Debtors had
pointed out they have worked to preserve and repair their
business relationship with many of the potential defendants and
have negotiated or regained favorable credit terms with many
suppliers and are continuing to do so.

The Debtors had estimated that they may have more than 11,000
potential preference claims arising from transfers totaling
US$5,800,000,000 without taking into account potential defenses.  
According to John Wm. Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in Chicago, Illinois, the Debtors'
counsel, the constructively fraudulent transfer reach-back
period, made applicable by Section 544(b) of the Bankruptcy Code
and state law, is generally six years under the law of Michigan
and New York.  With a company of Delphi's size, there are
literally hundreds of thousands of transactions that occurred
during those constructively fraudulent transfer reach-back
periods, Mr. Butler had said.

Mr. Butler also had noted that the Debtors initially do not
intend to pursue avoidance actions in light of their anticipated
reorganization.  However, as a precautionary measure, the
Debtors must preserve the actions in some manner, he said.

The Court had granted a temporary stay of the adversary
proceedings.  The stay would continue until the earlier of
service of process and further Court order.  During the stay,
the Debtors may amend their complaint, and after notice to the
statutory committees, dismiss it.

The docket for the adversary proceedings have likewise been
sealed.

The Debtors won't pursue any preference action against an entity
if the aggregate value of transfers to, or for the benefit of,
that entity is less than $250,000 in value.  If the preference
action is against an insider or involves a person or transaction
associated with the U.S. Securities and Exchange Commission
investigation of the Debtors, the Debtors may also abandon the
actions after notice to the Statutory Committees.  If a
Statutory Committee objects within 10 days after service of the
notice, the Debtors would bring the matter before the Court for
a ruling on whether the proposed abandonment satisfies Section
554(a) of the Bankruptcy Code.

The Debtors may abandon these categories of preference actions:

  * payments to parties with a secured or priority interest in
    the payments;

  * union dues;

  * pension plan contributions;

  * payments required under the terms of collective bargaining
    agreements;

  * payments to reimburse employee business expenses;

  * ordinary course wages, salaries, and employee benefits;

  * payments required by a garnishment to satisfy third-party
    judgments and obligations;

  * contributions to charitable organizations; and

  * payments to foreign suppliers, shippers, insurance
    providers, and utilities.

For purposes of identifying and preserving potential fraudulent
transfer claims, the Debtors considered merger and acquisition
deals at or exceeding $20,000,000; transfers to Delphi's board
of directors or strategy board members other than for
compensation or ordinary-course expense reimbursements; unusual
securities transactions; dividend distributions to 5%
shareholders; and Delphi's financially troubled supplier program

                          About Delphi

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Issue No. 88 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


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

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

   -- Appointed a lead independent director.

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

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

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

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

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

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

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

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

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

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

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

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

Based in El Segundo, California, International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- is a designer,  
manufacturer and marketer of power management product devices,
which use power semiconductors.  The company's products are used
in a variety of end applications, including computers,
communications networking, consumer electronics, energy-
efficient appliances, lighting, satellites, launch vehicles,
aircraft and automotive diesel injection.  Its products consist
of Power Management Integrated Circuits (Power Management ICs),
Power Components and Power Systems.  It summarizes its segments
in two groups: Focus Products and Non-Focus Products.  The
company has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                         *     *     *

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


MAZDA MOTOR: To Build US$500-Million Plant in Thailand with Ford
----------------------------------------------------------------
Mazda Motor Co. and Ford Motor Co. plan to build a new Thai car
factory with an investment of about US$500 million, reveals a
source familiar with the project to Vithoon Amorn and Chang-Ran
Kim of Reuters.

As stated in the article, the factory, to be built next to their
existing pickup truck plant in the southeastern province of
Rayong, will produce subcompact cars.

Reportedly, Mazda said earlier that its president, Hisakazu
Imaki, would hold a news conference in Hiroshima regarding the
50-50 Thai joint venture with Ford, while a separate briefing
will take place in Bangkok.  A Mazda spokesman declined to
provide further details on the matter, states Reuters.

Reuters sources further added that the announcement on Tuesday
would follow the opening last month of Mazda and Ford new three-
way, 160,000-units-a-year factory in Nanjing, China, which also
builds the Mazda2 model.

The two automakers, notes Mr. Amorn and Mr. Kim, announcement
plans has been expected after Mazda Executive Vice President
Robert Graziano said in March that they had entered discussions
with the Thai government over the issue.  Another Mazda
executive disclosed then that some of the added capacity would
be used to supply demand in Europe, relates Reuters.

According to the article, Ford and Mazda's current Thai factory
has an annual output capacity of 173,000 units and exclusively
builds pickup trucks, mainly for exports.

                     About Mitsubishi Motors

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.


SAMSONITE CORP: Pending CVC Deal Prompts S&P to Keep Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Mansfield, Massachussetts-based luggage manufacturer Samsonite
Corp, including the 'BB-' corporate credit rating, would remain
on CreditWatch with negative implications, pending completion of
the company's acquisition by CVC Capital Partners, which is
expected to close in the fourth quarter of calendar 2007.  
Samsonite had reported debt outstanding of about US$553 million
at July 31, 2007.
     
The company was initially placed on CreditWatch on July 5, 2007,
following the announcement that Samsonite had entered into a
written consent and voting agreement to be acquired by CVC
Capital Partners for about US$1.7 billion in cash, including the
assumption of debt.  Samsonite recently disclosed that total
funded debt outstanding at the close of the transaction
is expected to be about US$1.3 billion.  The transaction is
still subject to receipt of regulatory approval, as well as
satisfaction of other customary closing conditions.
     
Samsonite's pro forma capital structure has not yet been
finalized and details about the financing have not been
disclosed.  However, based on the company's expectation that
funded debt will total about US$1.3 billion at the close of the
transaction, Standard & Poor's believes credit measures will
weaken substantially from current levels, including the
potential for leverage to be well over 8x.
     
"As a result, we expect that Samsonite's ratings will be lowered
to the 'B' category," said Standard & Poor's credit analyst
Christopher Johnson.
     
To resolve the CreditWatch, Standard & Poor's will meet with
management to discuss the financing of the planned transaction
and the company's operating trends.  The company's expected very
high debt leverage and operating strategy after the transaction
will be key areas of focus.

Based in Mansfield, Massachusetts, Samsonite Corporation (OTC
Bulletin Board: SAMC.OB) -- http://www.samsonite.com/--  
manufactures, markets and distributes luggage and travel-related
products.  The company's owned and licensed brands, including
Samsonite, American Tourister, Trunk & Co, Sammies, Hedgren,
Lacoste and Timberland, are sold globally through external
retailers and 284 company-owned stores.  Executive offices are
located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.


SHINKI CO: JCR Downgrades Ratings to BB+ Under Credit Monitor
-------------------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded Shinki Co.
Ltd.'s rating on senior debts, shelf registration, bonds and CP
program with maximum amount decreased from JPY25 billion to
JPY8 billion of the issuer from BBB-/Negative, preliminary BBB-,
BBB- and J-2 to BB+, preliminary BB+, BB+ and J-3, respectively,
placing them under Credit Monitor with Developing direction to
it.

Shinki announced downward revision of the operating performance
for the first half and full fiscal year ending March 31, 2008,
along with announcement of its extinguishment of treasury stock
and new common stock issue through allotment to its
shareholders.  It will incur a pretax loss before extraordinary
items of JPY13.6 billion and a net loss of JPY15.0 billion for
the full fiscal year.  It will put aside allowances for bad
loans in a lump sum due to its decision to reduce balance of
loans by stopping revolving loans for customers, for which it
will have difficulty in changing interest rates on loans.  It
increased provisions for consumers' claims for refunds of excess
interest payments.

Shinki also resolved to issue new common stock to the
shareholders amounting JPY21.0 billion at the board of
directors' meeting.  Shinsei Bank said that it will undertake
the new common stock issue, showing its intention to assist
Shinki.  Its capital will be impaired by the provisions above.
Shinki will depend on shareholders and recovery of performance
in the last half of the current fiscal year for improvement in
the capital.

JCR also deems it necessary to watch carefully impact on
fundraising base, the going of capital increase and the
Company's position in Shinsei Bank Group.  JCR downgraded its
ratings for Shinki and also placed them under Credit Monitor
with Developing direction to it, taking into consideration above
as a whole.

Headquartered in Tokyo, Shinki Co., Ltd.--
http://www.shinki.co.jp-- is a Japan-based company principally  
engaged in the loan and insurance agency businesses and has two
subsidiaries.  The Company operates in two business segments.  
The Loan segment offers small funds to the general public, as
well as leases business funds to small- and medium-sized
enterprises and sole proprietors.  The Insurance Agency segment
provides life insurance and non-life insurance services.


* Bingham Seals Deal with Second Japanese Law Firm This Year
------------------------------------------------------------
Bingham McCutchen LLP, a 1,000-lawyer U.S. firm with offices in
London, Tokyo and Hong Kong, and New Tokyo International Law
Office, a premier insolvency, corporate and litigation
firm with 22 lawyers, have officially combined operations in
Tokyo and moved into expanded office space, creating a
significant presence in Japan for Bingham.

The combination increases the number of lawyers in Bingham's
Tokyo office to more than 50 Japanese lawyers (bengoshi) and six
foreign lawyers.  The addition of New Tokyo, founded by Mitsue
Aizawa and Yutaka Kimura, expands Bingham's on-the-ground
capacity in Asia and further bolsters its renowned cross-border
restructuring and insolvency practice.  The New Tokyo deal is
Bingham's second in Japan for 2007.

Earlier this year, Bingham combined with another leading
restructuring firm, Sakai & Mimura, founded by Hideyuki Sakai,
with approximately 20 Japanese lawyers.

"Our strategy has always been to focus on where our clients need
-- or will need -- top-notch legal talent," said Bingham
Chairman Jay Zimmerman.  "By building upon our key practices of
insolvency, securities and financial services in Japan, we are
positioning ourselves to be the 'go-to law firm' for financial
institutions investing in Japan and in major economic markets
worldwide."  Bingham also opened a Hong Kong office in 2007 and
has offices in key financial centers around the globe, including
London and New York.

The addition of the New Tokyo firm will also expand and build
upon Bingham's finance and corporate practice, representing
major corporations, insurance companies and investment banks.
The deal also benefits clients of the legacy New Tokyo firm.
Aizawa noted that these clients are increasingly thinking of
overseas strategies.  "The fit with Bingham is complementary in
every sense," she said.  "We wanted to be able to provide our
clients the global backup they need while Bingham wanted to
build in Tokyo for their clientele.  Together, we are increasing
our ability to provide one-stop services in the corporate and
compliance areas.  Moreover, our depth of practice in insolvency
and the insurance area, combined with Bingham's insolvency
proficiency, gives us tremendous strength."

The addition of the New Tokyo firm, with its 22 Japanese
lawyers, and the pending arrival of 10 new Japanese lawyers to
Bingham's Tokyo office later this year, will bring Bingham's
number of bengoshi to nearly 60, among the highest for foreign
law firms in Japan. In addition, Bingham's Japanese Practice,
with its 50 lawyers outside of Japan, focuses on large-scale,
cross-border financial restructurings, corporate/M&A and finance
matters, and has significant intellectual property, antitrust
and litigation strengths.

With lawyers in 13 offices, Bingham -- http://www.bingham.com/
-- is known worldwide for its legal work in cross-border
insolvencies, complex financial and corporate transactions,
securities and other regulatory matters, and high-stakes
litigation.


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

CORECROSS INC: Converts Bonds w/ Warrants for Additional Shares
---------------------------------------------------------------
CoreCross Inc. converted third bonds with warrants for an
additional 13,966 shares at the exercise price of KRW1,583 per
share, Reuters reports.

According to the report, the company also disclosed its
completion of 784,311 new shares of common stock through a
private placement, the offering price of KRW2,550 per share.

As a result, the total outstanding shares of the company's
common stock have increased to 18,792,179, Reuters says.

Headquarters in Seoul, CoreCross, Inc., formerly Makus Inc.
-- http://english.makus.co.kr/-- is engaged in the  
semiconductor, mobile communication and Internet industries.
The company has three main divisions: Application-specific
integrated circuit/system-on-chip (ASIC/SoC) business division,
which provides ASIC-related products and services used in
wired/wireless communications, multimedia, precision apparatus
and medical instrument fields; Digital media division, which
provides digital multimedia broadcasting products such as
conditional access systems (CASs), gap fillers and cable cards,
and Device division, which produces field-programmable gate
array (FPGA) chips, complex programmable logic devices (CPLDs)
and hard disk drives (HDD).

Korea Investors Service gave the company's bonds with warrants
issue a B- rating on July 31, 2006.


MAGNACHIP SEMICOND: Moody's Confirms B2 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed the B2 corporate family
rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's has confirmed the ratings of the debt issued by
MagnaChip Semiconductor Finance Co and MagnaChip Semiconductor
S.A., including:

  1) B1 rating of the US$100 million 5-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes   
     due 2014

The outlook for the ratings is negative. This concludes the
rating review initiated on August 28, 2007.

"The financial covenants of MagnaChip's US$100 million senior
secured credit revolver were relaxed after the 8th amendment to
the credit agreement was concluded early this month, including
the minimum liquidity requirement clause," says Ken Chan, a
Moody's AVP/Analyst, adding, "This is crucial to support the
company's operational recovery over the next 12 months."

"The company can now have access to the full amount of the
revolver until the end of 2008, which mitigates near-term
liquidity concerns," adds Mr. Chan.

The negative outlook reflects the fact that despite MagnaChip's
recovering operating performance on a quarterly basis, its
projected credit metrics are still weak for a B2 rating in the
near term.  In addition, the company's overall liquidity remains
tight, and it will need to draw on additional financings over
the next 12 months to fund its capex plans.

MagnaChip Semiconductor, headquartered in Korea, designs,
develops and manufactures mixed-signal and digital multimedia
semiconductors, focusing on CMOS image sensors and flat panel
display drivers. It was the system IC division of Hynix before
its carve-out acquisition by financial sponsors, including CVC,
Francisco Partners and CVC Asia Pacific in October 2004.


REMY WORLDWIDE: Files Pre-Packaged Bankruptcy in Delaware
---------------------------------------------------------
Remy Worldwide Holdings, Inc. on Monday said that in response to
the overwhelming support received for its previously announced
prepackaged plan of reorganization from holders of its 8-5/8%
Senior Notes, 9-3/8% Senior Subordinated Notes and 11% Senior
Subordinated Notes, the company has elected to commence
voluntary proceedings for itself and its domestic subsidiaries
under chapter 11 of the U.S. Bankruptcy Code to seek
confirmation of the plan.

The company filed its voluntary chapter 11 petitions and plan of
reorganization in the U.S. Bankruptcy Court for the District of
Delaware in Wilmington.

Specifically, in excess of 99.9% in dollar amount and 98.1% in
number of holders of Senior Notes and 100% in dollar amount and
100% in number of holders of Subordinated Notes that voted on
the prepackaged plan, voted to approve the plan.

"[Mon]day's action enables us to efficiently restructure our
debt and create a capital structure that will provide a
foundation for future profitability," said John Weber, Remy's
Chief Executive Officer.  "Over the last several months, we have
worked closely with our stakeholders to develop and now
implement our plan to position Remy to meet the challenges of
our industry."

During the reorganization process, which is expected to conclude
within 60 days, Remy will continue normal business operations.  
The company anticipates that it will receive court authority to
pay employee wages and benefits without interruption and
continue to pay trade creditors and suppliers in the ordinary
course of business.  Remy's international operations are
excluded from the filing and will not be directly affected.

The key elements of the prepackaged plan include:

    -- Repayment of the company's secured creditors in full.

    -- Raise US$85 million in preferred equity through a
       backstopped rights offering to be made to holders of the
       Company's Senior Notes and Senior Subordinated Notes.

    -- Total debt reduction of US$360 million through:

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

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

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

As previously disclosed, Remy has obtained a binding commitment
from Barclays Capital, the investment banking division of
Barclays Bank PLC, to provide debtor-in-possession financing for
up to US$225 million and up to US$330 million of long-term exit
financing.

"This is excellent news for our customers, suppliers and
employees worldwide because it paves the way for a promising
future for Remy and its long-term viability," said Mr. Weber.  
"We are extremely grateful for the support of all of our
constituents and look forward to completing our financial
restructuring in the coming months."

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


REMY WORLDWIDE: Case Summary and 30 Largest Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: Remy Worldwide Holdings, Inc.
             2902 Enterprise Drive
             Anderson, IN 46013

Bankruptcy Case No.: 07-11481

Debtor-affiliates filing separate Chapter 11 petitions:

    Entity                                     Case No.
    ------                                         --------
    Ballantrae Corporation                         07-11482
    HSG I, Inc.                                    07-11483
    HSG II, Inc.                                   07-11484
    International Fuel Systems, Inc.               07-11485
    iPower Technologies, Inc.                      07-11486
    M. & M. Knopf Auto Parts, L.L.C.               07-11487
    Marine Corporation of America                  07-11488
    NABCO, Inc.                                    07-11489
    Power Investments Marine, Inc.                 07-11490
    Power Investments, Inc.                        07-11491
    Powrbilt Products, Inc.                        07-11492
    Publitech, Inc.                                07-11493
    Reman Holdings, L.L.C.                         07-11494
    Remy Alternators, Inc.                         07-11495
    Remy India Holdings, Inc.                      07-11496
    Remy International, Inc.                       07-11497
    Remy International Holdings, Inc.              07-11498
    Remy Korea Holdings, LLC                       07-11499
    Remy Logistics, L.L.C.                         07-11500
    Remy Powertrain, L.P.                          07-11501
    Remy Reman, L.L.C.                             07-11502
    Remy Sales, Inc.                               07-11503
    Remy, Inc.                                     07-11504
    Unit Parts Company                             07-11505
    Western Reman Industrial , Inc.                07-11506
    Western Reman Industrial, LLC                  07-11507
    World Wide Automotive, L.L.C.                  07-11508
    World Wide Automotive Distributors, Inc.       07-11509


Type of business: Remy Worldwide acts as a holding company of
                  all the outstanding capital stock of Remy
                  International Inc.  Remy International
                  manufactures, remanufactures and distributes
                  Delco Remy brand heavy-duty systems and Remy
                  brand starters and alternators, locomotive
                  products and hybrid power technology.  The
                  company also provides a worldwide components
                  core-exchange service for automobiles, light
                  trucks, medium and heavy-duty trucks and other
                  heavy-duty, off-road and industrial
                  applications.  Remy has operations in the
                  United Kingdom, Mexico and Korea, among
                  others.  See http://www.remyinc.com/

Chapter 11 Petition Date: October 8, 2007

Court: District of Delaware (Delaware)

Debtors' Counsel: Douglas P. Bartner, Esq.
                  Fredric Sosnick, Esq.
                  Michael H. Torkin, Esq.
                  Shearman & Sterling LLP
                  599 Lexington Avenue
                  New York, NY 10022
                  Tel: (212) 848-4000
                  Fax: (212) 848-7179
                  http://www.shearman.com/

Debtors' Co-Counsel: Pauline K. Morgan, Esq.
                     Edmon L. Morton, Esq.
                     Kenneth J. Enos, Esq.
                     Young Conaway Stargatt & Taylor, LLP
                     The Brandywine Building
                     1000 West Street, 17th Floor
                     Wilmington, DE 19801
                     Tel: (302) 571-6600
                     Fax: (302) 571-6600
                     http://www.ycst.com/

Debtors' Claims Agent: Kurtzman Carson Consultants LLC
                       2335 Alaska Avenue
                       El Segundo, CA 90245
                       Tel: (866) 381-9100

Special Corporate Counsel: Greenberg Traurig, LLP

Auditor: Ernst & Young, LLP

Restructuring Advisor: AlixPartners, LLC

At Sept. 30, 2006, Remy International's balance sheet showed:

Total Assets: US$919,736,000      

Total Debts:  US$1,265,648,000

Debtors' Consolidated List of 30 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
U.S. Bank N.A.                Bond Issuance       US$165,000,000
60 Livingston Avenue
St. Paul, MN 55107-2292
Tel: (651) 495-3959
Fax: (651) 495-8100
Attn: Timothy Sandell

U.S. Bank N.A.                Bond Issuance       US$150,000,000
60 Livingston Avenue
St. Paul, MN 55107-2292
Tel: (651) 495-3959
Fax: (651) 495-8100
Attn: Timothy Sandell

The Bank of New York          Bond Issuance       US$145,000,000
2 north LaSalle Street
Suite 1020
Chicago, IL 60602
Tel: (312) 827-8548
Fax: (312) 827-8542
Attn: Linda Garcia

U.S. Custom and Border        Promissory Note       US$7,279,286
Protection
Revenue Division
6650 Telecom Drive
Indianapolis, IN 46278

Attn: Robert B. Hamilton
      Director

Bocar S.A. de C.V.            Trade                 US$3,452,641
Cruz Verde NO 169-1A
Mexico City, DF 04330
Tel: (+52) 722 279-6600
Fax: (+52) 555 422-2434
Attn: Raymundo Rodriguez

REA Magnet Wire Inc.          Trade                 US$2,751,713
3600 East Pontiac Street
Ft. Wayne, IN 46803
Tel: (260) 421-7452
Fax: (260) 421-7349
Attn: Mike Hughes

A&E Auto Electric             Trade                 US$2,246,049
P.O. Box 5418
Spartanburg, SC 29304
Tel: (864) 463-3257
Fax: (864) 464-7333
Attn: Nicole Miller

Osar (Italy)                  Trade                 US$1,720,719
One Technology Ct.
Turin, Italy 10070
Tel: (390) 1192-41078
Fax: (390) 1192-41097
Attn: Paolo Salvi

Kolektor Group                Trade                 US$1,686,398
Vaolkova 10
5280 Idrija
Idrija 29644
Tel: (412) 279-2980
Fax: (864) 409-8781
Attn: Rok Vodnik

Sankaku (Xiamen)              Trade                 US$1,570,019
Auto Parts
NO 58-26 Wenyuan Road
Xiamen X 361004
Tel: 011-865922044010
Attn: Crystal Hu

Wells Manufacturing Corp.     Trade                 US$1,526,938
26 South Brooke Street
Fond Du Lac, WI 54936-0070
Tel: (920) 929-6263
Fax: (920) 922-3585
Attn: Pedro Vila

Auto Electric Suppliers       Trade                 US$1,514,492
3233 Commerce Parkway
Miramar, FL 33025
Tel: (800) 327-2258
Fax: (954) 435-0028
Attn: Mike Clausman

American Auto Parts           Trade                 US$1,403,171
7007 North Austin Avenue
Niles, IL 60714-4601
Tel: (847) 647-7090
Fax: (847) 647-7581
Attn: Julie O'Reilly

Monopac SD                    Trade                 US$1,272,675
17502 Jalan 4
Selangor, Malaysia
Tel: (60-3) 6318-6200
Fax: (60-3) 6138-6206
Attn: Danny Ng
      Gary Barut

Electro-Motive Diesel         Trade                 US$1,208,085
P.O. Box 70530
Chicago, IL 60673
Tel: (800) 255-5355
Fax: (708) 387-6626
Attn: Tim Standish

Wetherill Associates Inc.     Trade                 US$1,175,825
P.O. Box 827063
Philadelphia, PA 19182-7063
Tel: (800) 877-3340
Fax: (800) 948-6121
Attn: Sandy Huggens

Actron Technology Corp.       Trade                 US$1,158,502
1F, No 12, Sec2
Nan-Kan Road
Luchu Hsiang
Taoyuan, Taiwan ROC
Tel: (886-3) 311-5555
Fax: (886-3) 311-9977
Attn: Jessie Chen

Lone Star Container           Trade                 US$1,153,997
700 North Wildwood Drive
Irving, TX 75061
Tel: (972) 579-1551
Fax: (972) 554-6081
Attn: Jerry Hardison

Korea Delphi Automotive       Trade                   US$990,981
Systems
408-1 ma Buk-Ri
Guseong-Eup
Youngin-Si
Gyeonggi-Do 449912
Tel: (82-3) 189-98612
Fax: (82-2) 761-9494
Attn: Ws Kang

Industrias Kirkwood           Trade                   US$955,608
Calle 4 Norte No. 100
Ampliacion Parque
Toluca De Lerdo,
Mexico 50200
Tel: (52) 722 265-7564
Fax: (52) 722 265-7569
Attn: Norma Medina

BPS - Allied Parts            Trade                   US$891,300
1122 Milledge Street
East Point, GA 30344
Tel: (404) 559-8571
Fax: (404) 559-8584
Attn: Jerry Boles

Quality Parts Supply          Trade                   US$733,746
15844 South Interstate
Highway 35
Bruceville, TX 76630
Tel: (254) 857-4629
Fax: (254) 857-3527
Attn: Pat Patton

Caterpillar, Inc.             Trade                   US$680,018
100 northeast Adams Street
Peoria, IL 61629
Tel: (309) 675-5592
Fax: (309) 675-9135
Attn: Mary Buck

Swift Transportation          Trade                   US$608,761
2200 South 75th Avenue
Phoenix, AZ 85043
Tel: (602) 269-9700
Fax: (623) 907-7503
Attn: Ginnie Henkels

Hitachi Metals America        Trade                   US$608,009
2101 South Arlington
Heights Road, Suite 116
Arlington Heights, IL 60005
Tel: (847) 364-7200
Fax: (847) 364-7279
Attn: Heather Kozlowski

Industrial Molding Corp.      Trade                   US$603,539
616 East Slaton Road
Lubbock, TX 79404
Tel: (806) 474-1066
Fax: (806) 474-1168
Attn: Paula Olbham

HTG - Tiffin                  Trade                   US$603,125
1988 County Road #593
Tiffin, OH 44883
Tel: (419) 447-2221
Fax: (419) 447-2842
Attn: Betty Hall

S&S Enterprises               Trade                   US$584,854
(c/o Simmons)
3rd Floor Froebel Center
90-2
Seoul 135-10
Tel: (822) 501-2848
Fax: (956) 712-1409
Attn: Ben Lee
      Andrea Kim

Andra, LLC                    Promissory Note         Not Stated
714 East 8th Street
Anderson, IN 46012
Mobile: (765) 621-1053
Office: (765) 644-2803
Residence: (765) 649-2701
Fax: (765) 644-6675
Attn: William Surbaugh

Eagle I, LLC                  Promissory Note         Not Stated
714 East 8th Street
Anderson, IN 46012
Mobile: (765) 621-1053
Office: (765) 644-2803
Residence: (765) 649-2701
Fax: (765) 644-6675
Attn: William Surbaugh


* Moody's Says 2nd Summit will not Affect South Korea's Ratings
---------------------------------------------------------------
While encouraging, the eight-point agreement announced Oct. 4 at
the conclusion of the second summit in Pyongyang between the
leaders of North and South Korea, the "Declaration for the
Advancement of South-North Korean Relations, Peace and
Prosperity" will not have any direct or immediate bearing on
South Korea's credit fundamentals, according to Moody's
Investors Services.

"This is a continuation of the positive trend in geopolitical
factors related to the six-party talks and a containment of the
risks associated with North Korea's nuclear weapon and missile
development activities already reflected in Moody's upgrade in
July of South Korea's government bond ratings to A2 from A3,"
said Moody's Senior Vice President Tom Byrne.  North Korea does
not issue bonds and has no ratings.

"Further upward movement in South Korea's ratings will depend on
favorable fiscal performance, including a reduction in
government debt ratios, continued strength in South Korea's
external payments position, including the containment of short-
term debt, and favorable macroeconomic prospects," said Byrne.

He said Moody's will monitor developments concerning the
expansion of economic cooperation pledged in the eight-point
agreement.  He added that this will mean stepped-up South Korean
economic and financial assistance to a collapsed and
impoverished North Korean economy.

"In view of the limited absorptive capacity of the North Korean
economy and its rigid political system, we do not expect the
agreement to lead to a South Korean 'Marshall Plan,' for the
North, nor do we expect to see an economic miracle along the
shores of Pyongyang's Daedong River to rival Seoul's 'miracle on
the Han' in the foreseeable future," said Byrne.

Nonetheless, he said, the more concrete points of the agreement
call for various modes of South Korean economic assistance to
the North, including an acceleration of the expansion of the
Kaesung Industrial Complex, cooperative shipbuilding, rail
reconstruction, fisheries cooperation, infrastructure
development, and a new zone for South Korean tourists at Mount
Baekdu.

"The economic dimensions are as yet unquantifiable as the joint
statement does not spell out the scope or offer a timetable for
these projects," said Byrne.  "The impetus for North Korea's
eagerness to expand economic cooperation is due to its
precarious economy, which is facing shortages of food and fuel
as well as international and United Nations Security Council
sanctions related to its nuclear weapons and missile programs."

Even with renewed goodwill on the part of the South Korean
government, explained the analyst, North Korea's "military first
policy" and geopolitical obstacles stemming from its weapons
programs still hinder economic cooperation between the opposing
states that occupy the Korean peninsula.

Regarding the security aspects of the new agreement, Byrne
described as "positive," the fact that the leaders of the two
Koreas reaffirmed the progress made so far in the still-
incomplete six-party nuclear weapons negotiations.  However, he
said, the Oct. 4 statement skirted the issue of a reduction in
conventional armaments or demilitarization of the 38th parallel
separating the two countries.

"In this regard, the latest agreement is vaguer than a similar
accord reached between representatives of the two Koreas in
Seoul on December 1991, the "Agreement on Reconciliation,
Nonaggression and Exchanges and Cooperation", implementation of
which, of course, was poor," said Byrne.

He added that the new agreement is the latest attempt to put
into place a comprehensive security and economic framework to
advance inter-Korean cooperation.  "The key variable for success
in this remains North Korea's willingness and ability to follow
through on the commitments it makes."


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

ASPEN TECHNOLOGY: Gets Staff Determination Letter from Nasdaq
-------------------------------------------------------------
Aspen Technology received a Nasdaq Staff Determination on Oct.
1, indicating that the company fails to comply with the filing
requirements for continued listing stated in Marketplace Rule
4310(c)(14) as a result of its failure to file timely with the
Securities and Exchange Commission its annual report on Form 10-
K for the year ended June 30, 2007, and that the company's
securities are therefore subject to delisting from The Nasdaq
Global Market.

The company has requested a hearing before a Nasdaq Listing
Qualifications Panel to review the Staff Determination.  There
can be no assurance that the panel will grant the company's
request for continued listing.

The delay in AspenTech's filing of its Form 10-K is attributed
to the previously announced intention to restate certain
historical financial statements.  The company is working
diligently to complete its annual report on Form 10-K.

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq:AZPN) -- http://www.aspentech.com/-- provides software  
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has locations in
Brazil, Malaysia and France.

                          *     *     *

In October 2001, Moody's placed the company's long-term
corporate family rating at B2 equity-linked rating at Caa1.  
These ratings still hold true to date.  The outlook is stable.

In April 2005, Standard & Poor's placed the company's long-term
foreign and local issuer credits at B- which still holds true to
date.  The outlook is negative.


DATAPREP HOLDINGS: Completes Reform Plan; Exits Amended PN17
------------------------------------------------------------
Dataprep Holdings Bhd completed the implementation of its reform
plan and regularized its financial condition, a company
statement to the Bursa Malaysia Securities Bhd said.

After successfully implementing the plan proposals, the company
exited from its listing under the Amended Practice Note No.
17/2005 Companies.

On July 26, 2007, the Troubled Company Reporter-Asia Pacific
reported that the board of directors of Dataprep Holdings has
resolved to implement a par value reduction and share premium
reduction -- Capital Reduction -- with effect on July 31, 2007,
at 9:00 a.m., in which the existing Dataprep shares of MYR1.00
per share will be traded on Bursa Malaysia Securities Berhad at
the new par value of MYR0.25 per share.

The High Court of Malay, Kuala Lumpur had, on June 2007,
pursuant to Section 64 of the Companies Act, 1965, made an order
confirming the Capital Reduction.  The Capital Reduction created
a credit amounting to approximately MYR72.756 million, which is
utilized to set-off the accumulated losses of the company.


Headquartered in Petaling Jaya, Dataprep Holdings Berhad is an
investment holding company that provides management services to
its subsidiary companies.  The company provides a spectrum of
information, communication and technology services from business
and technology consulting, systems and network integration,
software developments to managed services, e-business and
application services.

The company was classified as an affected listed issuer of the
Amended PN 17 category of the Bursa Malaysia Securities Bhd on
May 5, 2006.  It successfully implemented a restructuring plan
and was able to regularize it financial condition.  Thus, it was
able to exit the Amended PN 17 category after more than a year.


GULA PERAK: RAM Affirms D Ratings to Convertible Notes
------------------------------------------------------
The rating of Gula Perak Berhad's MYR288.82 million Redeemable
Convertible Secured Notes (2003/2008) was downgraded from C3(s)
to D on April 24, 2007, due to failure of Gula Perak to meet its
coupon payment of MYR17.24 million due on April 22, 2007.

The Group has also failed to meet the required amount of
MYR69.44 million in the sinking fund account due on April 22,
2007, which currently stood at only MYR8.5 million.

The management has sought indulgence from its noteholders for an
extension on the coupon payments dates (due on April 22, 2007
and April 22, 2008) and redemption date of the RCSN (due on
April 22, 2008) to April 22, 2011.  As such, the lenders have
yet to call an "Event of Default" on the RCSN.

Gula Perak is currently in the midst of preparing the necessary
documents to seek approvals from the relevant authorities and
the noteholders on these extensions.  Hence, RAM Ratings will
continue to monitor the related developments and make the
appropriate announcements when necessary.

Meanwhile, Gula Perak plunged deeper into the red during the
period under review.  Despite an 25% increase in revenue year-
on-year, the Group's operating loss before interest and tax more
than doubled from MYR4.39 million in FYE March 31, 2006, to
MYR10.60 million a year later, mainly due to high overhead
expenses from its hotel operations.  With the disposal of the
Group's plantation land last year, the Group is ultimately
reliant on its hotel division as its income contributor - which
will not be generating enough cash to cover the Group's huge
debt obligation.

Gula Perak had earlier failed to meet its debt obligations on
its other unrated financial obligations i.e. Redeemable Secured
Bonds.  Gula Perak is still finalizing the sale of its
plantation estates (which are solely pledged to the RSB holders)
i.e. Setiawan Estate and Bernam Estate in Perak for
approximately MYR19.00 million and MYR42.07 million respectively
(cumulatively, MYR61.07 million).


MBF HOLDINGS: Incorporates Vintage Developers as New Unit
---------------------------------------------------------
MBf Holdings Bhd disclosed with the Bursa Malaysia Securities
Bhd that on October 8, 2007, it has acquired two ordinary shares
of MYR1 each representing the entire issued and paid up share
capital of Vintage Developers Sdn Bh for MYR2.00 in cash.

As a result of the acquisition, Vintage has become a wholly
owned subsidiary of the company.

Vintage was incorporated on January 29, 2007, in Malaysia and
has yet to commence operation since its incorporation.  The
authorized share capital of Vintage is MYR100,000 divided into
100,000 shares of MYR1.00 each of which 2 ordinary shares have
been issued and fully paid-up.

MBf Holdings will use Vintage as its vehicle for potential
investment in property development, the disclosure said.


Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products; and property
development.  Other activity include investment holding.

The Group operates in three main areas, namely: Malaysia,
Indonesia, and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


TENAGA NASIONAL: Asks Govt. to Remove Natural Gas Price Cap
-----------------------------------------------------------
State-owned utility Tenaga Nasional Bhd has asked the Malaysian
government to gradually phase out the over 10-year cap on the
price of natural gas supplied to power generators, the company's
Chief Executive Che Khalib Mohamad Noh told the Wall Street
Journal.

Mr. Che Khalib added that allowing gas prices to rise without
Tenaga having the right to pass the higher cost on to its
customers in the form of higher electricity tariffs would mean
that its shareholders were providing a subsidy to power users,
and that would hurt the company's bottom line.

WSJ recounts that the government, in 1995, froze Tenaga's
ability to pass on higher gas prices, and fixed the price it can
charge independent power generators and some industrial
companies at MYR6.40 (US$1.88) per million British thermal
units.

State-owned Petroliam Nasional Bhd., or Petronas, on behalf of
the government, provided the subsidy to power companies, as well
as to steel companies to encourage their use of gas, which was
underused at the time, WSJ relates.

Tenaga, Mr. Khalib said, takes 1.35 billion standard cubic feet
per day of gas from its sole supplier, Petronas, and that amount
hasn't been raised since 2002.

The power company also foots the fuel cost of independent power
producers as part of their power purchase agreements with
Tenaga.

Last month, Petronas requested to increase its domestic gas
selling price as the subsidized prices has cost the company
MYR15 billion (US$4.4 billion) so far in 2007.  Mr. Khalib said
if Tenaga had to pay more to Petronas without being able to pass
on the increase, it would cost it MYR480 million for every rise
of one ringgit per million British thermal units.

Foreign investors' stakes in Tenaga, which reached a high of 28%
in June, fell to 23% at the end of September because of the
uncertainty over the gas price, Mr. Khalib said.


Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity. The Company
also manufactures, sells and repairs transformers and
switchgears. It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services. It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Tenaga Nasional carries Moody's Investors Service 'Ba' rating
due to its relatively high financial leverage and significant
PPA obligations.


===============
M O N G O L I A
===============

KHAN BANK: Fitch Affirms B+ Issuer Ratings Outlook to Positive
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on Mongolia's Khan Bank's
Long-term foreign and local currency Issuer Default Ratings to
Positive from Stable, while affirming them at 'B+'.  At the same
time, the agency has affirmed Khan Bank's Individual Rating at
'D' and its Support Rating at '4'.  The Outlook revision follows
a similar rating action on the 'B+' IDR of the Mongolian
sovereign, noting that Khan's IDR is constrained by that on the
sovereign.

Khan Bank is Mongolia's pre-eminent bank, both in terms of
franchise and performance.  One of its key strengths is
depositor confidence, due to its good corporate governance,
especially compared to many other local institutions which have
often been found wanting in this regard.  Another key strength
is the bank's long-standing, widespread, and well-developed
office network in rural Mongolia, against which the competition
is limited, enabling good margins.  With these strengths, and
the under-banked and fast-growing nature of the Mongolian
market, Khan Bank has grown rapidly over recent years (four-fold
over the last three years to mid-2006) to become Mongolia's
second largest bank with about 19% of system-wide assets.

Khan's H1 ended 30 June 2007 (H107) RoAA came in at 3.6%, down
on 2006's 4.4% but still very strong.  The decline was
predominantly due to a contraction in margins (to about 10% from
12%) due to intensifying competition.  This is likely to
continue, although margins should remain more than adequate for
risk over the medium term.  Credit costs in H107 continued to be
low at about 0.5% of loans.  Meanwhile, asset/loans quality
remained sound with the NPLs ratio at end-June '07 of 1.8%,
which was 91% covered by reserves.  Capitalization was
satisfactory with an equity-to-assets ratio of 8.0%, and Tier I
and Total CARs of 11.0% and 11.9%, respectively.  This is,
nevertheless, down from end-2007's ratios of 9.4%, 11.9% and
13.1% respectively -- due to ongoing strong loans and assets
growth over H107 of 35% and 46% respectively (albeit with this
being in line with those for the past few years).  While some
further decline in capitalization would be acceptable for a
'BB-' (BB minus) rating, it could well be a constraint for any
ratings upgrade.  In this regard, it is noted that the bank is
investigating various capital raising options, any one of which
should be achievable given the bank's good financial standing,
profitability and strong existing parentage.

Established in 1991, Khan Bank is controlled by H.S.
Investments, a company controlled by Japanese entrepreneur Hideo
Sawada, who also has interests in a discount brokerage, travel-
agency and discount airline, all in Japan.  Another major
investor is Tavan Bogd Trade Company, a leading Mongolian
conglomerate with interests in the country's trading, industry,
real-estate, tourism and hotel sectors.  Meanwhile, the
International Finance Corporation, a member of the World Bank
Group, has a 9.1% stake in Khan Bank.


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

ABH LTD: Commences Liquidation Proceedings
------------------------------------------
ABH Ltd. commenced liquidation proceedings on September 18,
2007.

Creditors who can file their proofs of debt by Oct. 16 will be
included in the company's dividend distribution.

The company's liquidator is:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Private Bag 47927, Ponsonby
         Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


ALL GLASS: Accepting Creditors' Proofs of Debt Until Nov. 16
------------------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed
liquidators of All Glass & Mirrors Ltd. on September 17, 2007.

Messrs. Fisk and Sanson are accepting creditors' proofs of debt
until November 16, 2007.

The Liquidators can be reached at:

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7238
         Facsimile:(04) 462 7492


BIOCORP (NZ): Court Sets Wind-Up Petition Hearing for Oct. 15
-------------------------------------------------------------
A petition to have Biocorp (NZ) Ltd.'s operations wound up will
be heard before the High Court of Palmerston North on Oct. 15,
2007, at 10:00 a.m.

G-Tech Separation Limited filed the petition on Sept. 4, 2007.

G-Tech Separation's solicitor is:

         Malcolm David Whitlock
         c/o Whitlock & Co.
         Baycorp House, Level 2
         15 Hopetoun Street
         Auckland
         New Zealand


CA LTD: Fixes October 31 as Last Day to File Claims
---------------------------------------------------
The creditors of CA Ltd. are required to file their proofs of
debt by October 31, 2007, to be included in the company's
dividend distribution.

The company went into liquidation on December 12, 2005.

The company's liquidators are:

         Iain Shephard
         Christine Dunphy
         McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


CHICATITA'S LTD: Appoints Official Assignee as Liquidator
---------------------------------------------------------
On September 18, 2007, the official assignee was appointed
liquidator of Chicatita's Ltd.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


GENEVA FINANCE: Admits to Cutback in Lending
--------------------------------------------
Geneva Finance Limited ceased making new loans since Monday, the
New Zealand Herald reports, citing finance industry sources.  
The company, however, denies the move but admits that it had
cutback lending.

The company would stop offering financing deals to "rats and
mice" car dealers and would focus on loyal dealers that give it
the majority of its volume, the New Zealand Press Association
quotes Geneva Chief Executive Shaun Riley as saying.  "This is
the time for finance industry to be prudent."

The company also admitted to cutting costs.

Geneva Finance Limited -- http://www.genevafinance.co.nz/-- has    
21 professionally branded retail finance branches throughout New
Zealand to facilitate lending receivables collection and credit
management -- mirroring the trading bank consumer retail
distribution strategy while affording the company face-to-face
contact with applicants and security evaluations.  Geneva is
owned by Financial Investment Holdings.

The Troubled Company Reporter-Asia Pacific on Sept. 13, 2007,
reported that Standard & Poor's placed Geneva's credit ratings
on negative watch for possible downgrade citing the company's
likely inability to manage liquidity.  The credit agency's move
reportedly reflects "the potential impact of increasing pressure
on Geneva's liquidity and funding position on the back of
current disruptions caused by the failure of some New Zealand
finance companies."


LES PRICE: Faces CIR's Wind-Up Petition
---------------------------------------
The Commissioner of Inland Revenue filed on August 27, 2007, a
petition to have Les Price Freighting Ltd.'s operations wound
up.

The petition will be heard before the High Court of Christchurch
on October 15, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Julia Beech
         c/o Inland Revenue Department
         Legal and Technical Services
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


MICHAEL HOWARD: Court to Hear Wind-Up Petition on Oct. 11
---------------------------------------------------------
The High Court of Auckland will hear on October 11, 2007, at
10:00 a.m., a petition to have Michael Howard Haircare
(Meadowbank) Ltd.'s operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
June 27, 2007.

The CIR's solicitor is:

         Justine S. T. Berryman
         c/o Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


NZ OUTDOOR: Court to Hear Wind-Up Petition on February 21
---------------------------------------------------------
The High Court of Auckland will hear on February 21, 2007, at
10:00 a.m., a petition to have NZ Outdoor Manufacturing
Limited's operations wound up.

The petition was filed by Industrial Textiles Limited on
Aug. 14, 2007.

Industrial Textiles' solicitor is:

         Anna Collier
         c/o Price Baker Berridge
         1st Floor, 354 Great North Road
         PO Box 21463, Henderson
         Auckland
         New Zealand
         Telephone:(09) 836 1079
         Facsimile:(09) 837 2667


SOUTH DOLOMITE: Requires Creditors to File Claims by Oct. 19
------------------------------------------------------------
On September 21, 2007, the shareholders of South Dolomite Ltd.
passed a resolution to liquidate the company's business.

Creditors are required to file their proofs of debt by Oct. 19,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Douglas Kim Fisher
         Private Bag MBE M215
         Auckland
         New Zealand
         Telephone:(09) 630 0491
         Facsimile:(09) 638 6283


TY AUSTRALIA: Subject to CIR's Wind-Up Petition
-----------------------------------------------
On April 4, 2007, the Commissioner of Inland Revenue filed a
petition to have TY Australia, LLC's operations wound up.

The petition will be heard before the High Court of Auckland on
October 11, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Justine S. T. Berryman
         c/o Inland Revenue Department
         Legal and Technical Services
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


WEIGHT WATCHERS: June 30 Balance Sheet Upside-Down by US$991,266
----------------------------------------------------------------
Weight Watchers International Inc.'s consolidated balance sheet
at June 30, 2007, showed US$1.04 billion in total assets and
US$2.04 billion in total liabilities, resulting in a US$991,266
total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007,
further showed strained liquidity with US$202.1 million in total
current assets available to pay US$2.04 billion in total current
liabilities.

The company reported net income of US$58.0 million in the second
quarter ended June 30, 2007, versus US$57.9 million in the
second quarter of 2006.  During the first quarter of 2007, the
company increased its debt level primarily to finance its self-
tender and repurchase of 19.1 million shares.  Accordingly,
interest expense in the second quarter of 2007 was US$29.0
million, up from
US$11.5 million in the second quarter of 2006, while fully
diluted shares of the company decreased to 79.4 million shares
from 100.2 million shares in the second quarter of 2006.

For the second quarter of 2007, net revenues increased 20% or
US$65.2 million to US$386.3 million, up from US$321.1 million in
the second quarter of 2006.  Fully diluted earnings per share
were US$0.73 in the second quarter of 2007 versus US$0.58 in the
prior year period, up 26%.  During the second quarter of 2006,
the company completed the refinancing of its debt and incurred
an early extinguishment of debt charge of US$0.01 per fully
diluted share. Excluding this non-recurring expense, fully
diluted earnings per share were US$0.59 for the second quarter
of 2006.

                     First Half 2007 Results

For the first half of 2007, net revenues increased 18.5% or
US$122.6 million to US$785.7 million, up from US$663.1 million
in the first half of 2006.  Fully diluted earnings per share
were US$1.36 in the first half of 2007 versus US$1.14 in the
prior year period. Excluding from the first half of 2007 and the
first half of 2006, US$0.02 per share and US$0.01 per share,
respectively, of non-recurring expense associated with the early
extinguishment of debt, fully diluted earnings per share were
US$1.38 for the first half of 2007 as compared to US$1.15 in the
prior year period, up 20%.
During the first half of 2007, net income was US$111.8 million
versus US$114.9 million in the first half of 2006.  Interest
expense in the first half of 2007 was US$54.3 million, up from
US$22.8 million in the first half of 2006, while average fully
diluted shares of the company decreased.

Commenting on results, David Kirchhoff, president and chief
executive officer, said, "I am pleased with our strong second
quarter results which benefited from the continued positive
impact of our Monthly Pass committment plan in North America,
robust product sales around the world and the expanding
awareness of our Weight Watchers Online internet product.  We
are now focused on taking meaningful steps to bring new energy
to the brand with more effective and differentiated marketing,
which we believe will support our continued growth into 2008 and
beyond."

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?2419

                      About Weight Watchers

Headquartered in New York City, Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/
-- provides weight management services, with a presence in 30
countries around the world, including Brazil, the Netherlands,
and New Zealand.  The company serves its customers through
Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.

                          *     *     *

In August 2001, Moody's Investor Services placed Weight Watchers
International Inc.'s long term corporate family and bank loan
debt ratings at "Ba1".  These ratings hold to this date.


WINDOW REPLACEMENT: Taps Official Assignee as Liquidator
--------------------------------------------------------
The official assignee was appointed liquidator of Window
Replacement Company Limited on September 18, 2007.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


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

BANGKO SENTRAL: Assigns US$14-Bil. Assets to JP Morgan, Citibank
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas has entrusted about
US$14 billion in offshore investments to JP Morgan Chase and
Citibank as of June 30, the Monetary Board told the Philippine
Daily Inquirer.

According to the report, the BSP asset portfolio in the two
banks increased by about 31% from last year.

Specifically, JP Morgan now holds about US$10.5 billion of the
central bank's portfolio as of June 30.  It is 40% higher than
what it held last year, the article relates.  As for Citibank,
it now holds US$3.5 billion at June 30, up 11.5% from last year,
the Inquirer adds.

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.


LAND BANK: Receives ISO Certification for Trust Banking Business
----------------------------------------------------------------
The Government Board of the Certification International UK Ltd.
has awarded the Land Bank of the Philippines with an ISO
9011:2000 certification for quality management systems, the
Philippine Star reports.

According to PhilStar, the bank was audited by the Certification
International Philippines Inc. for two days.  The certifications
were issued for Land Bank's trust operations, asset management
services, and wholesale commercial lending operations.

Gilda E. Pico, Landbank's president and CEO, said that the
certification is the first to be issued in the banking industry
for a bank's trust banking and wholesale lending units.

The certificates are valid until September 12, 2010.  Land Bank
will also be subject to the CIP's annual surveillance audit, the
article says.


Land Bank of the Philippines -- http://www.landbank.com/-- is a
government financial institution that strikes a balance in
fulfilling its social mandate of promoting countryside
development while remaining financially viable.  Today, Landbank
claims to be the largest formal credit institution in the rural
areas and to rank among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.  From
its initial role as the financing arm of the agrarian reform,
the bank has evolved into a full-service commercial bank.

                          *     *     *

On August 31, 2007, Fitch Ratings has affirmed its 'BB' Long-
term foreign and local currency issuer default ratings for the
Land Bank of the Philippines.  Outlook is stable.

Fitch also affirmed these ratings:

    * 'AA (phl) National long-term rating with a Stable outlook

    * 'D' Individual rating

    * '3' Support rating

    * 'BB-' Support Floor rating

    * 'BB-' rating for US$150 million subordinated notes

The TCR-AP also reported that on November 2, 2006, Moody's
Investors Service revised the outlook of the Land Bank of the
Philippines' foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for Land Bank's foreign
currency Not-Prime short-term deposit rating and bank financial
strength rating of E+ remains stable.


LODESTAR INVESTMENT: Shareholders Sell Shares to Anggala Group
--------------------------------------------------------------
Two of Lodestar Investment Holdings Corp.'s majority
shareholders have entered into a share purchase agreement with
Alfonso S. Anggala, who was acting in behalf of the Anggala
Group.

Under the SPA, shareholders Cyan Management Corp. and Carcorp
Makati Inc. will sell 35,032,643 shares to the Anggala Group for
PHP87.581 million.

Headquartered in Quezon City, Philippines, Lodestar Investment
Holdings Corporation (LIHC) was originally incorporated as a
mining and natural resources exploration company. Due to the
unsuccessful ventures in this field, the company decided to
discontinue operations in October 1991. On 03 October 2003, the
Securities and Exchange Commission approved the amendment of the
LIHC's Articles of Incorporation and By-laws, changing the
company's corporate name from Lodestar Mining Corporation to
what is known today as well as its primary purpose to that of an
investment holding company.

As of Dec. 31, 2006, Lodestar had a capital deficiency of
PHP598,853.  With virtually no operations, the company didn't
report any profit and loss statements for the year.


PHIL LONG DISTANCE: Wireless Subscribers Hit US$28 Mil. in Sept.
----------------------------------------------------------------
The Philippine Long Distance Telephone Co. has garnered
28.3 million wireless subscribers through its subsidiaries Smart
Communications and Pilipino Telephone Inc. as of September 30,
2007, the Philippine Star reports.

However, PLDT said it can guarantee 30 million subscribers by
December 31, and its subsidiaries are optimistic about the
target.

According to the article, first half wireless revenues rose 11%
year-on-year to PHP43 billion from the PHP38.6 billion in the
same period last year.  PLDT's wireless service also saw a 6%
growth year-on-year for the second quarter to PHP22.2 billion.  
PLDT attributes it to election-related spending and its focus on
driving subscriber activations and providing better value
packages.

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading  
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
November 3, 2006, Moody's Investors Service affirmed Philippine
Long Distance Telephone Company's Ba2 senior unsecured foreign
currency rating and changed its outlook to stable from negative.
At the same time, Moody's has affirmed PLDT's Baa3 domestic
currency issuer rating.  The outlook for this rating remains
positive.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.  Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.

On August 21, 2007, the TCR-AP reported that Fitch Ratings
upgraded Philippine Long Distance Telephone Company's Long-term
local currency Issuer Default Rating to 'BBB' from 'BBB-' (BBB
minus).  The Outlook is Stable.  At the same time, Fitch has
affirmed PLDT's Long-term foreign currency IDR of 'BB+' and its
National Long-term rating at 'AAA(phl)'.  The Outlook is Stable.
Also, PLDT's global bonds and senior notes have
been affirmed at 'BB+'.


WELLEX INDUSTRIES: Annual Stockholders' Meeting Set for Nov. 20
---------------------------------------------------------------
Wellex Industries Inc. will hold its annual stockholders'
meeting on November 20 at the 34th floor of the Citibank Tower,
located at 8741 Paseo de Roxas St., Makati City.

Only stockholders of record as October 19 will be entitled to
attend and vote at the meeting.

Makati City-based Wellex Industries, Inc., was originally
incorporated as Republic Resources and Development Corporation,
whose primary purpose was to engage in the business of mining
and oil exploration.  But due to financial distress, the firm's
business operations have been suspended.  The company's present
activity is focused on reorganizing its operations in
preparation for its new business.

In 1996, WIN's new management has developed a business plan for
the rehabilitation of the company, principally by changing its
primary business from mining and oil exploration to real estate
and energy development.  Mining, however, will continue to be
one of the company's secondary purposes.  In 1997, it
subsequently transformed to a holding company for manufacturing
concerns with the entry of the Wellex Group.  The company has
since then been able to initiate projects which have been true
to its vision.  In November 1999, WIN formalized the entry of
Plastic City Industrial Corporation (PCIC) into the group.  PCIC
is the Philippines' first fully integrated manufacturer of
plastic products used in a number of industries.

                    Going Concern Doubt

After auditing the company's financials for the year ended
December 31, 2006, Joycelyn J. Villaflores at Diaz Murillo
Dalupan and Co. raised significant doubt on the company's
ability to continue as a going concern.

The auditor cited these factors:

   * The company's deficit of PHP1.856 billion for 2006 and
     PHP1.369 bilion for 2005

   * The company's successive losses of PHP118.82 million for
     2006 and PHP61.52 million net loss for 2005.


* Peso Hits PHP44.35/US$1 Rate, Cues Central Bank's Intervention
----------------------------------------------------------------
The peso hit a seven-year high on Monday, closing at PHP44.35 to
the dollar.  This has brought the currency's cumulative gains
against the dollar so far to 10.5%, the BusinessWorld Online
reports.

According to one trader, the peso is expected to play at PHP44 a
dollar if it hits either PHP44.35 or PHP44.30.  Another trader
commented that the peso has more room to appreciate considering
that the central bank's 25-basis-point rate cut was not in
alignment with the US rates.

Strong dollar inflows can influence further rise by the peso,
the report relates.  

This latest rise by the peso has prompted the Bangko Sentral ng
Pilipinas to intervene once again by buying dollars, the article
relates.  According to one trader, the bank intervened at the
PHP44.50 and at PHP44.38 in a bid to slow down the peso's rise.  
The central bank's intervention acted as a bar to stop the peso
from appreciating too quickly.

"[The fast appreciation of the peso] may lead to volatility in
the market," a currency dealer commented.

                          *     *     *

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

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

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


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

BOON WAN: Requires Creditors to File Proofs of Debt by Oct. 26
--------------------------------------------------------------
The creditors of Boon Wan Holding Co Pte Ltd are required to
file their proofs of debt by October 26, 2007, to be included in
the company's dividend distribution.

The company's liquidators are:

         Sajjad A. Akhtar
         Chin Sek Peng Michael
         c/o PKF - CAP Advisory Partners Pte Ltd
         146 Robinson Road #08-01
         Singapore 068909


HOE SENG: Accepting Proofs of Debt Until October 26
---------------------------------------------------
Hoe Seng Huat Hardware Company (Private) Limited, which is in
voluntary liquidation, requires its creditors to file their
proofs of debt by October 26, 2007.

Failure to file proofs of claim by the due date will exclude a
creditor from joining in the company's dividend distribution.

The company's liquidators are:

         Sajjad A. Akhtar
         Chin Sek Peng Michael
         c/o PKF - CAP Advisory Partners Pte Ltd
         146 Robinson Road #08-01
         Singapore 068909


LEVI STRAUSS: Selects Vanessa Castagna & Stephen Neal on Board
--------------------------------------------------------------
Levi Strauss & Co. has elected two additional members to its
board of directors: Vanessa Castagna, a seasoned retail
executive, and Stephen Neal, the chairman and chief executive
officer of Cooley Godward Kronish LLP.  The company also said
that Pat House, a current LS&CO. director, was stepping down
from LS&CO.'s board at the end of this year.

                      Vanessa Castagna

"Vanessa brings 34 years of retail experience, including senior
leadership positions at Mervyns, JCPenney and Wal-Mart," said
LS&CO.'s chairman Bob Haas.  "We will benefit from Vanessa's
perspectives on both the wholesale side of our business, which
represents the majority of our sales, as well as on our growing
retail operations around the world.  Vanessa's a seasoned leader
who will add tremendous value to our strategic discussions and
board deliberations."

Ms. Castagna most recently led Mervyns department stores as its
executive chairwoman of the board from 2005 until earlier this
year.  Prior to Mervyns, Ms. Castagna served as chairman and
chief executive officer of JCPenney Stores, Catalog and Internet
from 2002 through 2004.  She joined JCPenney in 1999 as chief
operating officer, and was both president and COO in 2001.  Ms.
Castagna's extensive retail career includes senior-level
merchandising positions at retail companies including Wal-Mart,
Marshall's and Target.  Ms. Castagna joined Lazarus, a division
of Federated Department Stores, in 1972, after she was graduated
from Purdue University in 1971.

"I have a deep and very positive connection to Levi Strauss &
Co. going back more than two decades," said Ms. Castagna.
"Levi's(R) is a legendary and enduring global brand, and I am
excited and honored about the opportunity to work with the
company's leadership team and board to help drive future growth
and shareholder value."

Ms. Castagna was listed for four consecutive years as one of
Fortune magazine's "50 Most Powerful Women in Business" and for
two years as one of Forbes magazines "100 Most Powerful Women."
Ms. Castagna is a fundraiser for the Children's Miracle Network
and the New York University Medical Center's Rusk Institute. She
is also involved with the Boys and Girls Clubs of America, the
American Cancer Society, the American Red Cross, the March of
Dimes and the United Way.

                        Stephen Neal

Stephen Neal is the chairman and chief executive officer of the
law firm Cooley Godward Kronish.  In addition to his extensive
experience as a trial lawyer on a broad range of corporate
issues, Mr. Neal has represented and advised numerous boards of
directors, special committees of boards and individual directors
on corporate governance and other legal matters.  His clients
have included many large and high profile companies, such as
General Motors, PG&E, PacifiCare Health Systems and USG
Corporation.

"In recent years, Steve Neal has provided invaluable advice to
LS&CO.'s board, and I am very pleased to welcome him now as a
director," said Mr. Haas.  "Steve is a highly respected attorney
with deep knowledge and broad experience in corporate
governance.  We look forward to benefiting from his seasoned
perspectives."

"Levi Strauss & Co. has a well-deserved corporate reputation for
doing business distinctly and responsibly for more than 150
years," said Mr. Neal.  "I have tremendous respect and
admiration for the Haas family and LS&CO., and look forward to
working closely with the board and contributing to the company's
future success."

Prior to joining Cooley Godward in 1995 and becoming CEO in
2001, Mr. Neal was with Kirkland & Ellis in Chicago.  He started
there in 1973 and was a partner from 1978 until 1995.  He
received his J.D. from Stanford in 1973 after attending Harvard
as an undergraduate.

                          Pat House

"At the same time we are adding two new directors, I am
disappointed to announce the departure of Pat House," said Mr.
Haas.  "Pat, one of our directors since 2003, has decided to
leave the board as of the end of this year.  She recently joined
the Symphony Technology Group as an advisory board member and,
coupled with her other professional and civic activities,
unfortunately will no longer have the necessary time to devote
to our business.  I want to thank Pat for her insights,
enthusiasm and commitment the past four years.  She has been a
great help during our business transformation."


Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss
& Co. -- http://www.levistrauss.com/-- is one of the world's
largest brand-name apparel marketers with sales in more than 110
countries.  The company market-leading apparel products are sold
under the Levi's(R), Dockers(R) and Levi Strauss Signature(R)
brands.

Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss.  Shares of company stock are not
publicly traded.  Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has it raised
its ratings on San Francisco-based apparel company Levi Strauss
& Co. by one notch, including its long-term corporate credit
rating to 'B+' from 'B'.  S&P said the outlook is stable.


LEVI STRAUSS: Discloses Expiration of Consent Payment Deadline
--------------------------------------------------------------
Levi Strauss & Co. disclosed that the consent payment deadline
in connection with the cash tender offer and related consent
solicitation for any and all outstanding US$525.0 million
aggregate principal amount of its 12.25% Senior Notes due 2012
was on Oct. 3, 2007, at 5 p.m., New York City time.  The company
was seeking consent to amend the indenture under which the Notes
were issued to eliminate or make less restrictive most of the
restrictive covenants, and certain related events of default,
contained in the indenture.  Adoption of the proposed amendments
requires the consent of holders of at least a majority of the
aggregate principal amount of the Notes.  As of the consent
payment deadline, the company had received tenders of Notes and
deliveries of related consents from holders of approximately
US$505.7 million aggregate principal amount (or 96.3%) of the
Notes.  Accordingly, the requisite consents to adopt the
proposed amendments have been received.

The proposed amendments will become operative when the company
initially accepts the Notes for purchase pursuant to the terms
of the offer, which will occur promptly following, and subject
to, the satisfaction or waiver of the conditions to the offer,
including the company's amendment of its senior secured
revolving credit facility to increase its line of credit
thereunder by an additional US$200.0 million to US$750.0
million, which shall include a US$250.0 million tranche that is
secured by certain U.S. trademarks associated with the Levi's(R)
brand upon terms and conditions satisfactory to the company. The
company expects to accept for purchase Notes tendered prior to
the consent payment deadline on Oct. 11, 2007.

The tender offer yield for the Notes tendered and accepted will
be 4.565% and was determined as of 10 a.m. New York City time,
on Oct. 3, 2007 by reference to a fixed spread of 50 basis
points over the yield of 4.065% of the 4.375% U.S. Treasury Note
due Dec. 31, 2007 (as reported by Bloomberg Government Pricing
Monitor on "Page PX3"), as described in the Offer to Purchase
and Consent Solicitation Statement, dated Sept. 19, 2007.
Assuming an initial payment date of Oct. 11, 2007, the total
consideration for each US$1,000 principal amount of Notes
validly tendered and not validly withdrawn prior to
Oct. 3, 2007, is US$1,073.99, which includes an early consent
payment of US$30.00 per US$1,000 principal amount of the Notes.

Notes tendered may no longer be withdrawn except as required by
law.  As previously announced, the tender offer will expire at
midnight, New York City time, on Oct. 17, 2007, unless extended
or earlier terminated by the company.  Holders of Notes tendered
after the consent payment deadline but prior to the expiration
of the tender offer will not be entitled to the consent payment
of US$30.00 per US$1,000 aggregate principal amount of Notes.

The company has retained Credit Suisse as dealer manager and
solicitation agent in connection with the tender offer and
consent solicitation.  Questions about the tender offer and
consent solicitation may be directed to Credit Suisse at 212-
325-4951 (collect).  Holders can request documents from D.F.
King & Co., Inc., the information agent and tender agent, at
888-887-0082 (U.S. toll free) or 212-269-5550 (collect).

Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss
& Co. -- http://www.levistrauss.com/-- is one of the world's
largest brand-name apparel marketers with sales in more than 110
countries.  The company market-leading apparel products are sold
under the Levi's(R), Dockers(R) and Levi Strauss Signature(R)
brands.

Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss.  Shares of company stock are not
publicly traded.  Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has it raised
its ratings on San Francisco-based apparel company Levi Strauss
& Co. by one notch, including its long-term corporate credit
rating to 'B+' from 'B'.  S&P said the outlook is stable.


POLYONE CORP: To Pay US$15.2 Mil. Remediation Charge in 3rd Qtr.
----------------------------------------------------------------
PolyOne Corporation said Friday that it will take a special
charge in the third quarter of 2007 for remediation costs at a
site located in Calvert City, Kentucky.

PolyOne has been informed of rulings by the United States
District Court for the Western District of Kentucky on several
pending motions in the case of Westlake Vinyls Inc. v. Goodrich
Corporation, et al., which has been pending since 2003.  The
Court held that third-party defendant PolyOne must pay the
remediation costs at the former Goodrich Corporation (now
Westlake Vinyls, Inc.) Calvert City facility, together with
certain defense costs of Goodrich Corporation.  The rulings also
provided that PolyOne can seek indemnification for contamination
attributable to estlake.

The environmental obligation at the site arose as a result of an
agreement by PolyOne's predecessor, the Geon Company, at the
time of its spin-off from Goodrich Corporation in 1993, to
indemnify Goodrich for environmental costs at the site.  Neither
PolyOne nor the Geon Company ever owned or operated the
facility.  Subject to the indemnification and other potential
recovery rights discussed below, PolyOne will make a good faith
payment of certain past remediation invoices.  PolyOne currently
estimates that the negative impact on third-quarter 2007 net
income for this payment will be a special charge of
approximately US$15.2 million.

In addition, as a result of the rulings in the litigation, in
accordance with U.S. generally accepted accounting principles,
PolyOne will adjust its environmental reserve from US$59.0
million
at June 30, 2007, a portion of which already relates to the
Calvert City site.  The uncertainty associated with the
litigation does not make it possible to conclusively determine  
what PolyOne's environmental reserve will be upon resolution of
the case, but PolyOne will increase the reserve in the third
quarter of 2007, resulting in a charge of approximately US$18.7
million (after tax) in the third quarter for remediation costs.  
Should the rulings stand, PolyOne expects that the annual
additional cash cost for this remediation will be approximately
US$1.5 million to US$2.0 million.

PolyOne retains the right to appeal the decisions in this case,
will vigorously pursue insurance proceeds and reimbursement for
costs incurred to the extent attributable to actions or inaction
by Westlake and will challenge amounts that PolyOne believes
were improperly invoiced by Goodrich Corporation.  PolyOne
intends to decrease the environmental reserve in future periods
upon receipt of recoveries from Westlake, applicable insurance
policies or other sources.

                         About PolyOne

Headquartered in Avon Lake, Ohio, PolyOne Corp. --
http://www.polyone.com/-- is a global compounding and North       
American distribution company with operations in thermoplastic
compounds, specialty polyvinyl chloride (PVC) vinyl resins,
specialty polymer formulations, color and additive systems, and
thermoplastic resin distribution, with equity investments in
manufacturers of PVC resin and its intermediates.  The company
has 53 manufacturing sites and 14 warehouses in North America,
Europe and Asia.  The company maintains operations in China,
Colombia, Thailand and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Fitch Ratings upgraded PolyOne Corporation's Issuer Default
Rating to 'BB-' from 'B', Senior unsecured debt and debentures
to 'BB-' from 'B+/RR3', and rating outlook to stable.


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

TMB BANK: Board to Finalize Recapitalization Details on Oct. 18
---------------------------------------------------------------
TMB Bank PCL's board of directors will hold a meeting on Oct. 18
to finalize details of the company's recapitalization, the
Bangkok Post reports.

According to the article, Finance Minister Chalongphob
Sussangkarn said that the recapitalization is likely to be done
by year's end, at which time he said ING Bank will take a 24.99%
minority shareholding in the bank.  Negotiations with ING are at
an advanced stage, Mr. Chalongphob added.

TMB will hold a stockholders' meeting on November 26 in the
event that both sides approve the deal, the Post says.

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

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

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

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


=============
V I E T N A M
=============

* Vietnam Government Fails to Sell VND500-Billion Bonds
-------------------------------------------------------
The State Treasury of Vietnam failed to sell any of its
VND500 billion (US$31 million) five-year bonds at an auction on
Oct. 4, 2007, Reuters reports, citing a Hanoi stock market
statement.

According to the report, the over-the-counter exchange said in
its statement that 12 bidders sought to buy the bonds at between
8.1% and 9%, above the 7.9% ceiling rate that the State Treasury
had been prepared to accept bids.

At the last auction of government bonds on Sept. 20, the State
Treasury sold only VND300 billion worth of its 5-year debt at an
annual coupon of 8%, while it sought to raise VND700 billion,
Reuters notes.

The report cites the government as stating that disbursement for
transport and irrigation projects using proceeds from government
bonds so far this year had been extremely slow.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sept. 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Socialist Republic of Vietnam.  The
outlook is stable.

"The ratings on Vietnam reflect its low-income economy and
developing financial system, which increase the vulnerability of
the economy to severe shocks that could significantly increase
the public financial burden," said Standard & Poor's credit
analyst Kim Eng Tan of the Sovereign Ratings group.  "In
addition, the strain of necessary infrastructure building is
heavy at this stage of Vietnam's economic development.  This
prevents the government from building up an adequate financial
buffer against potential economic shocks."


* Vietnam's Economy Grows More Than 8% in 9 Months to September
---------------------------------------------------------------
Vietnam's economy had grown by more than 8% so far in 2007,
which counted as its best performance for nearly 10 years,
Agence France-Presse reports.

Specifically, according to Reuters, Vietnam's economy expanded
8.16% in the first nine months of this year from a year earlier.
The figure showed that growth was running below the government's
full-year target of 8.5%.

If growth over the rest of 2007 were more than 9%, then economic
expansion over the year "would be at 8.4 and 8.5 percent,
reaching the set target," AFP cites Do Manh Hung, the General
Statistics Office's chief, as saying in a statement.

According to Reuters, a General Statistics Office report shows
that growth in the third quarter of 2007 rose to 8.69% against
the year-earlier period, from 7.98% in the second quarter and
7.73% in the first quarter.

Reuters says that Vietnam needs to boost market reforms to
ensure sustainable growth as its fast-expanding economy has
triggered high inflation, a soaring trade deficit and widening
income gaps, economists say.

In September, inflation was 8.8% from a year ago, while the
nine-month trade deficit more than doubled to US$7.6 billion
from US$3.4 billion in the same period last year, Reuters points
out.

The number of poor households accounted for 14.75% of the
population, mostly in the northern mountainous and central
highlands areas, AFP relates.  Morever, about 2.2 million people
out of a population of 84 million did not have sufficient food
between January and September, the statistics report stated.

The World Bank last month hailed Vietnam's fight against poverty
as a success story but also urged reforms as the communist
country aims for middle-income status, AFP adds.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sept. 18,
2007, that Standard & Poor's Ratings Services affirmed its
'BB/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Socialist Republic of Vietnam.  The
outlook is stable.

"The ratings on Vietnam reflect its low-income economy and
developing financial system, which increase the vulnerability of
the economy to severe shocks that could significantly increase
the public financial burden," said Standard & Poor's credit
analyst Kim Eng Tan of the Sovereign Ratings group.  "In
addition, the strain of necessary infrastructure building is
heavy at this stage of Vietnam's economic development.  This
prevents the government from building up an adequate financial
buffer against potential economic shocks."


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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






                           *********

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

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

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




                            *********


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

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