TCRAP_Public/071016.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, October 16, 2007, Vol. 10, No. 205

                            Headlines

A U S T R A L I A

AVE BUILDING: Members & Creditors to Meet on Oct. 18
BELL'S SELF: Liquidator to Give Wind-Up Report on October 23
CAPTIVATING HOMES: Will Declare First Dividend on October 19
CREATIVE VENTURES: To Declare First Dividend on Oct. 26
D.K.S. ENGINEERING: Members and Creditors to Meet on Oct. 24

DCS-DU PTY: Inability to Pay Debts Prompts Wind-Up
F. R. SUTHERLAND: Members to Receive Wind-Up Report on Oct. 29
FIJOLIN PTY: Members Agree on Voluntary Liquidation
GLENNRAE PTY: Will Declare First Dividend on Nov. 9
GLENTIME (NO 1): Members to Hold Final Meeting on Oct. 19

H G A INVESTMENTS: Liquidator to Give Wind-Up Report on Oct. 29
ITRON INC: Provides Details on 2.50% Convertible Senior Notes
KENTISH & SONS: Placed Under Voluntary Liquidation
KENTISH HOLDINGS: Undergoes Liquidation Proceedings
KENTSMITH DOWNS: Commences Wind-Up Proceedings

LLB PTY: Members' Final Meeting Set for October 23
PACELYN PTY: Declares First and Final Dividend
PEABODY ENERGY: Board Selects Gregory H. Boyce as Chairman & CEO
POIX PTY: Final Meeting Set for October 19
REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand

SAFE-WASTE INDUSTRIES: Will Declare Dividend on October 18
WEIS INVESTMENTS: Enters Wind-Up Proceedings
ZAMPROP PTY: Members Agree on Voluntary Liquidation
ZINIFEX LTD: To Offer 69.5 Million Shares in Nyrstar IPO
* Moody's Says Rating Outlooks for Australian Banks Stable

* AU LPTs Not Immune From Global Repricing Of Risk, S&P Says


C H I N A   &   H O N G  K O N G

ACA TRADING: Creditors' Meeting Set for Oct. 16
ASIA ALUMINUM: S&P Cuts Ratings to B+ on Poor FY 2007 Results
BOE TECHNOLOGY: Inks Deal to Set Up JV with Chengdu Hi-tech
BR LIMITED: Liquidators Quit Post
CHINA PROPERTIES: Looks to Bankroll on Land Acquisitions

CHONGQING CHANGAN: Ford Expands Joint Venture Production
DAEWOO DIGITAL: Shareholders Resolve to Liquidate Business
DANA CORP: Amends Centerbridge Capital Investment Agreement
DATUM NETWORKS: Creditors' Meeting Set for October 18
DONG KUEN: Taps Sutton and Chiong as Liquidators

ENCHANTING INVESTMENT: Creditors' Proofs of Debt Due on Oct. 26
FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti
GILAT SATELLITE: Chung and Chan Quit as Liquidators
GRAND PALACE: Placed Under Voluntary Liquidation
HANG FUNG: Moody's Keeps Ba3 Ratings Amid Bond Issue Completion

HANG SHUN: Inability to Pay Debts Prompts Wind-Up
HUA HIN: Philip Brendan Gilligan Quits Liquidator Post
HYUNDAI DIGITAL: Shareholders Agree on Voluntary Liquidation
INSTANT-DICT: Liquidators Quit Post
JABIL CIRCUIT: Gets BB+ from Fitch on Loan Refinancing Plan

JINGLEWOOD COMPANY: Court to Hear Wind-Up Petition on Dec. 5
KEYS LIMITED: Members Agree on Voluntary Liquidation
LANDWIDE DEVELOPMENT: Creditors' Proofs of Debt Due on Nov. 30
PACIFIC CROWN: Appoints Sutton and Chiong as Liquidators
PROFIT CONTAINER: Sets Final Meetings for November 12

SABW CORPORATE: Creditors' Proofs of Debt Due on November 1
SOFMAP COMPANY: Appoints Lau Siu Hung as Liquidator
UNION MARK: Tam Kan Wing Quits as Liquidator
ZTE CORP: Brazil's Transit Buys Microwave Radio


I N D I A

AES CORP: Fitch Rates US$2 Billion Senior Notes at BB
AES CORP: Moody's Affirms B1 Corporate Family Rating
AXIS BANK: Books INR2.28-Bil. Profit in Qtr. Ended Sept. 30
BALLARPUR INDUSTRIES: Board to Consider Q1 Results on Oct. 25
IFCI LTD: Board to Propose Conversion of Debt to Equity

IMAX CORPORATION: Catalyst Fund Withdraws New York Lawsuit
UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007


I N D O N E S I A

ALCATEL-LUCENT: Supplies Fiber-To-The-Node Network to Belgacom
BERLIAN LAJU: Fitch Gives BB- Long-Term Issuer Default Rating
HILTON HOTEKS: Amends 8% Quarter Interest Bonds Tender Offering


J A P A N

JAPAN AIRLINES: 1,710 Workers to Avail of Early Retirement Plan
MITSUKOSHI LTD: Hopes to Jointly Earn JPY75BB in 2013 w/ Isetan
SANYO ELECTRIC: Reorganization May Do Ratings Good, Moody's Says
SANYO ELECTRIC: S&P Revises Outlook on BB- Rating to Stable
TOKYO DOME: JCR Affirms BB+ Sr. Debt Rating with Stable Outlook

* Moody's Upgrades Japan's Rating to A2
* Fitch: Consumer Finance Liquidity Not as Inhibited as Reported


K O R E A

ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan
ARROW ELECTRONICS: Finalizes Assurance Support Deal w/ Intel
EDS CORP: Former Mexican Pres., Dr. Ernesto Zedillo Joins Board
REMY WORLDWIDE: Gets Interim Court Nod on US$160MM DIP Financing


M A C A U

GALAXY CASINO: Moody's Affirms B1 Ratings; Outlook Stable


M A L A Y S I A

SATERAS RESOURCES: Failure to File Financials Prompts Delisting
SHAW GROUP: Earns US$54.6 Million in Three Months Ended May 31


N E W  Z E A L A N D

AIR NEW ZEALAND: Not Acquiring Stake in Australia's Virgin Blue
ALPINE PACIFIC: Creditors' Proofs of Debt Due on Oct. 25
AUCKLAND RESIDENTIAL: Faces Rixon Contracting's Wind-Up Petition
BRIDGECORP: Group Calls Disgruntled Investors to Oct. 25 Meeting
CREATIVE PLAY: Court to Hear Wind-Up Petition on Nov. 8

EMPOWER TRANSPORT: Shareholders Resolve to Liquidate Business
EXCEPTIONAL INVESTMENTS: Commences Liquidation Proceedings
HARPER BUILDERS: Court Hears Wind-Up Petition
IBS GROUP: Court Sets Wind-Up Petition Hearing for Dec. 13
K & T RENATA: Fixes October 18 as Last Day to File Claims

KING PANELBEATERS: Subject to CIR's Wind-Up Petition
MANAIA BUILDERS: Creditors' Proofs of Debt Due on Oct. 18
MCM QUALITY: Court Sets Wind-Up Petition Hearing for Nov. 8
OPALNET LTD: Appoints John Francis Managh as Liquidator
RIFLE RANGE: Commences Liquidation Proceedings

ROYCROFT AUTOMOTIVE: Fixes October 31 as Last Day to File Claims
S.M.D. BRICKLAYERS: Creditors' Proofs of Debt Due on Oct. 26
SJG CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 18
SKYBAUX ENTERPRISES: Accepting Proofs of Debt Until Oct. 19
SOLWAY CONSTRUCTION: Subject to Byrne's Wind-Up Petition

SPENCER & CASH: Faces Fisherton's Wind-Up Petition
VUSION PACIFIC: Appoints Levin and Jordan as Liquidators


P H I L I P P I N E S

APC GROUP: Seeks to Ink Joint Venture Deals with Foreign Firms
BANGKO SENTRAL: Opts Not to Impose Restrictions on Forex Inflows
BANGKO SENTRAL: Rate Cut Signals Stable Economy, Officials Say
BANGKO SENTRAL: Liquidity Hikes May Cue High Deposit Requirement
JG SUMMIT: Acquires Milk Manufacturing Plant for PHP509 Million

* Government Eyes PHP5.891-Bil. Additional Income from Sin Taxes
* Tax Agency Admits Inability to Recover First Half Revenue Gap


S I N G A P O R E

ADVANCED SYSTEMS: Asti Holdings Lowers Stake of Deemed Shares
AVAGO TECH: Increases Revolving Credit Facility by US$125 Mil.
FROEBEL ACADEMY: Court Enters Wind-Up Order
JOHNSON INDUSTRIES: To Pay Second Interim Dividend on Oct. 19
KSP CORPORATION: Court to Hear Wind-Up Petition on Oct. 19

LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779 Mil.
LEVI STRAUSS: Fitch Assigns 'BB+' to Revolving Credit Facility
SEA CONTAINERS: Earns US$11,158,734 in Month Ended August 31


T H A I L A N D

ITV PCL: Awaits Decision from Prospective Buyer of Shares in ITV


* Moody's Says Demand Helps Offset Price Declines in Tech Sector


* BOND PRICING: For the Week 15 October to 19 October 2007

     - - - - - - - -

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

AVE BUILDING: Members & Creditors to Meet on Oct. 18
----------------------------------------------------
The members and creditors of Ave Building Services Pty Ltd will
hold their final meeting on October 18, 2007, at 11:00 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

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

The Liquidator can be reached at:

         P. Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9606 3888

                       About Ave Building

Ave Building Services Pty Ltd provides building cleaning and
maintenance services.  The company is located at Port Melbourne,
in Victoria, Australia.


BELL'S SELF: Liquidator to Give Wind-Up Report on October 23
------------------------------------------------------------
A final meeting will be held for the members of Bell's Self
Storage (Aust) Pty Ltd on October 23, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         Craig Shepard
         c/o KordaMentha
         Level 24, 333 Collins Street
         Melbourne
         Australia

                    About Bell's Self Storage

Bell's Self Storage (Aust ) Pty Ltd is involved in the business
of general warehousing and storage.  The company is located at
Thomastown, in Victoria, Australia.


CAPTIVATING HOMES: Will Declare First Dividend on October 19
------------------------------------------------------------
Captivating Homes Pty Limited, which is in liquidation, will
declare its first and final dividend on October 19, 2007.

Creditors are required to file their proofs of debt by Oct. 17
to be included in the company's dividend distribution.

The company's liquidator is:

         M. E. Slaven
         Rangott Slaven
         Unit 12, Level 3, Engineering House
         11 National Circuit
         Barton ACT 2600
         Australia
         Telephone:(02) 6285 1430
         Facsimile:(02) 6281 1966

                     About Captivating Homes

Captivating Homes Pty Limited is a distributor of durable goods.
The company is located at Ngunnawal, in ACT, Australia.


CREATIVE VENTURES: To Declare First Dividend on Oct. 26
-------------------------------------------------------
Creative Ventures (Niv) Pty Limited, which is in liquidation,
will declare its first dividend on October 26, 2007.

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

The company's liquidator is:

         P. Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                    About Creative Ventures

Creative Ventures (Niv) Pty Limited is involved with food
preparations.  The company is located at Sydney, in New South
Wales, Australia.


D.K.S. ENGINEERING: Members and Creditors to Meet on Oct. 24
-------------------------------------------------------------
A meeting will be held for the members and creditors of D.K.S.
Engineering Pty Limited on October 24, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         D. I. Mansfield
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


DCS-DU PTY: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
At an extraordinary general meeting held on September 5, 2007,
the directors of DCS-DU Pty Ltd resolved to voluntarily
liquidate the company's business due to its inability to pay its
debts.

Chris Chamberlain was appointed as liquidator.

The Liquidator can be reached at:

         Chris Chamberlain
         Suite 103, 1st Floor
         Wollundry Chambers
         Johnston Street
         Wagga Wagga, New South Wales 2650
         Australia

                        About Dcs-Du Pty

Dcs-Du Pty Ltd, which is also trading as Don Corleone Small
Goods, is a distributor of meats and meat products.  The company
is located at Gerogery, in New South Wales, Australia.


F. R. SUTHERLAND: Members to Receive Wind-Up Report on Oct. 29
--------------------------------------------------------------
The members of F. R. Sutherland Pty. Limited will meet on
October 29, 2007, to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

S. B. Humphrys is the company's liquidator.

                     About F. R. Sutherland

Located at Wahroonga, in New South Wales, Australia, F. R.
Sutherland Pty Limited is an investor relation company.


FIJOLIN PTY: Members Agree on Voluntary Liquidation
---------------------------------------------------
During a general meeting held on October 29, 2007, the members
of Fijolin Pty Ltd agreed to voluntarily liquidate the company's
business.

S. B. Humphrys was appointed as liquidator.

                        About Fijolin Pty

Located at Adelaide, in South Australia, Australia, Fijolin Pty
Ltd is an investor relation company.


GLENNRAE PTY: Will Declare First Dividend on Nov. 9
---------------------------------------------------
Glennrae Pty Ltd will declare its first dividend on November 9,
2007.

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

The company's deed administrator is:

         Glenn Michael Shannon
         c/o SV Partners Pty Ltd
         Insolvency Accountants and Risk Managers
         Web site: http://www.svpartners.com.au

                       About Glennrae Pty

Glennrae Pty Ltd, which is also trading as Fence Maker, is a
distributor of primary metal products.  The company is located
at Sandgate, in Queensland, Australia.


GLENTIME (NO 1): Members to Hold Final Meeting on Oct. 19
---------------------------------------------------------
The members of Glentime (No 1) Pty Ltd will meet on October 19,
2007, at 10:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

         I. A. Currie
         P. G. Biazos
         Currie Biazos Insolvency Accountants
         Level 5, 99 Creek Street
         Brisbane, Queensland
         Australia

                     About Glentime (No 1)

Glentime (No 1) Pty Ltd, which is also trading as Medleys
Supermarket, operates grocery stores.  The company is located at
Mount Isa, in Queensland, Australia.


H G A INVESTMENTS: Liquidator to Give Wind-Up Report on Oct. 29
---------------------------------------------------------------
H G A Investments Pty Ltd will hold a general meeting for its
members on October 29, 2007, at 10:30 a.m.

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

                     About H G A Investments

H G A Investments Pty Ltd operates management investment
offices.  The company is located Broadbeach, in Queensland,
Australia.


ITRON INC: Provides Details on 2.50% Convertible Senior Notes
-------------------------------------------------------------
Itron Inc. has disclosed information regarding its 2.50%
Convertible Senior Subordinated Notes Due 2026.

According to their terms, the Notes are convertible into cash
and common stock when the closing price of Itron common stock
exceeds US$78.19, which is one hundred and twenty percent (120%)
of the conversion price of US$65.16, for 20 or more trading days
in a period of 30 consecutive trading days prior to the end of a
quarter.  The Notes may be surrendered for conversion during any
business day prior to the last trading day of the quarter ended
Dec. 31, 2007.  The conversion feature became effective
Oct. 1, 2007.

In order to convert the Notes, a Holder must:

   (1) complete and sign the Conversion Notice, with appropriate
       signature guarantee, on the back of the Note,

   (2) surrender the Notes to a Conversion Agent,

   (3) furnish appropriate endorsements and transfer documents
       if required by the Registrar or Conversion Agent,

   (4) pay the amount of interest, if any, the Holder must pay
       as described below, and

   (5) pay any tax or duty if required pursuant to the
       Indenture.

A Holder may convert a portion of a Note if the portion is
US$1,000 principal amount or an integral multiple of US$1,000
principal amount.

If a Holder surrenders a Note for a conversion after the close
of business on the record date for the payment of an installment
of interest and prior to the related interest payment date, such
Security, when surrendered for conversion, must be accompanied
by payment of an amount equal to the interest thereon which the
registered Holder at the close of business on such record date
is to receive (other than overdue interest, if any, that has
accrued on such Note).

The Conversion Agent is located at:

         Deutsche Bank Trust Company Americas
         Attn: Trust & Securities Services
         60 Wall Street, 27th Floor
         Mail Stop: NYC60-2710
         New York, NY 10005

The company believes it is highly unlikely that holders would
choose to convert the Notes because the market value of the
Notes exceeds the amount that holders would receive upon
conversion.

                       About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions: as
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on its
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                        *     *     *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


KENTISH & SONS: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on September 4, 2007,
the members of Kentish & Sons Pty Limited resolved to
voluntarily liquidate the company's business.

M. O. Basedow was appointed as liquidator.

The Liquidator can be reached at:

         M. O. Basedow
         Basedows Chartered Accountants
         Business Advisors + Recovery Specialists
         121 Greenhill Road
         Unley, South Australia 5061
         Australia

                      About Kentish & Sons

Kentish & Sons Pty Limited is a distributor of irish potatoes.
The company is located at Mount Gambier, in South Australia,
Australia.


KENTISH HOLDINGS: Undergoes Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on September 4, 2007,
the members of Kentish Holdings Pty Limited agreed to
voluntarily liquidate the company's business.

M. O. Basedow was tapped as liquidator.

The Liquidator can be reached at:

         M. O. Basedow
         Basedows Chartered Accountants
         Business Advisors + Recovery Specialists
         121 Greenhill Road
         Unley, South Australia 5061
         Australia

                     About Kentish Holdings

Kentish Holdings Pty Limited is a lessor of real property.  The
company is located at Mount Gambier, in South Australia,
Australia.


KENTSMITH DOWNS: Commences Wind-Up Proceedings
----------------------------------------------
On September 4, 2007, the members of Kentsmith Downs Pty Limited
met and agreed to voluntarily liquidate the company's business.

M. O. Basedow was named as liquidator.

The Liquidator can be reached at:

         M. O. Basedow
         Basedows Chartered Accountants
         Business Advisors + Recovery Specialists
         121 Greenhill Road
         Unley, South Australia 5061
         Australia

                      About Kentsmith Downs

Kentsmith Downs Pty Limited operates miscellaneous business
credit institutions.  The company is located at Mount Gambier,
in South Australia, Australia.


LLB PTY: Members' Final Meeting Set for October 23
--------------------------------------------------
LLB Pty Ltd will hold a final meeting for its members on
Oct. 23, 2007, at 10:00 a.m., at 5 St Kilda Road, St Kilda
Victoria 3182, Australia.

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

                         About LLB Pty

LLB Pty Ltd provides services of insurance agents and brokers.
The company is located at St Kilda, in Victoria, Australia.


PACELYN PTY: Declares First and Final Dividend
----------------------------------------------
Pacelyn Pty Ltd declared its first and final dividend on
Oct. 13, 2007.

Creditors who were not able to file their proofs of debt by the
October 12 due date were excluded from sharing the company's
dividend distribution.

                       About Pacelyn Pty

Pacelyn Pty Ltd, which is also trading as St Patricks Hotel, is
in the business of hotels and motels.  The company is located at
Charters Towers, in Queensland, Australia.


PEABODY ENERGY: Board Selects Gregory H. Boyce as Chairman & CEO
----------------------------------------------------------------
The Board of Directors of Peabody Energy has elected President
and Chief Executive Officer Gregory H. Boyce to the additional
role of Chairman, effective immediately.

Mr. Boyce succeeds Irl F. Engelhardt, who has resigned as
Chairman following a successful 28-year career with the company
to become Chairman of the Board of Patriot Coal Corporation,
Peabody's subsidiary that is expected to be spun off at the end
of October.

"Since Greg joined the company in late 2003 as Chief Operating
Officer and later was named Chief Executive Officer in early
2005, Peabody has set new financial records, more than doubled
its market value, expanded globally and been widely recognized
for safety, environmental and social responsibility
accomplishments," said Dr. Blanche M. Touhill, Chairman of
Peabody's Nominating and Corporate Governance Committee.
"Peabody is a leading world-class energy company that has an
extremely bright future with Greg at the helm.  We thank Irl for
his years of outstanding service and wish him the very best in
years to come."

"We are completing a dramatic transformation of the company with
major new projects at our flagship Powder River Basin
operations, new mines in Australia, expanded coal trading around
the world, and the planned spinoff of Patriot Coal," said Mr.
Boyce.  "I see significant opportunities to create shareholder
value as we leverage the industry's best people, assets and
strategies to capitalize on global energy demand, coal-fueled
generation, emerging markets for coal-to-gas and coal-to-liquids
and clean coal solutions."

Mr. Boyce has been a member of the Board of Directors and
Chairman of the Executive Committee of the Board since March
2005.  He joined Peabody in October 2003 as President and Chief
Operating Officer. He has extensive U.S. and international
management, operating and engineering experience. Prior to
joining Peabody, Mr. Boyce served as Chief Executive Officer --
Energy for international mining company Rio Tinto in London,
with responsibility for a worldwide coal and uranium portfolio.
Prior to that, he was President and Chief Executive Officer of
Kennecott Energy Company and President of Kennecott Minerals
Company.  Mr. Boyce holds a Bachelor of Science Degree in Mining
Engineering from the University of Arizona, and completed the
Advanced Management Program from the Graduate School of Business
at Harvard University.

Mr. Boyce 's leadership positions include Vice Chairman of the
World Coal Institute.  He is a member of the National Coal
Council and was the Study Chair of NCC's 2006 report, "Coal:
America's Energy Future."  He is also Co-Chairman of the Coal-
Based Generation Stakeholders Group and a member of the Coal
Industry Advisory Board of the International Energy Agency.  He
is a Board member of the Business Roundtable, the Center for
Energy and Economic Development (CEED) and the National Mining
Association.  Mr. Boyce is a member of the Board of Directors of
the St. Louis Regional Chamber and Growth Association and a
member of Civic Progress in St. Louis.  He is a member of the
Board of Trustees of St. Louis Children's Hospital; the School
of Engineering and Applied Science National Council at
Washington University in St. Louis; and the Advisory Council of
the University of Arizona's Department of Mining and Geological
Engineering.

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Australia and Venezuela.

                          *     *     *

As reported in the Troubled Company Reporter on Mar 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  Moody's placed the instrument on review for
downgrade.


POIX PTY: Final Meeting Set for October 19
------------------------------------------
Poix Pty Ltd will hold its final meeting on October 19, 2007, at
9:00 a.m.

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

The Liquidator can be reached at:

         Hugh Mcpharlin
         c/o Edwards Marshall
         Chartered Accountants
         Suite 5, 1st Floor
         4-8 Angas Street
         Kent Town, South Australia 5067
         Australia

                         About Poix Pty

Poix Pty Ltd provides computer related services.  The company is
located at Kent Town, in South Australia, Australia.


REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand
-----------------------------------------------------------
Realogy Corporation has appointed Sherry Chris as president and
CEO of the Better Homes and Gardens Real Estate brand.  This
news builds on Realogy's announcement that the company had
entered into a long-term licensing agreement with Meredith
Corporation to build a new, international residential real
estate franchise company under the Better Homes and Gardens Real
Estate brand.  The new brand will launch in the residential real
estate marketplace in July 2008.

Ms. Chris will be responsible for directing the platform, growth
and development of this new franchise system.  With more than 25
years of real estate sales, management and executive experience,
Ms. Chris most recently served as chief operating officer for
Coldwell Banker Real Estate LLC.  Ms. Chris will report to Alex
Perriello, president and CEO of the Realogy Franchise Group.

"Sherry is an exceptional real estate executive and business
leader, and I am pleased to have her energetic presence at the
helm as we embark upon this exciting opportunity," said Mr.
Perriello.  "We look forward to building and operating a new
world-class franchise system that will add significant value to
those residential real estate brokerage firms that will become
franchisees of Better Homes and Gardens Real Estate."

"This will be a brand that embodies the future of the real
estate industry while grounded in the tradition of the home,"
said Ms. Chris.  "The opportunity is tremendous.  Better Homes
and Gardens has a multi-media consumer brand presence that
already exists in millions of households.  Meanwhile, we have
the rare opportunity to build a new system from the ground up by
leveraging our expertise in real estate while benefiting from
the full support of Realogy and all of its resources."

Among the top priorities for the new brand during the next nine
months will be the development of a platform that incorporates
the best information technologies for both consumers and the
real estate professionals who affiliate with the brand.  Ms.
Chris plans to develop a new media-rich Web site that will
provide engaging and interactive content for a customer-base now
highly adept at using the Internet for its real estate needs.

"We will build the Better Homes and Gardens Real Estate brand
with an eye on innovation and a respect for tradition," said Ms.
Chris.  "Our innovation will be reflected in a contemporary,
high-quality service offering that addresses the needs of
today's consumer while providing franchisees with significant
competitive advantages.  As for tradition, the brand will
exemplify a full-service approach to the business that fosters
personal relationships to meet the needs of every generation of
homebuyers and sellers."

Previously, Ms. Chris served Coldwell Banker Real Estate LLC as
its chief operating officer beginning December 2006. In her
capacity as COO, Chris directed the company's operations,
education, mortgage and field services programs.  She also
focused on communication between Coldwell Banker(R) corporate
headquarters, regional offices and its nearly 4,000-office
affiliate network around the world.

Ms. Chris began her real estate career in 1980 holding positions
of increasing responsibility at several leading Canadian and
U.S. real estate companies including, Royal LePage Real Estate
Services, Ltd., Real Living and Prudential California Realty.

Well known in the real estate industry, Ms. Chris is currently
on the advisory board of several prominent organizations
including Trulia.com and Google Real Estate.  She has served as
chairman of the board of the Realty Alliance and also speaks
frequently at prominent industry events.

Ms. Chris earned her undergraduate and MBA degrees from the
University of Western Ontario.

Executive photo available upon request.

                     About Realogy Corp.

Headquartered in Parsippany, N.J., Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services lowered and
removed from CreditWatch Negative its issue-level rating on
Realogy Corp.'s previously senior unsecured notes that were part
of the company's capital structure prior to the April 2007 going
private acquisition of the company by Apollo Management L.P.


SAFE-WASTE INDUSTRIES: Will Declare Dividend on October 18
----------------------------------------------------------
Safe-Waste Industries Pty Ltd will declare dividend on Oct. 18,
2007.

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

The company's deed administrator is:

         Michael Peldan
         Worrells Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4300
         Facsimile:(07) 3225 4311
         Web site: http://www.worrells.net.au

                   About Safe-Waste Industries

Safe-Waste Industries Pty Ltd operates manufacturing industries.
The company is located at Richlands, in Queensland, Australia.


WEIS INVESTMENTS: Enters Wind-Up Proceedings
--------------------------------------------
During a general meeting held on August 27, 2007, a special
resolution was passed to wind up Weis Investments Pty Ltd's
operations.

Valma Ann Weis and Leslie Ann Weis were appointed as
liquidators.

The Liquidators can be reached at:

         Valma Ann Weis
         Leslie Ann Weis
         185 Laurel Avenue
         Chalmer, Queensland 4068
         Australia

                     About Weis Investments

Weis Investments Pty Ltd operates holding companies.  The
company is located at Toowoomba, in Queensland, Australia.


ZAMPROP PTY: Members Agree on Voluntary Liquidation
---------------------------------------------------
During a general meeting held on September 7, 2007, the members
of Zamprop Pty Ltd resolved to voluntarily liquidate the
company's business.

Ross Zampatti was appointed as liquidator.

                        About Zamprop Pty

Located at Como, in Western Australia, Australia, Zamprop Pty
Ltd is an investor relation company.


ZINIFEX LTD: To Offer 69.5 Million Shares in Nyrstar IPO
--------------------------------------------------------
Zinifex Limited and Umicore SA/NV confirmed their intention to
sell shares in Nyrstar SA/NV, the world's largest zinc metal
producer, through an initial public offering with the major
highlights being:

   * Initially 69,565,218 shares will be offered resulting in
     approximately a 70% free float for Nyrstar post Offer;

   * The price range for the Offer is EUR18 - EUR23 per share;

   * Depending on demand, the number by of shares offered may be
     increased by up to 25%, or up to 17,391,304 shares,
     resulting in a potential Offer size of 86,956,522 shares;

   * In addition, the underwriters have been granted an over-
     allotment option in respect of up to 15% of the shares
     offered (inclusive of the increase provision above) or up
     to 13,043,478 shares;

   * The maximum possible Offer size is 100,000,000 shares
     representing 100% of Nyrstar shares and would result in a
     full exit by selling shareholders Zinifex and Umicore;

   * The Offer will be limited to qualified and/or institutional
     investors in Belgium and internationally and retail buyers
     in Belgium.  The Offer is only open to institutional
     investors in Australia that qualify under Part 6D.2 of the
     Corporations Act, and not to other investors;

   * The Offer will open on 15 October 2007 and is expected to
     close at 4pm CET on 26 October 2007, subject to early
     closing;

   * The final offer price will be determined following a
     bookbuilding process, and will be announced on or around 29
     October 2007;

   * If the Offer proceeds, Nyrstar shares are expected to
     commence trading on the Eurolist of the Euronext Brussels
     on an "if-and-when-delivered" basis on or around 29 October
     2007.

UBS Investment Bank, Deutsche Bank and Goldman Sachs
International have been appointed as joint global co-ordinators
of the equity offering; UBS Investment Bank, Deutsche Bank,
Goldman Sachs International, Fortis and KBC Securities have been
appointed as joint bookrunners; and Fortis and KBC Securities
will be joint lead managers for the public offering in Belgium.

Full details of the Offer can be viewed for free at:

               http://ResearchArchives.com/t/s?2441

                        About Zinifex Ltd.

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

                          *     *     *

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


* Moody's Says Rating Outlooks for Australian Banks Stable
----------------------------------------------------------
According to a new report published by Moody's Investors
Service, the recent credit crunch has had no immediate impact on
the stable rating outlooks of Australian banks.  However, access
to securitization funding will be an important rating
consideration for some smaller institutions in the months ahead.

"Moody's has maintained its Stable rating outlooks on Australian
banks since the global credit crunch started to unfold in early
2H2007, despite their relatively heavy reliance on wholesale
funding," says Patrick Winsbury, a Moody's Senior Vice President
and author of the report, adding, "This is due to the banks'
successful adaptation to challenging market conditions, having
increased their liquid assets and raised funds opportunistically
to adjust their balance sheets."

However, longer-term, if capacity in securitization markets does
not return -- or only at prices that cannot be passed on to the
customer -- small, securitization-dependent institutions may
have to reduce new business origination volumes.  In particular,
the cost-effectiveness of securitization to fund lower-
risk/lower-return type products may be substantially reduced.
Unless such small, securitization-dependent institutions can
successfully re-orient their business models, they risk seeing
their franchises and earnings eroded, potentially with negative
implications for their bank financial strength ratings.

Otherwise, says the report, the impact of the crisis on
Australian banks has been well contained, as Australian banks
have not engaged in high-risk mortgage lending practices.  While
acknowledging that delinquency rates are likely to rise, the
report points out that this is off a very low base.

In addition, Australian banks have close to zero exposure to US
subprime mortgages or leveraged loans.  "It is the case that
larger banks are providing liquidity support to asset-backed
commercial paper programs, but the financial impact is
manageable thanks to the banks' solid profitability and
capitalization," says Winsbury.  "Additionally, since the assets
funded by such conduits are of high quality, there are no
material credit concerns for the banks."

According to the report, Australian banks' New Zealand
subsidiaries are similarly isolated from many of the subprime-
related issues.  They have continued to tap funding under their
own names and should also be able to rely on support from their
parents, if required.

The report, entitled "Australian & New Zealand Banks --
weathering the subprime storm," can be found on
http://www.moodys.com/


* AU LPTs Not Immune From Global Repricing Of Risk, S&P Says
------------------------------------------------------------
Despite manageable debt-maturity profiles, Australia's listed
property trusts (LPTs) aren't immune from the higher cost of
debt financing that has emerged from the global repricing of
risk, according to a report published today by Standard & Poor's
Ratings Services titled "Industry Report Card: Australian
Property Trusts Are Not Immune From Tighter Credit Markets".

"Although the rated LPT sector has just AU$6.8 billion of short-
term debt maturities due over the next fiscal year out of total
debt outstanding of AU$36.9 billion, a few issuers have short-
dated debt maturities that will need to be refinanced in an
environment of wider interest-rate spreads," Standard &
Poor's credit analyst Craig Parker said.  "Importantly, a rising
interest-rate environment will pressure future earnings of all
players across Australia's LPT sector, which has enjoyed
favorable interest rates in recent years."

The report also discusses the impact of the higher cost of debt
financing on the future growth ambitions of wholesale-investment
and private-equity funds in the LPT sector.  It also examines
other risks for the sector, including the rising Australian
dollar against the U.S. currency.  The majority of Australian-
rated entities are clustered around the 'BBB+' or 'A-' issuer
credit rating and carry stable outlooks, reflecting their well-
managed business positions and prudent financial profiles.


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

ACA TRADING: Creditors' Meeting Set for Oct. 16
-----------------------------------------------
The creditors of ACA Trading International Limited will meet
today, October 16, 2007, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 of the Companies
Ordinance.

The meeting will be held at the auditorium, Duke of Windsor
Social Service Building, 15 Hennessy Road, Hong Kong.


ASIA ALUMINUM: S&P Cuts Ratings to B+ on Poor FY 2007 Results
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered on Oct. 30, 2007, its
long-term corporate credit rating on Asia Aluminum Holdings Ltd.
to B+ from BB-.  The outlook is stable.  At the same time,
Standard & Poor's lowered its issue rating on the company's
US$450 million senior unsecured notes due 2011 to B+ from BB-.

"We downgraded AAH because its financial performance in the full
fiscal year ended June 30, 2007 fell short of our expectations.
In particular, the company's cash flow protection metrics did
not improve to a sufficient level to maintain the previous 'BB-'
rating, despite a significant increase in turnover," said
Standard & Poor's credit analyst Bei Fu.

AAH's turnover rose to HK$6.94 billion from HK$3.92 billion
because the company ramped up new extrusion capacity and
increased sales prices to pass through the increased cost of raw
materials.  AAH reported funds from operations (FFO) of
HK$548 million, which translated into a ratio of FFO to net debt
of 17%.  Its ratio of total debt to EBITDA was 5.4x, in line
with a 'B' category rating.  If US$583 million Pay In Kind notes
at its parent company, AA Investments Co. Ltd., are taken into
consideration, the ratios are significantly weaker.

Positively, AAH's expansion projects -- whose delays and cost
over-runs contributed to the weak financial performance -- are
closer to completion.  AAH commissioned an additional 200,000
metric tons in extrusion capacity early this year, and had
already achieved a 70% utilization rate at the end of June.
Execution risk on the 400,000 metric ton capacity expansion for
flat rolled products (FRP) has fallen, as the company plans to
commission this line in the first half of 2008.  Although the
FRP expansion is a green-field project and its completion and
ramp-up could be further delayed, Standard & Poor's acknowledges
that to offset the execution risk the management has cultivated
strong relationships with selected customers to capitalize on
the good demand.


BOE TECHNOLOGY: Inks Deal to Set Up JV with Chengdu Hi-tech
-----------------------------------------------------------
BOE Technology, on Oct. 8, 2007, unveiled a shareholder
agreement with Chengdu Industry Investment Management Co., Ltd.
and Chengdu Hi-tech Investment Group Co., Ltd., in a bid to
jointly set up a company for 4.5-generation thin film
transistor-liquid crystal display (TFT-LCD) production lines,
Trading Markets says.

The newborn company, called Chengdu BOE Optoelectronics
Technology Co., Ltd., will mainly manufacture TFT-LCD modules
below 14.1 inches with registered capital of CNY30 million.

Under the agreement, BOE, Chengdu Industry Investment
Management, and Chengdu Hi-tech Investment Group will
respectively invest CNY5.454 million, CNY15 million, and
CNY9.546 million in cash, accounting for 18.18%, 50%, and 31.28%
of the registered capital, the report adds.

The establishment of the new company will enable BOE to reach
its strategic goal for the TFT-LCD industry and strengthen its
competitiveness in the field.

Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a
manufacturer of display devices and digital products. Based in
Beijing, the People's Republic of China, the Company operates
seven key divisions: Thin-Film Transistor-Liquid Crystal Display
(TFT-LCD); Monitor & Panel Television (TV), offering cathode ray
tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma
display panel (PDP) TVs; Mobile Display System, providing super
twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum
fluorescent display (VFD) and light-emitting display (LED); CRT,
producing CRTs together with Toshiba and Panasonic; Precision
Electronic Component & Material, and Digital Display Product &
Display Application System.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 24, 2006.


BR LIMITED: Liquidators Quit Post
---------------------------------
Ying Hing Chiu and Chung Miu Diana ceased to act as liquidators
of BR Limited on October 2, 2007.

The former Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


CHINA PROPERTIES: Looks to Bankroll on Land Acquisitions
--------------------------------------------------------
China Properties Group plans to add 5 million square-meters of
gross floor area to its land bank both this year and next,
following the lead of foreign firms on acquisitions, China Daily
cites managing director Wong Sai-chung as saying.

"We are making remarkable headway for the time being," he said.
"We recently bought two parcels of land in Chongqing, which took
our additional land reserves to 2.6 million sqm this year."

Mr. Wong said the company has enough money to bankroll the land
acquisition.  "Our financial muscle is strong.  We have
HK$2.7 billion at our disposal."

Mainland cities including Beijing, Shanghai, Chongqing and
Tianjin are China Properties' major targets, the report relates.

Southwest China's Chongqing tops the company's shopping list, as
potential in the mainland's second-tier cities becomes more
apparent, Mr. Wong said.

According to China Daily, China Properties spent HK$2.3 billion
on two parcels of land, covering more than 2 million sqm of
gross floor area, in downtown Chongqing in August.  The company
plans to invest another HK$5.7 billion to develop projects on
the land, Mr. Wong told the Daily.


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

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

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

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


CHONGQING CHANGAN: Ford Expands Joint Venture Production
--------------------------------------------------------
Ford (China) Co. is expected to start its large scale production
in its second auto plant in Nanjing, capital city of east
China's Jiangsu province on October 30 this year, Asia Pulse
reports.

The first phase production capacity of the plant is 160,000
units in the initial stage, the news agency relates.

Adding the production capacity of Chang'an Ford Mazda Automobile
-- Ford's joint venture company with Chongqing Changan
Automobile Co -- Ford's production in China has exceeded 400,000
units, an official with Ford (China) Co told Asia Pulse.

When Mazda joined in March 2006, Chang'an Ford Automobile (CFA)
was renamed CFMA, with Chang'an holding a controlling stake of
50% while Ford and Mazda hold 35% and 15% stakes respectively.

                  About Ford Motor in China

Ford Motor Company, a global automotive industry leader based in
Dearborn, Michigan., U.S.A., manufactures and distributes
automobiles in 200 markets across six continents.  The company's
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mazda, Mercury and Volvo.

Currently, Ford's wholly owned subsidiaries and JVs in China
include Ford Motor (China) Limited, Ford Motor Research &
Engineering (Nanjing) Co., Ltd., Ford Automotive Finance (China)
Ltd., Changan Ford Mazda Automotive Co., Ltd., Changan Ford
Mazda Automotive Co., Ltd., Nanjing Company, Changan Ford Mazda
Engine Co., Ltd., and Jiangling Motors Co., Ltd.

Ford Motor has introduced a number of exciting models to the
Chinese market, including Ford Mondeo, Ford Focus, Ford S-MAX,
Ford Transit, Volvo S40, Mazda3, as well as several imported
models from Jaguar, Land Rover, Lincoln and Volvo, and service
brand, Ford Service.

                    Chongqing Changan

Chongqing, China-based Chongqing Changan Automobile Company
Limited is principally engaged in the development, manufacture
and sale of mini passenger vehicles, minivans, commercial
vehicles and passenger cars.  The company offers its products
under seven brands: mini passenger vehicles are under the brand
Changan Star; minivans are under the brand Changan, and
passenger cars are under the brands Alto, Lingyang, Fiesta and
Mondeo.  It also manufactures and distributes various engines,
under the brand Jiangling.  During the year ended December 31,
2005, the company manufactured 489,368 vehicles and sold 474,625
vehicles, accounting for approximately 8.24% of the domestic
market.  Chongqing Changan Automobile has formed partnership
with Suzuki Motor Corporation and Ford Motor Company.  The
company has 12 major subsidiaries/associates.

The Troubled Company Reporter?Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd.  The rating outlook is stable.


DAEWOO DIGITAL: Shareholders Resolve to Liquidate Business
----------------------------------------------------------
At an extraordinary general meeting held on September 28, 2007,
the shareholders of Daewoo Digital (Hong Kong) Limited agreed to
voluntarily liquidate the company's business.

Kam Hau Choi, Anthony and Lau Ming Tat were appointed as
liquidators.

The Liquidators can be reached at:

         Kam Hau Choi, Anthony
         Lau Ming Tat
         Anthony Kam & Co., Certified Public Accountants
         6307 Central Plaza
         18 Harbour Road, Wanchai
         Hong Kong


DANA CORP: Amends Centerbridge Capital Investment Agreement
-----------------------------------------------------------
Dana Corporation has entered into an amendment to an investment
agreement it reached with Centerbridge Capital Partners L.P., on
July 26, 2007.  Dana's board of directors has rejected an
alternative investment offer submitted by Appaloosa Management
L.P.

The original terms of the Centerbridge investment agreement
provided, for an affiliate of Centerbridge to purchase
US$250 million in convertible preferred shares of reorganized
Dana (Series A), and for qualified supporting creditors to have
an opportunity to purchase $500 million in convertible preferred
shares (Series B) on a pro rata basis.

Centerbridge had agreed to purchase up to $250 million of any
Series B shares that were not purchased by the creditors.

Among the amendments to the Centerbridge agreement are:

   -- A commitment by Centerbridge to fully underwrite the
      purchase of the $500 million of Series B shares of
      reorganized Dana, an increase from the $250 million that
      Centerbridge had agreed to underwrite.

   -- Centerbridge's consent to an amendment to Dana's proposed
      plan of reorganization to provide for a cash payment of
      up to $40 million to certain general unsecured creditors
      who are not eligible to purchase Series B shares because
      their individual claims are less than $25 million or they
      are not "qualified institutional investors" as defined in
      U.S. securities laws.

   -- Dana's agreement not to solicit or entertain any proposal
      for an investment, transaction, or plan of reorganization
      that would be an alternative to the Centerbridge
      investment and the elimination of Dana's right to
      terminate the Centerbridge investment agreement to accept
      any alternative investment or transaction proposal.

The amendment, which is subject to approval by the Bankruptcy
Court for the Southern District of New York, where the company's
Chapter 11 bankruptcy proceeding is pending, is required to be
approved by Nov. 15, 2007.

                  Appaloosa Management Proposal

In conjunction with the Bankruptcy Court's established
procedures for qualified potential investors interested in
exploring alternative proposals to the Centerbridge investment,
Appaloosa delivered an offer for an alternative investment to
Dana and the Official Committee of Unsecured Creditors on
Sept. 21, 2007.

As contemplated by the alternative proposal procedures, Dana's
board of directors reviewed and considered Appaloosa's offer.
After discussions among the parties and the various bankruptcy
constituents, Dana's board rejected Appaloosa's offer.

                     About Dana Corporation

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.


DATUM NETWORKS: Creditors' Meeting Set for October 18
-----------------------------------------------------
The creditors of Datum Networks Corp. Limited will hold a
meeting on October 18, 2007, at 10:30 a.m., for the purposes set
out forth in Sections 241, 242, 243, 244, 251(1)(a), 255A(2) and
283 of the Companies Ordinance.

The meeting will be held at the 7th Floor of Allied Kajima
Building, 138 Gloucester Road, Hong Kong.


DONG KUEN: Taps Sutton and Chiong as Liquidators
------------------------------------------------
Roderick John Sutton and Desmond Chung Seng Chiong were
appointed liquidators of Dong Kuen Electronics Limited on
September 21, 2007.

The Liquidators can be reached at:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o Ferrier Hodgson Limited
         Hong Kong Club Building, 14th Floor
         3A Chater Road
         Central, Hong Kong


ENCHANTING INVESTMENT: Creditors' Proofs of Debt Due on Oct. 26
---------------------------------------------------------------
On September 27, 2007, the sole shareholder of Enchanting
Investment Company Limited passed a resolution to liquidate the
company's business.

Creditors are required to file their proofs of debt by Oct. 26,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti
------------------------------------------------------------
Fiat S.p.A.'s Magneti Marelli have signed, Oct. 11, 2007, an
agreement with Suzuki Motor Corporation and Maruti Suzuki India
Limited for the creation of a joint venture in India, aimed at
the production of electronic control units for diesel engines.

Maruti Suzuki India Limited, former known as Maruti Udyog
Limited, is the joint venture set up in 1982 between the Indian
government and the Suzuki Motor Corporation that has originated
the main industrial entity in India in the automotive field.

According to the agreements, Magneti Marelli will participate
for 51% in the share capital of the new company, Suzuki for 30%
and Maruti for 19%.  The initial investment is expected to total
approximately EUR15 million.

The industrial activities will be located in Manesar ? in the
industrial district of Gurgaon, approximately 40 km southwest of
New Delhi.  The start of production is scheduled for the end of
2008 and, as part of the objectives, the production capacity of
this plant should reach a total of about 500,000 control units
per year when working at full stretch.

The electronic control units produced in Mannesar will be
initially used for the Suzuki-Maruti diesel cars and, later on,
will also cater to other car manufacturers.

"The joint venture with Suzuki and Maruti brings cutting-edge
technology to our automotive partners and allows Magneti Marelli
to significantly increase its presence in a fast-growing
market," Eugenio Razelli, Magneti Marelli CEO disclosed.

Magneti Marelli, a company belonging to the Fiat Group, designs,
produces and markets advanced systems and components for motor
vehicles.  With its 45 production facilities (55 production
units), 9 R&D centres and 27 application centres in 16
countries, 25,000 employees and a turnover of 4.5 billion Euros
in 2006, the group supplies all the leading car makers in
Europe, North and South America and the Far East.

                         About Fiat SpA

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

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

                            *   *   *

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

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


GILAT SATELLITE: Chung and Chan Quit as Liquidators
---------------------------------------------------
Chung Miu Yin, Diana and Chan Mi Har quit as liquidators of
Gilat Satellite Networks (Hong Kong) Limited.

The former Liquidators can be reached at:

         Chung Miu Yin, Diana
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


GRAND PALACE: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on September 24, 2007,
the members of Grand Palace Industrial Limited resolved to
liquidate the company's business.

Lau Siu Hung was appointed as liquidator.

The Liquidator can be reached at:

         Lau Siu Hung
         Wing Yee Commercial Building, 2nd Floor
         5 Wing Kut Street, Central
         Hong Kong


HANG FUNG: Moody's Keeps Ba3 Ratings Amid Bond Issue Completion
---------------------------------------------------------------
Moody's Investors Service affirmed on Oct. 15, 2007, Hang Fung
Gold Technology Group's Ba3 corporate family rating and Ba3
senior unsecured bond rating following the completion of the
company's 7-year US$170 million bond issuance.  At the same
time, Moody's has removed the senior unsecured rating from its
provisional status.  The ratings outlook is stable.

Hang Fung Gold Technology Group, based in Hong Kong, is a
vertically integrated jewellery manufacturer with operations
spanning design and manufacturing through to distribution,
wholesale, retail and exports.  It was listed on the Hong Kong
Stock Exchange in 1999.  Its major shareholders include founder
& Chairman Dr. Lam Sai Wing (35.64%), Arisaig Greater China Fund
(12.33%), Phenomenal Limited (5.37%), Evolution Master Fund
(5.77%) and Goldman Sachs (6.81%).


HANG SHUN: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------
Hang Shun Paper Products Factory Limited commenced liquidation
proceedings on September 21, 2007, due to its inability to pay
its debts.

Ng Kwok Wai and Lui Chi Kit were appointed as liquidators.

The Liquidators can be reached at:

         Ng Kwok Wai
         Lui Chi Kit
         JCG Building
         Unit A, 14th Floor
         16 Mongkok Road, Mongkok
         Kowloon, Hong Kong


HUA HIN: Philip Brendan Gilligan Quits Liquidator Post
------------------------------------------------------
On September 27, 2007, Philip Brendan Gilligan quit as
liquidator of Hua Hin(S) Company Limited.


HYUNDAI DIGITAL: Shareholders Agree on Voluntary Liquidation
------------------------------------------------------------
During a meeting held on September 28, 2007, the shareholders of
Hyundai Digital (HK) Limited resolved to voluntarily liquidate
the company's business.

Kam Hau Choi, Anthony and Lau Ming Tat were appointed as
liquidators.

The Liquidators can be reached at:

         Kam Hau Choi, Anthony
         Lau Ming Tat
         Anthony Kam & Co., Certified Public Accountants
         6307 Central Plaza
         18 Harbour Road, Wanchai
         Hong Kong


INSTANT-DICT: Liquidators Quit Post
-----------------------------------
On September 27, 2007, Chow Wing Hong and So Kai Tong Stanley
quit as liquidators of Instant-Dict Education and Charity
Foundation Limited.

The former Liquidators can be reached at:

         Chow Wing Hong
         So Kai Tong Stanley
         COSCO Tower
         1405, 14th Floor
         183 Queen's Road Central
         Hong Kong


JABIL CIRCUIT: Gets BB+ from Fitch on Loan Refinancing Plan
-----------------------------------------------------------
On Oct. 12, 2007, Fitch Ratings downgraded and removed from
Rating Watch Negative these ratings of Jabil Circuit, Inc.:

   -- Issuer Default Rating (IDR) to 'BB+' from 'BBB-';

   -- Senior unsecured revolving credit facility to 'BB+' from
      'BBB-';

   -- Senior unsecured debt to 'BB+' from 'BBB-'.

Fitch's action affects approximately US$1.5 billion in total
debt including the company's revolving credit facility.  The
Rating Outlook is Stable.

The downgrade follows Jabil's decision to refinance the
remaining US$400 million of its senior unsecured bridge loan
with long-term debt.  Fitch originally placed Jabil on Rating
Watch Negative in November 2006 following the company's
announced tender offer for Taiwan Greenpoint (TGP) which was
backed by a US$1 billion one-year unsecured bridge facility.
Jabil completed the acquisition of 100% of the shares of TGP in
April 2007.

The downgrade reflects the following considerations:

    -- The 100% debt-financed acquisition of TGP has increased
       Jabil's leverage (Total debt/operating EBITDA) to 2.4
       times (x) from an historically conservatively leveraged
       balance sheet below 1x prior to the acquisition.  After
       adjusting for off-balance-sheet debt and operating
       leases, Jabil's adjusted leverage is now 3.5x;

    -- Jabil's acquisition of TGP represents a shift in strategy
       to vertically integrate a portion of the company's
       consumer business.  Fitch believes that while this
       strengthens Jabil's competitive position, it also adds a
       new element of operational risk and will likely lead to
       additional acquisitions going forward;

    -- Fitch expects continued competitive pricing pressure
       which historically affected profitability negatively
       across the industry and increases revenue volatility, as
       recently demonstrated by the greater than typical decline
       in revenue for Jabil's consumer business in the second
       half of fiscal 2007;

    -- Fitch believes that recent industry consolidation as well
       as an ongoing trend of original equipment manufacturers
       (OEM) consolidating EMS (electronics manufacturing
       services) vendors adds to the near-term expectations for
       continued instability in the competitive environment.

Credit strengths include:

    -- Strong management team with a track record of solid
       execution;

    -- Significant scale and geographic scope of operations as
       one of the world's largest providers of EMS services with
       greater flexibility in manufacturing assets relative to
       the majority of peers;

    -- Exposure to higher growth non-traditional EMS end-markets
       including consumer electronics and mobile handsets;

    -- Historical track record of outperformance relative to
       peers including higher revenue growth rates and EBITDA
       margins over the prior five years.

Credit concerns include:

    -- Change in strategy to vertically integrate a portion of
       its consumer business and the associated increased risk
       inherent in a vertically integrated model;

    -- Increase in debt, which represents a significant change
       in capital strategy from what had previously been the
       most conservative balance sheet of any tier-one EMS
       provider;

    -- Industry pricing pressure and the overall competitive
       environment including associated shifts in market share
       and increased risk of significant program loss, which has
       recently led to significant volatility in profitability
       at Jabil.

Liquidity was solid as of Aug. 31, 2007, and included
US$664 million in cash and an SU$800 million unsecured revolving
credit facility, expiring 2012, which is fully available.  Jabil
also has an off-balance-sheet US$325 million accounts receivable
securitization program which the company utilizes for additional
liquidity.  Annual free cash flow has historically been
approximately US$200 million but has declined to negative
US$200 million over the latest 12 months due to a significant
but temporary decline in profitability in early 2007.  Fitch
expects free cash flow to return to a more normal level in
fiscal 2008 (Aug. 2008).

Total debt outstanding as of Aug. 31, 2007 was US$1.3 billion
and consisted primarily of these:

   A. approximately US$400 million outstanding under the
      company's bridge financing facility which matures in
      December 2007;

   B. US$297 million in 5.875% senior unsecured notes due 2010;
      and

   C. US$400 million in a senior unsecured term loan which
      matures in July 2012.


Jabil Circuit, Inc. (NYSE:JBL) -- http://www.jabil.com/-- is an
electronic product solutions company providing comprehensive
electronics design, manufacturing and product management
services to global electronics and technology companies.  Jabil
Circuit has more than 50,000 employees and facilities in 20
countries, including Brazil, Mexico, Austria and China.


JINGLEWOOD COMPANY: Court to Hear Wind-Up Petition on Dec. 5
------------------------------------------------------------
The High Court of Hong Kong will hear on December 5, 2007, at
9:30 a.m., a petition to have Jinglewood Company Limited's
operations wound up.

BBC Cable Engineering Company Limited filed the petition on
September 21, 2007.

BBC Cable's solicitors are:

         Vincent T.K. Cheung, Yap & Co.
         Alexandra House, 15th Floor
         18 Chater Road
         Central, Hong Kong
         Telephone: 2523 5022
         Facsimile: 2861 2944


KEYS LIMITED: Members Agree on Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on September 17, 2007,
the members of Keys Limited resolved to voluntarily liquidate
the company's business.

Chiu Koon Shou and Tsang Fan Wan were appointed as liquidators.

The Liquidators can be reached at:

         Chiu Koon Shou
         Tsang Fan Wan
         Club Lusitano, 8th Floor
         16 Ice House Street
         Central, Hong Kong


LANDWIDE DEVELOPMENT: Creditors' Proofs of Debt Due on Nov. 30
--------------------------------------------------------------
Landwide Development Company Limited commenced wind-up
proceedings on September 28, 2007.

Creditors who can file their proofs of debt by November 30,
2007, will be included in the company's dividend distribution.

The company's liquidators are:

         Tam Chun Wan
         Tse Chiang Kwok, Nassar
         Wing On House
         Room 403, 4th Floor
         71 Des Voeux Road, Central
         Hong Kong


PACIFIC CROWN: Appoints Sutton and Chiong as Liquidators
--------------------------------------------------------
Roderick John Sutton and Desmond Chung Seng Chiong were
appointed liquidators of Pacific Crown Industrial Limited on
August 27, 2007.

The Liquidators can be reached at:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         Hong Kong Club Building, 14th Floor
         3A Chater Road, Central
         Hong Kong


PROFIT CONTAINER: Sets Final Meetings for November 12
-----------------------------------------------------
The members and creditors of Profit Container Drayage Company
Limited will hold their final meeting on November 12, 2007, at
2:45 p.m. and 3:00 p.m., respectively, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the 27th Floor of Tung Wai
Commercial Building, 111 Gloucester Road, in Wanchai, Hong Kong.


SABW CORPORATE: Creditors' Proofs of Debt Due on November 1
-----------------------------------------------------------
At an extraordinary general meeting held on October 2, 2007, the
members of SABW Corporate Services Limited resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 1,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Chan Yee Por, Simon
         Pico Tower, 15th Floor
         66 Gloucester Road, Wanchai
         Hong Kong


SOFMAP COMPANY: Appoints Lau Siu Hung as Liquidator
---------------------------------------------------
Lau Siu Hung was appointed liquidator of Sofmap Company Limited
on September 21, 2007.

The company commenced liquidation proceedings on September 21,
2007.

The Liquidator can be reached at:

         Lau Siu Hung
         Wing Yee Commercial Building, 2nd Floor
         5 Wing Kut Street
         Central, Hong Kong


UNION MARK: Tam Kan Wing Quits as Liquidator
--------------------------------------------
Tam Kan Wing quit as liquidator of Union Mar Enterprises Limited
on September 25, 2007.

The former Liquidator can be reached at;

         Tam Kan Wing
         Asia Orient Tower, 23rd Floor
         Town Place, 33 Lockhart Road
         Wanchai, Hong Kong


ZTE CORP: Brazil's Transit Buys Microwave Radio
-----------------------------------------------
In a bid to expand its backbone network, Transit Telecom, the
leading fixed line operator of Brazil, is going to deploy
microwave radio equipment from China's ZTE Corp., TMC Net
reports.

The new infrastructure will be installed in the southern states
of Santa Catarina and Rio Grande do Sul in the course of the
next two months, the report says.  Previously, Transit used to
lease equipment in these areas.

The equipment being bought from ZTE includes radios that use the
7.5GHz, 15GHz and 23GHz frequencies.  The selection of frequency
depends on the transmission distance to be covered.

Transit is also assessing the prospects of the deployment of
microwave infrastructure in the states of So Paulo, Rio de
Janeiro and Minas Gerais, in the time to come.

"Our goal is to have this infrastructure deployed in these
states by June 2008," said Transit's technology VP Alexandre
Alves.

The equipment purchase will drive a 50% increase in revenues
over last year.  "We doubled our network capacity, resulting in
a significant increase in subscribers this year," added Alves.

The contribution of VoIP services to the total revenues will
also grow from 5% to 8%.


Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipment.  The group operates both in
the domestic and international market.

The Troubled Company Reporter-Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
Outlook is Stable.


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

AES CORP: Fitch Rates US$2 Billion Senior Notes at BB
-----------------------------------------------------
Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's
US$2 billion issuance of senior unsecured notes maturing 2015
and 2017.  AES' long-term Issuer Default Rating is rated 'B+' by
Fitch.  The rating outlook is stable.  The increase of the debt
offer from US$500 million does not change Fitch's view of the
transaction as the pre-funding of growth capital spending and
debt refinancing at a time of uncertain capital markets.

Fitch's rating is still based on its expectation that AES will
use the proceeds during the next six months to pay down debt and
to invest in several different generation projects.  The company
has US$415 million of debt maturing in 2008, and a variety of
debt with higher coupon rates than the new debt issued.  In
addition, the company has several projects nearing completion
that should create sufficient cash flows to offset the
additional incremental 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, including in India, the company is
active in the generation, transmission and distribution of
electricity.  The company controls more than 42,000 mw of
capacity.


AES CORP: Moody's Affirms B1 Corporate Family Rating
----------------------------------------------------
Moody's Investors Service affirmed The AES Corporation's
Corporate Family Rating at B1 and the senior unsecured rating
assigned to its new senior unsecured notes offering at B1
following its upsizing to US$2 billion from US$500 million.  LGD
assessments are subject to change pending the final capital
structure.

The rating affirmation is predicated on AES using net proceeds
from the notes offering in excess of US$600 million to refinance
part of the company's estimated US$4.8 billion of existing
recourse debt.  Total recourse debt after the refinancing, which
Moody's expects to occur no later than year-end, is expected to
be about US$5.4 billion.  Failure by AES to complete the
refinancing within the above referred timeframe would cause
Moody's to reconsider its assigned ratings.

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.


AXIS BANK: Books INR2.28-Bil. Profit in Qtr. Ended Sept. 30
-----------------------------------------------------------
AXIS Bank Ltd posted a net profit of INR2.28 billion for the
second quarter ended Sept. 30, 2007, an improvement compared to
the INR1.42-billion profit booked in the same quarter last year.

The bank's total income increased from INR12.3 billion in July-
Sept. 2006 to the latest quarter's INR20.59 billion, with
majority of the revenue coming from interest earned or operating
income (INR16.77 billion).  The current quarter's total income
also includes other income of INR3.83 billion, which according
to the bank contains gains from securities' transactions,
commission earned from guarantees or letters of credit, fees
earned from providing services to customers, selling of third
party products and Automated Teller Machine sharing fees.

For the second quarter of FY2007-08, the bank's operating
expenses aggregated INR15.97 billion, bringing its operating
profit to INR4.63 billion.

A copy of the bank's financial result for the quarter ended
Sept. 30, 2007, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?2442

Headquartered in Mumbai, India, Axis Bank Ltd, formerly known as
UTI Bank Limited, -- http://www.axisbank.com/-- is engaged in
treasury and other banking operations. The treasury services
segment undertakes trading operations on the proprietary
account, foreign exchange operations and derivatives trading.
Revenues of the treasury services segment primarily consist of
fees and gains or losses from trading operations and interest
income on the investment portfolio. Other banking operations
principally comprise the lending activities (corporate and
retail) of the bank.  The corporate lending activity includes
providing loans and transaction services to corporate and
institutional customers.  The retail lending activity includes
raising of deposits from customers and providing loans and
advisory services to customers through branch network and other
delivery channels.

                          *     *      *

The bank's Foreign Long Term Bank Deposits carry Moody's
Investors Service's Ba2 rating, which was placed on July 1,
2005.


BALLARPUR INDUSTRIES: Board to Consider Q1 Results on Oct. 25
-------------------------------------------------------------
Ballarpur Industries Ltd's board of directors will hold a
meeting on Oct. 25, 2007, to consider and approve the company's
unaudited financial results for the quarter ended on Sept. 30,
2007(Q1).

In the July-Sept. 2006 quarter, the company booked a net profit
of INR582.6 million on sales of INR5.27 billion.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of May 15, 2007, the company
still carry those ratings.

BILT is currently restructuring its business.  According to
Moneycontrol, under the restructure, BILT is transferring its
three units to its subsidiary BPH for a cash consideration of
INR19.5 billion.  It will utilize INR9.4 billion for compulsory
buy-back of shares and INR10.1 billion for repaying debt.
Before the buy-back, share capital of BILT will be split into
'5' shares of face value of INR2 each from the current face
value of INR10.  BPH (Netherland) is a 80% owned subsidiary of
BILT, while balance 20% is held by JP Morgan.  BPH already holds
Sabah Forest Industries.  BILT is transferring three units under
BPH, which in turn will raise funds in the form of debt &
private equity to pay BILT for its plants.  This is expected to
reduce the JP Morgan's stake from 20% to 4% and BILT's stake to
77%.  The balance 19% stake will be held by the private equity.

Moneycontrol further notes that the benefits of the
restructuring are:

(a) Better valuation: Internationally paper companies trade at
    much better valuation than in India.  BILT had historically
    traded at EV/EBIDTA of ~5x, currently it is trading at
    EV/EBIDTA of 8x where as BPH is expected to raise funds at a
    EV/EBIDTA of ~10x.

(b) Refinancing of Debt through international route will help
    the company to bring down its average interest cost from 8%
    to 7%.

(c) For FY 08 an EPS of INR4.3 (without restricting) was
    expected, but with the current restructuring initiative of
    the company, it is expected that EPS of INR6.5, a growth of
    51%, will be achieved.


IFCI LTD: Board to Propose Conversion of Debt to Equity
-------------------------------------------------------
IFCI Ltd's board of directors will propose to the holders of 0%
Optionally Convertible Debentures to convert a part op their
outstanding into equity as per SEBI Guidelines on pricing of
preferential allotment and the balance outstanding may carry
concessional rate of interest linked to government securities, a
filing with the Bombay Stock Exchange reveals.   The board came
up with the decision at its meeting on Oct. 15, 2007.

According to the Hindu Business Line, 30 banks and financial
institutions are granted the conversion option.  The option is
given in respect of the INR1,479 crore worth of zero coupon OCDs
that was subscribed to by these entities as part of IFCI's
overall restructuring package in 2002, the news agency relates.

"They can exercise the option up to to a particular percentage
of [INR]1,479 crore.  The outer limit is 50 per cent.  It will
be lower than 50 per cent.  By this, we will get more equity,
which is good for IFCI," Business Line quotes IFCI CEO and
Managing Director as saying.

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

                          *     *     *

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

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


IMAX CORPORATION: Catalyst Fund Withdraws New York Lawsuit
----------------------------------------------------------
IMAX Corporation last Thursday reported that Catalyst Fund
Limited Partnership II has withdrawn the lawsuit it filed
against IMAX in the New York State Supreme Court.

Catalyst was seeking to invalidate the consents the company
successfully received from a majority of its bondholders on
April 16, 2007 extending the deadline to file the company's
annual and other reports and waiving any existing defaults
arising from a failure to comply with the reporting covenant
under the indenture governing the Company's senior notes.

IMAX viewed the suit as entirely without merit and immediately
moved to dismiss the complaint when it was filed on May 10,
2007.  Catalyst then asked the Court for permission to withdraw
the suit, which was granted on Oct. 9, 2007.  In September,
Catalyst filed an application with the Superior Court for the
Province of Ontario to litigate substantially the same matter in
Canada.

IMAX is contesting that application as well, and similarly views
it to be without merit.

Catalyst unsuccessfully opposed the company's consent
solicitation and unsuccessfully attempted to trigger an event of
default under the company's senior notes indenture on numerous
occasions.  Most recently, Catalyst issued a purported notice of
default dated Oct. 10, 2007.  The company believes it is in
compliance with the senior notes indenture and that Catalyst's
claims are without merit.

                     About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX; TSX:IMX) -- http://www.imax.com/-- is an
entertainment technology company, with emphasis on film and
digital imaging technologies including 3D, post-production and
digital projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.

At June 30, 2007, the company's balance sheet showed total
assets of US$220.2 million and total liabilities of US$284
million, resulting in a total shareholders' deficit of US$63.8
million.


UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007
--------------------------------------------------------------
UTStarcom Inc. has reported net sales for the third quarter 2006
were US$601 million.  Gross margins for the third quarter 2006
were 12.4% and net loss for the quarter was US$43 million, or a
loss of (US$0.36) per share.  The company also announced the
completion of the China sales investigation.

Net sales for the full year 2006 were US$2.5 billion.  Gross
margins for the full year 2006 were 15.7% and net loss for the
year was US$117.3 million, or a loss of (US$0.97) per share.

                        Restructuring Plan

On Oct. 2, 2007, the company's Board of Directors approved a
restructuring plan to reduce operating costs.  The initial phase
of this plan includes a worldwide reduction of approximately 11%
of the company's headcount, or approximately 700 employees.  The
workforce reduction will be based primarily in the United States
and China and, to a lesser degree, other international
locations.  Management expects the headcount reduction phase of
the restructuring plan will be completed in the fourth quarter
of 2007.  As such, the company expects to incur a restructuring
charge in the fourth quarter in connection with the headcount
reduction of approximately US$10 million.  As a result of these
headcount reductions, the company expects to realize annual cost
savings in salary and compensation-related expenses of
approximately US$21 million on an annualized basis.

"The restructuring plan is closely aligned with our overall
strategy of becoming a more focused and operationally efficient
company," said Peter Blackmore, chief operating officer of
UTStarcom. "Headcount reductions are always difficult; however,
they are essential as we strive to attain consistent
profitability and improve our cash flows.  We have already
started to implement the plan and expect to achieve the full
benefit by the first quarter of 2008."

                      About UTStarcom, Inc.

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                         *     *     *

As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.


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

ALCATEL-LUCENT: Supplies Fiber-To-The-Node Network to Belgacom
--------------------------------------------------------------
Alcatel-Lucent will supply fiber-to-the-node VDSL2 network to
Belgacom.  This network upgrade will enable Belgacom to offer
full triple play services, including multiple IPTV channels on
multiple TV sets simultaneously and High Definition Television
(HDTV) to more than 60% of the Belgian households in spring
2008.

This project leverages the unsurpassed high density and
bandwidth of Alcatel-Lucent's next generation VDSL2 solutions
based on its industry leading ISAM platform.  The broadband
access network seamlessly integrates with the already
operational IP aggregation network supplied by Alcatel-Lucent
and based on its 7450 ESS and 7750 SR service router products.

Deploying VDSL2 is part of Belgacom's Broadway infrastructure
project to bring fiber down to the street cabinet level on a
national scale. After successfully passing the integration
phases, it has now reached the final lab testing stages in
parallel with the necessary IT integration.  The large-scale
rollout throughout Belgium will cover more than 14,000 nodes.

While Belgacom is already offering digital TV to 80% of Belgian
households, with a large segment of the population enjoying
multiple streams of standard definition television, the superior
bandwidth of VDSL2 will transition Belgacom's TV offering into
the High Definition Television era.

Scott Alcott, Executive Vice President of Belgacom's Service
Delivery Engine stated: "At the end of June 2007, we had already
registered more than 191,000 IPTV users, who are being offered
this service over ADSL2+ and VDSL1 technology.  To further
expand our customer base and introduce HDTV on a large scale, we
need to bring our high-bandwidth network closer to the end-user.
In our transition to the IP world, Alcatel-Lucent's VDSL2
solution is fundamental to further expand our Belgacom TV
service and Internet applications, both in terms of services
offered and customers reached."

"Belgacom's choice for a fiber-to-the-node VDSL2 network is a
logical next step", said Michel Rahier, President of Alcatel-
Lucent's carrier business activity.  "It reuses the existing
copper infrastructure to the fullest and brings fiber up to that
point in the network that makes the most sense economically for
Belgacom. The solution will enable Belgacom to offer much higher
bandwidths and top quality TV services to a large subscriber
base," concluded Rahier.

Under the terms of the contract, Alcatel-Lucent will be
supplying its 7302 Intelligent Services Access Manager for
central office deployment and its 7330 Intelligent Services
Access Manager (ISAM) fiber-to-the-node system with the 7356
Remote Expansion Module, all of which will be managed by the
highly scalable, multi-technology 5523 AWS Element Management
System. Alcatel-Lucent also provides Belgacom with a scalable
and service oriented IP aggregation network, based on its 7450
ESS and 7750 SR service router products now largely deployed and
operational over most of the Belgacom central offices.

Alcatel-Lucent remains the uncontested market leader in
broadband access with more than 142 million DSL lines shipped to
date, and a cumulative DSL market share of 41%, more than three
times that of its nearest competitor.

                          About Belgacom

Belgacom Group is the benchmark Belgian provider in the field of
integrated telecommunications services. Underpinned by its
experience as the country's national operator, matched by a
capacity to innovate, the Belgacom Group, through the strong
brands of its subsidiaries, provides a full range of offers,
solutions and expertise in fixed and mobile networks. The
Belgacom Group proposes a complete quadruple-play solution
comprising fixed and mobile telephony, the Internet and
television. It is committed to meeting the demands of its
business and residential customers, and innovates in order to
anticipate their future needs, drawing from the latest
technological developments.  For the fiscal year ending 31
December 2006, the Group posted a total revenue of EUR6.1
billion and a net operating profit before depreciation and
amortization of EUR2.15 billion.

                       About Alcatel-Lucent

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

                          *     *     *

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

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

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


BERLIAN LAJU: Fitch Gives BB- Long-Term Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has placed PT Berlian Laju Tanker Tbk's Long-term
foreign and local currency Issuer Default Ratings of 'BB-' on
Rating Watch Negative, following the company's disclosure on
October 14, 2007, that it plans to acquire Chembulk LLC, a
Marshall Islands-registered chemical tanker company, for US$850
million.  Fitch has also placed the 'BB-' rating of the US$400m
senior unsecured notes due 2014 issued by BLT Finance B.V. and
guaranteed by BLT on RWN.

Funding for the acquisition will primarily be in the form of new
debt of US$750m raised at both the BLT and Chembulk levels.
Fitch estimates that BLT's financial leverage, as measured by
the net debt/EBITDA ratio, will rise significantly from the 2.7x
level attained in H107.  The net adjusted debt/EBITDAR ratio,
which adjusts the leverage ratio by capitalizing operating lease
payments, will also rise sharply from the 3.5x level attained in
H107, as five out of Chembulk's 16 vessels are chartered-in.

However, BLT plans to reduce its post-acquisition debt levels by
raising new equity and disposing some of its non-core assets.
The degree of a potential negative rating action, if any, will
be dependent on the level of BLT's debt reduction after the
transaction.  If new cash infusion into the company is not
significant, a downgrade by more than one notch may be
warranted, given the resultant high financial leverage despite
the prevailing high freight rates.  However, the ratings may be
affirmed if BLT is able to demonstrate that current financial
leverage levels can be maintained.

The transaction is subject to BLT shareholder approval, and will
likely achieve closure in Q407.  Fitch intends to resolve the
RWN upon closure of the transaction, following further
discussions with BLT's management regarding its financing and
de-leveraging plans.

Fitch views the transaction as modestly positive from the
operational perspective as it will further increase BLT's scale.
The combined entity will be the third largest stainless steel
chemical tanker operator in the world.  Furthermore, BLT will
gain further geographical diversification as the acquisition
will allow it to enter the North American market.

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations
primarily in Asia with some expansion into the Middle East and
Europe.  In 2006, BLT achieved revenue of US$335 million, EBITDA
of US$154 million and net income of US$107 million.  The
founder, Hadi Surya, has a 48.7% beneficial interest in BLT.


HILTON HOTEKS: Amends 8% Quarter Interest Bonds Tender Offering
---------------------------------------------------------------
Hilton Hotels Corporation has further amended its tender offer
and consent solicitation for its 8% Quarterly Interest Bonds due
2031.

Hilton has determined to amend the terms of its tender offer and
consent solicitation for the Bonds to increase the Bonds Total
Consideration offered to holders who tender their Bonds at or
prior to the Amended Consent Payment Deadline.

The total consideration for each US$25 principal amount of the
Bonds validly tendered and not validly withdrawn pursuant to the
tender offer and consent solicitation for the Bonds at or prior
to the Amended Consent Payment Deadline has been increased to
US$25.25.

Hilton has also extended the consent payment deadline applicable
to the tender offer and consent solicitation for the Bonds.  The
revised consent payment deadline applicable to the Bonds is 5:00
p.m., New York City time, on Oct. 16, 2007, unless extended or
terminated by Hilton in its sole discretion.

Holders of Bonds must validly tender and not validly withdraw
their Bonds at or prior to the Amended Consent Payment Deadline
in order to be eligible to receive the Bonds Total Consideration
pursuant to the tender offer and consent solicitation for the
Bonds.

Holders of Bonds validly tendering and not validly withdrawing
their Bonds after the Amended Consent Payment Deadline and at or
prior to the Offer Expiration Date will be eligible to receive
only the Bonds tender offer consideration, which is equal to the
Bonds Total Consideration, US$25.25 per US$25 principal amount
of Bonds, less the consent payment which is US$1.00 per US$25
principal amount of Bonds.

The other terms of the tender offers and consent solicitations
for Hilton's 7.625% Notes due 2008, 7.2% Notes due 2009, 8.250%
Notes due 2011, 7.625% Notes due 2012, 7.5% Notes due 2017,
7.430% Chilean Inflation-Indexed Notes due 2009 and the Bonds,
remain unchanged.

The tender offer for each issue of Securities will expire at
8:00 a.m., New York City time, on Oct. 24, 2007, unless extended
or earlier terminated by Hilton in its sole discretion.  It is
expected that the Offer Expiration Date will be extended to
coincide with the date that the Merger becomes effective.

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

The tender offers and consent solicitations were conducted in
connection with the merger agreement that provides for the
acquisition of Hilton by BH Hotels LLC, an entity controlled by
investment funds affiliated with The Blackstone Group L.P.

The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including the Merger having
occurred, or such Merger occurring substantially concurrent with
the Offer Expiration Date.  However, the completion of the
tender offers and consent solicitations is not a condition to
completion of the Merger.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively.

Banc of America Securities LLC, Deutsche Bank Securities Inc.,
Goldman Sachs & Co., Lehman Brothers Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co.
Incorporated are also acting as Dealer Managers and Solicitation
Agents in connection with the tender offers and the consent
solicitations.

Requests for documentation may be directed to Global Bondholder
Services Corporation, the Information Agent, which can be
contacted at (212) 430-3774 (for banks and brokers only) or
(866) 924-2200 (for all others toll-free).

                About Hilton Hotels Corporation

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

                          *     *     *

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

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


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

JAPAN AIRLINES: 1,710 Workers to Avail of Early Retirement Plan
---------------------------------------------------------------
Japan Airlines International Co., Ltd., said a total of 1,710
employees will take early retirement by the end of March as it
cuts labor costs in its quest to return to profit, Japan Times
reports, citing Bloomberg.

Japan Times states that 810 managers will retire by November,
and will avail of the early retirement program offered by the
Tokyo-based airline.

In addition to this, JAL, which is speeding up plans to cut
staff and reduce labor costs by JPY50 billion in the business
year ending March 31, 2008, is seeking voluntary retirement from
900 cabin attendants with 15 years of service and as young as 50
years old, conveys Japan Times.

Bloomberg, according to Japan Times, wrote that 180 of the 810
managers will take early retirement by the end of next month,
while 630 managers will retire by November, and the 900 cabin
members will be retiring by the end of March.

Mitsushige Akino, who oversees US$468 million in assets in Tokyo
at Ichiyoshi Investment Management Co. expressed to Bloomberg,
"Japan Air is making better progress with their turnaround plan
than I originally thought.  If they keep up this pace of reform,
I may consider buying the stock."  Mr. Akino, however, admitted
that he doesn't currently own the stock, notes Japan Times.

                       About Japan Airlines

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MITSUKOSHI LTD: Hopes to Jointly Earn JPY75BB in 2013 w/ Isetan
---------------------------------------------------------------
Mitsukoshi Ltd. and Isetan Co., who are set to combine their
operations next April, said that they hope their integrated
entity's group operating profit will reach JPY75 billion in
fiscal 2013, reports Jiji Press.

Both department store operators, Jiji Press states, hope to
achieve the profit target by implementing streamline measures
such as the integration of their information systems and
boosting sales partly through the renovation of Mitsukoshi's key
store in Tokyo's busy Ginza district.

According to the report, the two companies are scheduled to
establish a joint holding firm, called Mistukoshi Isetan
Holdings, on April 1, where they will hold respective
extraordinary shareholder meetings on Nov. 20 to seek approval
for the integration.

Mitsukoshi revised its consolidated results for the fiscal year
ending February 2008 and expects a net profit of
JPY10.5 billion, down from the previous JPY10.66 billion, Jiji
Press adds.  The company sees operating profit of JPY12 billion,
compared with JPY15.4 billion a year ago, and sales of JPY789.1
billion from JPY801.31 billion for the previous fiscal year.

The report says that Mitsukoshi made the downward revisions
because sales have not been growing as strongly as expected.

                      About Mitsukoshi Ltd.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd., Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

                          *     *     *

Mitsukoshi Ltd. carries Standard & Poor's BB- Long-Term Foreign
and Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.


SANYO ELECTRIC: Reorganization May Do Ratings Good, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that continued restructuring by
Sanyo Electric Co., Ltd. may have a positive impact on its
ratings.  Sanyo announced on October 11, 2007, that it had
reached a basic agreement to continue negotiations with Kyocera
Corporation regarding the transfer of Sanyo's mobile phone
business.

In FY2006, the mobile phone business to be transferred earned
about JPY277 billion in revenue, accounting for about 12% of
consolidated revenue, although profitability was pressured
because of severe domestic and overseas competition.  Sanyo has
positioned it as a core business in its current medium-term
management plan (FY2005-FY2007).

Moody's also views that Sanyo's continuing efforts to
restructure its portfolio, including the sale of the mobile
phone business, may improve its overall profit stability and
asset efficiency by focusing management resources on other
strongly competitive core businesses, such as batteries and
commercial-use air-conditioning systems.

Therefore, the continued restructuring may have a positive
effect on the company's credit barring any significant losses
associated with the restructuring.

While negotiation details have yet to be finalized, Moody's will
continue to assess development of Sanyo's business
restructuring, focusing on the company's earning stability,
incorporating its credit implications on Sanyo's rating and its
outlook in a timely manner.

Sanyo Electric Co., Ltd., headquartered in Osaka, is one of the
world's leading manufacturers of consumer electronics products
and devices.

                       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.


SANYO ELECTRIC: S&P Revises Outlook on BB- Rating to Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to stable from
negative its outlook on the 'BB-' long-term corporate credit
rating on Sanyo Electric Co. Ltd., reflecting the diminished
risk of significant deterioration in the company's business
results, backed by steady progress in its business
restructuring.  At the same time, Standard & Poor's affirmed the
long-term corporate and the 'BB' senior unsecured debt ratings.

On Oct. 11, 2007, Sanyo announced that it had reached a basic
agreement to grant priority negotiation rights regarding the
sale of its mobile phone business to Kyocera Corp. (NR).
Sanyo's announcement on the sale of its mobile phone business,
which has experienced severe competition and performance
volatility, has served to clarify the company's policy.
Standard & Poor's now expects Sanyo to further focus its
management resources on its core Batteries and Commercial
Equipment businesses.  These are businesses in which the company
holds a competitive position and that produce stable business
performance.

Over the past few years, Sanyo has endeavored to strengthen its
cost competitiveness through substantial personnel reductions
and by increasing the efficiency of its production system.  As a
result, the company has seen a steady recovery of profitability
levels in its semiconductor, TV, and home appliances businesses,
which have in the past produced substantial losses.  Standard &
Poor's believes that the company is unlikely to experience a
significant expense burden following planned business
restructuring.  This, coupled with Sanyo's clearly expressed
policy of focusing on continued financial improvement, has
alleviated concerns regarding a repeated deterioration in the
company's financial profile, which has been steadily improving
since reaching its nadir in March 2005.

A key factor in deciding Sanyo's future credit quality will be
whether or not the company can quickly and effectively
concentrate its resources on its core businesses.  An additional
key factor for further rating decisions taken on the company
would be the continued supportive stance of financial
institutions toward Sanyo.

The ratings may be raised or the outlook on the rating revised
upward if prospects for an ongoing recovery in cash flow
generation and financial improvement backed by restructuring
progress increase.  On the other hand, the ratings may again
come under downward pressure if the company is unable to achieve
its financial targets for the current fiscal year, or if
concerns over continued support from major shareholders or
financial institutions increase.  However, Standard & Poor's
considers the possibility of these events occurring to be
relatively limited at this stage.

The long-term senior unsecured debt rating is one notch higher
than the corporate credit rating, reflecting the expectation
that creditor banks would grant debt forgiveness in the event of
any default based on the currently supportive positions of the
principal financial institutions.

                       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.


TOKYO DOME: JCR Affirms BB+ Sr. Debt Rating with Stable Outlook
---------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has affirmed its BB+/Stable
and J-3 rating on senior debts and CP program of Tokyo Dome
Corporation, respectively.

Although Tokyo Dome reduced business risk and financial risk
through restructuring, further cutback in interest-bearing debts
and recovery of impaired capital will be issues for the Company
to strengthen its financial structure.  JCR thinks that Tokyo
Dome needs to accumulate capital through recording of earnings
by implementing measures in a speedy fashion in order to improve
its earnings power further, though JCR evaluates highly the
earnings power of Tokyo Dome City (TDC), which is the Company's
core facilities consisting of baseball stadium, amusement park,
hotel, spa and commercial facilities.  JCR will pay attention to
the future developments as to the Company's implementations of
measures to increase attractions of the facilities and earnings
contributions of them in the face of decreasing leeway to
introduce new facilities for TDC.

                        About Tokyo Dome

Established in 1936 to manage Korakuen Stadium (now known as
Tokyo Dome), Tokyo Dome Corp. -- http://www.tokyo-dome.co.jp/--
operates sport and leisure facilities through four sectors:

   (a) Sports/Leisure Division -- manages the baseball stadium
                                  Tokyo Dome, golf courses,
                                  amusement parks and ski
                                  resorts;
   (b) Hotels Division         -- manages city hotels and resort
                                  hotels;
   (c) Retail Division         -- sells sports and variety
                                  goods; and
   (d) Other Operations        -- building management and
                                  administration and travel
                                  agencies.


* Moody's Upgrades Japan's Rating to A2
---------------------------------------
Moody's Investors Service has upgraded the Japanese government's
rating for domestic debt securities (JGBs) to A1 from A2 in
light of expectations for continuity in fiscal policy under the
new government of Prime Minister Fukuda.  The likely leveling
off this year of Japan's government debt trajectory supports the
stable outlook on the rating.

"In addition," said Moody's Senior Vice President Thomas Byrne,
"an ebbing of deflationary pressures and the likelihood of
sustained improvement, albeit gradual, in Japan's macroeconomic
performance would support Japan's ongoing fiscal consolidation."

Unaffected by the JGB upgrade are Japan's Aaa foreign currency
country ceilings, as well as the government's Aaa rating for
internationally issued bonds (including euroyen), the Prime-1
short-term foreign-currency ceiling, the Aaa local currency
guideline, and the Aaa local-currency bank deposit ceiling.

"The commitment by the new government of Prime Minister Yasuo
Fukuda to continue a policy of fiscal consolidation, mainly
through capital expenditure cutbacks, will likely lead to
narrower general government budget deficits and the attainment
of the government's objective to achieve a primary surplus on
the general government budget balance by the targeted year of
2011," said Byrne.

"Nonetheless, continued improvement in the trajectory of
government debt will require stronger nominal GDP growth, which
suggests that monetary policy will need to continue to remain
accommodative against a background of modest real GDP growth
rates," said Byrne.  "Ultimate success in fiscal consolidation
leading to significant debt reduction may require more resolute
fiscal and supply-side reform policies capable of offsetting
rising demographic and social security system pressures."

Byrne said that Japan's still-sizable government debt leaves the
country's fiscal position vulnerable to rising interest rates or
other macroeconomic shocks.  However, he added, Moody's expects
the underlying strengths and systemic characteristics that have
enabled the country to carry a much higher level of peacetime
government debt than other advanced economies will remain
broadly unchanged.

Byrne said that for the JGB rating to move up further, Moody's
will monitor how the new government of Prime Minister Fukuda
formulates policy not only to ensure achieving its medium-term
primary surplus target but also in dealing with looming
demographic and social welfare spending pressures.  In addition,
Moody's would consider an improvement in macroeconomic
prospects, including a conclusive ending of deflationary
pressures, as having positive rating implications.


* Fitch: Consumer Finance Liquidity Not as Inhibited as Reported
----------------------------------------------------------------
Fitch Ratings has said that the liquidity position and funding
flexibility of Japanese non-bank financial institutions,
especially consumer finance companies, is not as constrained as
heightened market concerns and some recent media reports have
suggested.  However, the operating environment for the companies
remains challenging.

Fitch has assessed the extent to which cash on hand plus
committed borrowing facilities cover Japanese consumer finance
companies' short-term borrowings (as of June 2007) and found
that, for the major finance companies, the coverage ratio is
high, ranging from over 70% to over 90%.  The lower figure is
that of Promise on a consolidated basis following its
acquisition of Sanyo Shinpan Finance.  Promise is an affiliate
of Sumitomo Mitsui Banking Corporation, which holds a 20% stake
in Promise and is willing to provide funding to the company,
though it has not provided an explicit commitment to do so.  In
other cases such as Acom, the coverage is high and the company
has access to its 15% shareholder, the Mitsubishi UFJ Financial
Group.  For Aiful, which does not have a major bank shareholder,
the coverage was at over 80%.

The companies also have the potential to retain cash by not
extending new loans when existing loans fall due.  For a typical
company, about 2% of its loans fall due in any given month;
thus, over a 12-month period it could, in principle, retain cash
to cover 100% of its short-term borrowings.  This in turn means,
if no new loans are extended, the cash flow from repayment
covers 100% repayment of short-term borrowings.

A recent media report suggested that Japanese consumer finance
companies no longer had access to funding through ABS issuance
and that some Japanese lenders were reducing their exposure to
consumer finance companies (Sumitomo Trust and Aiful were
cited).  Fitch sought clarification from Sumitomo Trust on this
matter, and they responsed that the article had misrepresented
its position; it was not cutting credit exposure to specific
companies due to credit concerns, but was, in general, lending
less to the consumer finance companies because those companies
were shrinking their operations and had less need for funding.
In aggregate, lending at the four largest consumer finance
companies, Acom, Aiful, Promise and Takefuji, has fallen by 13%
in the three years to end-June 2007.

From Fitch's discussions with the consumer lenders, bankers and
other market participants, the agency also understands that it
should be possible for major consumer finance companies to issue
domestic ABS backed by consumer loans.  Therefore, Fitch
concludes that the liquidity position and funding flexibility of
the major consumer finance companies is not as constrained as
some recent media reports have suggested.  However, the
operating environment for the companies remains challenging and
the outlook will remain negative until clearer evidence emerges
that they have adequately reserved for the costs of credit
losses and interest refunds, and that they can operate
profitably, albeit at a reduced level, under the new interest
rate regime.


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

ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan
--------------------------------------------------------------
Actuant Corporation's Executive Vice President and Chief
Financial Officer Andrew Lampereur has adopted a prearranged
trading plan in accordance with guidelines specified by Rule
10b5-1 under the Securities Exchange Act of 1934 and the
company's policies with respect to insider sales.

Rule 10b5-1 allows officers and directors of public companies,
at a time when they are not aware of material nonpublic
information, to adopt predetermined plans for selling shares of
company stock.  Under his 10b5-1 plan, Mr. Lampereur will
exercise stock options and sell up to 20,800 shares of Actuant
common stock.  The underlying options were granted in 1998 and
must be exercised in the next twelve months or they become
invalid.  These options represent approximately 7% of Mr.
Lampereur's total share holdings in either Actuant stock or
stock options.  These transactions may take place from time-to-
time after Oct. 10, 2007, subject to certain 10b5-1 plan
criteria, including certain minimum price levels and daily
volume activity.

                     About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, Brazil, China, Hong Kong, Italy, Japan, Taiwan,
United Kingdom and South Korea.  The Actuant businesses  are
market leaders in highly engineered position and motion  control
systems and branded hydraulic and electrical tools and
supplies.  Since its creation through a spin-off in 2000,
Actuant has grown its sales from US$482 million to over US$1
billion and its market capitalization from US$113 million to
over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on
the NYSE under the symbol ATU.

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


ARROW ELECTRONICS: Finalizes Assurance Support Deal w/ Intel
------------------------------------------------------------
Arrow Electronics, Inc. and Intel Corporation have finalized an
agreement in which Arrow will provide global supply assurance
support for a broad range of embedded controller products
recently discontinued by Intel.

The supply assurance program was developed in response to the
number of customers who were affected by this change in product
status.

The agreement covers over 250 individual part numbers, including
the ubiquitous 80C51 family as well as product families that
include the 80C188, 80C186, 80960, 80386, and 80486.  Automotive
Controller Area Network controllers were also included in the
agreement.

"This is a tremendous opportunity for Arrow to deliver on our
commitment of long-term support to the embedded customer by
leveraging our demonstrated expertise in supply assurance
programs and end-of-life products," said Robert Behn, vice
president of marketing for embedded computing at Arrow.

Customers interested in learning how they can obtain long-life
support for their embedded Intel controllers should contact
their local Arrow representative, Mr. Behn said.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.  Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

On March 29, 2007, Moody's Investors Service affirmed the
(P)Ba1, (P)Ba2 and (P)Baa3 Shelf Registration Ratings to Arrow
Electronics, Inc.'s subordinated, preferred, and senior
unsecured stocks respectively.  Moody's also affirmed the Baa3
senior long-term debt rating of Arrow Electronics and revised
the outlook to positive from stable.


EDS CORP: Former Mexican Pres., Dr. Ernesto Zedillo Joins Board
---------------------------------------------------------------
Former Mexican President, Dr. Ernesto Zedillo, has been elected
to EDS Corp's board of directors.

Dr. Zedillo, who served as President of Mexico from 1994 to
2000, is director of the Yale Center for the Study of
Globalization.

"Ernesto Zedillo brings a wealth of international experience,
both from his days leading the Mexican government and from his
current work at Yale," Mike Jordan, EDS chairman, said.  "With
the global nature of our operations, we are privileged to have
his experience, perspective and expertise added to our board."

"Among President Zedillo's many contributions to Mexico was his
unflinching devotion to economic reform," Ron Rittenmeyer, EDS
president and CEO, noted.  "Under his leadership, Mexico
experienced its highest five-year gross domestic product growth
in recent history.  His experience as a national leader,
economist and proponent of globalization brings an important
perspective to the company."

Prior to being elected President of Mexico, Dr. Zedillo held
several key positions with the Central Bank of Mexico, including
Deputy Manager of Economic Research, General Director of the
trust fund for the renegotiation of private firms' external debt
and, finally, Deputy Director.  He served in the Mexican
national government from 1987 to 1993 as Undersecretary of the
Budget, Secretary of the Budget and Economic Planning and as
Secretary of Education.

During his presidency, Dr. Zedillo accomplished democratic and
electoral reforms, opening the way for greater political
pluralism in a nation long dominated by a single party.  He also
implemented policies that pulled Mexico out of a financial
crisis while allocating an increasing portion of the federal
budget for social programs.

Since leaving office in 2000, Dr. Zedillo has remained a voice
on globalization and has served on a number of international
panels and committees promoting international trade and economic
development.

Dr. Zedillo is a member of the trilateral commission, the
international advisory board of the council on foreign relations
and the board of directors of the Institute for International
Economics.

A graduate of the Advanced School of Economics of the Instituto
PolitAccnico Nacional in Mexico, Dr. Zedillo earned both
master's and Ph.D. degrees in economics from Yale University. He
is the recipient of Honorary Doctor of Laws degrees from Yale
and Harvard, and Honorary Doctorate of Humane Letters from the
University of Miami and an Honorary Degree from the University
of Massachusetts Amherst.  Among his numerous honors and awards,
Dr. Zedillo is the recipient of the Franklin D. Roosevelt
Freedom from Fear Award.

Dr. Zedillo's term begins on October 17.

                          About EDS Corp.

Headquartered in Plano, Texas, EDS Corp. -- http://www.eds.com/
-- is a global technology services company delivering business
solutions to its clients.  EDS founded the information
technology outsourcing industry more than 40 years ago.  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.

EDS has locations in Australia, China, Hong Kong, India, Japan,
Malaysia, Singapore, Taiwan, Thailand and South Korea.

                          *     *     *

EDS Corp.'s 7-1/8% Notes due 2009 carry Moody's Investors
Service's Ba1 rating.

Moody's placed EDS Corp.'s senior unsecured debt rating at 'Ba1'
in July 2004, and its probability of default rating at 'Ba1' in
September 2006.  The outlook is positive.  The ratings still
hold to date.


REMY WORLDWIDE: Gets Interim Court Nod on US$160MM DIP Financing
----------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates obtained
interim authority from the U.S. Bankruptcy Court for the
District of Delaware to borrow up toUS$160 million from aUS$225
million postpetition financing facility syndicated by Barclays
Capital.

The Debtors have entered into aUS$120 million Secured, Super-
Priority Debtor-in-Possession and Exit Revolver Credit Agreement
dated Oct. 10, 2007, with Barclays Capital as Sole Lead Arranger
and Sole Bookrunner; Barclays Bank PLC as Administrative Agent,
Collateral Agent and Lender; Wachovia Capital Finance
Corporation as Co-Collateral Agent and Syndication Agent; and
General Electric Capital Corporation and Wells Fargo Foothill,
LLC as Co-Documentation Agents.  The asset-based revolver
includes a letter of credit sub-facility.

A full-text copy of the Revolver Agreement is available for free
at http://ResearchArchives.com/t/s?2437

The Debtors have also entered into aUS$105 million Senior
Secured Debtor-in-Possession and Exit First Lien Credit
Agreement, dated Oct. 10, 2007, with Barclays Capital as Sole
Lead Arranger and Sole Bookrunner and Barclays Bank as
Administrative Agent and Lender.

A full-text copy of the First Lien Agreement is available for
free at http://ResearchArchives.com/t/s?2438

The Debtors have the option to convert the Revolving and the
First Lien Term Loans to Exit Facilities no later than April 10,
2008.  Upon conversion, the First Lien Term Loan may be
increased toUS$160 million.

Remy Worldwide Holdings, Inc., will guarantee the payment of
each Debtor's obligations under the DIP Facility.

The Court also authorized the Debtors to execute a separate
US$50 million Second Lien Credit Agreement, dated Oct. 10, 2007,
with Barclays.

A full-text copy of the Second Lien Agreement is available for
free at http://ResearchArchives.com/t/s?2439

Douglas P. Bartner, Esq., at Shearman & Sterling LLP, in New
York, the Debtors' proposed counsel, said in Court papers that
that the Debtors were unable to obtain DIP financing in the form
of unsecured credit repayable as an administrative expense.  No
third party lender was willing to extend postpetition financing
without receiving senior and priming liens on and security
interests in substantially all of the Debtors' prepetition
assets.

Without sufficient liquidity, the Debtors will be unable to pay
suppliers, employees and other constituencies that are essential
to the orderly operation of their businesses and to confirm
their Plan, according to Mr. Bartner.

The Debtors presented to the Court a proposed budget showing
their cash needs for a six-week period through Nov. 9, 2007.  A
full-text copy of the Interim DIP budget is available for free
at http://ResearchArchives.com/t/s?243a

Rothschild Inc., the Debtors' financial advisors, contacted
seven lending institutions.  From those institutions, the
Debtors received five initial proposals.  Based on the initial
proposals three institutions were invited to attend management
presentations.

The Debtors accepted the proposal from Barclays because the
structure and pricing of their proposals were the best available
to the Debtors, Mr. Bartner said.

                 Terms of US$225-Mil. DIP Facility

The Debtors will use the loan proceeds to repay in full their
$158,000,000 prepetition loan obligations as well as to pay
postpetition operating expenses, and to pay other costs and
expenses of administration of the bankruptcy cases.

The DIP Facility will terminate on the earliest of six months
after the date of the Closing Date, the effective date of the
Debtors' plan of reorganization, or the date of termination of
the commitments or acceleration of any outstanding extensions of
credit.  The DIP Facility may be extended by up to six months.

The DIP Revolving Credit Facility will incur interest at, at the
Debtors' option, either the LIBOR Rate or the Alternate Base
Rate plus the Applicable LIBOR Margin of 2.00% and Applicable
ABR Margin of 1.00%.  Three months after the Closing Date, the
applicable margin for the DIP Revolving Credit Facility will be
determined by a grid based on average excess availability for
the most recent prior month:

                            Applicable   Applicable Facility
     Excess Availability   LIBOR Margin      ABR Margin
     -------------------   ------------  -------------------
     > US$85,000,000           1.75%            0.75%

     < or =US$85,000,000 but   2.00%            1.00%
     > or =US$40,000,000

     < US$40,000,000           2.25%            1.25%

The DIP Term Loan Facility will incur interest at, at the
Debtors' option, either the LIBOR Rate or the Alternate Base
Rate plus the Applicable LIBOR Margin of 4.50% and Applicable
ABR Margin of 3.50%.

Upon an event of default, the Debtors will pay default interest
and letter of credit fees at 2.00% above the rate otherwise
applicable.

The Debtors' obligations under the DIP Facility are secured by
valid, binding, continuing, enforceable, fully perfected and
unavoidable first priority senior priming security interests in,
and liens upon, all of the Debtors' domestic assets, and 65% of
all capital stock of all the first-tier material foreign
subsidiaries, including 65% of all capital stock of Remy Auto
Parts Holdings B.V.

The DIP Liens, however, do not include avoidance actions under
Chapter 5 of the Bankruptcy Code and any proceeds net of costs
to pursue the avoidance claims.  In addition, the DIP Liens
will:

   -- be subject, in an event of default, to a carve-out for
      payment of bankruptcy professional fees not to exceed
      US$2.5 million in the aggregate; and fees payable to the
      United States Trustee under 28 U.S.C. Section 1930 and to
      the clerk of court; and

   -- take second priority to certain existing liens on the
      Debtors' assets

The Existing Liens exclude any liens:

   1. by the Debtors' prepetition secured lenders;

   2. by the holders of Remy International Inc.'s second
      priority senior floating rate notes due 2009 in an
      aggregate amount of US$125 million;

   3. by the Pension Benefit Guaranty Corporation related to
      the Debtors' Salaried Retirement Plan and Hourly
      Employees Pension Plan;

   4. arising out of or related to an October 1, 2007,
      promissory note for US$7,279,286 made by World Wide
      Automotive, L.L.C. payable to the United States Customs
      and Border Protection.

                        DIP Financing Fees

The Court permitted the Debtors to pay all fees payable pursuant
to the amended and restated fee letter between Barclays and Remy
International dated Aug. 29, 2007.  The Debtors have filed the
fee letter under seal, in light of the confidential commercial
nature of the information in the fee letter.

Specifically, the Debtors will pay to the DIP Lenders:

   -- a DIP Revolving Credit Facility Commitment Fee equal to
      0.375% per annum of the unused portion of the DIP
      Revolving Credit Facility;

   -- a DIP Term Loan Facility Commitment Fee equal to 1% per
      annum on the committed but undrawn portion of the Term
      Loan Facilities from the DIP Facility Closing Date to the
      Exit Facility Closing Date.  The undrawn portion of the
      Term Loan Facilities meansUS$55,000,000 of the First-Lien
      Term Loan and the entire amount of the Second-Lien Term
      Loan; and

   -- Letter of Credit Fees equal to:

      (i) The Applicable LIBOR Margin then in effect for the
          DIP Revolving Credit Facility, multiplied by

     (ii) the average daily maximum aggregate amount available
          to be drawn under all Letters of Credit.

The Debtors will also pay a fronting fee to the Issuing Bank as
well as certain customary fees.

The Debtros will also pay fees due to Barclays in connection
with arranging and providing the DIP Facility and Exit
Facilities; and underwriting deposit and out-of-pocket expenses
in connection with the costs and expenses incurred by Barclays
in conducting due diligence and documentation.

Barclays may revise the interest rates or prepayment amounts
contained in the DIP Facility and Exit Facilities.

                       Financial Covenants

The DIP Credit Agreements provide for certain financial
covenants which will be tested on a monthly basis until the Exit
Facilities Conversion Date, and thereafter, on a quarterly
basis.

Among others, the Debtors covenant with the DIP Lenders not to
let, at the end of each fiscal month or fiscal quarter as
applicable, EBITDA for the 12-month period then ended below:

                Fiscal Month/Fiscal
                Quarter                        EBITDA
                -------------------            ------
                October 31, 2007          US$27,300,000
                November 30, 2007            28,600,000
                December 31, 2007            46,800,000
                January 31, 2008             50,300,000
                February 29, 2008            52,700,000
                March 31, 2008               52,700,000
                June 30, 2008                64,400,000
                September 30, 2008           84,200,000
                December 31, 2008            86,800,000
                March 31, 2009               93,800,000
                June 30, 2009                98,600,000
                September 30, 2009           96,300,000
                December 31, 2009           103,500,000
                March 31, 2010              104,500,000
                June 30, 2010               105,600,000
                September 30, 2010          106,700,000
                December 31, 2010           107,700,000
                March 31, 2011              109,300,000
                June 30, 2011               111,000,000
                September 30, 2011          112,600,000
                December 31, 2011           114,200,000
                March 31, 2012              114,200,000
                June 30, 2012               114,200,000
                September 30, 2012          114,200,000
                December 31, 2012           114,200,000
                March 31, 2013              114,200,000

The Debtors covenant with the Lenders to limit their capital
expenditures during each fiscal quarter to:

                                           Maximum CapEx
                Fiscal Quarter Ended         Per Period
                --------------------        -------------
                December 31, 2007          US$6,200,000
                March 31, 2008                7,700,000
                June 30, 2008                 6,100,000
                September 30, 2008            6,100,000
                December 31, 2008             6,100,000
                March 31, 2009                6,100,000
                June 30, 2009                 6,400,000
                September 30, 2009            6,300,000
                December 31, 2009             6,300,000
                March 31, 2010                7,000,000
                June 30, 2010                 7,300,000
                September 30, 2010            7,200,000
                December 31, 2010             7,300,000
                March 31, 2011                6,700,000
                June 30, 2011                 7,000,000
                September 30, 2011            6,900,000
                December 31, 2011             7,000,000
                March 31, 2012                7,000,000
                June 30, 2012                 7,000,000
                September 30, 2012            7,000,000
                December 31, 2012             7,000,000
                March 31, 2013                7,000,000

If the amount of all Capital Expenditures is less than the sum
of the maximum amounts designated for a certain period, the
Debtors may carry over the unused amount for the next two
consecutive Fiscal Quarters; provided, that Carry Over Amount
may only be used in the succeeding period.

The Court will convene a hearing Nov. 7, 2007, at 10:00 a.m. to
consider approval of the Debtors' request on a final basis.
Objections, if any, to the Debtors' DIP Financing Motion must be
filed by Oct. 29, 2007.

Barclays is represented in the Debtors' cases by Leslie A.
Plaskon, Esq., and Kristine M. Shryock, Esq., at Paul Hastings
Janofsky & Walker LLP in New York; and Mark D. Collins, Esq., at
Richards Layton & Finger PA, in Wilmington, Delaware.

                     About Remy Worldwide

Based 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 ofUS$919,736,000 and total liabilities
ofUS$1,265,648,000.
(Remy Bankruptcy News; Issue No. 2, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


=========
M A C A U
=========

GALAXY CASINO: Moody's Affirms B1 Ratings; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and senior unsecured rating of Galaxy Casino S.A.  The
rating action follows the recent announcement by the parent
entity -- Galaxy Entertainment Group Limited -- outlining a
change in ownership interests and an issuance of additional
equity.

"Moody's notes that the proposed issuance of ordinary shares
will be predominantly used to strengthen the capital structure,
including a material reduction in debt levels of the parent
entity," says Peter Fullerton, a Moody's AVP/Analyst.

"While the parent's debt levels will decrease as a result of the
issuance, thereby improving its credit profile, such an
improvement will not have a direct effect on the credit
fundamentals of Galaxy itself.  This is because Moody's does not
factor in any support from the parent into Galaxy's ratings; as
such, Galaxy's financial and operating profile is not expected
to change as a result of this announcement," adds Mr. Fullerton.

Galaxy's ratings continue to reflect the rapidly evolving Macau
market place and the company's growing track record of
operations in this market.  The risks associated with the
construction of additional gaming facilities in Macau also
heavily influence the rating together with the associated ramp-
up risk of opening these facilities.

Galaxy Casino S.A., incorporated in 2001, holds one of six
concessions and sub-concessions to undertake gaming activities
in Macau.  The company currently operates a number of casinos in
Macau including the Star World complex.  Galaxy is constructing
a large-scale resort in Macau, phase 1 of which is expected to
open in late 2008.


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

SATERAS RESOURCES: Failure to File Financials Prompts Delisting
---------------------------------------------------------------
The Bursa Malaysia Securities Bhd will delist and remove the
securities of Sateras Resources (Malaysia) Bhd after the company
failed to submit its annual audited accounts and annual reports
for the financial year ended March 31, 2004.

The delisting is scheduled to commence on Oct. 25, 2007, at 9:00
a.m.

Bursa Securities announced on April 7, 2006, its decision to
reject Sateras' appeal against delisting and that Sateras
securities will be removed on April 20.  The Company had
subsequently filed an application with the High Court in Kuala
Lumpur for, among others, leave to commence judicial review
proceedings against the decision to de-list its securities and
an order to refrain Bursa Securities from proceeding with its
decision to de-list pending the disposal of the application for
judicial review.

The Court, on April 19, 2006, granted an interim stay of Bursa
Securities' decision to delist Sateras and in view of this,
Bursa Securities announced that the removal of the securities
will be deferred pending disposal of the Application or until
further orders from the Court.

On October 9, 2007, the Court had withdrawn the interim stay
against the delisting of Sateras' securities.


Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on October 12, 2007,
listed Sateras Resources Bhd., with US$44.73 million of assets
and US$38.82 million in total stockholders' equity deficit.


SHAW GROUP: Earns US$54.6 Million in Three Months Ended May 31
--------------------------------------------------------------
The Shaw Group Inc. reported net income for the three months
ended May 31, 2007, of US$54.6 million.  The reported results
include US$5.7 million of net income, related to Shaw's
investment in the Westinghouse segment.  Excluding the
Westinghouse segment, net income was US$48.9 million.

Earnings before interest expense, income taxes, depreciation and
amortization For the third quarter of 2007 with the Westinghouse
segment was US$92.2 million, and US$74.2 million excluding the
Westinghouse segment.  In comparison for the three months ended
May 31, 2006, which was prior to the Westinghouse investment,
Shaw reported a net loss before interest expense, taxes,
depreciation and amortization of US$15.7 million and a net loss
of US$16.7 million.

Third quarter operating cash flow totaled US$131 million,
bringing the nine months' operating cash flow to US$285 million.
Revenues for third quarter 2007 were US$1.6 billion, compared to
US$1.2 billion in the corresponding 2006 period.

Shaw's backlog of unfilled orders at May 31, 2007, was a record
US$13.3 billion, up from approximately US$8 billion at May 31,
2006.  Approximately US$5.6 billion, or 42%, of the backlog is
expected to be converted to revenues during the next 12 months.
Shaw also expects its backlog to grow to approximately US$14.3
billion at Aug. 31, 2007.

"Our business segments experienced strong revenue and profit
growth compared to 2006, with the exception of the Environmental
& Infrastructure Group, which executed significant amounts of
disaster relief and emergency response services in 2006," J.M.
Bernhard Jr., Shaw's chairman, president and chief executive
officer, said.  "Our solid results were fueled by continued
strength in the global markets for power generation capacity and
petrochemicals processing.

"Our record backlog positions us well for fiscal 2008 and we
believe the global markets we serve will remain strong
throughout the year," Mr. Bernhard said.  "Our operating
segments are well positioned to benefit from this continued
global economic expansion and we continue to believe there will
be significant long-term growth in the developing nuclear power
markets.

"Brian K. Ferraioli assumed the responsibility of chief
financial officer today, and together with our entire financial
reporting team, will continue improving our financial reporting
processes."

At May 31, 2007, the company's balance sheet showed total assets
of US$3.6 billion, total liabilities of US$2.3 billion,
stockholders' equity of US$1.2 billion.

                        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, 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.


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

AIR NEW ZEALAND: Not Acquiring Stake in Australia's Virgin Blue
---------------------------------------------------------------
Air New Zealand said in a filing with the New Zealand Stock
Exchange that there is no substance to rumors that the carrier
is interested in acquiring a shareholding in Australia's Virgin
Blue Limited.

An unnamed ANZ spokesperson told the New Zealand Press
Association that the acquisition rumors came from the market
rather than from the media.

The purchase speculation may have come up after reports that
Toll Holdings, which holds 62% in the Australian airline, wants
to put on the market its stake in Virgin Blue valued at
AU$1.5 billion.  Toll Chief Executive Paul Little, however, said
that they will make a "more definitive decision" on the stake by
the end of the year, NZPA relates.

A quarter of Virgin Blue is owned by Sir Richard Branson's
Virgin group, NZPA notes.

Virgin Blue flies throughout Australia and provides
international services to New Zealand, Vanuatu, the Cook
Islands, Fiji, Tonga and Samoa.  Virgin Blue operates over 2,200
flights a week to 22 Australian cities and centers.  According
to NZPA, Virgin Blue is planning to set up its Pacific Blue unit
in New Zealand next month to compete with ANZ on domestic
routes.

Virgin Blue is capitalized at NZ$2.8 billion compared with ANZ's
NZ$2.3 billion, NZPA notes.

Based in Auckland, New Zealand, Air New Zealand Ltd is the
country's flag air carrier, with domestic and international
passenger and freight operations, and an aviation engineering
business.  Air New Zealand flies to the United States, United
Kingdom, Canada, Europe and other Asian cities.

Moody's Investors Service, on Sept. 4, 2007, affirmed Air New
Zealand Limited's Ba1 senior unsecured issuer rating.  At the
same time, it has changed the outlook on the rating to positive
from stable.

ANZ carries Standard & Poor's Ratings Services' 'BB' corporate
credit rating, with stable outlook.


ALPINE PACIFIC: Creditors' Proofs of Debt Due on Oct. 25
--------------------------------------------------------
The creditors of Alpine Pacific Developments Ltd. are required
to file their proofs of debt by October 25, 2007, to be included
in the company's dividend distribution.

The company's liquidator is:

       Malcolm Hollis
       c/o PricewaterhouseCoopers
       119 Armagh Street
       PO Box 13244, Christchurch
       New Zealand
       Telephone:(03) 374 3000
       Facsimile:(03) 374 3001


AUCKLAND RESIDENTIAL: Faces Rixon Contracting's Wind-Up Petition
----------------------------------------------------------------
Rixon Contracting Limited filed on July 30, 2007, a petition to
have Auckland Residential Ltd.'s operations wound up.

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

Rixon Contracting's solicitor is:

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


BRIDGECORP: Group Calls Disgruntled Investors to Oct. 25 Meeting
----------------------------------------------------------------
Exposing Unacceptable Financial Advice, an advocacy group, will
hold a meeting on Oct. 25, 2007, for the general public who lost
money in Bridgecorp Ltd, a media release says.

EUFA's Web site says it is an organization formed to find some
accountability for investors with nowhere to turn to seek
restitution.  According to the group, the meeting is one of the
steps it is taking to bring legal action against Bridgecorp and
its financial advisers.

Present at the meeting will be Christchurch lawyer Grant Cameron
and Kapiti Coast financial adviser Chris Lee, who according to
EUFA, "will be the key who can address the next stages to work
along side the receivership."

"EUFA want Investors to come forward or send an advocate to the
meeting to begin a process of accountability hopefully ending in
a positive judgement," EUFA Co-ordinator Suzanne Edmonds stated.

According to Tina Law of The Press, EUFA is already getting
inquiries each day from Bridgecorp investors wanting to know
what their options were.


Based in New Zealand, Bridgecorp Ltd is a property development
and finance company.  Bridgecorp has been placed in receivership
on July 2, 2007, after failing to pay principal due to debenture
holders.  In that regard, John Waller and Colin McCloy, partners
at PricewaterhouseCoopers, were appointed as receivers.
Bridgecorp owes around 1,800 debenture holders, which
liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were placed into
voluntary administration, owing about 100 investors an estimated
aggregate of AU$24 million (NZ$27 million).


CREATIVE PLAY: Court to Hear Wind-Up Petition on Nov. 8
-------------------------------------------------------
A petition to have Creative Play Ltd.'s operations wound up will
be heard before the High Court of Auckland on November 8, 2007,
at 10:45 a.m.

Zeta Investments Limited filed the petition on July 30, 2007.

Zeta Investments' solicitor is:

         S. C. D. A. Gollin
         c/o Minter Ellison Rudd Watts
         Capital on the Quay, Level 17
         125 The Terrace
         PO Box 2793, Wellington
         New Zealand


EMPOWER TRANSPORT: Shareholders Resolve to Liquidate Business
-------------------------------------------------------------
The shareholders of Empower Transport Solutions Ltd. met on
September 19, 2007, and agreed through a special resolution to
liquidate the company's business.

James Stewart Murray was appointed 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


EXCEPTIONAL INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------------
On September 4, 2007, the shareholders of Exceptional
Investments Ltd. passed a resolution to liquidate the company's
business.

Trevor Edwin Laing was appointed as liquidator.

The Liquidator can be reached at:

         Trevor Edwin Laing
         c/o Trevor Laing & Associates
         PO Box 2468, Dunedin
         New Zealand
         Telephone:(03) 454 4559


HARPER BUILDERS: Court Hears Wind-Up Petition
---------------------------------------------
A petition to have Harper Builders Ltd.'s operations wound up
was heard before the High Court of Whangarei yesterday, Oct. 15,
2007.

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

The CIR's solicitor is:

         M. B. Smith
         Marsden Woods Inskip & Smith
         122 Bank Street
         PO Box 146, Whangarei
         New Zealand


IBS GROUP: Court Sets Wind-Up Petition Hearing for Dec. 13
----------------------------------------------------------
A petition to have IBS Group Ltd.'s operations wound up will be
heard before the High Court of Auckland on December 13, 2007, at
10:45 a.m.

The petition was filed by AMP Capital Investments No. 4 Limited
on September 7, 2007.

AMP Capital's solicitor is:

         Mark David O'Brien
         c/o Bell Gully, Level 21
         HP Tower, 171 Featherston Street
         Wellington
         New Zealand


K & T RENATA: Fixes October 18 as Last Day to File Claims
---------------------------------------------------------
Henry David Levin and Barry Phillip Jordan were appointed
liquidators of K & T Renata Transport Ltd. on September 20,
2007.

Messrs. Levin and Jordan are accepting creditors' proofs of debt
until October 18, 2007.

The Liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         c/o PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


KING PANELBEATERS: Subject to CIR's Wind-Up Petition
----------------------------------------------------
On July 13, 2007, the Commissioner of Inland Revenue filed a
petition to have King Panelbeaters Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
October 18, 2007, at 10:45 a.m.

The CIR's solicitor is:

         Simon John Eisdell Moore
         c/o Meredith Connell
         Forsyth Barr Tower, Level 17
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand
         Telephone:(09) 336 7556


MANAIA BUILDERS: Creditors' Proofs of Debt Due on Oct. 18
---------------------------------------------------------
The creditors of Manaia Builders Limited are required to file
their proofs of debt by October 18, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

         Henry David Levin
         Barry Phillip Jordan
         c/o PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


MCM QUALITY: Court Sets Wind-Up Petition Hearing for Nov. 8
-----------------------------------------------------------
A petition to have MCM Quality Appliances Engineering Ltd.'s
operations wound up will be heard before the High Court of
Auckland on November 8, 2007, at 10:00 a.m.

The petition was filed by Leisure Appliances New Zealand Limited
on July 26, 2007.

Leisure Appliances' solicitor is:

         Dianne S. Lester
         Credit Consultants Debt Services NZ Limited
         Level 3, 3-9 Church Street
         PO Box 213, Wellington
         New Zealand
         Telephone:(04) 470 5972


OPALNET LTD: Appoints John Francis Managh as Liquidator
-------------------------------------------------------
John Francis Managh was appointed liquidator of Opalnet Ltd. on
September 20, 2007.

The Liquidator can be reached at:

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


RIFLE RANGE: Commences Liquidation Proceedings
----------------------------------------------
On September 25, 2007, members agreed through a special
resolution to liquidate the business of Rifle Range Ltd.

Bruce Carlaw Richards was appointed as liquidator.

The Liquidator can be reached at:

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


ROYCROFT AUTOMOTIVE: Fixes October 31 as Last Day to File Claims
----------------------------------------------------------------
On September 18, 2007, the shareholders of Roycroft Automotive
Ltd. appointed Peri Micaela Finnigan and John Trevor Whittfield
as the company's liquidators.

The Liquidators are accepting creditors' proofs of debt until
October 31, 2007.

The Liquidators can be reached at:

         Peri Micaela Finnigan
         John Trevor Whittfield
         c/o McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


S.M.D. BRICKLAYERS: Creditors' Proofs of Debt Due on Oct. 26
------------------------------------------------------------
Henry David Levin and Barry Phillip Jordan were appointed
liquidators of S.M.D. Bricklayers Limited on September 27, 2007.

Messrs. Levin and Jordan are accepting creditors' proofs of debt
until October 26, 2007.

The Liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


SJG CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 18
-----------------------------------------------------------
A petition to have SJG Construction Ltd.'s operations wound up
will be heard before the High Court of Dunedin on October 18,
2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
June 18, 2007.

The CIR's solicitor is:

         Julia Beech
         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


SKYBAUX ENTERPRISES: Accepting Proofs of Debt Until Oct. 19
-----------------------------------------------------------
Skybaux Enterprises Ltd. requires its creditors to file proofs
of debt by October 19, 2007.

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

The company's liquidators are:

         Arron Leslie Heath
         Michael Lamacraft
         c/o Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


SOLWAY CONSTRUCTION: Subject to Byrne's Wind-Up Petition
--------------------------------------------------------
On August 16, 2007, Byrne Investments Limited filed a petition
to have Solway Construction Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
December 13, 2007, at 10:00 a.m.

Byrne Investments' solicitor is:

         Malcolm Whitlock
         c/o Debt Recovery Group NZ Limited
         Level 5, 5 Short Street
         Newmarket, Auckland
         New Zealand
         PO Box 99675, Newmarket
         Auckland
         New Zealand


SPENCER & CASH: Faces Fisherton's Wind-Up Petition
--------------------------------------------------
Fisherton Limited filed on August 17, 2007, a petition to have
Spencer & Cash Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
January 24, 2008, at 10:00 a.m.

Fisherton Limited's solicitor is:

         Michael David Arthur
         Chapman Tripp Sheffield Young
         ANZ Centre, Level 35
         23-29 Albert Street
         Auckland
         New Zealand


VUSION PACIFIC: Appoints Levin and Jordan as Liquidators
--------------------------------------------------------
Henry David Levin and Barry Phillip Jordan were appointed
liquidators of Vusion Pacific Ltd. on September 27, 2007.

The Liquidators fixes October 26, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         c/o PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile: (09) 336 0010


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

APC GROUP: Seeks to Ink Joint Venture Deals with Foreign Firms
--------------------------------------------------------------
APC Group Inc. is in talks for a possible deal with foreign
firms that have expressed interest in establishing a joint
venture project in the mining sector, APC's chairman and
president, Willy Ocier, told the Philippine Star.

According to the article, the company is currently exploring in
Alubijid, Misamis Oriental and in Narra and Brookes Point in
Talawan for potential mining sites.  It is also exploring a 271-
hectare property in Surigao del Sur.

The company plans to start at least three projects this year,
Mr. Ocier said, adding that APC is spending US$21 million for
its exploration activities.


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

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

                      Going Concern Doubt

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

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


BANGKO SENTRAL: Opts Not to Impose Restrictions on Forex Inflows
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas has opted not to impose
restrictions on foreign exchange inflows in order to ease the
impact of the surge in domestic liquidity, choosing instead to
implement further liberalization of foreign exchange, the
Philippine Star reports.

BSP Governor Amando M. Tetangco Jr. said over the weekend that
restrictions would only create distortions in the financial
market instead of easing the negative impact of inflows.  He
also said that the second set of forex liberalization measures
are still being discussed, as the BSP "want[s] to make [its]
rules more supportive of an expanding economy that has global
linkages."

The BSP's liquidity management tools can still handle the impact
of strong forex inflows, Mr. Tetangco added.

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

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

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

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


BANGKO SENTRAL: Rate Cut Signals Stable Economy, Officials Say
--------------------------------------------------------------
The recent interest rate cut by the Bangko Sentral ng Pilipinas
is a signal that the Philippine economy was stable, as the BSP
was bullish in its inflation outlook to lower its rates, M.E.I
Calderon of the BusinessWorld writes.

Analysts have earlier claimed that the BSP was looking to slow
the capital inflows which have been propelling the peso upward,
the article recounts.

However, BSP Deputy Governor Diwa C. Guinigundo said that
interest-rate cuts alone will not introduce a reduction in
capital inflows.  Mr. Guinigundo instead revealed that the rate
cut was meant to signal to investors that the Philippines has a
stable economy and that "there's scope for making money [here]."

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

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

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

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


BANGKO SENTRAL: Liquidity Hikes May Cue High Deposit Requirement
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas' requirement deposit reserve of
25% of a bank's total may be increased if the rise in domestic
liquidity continues, Ruben Hortelano writes for the Daily
Tribune.

The Monetary Board admitted to the requirement being a "blunt"
instrument but said that "[it's] an option."  One official told
the Tribune that increased deposit reserves would serve to mop
up excess liquidity, adding that "[w]hile it's a blunt
instrument, it is also cheaper."

According to the Tribune, the option was brought up once again
after traders observed that the continued rise in domestic
liquidity may be too much for the BSP's liquidity-mopping
instruments already in place.

The current settings remain appropriate to ensure stability of
prices for at least one year, BSP Governor Amando M. Tetangco
Jr. said.  Deputy Governor Diwa C. Guinigundo also said that he
believed liquidity growth had eased since it now averages lower
than 15% than the previous 26%.

However, market players told the Tribune of their doubt in the
sustainability of the BSP's instruments for handling excess
liquidity because of limited resources.

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

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

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

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


JG SUMMIT: Acquires Milk Manufacturing Plant for PHP509 Million
---------------------------------------------------------------
JG Summit Holdings Inc. has acquired a manufacturing plant worth
PHP509.58 million in Calamba, Laguna, signaling its first
venture into milk and dairy product production, the Manila
Standard reports.

The plant will start operating on October 2009, the Standard
adds.

According to the article, the plant is expected to produce 3
million kilograms of powdered milk, 12 million liters of ready-
to-drink full cream milk and 5 million kilograms of coffee
creamer in a yearly basis.


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

                          *     *     *

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

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


* Government Eyes PHP5.891-Bil. Additional Income from Sin Taxes
----------------------------------------------------------------
The Philippine National Government is expecting PHP5.891-billion
additional revenues next year from sin taxes imposed on
alcoholic beverages and cigarettes, the Philippine Star reports.

According to the Department of Finance, PHP2.751 billion out of
the expected additional revenues from sin taxes will come from
cigarette taxes while the remaining PHP3.140 billion will be
contributed by liquor taxes.

Statistics from the Bureau of Internal Revenue (BIR) showed that
total excise taxes collected from tobacco products declined by
19.6% to PHP11.05 billion from January to June this year, the
Star reports.  The BIR had collected PHP13.75 billion in the
same period a year ago, it added.

                          *     *     *

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.


* Tax Agency Admits Inability to Recover First Half Revenue Gap
---------------------------------------------------------------
The Bureau of Internal Revenue has admitted of being unable to
recover from its first half revenue deficit, and projected a
shortfall of PHP38.6-billion shortfall by year's end, a
BusinessWorld article says.

The BIR also admitted that it can only meet its revenue target
for the second semester, the report adds.

According to the article, the Department of Finance is expecting
a PHP37.7-billion shortfall under a medium case scenario, PHP45-
billion deficit under a worse case prediction, and a partial
recovery of PHP13.4 billion by the BIR and PHP7.1 billion from
the Bureau of Customs.

In a medium case scenario, the government expects no recovery by
both agencies.  In a worse scenario, on the other hand, the
government sees the BOC's shortfall increasing to PHP15 billion
by year-end.  On an optimistic side, the best case scenario
predicts both of the agencies making a partial recovery of their
deficits.

The DoF has placed both agencies' shortfalls at PHP40.4 billion
for the BIR and PHP12.1 billion for Customs as of August, the
report adds.

                          *     *     *

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

ADVANCED SYSTEMS: Asti Holdings Lowers Stake of Deemed Shares
-------------------------------------------------------------
Asti Holdings Limited a substantial shareholder of Advanced
Systems Automation, reduced its holdings of direct shares in the
company due to an off-market married deal.

Presently, Asti Holdings holds 499,100,000 direct shares with
40.43% issued share capital.  Prior to the deal, Asti Holdings
held 634,100,000 direct shares with 51.37% issued share capital.

                About Advanced Systems Automation

Advanced Systems Automation Limited -- http://www.asa.com.sg/--
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry.  The
company's subsidiaries include Avalon Technology Pte. Ltd.;
Microfits Pte. Ltd.; Beijing Microfits Precision Electronics
Engineering Co., Ltd. and Beijing Advanced Precision Electronics
Engineering Co., Ltd., both of which are engaged in the
manufacture of precision tools, dies and moulds; Acetech
Solutions Ltd.; Advanced Systems Automation, Inc., and Advanced
Systems Automation (Europe) Limited, which is engaged in the
sale and provision of services to the European semiconductor
manufacturing market.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, Ernst & Young auditors reported in the company's
Annual Report that, "The group has incurred significant losses
and has been experiencing severe cash shortage in the past four
financial years.  The group incurred a net loss of SGD3.4
million for the financial year ended March 31, 2006, and the
group's and the company's current liabilities exceeded current
assets by SGD20.9 million and SGD22.9 million respectively.  As
of March 31, 2006, the group and the company were in net
shareholders' deficit positions of SGD13.8 million and SGD11.2
million respectively.  These matters described above indicate he
existence of a material uncertainty, which may cast significant
doubt about the group and company's ability to continue as going
concerns."

Ernst & Young added that the ability of the group and the
company to continue as going concern is dependent on the
company's completion of the proposed renounceable rights issue,
disposal of non-core assets and business restructuring.


AVAGO TECH: Increases Revolving Credit Facility by US$125 Mil.
--------------------------------------------------------------
On October 11, 2007, Avago Technologies, disclosed that it has
amended its credit agreement to increase the revolving credit
facility available to the company and certain of its
subsidiaries by US$125 million to a total of US$375 million in
US dollars and other currencies.

"We are pleased that we have been able to complete this
transaction in spite of the challenging credit market
conditions," said Hock E. Tan, president and CEO of Avago
Technologies.  "Our solid financial performance over the recent
quarters was a key contributor in our ability to attract
additional lenders under the agreement."

                        About Avago Tech

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
September 24, 2007, Standard & Poor's Ratings Services assigned
Avago with 'B' corporate credit rating with positive
implications reflecting the company's operational stability,
despite challenging market conditions, and leverage measures
that are strong for the rating.


FROEBEL ACADEMY: Court Enters Wind-Up Order
-------------------------------------------
On September 28, 2007, the high Court of Singapore entered an
order directing the wind up of Froebel Academy Pte Ltd's
operations.

Canon Singapore Pte Ltd filed the petition against the company.

Froebel Academy's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         BDO Raffles Certified Public Accountants
         5 Shenton Way #07-01
         UIC Building
         Singapore 068808


JOHNSON INDUSTRIES: To Pay Second Interim Dividend on Oct. 19
-------------------------------------------------------------
Johnson Industries Pte Ltd, which is in compulsory liquidation,
will pay its second interim dividend on October 19, 2007.

The creditors will receive 9.96 cents of dividend.

The company's liquidator is:

         Tam Chee Chong
         c/o Deloitte & Touche
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


KSP CORPORATION: Court to Hear Wind-Up Petition on Oct. 19
----------------------------------------------------------
The High Court of Singapore will hear on October 19, 2007, a
petition to have KSP Corporation (Pte) Ltd's operations wound
up.

The petition was filed by Beihai Lijie Machinery Co. Ltd. on
September 28, 2007.

Beihai Lijie's solicitor is:

         Tang & Partners
         10 Anson Road #21-01
         International Plaza
         Singapore 079903


LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779 Mil.
--------------------------------------------------------------
Levi Strauss & Co. disclosed financial results for the third
quarter ended Aug. 26, 2007, and filed its third-quarter 2007
Form 10-Q with the U.S. Securities and Exchange Commission.

The company's balance sheet, as of Aug. 26, 2007, showed total
assets of US$2.84 billion and total liabilities of US$3.60
billion, resulting in a US$779 million stockholders' deficit.

Net revenues for the third quarter were US$1.05 billion compared
to US$1.02 billion for the same period last year, a 2% increase.
Net revenues would have been stable before the benefit of
favorable currency exchange rates.  The net revenue performance
reflects stronger sales in Europe and Asia, partially offset by
a decline in North America driven by lower U.S. Levi Strauss
Signature(R) and Dockers(R) sales.  The Levi's(R) brand grew in
each region as the brand's improved product offerings performed
well around the world.  Net revenues also benefited from
additional brand-dedicated retail stores worldwide.

Net income for the third quarter increased 24% to US$61 million
compared to US$49 million in the prior year.  Net income
benefited primarily from lower tax and interest expense.

"The Levi's(R) brand is growing around the world and our
European business is performing very well," John Anderson, chief
executive officer, said.  "Asia Pacific continued to grow with
strong performance again in the emerging markets.  North
America's lower revenue this quarter was disappointing, but I am
optimistic about the region's results for the year.  Our year-
to-date results put us on track to deliver modest revenue
growth, solid net income improvement and reduced debt for the
year."

Gross profit increased 3% to US$486 million for the quarter
compared to US$473 million in the prior year period.  Gross
margin increased slightly to 46.3% of net revenues compared to
46.0% of net revenues in the same period last year.

Selling, general and administrative expenses for the quarter
increased 10% to US$343 million from US$312 million in the 2006
period.  Higher SG&A expenses in the 2007 period were primarily
attributable to increased selling expense related to new
company-operated stores, a lower benefit-plan curtailment gain
compared to the 2006 period and changes in currency exchange
rates.  These were partially offset by lower administrative
costs in the 2007 period.

Operating income decreased 9% to US$143 million compared to
US$158 million for the third quarter of 2006.  The lower
operating income reflects the lower net revenue in North America
and a lower benefit-plan curtailment gain in the 2007 period,
partially offset by lower corporate staff costs and expenses.

Interest expense decreased 12% to US$53 million compared to
US$60 million for the prior year period.  The decrease is the
result of its debt refinancing and debt reduction actions taken
during 2006 and 2007, which resulted in lower debt levels and
lower average borrowing rates.

"Our margins remain healthy and our strong cash flow enables us
to reduce debt while continuing to invest in the future of the
business," Hans Ploos van Amstel, chief financial officer, said.
"Overall, I'm pleased with our results. While we have some
challenges ahead, we expect to deliver another solid fiscal
year."

                    About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co.
-- http://www.levistrauss.com/-- is a branded apparel company.
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.

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

The company employs a staff of approximately 10,000 worldwide.
Levi Strauss Europe is headquartered in Brussels, Belgium, while
Levi's Asia Pacific division is based in Singapore.  Levi's has
operations in Brazil, Mexico, Chile and Peru.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 30, 2007,
Standard & Poor's Ratings Services raised its ratings on Levi
Strauss & Co. including its long-term corporate credit rating to
'B+' from 'B'.  The outlook is stable.


LEVI STRAUSS: Fitch Assigns 'BB+' to Revolving Credit Facility
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Levi Strauss & Co's
second amended and restated US$750 million 5-year Asset-Based
Revolving Credit Facility.  The Rating Outlook is Stable.

Fitch currently rates LS&CO as follows:

   --Issuer Default Rating (IDR) 'BB-';

   --Bank Credit Facility 'BB+'; and

   --Senior Unsecured Notes 'BB-'

This rating action follows the company's announcement that it
has entered into an amended credit agreement which increases the
maximum size to US$750 million from US$550 million.  The
facility includes a US$250 million term loan tranche priced at
LIBOR + 250 basis points (bps).  The remaining revolving credit
tranche has an initial price of LIBOR + 150bps.  The entire
facility will be secured by, among other domestic assets,
certain U.S. trademarks associated with the Levi's' brand.
Availability will not be reduced by repayments on the term loan
tranche.  The lien on the trademarks will be released when the
term loan tranche is fully repaid.

On October 11, 2007, the company drew US$343.2 million under the
amended credit facility and used US$220 million from cash on
hand to purchase the tendered 12.25% senior unsecured notes due
December 2012, in connection with its cash tender offer.

The rating reflects the improvements made to stabilize LS&CO's
operations and operating margins as well as its well known brand
names, geographic diversity and good liquidity position.  The
rating also considers the company's high debt balances and the
competitive operating environment of the denim and casual
bottoms market.

LS&CO should continue to benefit from its improved cost
structure and brand investments despite challenges in the U.S.
Levi Strauss Signature brand, which represented less than 8% of
fiscal 2006 revenues and fewer than 4% of operating income
before corporate expenses.  In addition, Fitch expects that
management will remain committed to its plan to reduce debt and
interest costs over time.

                    About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. -
- http://www.levistrauss.com/-- is a branded apparel company.
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.

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

The company employs a staff of approximately 10,000 worldwide.
Levi Strauss Europe is headquartered in Brussels, Belgium, while
Levi's Asia Pacific division is based in Singapore.  Levi's has
operations in Brazil, Mexico, Chile and Peru.


SEA CONTAINERS: Earns US$11,158,734 in Month Ended August 31
------------------------------------------------------------

                     Sea Containers, Ltd.
                   Unaudited Balance Sheet
                    As of August 31, 2007

                           Assets

Current Assets
Cash and cash equivalents                   US$47,650,121
Trade receivables, less allowances
   for doubtful accounts                            27,578
Due from related parties                        7,409,824
Prepaid expenses and other current assets       1,717,768
                                              ------------
     Total current assets                       56,805,291

Fixed assets, net                                         -

Long-term equipment sales receivable, net                 -
Investments in group companies                  143,546,856
Intercompany receivables                                  -
Investment in equity ownership interests        227,146,976
Other assets                                      4,076,327
                                              ------------
Total assets                                 US$431,575,450
                                              ============

            Liabilities and Shareholders' Equity

Current Liabilities
Accounts payable                             US$8,865,234
Accrued expenses                               52,398,600
Current portion of long-term debt             171,098,244
Current portion of senior notes               385,323,207
                                              ------------
       Total current liabilities               617,685,285

Total shareholders' equity                     (186,109,835)
                                              ------------
Total liabilities and shareholders' equity   US$431,575,450
                                              ============

                    Sea Containers, Ltd.
              Unaudited Statement of Operations
              For the Month Ended August 31, 2007

Revenue                                        US$2,473,134

Costs and expenses:
Operating costs                                   430,602
Selling, general and
   administrative expenses                      (3,031,169)
Professional fees                              (6,832,670)
Credits to provide against
   intercompany accounts                        66,453,293
Impairment of investment in subsidy Co.       (29,778,329)
Forgiveness of intercompany debt              (16,482,588)
Depreciation and amortization                           -
                                              ------------
Total costs and expenses                       10,759,139
                                              ------------
Gain or (Loss) on sale of assets                          -
                                              ------------
Operating income (loss)                          13,232,273

Other income (expense)
Interest income                                 3,893,111
Foreign exchange gains or (losses)                  5,461
Interest expense, net                          (5,872,111)
                                              ------------
Income (Loss) before taxes                       11,258,734
Income tax expense                                 (100,000)
                                              ------------
Net Profit (Loss)                             US$11,158,734
                                              ============

                   Sea Containers Services
                   Unaudited Balance Sheet
                    As of August 31, 2007

                           Assets

Current Assets
Cash and cash equivalents                       US$67,758
Trade receivables                                  27,929
Due from related parties                        5,587,738
Prepaid expenses and other current assets       4,741,076
                                              ------------
      Total current assets                      10,424,501

Fixed assets, net                                 2,327,141

Investments                                       2,717,732
Intercompany receivables                         46,451,752
Other assets                                              0
                                              ------------
Total assets                                  US$61,921,126
                                              ============

            Liabilities and Shareholders' Equity

Current Liabilities
Accounts payable                             US$2,781,162
Accrued expenses                                2,682,516
Current portion of long-term debt               1,679,343
                                              ------------
     Total current liabilities                   7,143,021

Total shareholders' equity                       54,778,105
                                              ------------
Total liabilities and shareholders' equity    US$61,921,126
                                              ============

                    Sea Containers Services
                Unaudited Statement of Operations
            For the Month Ended August 31, 2007

Revenue                                        US$2,478,786

Costs and expenses:
Operating costs                                         -
Selling, general and
    administrative expenses                     (1,623,585)
Professional Fees                                (570,095)
Other charges                                           0
Depreciation and amortization                    (100,893)
                                              ------------
      Total costs and expenses                  (2,294,573)
                                              ------------
Gains on sale of assets                                   0
                                              ------------
Operating income (loss)                             184,214

Other income (expense)
Interest income                                       978
Foreign exchange gains (losses)                      (537)
Interest expense, net                              (9,953)
                                              ------------
Income (Loss) before taxes                          174,702
Income tax credit                                         0
                                              ------------
Net Income                                       US$174,702
                                              ============

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
$62,400,718 and total liabilities of $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. 28;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or  215/945-7000).


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

ITV PCL: Awaits Decision from Prospective Buyer of Shares in ITV
----------------------------------------------------------------
Shin Corp. awaits the final decision from the prospective buyer
of its shareholding in ITV PCL, Shin's disclosure to the Stock
Exchange of Thailand says.

The disclosure was intended to convey additional information on
the Post Today's article yesterday that the company was
considering options to divest its shareholdings in ITV.

The company says it will disclose further information on the
matter's progress.

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

                     Going Concern Doubt

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

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

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

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


* Moody's Says Demand Helps Offset Price Declines in Tech Sector
----------------------------------------------------------------
Moody's Investors Service maintains a stable rating outlook for
the Asian technology and semiconductor sector, although credit
risks vary within this highly diverse industry.

"Market demand is expected to remain strong, with a number of
popular new products driving sales, and companies have helped
foster a measure of market stability by diversifying and
becoming more consumer driven," Moody's says in a new report.

Authored by Moody's Analysts Ken Chan and Wonnie Chu, the report
discusses the outlook for ratings in the technology and
semiconductor industry in Asia (ex-Japan).  Moody's rates ten
companies in the sector, mostly in the semiconductor and dynamic
random access memory (DRAM) industries.

The continued erosion of average selling prices (ASP), in tandem
with rising raw material costs, presents a significant challenge
for the sector, according to the report.  "In this environment,
it is important for companies to protect margins and sustain
profitability by cutting costs, maintaining scale, and
continuing to move up the value chain," says Chan.

"To achieve these goals and stay competitive, companies have
expanded capacity, but this approach is not without risk, given
that only a few companies in the sector are free cash flow
positive, and higher product volumes can depress prices," he
adds.

"The sustainability of research and development (R&D) spending
is another source of uncertainty in the current cost
environment, and the steps that companies have begun to take to
rationalize spending have spurred an increase in joint-venture
activity," Chu says.

"Another trend that bears watching is the emergence of joint-
technology development and cost-sharing arrangements, which are
now commonplace, and have allowed some companies to save on R&D,
reduce risk and encourage alliances," she says.


* BOND PRICING: For the Week 15 October to 19 October 2007
----------------------------------------------------------



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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.69
A&R Whitcoulls Group           9.500%  12/15/10     NZD    10.80
Antares Energy Limited        10.000%  10/31/13     AUD     1.90
Arrow Energy NL               10.000%  03/31/08     AUD     2.55
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.80
Becton Property Group          9.500%  06/30/10     AUD     0.96
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Bounty Industries Limited     10.000%  06/30/10     AUD     0.11
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.25
Cardno Ltd                     9.000%  06/30/08     AUD     7.50
China Century Capital Ltd     12.000%  09/30/10     AUD     1.00
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.39
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.95
FGL Finance                    6.250%  03/17/10     AUD     7.65
First Australian              10.000%  10/31/09     AUD     0.72
Fletcher Building Ltd          8.600%  03/15/08     NZD    10.00
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.15
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.20
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.44
Heemskirk Consolidated
   Limited                     8.000%  09/30/11     AUD     3.03
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD    10.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.40
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.75
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.08
LongReach Group Limited       10.000%  10/31/08     AUD     0.20
Metal Storm Ltd               10.000%  09/01/09     AUD     0.13
Minerals Corp.                10.500%  09/30/07     AUD     0.75
Nylex Limited                 10.000%  12/08/09     AUD     2.15
Primelife Corporation         10.000%  01/31/08     AUD     1.02
Renison Consolidated
   Mines N.L                  10.000%  03/31/09     AUD     0.16
Salomon SB Aust                4.250%  02/01/19     USD     8.90
Silver Chef Limited           10.000%  08/31/08     AUD     1.02
Speirs Group Ltd.             10.000%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  12/15/08     NZD     9.75
TrustPower Ltd                 8.500%  09/15/12     NZD     8.75
TrustPower Ltd                 8.500%  03/15/14     NZD     8.65


CHINA
-----
China Govt. Bond               4.860%  08/10/14    CNY      0.00
CITIC Guoan Information
   Indust. Co., Ltd            1.200%  09/14/13    CNY     69.85



JAPAN
-----
Cent Japan Rail                1.310%  03/18/33     JPY    74.50
JPN Fin Muni Ent               1.700%  10/30/08     JPY     1.74
Nara Prefecture                1.520%  10/31/14     JPY     9.53
NIS Group Co., Ltd.            2.730%  02/26/10     JPY    69.14

KOREA
-----
Korea Dev. Bank                7.350%  10/27/21     KRW    46.64
Korea Dev. Bank                7.450%  10/31/21     KRW    46.61
Korea Dev. Bank                7.400%  11/02/21     KRW    46.59
Korea Dev. Bank                7.310%  11/08/21     KRW    46.55
Korea Dev. Bank                8.450%  12/15/26     KRW    69.63


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.24
Asian Pac Bhd                  4.000%  12/21/07     MYR     1.00
Berjaya Land Bhd               5.000%  12/30/09     MYR     3.40
Bumiputra-Commerce
   Holdings Bhd                2.500%  07/17/08     MYR     1.30
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.48
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.71
EG Industries Berhad           5.000%  06/16/10     MYR     0.55
Equine Capital                 3.000%  08/26/08     MYR     2.36
Greatpac Holdings              2.000%  12/11/08     MYR     0.10
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.49
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.57
Insas Bhd                      8.000%  04/19/09     MYR     0.71
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.30
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.61
Kretam Holdings Bhd            1.000%  08/10/10     MYR     1.20
Kumpulan Jetson                5.000%  11/27/12     MYR     0.52
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.62
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.62
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.62
Media Prima Bhd                2.000%  07/18/08     MYR     1.70
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.55
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.24
Pelikan International          3.000%  04/08/10     MYR     1.51
Pelikan International          3.000%  04/08/10     MYR     1.51
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     0.88
Rhythm Consolidated Berhad     5.000%  12/17/08     MYR     0.23
Rubberex Corporation (M)
   Berhad                      4.000%  08/14/12     MYR     0.72
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.71
Southern Steel                 5.500%  07/31/08     MYR     1.68
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.01
Tradewinds Corp.               2.000%  02/08/12     MYR     1.00
Tradewinds Plantation Berhad   3.000%  02/28/16     MYR     1.65
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.81
Wah Seong Corp.                3.000%  05/21/12     MYR     5.00
WCT Land Bhd                   3.000%  08/02/09     MYR     3.30
Wijaya Baru Global Berhad      7.000%  09/17/12     MYR     0.87
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.03


SRI LANKA
---------
Sri Lanka Govt                7.000%  08/01/11     LKR     72.81
Sri Lanka Govt                7.000%  10/15/11     LKR     71.77
Sri Lanka Govt                6.850%  04/15/12     LKR     69.10
Sri Lanka Govt                8.500%  10/15/13     LKR     70.90
Sri Lanka Govt                8.500%  07/15/13     LKR     70.23
Sri Lanka Govt                7.500%  08/01/13     LKR     65.50
Sri Lanka Govt                7.500%  11/01/13     LKR     64.65
Sri Lanka Govt                8.500%  02/01/18     LKR     64.77
Sri Lanka Govt                8.500%  07/15/18     LKR     64.15
Sri Lanka Govt                7.500%  08/15/18     LKR     58.99
Sri Lanka Govt                7.000%  10/01/23     LKR     50.90


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





                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***