TCRAP_Public/071012.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, October 12, 2007, Vol. 10, No. 203

                            Headlines

A U S T R A L I A

AKYMAN FINANCIAL: Members and Creditors to Meet on Oct. 19
ALL TIMBER: Joint Meeting Set for October 23
BAYVIEW HOTEL: Will Declare First and Final Dividend on Oct. 22
J.A.K. NOMINEES: Members Resolve to Liquidate Business
JANONA INVESTMENTS: Members to Hear Wind-Up Report on Oct. 29

JOHN REEVES: To Declare First & Final Dividend on Oct. 22
MAINEX PTY: Members to Hold Final Meeting on October 29
PERTWEE PRODUCTIONS: Sets Final Meeting for October 19
RISCHITELLI TRANSPORT: Members & Creditors to Meet on Oct. 11
SOUTH EASTERN: Sets Joint Annual & Final Meeting on October 18

SUNCORP-METWAY: Tightens Guidance on Sterling Bond
* Credit Quality of Materials & Energy Sector Cools, S&P Says


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Plans to Cut Ownership in Rural Branches
AGRICULTURAL BANK: Issues CNY12 Bil. Bonds Thru Public Bidding
BALL CORP: Reports Settlement Over Breach of Contract Dispute
EASTERN WOOD: Annual Meeting Set for Oct. 18
EMI GROUP: Converts US$243 Million Guaranteed Bonds

FERRO CORP: Opens Solar Paste Production Facility in China
HERCULES INC: Earns US$34.5 Million in Second Qtr. Ended June 30
HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion
HONG KONG FUJIDENKI: Members' General Meeting Set for Oct. 31
INTELSAT LTD: Inks National Hockey Network Transmission Pact

INT'L PAPER: Paying US$0.25 Per Share Quarterly Dividends
INT'L PAPER: Lower Land Sales Earnings to Impact 3Qtr. Profits
INTERNATIONAL PAPER: Earns US$190 Mil. in Quarter Ended June 30
JIANGXI COPPER: Prices A Share at CNY31.3 in Shanghai IPO
LAURENTIAN ASIA: Liquidator to Present Wind-Up Report on Nov. 5

MAN CHEONG: Creditors' Meeting Set for October 23
NATIONAL STARCH: Members to Hold Final Meeting on Oct. 29
REGENT BONUS: Members & Creditors to Meet on Oct. 18
SHANGHAI ZENDAI: Moody's Keeps B2 Ratings on Disposal of Assets
SHENZHEN SEG: Prepares to Launch Share Offering

SUNBEAM REALTY: Members to Hold General Meeting on October 31
TRI-BEST: Members' Final General Meeting Set for Oct. 30
WORLD UNIVERSAL: Annual Meetings Set for October 18
XINHUA FINANCE: Appoints Dr. Chen as Head of Ratings Division
YMT OVERSEAS: Liquidator to Give Wind-Up Report on Oct. 30


I N D I A

AES CORP: Prices US$2 Billion Private Debt Placement
AES CORP: Moody's Rates Proposed US$500MM Sr. Unsec. Notes at B1
AES CORP: S&P Affirms BB- Credit Ratings with Stable Outlook
AES CORP: Fitch Rates US$500 Million Senior Notes at BB
GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified

ICICI BANK: Slashes Interest Rates on Retail Loans
STATE BANK OF INDIA: Cuts Interest Rates on Home and Car Loans
TATA MOTORS: Enters Into Industrial JV With Fiat Group
TATA POWER: To Put in INR6,000 Crore in Jojobera Plant
TATA STEEL: Jharkhand Government Extends MOU by Three Years


I N D O N E S I A

ANEKA TAMBANG: To Buy 10% Stake of Newmont Mining's Gold Mine
BANK NEGARA: Pefindo Upgrades Bond I/2003's Rating to "idA"
BANK NISP: To Sell Great Eastern Insurance Products in 2008
BANK NISP: Pefindo Upgrades Company Ratings to "idAA-"
CILIANDRA PERKASA: Pefindo Assigns "idA-" Company Ratings

GOODYEAR TIRE: Extends Procurement Outsourcing Deal with ICG
INDAH KIAT: To Import Pulp from Finland and New Zealand
GARUDA INDONESIA: To Add 1,096 Seats on Perth-Bali Route


J A P A N

ALL NIPPON: Says Dreamliner Delivery Delay Has No Huge Impact
IHI CORP: Admits Delay in Stating H1 Results is Due to Losses
SANYO ELECTRIC: Kyocera Offers JPY70 Billion for Handset Unit
SOJITZ CORP: To Spend AU$250MM for Coal Mine Project w/ Marubeni


K O R E A

DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal
REMY WORLDWIDE: Receives Court Approval on First-Day Motions


M A L A Y S I A

CNLT (FAR EAST): Defaults on MYR60-Million Bank Loan
OCI BERHAD: Unit Placed Under Receivership by CIMB Bank
PECD BERHAD: Senior Executive Remains in Jail on Fraud
STAR CRUISES: Sale of Superstar Gemini to Conclude Soon
SHAW GROUP: Bags Deals fron Army Corps & Dept. of Agriculture

SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17
SOLUTIA INC: Named as Co-Defendant in US$685MM Cancer Lawsuits
TENGGARA OIL: Faces Malayan Banking's Wind-Up Petition


N E W  Z E A L A N D

BRUCE HAYWARD: Wind-Up Petition Hearing Set for Nov. 12
CATWALK PRODUCTIONS: Court to Hear Wind-Up Petition on Oct. 18
CNI TECH: Court Sets Wind-Up Petition Hearing for Dec. 6
CONSTANT TRENDZ: Fixes October 19 as Last Day to File Claims
DALE PROPERTIES: Commences Liquidation Proceedings

EMPOWER TRUSTEE: Shareholders Agree on Voluntary Liquidation
FORTEC PERFORMANCE: Subject to CIR's Wind-Up Petition
LAKE TAUPO: Faces CIR's Wind-Up Petition
LDC FINANCE: Secured Investors to Recoup Investment in Full
SATCOM TELEVISION: Shareholders Resolve to Liquidate Business

SETTLEMENT BEVERAGE: Court to Hear Wind-Up Petition on Oct. 18


P H I L I P P I N E S

CHINA BANKING: To Sell Off Remaining 12.5% of Manila Bank
NAT'L POWER: Fitch Affirms 'BB' Rating to Fixed Rate Notes
* 8-Month Exports Rise 4.8% Despite Declining Figures in August
* Measures to Polish Revenue May Cue Positive Outlook, S&P Says


S I N G A P O R E

AV NEWCO: Requires Creditors to File Proofs of Debt by Nov. 12
DOMINION TEXTILE: Requires Creditors to File Claims by Nov. 4
MANDATE HOLDINGS: Court to Hear Wind-Up Petition on Oct. 19
SEA CONTAINERS: Wants to Allocate Funds to Two Non-Debtor Units
SUMMERWIND TRADING: Wind-Up Petition Hearing Set for Oct. 19


T H A I L A N D

ARVINMERITOR INC: Signs Six-Year Contract with Electronic Data
TRUE CORP: Reports on Conversion of Preferred to Ordinary Shares


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

AKYMAN FINANCIAL: Members and Creditors to Meet on Oct. 19
----------------------------------------------------------
A final meeting will be held for the members and creditors of
Akyman Financial Services Pty Ltd on October 19, 2007, at 10:30
a.m.

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

The Liquidator can be reached at:

         B. A. Secatore
         Cor Cordis Chartered Accountants
         406 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Akyman Financial

Akyman Financial Services Pty Ltd is a distributor of computer
peripheral equipments.  The company is located at Brighton, in
Victoria, Australia.


ALL TIMBER: Joint Meeting Set for October 23
--------------------------------------------
The members and creditors of All Timber (Aust) Pty Ltd will hold
their joint meeting on October 23, 2007, at 10:30 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         John Lindholm
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 4922
         Facsimile:(03) 9642 5887

                         About All Timber

All Timber (Aust) Pty Ltd is a distributor of lumber and other
building materials.  The company is located at Sunshine, in
Victoria, Australia.


BAYVIEW HOTEL: Will Declare First and Final Dividend on Oct. 22
---------------------------------------------------------------
Bayview Hotel Pty Ltd will declare its first and final dividend
on October 22, 2007.

Creditors who were not able to file their claims by that day
will be excluded from sharing the company's dividend
distribution.

The members will also hold their final meeting on October 29,
2007, at 9:45 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham, Victoria 3192
         Australia

                       About Bayview Hotel

Bayview Hotel Pty Ltd, which is also trading as Locanda Venta,
is in the business of hotels and motels.  The company is located
at South Melbourne, in Victoria, Australia.


J.A.K. NOMINEES: Members Resolve to Liquidate Business
------------------------------------------------------
During a general meeting held on August 31, 2007, the members of
J.A.K. Nominees Pty Limited resolved to voluntarily liquidate
the company's business.

James Patrick Downey was appointed as liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         J P Downey & Co
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


JANONA INVESTMENTS: Members to Hear Wind-Up Report on Oct. 29
-------------------------------------------------------------
The members of Janona Investments Pty Ltd will meet on Oct. 29,
2007, at 10:15 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company will also declare the first dividend on October 22,
2007.

The company's liquidator is:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham, Victoria 3192
         Australia

                    About Janona Investments

Janona Investments Pty Ltd operates holding companies.  The
company is located at Toorak, in Victoria, Australia.


JOHN REEVES: To Declare First & Final Dividend on Oct. 22
---------------------------------------------------------
John Reeves Pty Ltd will declare its first and final dividend on
October 22, 2007.

Creditors must file their proofs of debt by that day to be
included in the company's dividend distribution.

The company's members will also hold a meeting on Oct. 29, 2007,
at 11:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham, Victoria 3192
         Australia

                        About John Reeves

John Reeves Pty Ltd operates auto and home supply stores.  The
company is located at Yarrawonga, in Victoria, Australia.


MAINEX PTY: Members to Hold Final Meeting on October 29
-------------------------------------------------------
The members of Mainex Pty Ltd will hold a final meeting on
October 29, 2007, at 10:45 a.m., to hear the liquidator's report
on the company's wind-up proceedings and property disposal.

Creditors are also required to file their proofs of debt by
October 22, 2007, to be included in the company's dividend
distribution that will be held on that day.

The company's liquidator is:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham, Victoria 3192
         Australia

                         About Mainex Pty

Mainex Pty Ltd operates metals service centers and offices.  The
company is located at North Sydney, in New South Wales,
Australia.


PERTWEE PRODUCTIONS: Sets Final Meeting for October 19
------------------------------------------------------
Pertwee Productions Pty Ltd will hold its final meeting on
October 19, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         A. L. Dunner
         Andrew Dunner & Associates
         Chartered Accountants
         23 Erin Street, Richmond
         Australia

                   About Pertwee Productions

Pertwee Productions Pty Ltd provides business services.  The
company is located at St Kilda, in Victoria, Australia.


RISCHITELLI TRANSPORT: Members & Creditors to Meet on Oct. 11
-------------------------------------------------------------
A joint meeting will be held for the members and creditors of
Rischitelli Transport Pty Ltd on October 11, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         John Lindholm
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 4922
         Facsimile:(03) 9642 5887

                  About Rischitelli Transport

Rischitelli Transport Pty Ltd is involved in the business of
trucking, except local.  The company is located at Fairfield, in
Victoria, Australia.


SOUTH EASTERN: Sets Joint Annual & Final Meeting on October 18
--------------------------------------------------------------
South Eastern Elastomers Pty Ltd will hold a joint annual and
final meeting for its members on October 18, 2007, at 10:00 a.m.

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

The company's liquidator is:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                      About South Eastern

South Eastern Elastomers Pty Ltd is a distributor of fabricated
rubber products.  The company is located at Dandenong, in
Victoria, Australia.


SUNCORP-METWAY: Tightens Guidance on Sterling Bond
--------------------------------------------------
Suncorp-Metway Ltd. has tightened guidance on its planned
GBP325 million 10-year lower tier 2 bond, callable after five
years, reports Reuters.

The company, Reuters says, tightened guidance to mid-swaps plus
95 basis points from initial guidance of mid-swaps plus 100 to
105 basis points.

Reuters, citing an official at one of the banks managing the
sale, conveys that the deal is expected to be launched and
priced later on Wednesday.

Joint lead managers for the deal are JP Morgan and UBS.

                    About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's
Individual Rating.

Subsequently, on May 4, 2007, Moody's Investors Service rated
Suncorp-Metway's bank financial strength a 'B-'.


* Credit Quality of Materials & Energy Sector Cools, S&P Says
-------------------------------------------------------------
Credit quality across Australia's materials and energy sectors
is expected to remain subdued in the near term, even though many
companies are benefiting from the ongoing resources boom,
Standard & Poor's Ratings Services said in a report published on
October 10, 2007.

The report, titled "Industry Report Card: Red-Hot Miners Buoy
Australian Materials And Energy Sector, But Credit Quality
Cools", examines the credit profiles of companies operating in
the following sectors: building products, construction and
engineering, packaging, chemicals, mining and metals, and oil
and gas.

"A range of factors are keeping a firm lid on credit quality,"
Standard & Poor's credit analyst Peter Stephens said.  "For
example, debt-funded M&A, rising capital expenditure, and
shareholder friendly capital-management initiatives are soaking
up excess liquidity generated by higher commodity prices.  At
the same time, rising costs for energy, shipping, skilled labor,
and other inputs are adding further pressure."

Although rating downgrades are likely to continue to outpace
upgrades in the near term, we expect financial policies and
credit metrics among the majority of the industry's rated
players to remain relatively sound and supportive of underlying
credit quality.  Furthermore, although global credit markets
have tightened in the past six months, most of Australia's rated
materials and energy corporates have adequate or strong
liquidity to meet any upcoming debt maturities and capital-
spending requirements.


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

AGRICULTURAL BANK: Plans to Cut Ownership in Rural Branches
----------------------------------------------------------
Agricultural Bank of China may move some of its 14,500 rural
branches to independent companies in order to speed up a
government bailout and sell shares for the first time, Bloomberg
News reports.

According to the report, the bank plans to reduce its ownership
in unprofitable offices to trim delinquent debt, a draft of a
government proposal obtained by Bloomberg News reveals.

The draft proposal, which is being reviewed by the State Council
and was translated by Bloomberg News, didn't indicate who will
take stakes in the new companies that own the branches.
Agricultural Bank spokesman Liu Hengbao said he's unaware of the
document.

Agricultural Bank had almost 500,000 employees and 25,000
branches at the end of last year.  That compares with 351,000
workers and 18,000 outlets for ICBC, the country's third-largest
company by market value, whose assets are 42% bigger than those
of Agricultural Bank.  By separating offices in cities from
rural areas and reorganizing 7,250 branches, Agricultural Bank
can reduce employees and cut as much as CNY11 billion
(US$1.5 billion) of costs a year, the proposal said.  The firm
earned CNY5.8 billion in 2006.

The company would keep rural branches in more profitable areas.
Those in the less-developed northeastern region near North
Korea, the Midwest and the least-developed western parts close
to Nepal, will become independent, according to the document.

Rural operations contribute "very little" to profit, Vice
President Han Zhongqi said at a press conference in February.
The restructuring proposal said the independent banks in the
countryside will receive government support, without being more
specific.

China, according to Bloomberg, has spent about US$500 billion
bailing out its biggest lenders over the past decade.  The three
largest -- Industrial & Commercial Bank of China Ltd., Bank of
China Ltd., and China Construction Bank Corp. -- raised a
combined US$53 billion selling shares in the past two years.
Agricultural Bank's cleanup has been delayed because 235 of its
loans aren't getting paid, according to its latest annual
report.

"It allows the restructuring to proceed quickly to the next
stage," said Liao Qiang, a Beijing-based analyst at Standard &
Poor's.  "There are still uncertainties about any responsibility
to aid subsidiaries suffering difficulties."

Agricultural Bank's bad-loan ratio is four times the average of
its Chinese rivals, according to data from the industry
regulator and annual reports, the news agency reveals.  Its
cost-to-income ratio exceeds 50 percent, compared with about 40
percent at competitors.

Standard & Poor's estimates the government may have to spend
US$200 billion to bail out the company by removing bad loans and
injecting capital.  That's almost double what China spent
recapitalizing ICBC in 2005.

China's cabinet decided in December to keep Agricultural Bank
whole rather than break it up to preserve financial services to
farmers.  The new proposal would allow the government to keep
its commitment and the bank would remain the biggest shareholder
in its local network.


The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


AGRICULTURAL BANK: Issues CNY12 Bil. Bonds Thru Public Bidding
--------------------------------------------------------------
The Agricultural Bank of China issued the 17 batch of financial
bonds valued at CNY12 billion this year by public bidding,
Thomson Financial reports.

The financial bonds issued have a term of three years and will
have floating interest rates.

The benchmark interest rate for bonds issued this time will be
the five-day average of Shibor in three months, and the interest
will be paid quarterly.


The Agricultural Bank of China --
http://www.abchina.com/en/hq/index.jsp/index.html-- is the
mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter-Asia Pacific reported on June 27,
2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


BALL CORP: Reports Settlement Over Breach of Contract Dispute
-------------------------------------------------------------
Ball Corporation has announced today that Ball Metal Beverage
Container Corp. and Miller Brewing Company had settled their
dispute regarding an alleged breach of contract by Ball Metal.

Under the settlement, Ball Metal will continue to supply all of
Miller's beverage can and end requirements through 2015.  Miller
Brewing Co. is one of Ball Metal's largest customers.

Ball Metal will make a one-time payment to Miller in January
2008 of approximately US$70 million to resolve various business
issues between the parties, who have also agreed to make certain
adjustments to the provisions of Ball Metal's supply
arrangements with Miller.  Further details of the settlement are
confidential.  The overall settlement will result in a third
quarter charge to Ball of approximately US$86 million
(approximately US$52 million after tax).

"We are pleased to have this dispute behind us and that the good
faith mediation process resulted in this settlement," said R.
David Hoover, chairman, president and CEO of Ball Corporation.
"We value Miller Brewing Company's business and are proud to
have been a past recipient of numerous supplier awards from
Miller.  We look forward to performing to the same high level
that merited these awards during the remaining eight-plus years
of our contract."

Ball Corporation is a supplier of high-quality metal and plastic
packaging products for beverage, food and household customers,
and of aerospace and other technologies and services, primarily
for the U.S. government.  Ball Corporation and its subsidiaries
employ more than 15,500 people worldwide and reported 2006 sales
of US$6.6 billion.

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and
plastic packaging products.  It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.
Ball Corp. reported sales of US$5.7 billion in 2005 and the
company employs about 13,100 people worldwide, including
Argentina, Hong Kong and China.

                       *     *     *

As of July 30, 2007, the company holds Moody's Ba1 long-term
corporate family rating, bank loan debt, senior unsecured debt,
and probability of default rating.  Moody's said the outlook is
stable.

Standard & Poor's rates the company's long-term foreign and
local issuer credits at BB+ with a stable outlook.

Fitch also rates the company's bank loan debt at BB+ and long-
term issuer default rating and senior unsecured debt at BB.
Fitch said the outlook is stable.


EASTERN WOOD: Annual Meeting Set for Oct. 18
--------------------------------------------
The members and creditors of Eastern Wood Investment Limited
will hold their annual meeting on October 18, 2007, at 9:15 a.m.
and 10:30 a.m., respectively.

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

The meeting will be held at the 27th Floor of Alexandra House,
18 Chater Road, in Central, Hong Kong.


EMI GROUP: Converts US$243 Million Guaranteed Bonds
---------------------------------------------------
EMI Group Finance (Jersey) Limited announced Oct. 8, 2007, that
all of the outstanding US$243,343,000, 5.25% guaranteed
convertible bonds due 2010 have been converted in accordance to
the terms and conditions of the bonds.

The bonds were guaranteed by EMI Group Ltd. (fka. EMI Group Plc)
and Capitol Records, Inc. and convertible into 5.25%
exchangeable redeemable preference shares of EMI Group Finance
(Jersey) Ltd., which are immediately exchangeable for ordinary
shares in EMI Group Ltd.

The bonds will be delisted from the London Stock Exchange and
there are no further bonds outstanding.

                        About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                       *     *     *

As reported on Aug. 6, 2007, Moody's Investors Service
downgraded EMI Group plc's corporate family and senior debt
ratings to B1 (from Ba3).  All ratings remain under review for
downgrade.

Ratings downgraded to B1 (under review for further downgrade)
are:

EMI Group plc

  -- CFR and the ratings of the 8.25% GBP bonds due 2008 and
     the 8.625% Euro notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

  -- the rating of the 8.375% guaranteed notes due 2009.

All ratings remain under review for possible downgrade.  Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.

Moody's ongoing review will now be focused on :

  (i) the new entity's capital structure and financial policies

(ii) the relative position of the rated instruments within the
      new capital structure and their relative ranking amongst
      each other and relative to other classes of debt (to the
      extent they remain outstanding) and

(iii) the outlook for the global music markets and the
      company's operational plans.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


FERRO CORP: Opens Solar Paste Production Facility in China
----------------------------------------------------------
Ferro Corporation will begin construction in fourth quarter 2007
on a 16,500-square-meter (177,604-square-foot) facility in
Suzhou, China, where it will produce aluminum pastes for the
Southeast Asia solar cell manufacturing market.

The new site is expected to begin production in the third
quarter of 2008 and will include expansion capacity to
accommodate expected growth of Ferro Electronic Material
Systems' business positions in China and Asia for products such
as silver pastes, surface technology products, multi-layer
materials, electronic glass, and precious metal powders.

"Ferro currently is the leading supplier of conductive pastes to
the worldwide solar industry," noted Barry Russell, Vice
President, Electronic Material Systems.  "This project positions
us to better serve the booming Southeast Asian market, where
solar cell production is forecast to grow at over 40% through
2011.  A local site will allow us to more cost-efficiently
produce and deliver our high-demand aluminum pastes to the
market.  It is yet another step in our key strategy to move
support closer to our customers."

Russell noted that this new production capability will be
complimented by Ferro's existing local applications laboratories
in Suzhou and in Tsukuba, Japan, which serve customers with
custom paste production, technical support and application
problem solving.

Ferro's new solar paste production site will adjoin other Ferro
facilities in the Suzhou Industrial Park, where the company
currently produces frits and colors used in tile and porcelain
enamel coatings and electrolytes used in the manufacture of
lithium batteries and other specialty chemical products.

Ferro Electronic Material Systems has been supplying high-value
conductive pastes to the solar industry for more than 25 years.

                   About Ferro Electronic

Ferro Electronic Material Systems produces metal pastes and
powders for solar energy applications, advanced packaging and
thick film conductors; chemical mechanical planarization
slurries for semiconductors and advanced integrated circuits;
dielectrics used in passive chip components and multilayer
ceramic capacitors; and surface finishing materials for LCD,
hard disk and ophthalmic lens polishing.  Ferro Electronic
Material Systems is based in Cleveland, and has production,
laboratory, sales, and technical support facilities around the
world, including Vista, CA; Penn Yan and Niagara Falls, NY;
South Plainfield, NJ; Haverhill, United Kingdom; Uden, The
Netherlands; Hanau, Germany; Tsukuba, Japan; and Suzhou, China.

                     About Ferro Corp.

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

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


HERCULES INC: Earns US$34.5 Million in Second Qtr. Ended June 30
----------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended
June 30, 2007, of US$34.5 million as compared to a net loss of
US$52.3 million for the second quarter of 2006.

Net sales in the second quarter of 2007 were US$549.0 million,
an increase of 10% from the same period last year.  Net sales
for the six months ended June 30, 2007 were US$1.05 billion, an
increase of 10% from the prior year, excluding the impact of the
FiberVisions transaction.  For the second quarter, volume and
pricing increased by 7% and 1%, respectively.  Rates of exchange
increased sales by 3% during the quarter, while mix was 1%
unfavorable.

Net sales in the second quarter of 2007 increased in all major
regions of the world versus the prior year.  Sales increased 4%
in North America, 18% in Latin America, 15% in Europe, and 11%
in Asia Pacific.

Reported profit from operations in the second quarter of 2007
was US$74.5 million, an increase of 14% compared with US$65.6
million for the same period in 2006.

Cash flow from operations for the six months ended
June 30, 2007, was US$140.5 million as compared to US$64.0
million for the same period last year.  The company has now
received US$221.7 million, including US$23.2 million in July, of
a total US$240 million in expected federal and state tax
refunds.  The company also paid US$124 million in May 2007 in
connection with the Vertac litigation.

"The second quarter results demonstrate continued strong sales,
earnings and cash flow growth," said Craig A. Rogerson,
president and chief executive officer.  "Both business
franchises, Aqualon and Paper Technologies and Ventures,
continue to deliver solid performance."

Interest and debt expense was US$17.8 million in the second
quarter of 2007, an increase of US$1.1 million or 7% compared
with the second quarter of 2006, reflecting increased variable
short term rates, partially offset by lower outstanding debt
balances and improved debt mix.

Net debt was US$721.2 million at June 30, 2007, a decrease of
US$102 million from year-end 2006.  Cash and cash equivalents
were US$237.9 million at June 30, 2007, as compared to US$171.8
million at year-end 2006.

Capital spending was US$53.8 million for the first six months of
the year as compared to US$22.9 million in the same period last
year.  The increase in spending is directed toward growth and
expansion projects in our businesses globally.

                       Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$2.77 billion in total assets, US$2.36 billion in total
liabilities, and US$403.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?241f

                       About Hercules Inc.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Standard & Poor's Ratings Services revised its
outlook on Wilmington, Delaware-based Hercules Inc. to positive
from stable and affirmed the existing 'BB' corporate credit
rating.


HEXCEL CORP: Embarks on US$180-Million Carbon Fiber Expansion
-------------------------------------------------------------
Hexcel Corporation will expand its carbon fiber production
capacity through the addition of both new carbon fiber lines and
a new precursor line.  The construction will be completed within
two years, increasing Hexcel's carbon fiber production nameplate
capacity by approximately 70% to a total of about 16 million
pounds.  The expansion is needed to meet existing customer
forecasts in commercial aerospace, space & defense and strategic
industrial applications such as the recently announced contract
for rotor tubes for the American Centrifuge Plant.

Commenting on the expansion investment, Mr. David E. Berges,
Hexcel's Chairman and Chief Executive Officer said, "We are
excited by the accelerating demand for carbon fiber composites,
driven by market growth and the increasing penetration of these
materials, particularly in commercial aerospace.  As a world
leader in advanced structural materials, Hexcel is committed to
supporting this growth through product development and capacity
expansion. The expansion will cost about US$180 million spread
over 2007, 2008 and 2009.  Our team has done an outstanding job
on our first expansion, and the knowledge gained has enabled us
to continue to drive down capital costs per pound and shorten
the time for construction and qualification."

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France,
Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


HONG KONG FUJIDENKI: Members' General Meeting Set for Oct. 31
-------------------------------------------------------------
The members of Hong Kong Fujidenki Co. Limited will hold their
final general meeting on October 31, 2007, at 11:00 a.m., at the
20th Floor of Prince's Building, in Central, Hong Kong.

At the meeting, Rainier Lam Hok Chung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


INTELSAT LTD: Inks National Hockey Network Transmission Pact
------------------------------------------------------------
Intelsat Ltd. has signed a contract with the National Hockey
League Network for distribution services of its new HD channel.
The NHL Network transmission agreement is for full-time Intelsat
capacity throughout the continental United States.

The NHL Network, the League's 24-hour HD sports network, will
transmit via Intelsat's Galaxy 15 satellite, located at 133
degree W.  Intelsat's Galaxy 15 satellite resides within
Intelsat's Galaxy neighborhood, and reaches thousands of cable
headends, making it ideal for this channel launch.

"Key cable distribution access is paramount for us as we begin
the launch campaign for our HD channel," said Patti Fallick, NHL
Group Vice President of Media Operations and Planning.
"Intelsat's flexible network, market access and in-orbit
redundancy helps ensure near- and long-term business growth for
our new channel."

"High Definition is truly at its tipping point and its growth
continues to be fueled by sports programming," said Ron
Rosenthal, Intelsat's Regional Vice President, Broadcast
Solutions.  "Our ability to tailor customized solutions for both
full-time and occasional use HD and SD video services is what
continues to set us apart from other operators."

The NHL Network joins a list of anchor tenants, such as FOX,
ESPN and HBO, who rely on Intelsat's Galaxy neighborhood for
transmission of their HD programming.  Globally, Intelsat
currently supports more than 26 HD channels.

Intelsat, headquartered in Bermuda, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.

Intelsat has sales offices in Australia, China, Japan, and
Singapore.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Moody's Investors placed the long-term debt
ratings of the Intelsat Ltd. group of companies on review for
possible downgrade.

Issuer: Intelsat (Bermuda), Ltd.

-- Senior Unsecured Bank Credit Facility, Placed on Review for
    Possible Downgrade, currently B2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Caa1

Issuer: Intelsat Corporation

-- Senior Secured Bank Credit Facility, Placed on Review for
    Possible Downgrade, currently Ba2

-- Senior Secured Regular Bond/Debenture, Placed on Review for
    Possible Downgrade, currently Ba2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently B2

Issuer: Intelsat Holding Corporation

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Caa1

Issuer: Intelsat Intermediate Holding Company, Ltd.

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently B3

Issuer: Intelsat Subsidiary Holding Co. Ltd.

-- Senior Secured Bank Credit Facility, Placed on Review for
    Possible Downgrade, currently Ba2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently B2

Issuer: Intelsat, Ltd.

-- Probability of Default Rating, Placed on Review for
    Possible Downgrade, currently B2

-- Corporate Family Rating, Placed on Review for Possible
    Downgrade, currently B2

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Downgrade, currently Caa1

Outlook Actions:

Issuer: Intelsat, Ltd.

-- Outlook, Changed To Rating Under Review From Stable

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings
on Rating Watch Negative:

   -- Issuer Default Rating 'B';
   -- Senior unsecured notes 'CCC/RR6'.

Fitch also placed the ratings of Intelsat's subsidiaries on
Rating Watch Negative.

Fitch placed these ratings of Intelsat subsidiaries on Rating
Watch Negative:

Intelsat (Bermuda), Ltd.

   -- Issuer Default Rating 'B';
   -- Senior unsecured guaranteed notes 'BB-/RR2';
   -- Guaranteed Term Loan 'BB-/RR2';
   -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd. (Int Holdco)

   -- Issuer Default Rating 'B';
   -- Senior unsecured discount notes 'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco)

   -- Issuer Default Rating 'B';
   -- Senior secured credit facilities 'BB/RR1';
   -- Senior unsecured notes 'BB-/RR2'.

Intelsat Corporation (f/k/a PanAmSat Corporation)

   -- Issuer Default Rating (IDR) 'B';
   -- Senior secured credit facilities 'BB/RR1';
   -- Senior secured notes 'BB/RR1';
   -- Senior unsecured notes 'B/RR4'.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services lowered its
ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated
entities, including the corporate credit rating, which was
lowered to 'B+' from 'BB-'.  All ratings were immediately placed
on CreditWatch with negative implications.


INT'L PAPER: Paying US$0.25 Per Share Quarterly Dividends
---------------------------------------------------------
International Paper has declared a regular quarterly dividend of
US$0.25 per share for the period from Oct. 1, 2007, to
Dec. 31, 2007, inclusive, on its common stock.  This dividend is
payable on Dec. 14, 2007, to holders of record at the close of
business on Nov. 16, 2007.

The company also declared a regular quarterly dividend of US$1
per share for the period from Oct. 1, 2007, to Dec. 31, 2007,
inclusive, on its preferred stock.  This dividend is also
payable on Dec. 14, 2007, to holders of record at the close of
business on Nov. 16, 2007.

                    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.

                       *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


INT'L PAPER: Lower Land Sales Earnings to Impact 3Qtr. Profits
--------------------------------------------------------------
International Paper disclosed Tuesday that third-quarter
earnings will be less than analysts' consensus estimates due to
lower land sales than previously estimated in the quarter.

While the company previously estimated that third-quarter land
sales earnings would be approximately US$110 million to
US$140 million, it now expects third-quarter land sales earnings
of approximately US$100 million and full-year 2007 land sales
earnings in the range of US$450 million to US$500 million.

Separately, the company announced that fourth-quarter earnings
from its recently completed 50:50 joint venture with Ilim Group
will be included in International Paper's first-quarter 2008
financial statements; thereafter, the company will continue to
report the joint venture results on a one-quarter lag.

                    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.


INTERNATIONAL PAPER: Earns US$190 Mil. in Quarter Ended June 30
---------------------------------------------------------------
International Paper reported second-quarter 2007 net earnings of
US$190 million compared with net earnings of US$83 million in
the second quarter of 2006.

Earnings from continuing operations and before special items in
the second quarter of 2007 were US$223 million, compared with
US$145 million in the second quarter a year ago.

Quarterly net sales were US$5.3 billion, down slightly from
US$5.7 billion in the second quarter of 2006, primarily
reflecting 2006 sales from the U.S. coated papers business,
which was sold in August 2006.

Industry segment operating profits rose to US$572 million for
the 2007 second quarter versus US$552 million in the second
quarter of 2006.  The increase reflects continued strong average
price realizations and solid manufacturing operations.

"We had a solid second quarter, our best since 2000," said
International Paper chairman and chief executive officer John
Faraci.  "We're seeing continued margin expansion quarter-to-
quarter, because of solid operations improvement, improved
pricing and stable volumes.  In our business outside North
America, demand for papers and packaging continues to grow.
Earnings were impacted somewhat by higher raw material costs,
planned maintenance outage costs, and expenses at our Pensacola,
Fla., mill related to maintenance and the conversion of a paper
machine to lightweight linerboard production; however, those
factors were offset by ongoing results of profit-improvement
initiatives."

Commenting on the third quarter of 2007, Faraci said, "We expect
somewhat stronger earnings from continuing operations, with
continued cost reduction and pricing improvement in some
markets, including pulp and packaging, as well as higher land
sales.  Input costs will remain high, but we anticipate
continued operations improvement and cost reduction across our
global manufacturing base, as well as lower mill maintenance
shutdown expenses in the quarter."

The effective tax rate from continuing operations and before
special items for the second quarter of 2007 was 29%, compared
with a tax rate of 34% in the second quarter of 2006.  The 2007
second-quarter rate includes US$7 million of benefits related to
tax audit settlements and other matters during the quarter.

                     Discontinued Operations

Discontinued operations for the 2007 second quarter include pre-
tax charges of $11 million for adjustments related to the
previously sold wood products and beverage packaging businesses,
and the second-quarter operating losses of these businesses.

Discontinued operations for the 2006 second quarter included a
US$16 million pre-tax charge to reduce the carrying value of the
kraft papers business to its estimated fair value, and the
second-quarter operating results of the kraft papers, wood
products, beverage packaging and Brazilian coated papers
businesses.

                          Special Items

Special items in the second quarter of 2007 consisted of a
US$26 million pre-tax charge for organizational restructuring
programs associated with the company's transformation plan,
including US$17 million of accelerated depreciation expense for
long-lived assets being removed from service, and a pre-tax gain
of US$1 million, for adjustments to estimated losses on sales of
businesses previously sold.

Special items in the second quarter of 2006 included a pre-tax
charge of US$53 million consisting of US$49 million for
severance and other charges associated with the company's
transformation plan and a US$4 million pre-tax charge for legal
settlements, a pre-tax credit of US$62 million for gains on
sales of U.S. forestlands included in the transformation plan,
and a pre-tax loss of US$137 million on sales and impairments of
businesses held for sale.

                         Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$23.15 billion in total assets, US$15.31 billion in
total liabilities, US$242 million in minority interest, and
US$7.60 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2429

                    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.


JIANGXI COPPER: Prices A Share at CNY31.3 in Shanghai IPO
---------------------------------------------------------
Jiangxi Copper priced its Shanghai initial public offering at
CNY31.3 per A share, to raise almost CNY4 billion, Infocast News
reports.

The net proceeds from the Shanghai IPO is projected to be at
CNY3.95 billion.

Infocast recounts that as at September 22, its parent Jiangxi
Copper Company (JCC) transferred assets in the amount of CNY1.79
billion to subscribe for 57.039 million A Shares at CNY31.30 per
share.

Jiangxi Copper Company Limited --
http://www.jxcc.com/english/enjtgs/enindex.htm-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

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


LAURENTIAN ASIA: Liquidator to Present Wind-Up Report on Nov. 5
---------------------------------------------------------------
Laurentian Asia Limited will hold the final general meeting for
its members on November 5, 2007, at 10:00 a.m., at Level 28 of
Three Pacific Place, 1 Queen's Road, in East, Hong Kong.

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


MAN CHEONG: Creditors' Meeting Set for October 23
-------------------------------------------------
The creditors of Man Cheong Construction Engineering Company
Limited will meet on October 23, 2007, at 4:00 p.m., for the
purposes mentioned in sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.

The meeting will be held at Room B, 4th Floor of Kiu Fu
Commercial Building, 300 Lockhart Road, in Wanchai, Hong Kong.


NATIONAL STARCH: Members to Hold Final Meeting on Oct. 29
---------------------------------------------------------
National Starch & Chemical Limited will hold a meeting for its
members on October 29, 2007, at 10:00 a.m., at the 8th Floor of
Gloucester Tower, The Landmark, 15 Queen's Road, in Central,
Hong Kong.


REGENT BONUS: Members & Creditors to Meet on Oct. 18
----------------------------------------------------
An annual meeting will be held for the members and creditors of
Regent Bonus Investment Limited on October 18, 2007, at 9:30
a.m. and 11:00 a.m., respectively, at the 27th Floor of
Alexandra House, 18 Chater Road, in Central, Hong Kong.

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


SHANGHAI ZENDAI: Moody's Keeps B2 Ratings on Disposal of Assets
---------------------------------------------------------------
On October 11, 2007, Moody's Investors Service has affirmed
Shanghai Zendai Property Limited's B2 corporate family and
senior unsecured bond ratings.  The outlook on both ratings is
stable.

The affirmation follows the company's announcement of the
acquisition of the remaining 20% interest in Shanghai Zendai
Real Estate Company Limited for CNY305 million from the
chairman, who will in return inject CNY370 million into Shanghai
Zendai Himalaya Real Estate Company Limited, which owns a
commercial project in Pudong, Shanghai.  As a result, Zendai's
interest in HLCL will be diluted from 48% to 30%.  As part of
the transaction, the chairman will receive a special dividend of
CNY75 million from Zendai Land.

"Zendai Land will be wholly owned by Zendai after the
acquisition and this could alleviate part of the original
concern over possible risk of fund leakage," says Kaven Tsang,
Moody's lead analyst for Zendai, adding, "Nevertheless, the
company's small-scale operation, geographic concentration, and
potentially material amount of related-party transactions will
continue to restrain the rating at the current level.

"Zendai's overall financial profile will remain largely
unaffected, as the acquisition and dividend payment will mostly
be funded by internal reserves," says Tsang.

New capital injection by the chairman into HLCL could help lower
the company's immediate financing requirements, but additional
debts would be drawn over the medium term as the development
progresses.

Shanghai Zendai Property Limited is a property developer
focusing on mid-to-high end residential and commercial
developments in the Yangtze River Delta area, mainly in
Shanghai.  The company is also developing residential and
commercial projects in Jilin and Changchun.  Currently, it has a
development land bank with an attributable gross floor area
("GFA") of around 2.95 million sqm, around 1 million sqm of
which is fully paid and with land ownership certificates.


SHENZHEN SEG: Prepares to Launch Share Offering
-----------------------------------------------
Shenzhen Seg Samsung Glass Co., Ltd., a joint venture between
South Korean electronics giant Samsung and China Shenzhen Seg
Group, disclosed its share reform plan on October 7.

According to the plan obtained by China Business Daily, the
Shenzhen-listed company plans to distribute 3.1605 shares to
every ten shares to its tradable shareholders and offer 0.1758
shares to every ten shares to Samsung Corning Investment Co.,
Ltd. and Samsung Corning (Malaysia) SDN BHD, two of the
company's non-tradable shareholders, on the base of the capital
reserve and capital stock by June 30, 2007.

The delayed plan should be mainly attributed to the price of the
shares, revealed a senior executive of the company, stating it
is difficult for the company's domestic and foreign shareholders
to come to a conclusion on the final price of the shares.

Samsung Corning Co., Ltd., which takes a 35.46% stake in
Shenzhen Samsung Glass, is the controlling shareholder of the
company.


Headquartered in Shenzhen, China, Shenzhen Seg Samsung Glass
Co., Ltd. -- http://www.ssg.com.cn/-- is principally engaged in
the manufacture and sale of colored glass substrates for color
televisions and computer display panels.  The company offers its
products under two categories: color picture tube (CPT) glass
substrates, including 20-inch, 21-inch and 25-inch models, and
cathode ray display terminal (CDT) glass substrates, including
14-inch, 15-inch and 17-inch models.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on October 28, 2005.


SUNBEAM REALTY: Members to Hold General Meeting on October 31
-------------------------------------------------------------
Sunbeam Realty Development Limited will hold a final general
meeting for its members on October 31, 2007, at 11:00 a.m., at
the 11th Floor of South China Building, 1 Wyndham Street, 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.


TRI-BEST: Members' Final General Meeting Set for Oct. 30
--------------------------------------------------------
A final general meeting will be held for the members of Tri-Best
Limited on October 30, 2007, at 3:00 p.m., at Room 901, One
Hysan Avenue, in Causeway Bay, Hong Kong.

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


WORLD UNIVERSAL: Annual Meetings Set for October 18
---------------------------------------------------
An annual meeting will be held for the members and creditors of
World Universal Investment Limited on October 18, 2007, at 9:45
a.m. and 11:30 a.m., at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.

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


XINHUA FINANCE: Appoints Dr. Chen as Head of Ratings Division
-------------------------------------------------------------
Xinhua Finance Limited, on October 11, 2007, appointed Dr. Chen
Chung-Hsing as head of its Ratings Service Line.  He also takes
a position as vice-chairman of Shanghai Far East Credit Rating,
a Chinese credit ratings agency and an affiliated company of
Xinhua Finance since 2005.

Dr. Chen joins XFL from Bank of Overseas Chinese Leasing Co. in
Taiwan where he was chairman and president.  He has strong
experience as a regulator, academician and senior executive at
various leading financial institutions.

Dr. Chen's expertise in ratings is evidenced by his
establishment in 1997 of Taiwan Ratings Corporation (TRC),
Taiwan's first ratings agency, now 51% controlled by Standard
and Poor's, and in 2001 his pioneering effort as one of the
founding members of the Asian Association of Credit Rating
Agencies.  Within four years of their launch, TRC's ratings were
recognized by 90% of the financial institutions in Taiwan and
endorsed by related local government bureaus.  Dr. Chen served
as president and chief executive officer of TRC from founding
until 2003.  Following that, he worked in various senior
executive positions at leading financial conglomerate Fuhwa,
including president of its financial consulting group, chairman
of its asset management company and president of its commercial
bank.

In 2005, he joined the Bank of Overseas Chinese Leasing.  In his
new roles, Dr. Chen will be responsible for strengthening Xinhua
Finance's capabilities in providing ratings assessments and
opinions on Chinese companies and sectors to financial
institutions.  Dr. Chen possesses extensive expertise in the
financial services sector, particularly in fixed income and
credit.  Throughout his career, he has been instrumental in
promoting the development of Taiwan's bonds and futures markets,
furthering financial policy research and strengthening the
operations of the various top institutions for which he has
served.

XFL CEO Ms. Fredy Bush said, "We are pleased to be joined by Dr.
Chen Chung-Hsing, whose leadership in Taiwan's credit markets
and pioneering spirit are a perfect supplement to Xinhua
Finance's own endeavors.  His expertise will be of special
importance to Xinhua Finance as we continue to roll out and
refine ratings and research offerings that are fashioned to meet
the evolving conditions in China's bond and credit markets."
Dr. Chen will oversee the further integration of Xinhua Finance
and Shanghai Far East, as ratings committee head of their
collaborative ratings venture, Xinhua Far East China Ratings
("XFE").  He will play a key role in shaping both SFE and XFE's
macro-economic views in China and expanding its research and
commentary on the country's rapidly growing sectors and
individual companies.  He is appointed to advance the company's
efforts in undertaking strategic initiatives that promote market
transparency and efficiency in China amidst the backdrop of its
liberalizing credit markets.

Dr. Chen said, "It is a pleasure to join Xinhua Finance, an
organization that has worked to improve information disclosure
practices in China.  The ratings processes and analytic
framework of Xinhua Finance, developed through the collaborative
venture Xinhua Far East, are well grounded in international
standards.  XFE's competitive advantage lies in its ability to
derive independent, objective and forward-looking ratings
assessments and timely updates, which are based on Xinhua
Finance's comprehensive economic and corporate data."

As of the second quarter of 2007, Xinhua Far East has provided
ratings based on public information for 107 of China's largest
domestically and overseas-listed corporations.  XFE aims to
provide a definitive stance on the credit profile of Chinese
securities issuers, enabling market participants to model the
risks of investment or lending.  XFE specializes in issuing
national scale ratings to provide greater differentiation among
issuers within China, regardless of the country ranking on a
global basis.

Other positions Dr. Chen has held include president of Taiwan's
Securities & Futures Institute, general counsel at Taiwan's
Securities and Exchange Commission and associate professor at
the Graduate School of Risk Management and Insurance of National
Chengchi University.  He was also very active in promoting
standards for just, efficient and sound capital markets in
developing countries, including China, while chairing various
committees of the International Organization of Securities
Commissions (IOSCO).  Dr. Chen holds a doctorate in the science
of jurisprudence from Southern Methodist University.


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.


YMT OVERSEAS: Liquidator to Give Wind-Up Report on Oct. 30
----------------------------------------------------------
A final general meeting will be held for the members of YMT
Overseas Limited on October 30, 2007, at 7:00 p.m., at Room 707
of Wing On Plaza, 62 Mody Road, Tsimshatsui East, in Kowloon,
Hong Kong.

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


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

AES CORP: Prices US$2 Billion Private Debt Placement
----------------------------------------------------
The AES Corporation has priced its previously announced private
placement of senior unsecured notes, consisting of:

   -- US$500 million principal amount of 7.75% senior notes due
      2015, and

   -- US$1.5 billion principal amount of 8% senior notes due
      2017.

The size of the offer has been increased to US$2 billion from
the US$500 million previously announced on Oct. 9, 2007.

The Company intends to use the net proceeds from the sale of the
senior notes primarily to refinance a portion of its recourse
debt.  However, depending on the timing of the sources and uses
of parent-level funds, up to US$600 million of the net proceeds
may be used to support the Company's near-term investment
requirements, such as the potential purchase of the Brazilian
National Development Bank's (BNDES) interest in Brasiliana and
anticipated investments in the Philippines, South Africa and
Northern Ireland, or for general corporate purposes.

As previously disclosed in the Company's Form 10-K/A dated
Aug. 7, 2007, AES has a right of first refusal under the
Brasiliana shareholders' agreement to acquire BNDES's interest
in Brasiliana.  BNDES has begun the process to sell its interest
in Brasiliana.  The Company may also use its internally-
generated free cash flow, additional financing transactions and
portfolio management transactions, including (but not limited
to) asset sales and subsidiary recapitalization transactions to
fund its investments and for the refinancing of its recourse
debt.

The senior notes will not be registered under the Securities Act
of 1933, or any state securities laws.  Therefore, the senior
notes may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act of 1933 and any applicable
securities laws.  This announcement is neither an offer to sell
nor a solicitation of an offer to buy the senior notes.

                       About AES Corporation

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


AES CORP: Moody's Rates Proposed US$500MM Sr. Unsec. Notes at B1
----------------------------------------------------------------
Moody's Investors Service assigned a B1 senior unsecured rating
to The AES Corporation's proposed issuance of US$500 million
senior unsecured notes due 2017.

In addition, Moody's has affirmed the ratings of AES, including
the company's Corporate Family Rating at B1, its Probability of
Default Rating at B1, its senior secured credit facilities at
Ba1, its second priority senior secured notes at Ba3, its senior
unsecured notes at B1 and its trust preferred securities at B3.
The rating outlook for AES is stable.

The rating affirmation reflects an expectation that AES will use
proceeds from the proposed offering to fund new investment
opportunities that are expected to provide appropriate returns.
Furthermore, the rating affirmation acknowledges the company's
success in restructuring existing businesses and investing in
new electric generation projects that, in the near-term, are
expected to generate incremental cash flows.  These efforts,
which include the restructuring of AES's businesses in Brazil,
the elimination of a cash trap at its Brazilian holding company
plus the construction and commercial operation of approximately
350 megawatts of United States-based wind generation, have been
funded without incremental recourse debt.

As a result of the above, and in combination with increased
distribution from several existing subsidiaries, the aggregate
amount of subsidiary distributions to AES in 2008 is expected to
exceed the approximate US$1 billion received in each of 2005 and
2006.  Moody's notes that the historical results include
distributions from C.A. La Electricidad De Caracas, which AES
recently sold to Petroleos de Venezuela S.A.  Furthermore, the
expected commercial operation of various generating stations
currently under construction beginning 2009/2010 should further
improve the level of subsidiary distributions.

That being said, the proposed senior unsecured offering will
constrain upward movement in AES's current rating levels over
the near-to-intermediate term.  The ratings could be pressured
should the expected increase in subsidiary distributions not
materialize.

Rating assigned:

   * The AES Corporation

   -- US$500 million of new senior unsecured notes, B1
      (LGD4, 57%);

Ratings affirmed/LGD assessments revised:

   * The AES Corporation

   -- Corporate Family Rating -- B1;

   -- Probability of Default Rating -- B1;

   -- Senior secured credit facilities -- Ba1 (LGD1, 3%)
      from (LGD, 2%);

   -- Second priority senior secured notes -- Ba3 (LGD3, 41%)
      from (LGD3, 40%); and

   -- Senior unsecured notes -- B1 (LGD4, 57%) from (LGD4, 55%).

   * AES Trust III and AES Trust VII

   -- Convertible trust preferred securities -- B3 (LGD6, 94%)
      from (LGD6, 93%).

                       About AES Corporation

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


AES CORP: S&P Affirms BB- Credit Ratings with Stable Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on the diversified energy company, AES Corp.,
following its annual review of the company.  The outlook is
stable.  S&P also assigned its 'B' rating to the company's
US$500 million senior unsecured notes due 2017.

At the same time, Standard & Poor's raised the rating on AES'
US$1.8 billion second-lien senior secured debt to 'BB+' from
'BB-', two notches above the corporate credit rating.  Standard
& Poor's also assigned a recovery rating of '1' to the second-
lien senior secured debt, indicating the expectation of very
high (90%-100%) recovery in a payment default scenario.  The
first-lien senior secured debt is unrated. All other debt
ratings were affirmed.

As of June 30, 2007, Arlington, Va.-based AES had about
US$4.7 billion of recourse debt and trust-preferred securities,
reflecting its reliance on substantive distributions from
jurisdictions with considerable regulatory and operating
uncertainties and its exposure to merchant power markets, most
notably through its AES Eastern Energy L.P. (BB+/Stable/--)
subsidiary.

The ratings on AES reflect the need for large expenditures for
growth, which are partly serviced by residual distributions from
project investments and dividends from operating subsidiaries,
and the continuing need for financing that should be funded in a
credit-neutral manner.  S&P believe's that the significant
investment requirements, which will likely entail leverage, will
slow the favorable credit momentum of the past two years.
Partly mitigating these weaknesses are benefits of regional and
operational diversification, which help to reduce the company's
exposure to any one regulatory regime or commodity.

The stable outlook on AES reflects our expectation of consistent
performance over the next 18 months to 24 months.

"We believe that as a result of large investment needs, the
positive credit momentum has eased and further debt reduction is
unlikely," noted Standard & Poor's credit analyst Aneesh Prabhu.
"We could revise the outlook to negative if cash flow
distributions deteriorate as a result of substantial investments
that do not generate expected distributions, or if project-level
financing results in lower distributions," he continued.
Substantial loss of distributions from major contributors could
also affect credit quality.

                       About AES Corporation

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


AES CORP: Fitch Rates US$500 Million Senior Notes at BB
-------------------------------------------------------
Fitch Ratings has assigned a 'BB/RR1' rating to AES
Corporation's US$500 million issue of senior unsecured notes due
2017.  AES' long-term Issuer Default Rating is rated 'B+' by
Fitch. The Rating Outlook is Stable.

Fitch views this transaction as the pre-funding of growth
capital spending and debt refinancing.  For high-yield issuers,
Fitch believes that pre-funding can be prudent during times of
uncertain capital market access.  Fitch's rating is based on its
expectation that AES will use the proceeds during the next two
quarters to pay down debt and/or to invest in several different
generation projects.  The company has US$415 million of debt
maturing in 2008, and will complete several new projects that
should create sufficient cash flows to offset the additional
debt and interest expense and allow the company to maintain
relatively stable credit metrics.

The ratings of AES reflect the high degree of parent-company
recourse debt, the structural subordination of that debt to
project level debt, and the reliance on distributions from its
subsidiaries for parent-company debt service.  Offsetting, in
part, the company's financial risk is the solid base of utility
and contracted generation as well as the diversity of cash flow
sources.  The current Stable Rating Outlook reflects Fitch's
expectation that credit metrics will stay within parameters for
the current rating.

AES is one of the world's largest global power companies, with
2006 revenues of US$11.6 billion.  With operations in 28
countries on five continents, the company is active in the
generation, transmission and distribution of electricity.  The
company controls more than 42,000 mw of capacity.

                       About AES Corporation

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


GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified
-------------------------------------------------------------
General Motors Corp. confirmed that its UAW-represented
employees have ratified the GM-UAW 2007 national labor
agreement.

As reported in the Troubled Company Reporter on Sept. 27, 2007,
GM and the UAW reached a tentative agreement on Wednesday, Sept.
26, after more than two months of bargaining.  The new four-year
agreement covers approximately 74,000 hourly employees located
in more than 80 U.S. facilities.

"We are very pleased that our UAW-represented employees have
ratified the new labor contract," Rick Wagoner, GM CEO and
Chairman of the Board, said.  "I especially thank UAW President
Ron Gettelfinger and Vice President Cal Rapson, as well as the
members of the GM and UAW negotiating teams, for their hard work
in reaching an innovative agreement that effectively addresses
the needs of our employees and retirees, while providing a basis
for improved competitiveness that will support future U.S.
investments."

GM intends to file a current report on Form 8-K with the
Securities and Exchange Commission within the next four business
days that will outline the key terms of the healthcare
agreement.  In addition, an analyst and media conference call is
scheduled for Monday, Oct. 15, 2007 at 9:30 a.m. Eastern
Daylight Time.

                       About General Motors

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

                          *     *     *

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

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

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


ICICI BANK: Slashes Interest Rates on Retail Loans
--------------------------------------------------
ICICI Bank Ltd has cut interest rates on various retail loans
following the Finance Minister's request to banks to slash rates
on some term deposits, media reports say.

According to the Business Standard, ICICI lowered interest rates
on floating rate home loans by 50 basis points to 11% and on
other retail loans by 25-50 basis points.  But there is no
change in its peak deposit rate, BS notes.

The new rates took immediate effect.

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

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

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


STATE BANK OF INDIA: Cuts Interest Rates on Home and Car Loans
--------------------------------------------------------------
The State Bank of India has reduced interest rates on new home,
car, truck and farm equipment loans by 50 to 200 basis points
from October 8 as a special offer up to December 31 this year
and reduced peak deposit rate by 25 basis points to 9%, the
Business Standard reports.

The slash in interest rates came after India's Finance Minister
P. Chidambaram asked banks to have a re-look at interest rates
to stimulate demand in the economy, The Financial Express
relates.

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 MOTORS: Enters Into Industrial JV With Fiat Group
------------------------------------------------------
Fiat Group Automobiles and Tata Motors Ltd have signed a
definitive agreement for the establishment of the industrial
Joint Venture, located at Ranjangaon in Maharashtra (India) to
manufacture passenger cars, engines and transmissions for the
Indian and overseas markets.  Assembly of the new Fiat Palio at
Ranjangaon has already commenced.

The Joint Venture will manufacture Fiat's premium cars, Grande
Punto and Linea (respectively in the B and C segments), its
successful 1.3 litre Multijet diesel engine, its 1.2 and 1.4
litre Fire gasoline engine and matching transmissions.  The
Joint Venture will also manufacture one of Tata's next
generation vehicles.  The Ranjangaon facilities at regime are
expected to exceed an overall output of 100,000 cars and 200,000
engines and transmissions.  The overall investment will exceed
EUR650 million.  The plant will directly and indirectly employ
more than 4,000 people.

The distribution and service of Fiat branded cars in India will
continue to be managed by Tata Motors in line with the agreement
signed in March 2006.  The Tata-Fiat dealership network, which
is currently distributing and servicing the Fiat Palio, today
numbers 65 dealers and is meant to expand to 100 dealers by mid-
2008, when the new Fiat models are expected to be launched.

The Joint Venture will be governed by a Board of Directors with
equal representation from the two partners.  The Managing
Director of Tata Motors, Ravi Kant, will be the Chairman of the
Joint Venture.  The Vice Chairman will be Alfredo Altavilla, the
CEO of Fiat Powertrain Technologies and Senior Vice President
Business Development of Fiat Group Automobiles.

Rajeev Kapoor has been appointed as the President and CEO of the
Joint Venture.  He will be in charge of the operations of the
new entity, and will be responsible to the Board of Directors of
the Joint Venture.  Mr. Kapoor comes with a vast experience of
over thirty years in the automotive field.

Commenting on the signing of the agreement, Alfredo Altavilla,
CEO of Fiat Powertrain Technologies and Senior Vice President
Business Development of Fiat Group Automobiles, said, "The
signature of the Joint Venture in India and the continuous
development of new opportunities confirms the strong motivation
and understanding between Fiat Group and Tata Motors."

Mr. Kant, Managing Director of Tata Motors, said, "The progress
of all the joint initiatives between the Fiat Group and Tata
Motors reflects the strong potential of our relationship in
India and abroad."

                   About Fiat Group Automobiles

Fiat built its first car in 1899. Approximately 90 million cars
and light commercial vehicles have been produced since that
date.  Many of its models have marked important milestones in
motoring history.

The Sector, which changed its name into Fiat Group Automobiles
on February 1, 2007, produces and sells vehicles under the Fiat,
Alfa Romeo, Lancia and Abarth brands and light commercial
vehicles under the Fiat Professional brand.  Each brand has a
specific identity with defined, recognized characteristics, and
applies distinct commercial and market policies.  Fiat is known
for its creativity, versatility and practicality. Lancia
features an elite and exclusive line of models.  Alfa Romeo
combines sportiness, technology and elegance in a unique design.
Abarth is the answer to the quest for sporty versions and Fiat
Professional's light commercial vehicles are a reference point
for easier, more productive and gratifying working experiences.
Fiat Group Automobiles comprises five companies: Fiat
Automobiles, Alfa Romeo Automobiles, Lancia Automobiles, Abarth
& C and Fiat Light Commercial Vehicles. All these companies are
100% owned by Fiat Group Automobiles S.p.A.

For more information, visit: http://www.fiatautopress.com;
http://www.fiat.com;http://www.lancia.com;
http://www.alfaromeo.com;http://www.abarth.com

                 About Fiat Powertrain Technologies

Born in March 2005, Fiat Powertrain Technologies is the Sector
of the Fiat Group that includes all the Powertrain activities
of:

   -- Fiat Auto(Fiat Powertrain)
   -- Iveco(Iveco Motors)
   -- Fiat Research Center and Elasis

With its annual output of around 2.8 million engines and 2.1
million transmissions, FPT is one of the most significant
players in the automotive sector on a worldwide basis.  The
technological excellence of FPT powertrains is ensured by the
activities of Powertrain Research & Technology.  Almost 3,000
highly skilled technicians are dedicated to the development and
engineering of innovative technologies for new generation
powertrains; their work is focused on the development of clean
and efficient engines, with the aiming of at the reduction of
engine and vehicle emission and fuel consumption, anticipating
the introduction of increasingly stringent emission legislation.
The quality and reliability of this great effort are confirmed
by more than 40 patents filed each year.  Thanks to an extremely
wide range of products and applications, FPT can satisfy almost
any powertrain request, ensuring performance, reliability and
efficiency to its Customers.  On the net
http://www.fptpowertrain.com

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed USUS$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA POWER: To Put in INR6,000 Crore in Jojobera Plant
------------------------------------------------------
Tata Power Ltd will put in INR6,000 crore to generate 1,300MW
electricity in Jojobera, Jharkhand, in the next three to four
years, Zee News reports citing the company's Managing Director
Prasad R. Menon.

Mr. Menon estimates investing INR640 for the plant having a
120MW capacity, which plant is the company's fifth unit at the
Jojobera facility.

The plant is expected to be commissioned by mid 2009.

Mr. Menon also told the news agency of Tata Power's future plans
in Jharkhand.   The company has plans to invest INR6,000 crore
for power plants which included the 2x120MW plant in a period of
three-four years, he told Zee News.  Everything, however, would
depend on the allotment of land and coal blocks linkage, the
news agency quotes the director as saying.

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

                          *     *     *

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

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


TATA STEEL: Jharkhand Government Extends MOU by Three Years
----------------------------------------------------------
The Jharkhand government has extended the memorandum of
understanding with Tata Steel by three years, Indo-Asian News
Service reports.

According to the report, the state government extended the
company's MOU and that entered into with Arcelor Mittal to
enable the companies to set up steel plants in the state.

Pursuant to the Tata Steel MoU, which was signed in September
2005, the company will set up a INR10-million tonne steel plant
in the state.  Tata agreed to start work on the plant within two
years from the signing of the deal.  However, the steel company
has yet to do so.

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

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

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

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


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

ANEKA TAMBANG: To Buy 10% Stake of Newmont Mining's Gold Mine
--------------------------------------------------------------
PT Aneka Tambang Tbk plans to buy as much as 10% of a gold mine
operated by Newmont Mining Corp to top up its gold reserves,
Reuters reports.  The gold resources and reserves of Aneka
Tambang at its Pongkor mine in West Java are expected to run out
in 2013, the news agency notes.

According to the report, Antam President Dedi Aditya Sumanagara
said the firm is looking to acquire any asset which is suitable
with its size, cash, business strategy, and Newmont Nusa Tengara
is one of them.  Only 10% of Newmont Nusa is being offered for
sale presently, although a further 21% in the company is likely
to be put up for sale, the report notes.

The Troubled Company Reporter-Asia Pacific reported on
Oct. 9, 2007, that Aneka Tambang plans to reduce its nickel
dependency and step up its gold and bauxite business in coming
years.  Antam Finance Director Kurniadi Atmosasmito said that
the firm expects nickel to account for 60-70% of its revenue
within 10 years, while gold and bauxite will contribute around
40% to its coffers.  Depending in one commodity is difficult,
and nickel has been dominant in the company's revenue, he added.

Reuters relates that U.S.-based Newmont owned 100% of Newmont
Nusa but must reduce its stake to 49% by 2010 to comply with
Indonesian law.  Newmont is obliged to offer the shares in its
Indonesian unit first to the central government.  If the central
government does not want to buy them, then they will offer the
stake to the provincial government.

                       About Aneka Tambang

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

                          *     *     *

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

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


BANK NEGARA: Pefindo Upgrades Bond I/2003's Rating to "idA"
-----------------------------------------------------------
Pefindo upgraded its ratings for PT Bank Negara Indonesia
(Persero) Tbk and the Bank's Bond I/2003 maturing on July 10,
2011 to "idA+" from "idA", while the rating for the Bank's
Subordinated Bond I/2003 maturing on July 10, 2013 is upgraded
to "idA".  The rating actions reflect continuing support from
Government of Indonesia as the majority shareholder, the Bank's
strengthening capital base and liquidity after right issue, as
well as BBNI's strong business position.  However, the ratings
are still constrained by the Bank's weak assets quality.  Up to
now, the Bank provides a broad range of commercial banking
activities through its 972 offices and 2,325 proprietary ATMs
scattered all over the country.  To support its daily banking
activities, the Bank employs around 18,649 staffs.  As of August
2007 after right issue, GOI's share ownership in BBNI was 73.26%
while the remaining 26.74% was held by others, including public.

The ratings actions reflect the Bank's:

    * Continuing strong support from the government.  Pefindo is
      strongly confident that the government will provide
      supports to BBNI if it experiences financial difficulties,
      as proven by huge capital injection amounting to IDR61.8
      trillion through a recapitalization program during the
      crisis.  Given the high degree of importance of the Bank
      to the country, government's support should continue in
      the future.  Failure to help the Bank from bankruptcy
      should adversely affect not only the country's banking
      system but also the whole economic system.

    * Strengthening capital base and liquidity after right
      issue.  BBNI's capitalization and liquidity should be
      stronger following the recent right issue in August 2007.
      This corporate action has raised additional capital of
      around IDR 4 trillion, which could be translated into CAR
      increase by 3.85% from that as of 1H07 of 15.9%.  Stronger
      capital base should enable the Bank to absorb potential
      losses from its NPL.  BBNI's favorable liquidity position
      which was reflected by LDR and liquid asset/customer and
      ST funding ratios of 55.2% and 61.9%, respectively as of
      1H07 should also be strengthened following the additional
      equity injection from the right issue proceeds.

    * Strong business position.  BBNI recorded total assets of
      IDR 176.4 trillion as of 1H07, maintaining its position as
      the 3rd largest bank in the country with market share of
      10.0%.  The Bank is also considered as the 3rd largest
      bank in terms of total loans (IDR 78.3 trillion which
      represented 9.1% market share) and total deposits (IDR
      141.6 trillion, 10.5%).  During the past several years,
      BBNI has tried to diversify its loan portfolio by reducing
      corporate loans and enlarging commercial and consumer
      loans.  As of 1H07, the Bank's loan portfolio mainly came
      from SME and corporate segment which respectively
      contributed 42.0% and 35.2% of total loans.  In consumer
      segment, the Bank was able to strengthen its position in
      mortgage and credit card segments. To support this new
      strategy, the Bank has also further improved its
      integrated IT system, which recently has been completed
      and implemented in all of its outlets to support the
      Bank's product and service developments.  The Bank itself
      is also committed to achieve its new vision and mission
      formulated in "Navigation Map 2004-2018" in an effort to
      reposition its branding and improve its performance going
      forward.

The ratings are constrained by the Bank's:

    * Weak assets quality.  Despite BBNI's ability to reduce its
      non-performing loans, NPL ratio was still higher than
      industry's average.  As of 1H07, the Bank recorded NPL
      ratio of 9.1%, much higher than peers' average of 4.7%.
      In addition to that, the Bank's Loan Loss Reserve over NPL
      (3-5) ratio was still low at the level of around 50%, far
      below the period prior the year 2004 when it reached above
      100%.  The Bank's bad debts mostly came from corporate
      sector which has become delinquent since financial crisis
      in the late 1990s.  Given the huge amount of the bad
      debts, it will take years for the Bank to bring its NPL
      down to a healthy level.

                            Outlook

A'stable' outlook is assigned to the above ratings.  The Bank
should have better flexibility and liquidity in expanding its
business following additional capital injection from the right
issue, which in turn will result in its stronger business
position in the industry.  As one of the largest banks in the
country, GOI will provide support to the Bank during financial
distress situation.  Should BBNI could not find proper solutions
to restructure its existing bad debts, its asset quality will
remain unfavorable in the medium term.

                        About Bank Negara

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

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


BANK NISP: To Sell Great Eastern Insurance Products in 2008
-----------------------------------------------------------
PT Bank NISP Tbk has agreed to exclusively sell PT Great Eastern
Life Insurance Indonesia's insurance product, including Term
Life, Endowment, Investment Link Product, Whole Life and
Universal Life in 2008, The Jakarta Post reports.

According to the report, Bank President Director Pramukti
Surjaudaja said the bank will receive, from the joint venture, a
fee income of IDR25 billion from the IDR390 billion in premium
income expected from the sale of GeLIndo's insurance products in
2008.  Mr. Surjaudaja hoped the 'bancassurance' contribution to
revenue will rise to about 30% in 2008 compared to the 25% in
2007, the report relates.

The Post adds that in a shareholdings meeting shareholders' said
the bank would harmonize its banking transactions -- including
foreign exchange, micro finance, derivative and money market
transactions -- with OCBC and its affiliates.

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Feb. 1, 2007, that Fitch Ratings affirmed all the ratings of
PT Bank NISP Tbk as follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '3'.

The Outlook for the ratings was revised to Positive from Stable.


BANK NISP: Pefindo Upgrades Company Ratings to "idAA-"
------------------------------------------------------
Pefindo upgraded its ratings for PT Bank NISP Tbk to "idAA-"
from "idA+", while the Bank's subordinated debt I/2003 is
upgraded to "idA+" from "idA".   Outlook for those ratings is
stable.  The upgrades reflect the Bank's strong business
position, manageable asset quality, as well as its sound
capitalization.

However, the Bank's mediocre profitability still constrains the
ratings.  NISP is regarded as one of the oldest banks in the
country as the Bank was established on April 28, 1941 in
Bandung, West Java.  With total assets of IDR 25.6 trillion as
of June 30, 2007, the Bank was supported by 5,031 employees and
total service network of 682 offices and ATMs.

Since 2004, OCBC Bank Singapore (OCBC) through its wholly owned
subsidiary, OCBC Overseas Investment Pte. Ltd. has become NISP's
shareholder and as of June 30, 2007 it held 72.4% share
ownership, while the other shareholders are International
Finance Corporation (IFC, 7.17%), and others including public
(20.43%).

                         About Bank Nisp

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Feb. 1, 2007, that Fitch Ratings affirmed all the ratings of PT
Bank NISP Tbk as follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '3'.

The Outlook for the ratings was revised to Positive from Stable.


CILIANDRA PERKASA: Pefindo Assigns "idA-" Company Ratings
---------------------------------------------------------
Pefindo assigned "idA-"  ratings for PT Ciliandra Perkasa and
its proposed 5 Years Bond II/2007 amounting to IDR500 billion.
The outlook for the ratings is "stable".  The ratings reflect
favorable demand of palm oil, CILI's favorable plantation
profile and stronger financial performance going forward.

The ratings, however, are still constrained by CILI's relatively
aggressive capital structure and cyclicality of commodity price.
Proceed of the bond will be used for planting and maintenance
(IDR350 billion) and debt refinancing for its associated company
(IDR150 billion) i.e. PT Meridan Sejatisurya Plantation in which
CILI owns 32% interest.

As to date, CILI's land bank totals to around 180,000 hectares
(ha), consisting of 80,526 ha of palm oil plantation and 100,000
ha of unplanted area and infrastructure.  CILI's plantation is
located in Pekanbaru (Riau) and is equipped with 6 CPO mills.
CILI is developing seventh CPO mills with capacity of 45 tons
FFB/hour, which is expected to operate by the end of 2007.

                          *     *     *

PT Ciliandra Perkasa -- http://www.ciliandraperkasa.co.id/-- is
a private Indonesian upstream palm oil plantation
companyoperating in Sumatra.  It has 13 oil palm plantations
totalling 76,830 planted hectares, and 6 palm oil crushing mills
with a total capacity of 2.07 million tonnes of fresh fruit
brunches.

The Troubled Company Reporter-Asia Pacific reported on Aug. 29,
2007, that Moody's Investors Service has affirmed the B2
corporate family rating of PT Ciliandra Perkasa.  At the same
time, Moody's has affirmed the B2 rating of the US$160 million
5-year secured bonds issued by Ciliandra Perkasa Finance Co Pte
Ltd and guaranteed by PT Ciliandra Perkasa.  The outlook for the
ratings remains stable.

On Aug 28, 2007, Fitch has affirmed PT Ciliandra Perkasa's
(Ciliandra) foreign currency and local currency Issuer Default
Ratings at 'B+' and revised the Outlook for the IDRs to Positive
from Stable.  At the same time, Fitch has affirmed the rating of
'B+' and recovery rating of 'RR4' on the USD160 million senior
notes due 2011 issued by Ciliandra Perkasa Finance Company Pte.
Ltd. and guaranteed by Ciliandra and its subsidiaries.


GOODYEAR TIRE: Extends Procurement Outsourcing Deal with ICG
------------------------------------------------------------
The Goodyear Tire & Rubber Company has renewed its contract with
ICG Commerce.  The extension of this relationship is a result of
ICG Commerce's ability to meet its commitments and deliver
measurable value.  Goodyear engaged ICG Commerce in 2005 as part
of the company's focus on driving cost reductions, one of the
seven key drivers in their corporate strategy to build momentum
and maintain profitable growth through improvements in company
performance.

"Extending our contract with ICG Commerce attests to the success
of the relationship to date," said Ted Augustine, Goodyear's
Director of Purchasing - North American Tire.  "Over the past
two and a half years, our joint team has delivered on aggressive
targets that directly support company goals."

Under the three-year extension, ICG Commerce will continue to
assist Goodyear with a full scope of procurement business
process outsourcing services: sourcing, category management and
purchase-to-pay transaction processing for major indirect spend
categories within the company's North American Tire business
unit.  The program will continue to support Goodyear's cost
reduction goals by delivering realized savings and increased
efficiencies while allowing the company to focus on core
competencies.

"Goodyear's dedication to driving performance improvements and
efficiencies is impressive," said Carl Guarino, CEO of ICG
Commerce.  "We are very pleased to be supporting these efforts
and look forward to contributing to Goodyear's continued
success."

This renewal, which follows recent contract expansions signed
with Greif, Cameron International Corporation and a leading
technology company and new contracts signed with Chiquita Brands
International and a global life science company, highlights ICG
Commerce's ability to help leading companies drive measurable
cost savings, improved visibility and greater control through
its comprehensive procurement outsourcing solutions.

According to market expert IDC, the renewed contracts also
demonstrate a maturation of the procurement services industry
and solidify the concept of leading companies' preference for
choosing specialist providers for procurement outsourcing
engagements.  "ICG Commerce's relationships with companies such
as Goodyear, Greif and Chiquita are examples of how leading
companies are looking to specialist procurement outsourcing
providers to help them focus on their core competencies and
improve financial results," said David Tapper, Vice President,
Outsourcing Services Research, IDC.

                     About ICG Commerce

ICG Commerce -- http://www.icgcommerce.com/-- is the leading
procurement outsourcing specialist delivering comprehensive
source-to-pay as well as strategic sourcing services.  Results-
driven leaders access ICG Commerce's experienced resources and
market intelligence to better manage procurement and logistics
spend, gaining significant savings and enhanced visibility and
control.

ICG Commerce is a privately held company founded in 1992 and a
member of Internet Capital Group's (NASDAQ: ICGE) network of
partner companies.  The company has earned recognition from
Forbes, Fortune, The International Association of Outsourcing
Professionals (IAOP) and leading industry analysts for its
leadership in procurement outsourcing.

                       About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 8,
2007, that Standard & Poor's Ratings Services raised its ratings
on the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust to 'B' from 'B-' and removed them
from CreditWatch, where they were placed with positive
implications on May 14, 2007.

The rating actions reflect the May 31, 2007, raising of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., and its removal from
CreditWatch positive.

On March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of
SGL-2.  The outlook has reverted to stable from negative.


INDAH KIAT: To Import Pulp from Finland and New Zealand
--------------------------------------------------------
PT Indah Kiat Pulp & Paper Tbk is planning to import pulp from
Finland and New Zealand after a polemic between the Indonesian
police and the Forestry Ministry over illegal logging, Antara
News reports.

According to the report, G. Sulistiyanto, company vice chief
commissioner, said that the company move is based on the
prediction that the pulp supply will be enough until late
October.  The polemic had made it difficult for PT Indah Kiat to
get pulp he added.

Mr. Sulistiyanto asserted that Indiah Kiat did not use illegal
wood to produce pulp, since the the natural wood used to produce
pulp only accounts for 20% of the total needs, and the rest
originates from timber estate, the report relates.

Antara, citing Mr. Sulistiyanto, said that the company had laid
off hundreds of its workers due to the pulp difficulties.

Headquartered in Jakarta, Indonesia, PT Indah Kiat Pulp & Paper
Tbk is a manufacturing company engaged in the production of
paper and pulp.

Finance Asia said on Nov. 13, 2006, that Indah Kiat, a
subsidiary of Asia Pulp & Paper, had defaulted on US$14 billion
of debt and is "one of the world's largest defaulters, if not
certainly Asia's."  The Widjaja family, the controllers of
Asia Pulp, have been struggling with their creditors since they
ceased all payments on their debt in 2001.

Indonesian ratings company Pefindo gave the company's long-term
debt an idD rating, effective on April 14, 2001.  Additionally,
Reuters reports that Indah Kiat delayed filing its first quarter
2006 financials, and that the company will not pay dividends for
FY2005.


GARUDA INDONESIA: To Add 1,096 Seats on Perth-Bali Route
--------------------------------------------------------
PT Garuda Indonesia will add another 1,096 seats to its capacity
on the Perth-Bali route this month to cope with demand that
increased more than 50% on the same period last year, MICEBTN
News reports.

According to the report, Suranto Yitnopawiro, Garuda regional
manager South West Pacific, said A330s would replace B 737s on
flights scheduled for October 14,15,22,23,24,25,26 and 27,
giving an extra 137 seats per flight.

Bali is enjoying strong passenger loads from Australia.  In June
Garuda added another service to Sydney and deployed larger
aircraft on several Sydney services until the end of October,
the report adds.

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

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

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

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

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


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

ALL NIPPON: Says Dreamliner Delivery Delay Has No Huge Impact
-------------------------------------------------------------
All Nippon Airways Co., Ltd., claims that the delay in the
delivery of Boeing Co.'s Dreamliner craft would not have a huge
impact on its operations, Reuters reports.

Chicago-based Boeing, according to Reuters, said that the first
deliveries of the Dreamliner would be delayed by at least six
months, to late November or December 2008.

According to Chris Cooper of Bloomberg News, the delay is caused
by parts shortages at the planemaker.

"For now, we don't expect it to have such a huge impact,"
Reuters quotes ANA spokesman Shinichi Shinkawa as saying.
Mr. Shinkawa added that the airline was studying whether the
delay would have any impact on its business.

Bloomberg states that Boeing is struggling to finish work that
suppliers should have completed at their plants and with
unfinished flight-control software from Honeywell International
Inc. All Nippon, ordered the aircraft to help cut fuel costs,
its biggest expense.

Meanwhile, ANA could not comment on the content of its contract
with Boeing, including whether Boeing could be penalized for a
delivery delay, notes Reuters.

                     About All Nippon Airways

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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


IHI CORP: Admits Delay in Stating H1 Results is Due to Losses
-------------------------------------------------------------
IHI Corp. said it will put off the announcement of its April-
September earnings originally slated for November 5, Jiji Press
reports.

According to Jiji Press, it will take longer than anticipated
for IHI to examine why its energy plant engineering operations
incurred heavy losses.

In line with this, Tokyo-based IHI has started internal
investigation and will launch a committee of outside experts in
the near future to look into the reasons for its heavy losses,
states Jiji Press.

The company, conveys Jiji Press, now expects an anticipating
loss of JPY17 billion for the current year ending next March, as
compared to the previously estimated profit of JPY40 billion.
Recurring loss is also expected to be at JPY27 billion, against
the previously projected profit of JPY30 billion.

However, IHI hopes to disclose the first-half business results
by mid-November, but no clear deadline has been fixed yet,
relates Jiji Press.

                         About IHI Corp.

Based in Tokyo, Japan, IHI Corporation, -- http://www.ihi.co.jp
-- formerly Ishikawajima-Harima Heavy Industries Co., Ltd., is a
Japan-based company engaged in six business segments.  The
Logistics and Steel segment offers concrete products, automated
storages, loaders and others.  The Machinery segment offers
plastic processing machines, industrial boilers, pumps and
others.  The Energy Plant segment develops waste incineration
facilities, nuclear power plants, thermal power plants and
process plants, water treatment plants, renewable power plants
and other facilities.  The Aerospace segment produces aircraft
engine parts and provides aircraft maintenance services.  The
Ship and Offshore segment builds container ships, bulk carriers,
tankers and other ships, as well as develops marine equipment
and machinery and provides design and engineering services.  The
Others segment provides real estate, financial and insurance
services.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2007, that Standard & Poors Rating Agency affirmed its BB+ long-
term corporate credit rating with a positive outlook.


SANYO ELECTRIC: Kyocera Offers JPY70 Billion for Handset Unit
-------------------------------------------------------------
Sanyo Electric Co., Ltd., has been offered JPY70 billion by
Kyocera Corp. for its loss-making mobile phone business, Reuters
reports, citing the Nikkei business daily.

Reportedly, both companies would likely reach a basic agreement
on the deal on Thursday and may make an announcement on the same
day.

Reuters states that the Nikkei reported last month that the deal
could be worth JPY50 billion and said that the JPY70 billion
offer could be lowered after Kyocera conducted due diligence.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SOJITZ CORP: To Spend AU$250MM for Coal Mine Project w/ Marubeni
----------------------------------------------------------------
Sojitz Corp. will spend AU$250 million to develop a new
Australian coking coal mine along with Marubeni Corp., sources
close to the matter revealed to Reuters.

According to the sources, the joint venture also includes
private coal group AMCI and Queensland Coal Mine Management Pty.
Ltd.

The project, states Reuters, will invest in Queensland's Lake
Vermont coal mine, which will produce coking and pulverized coal
injection coals with low ash and low sulfur.

Reuters notes that coking coal prices have surges about US$140 a
tonne, due to surging Asian demand and a shortage of supply.
Reuters adds that anticipations of a worsening supply squeeze
are driving companies and trading housed to increase their
investments in greenfield developments.

                          About Sojitz

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

                         *     *     *

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


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

DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal
--------------------------------------------------------------
Certain beneficial holders of senior subordinated notes due May
2009, issued by Dura Operating Corp., took an appeal to the U.S.
District Court for Delaware from Bankruptcy Judge Kevin J.
Carey's order approving an amendment to the Amended Backstop
Rights Purchase Agreement, dated as of August 13, 2007, between
DURA Automotive Systems, Inc., and Pacificor LLC.

The amendment provides that Pacificor's commitment to buy unsold
shares of reorganized DURA common stock is conditioned upon DURA
emerging as a private company once it exits Chapter 11.

Pacificor has committed to buy the unsold portion of the 39.3%
to 42.6% of DURA shares to be offered to holders of 8.625%
senior unsecured notes due April 2012.  As a substantial holder
of the senior notes, Pacificor will get a share of the 57.4% to
60.7% of the reorganized company allotted to that class of debt
under DURA's Joint Plan of Reorganization.

The 9% Noteholders, which will be paid nothing under the Plan,
have already appealed the first version of the Backstop
Agreement.  The Agreement and the rights offering, which is
expected to raise US$140,000,000 to US$160,000,000, are
incorporated in the Plan which will be sent for approval to
senior noteholders and certain general unsecured claimants until
November 15, 2007.  The 9% Noteholders and owners of existing
common stock of DURA, which will also receive 0% recovery on
their interests, will not be entitled to vote on the Plan.

Should the District Court overturn the Bankruptcy Court's order
on the Backstop Agreement, the Debtors may not be able to
achieve
its target of emerging from bankruptcy by the end of 2007.  DURA
said that absent the Backstop Deal, the Plan will be rendered
infeasible.  DURA had also said that each month of delay in its
exit from Chapter 11 results in significant lost new business
awards.

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

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

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


REMY WORLDWIDE: Receives Court Approval on First-Day Motions
------------------------------------------------------------
Remy Worldwide Holdings, Inc., has received Bankruptcy Court
approval of its first-day motions to, among other things, pay
employee wages and benefits without interruption and continue to
pay trade creditors and suppliers in the ordinary course of
business.

As reported in the Troubled Company Reporter on Oct. 10, 2007,
in response to the overwhelming support received from its
noteholders for its prepackaged plan of reorganization, the
Company filed voluntary petitions for itself and its domestic
subsidiaries under chapter 11 of the U.S. Bankruptcy Code to
seek confirmation of the plan.

                       DIP Facility

The Court also granted interim approval ofUS$160 million of
Remy'sUS$225 million debtor-in-possession facility, which was
provided by Barclays Capital who acted as sole lead arranger.
As previously reported, Barclays Capital had committed to
provide DIP financing for up toUS$225 million and up toUS$330
million of long-term exit financing.  Barclays Capital has
syndicated both the DIP and the exit facilities together to
coincide with Remy's prepackaged bankruptcy case.  The closing
of the DIP and exit loans are subject to certain closing
conditions which are anticipated to be satisfied during the
Chapter 11 process.  A final DIP hearing has been scheduled for
Nov. 7, 2007.

"We are pleased with the swift approval of our "first-day
motions" which will enable Remy to operate without interruption
and continue to meet our normal business obligations during the
plan confirmation process," John Weber, Chief Executive Officer,
said.  "With our first-day motions approved, we will continue to
concentrate on running our business with the goal of emerging
from chapter 11 within the next 60 days."

The Court has scheduled a hearing to confirm Remy's prepackaged
plan of reorganization for Nov. 20, 2007.

                    About Remy Worldwide

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.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is
AlixPartners, LLC.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Bankruptcy Creditors'
Service, Inc.,  http://bankrupt.com/newsstand/or 215/945-7000).


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

CNLT (FAR EAST): Defaults on MYR60-Million Bank Loan
----------------------------------------------------
CNLT (Far East) Bhd defaulted on a MYR60-million Bank Guaranteed
Commercial Papers Program on October 10, 2007.

According to the company, it failed to pay the interest payment
to the capital and, accordingly, the full principal amount
become due and payable, which the company defaulted.

CNLT said that it is currently experiencing financial
difficulties due to constraints in its cash flow from operations
which are insufficient to meet its debt obligations.

The company has advised all its bank creditors on its current
situation and is currently in discussions with them to undertake
a comprehensive corporate and debt restructuring exercise to
address and resolve its debt liabilities.

The bank creditors have yet not called an event of default.
Notwithstanding, the discussions with the bank creditors on the
Company's debt restructuring plan are still ongoing.  In this
regard and at this juncture, the company does not expect any
adverse financial or legal impact arising from the Default.

In the event the default is in respect of secured loan stocks or
bonds, the lines of action available to the guarantors or
security holders against the listed issuer

The default will enable the bondholders to call on the bank
guarantee for the payment of the full principal amount of MYR60
million under the BGCP by the guarantor bank creditors.  Upon
payment under the bank guarantee, the guarantor bank creditors
will make a claim against the company for settlement of the said
payment under the bank guarantee.

In the event the default is in respect of payments under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or receiver and manager,
the default will empower the guarantor bank creditors who are
debenture holders to appoint a receiver or receiver and manager.

Whether the default in payment constitutes an event of default
under a different agreement for indebtedness (cross default) and
the details thereof, where applicable the default will trigger a
cross-default of the other banking facilities of the Company.

Where the default in payment is in respect of a subsidiary or
associated company, a confirmation as to whether the subsidiary
or associated company is a major subsidiary or major associated
company, as the case may be the Default does not involve the
Company's subsidiary.

Where the default in payment is in respect of a listed issuer,
major subsidiary or major associated company, as the case may
be, a statement as to whether the listed issuer is solvent.  In
the event the listed issuer is solvent, a statement that the
listed issuer undertakes to provide to the Exchange, the
Solvency Declaration duly executed by the board of directors of
the listed issuer, in respect of the listed issuer within three
market days from the date of the announcement.  For this
purpose, a listed issuer is regarded as being "solvent" if the
majority directors have formed the opinion that the listed
issuer will be able to pay all its debts in full within a period
not exceeding twelve months from the date of the announcement

The Company is solvent and will be able to repay its debt
obligations in full provided that its envisaged debt
restructuring exercise with its bank creditors will be completed
within the next twelve months from the date of this
announcement.  Accordingly, the Company will provide the
Solvency Declaration to the Exchange within 3 market days from
this announcement.

                           About CNLT

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

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

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


OCI BERHAD: Unit Placed Under Receivership by CIMB Bank
-------------------------------------------------------
OCI Berhad disclosed with the Bursa Malaysia Securities Bhd that
Witaco Corporation Sdn. Bhd., a subsidiary of the company, has
been placed under receivership by CIMB Bank Berhad under the
powers contained in a debenture dated October 6, 1993, with
effect from October 9, 2007.

Mok Yuen Lok and Onn Kien Hoe have been formally appointed
Receivers and Managers of all the assets of Witaco with
immediate effect.

According to data obtained by OCI from Suruhanjaya Syarikat
Malaysia and Bursa Malaysia:

    1. Witaco is a major subsidiary of OCI Berhad.

    2. The net book value of the affected assets as at June 30,
       2006 is MYR675,890.00.

    3. The appointment of Receivers and Managers in Witaco arose
       as a result of default in loan repayment to CIMB Bank
       Berhad.

    4. Witaco is unable to ascertain the extent of the financial
       and operational impact of the appointment on the group
       save for the liability to pay the sum due and payable to
       CIMB Bank as the board of OCI is in the midst of
       compiling and preparing the unaudited results of Witaco
       and other subsidiaries including OCI Berhad.

    5. There is no operational impact as a result of the
       appointment of Receivers and Managers in Witaco as the
       directors of WItaco had caused the premature termination
       of Witaco's operations prior to the convening of OCI's
       Extraordinary General Meeting held on 10 July 2007.

    6. The expected loss arising from the appoint is the sum due
       and payable to CIMB Bank Berhad as at June 25, 2007, as
       announced to Bursa Malaysia at MYR3,758,092.00.

    7. The Board of OCI is currently still in the midst of
       meeting all the bankers of OCI and its subsidiaries to
       determine the extent of the Group's financial exposure
       and to come to an interim settlement.


OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On 24 January 2006, Company disposed off its entire 51%
equity interest in Tongyong Resin Chemical Industry Co. Ltd.

The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


PECD BERHAD: Senior Executive Remains in Jail on Fraud
------------------------------------------------------
PECD Bhd's senior executive will have to remain in detention in
Dubai as the financially distressed company has yet to resolve
the dishonored cheque issue with its supplier, Kele Contracting,
The Edge Daily reports.

Zainal Adnan, who is PECD LLC's senior finance manager, would
have to spend his Hari Raya in detention, the report adds.  PECD
LLC is a unit of PECD.

Mr. Zainal has been detained since early September for signing
two company cheques to Kele Contracting, which cheques were
subsequently dishonored.  The cheques were purportedly for the
payment of their workers' salaries.

Recently, PECD held an EGM, which saw the shareholders approving
its proposed renounceable rights issue on the basis of two
shares with one warrant for every two existing shares, the news
agency relates.  The exercise is expected to raise at least
MYR81 million for its working capital, repayment of part of its
borrowings and outstanding Islamic bonds.

PECD is seeking new initiatives, including the sale of non-core
assets and securing local contracts to improve the company's
financial position within the next three years.

The company planned to sell its non-core assets to raise some
MYR40 million in gross proceeds, which disposal was targeted to
be completed by end-2007, which would improve its cash flow.

"We are cautiously optimistic that the PECD Group would be able
to turn around and achieve a more stable financial position
within the next three years," it said in a statement yesterday,
adding that it plans to resolve its outstanding project claims
amounting to MYR1.3 billion.


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

Malaysian Rating Corp Bhd has downgraded PECD Berhad's
MYR200-million serial fixed rate bonds to BB+ from BBB-.  The
rating outlook remains negative.

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


STAR CRUISES: Sale of Superstar Gemini to Conclude Soon
-------------------------------------------------------
Star Cruises' sale of SuperStar Gemini will be concluded in the
next few weeks where it would be chartered back from the new
owner until December 2008 so it could continue to be used by
Star Cruises, Malaysia's Business Star reports.

The cruise company, when contacted by StarBiz, did not reveal
the selling price of the cruise liner.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Star Cruises is selling SuperStar Gemini.

According to David Chua, the company's president, the sale is
"part of the company's fleet optimization plan in line with the
realization of new growth opportunities in the region."  "Such a
need to sell or replace selected ships in the fleet will occur
as and when opportunities from potential buyers arise to enable
us to acquire bigger, better vessels as well as to renew and
further enhance our products and services to better cater to our
guests' needs."

"Such a need to sell or replace selected ships in the fleet will
occur as and when opportunities from potential buyers arise.
This is to enable us to acquire bigger, better vessels as well
as to renew and further enhance our products and services to
better cater to our guests' needs," he added.

Apart from the future growth potential with renewed and bigger
capacities and features of its ships, Star Cruises will now be
able to focus on further improvements to its current ships such
as SuperStar Virgo, SuperStar Aquarius and SuperStar Libra, the
statement obtained by StarBiz said.

This will be done with continuous innovation and improvement of
personalized services, ongoing new activities and world-class
themes and performances.

                        About Star Cruises

Malaysia-based Star Cruises Limited --
http://www.starcruises.com/-- is a company publicly listed in
Hong Kong and is a core member of the Genting Group and 36.1%
owned by Resorts World, which is, in turn, 57.7% owned by
Genting Berhad.  Star Cruises operates 22 ships with 35,000
lower berths under five main brands: Star Cruises and Cruise
Ferries, which service Asia Pacific, and three brands under NCL.

Standard & Poor's Ratings Services on April 11, 2007, said its
BB- long-term corporate credit ratings on Malaysia-based cruise
operator Star Cruises Ltd., remain on CreditWatch with negative
implications.  The ratings were placed on CreditWatch on
Dec. 11, 2006, following the announcement that Genting
International PLC had won its SGD5.2-billion bid to build
Singapore's second integrated resort on Sentosa Island.

Moody's Investors Service, on August 20, 2007, put on review the
B1 corporate family rating of Star Cruises Limited with
direction uncertain.

The review has been prompted by the announcement that private
equity group, Apollo Management, LP, has agreed to make a US$1
billion cash investment in NCL for a 50% equity interest, with
SCL continuing to own the remaining 50% stake.  Apollo will name
a majority of the NCL board while certain consent rights will be
retained by SCL.  The cash proceeds will be used to repay NCL's
existing debts and fund upcoming new builds.


SHAW GROUP: Bags Deals fron Army Corps & Dept. of Agriculture
-------------------------------------------------------------
Shaw Awarded Contracts by Army Corps of Engineers and the
Department of Agriculture

The Shaw Group Inc.'s Environmental & Infrastructure Group has
been awarded a Multiple Award Task Order Contract (MATOC) by the
U.S. Army Corps of Engineers, and two design and build contracts
by the Forest Service agency of the U.S. Department of
Agriculture.

Shaw was selected for the MATOC to complete task orders in
support of the Savannah District's on-going military missions
and to support requirements related to the Army's
Transformation, Base Realignment and Closure and Global
Reposition of Soldiers Programs as needed.  Shaw is one of four
contractors selected for the vehicle maintenance complex
contract, which has a three-year term.  The value of Shaw's
contract, which has already been included in the company's
backlog, was not disclosed.

As for the two Forest Service agency contracts, Shaw will
provide construction of four buildings totaling 23,000 square
feet, which includes an office building, warehouse, fire station
and crew quarters at the Lost Lodge Ranger Station in
Cloudcroft, N.M. Shaw also will be responsible for site work,
utilities, parking lot and hazmat building pad construction. The
value of Shaw's contract, which has already been included in the
company's backlog, was not disclosed.  The New Mexico projects
are expected to be completed by July 2008.

Shaw's second Forest Service agency contract includes demolition
of existing buildings, utilities, site features and construction
of three buildings totaling 21,650 square feet at the Verde
Ranger Station in Camp Verde, Ariz.  Shaw also will be
responsible for site improvements and utilities construction.
The value of Shaw's contract, which will be included in the
company's first quarter fiscal year 2008 backlog, was not
disclosed.  The work is expected to be completed by October
2008.

Both Forest Service agency contracts require that the facilities
be designed and constructed to comply with applicable codes,
standards, and principles of sustainability and obtain a
Leadership in Energy and Environmental Design certification at
the Silver level, as well as achieve an Energy Star rating for
all buildings.

"Shaw is pleased to have been selected to provide these critical
design and construction capabilities to support the Army's
mission," said J.M. Bernhard Jr., Shaw's chairman, president and
chief executive officer.  "We've worked successfully with the
Savannah District for more than 10 years and we are committed to
providing timely, cost effective, and quality services and
products for the vehicle maintenance facility complexes
throughout the Corps' South Atlantic Division area of
operations.

"We also are pleased to be the first contractor to work with the
Forest Service Region Three on these design-build contracts,"
said Bernhard.  "With the significant emphasis by many federal
agencies and private companies to build 'green' and deliver
LEED-certified projects, this type of project further
strengthens our position in the sustainable design and
construction marketplace."

                     About Shaw Group

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

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

                       *     *     *

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

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


SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17
--------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has adjourned the hearing to consider the approval of
Solutia Inc. and its debtor-affiliates' Disclosure Statement
describing their Second Amended Plan of Reorganization until
Oct. 17, 2007, at 2:30 p.m., in Courtroom 701.

As previously reported, the Debtors filed their Second Amended
Plan and related Second Amended Disclosure Statement in July
2007.

Jeffry N. Quinn, chairman, president and chief executive officer
of Solutia, Inc., stated that the Second Amended Plan, among
other things, does not alter the material terms of the
reallocation of Legacy Liabilities set forth in:

  (a) the Debtors' original Plan of Reorganization, filed
      February 14, 2006, or the First Amended Joint Plan of
      Reorganization, filed May 22, 2007;

  (b) the Relationship Agreement, which will be entered into
      between Solutia and Monsanto Company upon confirmation of
      the Plan; or

  (c) the Retiree Settlement Agreement, as amended among
      Solutia, the Official Committee of Unsecured Creditors,
      the Official Committee of Retirees and Monsanto.

The Second Amended Plan also contemplates the potential
distribution of warrants to equity holders who own above a
certain threshold of Solutia common stock.

Last week, Solutia announced that it has secured the full
support of the Ad Hoc Committee of Solutia Noteholders, the
Official Committee of Equity Security Holders, the Official
Committee of Unsecured Creditors, Monsanto Company, Pharmacia
Corporation, the Official Committee of Retirees, and the Ad Hoc
Committee of Trade Creditors for a comprehensive settlement and
consensual plan of reorganization in the Debtors' Chapter 11
cases.

The revised plan will position Solutia to emerge from bankruptcy
by the end of this year as a financially healthy organization
well-positioned to create significant value for its
stakeholders, said Mr. Quinn.

Mr. Quinn recently said in a press statement that the revised
plan will provide for about $250,000,000 of new  investment in
reorganized Solutia through a backstopped rights offering to
certain creditors, as well as a reallocation of the legacy
liabilities that Solutia assumed when it was spun off.  It will
also provide for a resolution of all the litigation between the
settling parties including a potential appeal by Solutia
noteholders, the adversary proceeding filed by current equity
holders against Monsanto and Pharmacia, and related objections
to the Monsanto and Pharmacia claims.

Solutia will update its Plan and Disclosure Statement to reflect
the terms of the settlement, and anticipates filing the
documents with the Court within the next few days.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  Saflex is a registered trademark of Solutia Inc.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.


Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  (Solutia Bankruptcy News, Issue No. 100;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Named as Co-Defendant in US$685MM Cancer Lawsuits
--------------------------------------------------------------
Solutia Inc. was named as co-defendant in 77 cancer lawsuits,
seeking $685,000,000 in total damages, over Monsanto Company's
old plant in Nitro, Chris Dickerson at The West Virginia Record
reported.

The complaints, filed by Stuart Calwell, Esq., at The Calwell
Practice PLLC, in Charleston, West Virginia, in Putnam Circuit
Court, on October 1, 2007, also list Monsanto, Pharmacia
Corporation, Akzo Nobel Inc., Flexsys America, and Apogee Coal
Company, as defendants.

According to the Complaints, the plaintiffs seek:

  (a) compensatory damages of US$5,000,000 each to compensate
      them for past, present and future medical bills and pain
      and suffering, as well as 'mental anguish and loss of
      enjoyment of life";

  (b) US$300,000,000 in total punitive damages; and

  (c) certification of the cases as a class action.

"We think the lawsuits have great merit," Mr. Dickerson quoted
Mr. Calwell as saying.  "The complaints speak for themselves."

Under each complaint, the "plaintiffs allege the same series of
occurrences involving the negligent and otherwise unlawful
release of dioxin from properties owned and/or controlled by the
defendants caused or significantly contributed to their cancer."

Mr. Calwell's complaints detail the history of Nitro, the Old
Monsanto plant, the Monsanto Company and the other defendant
companies which are successors, Mr. Dickerson reported.

"During the years that Monsanto was operating its
trichlorophenol
plant, it adopted an unlawful practice of disposing of dioxin
waste materials by a continuous process of open 'pit' burning,"
the Complaints state.  "This practice was largely denied by
Monsanto whose representatives characterized the practice as an
'incineration process' when asked by regulatory authorities.

"Further, the manufacturing process itself was dusty and
Monsanto's dust control was haphazard."

According to the Complaints, more than 3,000 pounds of a dioxin
was released into the Nitro air because of that.  Sampling
showed levels of 2,200 parts per trillion, while U.S.
Environmental Protection Agency standards require a level less
than 4 parts per trillion, Mr. Dickerson said.

Monsanto owned and operated the plant from 1934 to 2000,
according to the complaints.  The Nitro plant was operated by
Monsanto until 1995 when the plant merged with Akzo Nobel, a
Dutch company, and began operating as Flexsys America Inc.  In
1997, Monsanto renamed a subsidiary as Solutia Inc. and the
Nitro was distributed to Solutia.  The plant closed in 2004.

Specifically, the Complaints cite a 1949 incident in which a
safety disc failed at the plant, exposing workers to a chemical
cloud that caused 226 people to become ill, noted Mr. Dickerson.

The dioxin in question, known as 2,4,5 trichlorophenoxyacidic
acid or 2,4,5-T, was used by the military as part of the
herbicide "Agent Orange" in Vietnam.  The Complaints say
production of the dioxin "continued 7 days a week 365 days a
year from 1949 to approximately 1971 at the Monsanto Nitro
plant."

The Plaintiffs maintain that the Defendants knew or should have
known the Nitro plant site was contaminated and dangerous.
According to the Complaints, the Defendants "acted carelessly,
negligently, recklessly and/or deliberately," according to The
West Virginia Record.

"The proposed class is made up of persons with one or more
dioxin related cancers and who live or lived in the class
defined area . . . for at least two years during the period 1949
to the present and/or have attended school in the class defined
area for at least two years and/or who have been employed in a
building in the class defined area for two years or more," the
Complaints state, adding that there are 12,503 residences in the
area, the paper said.

Earlier this year, nine families filed similar suits in Kanawha
Circuit Court, asserting that the former Monsanto Company is
responsible for personal injury and wrongful death by exposure
to the dioxins or furans produced at the plant, the paper noted.

Mr. Calwell told the paper that he has another pair of possible
class-action lawsuits about property damage stemming from dioxin
exposure in Nitro against Monsanto that are pending in Putnam
Circuit Court, which suits were filed in December 2004, and are
up for class certification later this month.

According to a June 29, 2007 progress report on the Nitro
facility, Solutia has indicated to the appropriate government
agencies that it would continue on-site remediation activities.
Demolition of the area began in June 2004 and was completed in
June 2005.  Solutia is presently evaluating the surface water
management program for the Nitro facility.

                       About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  Saflex is a registered trademark of Solutia Inc.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.

(Solutia Bankruptcy News, Issue No. 100; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TENGGARA OIL: Faces Malayan Banking's Wind-Up Petition
------------------------------------------------------
Tenggara Oil Bhd disclosed with the Bursa Malaysia Securities
Bhd that it received on Oct. 11, 2007, a wind-up petition from
the Malayan Banking Bhd.

The petition was dated Sept. 4, 2007, and was presented to the
High court of Malaya at Kuala Lumpur (Commercial Division).  The
petition is fixed for hearing on Nov. 23, 2007.

Malayan Banking claims MYR25,061.98 of outstanding debt as at
July 16, 2007, which was obtained by the bank on Jan. 18, 2007,
via Court Suit No. S2-52-1955 2006 together with interest of 8%
per annum.

MBB had via its solicitors issued a Notice pursuant to Section
218 1(e) of the Companies Act, 1965 dated July 16, 2007, which
was served to TOB's registered office to demand for the
aforesaid amount outstanding within 21 days from the date of
notice.  TOB had failed to pay the amount owing or any part
thereof.

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

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


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

BRUCE HAYWARD: Wind-Up Petition Hearing Set for Nov. 12
-------------------------------------------------------
A petition to have Bruce Hayward Builders Ltd.'s operations
wound up will be heard before the High Court of Rotorua on
November 12, 2007, at 10:45 a.m.

Carters filed the petition on August 14, 2007.

Carters' solicitor is:

         Edmund Lawler
         Edmund Lawler & Associates
         PO Box 25931, St Heliers
         Auckland
         New Zealand


CATWALK PRODUCTIONS: Court to Hear Wind-Up Petition on Oct. 18
--------------------------------------------------------------
The High Court of Dunedin will hear on October 18, 2007, at
10:00 a.m., a petition to have Catwalk Productions Ltd.'s
operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
September 3, 2007.

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


CNI TECH: Court Sets Wind-Up Petition Hearing for Dec. 6
--------------------------------------------------------
The Commissioner of Inland Revenue filed on August 14, 2007, a
petition to have CNI Tech (Chch) Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
December 6, 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


CONSTANT TRENDZ: Fixes October 19 as Last Day to File Claims
------------------------------------------------------------
Jeffrey Philip Meltzer and Karen Betty Mason were appointed
liquidators of Constant Trendz Ltd. on September 13, 2007.

The Liquidators are accepting creditors' proofs of debt until
October 19, 2007.

The Liquidators can be reached at:

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


DALE PROPERTIES: Commences Liquidation Proceedings
--------------------------------------------------
Dale Properties Ltd. commenced liquidation proceedings on
September 20, 2007.

Creditors are required to file their proofs of debt by Oct. 25,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Peter Reginald Jollands
         Barry White
         c/o Jollands Callander
         Accountants and Insolvency Practitioners
         Administrator House, Level 8
         44 Anzac Avenue
         Auckland
         New Zealand
         Web site: http://www.jollandscallander.co.nz


EMPOWER TRUSTEE: Shareholders Agree on Voluntary Liquidation
------------------------------------------------------------
On September 19, 2007, the shareholders of Empower Trustee
Company Ltd. resolved through a special resolution to liquidate
the company's business.

James Stewart Murray was appointed as liquidator.

The Liquidator can be reached at:

         James Stewart Murray
         PO Box 46, Orewa, Auckland 0946
         New Zealand
         Telephone:(09) 426 8488
         Facsimile:(09) 426 8486


FORTEC PERFORMANCE: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
On September 4, 2007, the Commissioner of Inland Revenue filed a
petition to have Fortec Performance Engineering Ltd.'s
operations wound up.

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

The CIR's solicitor is:

         Adam R. A. Pell
         c/o Inland Revenue Department
         Legal and Technical Services
         17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand
         Telephone:(09) 985 7214
         Facsimile:(09) 985 9473


LAKE TAUPO: Faces CIR's Wind-Up Petition
----------------------------------------
A petition to have Lake Taupo Hotbus Ltd.'s operations wound up
was filed by the Commissioner of Inland Revenue on August 20,
2007.

The petition will be heard before the High Court of Rotorua on
November 12, 2007, at 10:45 a.m.

The CIR's solicitor is:

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


LDC FINANCE: Secured Investors to Recoup Investment in Full
-----------------------------------------------------------
PricewaterhouseCoopers, receivers for LDC Finance Ltd, said in a
press release that preliminary analysis indicates that the
finance firm's secured investors will receive repayment of their
investment in full, including interest.

Unsecured investors, however, aren't as lucky.   "[U]nsecured
investors are unlikely to receive full repayment of their
investment," the release stated.  "We currently estimate
unsecured investors will receive between 70 and 90 cents in the
dollar on the principal invested in LDC as at 4 September 2007."
The receivers don't see any remaining funds to pay interest on
the unsecured investors' investments.

Pwc admits there is "considerable uncertainty as to the amount
of the ultimate repayment to unsecured investors."  The amount
will be largely dependent on the money recovered from the
company's major asset, its finance receivables.

The receivers' summary of the LDC's financial position as of
Sept. 4, 2007, shows total assets of NZ$26,568,201, the bulk of
which comes from finance receivables aggregating NZ$22,062,992.
Finance receivables consist of loans to borrowers.

According to the receivers, the original value of the
receivables was NZ$27.3 million but prior to their appointment
(Sept. 4, 2007), they have been provisioned or reduced by
NZ$5.2-NZ$22.1 million by the company.  The provision reflected
a portion of the finance receivables the directors of the
company considered uncollectible, which amount was determined by
the directors as at March 31, 2007, the receivers relates.  The
receivables are a combination of commercial and retail loans to
a wide range of borrowers.  The retail loans include mortgages
over land, revolving credit (interest only) loans, hire
purchase, and other general commercial loans.

Liabilities as of Sept. 4, 2007, totaled NZ$21,926,042, most of
which are due to investors -- NZ$21,588,690.  Of the total
amount owing to investors, NZ$12,389,343 is payable to secured-
term investments while the NZ$9,199,347 is due to unsecured-term
and call deposits.

After Pwc completed a review of the receivables, the firm
determined that, given that the receivership, the amount likely
to be recovered from the loans could be less than that indicated
by the directors.

"We are working with the management and staff of the company to
collect the receivables in a timely manner," PwC assures LDC's
investors.  "Where the loan is 'interest only', we will be
requesting the borrower to start making principal payments in
addition to the interest.  Should a loan mature, full immediate
repayment will be required unless the loan is well secured and
future payments include both principal and interest, resulting
in full repayment over a timely period.  Where any borrower
fails to comply fully with the terms of their, loan or where the
loan is in arrears, a robust approach will be taken to obtain
full payment."

                       About LDC Finance

LDC Finance Ltd, a New Zealand finance company, was established
in 2004 to take over LDC Investments, which breached securities
law after it raised money without a registered prospectus and
without a trustee.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, LDC Finance went into receivership for not being
able to get new funds and maintain existing investments.
Perpetual Trust Limited, trustee for the secured debenture stock
and deposits issued by LDC Finance appointed
PricewaterhouseCoopers partners Malcolm Hollis and John Fisk as
Receivers.


SATCOM TELEVISION: Shareholders Resolve to Liquidate Business
-------------------------------------------------------------
On September 18, 2007, the shareholders of Satcom Television
Services Ltd. resolved to voluntarily liquidate the company's
business.

Gavin Richard O'Dea was appointed liquidator.

The Liquidator can be reached at:

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


SETTLEMENT BEVERAGE: Court to Hear Wind-Up Petition on Oct. 18
--------------------------------------------------------------
The High Court at Auckland will hear on October 18, 2007, at
10:45 a.m., a petition to have Settlement Beverage Ltd.'s
operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
July 13, 2007.

The CIR's solicitor is:

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


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

CHINA BANKING: To Sell Off Remaining 12.5% of Manila Bank
---------------------------------------------------------
China Banking Corp. will make a tender offer on all outstanding
equity securities of the stockholders of the remaining 12.5% of
Manila Banking Corp.

The bank's board of directors also agreed during a meeting held
on Wednesday to reorganize its Trust Investment Committee so
that it now has these members:

    * Pilar N. Liao (chairman)
    * Harley T. Sy
    * Dy Tiong
    * Peter S. Dee
    * Rene J. Sarmiento

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

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

                          *     *     *

The bank's long-term issuer default carries Fitch's BB rating,
while it has a C individual rating and a support rating of 4.


NAT'L POWER: Fitch Affirms 'BB' Rating to Fixed Rate Notes
----------------------------------------------------------
Fitch Ratings has affirmed on Thursday the ratings of 'BB' to
the US$500 million fixed-rate and US$300 million floating-rate
notes issued by National Power Corporation in 2006 and 2005,
respectively.

The Notes are irrecoverably and unconditionally guaranteed by
the Republic of the Philippines (the "ROP"), and hence the
rating of the Notes is based on the ROP's 'BB' Long-term foreign
currency rating, with a Stable Outlook.

The rating addresses the timely payment of interest and the
ultimate payment of principal of the notes by the legal final
maturity in August 2011.

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

                          *     *     *

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

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

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


* 8-Month Exports Rise 4.8% Despite Declining Figures in August
---------------------------------------------------------------
The Philippines' exports for the eight-month period ending
August 30 has increased 4.8% year-on-year to US$32.79 billion
despite a 4.8% decrease year-on-year in export earnings for the
month of August alone, the Manila Bulletin reports.

The general decline is caused by the scheduled maintenance of
the equipment and machineries of some establishments, the NSO
told the Bulletin.

The Bulletin says that electronic products, which made up 64% of
total revenues in August, sank 4% year-on-year to US$2.591
billion because of reduced outward shipments of semiconductors,
electronic data processing and telecommunication.  Apparel and
clothing accessories put in US$218.5 million, 10.7% lower than
August 2006's US$244.68 million.  Petroleum exports also
decreased 3.3% from last year's US$86.51 million, turning in
only US$83.63 million for August.  Ignition wiring reported a
decline as well, falling 8.1% from August last year's US$76.29
million to US$70.11 million.

Only woodcrafts and furniture reported a growth in its export
figures, the Bulletin reveals.  It turned in US$70.11 million,
an 18.6% growth from US$65.33 million last year.

                          *     *     *

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.


* Measures to Polish Revenue May Cue Positive Outlook, S&P Says
---------------------------------------------------------------
The Philippines' credit outlook can be upgraded to "positive" if
Congress can pass new measures to hike up government revenue,
Standard & Poor's said as reported by the Philippine Daily
Inquirer.

In its report, S&P analyst Agost Benard said that "[t]he outlook
on the ratings could again come under downward pressure in the
event that a fiscal correction is endangered by a stalling of
reforms, such that the government's balanced budget goals become
unattainable and/or necessitate continued expenditure
compression at the expense of future growth prospects."

The report noted te rise in government revenues by 20% in July
and August.  Mr. Benard said that the country's fiscal outcome
depends on the government's ability to sustain the rate of
collection and the proceeds of the privatization revenues, and
added that the previously unlikely government deficit target of
PHP63 billion may yet be met.

                          *     *     *

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
=================

AV NEWCO: Requires Creditors to File Proofs of Debt by Nov. 12
--------------------------------------------------------------
AV Newco Pte Ltd, which is voluntary liquidation, requires its
creditors to file their proofs of debt by November 12, 2007.

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

The company's liquidator is:

         Timothy James Reid
         50 Raffles Place
         #16-06 Singapore Land Tower
         Singapore 048623


DOMINION TEXTILE: Requires Creditors to File Claims by Nov. 4
-------------------------------------------------------------
The creditors of Dominion Textile International (Asia) Pte Ltd
are required to file their proofs of debt by November 4, 2007,
to be included in the company's dividend distribution.

The company's liquidator is:

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


MANDATE HOLDINGS: Court to Hear Wind-Up Petition on Oct. 19
-----------------------------------------------------------
The High Court of Singapore will hear on October 19, 2007, at
10:00 a.m., a petition to have Mandate Holdings Pte Ltd's
operations wound up.

The petition was filed by Mewaholeo Industries Sdn Bhd on
September 26, 2007.

Mewaholeo Industries' solicitor is:

         Haridass Ho & Partners
         24 Raffles Place, #18-00 Clifford Centre
         Singapore 048621


SEA CONTAINERS: Wants to Allocate Funds to Two Non-Debtor Units
---------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S
Bankruptcy Court for the District of Delaware for permission to
allocate:

  (a) US$300,000 of the funds remaining in the Finnjet Reserve;

  (b) US$100,000 of the funds received by SC Treasury from SC
      Opera; and

  (c) US$500,000 of the funds remaining in the Contingency
      Reserve to their non-debtor subsidiaries, Periandros S.A.
      and Pualista Containers Maratismos Ltda.

The US$900,000 requested allocation will be used to fund
US$400,000 worth of repair and maintenance costs incurred by
Periandros and US$500,000 worth of land taxes and associated
legal costs incurred by Paulista, Sean T. Greecher, Esq., at
Young Conaway Stargatt & Taylor, in Wilmington, Delaware, says.

Mr. Greecher relates that the allocation of funds to Periandros
and Paulista will allow them to satisfy certain of their
outstanding liabilities, which in turn allow them to maintain
the operation of their businesses for a sufficient time to allow
for the marketing and maximization of the sale or disposal value
of the businesses to the ultimate benefit of the Debtors'
estates and creditors.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 27;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SUMMERWIND TRADING: Wind-Up Petition Hearing Set for Oct. 19
------------------------------------------------------------
A petition to have Summerwind Trading Pte Ltd's operations wound
up will be heard before the High Court of Singapore on Oct. 19,
2007, at 10:00 a.m.

Mewaholeo Industries Sdn Bhd filed the petition on Sept. 26,
2007.

Mewaholeo Industries' solicitor is:

         Haridass Ho & Partners
         24 Raffles Place, #18-00 Clifford Centre
         Singapore 048621


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

ARVINMERITOR INC: Signs Six-Year Contract with Electronic Data
--------------------------------------------------------------
ArvinMeritor and Electronic Data Systems Corp. has recently
signed a new, six-year agreement for EDS to manage the tier-one
automotive supplier's U.S. and Canadian Information Systems
infrastructure services.  EDS will help enable enhanced
capabilities, promote predictability in the system and speed
ArvinMeritor's ability to change with the evolving business
climate.

"As we continue our transformation, we look to EDS as a partner
that has extensive IS and industry experience," said Jay McLean,
vice president of service delivery, Information Systems, for
ArvinMeritor.  "Together, we will enhance our IS infrastructure
to one that is optimized for scale and reliability as we face
the challenges of today's marketplace."

With the agreement, EDS will assume responsibility for
ArvinMeritor's IS infrastructure, which includes consolidating
and hosting its midrange servers and mainframe computers in EDS
data centers.  EDS will provide support for the manufacturer's
data and voice networks, desktop and other end-user computing
services, electronic messaging, and provide global call center
services.

This enhanced IS infrastructure will standardize and modernize
tools and processes to increase quality and reduce
ArvinMeritor's total cost of ownership for its IS environment.

"As we launch this new contract, we are committed to
establishing a strong relationship," said Jeff Kelly, executive
vice president and manufacturing leader at EDS.  "Our goal is to
transform ArvinMeritor's IS environment in support of its
strategic initiatives with a secure, reliable global platform
essential for long-term sustainable growth."

EDS Agility Alliance partners Sun Microsystems and EMC will
provide products and services to ArvinMeritor related to the
consolidation of its midrange and data storage environments.
The EDS Agility Alliance is a coalition of companies globally
recognized for their quality, products and value to clients.
Its mission is to innovate, develop and deliver the EDS Agile
Enterprise Platform - EDS' next-generation global delivery
system.  Together, EDS and its Agility Alliance partners
collaborate to design, build and run a market-leading services
platform and develop technology-based services to deliver
tangible client results.  EDS Agility Alliance partners include
Cisco, EMC, Microsoft, Oracle, SAP, Sun Microsystems and Xerox.

EDS has significant industry-based knowledge in the automotive,
aerospace and defense, high tech and industrial manufacturing
segments, with more than 30 years of experience working with
manufacturers.  More than 20,000 EDS employees serve over 220
manufacturing clients in 40 countries.

                    About Electronic Data

Electronic Data Systems Corp. -- http://www.eds.com-- (NYSE:
EDS) is a leading global technology services company delivering
business solutions to its clients.  EDS founded the information
technology outsourcing industry 45 years ago.  Today, EDS
delivers a broad portfolio of information technology and
business process outsourcing services to clients in the
manufacturing, financial services, healthcare, communications,
energy, transportation, and consumer and retail industries and
to governments around the world.

                      About ArvinMeritor

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 09, 2007,
Fitch Ratings has downgraded its ratings on ArvinMeritor as:

-- Issuer Default Rating to 'BB-' from 'BB';
-- Senior secured revolver to 'BB' from 'BB+'.
-- Senior unsecured notes to 'B+' from 'BB-'.

Fitch said the rating outlook is negative.  Including the
undrawn portion of the secured revolver, approximately US$2.2
billion of debt is affected by these actions.


TRUE CORP: Reports on Conversion of Preferred to Ordinary Shares
----------------------------------------------------------------
Shareholders of True Corp. have opted to convert a total of
28,075 preferred shares into 28,075 ordinary shares in order to
maintain their existing equity position in the company.

The company now has 699,335,771 preferred shares and 3.803
billion ordinary shares outstanding.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating.  The outlook is negative.

The Troubled Company Reporter-Asia Pacific reported on Nov. 27,
2006, that Moody's Investors Service affirmed True Corporation
Public Company Ltd's Ba3 corporate family rating and at the same
time changed the rating outlook to negative from stable.


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



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

AUSTRALIA

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


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial
   Bldg (Group) Co                672      24.47       -2.40
Bao Long Orienta               600988      15.78      -11.11
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.             121     316.12       -8.92
China Force Oil & Grains
   Industrial Co                 1194      92.02       -7.43
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning International
   Cooperation (Group) Ltd        638      20.46      -41.24
Chinese.Com Logi                  805      13.75      -32.33
Chongqing Int'l Enterprise
   Investment Co               000736      19.88      -15.67
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group
   Co., Ltd.                      529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.39
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.67
Hisense Kelon Electrical
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                   600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -77.92
Hunan Hengyang                 600762      61.08      -43.98
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiaozuo Xin'an-a                  719      56.77       -6.52
Junefield Department
   Store Group Limited            758      16.80       -6.34
Lan Bao Technology
   Information Co.,Ltd            631     110.09      -78.89
Loulan Holdings Limited          8039      13.01       -1.04
Mianyang Gao Xin Industrial
   Dev (Group)                 600139      23.90      -15.65
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     253.47      -25.03
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry
   Stock Co.,Ltd               600381      55.58      -55.04
Regal Real Estate
   Investment Trust              1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
   & Chem                      000403     218.51       -3.48
Shanghai Worldbest
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      34.21     -238.76
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -137.55
Shenzhen Kondarl (Group)
   Co., Ltd.                   000048     112.05     -15.98
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92     -53.39
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Direct-A                  757     143.71      -94.34
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
   Economic Trading            600084     359.49      -47.93
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.51
The First Investment &
   Merchant Co, Ltd            600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM      96.57      -42.59
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -150.72
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Ltd                 DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Gujarat State Fi                  GSF     153.48     -157.34
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     238.05     -288.85
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson & Nic Ltd                   JN      15.41       77.32
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Phil Corporation                NPPII      22.13       -4.96
RPG Cables Ltdd                  NRPG      51.43      -20.19
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd                 SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     619.95     -111.52
UB Engineeering                   UBE      47.78       -2.77
Uniflex Cables                    UFC      17.22       -5.04


INDONESIA

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


JAPAN

Banners Co., Ltd                 3011      46.33      -14.11
C4 Technology, Inc               2355      33.71       -1.24
Frameworx, Inc.                  3470      16.59       -5.72
Nihon Seimitsu Sokki Co., Ltd.   7771      26.87       -6.98
NIWS Co., HQ Ltd.                2731     541.08      -33.01
Orient Corporation               8585   37956.19    -1109.02
QUIN LAND Co., Ltd               2732     138.79      -23.93
Tasco System Co., Ltd            2709      48.45      -14.07
Trustex Holdings, Inc.           9374     102.84       -7.82


KOREA

DaiShin Information &
   Communication Co.            20180     740.50     -158.45
Dong Yang Gang                   1780     108.79       -9.80
E-Rae Electronics Industry
   Co., Ltd                     45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      35.66       -0.66
Hyundai IT Corp.                48410     137.08      -48.08
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Korea Cement Co., Ltd.           3660     145.94      -15.79
Oricom Inc.                     10470      82.65      -40.04
Petroholdings Corporation       53170      19.31       -4.95
Rocket Electric Co., Ltd.         420      77.37       -4.76
Seji Co., Ltd                   53330      37.25       -0.31
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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





                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***