TCRAP_Public/071017.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 17, 2007, Vol. 10, No. 206

                            Headlines

A U S T R A L I A

ACTRAINT NO 33: Placed Under Voluntary Liquidation
BUCKEYE TECH: Expects Improvement in July to September Results
CHRYSLER LLC: Council Approves New Contract Ratification
COACH HOUSE: Appoints Pratt and Cuming as Liquidators
COMMSCOPE INC: Moody's Downgrades Corp. Family Rating to Ba3

CORNISH PACIFIC: Members Agree on Voluntary Liquidation
DIMOLA PTY: Members Decide to Liquidate Business
DREAMSHEETS INT'L: Members to Receive Wind-Up Report on Nov. 6
EVANS & TATE: Foster's Group Takes Over E&T Vineyard Lease
HIH INSURANCE: Former Director Released on Parole

PALMER ALUMINIUM: Members to Receive Wind-Up Report on Oct. 26
SYMBION HEALTH: Primary Might Sue Over Rejection, Source Says
T & R MANAGEMENT: Creditors Resolve Liquidate Business


C H I N A   &   H O N G  K O N G

CASTLEMONT PACIFIC: Members to Hear Wind-Up Report on Nov. 9
CITIC BANK: To Join Bid for Bear Stearns' Stake
CHINA EASTERN: Air China's Parent Still Keen on Stake Purchase
DANA CORP: Amends Centerbridge Capital Investment Agreement
DANA CORP: Appaloosa Re-Affirms Investment Bid; Sends Final Deal

DANA CORPORATION: Posts US$103,000,000 Net Loss in August 2007
HIP HING: Appoints Ivy and Hung as Liquidators
JDC CORPORATION: Fixes Nov. 2 as Last Day to File Claims
KINSTON ENTERTAINMENT: Court to Hear Wind-Up Petition Today
NEWPORT HEALTH: Liquidator to Give Wind-Up Report on Nov. 8

NEWPORT PHARMACEUTICALS: Members' General Meeting Set on Nov. 8
ON HONG: Members to Hold General Meeting on November 8
ROYAL CARIBBEAN: Lehman Upgrades Firm's Shares to Overweight
SEFAIR BROKERS: Creditors' Proofs of Debt Due on Oct. 24
SUN CHONG: Sets Final General Meeting for November 13

UNICORN MARK: Members Pass Resolution to Liquidate Business


I N D I A

AES CORP: May Use Bond Proceeds To Buy 49.99% Brasiliana Stake
BHARTI AIRTEL: Board to Consider Audited Q2 Results on Oct. 31
CABLE & WIRELESS: Closes US$40-Mil. Network Deal with Nokia
DRESSER-RAND INC: Signs MOU with Supersonic Ejector Technology
EMCO LTD: Board to Consider Issuing Warrants to Promoters

ESSAR OIL: Shareholders Approve Raising US$750 Million Abroad
GENERAL MOTORS: Provides Overview of National Agreement w/ UAW


I N D O N E S I A

BERLIAN LAJU: S&P Lowers Company Rating From 'BB-' to 'B+'
PARKER DRILLING: Schedules Earnings Call on November 7
PERUSAHAAN LISTRIK: To Save IDR1.7 Trillion on Fuel Spending


J A P A N

COREL CORP: Incurs US$6.8 Million Net Loss in Qtr. Ended Aug. 31
ELAN CORP: S&P Affirms B Corp. Credit Rating with Pos. Outlook
NIS GROUP: JCR Lowers Rating to BB; Placed Under Credit Monitor
NISSIN SERVICER: JCR Downgrades Senior Debt Rating to BB
LIVEDOOR CO: President to Resign, Believes Firm Will be OK

TOWA BANK: Asked to Improve Operations, FSA Says
TOWA BANK: JCR Reduces Bonds Rating to BB+ from BBB-


K O R E A

BIOMET INC: Provides Prelim Fin'l Results for Qtr. Ended Aug. 3
BURGER KING: Positive Sales Growth Cues Fitch to Lift Ratings
MAGNACHIP SEMICON: Reports Preliminary Third Quarter Revenue
REMY INT'L: Moody's Cuts Probability of Default Ratings to D
REMY INT'L: S&P Cuts Bank Loan & Floating Notes Ratings to D

UAL CORP: Inks Codeshare Agreement with TAM SA


M A L A Y S I A

TAP RESOURCES: Annual General Meeting Slated for Oct. 31
TAP RESOURCES: July 31 Balance Sheet Upside Down by MYR5.28 Bil.
PAN MALAYSIAN: Unveils Regularization Plan Proposals
SOLUTIA INC: Incurs US$9,000,000 Net Loss in Month Ended Aug. 31
SOLUTIA INC: Files Consensual Plan of Reorganization


N E W  Z E A L A N D

FORM SHOPFITTING: Creditors' Proofs of Debt Due on Oct. 29
GENEVA FINANCE: Default Cues S&P to Cut Ratings to 'D' From 'B-'
HEARTLAND LOGGING: Fixes Oct. 29 as Last Day to File Claims
HOLIDAY EXPOS: Taps Jollands and White as Liquidators
KG SERVICES: Creditors' Proofs of Debt Due on Oct. 26

LEONARDS LTD: Subject to CIR's Wind-Up Petition
SWIFT ENERGY: Acquires Escondido Resources for US$249.5 Million
THE BUSINESS: Appoints Jollands and White as Liquidators
THE LEAD GENERATION: Creditors' Proofs of Debt Due on Oct. 31
TROMPEUR HOLDINGS: Court to Hear Wind-Up Petition on Oct. 18

VIADUCT HOUSE: Fixes Oct. 26 as Last Day to File Claims
VIALOU STREET: Appoints Kim S. Thompson as Liquidator


P H I L I P P I N E S

GEOGRACE RESOURCES: Annual Stockholders' Meeting Set for Dec. 7
JG SUMMIT: Acquires Remaining Shares in Petrochemical Unit
METROPOLITAN BANK: Lower Tier 2 Notes Twice Oversubscribed
PHIL LONG DISTANCE: Chairman Sees Strong 2nd Half Performance
* Balance of Payments Hit 1st Deficit of US$95-Mil. in September

* BIR's Sept. Deficit May Cue Gov't Failure to Meet Deficit Mark


S I N G A P O R E

CHUAN & CO: To Declare Third Dividend on October 19
SEE HUP SENG: Goh Koon Seng to Quit as Chief Financial Officer
SHINE STAR: Faces Liquidation Proceedings
STATS CHIPPAC: Appoints John Lau as Senior Vice Pres. and CFO
WELLMANN ASIA: Court Enters Wind-Up Order


T H A I L A N D

NAKORNTHAI STRIP: Reports Progress of Business Reorganization
DAIDOMON: Auditor Issues Disclaimer of Opinion on Financials
ITV PCL: Foundations Back Off From Buying Shin's 52.9% Holdings

     - - - - - - - -

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

ACTRAINT NO 33: Placed Under Voluntary Liquidation
--------------------------------------------------
During a general meeting held on September 4, 2007, the members
of Actraint No 33. Pty Limited resolved to voluntarily liquidate
the company's business.

David Clement Pratt and Timothy James Cuming were appointed as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex St
         Sydney, New South Wales 1171
         Australia

                      About Actraint No 33

Located at Sydney, in New South Wales, Australia, Actraint No 33
Pty Limited is an investor relation company.


BUCKEYE TECH: Expects Improvement in July to September Results
--------------------------------------------------------------
Buckeye Technologies Inc. has expected its profitability for the
July-September quarter to be in the range of 32-35 cents per
share including a US$2.2 million (6 cents per share) one-time
favorable tax help related to the recently enacted reduction in
Germany's corporate tax rate.

Chairman and Chief Executive Officer, John B. Crowe said, "Our
first quarter net sales were up 3% compared to the same period
last year.  The earnings improvement is a combination of higher
prices, better mix and cost control.  Excluding the one-time tax
help (6 cents per share), operating earnings are anticipated to
be in the range of 26-29 cents per share.  Operating earnings
performance improved over the April-June quarter even with lower
sales volume due to scheduled maintenance during the just
completed quarter.  Demand for our specialty wood and cotton
products, nonwoven materials and fluff pulp was strong in the
quarter.  Nonwovens shipments were especially strong with net
sales up 10% compared to the same period last year."

Buckeye plans to announce July to September results on Oct. 22,
2007 and has scheduled a conference call at 3:00 p.m. EDT, Oct.
23, 2007 to discuss first quarter performance.

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, and Brazil and Australia.  Its products are sold
worldwide to makers of consumer and industrial goods.

                       *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


CHRYSLER LLC: Council Approves New Contract Ratification
--------------------------------------------------------
The UAW Chrysler Council, which includes local union leaders
from Chrysler facilities throughout the United States, voted
overwhelmingly to recommend ratification of a new tentative
labor agreement with Chrysler reached on Oct. 10, 2007.  Local
union leaders voted to recommend ratification by UAW members
after meeting yesterday, Oct. 15, 2007, at Cobo Center in
Detroit, Michigan, where they were briefed on details of the
proposed new contract.

As reported in the Troubled Company Reporter on Oct. 11, 2007,
the tentative agreement includes a memorandum of understanding
to establish an independent retiree health care trust, as well
as other changes to the national agreement.  Following
ratification, implementation of the memorandum of understanding
is subject to approval by the courts and satisfactory review of
accounting treatment with the Securities Exchange Commission.

The national agreement is consistent with the economic pattern,
and balances the needs of its employees and company by providing
a framework to improve its long-term manufacturing
competitiveness.

"The UAW negotiating committees at Chrysler, both hourly and
salaried, did an excellent job bargaining this agreement and we
look forward to discussing it with our members in explanation
and ratification meetings which will begin this week," UAW
President Ron Gettelfinger said.  "Thanks to the determination
of Chrysler workers, we have moved forward on our agenda to
protect manufacturing jobs in our communities -- and we have
also protected wages, health care and pensions for active and
retired workers."

"This proposed agreement meets the challenges of our industry
head-on," UAW Vice President General Holiefield, who heads the
UAW Chrysler dept, said.  "It sets the stage for future success
at Chrysler, and for our members to share in that success."

The UAW represents over 48,000 active workers and 78,000
retirees and surviving spouses at Chrysler.

                       About Chrysler LLC

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

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

                          *    *    *

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

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

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

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


COACH HOUSE: Appoints Pratt and Cuming as Liquidators
-----------------------------------------------------
On September 4, 2007, the members of Coach House Motor Inns Pty
Limited agreed to voluntarily liquidate the company's business.

David Clement Pratt and Timothy James Cuming were appointed as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex St
         Sydney, New South Wales 1171
         Australia

                        About Coach House

Coach House Motor Inns Pty Limited operates nonclassifiable
establishments.  The company is located at Sydney, in New South
Wales, Australia.


COMMSCOPE INC: Moody's Downgrades Corp. Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service concluded its review of CommScope,
Inc. and downgraded the company's corporate family rating to Ba3
from Ba2 pending the company's debt financed acquisition of
Andrew Corp.  Additionally, Moody's downgraded the company's
US$250 million convertible subordinated debentures to B2 from
Ba3.  The acquisition will be financed by US$2.55 billion of
senior secured credit facilities to which Moody's has assigned
Ba3 ratings.  The outlook is stable.  Moody's placed CommScope
under review for downgrade on June 27, 2007 after the company's
announcement of their intent to acquire Andrew Corporation for
US$2.6 billion.  The acquisition has been approved by both
company's boards but is still conditioned on Andrew shareholder
and regulatory approvals.

These ratings were downgraded:

-- Corporate Family Rating -- to Ba3 from Ba2

-- Probability of Default Rating -- to Ba3 from Ba2

-- US$250 million Convertible Senior Subordinated Debentures
   due 2024 -- to B2, LGD6 (95%) from Ba3, LGD5 (73%)

These new ratings were assigned:

-- US$250 million Senior Secured Revolving Credit Facility due
   2013 -- Ba3, LGD3 (45%)

-- US$2.3 billion Senior Secured Term Loan due 2014 - Ba3,
   LGD3 (45%)

The company's Ba3 rating reflects the relatively high pro forma
leverage upon closing the acquisition; the risks associated with
integrating two companies roughly equal in size and the
cyclicality of the cable, telecommunications, and enterprise
connectivity markets.  The leverage and integration challenges
are reflective of a B1 rating however they are offset by the
strength of CommScope's and Andrew Corp.'s respective market
leading positions, the diversity of the combined product
portfolio, management's track record of successful large
integrations and the potential synergies associated with the
Andrew acquisition.  The ratings are however considered on the
weaker end of the Ba3 ratings category.

The closing pro forma debt to EBITDA as adjusted by Moody's is
expected to be just under 5.0, a level more common in B1 rated
component manufacturers.  The company is expected to de-lever
fairly quickly however through a combination of asset sales of
non-strategic assets and estimates of up to US$100 million in
annual cost savings from consolidating manufacturing and
distribution facilities and reducing duplicate operations.
Moody's also notes that Commscope's US$250 million in
convertible debt is heavily "in the money" and will likely
convert to equity in the next 18 months.  Moody's notes
management's past success in integrating the 2004 acquisition of
Avaya's Connectivity Solutions business and track record of
reducing leverage.  Moody's believes the company is capable of
reducing leverage to below 4.0 by the end of fiscal 2008.

The stable outlook reflects Moody's expectation that the company
will successfully integrate the Andrew Corp. acquisition and
quickly focus on improving cash flow and reducing debt.

The ratings could be positively impacted by success in
integrating Andrew and achieving synergy targets, continued
growth in revenue, EBITDA and free cash flow and reducing
leverage to below 3.5.

CommScope's ratings may be negatively impacted by unexpected
challenges associated with the Andrew acquisition, greater than
expected increases in material costs, a severe downturn in
customer spending across segments, or an additional large debt
financed acquisition, share repurchase or dividend.

                       About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.


CORNISH PACIFIC: Members Agree on Voluntary Liquidation
-------------------------------------------------------
On September 14, 2007, the members of Cornish Pacific Pty Ltd
had a meeting and agreed to voluntarily liquidate the company's
business.

Nicholas Crouch of Crouch Insolvency was appointed as
liquidator.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                     About Cornish Pacific

Cornish Pacific Pty Ltd, which is also trading as Cornish
Industries, is involved with concrete work business.  The
company is located at Berrimah, NT, Australia.


DIMOLA PTY: Members Decide to Liquidate Business
------------------------------------------------
On September 4, 2007, the members of Dimola Pty Ltd had a
meeting and agreed to voluntarily wind up the company's
operations.

David Clement Pratt and Timothy James Cuming were named as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex St
         Sydney, New South Wales 1171
         Australia

                        About Dimola Pty

Located at Sydney, in New South Wales, Australia, Dimola Pty Ltd
is an investor relation company.


DREAMSHEETS INT'L: Members to Receive Wind-Up Report on Nov. 6
--------------------------------------------------------------
A final meeting will be held for the members of Dreamsheets
International Pty Limited on November 6, 2007, at 10:00 a.m.

At the meeting, Christopher R Campbell and David J F Lombe, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.

The Liquidators can be reached at:

         Christopher R Campbell
         David J F Lombe
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                About Dreamsheets International

Dreamsheets International Pty Limited operates broadwoven fabric
mills.  The company is located at Surry Hills, in New South
Wales, Australia.


EVANS & TATE: Foster's Group Takes Over E&T Vineyard Lease
----------------------------------------------------------
Foster's Group Limited has entered into a new lease over two
Australian vineyards from the Challenger Wine Trust, Just-Drinks
reports.

According to FoodWeek Online, Foster's Group has inked a lease
agreement for two vineyards previously leased by Evans & Tate
subsidiary Cranswick Estates.

The lease for the Cocoparra and Woods Vineyards, located in
Griffith, NSW, mirrors the previous Evans and Tate lease,
including the initial term expiring in 2013 and two five-year
options to renew, FoodWeek relates.

Following the execution of this lease, Foster's occupies nearly
4% of Challenger Wine Trust's portfolio.

"Not only have we negotiated a new lease to a high quality
tenant in FGL, we have been able to secure a rental income in
FY08 that ensures no lost income for CWT on these properties"
FoodWeek quotes CWT fund manager Nick Gill as saying.

The Gnangarra vineyard located in Manjimup, Western Australia,
now remains the only vineyard leased to Evans and Tate in the
CWT portfolio, the report adds.

                      About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter-Asia Pacific reported on Aug. 27,
2007, that Evans & Tate's board of directors placed it under
voluntary administration.

On Aug. 21, 2007, Australia and New Zealand Bank, Evans &
Tate's largest creditor, appointed Voluntary Administrators
(Martin Jones and Bruce Carter of Ferrier Hodgson) and Receivers
& Managers (Peter Anderson, Shaun Fraser and Andrew Birch of
McGrathNicol) to Evans & Tate Ltd and its subsidiaries.


HIH INSURANCE: Former Director Released on Parole
-------------------------------------------------
HIH Insurance Ltd. former director was released on parole from a
New South Wales jail on October 13, 2007, Philip Cornford of The
Sydney Morning Herald reports.

Mr. Cornford writes that Rodney Adler, who has already served
two years and six months of his four-and-a-half year sentence,
was released from the minimum security St. Heliers Correctional
Centre.

The former HIH director, SMH recounts, pleaded guilty to four
criminal charges, including obtaining AU$2 million by false or
misleading statements, manipulating the stockmarket and failing
to discharge his duties as a director.

According to SMH, Mr. Adler, who was also banned from being a
company director for 20 years, did not say what he will be
doing, has already made one decision clear: he will not accept
money for an interview.

Sefiani Communications Group, hired by the Adler family to deal
with the media, expressed that there have been many requests for
interviews but "none has involved discussion of any payment and
none will."  A statement said that while Mr. Adler, 47, had
received a "number of approaches" about a book on jail and his
role in the AU$5.3 billion collapse of HIH insurance, "no
decision has been made in this regard," conveys Mr. Cornford.

                     About HIH Insurance

HIH Insurance Limited -- http://www.hih.com.au/-- the holding
company of the HIH Group, was a publicly listed company in
Australia.  Prior to its collapse, the HIH Group was known as
the second largest general insurer in Australia, and had
operations in many other countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


PALMER ALUMINIUM: Members to Receive Wind-Up Report on Oct. 26
--------------------------------------------------------------
The members of Palmer Aluminium Pty Limited will meet on
Oct. 26, 2007, at 11:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         R. G. Tolcher
         Lawler Partners Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia

                     About Palmer Aluminium

Palmer Aluminium Pty Limited is a distributor of aluminum sheet,
plate, and foil.  The company is located at Erina, in New South
Wales, Australia.


SYMBION HEALTH: Primary Might Sue Over Rejection, Source Says
-------------------------------------------------------------
Symbion Health Ltd.'s largest shareholder, Primary Health Care,
might initiate legal proceedings against the Melbourne-based
firm for rejecting its proposal to carve up Symbion's assets in
favor of Healthscope Ltd.'s revised AU$3.7 billion offer, Teresa
Ooi writes for The Australian.

A source of The Australian said that Primary managing director
Edmund Bateman "will go down the path of taking legal action
against Symbion's board, if he needs to."  The source added that
Mr. Bateman "believes that Symbion's board had failed in its
duty to act in the interests of shareholders when it rejected
Primary's proposal and unanimously supported Healthscope's
revised deal."

However, Ms. Ooi notes that Symbion is braced for any legal
proceedings that Primary will commence.  Ms. Ooi quotes her
source as saying, "I would not put it past Bateman to file legal
proceedings against Symbion.  But we are 100 per cent confident
we have acted in the best interests of shareholders."

According to an October 9, 2007 report by the Troubled Company
Reporter-Asia Pacific, Symbion and Healthscope have struck a new
deal wherein the deal would break up Symbion, with some of its
assets going to Healthscope and the remainder acquired by
private-equity firms Ironbridge Capital and Archer Capital.

According to TCR-AP, under the revised proposal, Healthscope
will acquire Symbion's pathology, diagnostic imaging and medical
center businesses.  Symbion shareholders will get
AU$2.516 billion to AU$2.646 million for the diagnostics
businesses via the issue of Healthscope shares and the
assumption of debt by Healthscope.

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

A subsequent report by the TCR-AP on October 11, 2007, stated
that Symbion rejected Primary's proposal to acquire its medical
centers business and selected parts of its pathology and
radiology businesses saying that the proposition is not in the
best interest of the shareholders.

                     About Symbion Health

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

                          *     *     *

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


T & R MANAGEMENT: Creditors Resolve Liquidate Business
------------------------------------------------------
During a general meeting held on September 4, 2007, the
creditors of T & R Management Services Pty Limited resolved to
voluntarily liquidate the company's business.

David G. Young was appointed as liquidator.

The Liquidator can be reached at:

         David G. Young
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                     About T & R Management

T & R Management Services Pty Limited is a special trade
contractor.  The company is located at Hillsdale, in New South
Wales, Australia.


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

CASTLEMONT PACIFIC: Members to Hear Wind-Up Report on Nov. 9
------------------------------------------------------------
A final general meeting will be held for the members of
Castlemont Pacific Company Limited on November 9, 2007, at 9:00
a.m., at the 31st Floor of The Center, 99 Queen's Road C, in
Hong Kong.

At the meeting, Fung Tin Yau Felix and Kan Tim Hei, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


CITIC BANK: To Join Bid for Bear Stearns' Stake
-----------------------------------------------
China Citic Bank Corp. is bidding to buy a stake in U.S.
investment bank Bear Stearns Cos., Jiang Dingzhi, vice chairman
of the China Banking Regulatory Commission confirmed with the
media.

Mr. Jiang was speaking at a financial forum during the once-
every-five-years Congress of the ruling Communist Party, the
Wall Street Journal relates.

According to Mr. Jiang, CITIC Bank's interest in buying into
Bear Stearns is yet another of the recent acquisitions and
investments by Chinese banks in overseas financial institutions.

"The foreign M&A of our banks is entering a new era and the pace
of internationalization is accelerating," Mr. Jiang was quoted
by Reuters as saying.

He gave no other details on a potential investment in Bear
Stearns by CITIC Bank.

Bear Stearns is among the institutions hardest-hit by the U.S.
subprime mortgage crisis.  Earlier this month, Chief Executive
James Cayne said Bear Stearns would consider selling a stake to
an investor from China or the Middle East if the deal created
value, the Journal relates.

A spokeswoman in Tokyo for Bear Stearns was not immediately
available for comment.  A spokeswoman for CITIC bank did not
have immediate comment, reports say.


CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group (S&P: BB+ long-
term and B short-term foreign currency counterparty credit
rating).  With 41 branches, CITIC Bank had total assets of
CNY689.5 billion at the end of September 2006.

The bank carries Fitch Ratings' Individual strength of D and
support rating of 2 following its IPO which, improved the bank's
capitalization, strengthened ability of the government to
support and CNCB's historically close relationship with the
central government.

The Troubled Company Reporter-Asia Pacific reported on May 10,
2007, that Moody's Investors Service handed a Bank's Bank
Financial Strength Rating of D- to CITIC Bank.


CHINA EASTERN: Air China's Parent Still Keen on Stake Purchase
--------------------------------------------------------------
China National Aviation Corp., the parent of Hong Kong-listed
Air China, is not ruling out the possibility of trying to defeat
Singapore Airlines' proposed major stake acquisition of China
Eastern Airlines at the Shanghai-based carrier's upcoming
shareholders' meeting, The Standard reports.

But whether CNAC -- which holds an 11.02% stake in China
Eastern's H shares -- would make another attempt to buy out the
airline all depends on share performance and benefits of such a
move, The Standard cites CNAC Chairman Li Jiaxiang as saying.

The Troubled Company Reporter-Asia Pacific reported on Sept. 25,
2007, that Cathay Pacific Airways, together with China National
Aviation Holding Company, has dropped its plan to acquire a
stake in China Eastern after the two firms tried to enlist CNAC
to buy a slice of rival China Eastern.

The deal would have scuttled the US$918-million offer by
Singapore Airlines and its parent, Temasek Holdings, for a 24%
interest, The Standard notes.

Mr. Li denied that CNAC's unsuccessful bid was due to objections
and interference from the State-owned Assets Supervision and
Administration Commission.  At the time, Air China said it would
not make another pitch for at least three months.

According to the report, CNAC has been accumulating China
Eastern shares to become a major shareholder.  Mr. Li said CNAC
used internal resources to buy China Eastern stock in Hong Kong
when the cost per share was HK$2.

Since then, the shares have soared 311.5%, closing at the last
trading price of HK$8.23, which shows the major reason for
buying the shares was to maximize profit, Mr. Li said.

He said whether CNAC would line up other major fund managers to
vote down the proposal by Singapore Airlines and Temasek will
also be based on same theory -- it all depends on the share
price, The Standard relates.


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

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

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


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 US$500 million in convertible
preferred shares (Series B) on a pro rata basis.

Centerbridge had agreed to purchase up to US$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 US$500 million of Series B shares of
     reorganized Dana, an increase from the US$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 US$40 million to certain general unsecured creditors
     who are not eligible to purchase Series B shares because
     their individual claims are less than US$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.  Dana is focused on being
an essential partner to automotive, commercial, and off-highway
vehicle customers, which collectively produce more than 60
million vehicles annually.

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

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

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

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

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


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

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

The improvements and modifications are:

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

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

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

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

(e) Most of Appaloosa's approval rights will be subject to
     being over-ridden by a 2/3 vote of common shareholders
     with the exception of certain specified protective
     approval rights, which are not subject to over-ride.  The
     approval rights not subject to over-ride relate to:

        -- issuance of securities that are senior to or on
           parity with the Series A Preferred;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                      About Dana Corp.

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

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

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

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

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

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


DANA CORPORATION: Posts US$103,000,000 Net Loss in August 2007
------------------------------------------------------------

                      Dana Corporation
              Unaudited Condensed Balance Sheet
                    As of August 31, 2007

ASEETS

CURRENT ASSETS

Cash and cash equivalents                  US$1,071,000,000
Accounts receivable
    Trade                                      1,311,000,000
    Other                                        309,000,000
Inventories                                     822,000,000
Assets of discontinued operations                85,000,000
Other current assets                            141,000,000
                                             ---------------
Total current assets                           3,739,000,000

Investments and other assets                               0
Investments in equity affiliates                 435,000,000
Property, plant and equipment, net             1,713,000,000
Other noncurrent assets                          991,000,000
                                             ---------------
TOTAL ASSETS                                US$6,878,000,000
                                             ===============

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Debtor-in-possession financing               US$900,000,000
Notes payable                                    66,000,000
Accounts payable                              1,080,000,000
Liabilities of discontinued operations           39,000,000
Other accrued liabilities                       822,000,000
                                             ---------------
Total current liabilities                      2,907,000,000

Liabilities subject to compromise              4,067,000,000
Deferred employee benefits
& other noncurrent benefits                     472,000,000
Long-term debt                                    13,000,000
Minority interest in consolidated subsidiaries    92,000,000
                                             ---------------
Total liabilities                              7,551,000,000
Shareholders' deficit                           (673,000,000)
                                             ---------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT US$6,878,000,000
                                             ===============

                      Dana Corporation
         Unaudited Condensed Statement of Operations
             For the month ended August 31, 2007

Net sales                                     US$739,000,000
Costs and expenses
Cost of sales                                   698,000,000
Selling, general & admin expenses                28,000,000
Realignment charges                               6,000,000
Other income, net                                10,000,000
                                             ---------------
Income (loss) from operations                     25,000,000
Interest expense                                   8,000,000
Reorganization items, net                         10,000,000
                                             ---------------
Income (loss) before income taxes               (104,000,000)
Income tax expense                                 6,000,000
Minority interest expense                          1,000,000
Equity in earnings of affiliates                   1,000,000
                                             ---------------
Income (loss) from continuing operation         (110,000,000)
Loss from discontinued operations                  7,000,000
                                             ---------------
Net income (loss)                            (US$103,000,000)
                                             ===============

                      Dana Corporation
        Unaudited Condensed Statement of Cash Flows
             For the month ended August 31, 2007

OPERATING ACTIVITIES
Net income                                   (US$103,000,000)
Depreciation and amortization                     23,000,000
Loss on sale of businesses                         7,000,000
Non-cash portion of U.K. pension charge                    0
Increase in working capital                      (75,000,000)
Unremitted equity in earnings of affiliates       (1,000,000)
Contract rejections and claim settlements        106,000,000
Other                                              9,000,000
                                             ---------------
Net cash flows used for operating activities     (33,000,000)

INVESTING ACTIVITIES
Purchases of property, plant and equipment       (26,000,000)
Proceeds from sale of assets                      18,000,000
Other                                              9,000,000
                                             ---------------
Net cash flows provided by (used for) investing    1,000,000

FINANCING ACTIVITIES
Net change in short-term debt                     25,000,000
Proceeds from DIP Credit Agreement                         0
                                             ---------------
Net cash flows provided by (used for) financing   25,000,000

Net increase (decrease) in cash
and cash equivalents                             (7,000,000)
                                             ---------------
Cash & cash equivalents, beginning of period   1,078,000,000

Cash & cash equivalents, end of period      US$1,071,000,000
                                             ===============

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.  (Dana Corporation Bankruptcy News, Issue No. 56;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000 ).


HIP HING: Appoints Ivy and Hung as Liquidators
----------------------------------------------
Chua Suk Lin Ivy and Lau Kwok Hung were appointed liquidators of
Hip Hing Timber Company Limited on September 6, 2007.

The Liquidators can be reached at:

         Chua Suk Lin Ivy
         Lau Kwok Hung
         PCP CPA Limited
         Island Place Tower, Suite 2205-6
         510 King's Road, North Point
         Hong Kong


JDC CORPORATION: Fixes Nov. 2 as Last Day to File Claims
--------------------------------------------------------
The creditors of JDC Corporation, which is in compulsory
liquidation, are required to file their proofs of debt by
November 2, 2007, to be included in the company's dividend
distribution.


KINSTON ENTERTAINMENT: Court to Hear Wind-Up Petition Today
-----------------------------------------------------------
The High Court of Hong Kong will hear today, October 17, 2007,
at 9:30 a.m., a petition to have Kinston Entertainment (HK)
Limited's operations wound up.

The petition was filed by Sanford Yung-Tao Yung on August 7,
2007.

Sanford Yung-Tao Yung's solicitors are:

          Baker & McKenzie
          Hutchison House, 14th Floor
          Hong Kong
          Telephone: 2846 1888
          Facsimile: 2845 0476


NEWPORT HEALTH: Liquidator to Give Wind-Up Report on Nov. 8
-----------------------------------------------------------
Newport Health Products Company Limited will hold a final
meeting for its members on November 8, 2007, at 11:00 a.m., at
Room 01-01, 16th Floor of Gee Tuck Building, 16-20 Bonham Strand
East, in Sheung Wan, Hong Kong.

At the meeting, Chin Kwan Lam Raymond, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


NEWPORT PHARMACEUTICALS: Members' General Meeting Set on Nov. 8
---------------------------------------------------------------
The members of Newport Pharmaceuticals Company Limited will hold
their general meeting on November 8, 2007, at 11:00 a.m., at
Room 01-01, 16th Floor of Gee Tuck Building, 16-20 Bonham Strand
East, in Sheung Wan, Hong Kong.

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


ON HONG: Members to Hold General Meeting on November 8
------------------------------------------------------
On Hong Investment Limited will hold a final general meeting on
November 8, 2007, at 11:00 a.m., at 4303, 43rd Floor of China
Resources Building, 26 Harbour Road, in Wanchai, Hong Kong.

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


ROYAL CARIBBEAN: Lehman Upgrades Firm's Shares to Overweight
------------------------------------------------------------
Lehman Brothers analysts have upgraded Royal Caribbean's shares
to "overweight" from "equal weight," Newratings.com reports.

According to Newratings.com, the target price for Royal
Caribbean's shares was increased to US$47 from US$44.

The analysts said in a research note that Royal Caribbean's net
yields would continue to improve at least through the first half
of 2008.

The analysts told Newratings.com that the Caribbean trends are
stabilizing.  The Royal Caribbean would face "easy comps" next
year.

The Royal Caribbean's booking curve "seems to have substantially
widened" and its performance would be driven by continued
strength in European cruises, Newratings.com states, citing
Lehman Brothers.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur.  The company has a combined total of 34
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Australia, Hong Kong,
Canada, Europe and Latin America.  One of the company's tour
starting points is in Panama.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service assigned Royal Caribbean Ltd.'s new
benchmark size Euro senior unsecured notes Ba1, raised RCL's
Speculative Grade Liquidity rating to SGL-2 from SGL-3 and
affirmed all other existing ratings.


SEFAIR BROKERS: Creditors' Proofs of Debt Due on Oct. 24
--------------------------------------------------------
On September 25, 2007, the members of Sefair Brokers Limited
passed a resolution to liquidate the company's business.

Creditors are required to file their proofs of debt by Oct. 24,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

        Ho Hoi Lam
        Man Fung Ying
        Gold & Silver Commercial Building, 8th Floor
        12-18 Mercer Street, Central
        Hong Kong


SUN CHONG: Sets Final General Meeting for November 13
-----------------------------------------------------
Sun Chung Estate (Shanghai) Company, Limited will hold its final
general meeting on November 13, 2007, at 10:30 a.m., at the 5th
Floor of Jardine House, 1 Connaught Place, in Central,
Hong Kong.

At the meeting, Leung Fung Yee Alice, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


UNICORN MARK: Members Pass Resolution to Liquidate Business
-----------------------------------------------------------
At an extraordinary general meeting held on October 3, 2007, the
members of Unicorn Mark Hong Kong Limited passed a resolution to
liquidate the company's business.

Chan Sin Yiu was appointed as liquidator.

The Liquidator can be reached at:

          Chan Sin Yiu
          Takshing House, Room 1506
          20 Des Voeux Road C., Central
          Hong Kong


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

AES CORP: May Use Bond Proceeds To Buy 49.99% Brasiliana Stake
--------------------------------------------------------------
The AES Corp. said in a statement that it could use up to
US$600 million from the placement of senior unsecured notes to
fund the acquisition of a 49.99% stake in Brazilian power
holding firm Brasiliana.

As reported in the Troubled Company Reporter-Latin America on
Sept. 12, 2007, Banco Nacional de Desenvolvimento Economico e
Social SA, along with The AES Corp., will hire an independent
auditor to appraise Brazilian power holding firm Brasiliana's
value.  Banco Nacional wants to sell its 49.99% stake in
Brasiliana, where AES holds 50.01%.

BNamericas relates that AES has the first right to purchase the
stake.

According to BNamericas, AES priced the private placement of
senior unsecured notes consisting of US$500-million principal
amount of 7.75% senior notes due 2015 and US$1.5-billion
principal amount of 8% senior notes due 2017.

AES commented to BNamericas, "The company intends to use the net
proceeds from the sale of the senior notes primarily to
refinance a portion of its recourse debt."

BNamericas notes that the placement could help finance AES'
investments in these countries:

         -- Philippines,
         -- South Africa, and
         -- Northern Ireland.

According to BNamericas, these Brazilian power firms are
considering purchasing the stake:

         -- EDB,
         -- Cemig, and
         -- CPFL Energia.

                       About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                            About AES

AES Corp. -- 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.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, 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.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


BHARTI AIRTEL: Board to Consider Audited Q2 Results on Oct. 31
--------------------------------------------------------------
Bharti Airtel Ltd's board of directors will hold a meeting on
Oct. 31, 2007, inter alia, to consider and take on record the
company's audited financial results for the second quarter and
half year ended Sept. 30, 2007.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the company booked a INR1,512-crore consolidated net
profit for the quarter ended June 30, 2007, a growth of 100%
over last year.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on Sept. 21, 2005.


CABLE & WIRELESS: Closes US$40-Mil. Network Deal with Nokia
-----------------------------------------------------------
Cable & Wireless has closed a US$40-million agreement with
infrastructure provider Nokia Siemens Networks to deliver
wireless network services to the Caribbean, The Jamaica Gleaner
reports.

Business News Americas relates that Cable & Wireless
collaborated with Nokia Siemens for the design of core network
software that will provide full wireless services that would be
"resilient" during natural disasters across all 14 Caribbean
markets the company serves.

Nokia Siemens spokesperson Chantal Boekman told The Gleaner that
voice services over a 2G network and data is accommodated by 3G
technology.

According to BNamericas, the accord covers the provision of
these four core network solutions by Nokia Siemens, a joint
venture between Finnish mobile phone manufacturer Nokia and
German equipment supplier Siemens:

         -- network media gateways,
         -- mobile softswitches,
         -- intelligent packet core, and
         -- operation support systems.

The systems will provide a single platform to support 2G and 3G
wireless networks.  The core network by Nokia Siemens would
comply with the US and European telecommunications standards,
BNamericas states.

                        About Nokia Siemens

Nokia Siemens Networks wants to prove that titans don't have to
clash.  The 50-50 joint venture combines the telecom carrier
operations of diversified manufacturer Siemens with the network
business of communications giant Nokia.  With a product
portfolio spanning both wireless and wireline network equipment,
the company encompasses six business units: broadband access,
Internet protocol transport, operation support systems, radio
access, service core and applications, and services. Nokia and
Siemens announced the formation of the joint venture in 2006,
and Nokia Siemens Networks commenced operations in 2007.  A
month later it announced it would slash 15% of its workforce
-- or 9,000 jobs -- by 2010 to boost competitiveness.

                      About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                          *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                         Projected
                       Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


DRESSER-RAND INC: Signs MOU with Supersonic Ejector Technology
--------------------------------------------------------------
Dresser-Rand Group Inc. has signed a memorandum of understanding
with TransCanada Corporation to obtain technology for producing
tandem supersonic ejectors.

Incorporating technology developed in conjunction with NOVA
Research and Technology Corporation, the ejectors are used to
reclaim gases ordinarily vented into the atmosphere.  At
TransCanada, reclaimed gases are injected into gas turbine fuel
systems to reduce operating costs and hydrocarbon emissions.

When an agreement is finalized, Dresser-Rand will have the right
to manufacture, use, and market ejectors that incorporate this
technology (including improvements made by TransCanada).
Dresser-Rand intends to offer the ejectors as a new equipment
option and as a product upgrade for all centrifugal compressors
that compress hydrocarbon gases.

"By improving the efficiency of the dry gas seals used on
centrifugal compressors, and by recovering and recycling gases
normally vented into the atmosphere, this new technology will
benefit the environment," said H. Allan Kidd, director of
Emerging Technologies at Dresser-Rand.  "In addition, the new
technology will make processes that require the transmission of
gases more cost effective."

                      About TransCanada Corp.

With headquarters in Calgary, Alberta, TransCanada Corporation,
founded in 1951, is a leader in the responsible development and
reliable operation of North American energy infrastructure.  The
company has more than 3,500 employees throughout North America.

                    About Dresser-Rand Group

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


EMCO LTD: Board to Consider Issuing Warrants to Promoters
---------------------------------------------------------
Emco Ltd informed the Bombay Stock Exchange that its board of
directors will hold a meeting on Friday to among others,
consider the issue of warrants to the company's promoters.  The
warrants will carry options to subscribe to the company's equity
shares.

During the meeting, the board will also take into account the
company's unaudited financial results for the quarter and half-
year ended Sept. 30, 2007.

Furthermore, the board will be considering allotment of equity
shares to Emco's employees who have exercised their options
under the Employee Stock Option Scheme 2006.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com-- offers transmission and distribution
solutions within the power sector in India. Through its
Transformer Division, Emco offers power transformers,
specialized rectifier transformers, furnace transformers, and
locomotive and traction transformers. Through its Meters
Division, the company offers metering solutions like tamper-
proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions. Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects. It
also undertakes entire industrial electrification work from
designing to execution. Emco offers information technology
solutions for power distribution management. Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

As of May 23, 2007, Emco's senior unsecured debt carries Credit
Analysis and Research Limited's BB rating.  The rating agency
downgraded the rating from A to BB on April 1, 2004, citing the
high level of debtors and increased collection period, which
resulted in cash flow problems and delays in payment of interest
on negotiable certificate of deposits, and increase in overall
gearing of the company.


ESSAR OIL: Shareholders Approve Raising US$750 Million Abroad
-------------------------------------------------------------
Essar Oil Ltd's shareholders have approved the proposal of the
company's board of directors to offer in the international
market foreign-currency denominated financial instruments not
exceeding US$750,000,000.  The instruments, that could either be
in the form of Foreign Currency Convertible Bonds, Global
Depositary Receipts, American Depositary Receipts, or other
convertible financial instruments; will be issued to the
company's promoters on preferential basis.

As reported by Troubled Company Reporter-Asia Pacific on
Sept. 4, 2007, Essar Oil plans to raise as much as US$750
million overseas to expand its Vadinar refinery into the second-
biggest crude oil-processing plant in India.

The shareholders gave their nod at the company's 17th annual
general meeting last month.  During the meeting, the members
also authorized the board to:

   a. create mortgages or other encumbrances on the company's
      properties to secure debts of an equivalent aggregate
      amount not exceeding INR25,000 crore; and

   b. borrow money not exceeding INR25,000 crore over and above
      the aggregate of the paid up share capital of the company
      and it's free reserve.

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,
production and marketing of oil and gas. The company's principal
activities are to develop, explore, produce, and refine oil and
gas. Vadinar Power Company Limited is a wholly owned subsidiary
of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65 billion and INR2 billion Non-
Convertible Debenture programmes of Essar Oil Limited. The
rating indicates that the instruments are in default


GENERAL MOTORS: Provides Overview of National Agreement w/ UAW
--------------------------------------------------------------
General Motors Corp. officials presented an overview of the 2007
GM-UAW Labor Agreement, addresses UAW-related retiree health
care obligations totaling US$46.7 billion.

As reported in the Troubled Company Reporter on Oct. 11, 2007,
GM confirmed that its UAW-represented employees have ratified
the GM-UAW 2007 national labor agreement, which GM and the UAW
reached on Sept. 26, 2007, after more than two months of
bargaining.  The new four-year agreement covers approximately
74,000 hourly employees located in more than 80 U.S. facilities.

                2007 Retiree Health Care Overview

GM and the United Auto Workers union agree that responsibility
for retiree health care will permanently shift from GM to a new
retiree plan funded by a new Independent Voluntary Employee
Beneficiary Association or VEBA.

The retiree health care incorporates 2005 Health Care Agreement
and its implementation will be later of Jan. 1, 2010, or date on
which any appeals or challenges to court approval are exhausted.

The agreement ensures UAW may not negotiate to increase GM
funding or otherwise seek to obligate GM to:

   * provide any additional contributions to the Independent
     VEBA;

   * make any other payments for the purpose of providing
     retiree medical benefits;

   * provide retiree medical benefits through any other means.

New retiree health care agreement and VEBA will cover:

   * All retirees as of Sept. 14, 2007;

   * Active UAW-represented employees with seniority as of
     Sept. 14, 2007;

   * UAW Delphi retirees and actives covered under GM-UAW-
     Delphi restructuring plan (approximately 12,000 people);

   * UAW retirees and actives of closed or divested GM-UAW
     business units (to the extent GM has responsibility for
     their health care);

   * New hires not included in Independent VEBA and not offered
     defined benefit postretirement health care;

   * GM and UAW agreed on funding Independent VEBA based on
     various key assumptions;

     -- Asset returns of 9% annually, with risk borne by VEBA

     -- Ultimate health care trend rate of 5% annually, with
        risk borne by VEBA

     -- Incorporation of 2005 Health Care Agreement wage/COLA
        diversions

     -- Standard actuarial assumptions

GM's financial summary of the new agreement includes:

   * belief that the new labor agreement significantly reduces
     GM's manufacturing cost gap to competitors;

   * current VEBA and well-funded pension plan provide
     flexibility to fulfill obligations within contract;

   * independent VEBA transfers responsibility and risk
     associated with future UAW retiree health care costs away
     from GM starting in 2010;

   * new contract and labor demographics provide opportunity
     for significant, operating-related, positive cash flow and
     earnings;

     -- will work with UAW leadership to determine appropriate
        ways to implement sourcing agreements and transition
        non-core portion of workforce.

A full-text copy of the 2007 GM-UAW Labor Agreement is available
for free at http://ResearchArchives.com/t/s?2446

                       About General Motors

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

                         *     *     *

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

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

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


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

BERLIAN LAJU: S&P Lowers Company Rating From 'BB-' to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on PT
Berlian Laju Tanker Tbk to 'B+' from 'BB-' and placed them on
CreditWatch with negative implications.  At the same time,
Standard & Poor's lowered the issue ratings on US$400 million
senior unsecured notes due 2014 and on a US$125 million five-
year convertible bond due 2012, issued earlier this year by BLT
Finance B.V., a wholly owned subsidiary of BLT, were also
lowered to 'B+' from 'BB-' and placed on CreditWatch with
negative implications. BLT guarantees both issues; BLT's covered
subsidiaries also guarantee the senior notes.

"The CreditWatch placement follows BLT's announcement that it
has entered into a purchase agreement to acquire Chembulk
Tankers LLC, a chemical tanker company," said Standard & Poor's
credit analyst Manuel Guerena.  "The total consideration for
Chembulk will be US$850 million, planned to be funded
primarily by new debt and thus significantly increasing BLT's
US$856 million debt as of September 2007.  The expected pro
forma credit measures, evidenced by a debt-to-EBITDA ratio well
above 5x, are not in line with a 'BB-' rated entity.  The
acquisition of Chembulk Tankers will provide BLT with new
trading routes and customers, increasing the company's presence
in Europe and providing access to the Americas, though not
really taking BLT's regional concentration away from Asia.  The
'B+' rating takes into consideration improvements in BLT's
business profile that arise from the entry in new market
segments and an improved fleet profile."

Currently with 65 tankers and 1.87 million DWT, BLT's key
business segments are chemical tankers, oil, and gas tanker
markets.  The company was established in 1981, with operations
primarily in South Asia, Northeast Asia, and in the Middle East.

"The CreditWatch placement will be resolved after a detailed
review of the terms of the different funding phases and their
execution, including the company's intention to partially reduce
debt through a potential equity injection," Mr. Guerena added.

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.


PARKER DRILLING: Schedules Earnings Call on November 7
------------------------------------------------------
Parker Drilling Company will host a conference call on Nov. 7 at
10:00 a.m. CT to discuss its third quarter 2007 financial
results.  The company will release its earnings report that
morning prior to the call.

The call will be available via dial in or webcast from the
company's site. A replay can be accessed from November 7 through
November 14 by dial-in.  It will also be archived on the
company's site for twelve months.
Parker Drilling employs around 3,000 people worldwide and has 46
marketed rigs.

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

The Troubled Company Reporter-Asia Pacific reported on Oct 08,
2007, that Standard & Poor's Ratings Services has raised its
corporate credit rating on oil and gas contract driller Parker
Drilling Co. to 'B+' from 'B'.  At the same time, S&P has raised
the issue ratings on Parker's senior and convertible notes to
'B+' from 'B-'.  These consist of its US$125 million 2.125%
convertible notes due 2012, and US$225 million 9.625% senior
notes due 2013.

On Oct. 12, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Parker Drilling
Company, as well as it B2 rating on the company's 9.625% Senior
Unsecured Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.


PERUSAHAAN LISTRIK: To Save IDR1.7 Trillion on Fuel Spending
------------------------------------------------------------
Perusahaan Listrik Negara plans to save IDR1.7 trillion on fuel
spending next year, The Jakarta Post says, citing PLN President
Director Eddie Widiono.

According to the report, aside from the company's conversion
programs, Perusahaan Listrik also decided to lessen the use of
high-speed diesel, MFO, and switch instead to the cheaper 21
U.S. cents medium fuel oil HSD, to fire its power plants.

Ali Herman Ibrahim, PLN power generation director, confirmed to
the news agency of that plan, and that by next year the ratio
for the consumption of MFO and HSD would be 60% to 40% from a
ratio of 50:50 this year.  This strategy was needed to cover
company's latest decision to increase its fuel consumption to 10
million kiloliters in 2008, from the previous target of only 7
million kiloliters, the report says.

The Post recounts that PLN had planned to cut 2008's oil-based
fuels consumption of oil-based fuels for its power plants to
seven million kiloliters, but last month the government wanted
PLN to meet its electricity coverage growth rate target at 6.5%
next year, leaving PLN with little choice but to again rely on
diesel fuel, as many of its coal-fired and gas-fired power
plants will not be ready to operate by next year.

For next year's supply of 10 million kiloliters of fuel, Ali
said PLN would invite bids for the procurement of 1 million
kiloliters, while the remaining 9 million kiloliters would still
be delivered by state-owned oil firm PT Pertamina, the report
adds.

                    About Perusahaan Listrik

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

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

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

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


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

COREL CORP: Incurs US$6.8 Million Net Loss in Qtr. Ended Aug. 31
----------------------------------------------------------------
Corel Corporation has posted a US$6.8 million net loss for the
three months ended Aug. 31, 2007, compared to net income of
US$5.5 millionfore the same period in 2006.  GAAP net loss for
the third quarter of 2007 includes a non-cash, one-time US$5.0
million tax expense relating to the establishment of a valuation
allowance against deferred tax assets acquired through the
acquisition of InterVideo Inc.

Revenues in the third quarter of fiscal 2007 were US$60.4
million, an increase of 46 percent over revenues of US$41.3
million in the third quarter fiscal 2006.

Non-GAAP adjusted net income for the third quarter fiscal 2007
was US$8.1 million, compared to non-GAAP adjusted net income for
the third quarter of fiscal 2006 of US$9.2 millio.  Non-GAAP
adjusted EBITDA in the third quarter of 2007 was US$13.5
million, compared to US$12.4 million in the third quarter of
fiscal 2006.

"Corel delivered another solid financial quarter, driven by our
ability to successfully identify, acquire and integrate
complementary companies and products," said David Dobson, CEO of
Corel Corporation.  "We were especially pleased with the
performance of our Graphics and Productivity products where we
experienced double digit year over year growth for CorelDraw
Graphics Suite, WinZip, Painter, Designer and iGrafx.  These
results demonstrate the strong foundation that we derive from
our diverse revenue mix across product categories, distribution
channels and geographies."

              Fourth Quarter Fiscal 2007 Guidance

Corel provided guidance for the fourth quarter ending Nov. 30,
2007.  The Company currently expects:

  -- Revenue in the range of US$66 million to US$70 million

  -- GAAP net income in the range of US$3.0 million to US$5.0
     million and non-GAAP adjusted net income in the range of
     US$11.5 million to US$13.5 million.

                    Fiscal 2007 Guidance

Resulting guidance for the year ending Nov. 30, 2007 is as
follows:

  -- Revenue in the range of US$244 million to US$248 million

  -- GAAP net loss of US$(13.3) million to US$(11.3) million
     and non-GAAP adjusted net income of US$32 million to US$34
     million.

                  About Corel Corporation

Ottawa, Ontario-based Corel Corp. (NASDAQ: CREL) (TSX: CRE)
-- http://www.corel.com/-- is a packaged software company with
an estimated installed base of over 40 million users.  The
Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

                       *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.


ELAN CORP: S&P Affirms B Corp. Credit Rating with Pos. Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Elan Corp. PLC to positive from stable and affirmed the ratings
on the company and its subsidiaries, including the 'B' corporate
credit rating.

The outlook revision reflects the increasing sales of Dublin,
Ireland-based Elan's key product, the multiple sclerosis
treatment, Tysabri.  Although continued losses and negative cash
flow remain concerns, S&P believes that the current sales
momentum of Tysabri will enable Elan to turn profitable and cash
flow positive in the near-to-intermediate term.  Elan Corp. has
sufficient cash on hand to fund its operations until that point,
and while the company remains highly leveraged, it does not face
any major debt maturities until 2011.

"The ratings on Elan reflect the company's high debt leverage,
continued losses and negative cash flow, and heavy reliance on
the sales of Tysabri," said S&P's credit analyst Arthur Wong.
"These are offset somewhat by the growth potential of Tysabri in
an multiple sclerosis market, adequate liquidity in the form of
significant on-hand cash, and the lack of significant debt
maturities until 2011."

Elan Corp. specializes in the development and marketing of
treatments for pain, central nervous system ailments, infectious
diseases, and autoimmune problems.

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.  The company has locations in Bermuda and
Japan.


NIS GROUP: JCR Lowers Rating to BB; Placed Under Credit Monitor
---------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has downgraded its rating on
senior debts, shelf registration of NIS Group Co., Ltd. from BB+
and preliminary BB+ to BB and preliminary BB respectively,
placing them under Credit Monitor with Negative direction to
them.

JCR has affirmed its J-3 rating on CP program of NIS Group,
placing it under Credit Monitor with Negative direction to it as
J-3/Negative.  JCR has also downgraded its rating on senior
debts of Nissin Servicer Co., Ltd. from BB+ to BB with Negative
direction to it.

JCR has decided to downgrade its long-term ratings on NIS Group
by one notch and to place them under Credit Monitor with
Negative direction to them because needs to keep an eye on
future liquidity on hand and relationships with the lenders are
increasing and because there is fear of drop in its financial
stability.  As for Nissin Servicer, JCR downgraded its rating on
it by one notch and placed it under Credit Monitor by the same
token, given its strong integrity of it and the parent company,
NIS Group.

                      About NIS Group

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


NISSIN SERVICER: JCR Downgrades Senior Debt Rating to BB
--------------------------------------------------------
Japan Credit Rating Agency, Ltd., has downgraded its rating on
senior debts, shelf registration of NIS Group Co., Ltd. from BB+
and preliminary BB+ to BB and preliminary BB respectively,
placing them under Credit Monitor with Negative direction to
them.

JCR has affirmed its J-3 rating on CP program of NIS Group,
placing it under Credit Monitor with Negative direction to it as
J-3/Negative.  JCR has also downgraded its rating on senior
debts of Nissin Servicer Co., Ltd. from BB+ to BB with Negative
direction to it.

JCR has decided to downgrade its long-term ratings on NIS Group
by one notch and to place them under Credit Monitor with
Negative direction to them because needs to keep an eye on
future liquidity on hand and relationships with the lenders are
increasing and because there is fear of drop in its financial
stability.  As for Nissin Servicer, JCR downgraded its rating on
it by one notch and placed it under Credit Monitor by the same
token, given its strong integrity of it and the parent company,
NIS Group.

                   About Nissin Servicer

Nissin Servicer Co., Ltd. is a Japan-based company headquartered
in Tokyo -- http://www.nissin-servicer.co.jp -- principally
engaged in the credit management and credit collection
businesses.  The Company, along with its 20 subsidiaries and 9
associated companies, is also engaged in the investment
business, the real estate-related business, as well as the
management of corporation reconstruction funds.


LIVEDOOR CO: President to Resign, Believes Firm Will be OK
----------------------------------------------------------
Livedoor Holdings Co.'s president intends to resign after the
company holds its shareholders' meeting in December, sources
revealed to Kyodo News.

Kozo Hiramatsu, states Kyodo, said he is ready to leave because
he now believes the firm is back on track after engaging in
restructuring measures after it was tainted by securities fraud
involving former executives.

Mr. Hiramatsu was president of accounting software maker Yayoi
Co., a former Livedoor group firm, when it took a serious turn
for the worse with the arrest of Livedoor founder and former
President Takafumi Horie and other top officials in January 2006
over securities law violations, recounts Kyodo.

Mr. Hiramatsu afterwards became an executive at Livedoor to
bring the turmoil under control, recalls Kyodo.  Since then,
Livedoor has reorganized and placed its operations under the
control of a holding company and withdrawn from financial
services and other nonessential businesses to focus on its
Internet-related operations.

According to Kyodo's sources, the man tipped to replace
Mr. Hiramatsu is Hironori Ishizaka, vice president of Tokyo
consulting firm AlixPartners.

Kyodo writes that Mr. Ishizaka used to work for the Ministry of
Economy, Trade and Industry and was put in charge of
restructuring former sundry good and cosmetics maker Kanebo Ltd.
And other firms while at the Industrial Revitalization Corp. of
Japan.  Mr. Ishizaka, as stated by industry observers say, is
known to be well-versed in corporate legal matter, the kind of
experist that could prove useful in dealing with lawsuits filed
by Livedoor shareholders.

                      About Livedoor Co.

Headquartered in Tokyo, Japan, Livedoor Company, Limited--
http://corp.livedoor.com/en/-- is involved in out portal site
"livedoor," financial business, corporate web solutions, data
center and IP telephony business.

The Troubled Company Reporter-Asia Pacific reported on Jan. 18,
2006, that former Livedoor President Takafumi Horie and other
Livedoor directors were found to have conspired to cover up the
company's JPY310-million pre-tax loss for the business year
ended September 2004, by tampering financial accounts to instead
show an inflated pre-tax profit of JPY5.03 billion.
Moreover, Mr. Horie and the company executives allegedly relayed
false information on a merger, with the intent to boost the
stock price of Livedoor Marketing Co.

Following the accounting scandal surrounding the company in
January 2006, Livedoor's stock price plunged to JPY94 per share
from over JPY300 per share before the company was delisted from
the Tokyo Stock Exchange on April 14, 2006.


TOWA BANK: Asked to Improve Operations, FSA Says
------------------------------------------------
The Towa Bank, Ltd., was ordered by the Financial Services
Agency to improve its operations as it continues to lend money
to financially struggling companies in full knowledge of their
instability, Kyodo News reports.

Gunma Prefecture-based Towa disclosed that it will submit a
business improvement plan to the financial watchdog by Nov. 12,
notes Kyodo.

In addition to this, Towa Bank, according to Kyodo's bank
sources, will form an investigative team that would include
outside experts who'll look into the responsibility of its
managers, including former President Hiroo Masuda.  If the bank
finds any wrongdoing, it may lodge criminal complaints against
the company and its managers, the report says.

Sources say that bank executives approved loans to certain
companies despite the fact that its screening division concluded
those loans could be unrecoverable because of the firms' poor
business performance.  These companies, according to Kyodo's
sources, included those with personal ties to Mr. Masuda.

Kyodo quotes financial services minister Yoshimi Watanabe as
saying, "It's unconscionable that a former bureaucrat had a bank
give loans to his favored clients after becoming the bank's
president.  We will take strict measures to address the matter."

                      About The Towa Bank

Headquartered in Gunma Prefecture, The Towa Bank, Ltd. --
http://www.towabank.co.jp/ -- is a Japan-based regional bank
engaged in three business segments and has six subsidiaries.
The Banking segment provides banking services including deposit,
loan, domestic exchange and foreign exchange, among others.  The
Lease segment provides lease services.  The Others segment is
engaged in the credit guarantee, credit card and investment and
consultation businesses.


TOWA BANK: JCR Reduces Bonds Rating to BB+ from BBB-
----------------------------------------------------
Japan Credit Rating Agency, Ltd. has downgraded the rating of
The Towa Bank, Ltd., continuing placing them under Credit
Monitor with Negative direction to it:

                                To             From

   Subordinated Bonds           BB+             BBB-

   Senior Debt Rating           BBB-            BBB

Chief of Kanto Local Finance Bureau ordered Towa Bank to improve
its operations and clarify responsibilities because there are
serious deficiencies in the loan screening procedures, business
administration and compliance.  Towa Bank will submit
improvement plan to the bureau by November 12, 2007 and will
report the going of the implementation of the plan quarterly to
the bureau.  Towa Bank plans to strengthen monitoring of
management by establishing committees consisting of experts
outside the bank.  JCR placed its ratings on Towa Bank under
Credit Monitor in May this year, following Towa Bank's downward
revision of earnings forecasts and capital increase plan. With
the order by the bureau pointing out serious problems with the
core of management, JCR decided to downgrade its ratings for the
bank by one notch.  At the same time, JCR decided to continue
placing ratings on Towa Bank under Credit Monitor to examine
carefully impact of the administrative order on the business
base.  JCR will watch financial conditions as well as
improvement in corporate governance and compliance.

                      About The Towa Bank

Headquartered in Gunma Prefecture, The Towa Bank, Ltd. --
http://www.towabank.co.jp/-- is a Japan-based regional bank
engaged in three business segments and has six subsidiaries.
The Banking segment provides banking services including deposit,
loan, domestic exchange and foreign exchange, among others.  The
Lease segment provides lease services.  The Others segment is
engaged in the credit guarantee, credit card and investment and
consultation businesses.


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

BIOMET INC: Provides Prelim Fin'l Results for Qtr. Ended Aug. 3
---------------------------------------------------------------
Biomet Inc., in connection with its offering of notes to repay
in full its unsecured bridge facilities, has provided the
following preliminary unaudited financial information for the
three months ended Aug. 31, 2007.

The company's estimated net sales for the three months ended
Aug. 31, 2007 were in the range of US$550 million to US$555
million, approximately an 8% to 9% increase over net sales of
US$508 million for the three months ended Aug. 31, 2006, due
principally to growth in the company's worldwide reconstructive
products, primarily hips, knees and dental implants.  Excluding
the impact of sales of instruments (which the company
discontinued selling to distributors in the United States in the
third quarter of fiscal 2007), estimated net sales increased by
approximately 10% for the three months ended Aug. 31, 2007
compared to the same period in 2006.  Estimated Adjusted EBITDA
for the quarter was in the range of US$190 million to US$195
million, approximately a 6% to 8% increase over Adjusted EBITDA
of US$180 million for the three months ended Aug. 31, 2006.

The information for the periods presented is preliminary and
unaudited, and as a result, during the course of the preparation
of Biomet's final consolidated financial statements, the company
may identify items that would require Biomet to make adjustments
to the preliminary unaudited results.  In addition, the
preliminary unaudited results presented below do not include any
purchase accounting adjustments relating to the merger and
related transactions therewith, as permitted by the debt
documents governing the Company's new senior secured credit
facilities and the notes issued on the closing date of the
merger.  These operating results are not necessarily indicative
of results to be expected for the full year or any future
period.

                       Recent Development

On Sept. 25, 2007, Biomet received a letter from the U.S.
Securities and Exchange Commission informing the company that it
is conducting an informal investigation regarding possible
violations of Foreign Corrupt Practices Act in the sale of
medical devices in a number of foreign countries by companies in
the medial devices industry.  Biomet intends to fully cooperate
with this informal investigation by the U.S. Securities and
Exchange Commission.

                          About Biomet

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Headquartered in
Warsaw, Indiana, Biomet and its subsidiaries currently
distribute products in more than 100 countries, including the
Netherlands, Argentina and Korea.

The Troubled Company Reporter-Asia Pacific reported on Sep 28,
2007, that Moody's Investors Service has assigned final debt
ratings to Biomet, Inc. (B2 Corporate Family Rating) in
conjunction with the close of the leveraged buy-out transaction
by a consortium of equity sponsors.  The rating outlook is
negative.

Ratings assigned with a negative outlook:

Biomet, Inc.

-- Corporate Family Rating at B2

-- US$350 Million Asset backed revolver at Ba2, (LGD2, 13%)

-- US$400 Million Secured cash flow revolver at B1, (LGD3, 36%)

-- US$3.547 Billion Secured term loan at B1, (LGD3, 36%)

-- US$775 Million Unsecured senior notes or bridge loan at B3,
    (LGD4, 63%)

-- US$775 Million Unsecured PIK option notes or bridge loan at
    B3, (LGD4, 63%)

-- US$1.015 Billion Unsecured subordinated notes or bridge loan
    at Caa1, (LGD6, 93%)

-- PDR at B2

Rating changed:

-- Speculative grade liquidity rating: SGL-3 from SGL-2


BURGER KING: Positive Sales Growth Cues Fitch to Lift Ratings
-------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Burger King
Corporation as:

-- Long-term Issuer Default Rating to 'BB-' from 'B+';
-- Secured credit facility to 'BB+' from 'BB'.

Simultaneously, Fitch has withdrawn the Recovery Rating:

-- Secured credit facility 'RR2'.

The Outlook is Stable.  At June 30, 2007, Burger King had US$943
million of debt.

The ratings upgrade reflects the significant improvement in
Burger King's credit profile over the past 12 months, the
company's consistently positive same-store-sales growth,
increasing average restaurant sales and improved operating
margins.  The Recovery Rating, which is a relative indicator of
creditors' recovery on a given obligation in the event of
default, was withdrawn because Burger King's probability of
default has declined.

During the fiscal year ended June 30, 2007, Burger King paid off
US$125 million or nearly 10% of its debt.  In addition, private
equity sponsor ownership was reduced to 58% from 76% after the
company completed a secondary offering of 22 million shares.
Worldwide same-store-sales growth was 3.4% in fiscal 2007; after
growing 1.9% during the previous year, and average restaurant
sales increased 6% to US$1.2 million.  Extended hours, expanded
breakfast options and improved levels of guest satisfaction
continue to provide momentum for system sales growth.  Strong
revenue growth, the elimination of sponsor management fees and
reduced selling, general and administrative expenses resulted in
Burger King's operating margin expanding 470 basis points to
13%.

For the year ended June 30, 2007, Burger King's adjusted
leverage (defined as total debt plus eight times gross rent
expense divided by operating earnings before interest, taxes,
depreciation, amortization, and gross rent expense or EBITDAR)
was 3.9 times, versus 5.5 at year-end 2006.  Adjusted interest
coverage (defined as EBITDAR divided by interest expense plus
gross rent expense) was 2.5 and funds from operations fixed
charge coverage was 2; up from 1.8 and 1.5 during the previous
year.

Financial covenants in Burger King's secured bank agreement
include a maximum leverage ratio (defined as debt, net of
unrestricted cash in excess of US$50 million,-to-EBITDA) of 4
through June 30, 2008 stepping down to 3 after June 30, 2009, a
minimum interest coverage ratio (defined as EBITDA-to-cash
interest) of 3 and maximum annual capital expenditures of US$200
million or US$250 million if rent adjusted leverage is less than
3.  As of June 30, 2007, these statistics were approximately
2, 6.2 and US$87 million, respectively resulting in the
company's full compliance with all of these measures.  Events of
default include a change of control and defined material adverse
changes in the company's business.

While Burger King's credit measures have shown noticeable
improvement, the ratings recognize relative weaknesses in the
company's procurement and management information systems
infrastructure.  Burger King generally does not have long-term
pricing arrangements with its suppliers and although it uses an
independent purchasing cooperative to leverage the purchasing
power of the Burger King system in the U.S., the company does
not have a designated purchasing agent for units outside of
North America.  Burger King expects that within three to five
years, the majority of its franchisees will have a new point-of-
sale system that allows them to submit monthly sales data
electronically in a near real-time electronic format.

Burger King completed its Franchisee Financial Restructuring
Program in December 2006 and continues to close underperforming
restaurant units.  While this improved the overall health of
Burger King's vast franchisee network, Fitch remains concerned
about recent concessions the company has made to encourage U.S.
franchisees to renew agreements and to open new restaurants.

Increased transparency is provided by the ability to monitor the
on-going performance of the company's largest domestic
franchisee - Carrols Restaurant Group, Inc. (NASDAQ: TAST),
which operates just under 5% of Burger King's domestic units.
For the six months ended July 1, 2007, Carrol's Burger King
segment posted 3.1% same-store-sales growth and the company
increased its 2007 full year Burger King same-store-sales
outlook to 3-3.5%.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/--  operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.  Beginning in 1982, BK and its franchisees began
operating stores in several East Asian countries, including
Japan, Taiwan, Singapore and Korea.


MAGNACHIP SEMICON: Reports Preliminary Third Quarter Revenue
------------------------------------------------------------
MagnaChip Semiconductor Ltd. reported preliminary revenue for
the third quarter ended September 30, 2007.  Revenue for the
third quarter 2007 is expected to be approximately
US$200.0 million.  This would be 3% above prior guidance, which
called for flat revenue in the third quarter compared to
US$194.1 million in the second quarter of 2007.

The Company expects revenue for the fourth quarter ending
December 31, 2007 to increase approximately 20% from the third
quarter of 2007, as design wins hit large scale production
volume and seasonal holiday demand increases.

Sang Park, Chairman and CEO of MagnaChip Semiconductor,
commented, "We are pleased with how the third quarter developed.
We continued to demonstrate improvement in the development of
new products and in demand for existing products in all three of
our business segments.  We introduced new Low Temperature
Polysilicon LCD and AMOLED display driver IC solutions.  Demand
for our current imaging solutions continues to grow, and we are
making progress in our new product development. Additionally, we
announced our strategic foundry business and process technology
transfer agreement with California Micro Devices. We remain
optimistic in our outlook entering the fourth quarter as we
expect to benefit from share gains at current and new customer
accounts and from seasonal holiday demand increases."

Robert Krakauer, President of MagnaChip Semiconductor, said,
"Our operational execution continues to improve, as demonstrated
by our revenue results and forecast.  We expect these results to
translate into improved financial performance going forward, as
we benefit from higher utilization and continued cost control.
Overall, we are highly confident in our business trajectory."

     Third Quarter 2007 Earnings Release and Conference Call

The dial-in number for the live audio call beginning at 10:00
a.m. ET on Thursday, October 25, 2007 in New York is +1-201-689-
8560. A live webcast of the conference call will be available on
MagnaChip''s website at http://www.magnachip.com.

A replay of the call will be available from 1:00 p.m. ET on
Thursday, October 25, 2007 through midnight on Thursday,
November 1, 2007 in New York at http://www.magnachip.comand by
telephone at +1-201-612-7415. The account number to access the
replay is 3055 and the conference ID number is 257699,
respectively.

                 About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported Oct 10,
2007, Moody's Investors Service has confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's has confirmed the ratings of the debt issued by
MagnaChip Semiconductor Finance Co and MagnaChip Semiconductor
S.A., including:

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

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

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

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

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.
The outlook on the long-term corporate credit rating is
negative.


REMY INT'L: Moody's Cuts Probability of Default Ratings to D
------------------------------------------------------------
Moody's Investors Service has lowered the Probability of Default
Ratings of Remy International, Inc. to D from C/LD, and affirmed
the Corporate Family Rating at Ca, the second-priority senior
secured floating rate notes at B3, the senior unsecured notes at
Ca; and the senior subordinated notes at C.  The Probability of
Default rating of D reflects the filing for Chapter 11
protection by Remy pursuant to it previously announced
prepackaged plan of reorganization, which was supported by the
company's unsecured noteholders.  Subsequent to Remy's Chapter
11 filing, Moody's will withdraw the ratings of Remy
International, Inc.

Ratings lowered:

-- Probability of Default Rating, to D from C/LD;
    Ratings affirmed:

-- USUS$125 million of guaranteed second-priority senior
    secured floating rate notes at B3 (LGD2, 12%)

-- USUS$145 million of 8.625% guaranteed senior unsecured notes
    at Ca (LGD4, 52%);

-- USUS$150 million of 9.375% guaranteed senior subordinated
    notes at C (LGD6, 99%);

-- USUS$165 million of 11% guaranteed senior subordinated notes
    at C (LGD6, 99%);

-- Corporate Family Rating, Ca;

The last rating action was on Sept. 28, 2007 when the ratings
were lowered.

The US$80 million senior secured term loan and the senior
secured asset based revolving credit facility are not rated by
Moody's.

Headquartered in Anderson, Indiana, Remy International Inc. --
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, Brazil
and Korea.


REMY INT'L: S&P Cuts Bank Loan & Floating Notes Ratings to D
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Remy International Inc.'s US$200 million first-priority bank
loan and US$125 million second-priority floating notes to 'D'
from 'CC'.

"The rating actions follow Remy's announcement that on Oct. 8 it
filed for voluntary bankruptcy proceedings for itself and its
domestic subsidiaries under Chapter 11 of the U.S. Bankruptcy
Code to seek confirmation of its previously announced plan of
reorganization (POR)," said S&Ps credit analyst Nancy Messer.
"We expected the Chapter 11 filing because the company had
previously reached an agreement with the majority of its
unsecured debt holders to undertake a capital restructuring
through a prepackaged POR."

As a critical part of the restructuring, Remy successfully
renegotiated certain material commercial agreements to improve
margins.

Headquartered in Anderson, Indiana, Remy International Inc. --
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, Brazil
and Korea.


UAL CORP: Inks Codeshare Agreement with TAM SA
----------------------------------------------
TAM SA has signed a codeshare agreement with United Airlines.
Both companies filed the application last week with the U.S.
Department of Transportation and Brazil's ANAC.

Following government approval, the agreement would also enable
customers from both airlines to earn and redeem frequent flyer
miles on the partner carrier.

The partnership will allow both companies to offer more flight
options to passengers wanting to travel between Brazil and the
United States.  United Mileage Plus members will be able to earn
and redeem miles on all TAM and TAM Mercosur operated flights,
and TAM's Fidelidade members will earn and redeem miles on
United, Ted and United Express operated flights.  The frequent
flyer benefits are expected to begin later this year.

This announcement follows the Memorandum of Understanding signed
by the carriers in Sao Paulo on May 21, 2007.

When the code-share flights start, it will be possible for TAM
passengers to acquire tickets for flights operated by United
Airlines between Brazil and the United States, departing Rio de
Janeiro and Sao Paulo for the cities of Chicago and Washington,
D.C.  Those flights will be commercialized by TAM with the JJ
code.  From Chicago and Washington, it will be possible for the
passenger to connect to 35 points in the USA, including cities
as Atlanta, Boston, Dallas, Denver, Las Vegas, Los Angeles, San
Francisco, Seattle, among others.

United Airlines will also start to market flights with its UA
code operated by TAM from Miami and New York to the cities of
Sao Paulo and Manaus, allowing passengers to connect to several
points in Brazil.

                         About TAM SA

TAM SA -- http://www.tam.com.br/-- operates regular flights to
47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                         About UAL Corp.


Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The company filed for chapter 11 protection on
Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191).  James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman,
Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis,
represented the Debtors in their restructuring efforts.  Fruman
Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented
the Official Committee of Unsecured Creditors before the
Committee was dissolved when the Debtors emerged from
Bankruptcy.  Judge Wedoff confirmed the Debtors' Second Amended
Plan on Jan. 20, 2006.  The company emerged from bankruptcy
protection on Feb. 1, 2006.  At Dec. 31, 2006, the company's
balance sheet showed total assets of US$25,369,000,000
and total liabilities of US$23,221,000,000.

The airline flies to Brazil, Korea and Germany.

                           *     *     *

Fitch Ratings this month affirmed the Issuer Default Ratings of
UAL Corp. and its principal operating subsidiary United
Airlines, Inc. at 'B-'.

Moody's Investors Service assigned ratings in July 2006 to
United Air Lines Inc.'s Pass Through Trust Certificates, Series
2000-1: Ba3 rating to US$233,244,336 Class A-1 Certificates; Ba3
rating to US$324,913,300 Class A-2 Certificates; and B3 rating
to US$186,368,450 Class B Certificates.


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

TAP RESOURCES: Annual General Meeting Slated for Oct. 31
--------------------------------------------------------
Tap Resources Bhd will hold its 12th annual general meeting on
Oct. 31, 2007, at 10:00 a.m., at the Function Room3, Level 2,
Hotel Sri Petaling Kuala Lumpur, 30 Jalan Radin Anum, Bandar
Baru Sri Petaling, in Kula Lumpur.

The meeting will be for the purposes of:

   1. receiving and adopting the Audited Financial Statements
      for the year ended April 30, 2007, and the reports of
      the directors;

   2. re-electing Dato' Dr. Abdul Razak bin Abdul and Ong Tee
      Kein as directors; and

   3. reappointing Messrs Horwath as auditors of the company for
      the ensuing year and fixing their remuneration.

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad,
for the nine months financial results ended January 31, 2006,
and a default in payment by TAP and it is unable to provide a
solvency declaration.  Both of these qualify the company to be
classified as a PN17 company.


TAP RESOURCES: July 31 Balance Sheet Upside Down by MYR5.28 Bil.
----------------------------------------------------------------
Tap Resources Bhd's unaudited balance sheet as of July 31, 2007,
went upside down by MYR5.28 billion on total assets of
MYR45.34 billion and total liabilities of MYR50.62 billion.

In addition, the company's unaudited balance sheet also showed
strained liquidity with current assets of MYR6.27 billion
available to pay current liabilities of MYR49.61 billion.

For the first quarter ended July 31, 2007, the company posted a
net loss of MYR727,000 on MYR1.02 million of revenues as
compared with a net loss of MYR1.02 million on MYR776,000 of
revenues for the same quarter in 2006.


TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

TAP's shareholders' equity on a consolidated basis is equal to
or less than 25% of the issued and paid up capital of the
Company and such shareholders equity is less than the minimum
issued and paid up capital as required under paragraph 8.16A (1)
of the Listing Requirements of Bursa Malaysia Securities Berhad
for the nine months financial results ended January 31, 2006 and
a default in payment by TAP and it is unable to provide a
solvency declaration.  Both of these qualify the company to be
classified as a PN17 company.


PAN MALAYSIAN: Unveils Regularization Plan Proposals
----------------------------------------------------
Pan Malaysia Industries Bhd disclosed with the Bursa Malaysia
Securities Bhd its comprehensive corporate proposal to
regularize its financial condition as required by the Securities
Commission and other approving authorities.

According to the company's board, the key challenge for the
company is to reduce its debt burden and, moving forward, to
acquire assets that will contribute positively to improve the
earnings base.

Accordingly, the company plans to undertake these proposals:

    (i) the divestment of 26.56% equity interest comprising
        515,405,240 ordinary shares of MYR1.00 each in Malayan
        United Industries Berhad held by the PMI Group by way of
        a restricted offer for sale by PMI on a renounceable
        basis;

   (ii) the acquisition of a 15-storey purpose built office
        building located at No. 2, Jalan Changkat Ceylon, 50200
        Kuala Lumpur by PMI from Pan Malaysia Holdings Berhad
        for a cash consideration of MYR39.0 million; and

  (iii) the acquisition of the entire issued and paid-up share
        capital of Two Holdings Sdn Bhd by PMI from MUI
        Properties Berhad for a cash consideration of
        MYR9.3 million.

The company had earlier proposed and the Securities Commission
had approved the Proposals comprising the Proposed Par Value
Reduction, Proposed Share Premium Reduction, Proposed Share
Consolidation, Proposed Amendment and Proposed Disposal.

At the extraordinary general meeting held on August 3, 2007, all
the resolutions to give effect to the Proposals were approved by
the shareholders.

The Proposed Disposal which involved the disposal of the entire
91.06% equity interest in Metrojaya Berhad held by the Company
and its wholly-owned subsidiary, Excelton Sdn Bhd, has been
completed on August 14, 2007.  The rest of the Proposals
comprising the Proposed Par Value Reduction, Proposed Share
Premium Reduction, Proposed Share Consolidation and Proposed
Amendment are at various stages of implementation and
tentatively it is expected to be completed by the first quarter
of 2008.


Pan Malaysian Industries Berhad is an investment holding
company.  The Company operates through two business segments:
Retailing and Property and investment holding.

The company is an Affected Listed Issuer pursuant to PN17 of the
Boursa Malaysia as it has a deficit in its unaudited adjusted
shareholders' equity on a consolidated basis of MYR17.55 million
as of December 31, 2005, computed on the basis stated in PN17.
The said deficit in the company's unaudited shareholders' equity
on a consolidated basis was mainly due to the net loss of the
PMI Group of MYR163.13 million for the unaudited nine month
financial period ended December 31, 2005 due mainly to the
sharing of losses of associated companies which comprised
substantially of impairment losses.

Pan Malaysian Industries Bhd's balance sheet as of June 30,
2007, went upside down by MYR29.1 million on total assets of
MYR643.76 million and total liabilities of MYR672.85 million.


SOLUTIA INC: Incurs US$9,000,000 Net Loss in Month Ended Aug. 31
----------------------------------------------------------------

                Solutia Chapter 11 Debtors
            Unaudited Statement of Consolidated
                   Financial Position
                 As of August 31, 2007

                        ASSETS

Cash                                              US$68,000,000
Trade Receivables, net                              200,000,000
Account Receivables-Unconsolidated Subsidiaries      62,000,000
Inventories                                         176,000,000
Other Current Assets                                 76,000,000
Assets of Discontinued Operations                     6,000,000
                                                 --------------
Total Current Assets                                588,000,000

Property, Plant and Equipment, net                  650,000,000
Investments in Subsidiaries and Affiliates          687,000,000
Intangible Assets, net                              100,000,000
Other Assets                                         56,000,000
                                                 --------------
Total Assets                                   US$2,081,000,000
                                                 ==============

            LIABILITIES AND SHAREHOLDERS' DEFICIT

Accounts Payable                                 US$213,000,000
Short Term Debt                                     922,000,000
Other Current Liabilities                           152,000,000
Liabilities of Discontinued Operations                4,000,000
                                                 --------------
Total Current Liabilities                         1,291,000,000

Long-Term Debt                                       19,000,000
Other Long-Term Liabilities                         194,000,000
                                                 --------------
Total Liabilities not Subject to Compromise       1,504,000,000

Liabilities Subject to Compromise                 1,850,000,000

Shareholders' Deficit                            (1,273,000,000)
                                                 --------------
Total Liabilities & Shareholders' Deficit      US$2,081,000,000
                                                 ==============

                Solutia Chapter 11 Debtors
      Unaudited Consolidated Statement of Operations
           For the Month Ended August 31, 2007

Total Net Sales                                  US$219,000,000
Total Cost Of Goods Sold                            198,000,000
                                                 --------------
Gross Profit                                         21,000,000

Total MAT Expense                                    19,000,000
                                                 --------------
Operating Income (Loss)                               2,000,000

Equity Earnings from Affiliates                               0
Interest Expense, net                               (11,000,000)
Other Income, net                                     3,000,000

Reorganization Items:
Professional fees                                    (6,000,000)
Employee severance and retention costs                        0
Adjustment to allowed claim amounts                   5,000,000
Settlements of prepetition claims                    (2,000,000)
                                                 --------------
                                                     (3,000,000)
                                                 --------------
Income from continuing operations before taxes       (9,000,000)

Income tax expense (benefit)                                  0

Income from discontinued operations                           0
                                                 --------------
Net Income (Loss)                                 (US$9,000,000)
                                                 ==============

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and will be continued on Oct. 17, 2007.

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


SOLUTIA INC: Files Consensual Plan of Reorganization
----------------------------------------------------
Solutia Inc. filed a consensual plan of reorganization on
Oct. 15, 2007, that has the support of all major constituents in
its Chapter 11 case.  The plan -- known as the fifth amended
plan of reorganization -- was filed with the U.S. Bankruptcy
Court for the Southern District of New York along with Solutia's
fifth amended disclosure statement.

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Solutia secured the support of all of the major constituents in
its Chapter 11 cases for a consensual plan of reorganization,
including the Ad Hoc Committee of Solutia Noteholders, the
Official Committee of Equity Security Holders, the Official
Committee of Unsecured Creditors, Monsanto Company, Pharmacia
Corporation, the Official Committee of Retirees, and the Ad Hoc
Committee of Trade Creditors.  As part of the settlement, the
following parties executed agreements earlier this month in
support of the settlement and revised plan of reorganization:
Monsanto, noteholders controlling at least US$300.1 million in
principal amount of the 2027/2037 notes, the official committee
of general unsecured creditors, the official committee of equity
security holders, the ad hoc trade committee, and Solutia.

"This consensual plan of reorganization will facilitate
Solutia's emergence from Chapter 11 as a financially healthy
company," Jeffry N. Quinn, chairman, president and chief
executive officer of Solutia Inc., said.

             Major Terms Underlying Settlement and
                       Reorganization Plan

(1) US$250 Million of New Investment

The revised plan will provide for US$250 million of new
investment in reorganized Solutia.  This investment will be in
the form of a rights offering to the noteholders and general
unsecured creditors, who will be given the opportunity to
purchase shares of the new common stock on a pro rata basis at a
33.3% discount to the implied equity value.  The rights offering
will be backstopped by a group of Solutia's creditors (i.e. they
will purchase any shares not bought by other creditors).  For
this commitment they will receive a fee of 2.50% and an
allocation of 15% of the rights offering.

The US$250 million generated as a result of the rights  offering
will be used: US$175 million will be set aside in a Voluntary
Employees' Beneficiary Association Retiree Trust to fund the
retiree welfare benefits for those pre-spin retirees whom
receive these benefits from Solutia; and US$75 million will be
used by Solutia to pay for other legacy liabilities being
retained by the company.

(2) Relief from Tort Litigation and Environmental Remediation
    Liabilities

Consistent with Solutia and Monsanto's prior agreement, the
settlement provides that Monsanto will take on financial
responsibilities in the areas of tort litigation and
environmental
remediation.

   -- Monsanto will be financially responsible for all
      current and future tort litigation costs arising from
      Pharmacia's chemical business prior to the Solutia
      spinoff.  This includes litigation arising from
      exposure to PCBs and other chemicals.

   -- Monsanto will accept financial responsibility for
      environmental remediation and clean-up obligations at
      all sites for which Solutia was required to assume
      responsibility at the spinoff but which were never
      owned or operated by Solutia.  Solutia will remain
      responsible for the environmental liabilities at sites
      that it presently owns or operates.

   -- Solutia and Monsanto will share financial
      responsibility  with respect to two sites. Under this
      cost-sharing arrangement the first US$50 million of post-
      emergence remediation and cleanup costs will be funded by
      the proceeds of the rights offering described above.
      Upon emergence, Solutia would be responsible for the
      funding of these sites up to an agreed amount.
      Thereafter, if needed, Monsanto and Solutia would share
      responsibility equally.

(3) Current Equity Holders New Common Stock Purchase Option

Under the revised plan, in addition to other considerations,
current equity holders that own at least a specified number of
shares of Solutia common stock will receive rights to purchase,
at the time of the company's emergence from bankruptcy, a pro
rata share of up to 17% of the new common stock for
US$175 million which is at a discount from the implied equity
value under the revised plan.  The proceeds from the sale of
this equity will fund a cash payment to Monsanto of up to
US$175 million.  Any portion of the 17% of the new common stock
that is not purchased by current equity holders will be
distributed to Monsanto under the revised plan.

(4) Settlement of Litigation and Claims Objection

Each of the settling parties has agreed to stay all pending
litigation relating to Solutia's chapter 11 cases until the
effective date of the plan, at which time this litigation will
be dismissed.  This includes objections to the disclosure
statement and plan of reorganization filed by the noteholders
and the equity security holders, the adversary proceeding filed
by the equity security holders against Monsanto and Pharmacia,
objections to the claims filed in the case by Monsanto and
Pharmacia, and the noteholders' appeal of the decision in the
litigation related to the secured or unsecured nature of their
claims.

(5) Composition of Board of Directors

Under the revised plan, reorganized Solutia's Board of Directors
will be comprised of nine members, including: Jeffry N. Quinn,
Solutia's chairman, president and chief executive officer; J.
Patrick Mulcahy, a current director of Solutia; one director
designated by each of Monsanto, the general unsecured creditors
and the noteholders; and four directors designated by a five-
person search committee consisting of Mr. Quinn, two
representatives from the noteholders and one representative each
from the general unsecured creditors and the ad hoc trade
creditors.  Solutia has engaged the services of Spencer Stuart,
a global search firm, to begin the process of helping identify
and recommend highly qualified board candidates.

(6) Anticipated Creditor Recoveries and Equity Ownership

Assuming full subscription to the rights offering by the
participating parties (including the backstop parties), a full
exercise of the new common stock purchase option, and an
estimated general unsecured claims pool of US$342 million, the
following creditors and equity security holders will receive
these distributions:

   -- General Unsecured Creditors will receive their pro rata
      share of 31.4% of the new common stock, resulting in a
      recovery of 80.6 cents on the dollar.

   -- Noteholders will receive their pro rata share of
      43.8% of the new common stock, resulting in a
      recovery of 88.4 cents on the dollar.

   -- Monsanto will receive up to US$175 million in cash.  Any
      shares of new common stock not purchased by current
      equity holders pursuant to the new common stock
      purchase option will be distributed to Monsanto and
      the cash distribution reduced accordingly.

   -- Equity Security Holders will receive their pro rate
      share of 1% of the new common stock and pursuant to
      the new common stock purchase option, holders that own
      at least a specified number of shares of Solutia
      common stock will receive rights to purchase a pro
      rata share of up to 17% of the new common stock.

      Assuming the new common stock purchase option is
      fully exercised, current equity security holders will
      own up to 18% of the new common stock.

      Additionally, current equity security holders will
      have these rights:  i) holders who own at least a
      specified number of shares of Solutia common stock will
      receive their pro rata share of five-year warrants to
      purchase 7.5% of the common stock; and ii) holders who
      own at least a specified number of shares of Solutia
      common stock will receive the right to participate in a
      buy out for cash of  general unsecured claims of less
      than US$100,000 for an amount equal to 52.35% of the
      allowed amount of such claims, subject to election of
      each general unsecured creditor to sell their claim.

   -- Retirees will receive the benefits provided for under
      the terms of the settlement between Solutia and its
      retirees, which was previously announced and is not
      being altered by the settlement currently announced.
      In accordance with that settlement, the retirees, as
      a class, will receive 2% of the new common stock.
      This stock will be deposited into a VEBA trust that
      will be used to pay retiree welfare benefits.  This
      is in addition to the $175 million from the rights
      offering that will also be deposited into the VEBA
      trust.

   -- Backstop Parties (the backstoppers of the rights
      offering) will own 4.7% of the new common stock.

                    General Plan Assumptions

Solutia will be an independent, publicly traded company listed
on a national exchange.  The enterprise value of reorganized
Solutia is currently estimated to be US$2.85 billion, with
corresponding implied reorganization equity value of
approximately US$1.2 billion.  In total, 59.75 million common
shares will be issued and allocated upon emergence, exclusive of
an anticipated management incentive plan to be approved as part
of the revised plan of reorganization.

An Oct. 19, 2007 hearing has been set at which the court will be
asked to approve the disclosure statement.  Once approved, the
disclosure statement will be sent to Solutia's creditors and
equity interest holders to solicit approval of the plan.  The
solicitation period will run for 30 days from the mailing of the
solicitation materials.  Following the solicitation period, the
court will hold a hearing to confirm the plan, after which
Solutia will emerge from Chapter 11.

Full-text copies of the fifth amended plan of reorganization and
disclosure statement is available for free at
http://www.solutia.com/reorganization/

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  Saflex is a registered trademark of Solutia Inc.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed $2,854,000,000 in assets and $3,223,000,000 in debts.

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

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


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

FORM SHOPFITTING: Creditors' Proofs of Debt Due on Oct. 29
----------------------------------------------------------
On September 25, 2007, the shareholders of Form Shopfitting &
Fixtures Ltd. passed a resolution to liquidate the company's
business.

Creditors are required to file their proofs of debt by Oct. 29,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Stephen Mark Lawrence
         Anthony John Mccullagh
         c/o Horwath Corporate (Auckland) Limited
         PO Box 3678, Auckland 1140
         New Zealand
         Telephone:(09) 306 7424
         Facsimile:(09) 302 0536


GENEVA FINANCE: Default Cues S&P to Cut Ratings to 'D' From 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings on Oct. 16, 2007, lowered its long-
term counterparty credit ratings on New Zealand finance company
Geneva Finance Ltd. (Geneva) to 'D' from 'B-/Watch Dev/--'.  At
the same time, the insurer financial strength and counterparty
credit ratings on Geneva's sister company Quest Insurance Group
Ltd. (Quest) were lowered to 'CC' from 'CCC+'.  The outlook on
Quest is negative.  At the same time, the CreditWatch with
developing implications on  the ratings on Geneva and Quest was
withdrawn.

These rating actions follow Geneva advising Standard & Poor's
that it has reached an agreement with the trustee and BOS
International to put forward a moratorium proposal to Geneva's
investors. Under the proposal, there will be nonpayment of
debenture redemptions due to Geneva's investors from Oct. 15,
2007.  Geneva announced yesterday that it has written to all
investors to consider the moratorium, whereby all classes of
investment maturities are to be extended by six and a half
months.  An extraordinary resolution is proposed to introduce
the moratorium at a meeting of investors on Nov. 5, 2007.

"A payment default has occurred with Geneva's nonpayment of
debenture redemptions upon the due date.  Under these
circumstances the only available course of action to Standard &
Poor's is to lower the long-term counterparty credit rating on
Geneva to 'D'," said Standard & Poor's director Gavin Gunning.
"Standard & Poor's issuer credit ratings reference the capacity
and willingness of an issuer to make repayment of principal and
interest in full and on time."

Geneva's funding and liquidity difficulties were highlighted in
releases made by Standard & Poor's on Sept. 11, 2007 and Oct.
10, 2007.  On Sept. 11, 2007 a possible ratings downgrade was
flagged if banker confidence was not retained.  The lowering of
the ratings on Oct. 10, 2007 was primarily in response to a
change in the nature and extent of potential future support from
bankers, and the consequent impact on Geneva's risk profile.

The next key milestone requiring a review by Standard & Poor's
of its ratings on Geneva is likely to be the extraordinary
resolution on Nov. 5, 2007.  If the proposals on Nov. 5, 2007,
were supported by investors, it is likely that the rating will
be raised from 'D' to a level commensurate with Standard &
Poor's view regarding Geneva's financial strength at that time.
On the other hand, should the proposals be rejected by
investors, Standard & Poor's believes that it is likely that
Geneva's trustee will proceed with enforcement actions.


HEARTLAND LOGGING: Fixes Oct. 29 as Last Day to File Claims
-----------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were named
liquidators of Heartland Logging Ltd. on September 27, 2007.

Messrs. Crichton and Horne are accepting creditors' proofs of
debt until October 29, 2007.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Matt Coulter at Crichton Horne & Associates
         Limited, Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand
         Telephone:(03) 379 7929


HOLIDAY EXPOS: Taps Jollands and White as Liquidators
-----------------------------------------------------
Peter Reginald Jollands and Barry White were named liquidators
of Holiday Expos Limited on September 25, 2007.

Messrs. Jollands and White require the company's creditors to
file their proofs of debt by October 31, 2007.

The Liquidators can be reached at:

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


KG SERVICES: Creditors' Proofs of Debt Due on Oct. 26
-----------------------------------------------------
Bernard Spencer Montgomerie and Stuart James Cunningham were
named liquidators of KG Services Limited on September 21, 2007.

Messrs. Montgomerie and Cunningham require the company's
creditors to file their proofs of debt by October 26, 2007.

The Liquidators can be reached at:

         Bernard Spencer Montgomerie
         Stuart James Cunningham
         c/o Montgomerie & Associates
         Insolvency Practitioners
         PO Box 65, Auckland 1140
         New Zealand
         Telephone:(09) 368 7672
         Facsimile:(09) 307 0174
         e-mail: bsm@montgomerie.co.nz


LEONARDS LTD: Subject to CIR's Wind-Up Petition
-----------------------------------------------
On July 3, 2007, the Commissioner of Inland Revenue filed a
petition to have Leonards Ltd.'s operations wound up.

The petition will be heard before the High Court of Auckland on
October 18, 2007, at 10:00 a.m.

The CIR's solicitor is:

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


SWIFT ENERGY: Acquires Escondido Resources for US$249.5 Million
---------------------------------------------------------------
Swift Energy Company closed the previously announced acquisition
of property interests from Escondido Resources, LP, a privately
held company with an effective date of July 1, 2007.

These South Texas properties are located on an aggregate 82,900
acres in the Sun TSH area in La Salle County, the Briscoe Ranch
area primarily in Dimmit County, and the Las Tiendas area in
Webb County.  During the second quarter of 2007 these properties
produced about 21 MMcfe per day, and production is approximately
85% natural gas and natural gas liquids.

The final purchase price of the property interests closed was
US$249.5 million and is subject to post-closing adjustments.
This acquisition was funded with about US$220 million of bank
borrowings under the company's credit facility, and the balance
with cash-on-hand and the initial performance deposit.  Swift
Energy expects that this acquisition will increase its
production in the fourth quarter 2007 by 1.3 to 1.5 billion
cubic feet equivalent.

Based in Houston, Texas, Swift Energy Company (NYSE: SFY)
-- http://www.swiftenergy.com/-- is an independent oil and
natural gas company engaged in the development, exploration,
acquisition, and operation of oil and gas properties, with a
focus in the United States on onshore and inland water areas of
the Louisiana and Texas Gulf Coast and a focus in New Zealand on
the north island's Taranaki Basin.  The company was founded in
1979.

                         *     *     *

In May 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba3, and
senior unsecured debt rating at B1.  These ratings still hold
true to date.  The outlook is negative.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB- in December 2000, which still holds
true to date.


THE BUSINESS: Appoints Jollands and White as Liquidators
--------------------------------------------------------
Peter Reginald Jollands and Barry White were appointed
liquidators of The Business Generation Group Ltd. on Sept. 25,
2007.

Messrs. Jollands and White are accepting creditors' proofs of
debt until October 31, 2007.

The Liquidators can be reached at:

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


THE LEAD GENERATION: Creditors' Proofs of Debt Due on Oct. 31
-------------------------------------------------------------
The Lead Generation Group Limited requires its creditors to file
their proofs of debt by October 31, 2007, to be included in the
company's dividend distribution.

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

The company's liquidators are:

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


TROMPEUR HOLDINGS: Court to Hear Wind-Up Petition on Oct. 18
------------------------------------------------------------
The High Court of Auckland will hear on October 18, 2007, at
10:00 a.m., a petition to have Trompeur Holdings Ltd.'s
operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
July 12, 2007.

The CIR's solicitor is:

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


VIADUCT HOUSE: Fixes Oct. 26 as Last Day to File Claims
-------------------------------------------------------
Bernard Spencer Montgomerie and Stuart James Cunningham were
named liquidators of Viaduct House Investments Ltd. on Sept. 21,
2007.

Messrs. Montgomerie and Cunningham are accepting creditors'
proofs of debt until October 26, 2007.

The Liquidators can be reached at:

         Bernard Spencer Montgomerie
         Stuart James Cunningham
         c/o Montgomerie & Associates
         Insolvency Practitioners
         PO Box 65, Auckland 1140
         New Zealand
         Telephone:(09) 368 7672
         Facsimile:(09) 307 0174
         e-mail: bsm@montgomerie.co.nz


VIALOU STREET: Appoints Kim S. Thompson as Liquidator
-----------------------------------------------------
On September 25, 2007, Kim S. Thompson was appointed liquidator
of Vialou Street Ltd.

Creditors who can file their proofs of debt by October 26, 2007,
will be included in the company's dividend distribution.

The Liquidator can be reached at:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6813
         Facsimile:(07) 834 6100


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

GEOGRACE RESOURCES: Annual Stockholders' Meeting Set for Dec. 7
---------------------------------------------------------------
Geograce Resources Inc. will hold its annual stockholders'
meeting on December 7, at the Ateneo Professional Schools
Auditorium located at the Rockwell Center in Makati City.

Only stockholders of record as of October 31 will be entitled to
notice and to vote at the meeting.

Headquartered in Makati City, Philippines, Geograce Resources --
fka Global Equities, Inc. -- was originally incorporated as La
Suerte Gold Mining Corporation on April 20, 1970, primarily to
engage in the exploration, exploitation, and development of
mineral resources; to purchase, lease and otherwise acquire
mining claims and concessions anywhere in the Philippines; and
to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and
minerals of all kinds including all its products and by-
products.

As of Mar. 31, 2007, the company had total assets of
PHP8.37 million and total liabilities of PHP21.80 million,
resulting in a capital deficiency of PHP13.43 million.


JG SUMMIT: Acquires Remaining Shares in Petrochemical Unit
----------------------------------------------------------
JG Summit Holdings Inc. has acquired the remaining 17.72% in
subsidiary JG Summit Petrochemical Corp. that was previously
owned by Marubeni Corp.

JGSPC is now a wholly owned subsidiary of JG Summit.

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.


METROPOLITAN BANK: Lower Tier 2 Notes Twice Oversubscribed
----------------------------------------------------------
Metropolitan Bank & Trust Co.'s PHP5-billion offering of lower
Tier 2 peso-denominated notes was twice oversubscribed, ABS-CBN
News reports.

Metrobank has received applications valuing more than twice the
amount issued, the bank's executive vice president, Fernand
Antonio Tansingco, revealed.

The bank can choose to increase the issuance up to PHP10 billion
as approved by the Bangko Sentral ng Pilipinas, the report
recounts.


Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

As reported on Nov. 6, 2006, that Moody's Investors Service
revised the outlook of Metropolitan Bank & Trust Co.'s foreign
currency long-term deposit rating of B1 and foreign currency
subordinated debt rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.


PHIL LONG DISTANCE: Chairman Sees Strong 2nd Half Performance
-------------------------------------------------------------
The Philippine Long Distance Telephone Co. may gave in a strong
performance in the second half of the year since it was able to
perform well in the first six months of 2007, PLDT Chairman
Manuel V. Pangilinan told the Philippine Star.

The company's fundamentals should turn in a positive output for
the July-December period, Mr. Pangilinan said, and added that
the country's fundamentals remain strong.  "PLDT is on track to
reach its performance targets for 2007," the PLDT official
added.

First Pacific Co., which holds a controlling stake in PLDT,
should secure a promising operating performance for the PLDT
group, Mr. Pangilinan noted.

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

                          *     *     *

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

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

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


* Balance of Payments Hit 1st Deficit of US$95-Mil. in September
----------------------------------------------------------------
The Philippines' balance of payments has reached its first
monthly deficit in September, hitting US$95 million at last
month's end, the Philippine Daily Inquirer reports.

However, according to the Inquirer, the cumulative BoP is a
US$6.66-billion surplus, staying ahead of the full-year
US$6.3 billion target.

According to the report, the Bangko Sentral ng Pilipinas said
overseas remittances jumped 10.6% in August to US$1.2 billion in
the same period last year.  Remittances also grew 15.3% to
US$9.3 billion for the first eight months of the year, the BSP
said.

Foreign direct investments from January until JUly also rose
68%, hitting US$1.6 billion while exports for the January-August
period increased 4.8% to US$32.8 billion, the BSP 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.


* BIR's Sept. Deficit May Cue Gov't Failure to Meet Deficit Mark
----------------------------------------------------------------
The Department of Finance said the government is likely to miss
its budget deficit goal of PHP17.05 billion in September after
the Bureau of Internal Revenue reportedly incurred a revenue
deficit for the same month, the Daily Tribune reports.

However, traders have told the Post that the impact of BIR's
missed target would be limited.  They also said they expect the
state's asset sales to support the full-year deficit target.

The government's strategy on using privatization proceeds to fix
deficits has long been criticized by economists, the Tribune
recounts.  This strategy, economists say, allows the government
to avoid tackling widespread tax evasion and keeps it from
seeking domestic and foreign investments for added revenues.

Forecast Pte. Ltd. economist Vishnu Varathan said that there
will be a "negative reaction" if there are indicators that the
government has relied on privatization proceeds to meet its
deficit target for the year.

                          *     *     *

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

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

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


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

CHUAN & CO: To Declare Third Dividend on October 19
---------------------------------------------------
Chuan & Co Hardware Pte Ltd, which is in compulsory liquidation,
will pay its third dividend on October 19, 2007.

The company will pay its creditors 0.9877 cents to a dollar.

The company's liquidator is:

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


SEE HUP SENG: Goh Koon Seng to Quit as Chief Financial Officer
--------------------------------------------------------------
Goh Koon Seng has tendered his resignation as See Hup Seng
Limited's Chief Financial Officer and Joint Company Secretary to
pursue other career opportunities.  Mr. Goh's final day in the
company will be on December 1, 2007.

Mr. Goh was appointed CFO on January 9, 2006 and as a Joint
Company Secretary on February 24, 2006.  During his stay
Mr. Goh has played an important role in the restructuring of the
company, restoring it to profitability and contributed to the
improvement of the company's financial management and corporate
governance.

                       About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed a significant doubt in the company's
ability to continue as going concern on April 7, 2006, citing
the company's losses and net current liabilities.  Moore
Stephens adds that the ability of the group and the company to
continue as going concerns is dependent the company's debt
restructuring exercise.


SHINE STAR: Faces Liquidation Proceedings
-----------------------------------------
The High Court of Singapore on, October 5, 2007, entered an
order directing the wind up of Shine Star Sea Transport Pte
Ltd's operations.

Shine Star's liquidator is:

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


STATS CHIPPAC: Appoints John Lau as Senior Vice Pres. and CFO
-------------------------------------------------------------
STATS ChipPAC Ltd. disclosed on October 15, 2007, that it has
appointed John Lau as the company's Senior Vice President and
Chief Financial Officer.

Reporting directly to STATS ChipPAC's President and Chief
Executive Officer, Mr. Lau will have overall responsibility for
all accounting, financial management and investor relations
matters of the company.  In his capacity as Senior Vice
President and Chief Financial Officer, Lau will ensure that
STATS ChipPAC has prudent and progressive financial
management to drive profitable growth and support strategic
expansion opportunities.

"With more than 23 years of both financial and operational
management experience, John is a seasoned leader who has a broad
based financial background that will be an invaluable addition
to our management team as we build on our success and take our
company to the next level," said Tan Lay Koon, President and
Chief Executive Officer, STATS ChipPAC.  "We are delighted to
have John join our executive management team."

Mr. Lau is from Abacus International Pte Ltd. where he was the
Chief Financial Officer with overall responsibility for
spearheading strategic and financial planning, management and
statutory reporting, controllership, tax planning, treasury and
risk management, legal, mergers and acquisitions, strategic
investments and strategicoperations of Abacus and its
subsidiaries.  Prior to that, he was Vice President, Finance for
Praxair Asia Inc. and held various senior management positions
with Sembawang Corporation Ltd.

Mr. Lau graduated with a Bachelor of Accountancy from National
University of Singapore.  He also holds a Master of Business
Administration from Golden Gate University in San Francisco,
California.  He assumed the leadership role from Tham Kah Locke
who has been serving as acting Chief Financial Officer until a
permanent appointment was made.

                       About STATS ChipPAC

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

                          *     *     *

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


WELLMANN ASIA: Court Enters Wind-Up Order
-----------------------------------------
On September 28, 2007, the High Court of Singapore entered an
order directing the wind-up of Wellmann Asia Pte Ltd's
operations.

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

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


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

NAKORNTHAI STRIP: Reports Progress of Business Reorganization
-------------------------------------------------------------
Maharaj Planner Co. Ltd., in its capacity as plan administrator
of Nakornthai Strip Mill PCL, has reported on the progress of
the company's business reorganization.

According to Maharaj, the company is in the process of
transferring shares equal to 40% of the restructured loan it
owes to each of its creditors.  The shares, Maharaj's disclosure
said, were acquired through conversion of the company's debt to
equity.

Nakornthai Strip Mill Public Company Limited is a manufacturing
company based in Bangkok, Thailand. The Company is engaged in
the production of hot rolled coils, as well as various flat-
rolled steel products, including tempered hot rolled coils, hot
rolled pickled and oiled products, galvanized hot roll,
galvanized cold roll and galvanized sheets.

The company is currently undergoing rehabilitation.


DAIDOMON: Auditor Issues Disclaimer of Opinion on Financials
------------------------------------------------------------
Daidomon Group PCL's auditor has issued a disclaimer of opinion
in its report after checking the company's financial statements
for the quarters ending December 31, 2006, March 31, 2007, and
June 30, 2007.

According to the Stock Exchange of Thailand, it can be
considered that the data on the financial statements failed to
reflect the actual position of the company.

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue and
Japanese food restaurants under the brand name of Daidomon.  The
group's products include barbecue, dessert and drinks, and
bottled sauce.  The company is currently undergoing
rehabilitation.

The Troubled Company Reporter-Asia Pacific reported on Feb. 16,
2007, that Daidomon Group has total assets of US$12.92 million
and a total capital deficiency of US$8.51 million.


ITV PCL: Foundations Back Off From Buying Shin's 52.9% Holdings
---------------------------------------------------------------
The Royal Thai Television Foundation has backed out from the
bidding of Shin Corp.'s 52.9% shareholding in iTV PCL, the
Bangkok Post reports.

Both the foundation's chairman Air Vice Marshal Kamthon
Sindhvananda and director Police Col. Ruamnakorn Tubtimthongchai
have denied the deal.  Col. Ruamnakorn insisted that the
foundation has no commercial interests, and said that the
foundation's board met on October 4 to discuss measures to
enlist greater co-operation from other TV operations.  They did
not meet to discuss a possible purchase of iTV's shares from
Shin.

However, the Post's sources said that Col. Ruamnakorn had in
fact submitted a formal bid in the foundation's name, and
accused him of misrepresenting the deal to the foundation's
board.  Col. Ruamnakorn was made to choose between denying the
transaction, or facing charges of misrepresentation, the sources
added.

Somprasong Boonyachai, Shin's CEO, also told the Post that the
foundation was among the parties that made inquiries and
expressed interest in buying iTV's shares.

                         About iTV PCL

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

                     Going Concern Doubt

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

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

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

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




                           *********

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

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

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




                            *********


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

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

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 ***