TCRAP_Public/071019.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, October 19, 2007, Vol. 10, No. 208
  
                            Headlines

A U S T R A L I A

ACE COMPUTER: Placed Under Voluntary Liquidation
ADVANCED MARKETING: Wants More Time to Decide on Remaining Lease
ANYWHERE TOWER: Placed Under Voluntary Liquidation
AUSTRALIAN WASTE: Will Declare First Dividend on November 8
BORY INVESTMENTS: Sets Joint Meeting for October 25

COLES GROUP: ACCC Says No to Woolworths' Interest in Kmart
FIFTY YEARS: Members to Hold Final Meeting on October 26
FLIGHT CENTRE: Augments Earnings After Planned PEP Sellout
FORTESCUE METALS: Moody's Resumes Downward Study of Finance Unit
IOCORE ASIA: Members to Receive Wind-Up Report on Oct. 30

MORE PROPERTY: Members Resolve to Liquidate Business
O.R.A PTY: Will Declare Dividend on October 23
PEABODY ENERGY: Appoints VP & Assistant Operations Controller
PEABODY ENERGY: Names Kenneth Wagner VP & Assistant Gen. Counsel
PEABODY ENERGY: Declares Dividend of US$0.06 Per Share

SUTTER PTY: Members and Creditors to Meet on October 29
X + OPEN: Inability to Pay Debts Prompts Wind-Up


C H I N A   &   H O N G  K O N G

B.M. OPTICAL: Sets Annual Meeting for October 22
BILLION METRO: Creditors' Proofs of Debt Due on November 12
COOPER TIRE: Closes US$7MM Rongcheng Stake Sale to ArcelorMittal
FIAT SPA: Finance Unit to Repay EUR123.4 Million Bonds
FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz

GLOBAL CROSSING: Picks Empirix for VoIP Service Monitoring
GLOBAL POWER: Wants Court to Approve Plan Support Agreement
GLOBAL POWER: Exclusive Plan-Filing Period Extended to Oct. 24
GOLDMEN ELECTRONIC: Court to Hear Wind-Up Petition on Nov. 28
INT'L PAPER: Gives US$1 Million to Support Zero Waste Campaign

MOULIN (H.K.): Contributories and Creditors to Meet on Oct. 22
MOULIN GLOBAL: Sets Annual Meeting for October 22
PEACE CITY: Liquidator to Give Wind-Up Report on Oct. 22
PETROLEOS DE VENEZUELA: Ensures Gasoline Supply
PETROLEOS DE VENEZUELA: Restarting El Palito Plant by Oct. 14

PETROLEOS DE VENEZUELA: Petroecuador Rents 2 Rigs for US$18,000
PROSPER GLORIES: Creditors' Proofs of Debt Due Today
TRW AUTOMOTIVE: Inks Joint Venture Pact with Arvinmeritor Inc.
UNCIA LIMITED: Liu Yuk Ming Stephen Quits as Liquidator
UNRIVALED FLIBUSTER: Appoints Gicquel as Liquidator

ZOOM & SIZES: Members Pass Resolution to Liquidate Business


I N D I A

AES CORP: Commences Cash Tender Offer for US$1.24 Bil. Sr. Notes
BAUSCH & LOMB: Moody's Withdraws PIK & Sub Notes Ratings
CABLE & WIRELESS: Dismisses Speculation on Business Disposal
GENERAL MOTORS: To Cut 767 Jobs at Hammtramck Plant in December
GENERAL MOTORS: New UAW Terms Cue Moody's Positive Outlook

GMAC LLC: Finc'l. Services Arm Restructures Mortgage Operations
GMAC LLC: Moody's Affirms Ba1 Senior Unsecured Rating
TATA POWER: Bids for 4,000-MW Krishnapatnam Power Plant
TATA POWER: World Bank's IFC to Finance 4,000MW Gujarat Project


I N D O N E S I A

ALLIANCE ONE: Completes Exchange Offer for 8-1/2% Senior Notes
ANIXTER INT'L: To Report Third Quarter Earnings on October 23
BANK CENTRAL ASIA: Moody's Raises Issuer Rating to Ba2
BANK DANAMON: Moody's Ups Foreign Currency LTD Rating to B1
BANK INTERNASIONAL: Moody's Ups Foreign Currency LTDR to B1

BANK LIPPO: Moody's Raises Issuer Rating to Ba2
BANK MANDIRI: Moody's Ups FC Senior Debt Ratings to Ba2
BANK NEGARA: Moody's Ups FC Subordinated Debt Rating to Ba2
BANK NIAGA: Moody's Ups Currency Subordinated Debt Ratings
BANK PERMATA: Moody's Raises For. Currency Deposit Rating to B1

BANK RAKYAT: Moody's Ups FC Subordinated Debt Ratings to Ba2
BANK TABUNGAN: Moody's Ups FCLT Deposit Rating to B1
BANK PAN: Moody's Lifts Foreign Currency LT Deposit Rating to B1
CA INC: Launches US$30 Million Technology Center in India
EXCELCOMINDO PRATAMA: Moody's Ups Guaranteed Bonds Rating to Ba2

FOSTER WHEELER: To Hold Conference Call on November 7
GOODYEAR TIRE: Conversion Period for Conv. Notes Ends Dec. 31
INDOSAT: Moody's Affirms Ba1 LC Corporate Family Rating
PERUSAHAAN LISTRIK: Moody's Ups Corporate Family Rating to Ba3
* Moody's Upgrades Indonesia's Key Ratings to Ba3


J A P A N

BOSTON SCIENFIFIC: To Reduce Workforce by 2,300 Worldwide
ELAN CORP: Third Parties Eye Biogen Acquisition
ELAN CORPORATION: FDA Extends TYSABRI Review Until Jan. 13, 2008
FORD MOTOR: Continues Low-Level Contract Talks with UAW
NOVA CORP: Union to File Protest w/ Labor Due to Delay in Wages

NOVA CORP: Union Wants Head Indicted for Violating Labor Laws
SANYO ELECTRIC: Cancels Sale of Semiconductor Unit
SOLO CUP: Closes Biz Sale; Reduces Debt Up to US$325 Million


K O R E A

HYNIX SEMICON: Net Income Drops 56% to KRW168 Billion
HYNIX SEMICON: To Spend KRW72.7 Billion for Upgrading Plants
REMY WORLDWIDE: Wants to Employ AP Services as Crisis Manager
RREMY WORLDWIDE: Wants to Assume Caterpillar Inventory Agreement


M A L A Y S I A

AVAYA INC: Provides IP Services to BNSF Railway
SHAW GROUP: Names Brian Ferraioli as Chief Financial Officer


N E W  Z E A L A N D

ANDERSON FINANCE: Undergoes Liquidation Proceedings
BETTA PANELS: Accepting Proofs of Debt Until October 26
FIRST DATA: Moody's Rates US$3.75 Bln Sr. Unsecured Notes at B3
FML No 1: Fixes October 19 as Last Day to File Claims
GAYHURST PROPERTY: Commences Wind-Up Proceedings

GENEVA FINANCE: "A Lifeline for Others," The Dominion Post Says
HAWKES BAY: Taps John Francis Managh as Liquidator
KATANA PROPERTY: Appoints Official Assignee as Liquidator
KERREZ ENTERPRISES: Accepting Proofs of Debt Until Nov. 23
MULTI BUILDING: Commences Liquidation Proceedings

SOVEREIGN SUPPLIES: Fixes October 31 as Last Day to File Claims
TRIDENT MARKETING: Taps Brown and Rodewald as Liquidators
TYLOS GROUP: Shareholders Agree on Voluntary Liquidation


P H I L I P P I N E S

ALLIED BANKING: To Circulate 100,000 Cards Within Three Years
BANGKO SENTRAL: Excess Liquidity Mop-up Operations to Continue
NAT'L POWER: To Prepay US$1.3-Bil. Debt Within Next 6 Months
NIHAO MINERAL: Revokes Subscription Deal with Mina Tierra
NIHAO MINERAL: Delfin Castro Jr. Resigns as President, Director

PAL HOLDINGS: SEC Approves Board-Endorsed Amendments to By-Laws
PHILCOMSAT HOLDINGS: Indefinitely Postpones Stockholders Meeting
* Gov't To Reduce Foreign Borrowings to Slow Down Peso's Rise


S I N G A P O R E

CHIP HUA: Accepting Proofs of Debt Until October 26
HSIN SEMICONDUCTOR: Placed Under Judicial Management
OKS CREDIT: Pays Second and Final Dividend
RIGHTPEOPLE PTE: Requires Creditors to File Claims by Nov. 12


T H A I L A N D

KRUNG THAI: To Make Interest Payments for Debentures on Nov. 19


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

ACE COMPUTER: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on September 13, 2007,
the members of Ace Computer Services Pty Limited resolved to
voluntarily liquidate the company's business.

Bruce Gleeson was appointed as liquidator.

The Liquidator can be reached at:

         Bruce Gleeson
         Jones Partners Insolvency & Business Recovery

                       About Ace Computer

Ace Computer Services Pty Limited is in the business of computer
maintenance and repair.  The company is located at Dulwich Hill,
in New South Wales, Australia.


ADVANCED MARKETING: Wants More Time to Decide on Remaining Lease
----------------------------------------------------------------
Advanced Marketing Services Inc., Publishers Group Incorporated,
and Publishers Group West Incorporated ask the U.S. Bankruptcy
Court for the District of Delaware to extend the time by which
they may assume or reject their sole remaining unexpired lease
of a non-residential real property, located in Indianapolis,
Indiana, with The Prudential Company of America as landlord.

The Debtors seek extension of the Lease Decision Period through
and including Oct. 31, 2007, without prejudice to their right to
seek further extensions.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Court previously approved
the Debtors' assumption and assignment to Perseus Books LLC of
the leases for space in Berkeley and New York.  He also notes
that the Debtors have expressed intention to consummate that
assignment before September 30.

Under Section 365(d)(4)(B)(ii) of the Bankruptcy Code, the Court
may grant a subsequent extension "only upon prior written
consent of the lessor in each instance."

In the Debtors' cases, Mr. Collins points out, they have   
obtained prior written consent of the lessor of the Indianapolis
Lease to the requested October 31 extension.

The Court will convene a hearing on October 26 at 11:00 a.m., to
consider the Debtors' request.  Pursuant to Del.Bankr.LR 9006-2,
the Debtors' Lease Decision Period with respect to the
Indianapolis Lease is automatically extended until the
conclusion of that hearing.

                   About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia, and employs
approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  In schedules filed with the Court,
Advanced Marketing disclosed total assets of $213,384,791 and
total debts of $216,608,357.  Publishers Group West disclosed
total assets of $39,699,451 and total debts of $83,272,493.  
Publishers Group Inc. disclosed zero assets but $41,514,348 in
liabilities.

On Aug. 24, 2007, the Debtors' exclusive period to file a
chapter 11 plan expired.  On the same date, the Debtors and
Creditors Committee filed a Plan & Disclosure Statement.  On
September 26, the Court approved the adequacy of the Disclosure
Statement explaining the Second Amended Plan.  The hearing to
consider confirmation of the Plan is set on Nov. 15, 2007.  
(Advanced Marketing Bankruptcy News, Issue No. 21; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or  
215/945-7000).


ANYWHERE TOWER: Placed Under Voluntary Liquidation
--------------------------------------------------
On September 11, 2007, the members of Anywhere Tower Cranes Pty
Limited passed a resolution to liquidate the company's business.

Robert Moodie was tapped as liquidator.

The Liquidator can be reached at:

         Robert Moodie
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia

                      About Anywhere Tower

Anywhere Tower Cranes Pty Limited is in the business of heavy
construction equipment rental and leasing.  The company is
located at Wetherhill Park, in New South Wales, Australia.


AUSTRALIAN WASTE: Will Declare First Dividend on November 8
-----------------------------------------------------------
Australian Waste Recyclers 1 Pty Limited, which is in
liquidation, will declare its first dividend on November 8,
2007.

Creditors who were not able to file their proofs of debt by the
October 16 due date will be excluded from the company's dividend
distribution.

The company's liquidators are:

         Steven John Sherman
         Morgan John Kelly
         Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia

                     About Australian Waste

Australian Waste Recyclers 1 Pty Limited operates refuse
systems.  The company is located at St Marys, in New South
Wales, Australia.


BORY INVESTMENTS: Sets Joint Meeting for October 25
---------------------------------------------------
The members and creditors of Bory Investments Pty Limited will
hold a joint meeting on October 25, 2007, at 11:00 a.m., to hear
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

                     About Bory Investments

Bory Investments Pty Limited provides management consulting
services.  The company is located at Balgowlah Heights, in New
South Wales, Australia.


COLES GROUP: ACCC Says No to Woolworths' Interest in Kmart
----------------------------------------------------------
The Australian Competition and Consumer Commission said that it
opposes any attempt by Woolworths Ltd. to acquire Kmart and
Officeworks from Coles Group Ltd., the Australian Associated
Press reports.

ACCC Chairman Graeme Samuel justifies that Woolworths'
acquisition of Officeworks would not likely to substantially
lessen competition because Woolworths does not presently operate
a similar business to Officeworks, states AAP.

However, ACCC's investigation found that "the proposed
acquisition by Woolworths of Kmart, Big W's closest competitor
in a number of important respects, would be likely to
substantially lessen competition in a number of markets," AAP
says.

Mr. Samuel, according to the report, explained that if
Woolworths were to acquire Kmart, there would be a reduction in
"competitive tension in the relevant markets," and since
Woolworths had requested the ACCC to assess its proposed
acquisition of Officeworks and either Kmart or Target, thus
ACCC's opposition.

AAP quotes Mr. Samuel as saying, "The ACCC is particularly
concerned about the effect of the proposed acquisition of Kmart
in markets for the retail of basic footwear, men's basic
apparel, women's basic apparel, children's basic apparel, toys,
books and DVDs."

The report states that ACCC has extended its timeline to allow
further consideration of the proposed acquisition of Target by
Woolworths.
  
                     About Coles Group

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

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


FIFTY YEARS: Members to Hold Final Meeting on October 26
--------------------------------------------------------
A final meeting will be held for the members of Fifty Years Pty
Limited on October 26, 2007, at 9:30 a.m.

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

The Liquidator can be reached at:

         G. D. D. Raffan
         Foster Raffan
         Level 6, 8 West Street
         North Sydney, New South Wales 2060
         Australia

                        About Fifty Years

Fifty Years Pty Limited is a distributor of electrical apparatus
equipment wiring supplies and construction materials.  The
company is located at Meadowbank, in New South Wales, Australia.


FLIGHT CENTRE: Augments Earnings After Planned PEP Sellout
----------------------------------------------------------
Flight Centre Ltd. has flagged a boost in earnings for the
current fiscal year, Michael Sainsbury writes for The
Australian.

Mr. Sainsbury notes that after the airline cancelled plans to
sell a stake to buy out Pacific Equity Partners, Flight Centre's
managing director Graham Turner said that the 15% growth in
operating profit was expected to translate into first-half pre-
tax profit growth of about 30%, in comparison to a "relatively
weak" first half in the previous corresponding period.

The Australian quotes Mr. Turner as saying, "We will continue to
target pre-tax growth in the region of 15% for the 12 months to
June 30, 2008.  The momentum gained during the second half of
2006-07 has continued into the early months of 2007-08.  We have
seen healthy sales growth, fuelled by solid performances from
our overseas business and in Australia, where prevailing
economic conditions have been favorable."

Mr. Turner further added that despite an expected slowdown in
profit growth in the second half of this financial year compared
to a strong previous corresponding period, the company was still
targeting pre-tax profit growth in the region of 15%, relates
The Australian.

                      About Flight Centre

Headquartered at Brisbane, in Queensland, Australia, Flight
Centre Ltd. -- http://www.flightcentre.com/-- is an Australian  
owned and New Zealand-run independent retail travel group,
guaranteeing the lowest prices on all airfares.  It had a
turnover in excess of $3 billion worldwide and 18 years of  
consecutive profits until its shares plunged more than 8%  
following the announcement of its first ever annual profit  
decline.

The company, which in the past has reported spectacular results,
hit the wall in 2004-05 with two profit downgrades.  Flight
Centre announced 2004-05 profit of AU$67.91 million, down 17%
from the previous period.  Embattled Flight Centre then launched
a restructuring drive aimed at saving costs and began working
towards a turnaround in 2005/06 by focusing on ongoing
development of its four main networks.  It has implemented
changes to its customer relations programs, following a
comprehensive review of its other company initiatives.


FORTESCUE METALS: Moody's Resumes Downward Study of Finance Unit
----------------------------------------------------------------
Moody's Investors Service said that it is continuing its review
of the senior secured Ba3 rating of FMG Finance Pty. Ltd. for
possible downgrade, affecting approximately US$1,900 millions of
securities.

The rating review continues to consider the project economics
and progress towards completion currently scheduled for 15 May,
2008.  "Delays have been experienced in construction of the
railway, and although Fortescue has now arranged for three
contractors to work on the project, delays are continuing," says
David Howell, Moody's lead analyst for the company. According to
independent engineer Behre Dolbear Australia ("BDA"), the
railway part of the project is only 57% completed and rail
construction is now predicted to be completed only in early
2008.

The review focuses on the amount of liquidity reserves plus the
amount that the parent will inject into the project to
compensate for higher costs associated with delays including
those associated with the recent cyclones.

Fortescue Metals Group, based in Perth, is constructing an iron
ore mine, railway and port in Western Australia's Pilbara
region. When completed, the project will produce between 45 and
55 million tons of iron ore per annum for export.  Fortescue
raised equity funds of AU$504m in July 2007.

                       About Fortescue Metals

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

                          *     *     *

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

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


IOCORE ASIA: Members to Receive Wind-Up Report on Oct. 30
---------------------------------------------------------
A final meeting will be held for the members of Iocore
Asia/Pacific Pty Limited on October 30, 2007, at 10:30 a.m.

At the meeting, Salvatore Algeri and Timothy B Norman, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.

The company also declared dividend on October 16, 2007.  
Creditors who were not able to file their proofs of debt by the
October 9 due date were excluded from the company's dividend
distribution.

The company's liquidators are:

         Salvatore Algeri
         Timothy B. Norman
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                        About Iocore Asia

Iocore Asia/Pacific Pty Limited, which is also trading as Iocore
Australia, provides computer related services.  The company is
located at Phillip, in ACT, Australia.


MORE PROPERTY: Members Resolve to Liquidate Business
----------------------------------------------------
During a general meeting held on September 17, 2007, the members
of More Property & Real Estate Pty Limited agreed to voluntarily
liquidate the company's business.

David Michael Morgan was appointed as liquidator.

The Liquidator can be reached at:

         David Michael Morgan
         Clout & Associates
         Level 1, 144-148 West High Street
         Coffs Harbour, New South Wales
         Australia


O.R.A PTY: Will Declare Dividend on October 23
----------------------------------------------
O.R.A Pty Ltd -- formerly trading as Open-Systems Resources of
Australia -- which is in liquidation, will declare dividend on
October 23, 2007.

Creditors who were not able to file their proofs of debt by the
October 9 due date will be excluded from the company's dividend
distribution.

The company's liquidator is:

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

                        About O.R.A. Pty

O.R.A. Pty Ltd, which is also trading as Open Systems Resources
Of Australia, provides computer related services.  The company
is located at South Yarra, in Victoria, Australia.


PEABODY ENERGY: Appoints VP & Assistant Operations Controller
--------------------------------------------------------------
Peabody Energy has promoted Gary T. Kacich as Vice President and
Assistant Controller - Operations, reporting to Senior Vice
President, Controller and Chief Accounting Officer L. Brent
Stottlemyre.  Mr. Kacich will be responsible for corporate and
operations accounting, as well as the sales accounting, payroll,
accounts payable and records retention functions.

Reporting to Mr. Kacich are Payroll Manager Lynn K. Payne,
Accounts Payable Manager Linda L. Son, Senior Manager of Sales
Accounting Michael E. Fourney, Senior Manager of Accounting
Rebecca J. Mead and Records Retention Administrator Jon A.
Zinkgraf.

Mr. Kacich has 20 years of financial experience and a strong
background with Peabody. He joined Peabody in 1995 as Manager of
Subsidiary Accounting.  He has served in various accounting
management positions, including Director of Corporate
Accounting, Director of Financial Planning, Assistant Treasurer
and Assistant Controller - Operations.  Prior to joining
Peabody, Mr. Kacich spent two years as Division Accounting
Manager with Mallinckrodt Medical and five-plus years in the
Ernst & Young audit function.

Mr. Kacich holds a Bachelor of Science degree in Accountancy
from the University of Missouri - Columbia.  He is a Certified
Public Accountant and a member of the American Institute of
Certified Public Accountants and the Missouri Society of
Certified Public Accountants.

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

                       *     *     *

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


PEABODY ENERGY: Names Kenneth Wagner VP & Assistant Gen. Counsel
----------------------------------------------------------------
Peabody Energy has announced that Kenneth L. Wagner has been
named Vice President and Assistant General Counsel with legal
responsibility for corporate governance and Securities and
Exchange Commission compliance for the company.  Mr. Wagner will
report to Executive Vice President and Chief Legal Officer
Alexander C. Schoch.  Mr. Wagner joined the company on Sept. 24.

Mr. Wagner has 25 years of extensive corporate legal experience,
most recently as Associate General Counsel for Bank of America.
In that role, he provided advice and counsel to senior
management on corporate governance, SEC compliance and executive
and director compensation matters.

He previously served in legal positions with Goodrich Corp.,
including Principal Counsel and Assistant Secretary.  Earlier in
his career, Mr. Wagner worked in private practice and as a
Special Counsel for the SEC's Division of Corporation Finance.

Mr. Wagner holds a Master of Laws in Securities Regulation from
Georgetown University, as well as a Juris Doctorate and Bachelor
of Arts in Journalism from the University of Kansas.  He is
admitted to practice law in several states, and serves on the
national board of directors of the Society of Corporate
Secretaries and Governance Professionals.

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

                       *     *     *

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


PEABODY ENERGY: Declares Dividend of US$0.06 Per Share
------------------------------------------------------
The board of directors of Peabody Energy Corporation on Oct. 18,
2007, declared a regular quarterly dividend on its common stock
of US$0.06 per share.  The dividend is payable on Nov. 23, 2007,
to holders of record on Nov. 1, 2007.

Peabody Energy (NYSE: BTU) is the world's largest private-sector
coal company, with 2006 sales of 248 million tons of coal and
US$5.3 billion in revenues.  Its coal products fuel
approximately 10 percent of all U.S. electricity generation and
more than 2 percent of worldwide electricity.


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

                       *     *     *

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


SUTTER PTY: Members and Creditors to Meet on October 29
-------------------------------------------------------
Sutter Pty. Limited will hold a meeting for its members and
creditors on October 29, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         B. Kijurina
         Smith Hancock
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia

                        About Sutter Pty

Sutter Pty Limited, which is also trading as Orana Film
Transport, operates radio, television and electronic stores.  
The company is located at Penrith, in New South Wales,
Australia.


X + OPEN: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
On September 13, 2007, the members and creditors of X + Open
Systems Pty Ltd passed a resolution to liquidate the company's
business due to its inability to pay its debts.

Geoffrey McDonald was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey Mcdonald
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                         About X + Open

X + Open Systems Pty Ltd provides computer related services.  
The company is located at Berowra, in New South Wales,
Australia.


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

B.M. OPTICAL: Sets Annual Meeting for October 22
------------------------------------------------
An annual meeting will be held for the members and creditors of
B.M. Optical International Company Limited on October 22, 2007,
at 10:30 a.m., at the office of Ferrier Hodgson Limited, 14th
Floor of the Hong Kong Club Building, in 3A Chater Road, Hong
Kong.

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


BILLION METRO: Creditors' Proofs of Debt Due on November 12
-----------------------------------------------------------
Ng Lai Ching was appointed liquidator of Billion Metro
Investment Limited on October 5, 2007.

Mr. Ching requires the company's creditors to file their proofs
of debt by November 12, 2007, to be included in the company's
dividend distribution.

The Liquidator can be reached at:

         Ng Lai Ching
         2803 Universal Trade Centre
         3-5 Arbuthnot Road
         Hong Kong


COOPER TIRE: Closes US$7MM Rongcheng Stake Sale to ArcelorMittal
----------------------------------------------------------------
Cooper Tire & Rubber Company closed the sale of its wholly owned
subsidiary's 25% interest in Rongcheng Chengshan Steel Cord
Company to ArcelorMittal Wire Drawing Asia Sarl for $7.4
million.
   
Cooper Tire's acquisition of 51% of Cooper Chengshan Passenger
Tire Company Ltd., and Cooper Chengshan Tire Company Ltd., was
completed in early 2006 and included a 25% ownership position in
the steel cord factory which is located adjacent to the tire
manufacturing facility in Rongcheng City, Shandong, China.
    
"We continue to divest our interest in what we consider
non-core businesses, which includes the steel cord business,"
Roy V. Armes, Cooper Tire President and CEO, said.  "While it
was not considered a core product for Cooper, it did provide a
steady supply of quality steel cord to support our Chinese
manufacturing facilities.  This is a continuing effort by Cooper
to focus on our core tire manufacturing and marketing efforts.  
The new owner will remain one of our key suppliers of
steel cord."
    
               About Cooper Tire & Rubber Company

Headquartered in Findlay, Ohio, Cooper Tire & Rubber Company
(NYSE:CTB) -- http://www.coopertires.com/html/-- is a  
manufacturer of replacement tires.  The company focuses on the
manufacture and sale of passenger and light truck replacement
tires.  It also manufactures radial medium and bias light truck
tires, and materials and equipment for the truck tire retread
industry. The Company also manufactures and sells motorcycle and
racing tires.  Cooper has two business segments: North American
Tire Operations and International Tire Operations.  The North
American Tire Operations segment produces passenger car and
light truck tires, primarily for sale in the United States
replacement market, and materials and equipment for the tread
rubber industry.  The International Tire Operations segment has
manufacturing facilities in the United Kingdom and China. The
segment has two administrative offices and a sales office in
China.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 21, 2007,
Moody's Investors Service affirmed these ratings on Cooper Tire
& Rubber Company: (i) corporate family rating, B2; (ii)
probability of default, B2; (iii) senior unsecured notes B2,
LGD-4, 56%; (iv) shelf filing for unsecured notes, (P)B2 ,LGD-4,
56%; (v) shelf filing for preferred stock, (P)Caa1, LGD-6, 97%;
and (vi) speculative grade liquidity, SGL-2.


FIAT SPA: Finance Unit to Repay EUR123.4 Million Bonds
------------------------------------------------------
Fiat S.p.A.'s Fiat Finance & Trade Ltd. S.A., a company
organized under the laws of Luxembourg, will repay
EUR123,400,000 equal to the first amortization installment of
the outstanding "Fiat Step Up Amortizing 2001 - 2011" bonds of
EUR617,000,000 on Nov. 7, 2007.

The repayment is in compliance with the provisions of the
instructions to the rules of the markets organized and managed
by Borsa Italiana S.p.A.

In accordance with the conditions of the bond, the repayment
will reduce by one-fifth the face value of each outstanding
bond.  As a result, the face value will then amount to EUR800
each for a total residual amount of EUR493,600,000.

Consequently, the smallest denomination of each bond will thus
be reduced from EUR1,000 to EUR800.

                         About Fiat SpA

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

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

                            *   *   *

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

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


FIAT SPA: Inks Cooperation Deal with Russia's Avtovaz
-----------------------------------------------------
Fiat S.p.A. and JSC Avtovaz signed a memorandum of understanding
as the basis for the establishment of cooperation initiatives
aimed at supporting the expansion of Avtovaz, in the area of
passenger cars encompassing engineering and technological
processes, development, manufacturing, product sourcing, engines
and other components.

Fiat's involvement in the development of the Fiat brand in
Russia based on prior agreements with other parties continues to
be strong and is not affected by this MoU.

Following the MoU, joint teams would be set up by the two groups
to determine the feasibility and specificity of the nature of
cooperation, both in the short and long term.  The two companies
expect to sign definitive agreements in the course of the coming
months.

"A cooperation with AUTOVAZ represents a significant step
forward in our industrial strategy of targeted alliances.  It is
our view that Autovaz will re-emerge as a strong automotive
player in a market that is showing significant growth potential.  
And we are delighted to be able to assist and participate in
this process," Sergio Marchionne, Fiat Group's CEO, disclosed.

"The memorandum signed is the most important stage in the
Russian-European cooperation in the sphere of automobile
production.  Now we are entering a brand new level of relations
with the Fiat Corporation which played the most decisive role in
the construction of VAZ in the 60s of the last century.  Fiat
helped to design the most popular car in Russia which won the
hearts and souls of our automobilists," Sergey Chemezov chairman
of AvtoVAZ board of directors.

"We hope that we shall obtain success once again, revive the
authority and glory of AUTOVAZ," Mr. Chemezov added.

                         About Fiat SpA

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

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

                            *   *   *

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

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


GLOBAL CROSSING: Picks Empirix for VoIP Service Monitoring
----------------------------------------------------------
Global Crossing Ltd. has selected Empirix(R) Inc.'s Hammer XMS
to monitor and test call quality on Global Crossing's global
IP-based network.

Global Crossing offers its enterprise and carrier customers a
highly reliable worldwide network, designed for the convergence
of voice, video and data.  The company sought a partner that
could help it ensure the highest levels of VoIP quality.  Based
on Global Crossing's commitment to customer satisfaction, it had
the following VoIP monitoring and quality assurance
requirements:

  -- Scalability to handle the pure volume and rapid growth
     associated with a Tier One network;

  -- Ability to correlate VoIP signaling and RTP transactions
     across a global VoIP network;

  -- Reporting and analysis of service quality by customer;

  -- Management of Service Level Agreement (SLA) metrics; and

  -- Deep diagnostics of VoIP call flows for rapid problem
     resolution.

Empirix's Hammer XMS is a carrier-class monitoring solution
designed to ensure the reliability and quality of next-
generation services.  Hammer XMS offers Network Engineering,
Planning, Operations and Customer Care teams the ability to both
efficiently and confidently deploy new services and maintain
current services with higher quality and at a lower cost.

Notes Jim Watts, Global Crossing Vice President, Engineering,
"As part of our efforts to continually enhance our VoIP suite of
services, Hammer XMS provides Global Crossing the ability to
monitor and test IP call quality across our VoIP network.  This
allows a quicker response and better resolution times for
network outages and customer impacting issues.  Hammer XMS' ease
of use, real-time reports, and feature sets deliver a viable,
proactive network analysis environment."

"This is a particularly exciting opportunity to see our
partnership with Global Crossing enable yet another successful
Hammer XMS implementation," said Duane Sword, Vice President of
Product Management at Empirix.  "Global Crossing understands the
tremendous impact that consistent service quality can have
worldwide.  By applying our VoIP monitoring solution, the
company has taken a strong, proactive approach to ensuring its
customers' quality needs are always met by solving issues before
the customer is even aware.  We look forward to helping Global
Crossing maintain its superior customer satisfaction ratings as
demand for VoIP continues to grow."

                     About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, China and the United Kingdom.  Global
Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  The company filed for chapter 11 protection on Jan.
28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188).  When the Debtors
filed for protection from their creditors, they listed
US$25,511,000,000 in total assets and US$15,467,000,000 in total
debts.  Global Crossing emerged from chapter 11 on Dec. 9, 2003.

At Dec. 31, 2006, Global Crossing Ltd.'s balance sheet showed a
US$195 million stockholders' deficit, compared to a US$173
million stockholders' deficit at Dec. 31, 2005.


GLOBAL POWER: Wants Court to Approve Plan Support Agreement
-----------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
approve an agreement in support of the Debtors' Joint Chapter 11
plan of Reorganization.  The agreement was entered into by the
Debtors, the Official Committee of Unsecured Creditors, the
Official Committee of Equity Security Holders, and holders of
100% of Global Power's 4.25% Convertible Senior Subordinated
Notes.

The Debtors relate that the Plan Support Agreement contemplates
and provides the basis for the Parties' support for confirmation
and consummation of the Plan and is based on a rights offering
on private placement of up to US$90 million.  The proceeds of
which, the Debtors say, will be used to fund the Plan.  The
rights offering and private placement will be memorialized in a
Backstop Stock Purchase Agreement, the Debtors add.

The Court has set a hearing for October 24 to consider the
Debtors' request.

                       About Global Power

Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors.  Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.  
At Oct. 31, 2006, Global Power's balance sheet showed total
assets of US$177,758,000 and total debts of US$99,017,000

Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors.  The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.


GLOBAL POWER: Exclusive Plan-Filing Period Extended to Oct. 24
--------------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware issued a sixth bridge order
extending Global Power Equipment Group Inc. and its debtor-
affiliates' exclusive period to file a chapter 11 plan of
reorganization to Oct. 24, 2007.  Judge Shannon also extended
the Debtors' exclusive period to solicit acceptances of that
plan to Dec. 24, 2007.

Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors.  Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.  
At Oct. 31, 2006, Global Power's balance sheet showed total
assets of US$177,758,000 and total debts of US$99,017,000

Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors.  The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.


GOLDMEN ELECTRONIC: Court to Hear Wind-Up Petition on Nov. 28
-------------------------------------------------------------
A petition to have Goldmen Electronic Company Limited's
operations wound up will be heard before the High Court of Hong
Kong on November 28, 2007, at 9:30 a.m.

The petition was filed by Wellmate Corporation Limited on
September 13, 2007.

Wellmate Corporation's solicitors are:

         Tang and Lee
         Hopewell Centre, Room 3704, 37th Floor
         183 Queen's Road East
         Hong Kong


INT'L PAPER: Gives US$1 Million to Support Zero Waste Campaign
--------------------------------------------------------------
International Paper, the National Park Foundation and the
National Recycling Coalition has announced a new pilot program
to evaluate ways to limit the impact of foodservice products in
America's national parks.  The study, funded in part by a
donation of up to US$1 million by International Paper, will
commence in the summer of 2008 and is aimed at moving toward
"Zero Waste" across the park system by identifying best
practices in foodservice waste reduction that can be transferred
to national parks throughout the country.

"At International Paper, we have already celebrated our first
centennial of environmental stewardship, and now we're looking
forward to helping the National Park System celebrate theirs,"
said John Faraci, International Paper's chairman and chief
executive officer and National Park Foundation board member.
"It's an exciting opportunity, but one where each of us must be
prepared, right now, to provide strong support for the
challenges the park system will face going forward."

Through an agreement with the National Park Foundation,
International Paper will produce a customized cup for use by
parks, concessionaires and others.  The cup, International
Paper's fully compostable, recyclable ecotainer(TM), will
display printed messages that will raise awareness about the
National Park Centennial in 2016 and educate the public about
conservation and environmental stewardship.

International Paper will donate a penny for each commemorative
cup sold, up to US$1 million, back to the National Park
Foundation to help fund a joint effort between International
Paper, the National Park Foundation and the National Recycling
Coalition to evaluate foodservice waste management practices and
educate employees, concessionaires and visitors about ways to
reduce waste in the parks.

"Becoming a zero-waste society means we each have a role to
play, from the thoughtful design of a package to simple systems
that take the package back to its basic element," said Kate
Krebs, executive director of the National Recycling Coalition.
"What better place to demonstrate Zero Waste than our national
parks, where packaging can become a rich compost that can
nurture the flora and fauna of our parks."

Vin Cipolla, president and CEO of the National Park Foundation,
said the project demonstrates that corporations can contribute
not only charitable resources, but also the know-how and
technology to make things happen.  "The national parks have
always been about partnerships - people with a common passion
coming together for a larger good.  Innovative partnerships like
this one that can leverage the National Recycling Coalition and
International Paper are essential for securing the next century
of stewardship for our national parks," Mr. Cipolla said.

             About the National Park Foundation

The National Park Foundation -- http://www.nationalparks.org
-- is a 501(c)(3) organization chartered by Congress in 1967 to
continue a century-long tradition of private philanthropy
ensuring funding to preserve and enhance the legacy of our
National Parks.  As the official non-profit partner of America's
National Parks, the National Park Foundation does not receive
federal appropriations for their support.  The National Park
Foundation serves to strengthen the connection between the
American people and their national parks by raising private
funds, making strategic grants, creating innovative partnerships
and increasing public awareness.  Support of the National Park
Foundation ensures that the evolving history and rich heritage
of our Nation remains vital and relevant.

          About the National Recycling Coalition

The NRC -- http://www.nrc-recycle.org/-- is a national, non-
profit advocacy group with members that span all aspects of
waste reduction, reuse and recycling in North America.  NRC's
objective is to eliminate waste and promote sustainable
economies though advancing sound management practices for raw
materials in North America.  NRC works with its members and
partners to sponsor programs and stakeholder forums that provide
tools and nurture solutions for the recycling industry.
Breaking new ground in how Americans think about waste, the
Coalition is a strong and clear voice for recycling.

                 About International Paper

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
International Paper employs approximately 54,000 people in more
than 20 countries, including China, and serves customers
worldwide.

                       *     *     *

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

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


MOULIN (H.K.): Contributories and Creditors to Meet on Oct. 22
--------------------------------------------------------------
The contributories and creditors of Moulin (H.K.) Logistics
Company Limited will meet on October 22, 2007, at 2:30 p.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator:

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


MOULIN GLOBAL: Sets Annual Meeting for October 22
-------------------------------------------------
Moulin Global Eyecare Services Limited will hold an annual
meeting for its contributories and creditors on October 22,
2007, at 2:30 p.m., at the office of Ferrier Hodgson Limited,
14th Floor of the Hong Kong Club Building, in 3A Chater Road,
Hong Kong.

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


PEACE CITY: Liquidator to Give Wind-Up Report on Oct. 22
--------------------------------------------------------
Peace City Investment Limited will hold an annual meeting for
its contributories and creditors on October 22, 2007, at
4:30 p.m., at the office of Ferrier Hodgson Limited, 14th Floor
of the Hong Kong Club Building, in 3A Chater Road, Hong Kong.

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


PETROLEOS DE VENEZUELA: Ensures Gasoline Supply
-----------------------------------------------
Petroleos de Venezuela, S.A., has ensured production of the
appropriate volumes of gasoline to meet the domestic market
requirements and honor the existing commitments to foreign
customers.

In the face of rumors about presumed shortage in gas stations in
Barquisimeto, Lara state, the company warned the population
against the handling by unethical sectors that try to spread
unrest and nervousness among users.

The stocks in the fuel distribution facilities nationwide are at
the operational strategic levels able to meet the demand both in
the domestic and foreign markets.

In this way, the company reasserts its commitment to the
reliable supply of fuel across the nation.

                 About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


PETROLEOS DE VENEZUELA: Restarting El Palito Plant by Oct. 14
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA will
restart operations at its El Palito plant by Oct. 14, 2007,
state news agency Agencia Bolivariana de Noticias reports.

Business News Americas relates that the refinery was closed down
on Oct. 3, 2007, to prevent damage stemming from a failure in
the electrical system that powers the plant.

According to published reports, the shutdown led to gasoline
shortages.

As reported in the Troubled Company Reporter-Latin America on
Oct. 9, 2007, Petroleos de Venezuela said that it launched work
to bring the catalytic cracker and alkylation units back on line
at its 135,000 barrels-per-day El Palito plant after a power
outage.  El Palito plant's general manager said that technicians
had to first check equipment and infrastructure before Petroleos
de Venezuela would proceed with restarting the units.  The El
Palito plant encountered repeated outages amid refinery problems
over the last year.  El Palito had been running at its full
capacity of 135,000 barrels per day until the units were taken
off line.

Meanwhile, Petroleos de Venezuela maintained gasoline supply for
Venezuela's use.  Export contracts was never affected,
BNamericas notes.

A source in the refining sector claimed that the gasoline
shortages were rumors, saying that the plant was shut down due
to planned maintenance, BNamericas reports.

Petroleos de Venezuela refining vice-president Asdrubal Chavez
said in a statement that El Palito is operating at 65% of its
full capacity.  He told BNamericas, "These situations in
refineries are routine and normal."

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


PETROLEOS DE VENEZUELA: Petroecuador Rents 2 Rigs for US$18,000
---------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA will get
some US$18,000 per day from Ecuadorian counterpart Petroecuador
for two rigs to drill new wells in the Amazon.

Business News Americas relates that Petroecuador will sign the
rental contract with Petroleos de Venezuela in the coming days.

According to the statement, the price is 50% of what
Petroecuador pays private firms.

The two rigs would help boost production to 180,000 barrels per
day by year-end from 170,239 barrels per day, BNamericas notes,
citing Petroecuador.

The rigs are undergoing international certification to ensure
optimum operation and safety, Petroecuador said in a statement.

                      About Petroecuador

Petroecuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.

                About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


PROSPER GLORIES: Creditors' Proofs of Debt Due Today
----------------------------------------------------
The creditors of Prosper Glories Limited are required to file
their proofs of debt today, October 19, 2007, to be included in
the company's dividend distribution.

The company's liquidators are:

         Ho Kwan Yiu Junius
         Ho Wai Fung
         Henley Building, 18th Floor
         No. 5 Queen's Road Central
         Hong Kong


TRW AUTOMOTIVE: Inks Joint Venture Pact with Arvinmeritor Inc.
--------------------------------------------------------------
TRW Automotive Aftermarket, a unit of TRW Automotive Holdings
Corp., entered into an agreement to create a Joint Venture with
ArvinMeritor Inc. to distribute Gabriel and TRW branded shock
absorber ranges for the European independent aftermarket.  The
intention is for the Joint Venture to begin operation and
distribution in January 2008.

"Shock absorbers are an integral element of our core chassis
portfolio," Francois Augnet, vice president for TRW Automotive
Aftermarket Europe and Asia Pacific, said.  "We already offer a
comprehensive TRW branded range to our European customers and
are committed to enhancing it with the Gabriel programme to
maintain and develop our leading chassis position in the
European aftermarket."

"By combining the strengths of ArvinMeritor's engineering and
manufacturing competencies and the Gabriel brand name with
TRW's extensive sales and distribution network we are confident
that we can roll out successful shock absorber programmes for
the European independent aftermarket," Mr. Augnet continued.

With the recent sale of its European exhaust aftermarket
business, ArvinMeritor has sharpened its focus on original
equipment manufacturer systems engineering.  This includes a
renewed emphasis on its global ride control business.

With the Joint Venture, TRW and ArvinMeritor will jointly
control the future marketing, sales and distribution of the
Gabriel and TRW aftermarket programmes throughout Western,
Central and Eastern Europe.

"This is a great example of how both partners can share in the
investment, as well as reap the benefits," Marlen Silverii,
general manager for ArvinMeritor's global ride control
aftermarket business added.  "The Gabriel aftermarket product
line is technically very strong, and when partnered with TRW's
growing aftermarket presence, it will offer our aftermarket
customers a strong chassis alternative."

                    About Arvinmeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 19,000 people in 25
countries.

                     About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services

TRW Automotive Aftermarket provides high quality replacement
parts, service, diagnostics and technical support to both the
independent aftermarket and the vehicle manufacturer service
channels.

                        *     *     *

Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT
Issuer Default rating and 'BB-' on its Unsecured Debt rating.
Fitch said the outlook is stable.


UNCIA LIMITED: Liu Yuk Ming Stephen Quits as Liquidator
-------------------------------------------------------
Liu Yuk Ming Stephen ceased to act as liquidator of Uncia
Limited on September 30, 2007.

The former Liquidator can be reached at:

         Liu Yuk Ming Stephen
         Progress Commercial Building, Room 2407
         7-17 Irving Street, Causeway Bay
         Hong Kong


UNRIVALED FLIBUSTER: Appoints Gicquel as Liquidator
---------------------------------------------------
At an extraordinary general meeting held on October 5, 2007, a
special resolution was passed appointing Bernadette Marie
Gicquel as the company's liquidator.

The Liquidator can be reached at:

         Bernadette Marie Gicquel
         Amtel Building, Room A, 14th Floor
         144-148 Des Voeux Road Central
         Hong Kong


ZOOM & SIZES: Members Pass Resolution to Liquidate Business
-----------------------------------------------------------
On October 5, 2007, the members of Zoom & Sizes and Associates
Limited passed a resolution to liquidate the company's business.

Creditors are required to file their proofs of debt by
November 12, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lee Kwok On, Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street, Kowloon


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

AES CORP: Commences Cash Tender Offer for US$1.24 Bil. Sr. Notes
----------------------------------------------------------------
The AES Corporation has commenced a cash tender offer for up to
US$1.24 billion of its outstanding senior notes in accordance
with the terms and conditions described in its Offer to Purchase
dated Oct. 16, 2007.  The tender offer will expire at 12:00
p.m., on midnight, New York City time, on Nov. 13, 2007, unless
extended or earlier terminated.

The total consideration payable for each series of Notes will be
based on the yield to maturity of a specified U.S. Treasury
reference security, plus a fixed spread.

The three series of Notes subject to the tender offer, the
acceptance priority levels, the applicable U.S. Treasury
reference security for the Notes and the applicable fixed spread
are enumerated:

1) Title of Security: 8.75% Senior Notes due 2008
   CUSIP/ISIN Numbers:  00130HAV7
   Aggregate Principal Amount Outstanding: US$201,809,000
   Acceptance Priority Level: 1
   Maturity Date/Earliest Redemption Date: June 15, 2008(1)
   Par Amount/Earliest Redemption Price(2)(3): US$1,000.00
   Early Tender Premium(3): US$30.00
   Reference Security: US$5.125% U.S.T. Note due June 30,
   2008(2)
   Bloomberg Reference Page: PX3
   Fixed Spread (basis points): +50

2) Title of Security: 9% 2nd Priority Sr. Sec. Notes due 2015
   CUSIP/ISIN Numbers: 00130HBB0, U0080RAG5
   Aggregate Principal Amount Outstanding: US$600,000,000
   Acceptance Priority Level: 2
   Maturity Date/Earliest Redemption Date: May 15, 2008(2)
   Par Amount/Earliest Redemption Price(2)(3): US$1,045.00
   Early Tender Premium(3): US$30.00
   Reference Security: US$5.625% U.S.T. Note due May 15, 2008
   Bloomberg Reference Page: PX3
   Fixed Spread (basis points): +50


3) Title of Security: 8.75% 2nd Priority Sr. Sec. Notes due
                      2013
   CUSIP/ISIN Numbers: 00130HBA2, U0080RAF7
   Aggregate Principal Amount Outstanding: US$1,200,000,000
   Acceptance Priority Level: 3
   Maturity Date/Earliest Redemption Date: May 15, 2008
   Par Amount/Earliest Redemption Price(2)(3): US$1,043.75
   Early Tender Premium(3): US$30.00
   Reference Security: US$5.625% U.S.T. Note due May 15, 2008
   Bloomberg Reference Page: PX3
   Fixed Spread (basis points): +50

1. The 2008 Notes mature on June 15, 2008 and may be redeemed
   at any time at a redemption price equal to par plus a
   "make-whole" premium, if any.

2. May 15, 2008 is the earliest date at which the 2013 Notes
   and the 2015 Notes may be redeemed at a redemption price
   equal to a specified percentage of the principal amount.  
   Prior to May 15, 2008, the 2013 Notes and 2015 Notes may be
   redeemed at any time at a redemption price equal to par plus
   a "make-whole"  premium, if any.

3. Per US$1,000 principal amount of Notes that are accepted for
   purchase.

Holders tendering their Notes on or prior to 5:00 p.m., New York
City time, on Oct. 29, 2007, unless extended or earlier
terminated, will receive the total consideration, which includes
an early tender premium of US$30.00 per US$1,000 principal
amount of Notes purchased.  Holders that tender their Notes
after the Early Tender Time but prior to the Expiration Time
will receive the total consideration less the early tender
premium.  The company will pay the total consideration in
respect of the 8.75% Senior Notes due 2008 and the 9.00% Second
Priority Senior Secured Notes due 2015 that have been validly
tendered and not withdrawn prior to the Early Tender Time and
accepted for purchase by the company on Oct. 30, 2007.  The
company will pay (i) the total consideration for any 8.75%
Second Priority Senior Secured Notes due 2013 that were validly
tendered and not withdrawn prior to the Early Tender Time and
accepted for purchase by AES and (ii) the Tender Offer
Consideration for any Notes that were validly tendered and not
withdrawn after the Early Tender Time and prior to the
Expiration Time and accepted for purchase by the company on Nov.
14, 2007.  In addition, in all cases, holders will receive
accrued interest from the last interest payment date for such
series of Notes to, but not including, the Early Settlement Date
or the Final Settlement Date, as applicable.

AES may increase or modify the Tender Cap subject to applicable
law, depending on the principal amount of Notes validly tendered
and not withdrawn without extending withdrawal rights to
Holders.  If the aggregate principal amount of Notes validly
tendered and not withdrawn at the Expiration Time exceeds the
Tender Cap, the company will (subject to the terms and
conditions of the offer) limit the Notes it accepts pursuant to
the Tender Cap and in accordance with the acceptance priority
levels as set forth in the Offer to Purchase.  Since the 8.75%
Senior Notes due 2008 and the 9.00% Second Priority Senior
Secured Notes due 2015 have an acceptance priority level of 1
and 2, respectively, and the aggregate principal amount of the
8.75% Senior Notes due 2008 and the 9.00% Second Priority Senior
Secured Notes due 2015 combined is less than the Tender Cap,
neither the 8.75% Senior Notes due 2008 nor the 9.00% Second
Priority Senior Secured Notes due 2015 will be subject to
proration; only the 8.75% Second Priority Senior Secured Notes
due 2013 will be subject to proration.  Except as set forth in
AES's Offer to Purchase or as required by applicable law, Notes
tendered prior to 5:00 p.m., New York City time, on Oct. 29,
2007, unless extended by AES in its sole discretion may only be
withdrawn in writing before the Withdrawal Deadline, and Notes
tendered after the Withdrawal Deadline but prior to the
Expiration Time may not be withdrawn.

The tender offer is conditioned on the satisfaction of certain
conditions.  If any of the conditions are not satisfied, AES is
not obligated to accept for payment, purchase or pay for, and
may delay the acceptance for payment of, any tendered Notes, in
each event, subject to applicable laws, and may even terminate
the tender offer.

Citi is the Dealer Manager for the tender offer.  Global
Bondholder Services Corporation is acting as the Information
Agent and Wells Fargo Bank, National Association is acting as
the Depository.  The offer is made only by an Offer to Purchase
dated Oct. 16, 2007, and the information in this news release is
qualified by reference to the Offer to Purchase.  Persons with
questions regarding the offer should contact the Dealer Manager,
toll-free at (800) 558-3745 or collect at (212)
723-6106.  Requests for documentation may be directed to the
Information Agent, toll-free at (866) 294-2200.

                     About AES Corporation

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 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.

Fitch Ratings assigned a 'BB/RR1' rating to AES Corporation's
US$2 billion issuance of senior unsecured notes maturing 2015
and 2017.  AES' long-term Issuer Default Rating is rated 'B+' by
Fitch.  The rating outlook is stable.


BAUSCH & LOMB: Moody's Withdraws PIK & Sub Notes Ratings
--------------------------------------------------------
Moody's Investors Service withdrew Bausch & Lomb Incorporated's
proposed Caa1 ratings for US$175 million PIK notes and US$175
million senior subordinated notes.

Concurrently, Moody's affirmed the company's existing ratings.
The outlook for the proposed ratings remains stable.

Recently, BOL revised its capital structure by increasing its
proposed U.S. term loan by US$100 million to US$1.2 billion and
increasing its offering of proposed senior unsecured notes to
US$650 million from US$400 million.  As a result, the company
will not be issuing the proposed US$175 million senior PIK notes
and the proposed US$175 million senior subordinated notes.

Moody's continued the review for possible downgrade of Bausch &
Lomb Incorporated's (Oldco) existing ratings with the
expectation that they will be withdrawn at the close of the
transaction.

Ratings are subject to review of final documentation.

These ratings were withdrawn from Bausch & Lomb Incorporated
(Newco):

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

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

This Bausch & Lomb Incorporated's (Newco) ratings were affirmed
with updated LGD assessments:

   -- B2 Corporate Family Rating;

   -- B2 Probability of Default Rating;

   -- SGL-2 Speculative Grade Liquidity Rating;

   -- B1 rating (to LGD3/36% from LGD3/35%) on a US$500 million
      Senior Secured Revolver;

   -- B1 rating (to LGD3/36% from LGD3/35%) on a US$1,200
      million U.S. Senior Secured Term Loan;

   -- B1 rating (to LGD3/36% from LGD3/35%) on a US$300 million
      Delayed Draw Term Loan; and

   -- Caa1 rating (to LGD5/89% from LGD5/86%) on US$650 million
      Senior Unsecured Notes.

This Bausch & Lomb, B.V.'s ratings were affirmed with updated
LGD assessments:

   -- B1 rating (to LGD3/36% from LGD3/35%) on a US$575 million
      European Senior Secured Term Loan.

The ratings related to Bausch & Lomb Incorporated (Oldco)
ratings remain on review for possible downgrade and will be
withdrawn at the close of the transaction.

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


CABLE & WIRELESS: Dismisses Speculation on Business Disposal
------------------------------------------------------------
Cable & Wireless plc is unlikely to sell its business, Jim
Marsh, chief executive of Europe, Asia & U.S told Reuters,
dismissing speculations.

According to Mr. Marsh, considering C&W's unique asset
capability, it might in fact be on the acquisition trail.  He
added that the telecoms group is investing significantly in
Asia.

"The question is, if you have a unique capability like we do,
why would you want to sell that?" Mr. Marsh was quoted by
Reuters as saying.  "Surely it's more likely that you'd want to
continue to build up the business you have today, by buying
things.  So it's unlikely that we will choose to sell the
business when we've got such unique asset capability."

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%


GENERAL MOTORS: To Cut 767 Jobs at Hammtramck Plant in December
---------------------------------------------------------------
In December 2007, General Motors Corp. will initiate a lay off
program at the Hamtramck assembly plant in Detroit, Michigan,
affecting 767 workers, according to various reports.

Due to the decline in sales, the assembly plant, which employs
1,847 hourly workers and manufactures Buick Lucerne and Cadillac
DTS sedans, will be fusing two shifts into one on Dec. 14, 2007.  
The plant currently produces 40 cars per hour over two shifts.  
After Jan. 2, 2008, the plant will manufacture 56 cars per hour
over one shift, sources report citing GM spokesman Tom Wickham.

Sales of the Cadillac DTS are down 14% this year, while sales of
the Lucerne have fallen 15%, sources disclosed referring to  
Autodata Corp.

"The products are selling but the capacity is greater than the
demand," Mr. Wickham said.  "We have to make sure we don't have
too much inventory out there."

As reported in the Troubled Company Reporter on Sept. 27, 2007,
GM reached a labor deal with the United Auto Workers union,
bringing unprecedented job security with company commitments to
invest in new products for its existing U.S. facilities, as well
as a moratorium on plant closings and outsourcing of work over
the life of the agreement.  The UAW also was able to secure a
commitment to hire 3,000 temporary workers into full-time,
traditional employment.

Sources say that under the labor contract, the Hamtramck plant,
one of those who were promised jobs, will start production of a
crossover vehicle in 2009 and a midsize Chevrolet sedan in 2012.  
The plant is expected to manufacture GM's planned electric
hybrid vehicle, the Chevrolet Volt, in 2010.

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 Oct. 17, 2007,
Standard & Poor's Ratings Services said that its long-term
ratings on General Motors Corp. remain on CreditWatch with
positive implications, where they were placed Sept. 26, 2007.  
S&P placed the ratings on CreditWatch when GM and its main
union, the United Auto Workers, reached a tentative new labor
contract.  The UAW has since approved that contract, and GM
discussed the contract's economics.  S&P expect to resolve the
CreditWatch listing by Oct. 31, 2007.

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.


GENERAL MOTORS: New UAW Terms Cue Moody's Positive Outlook
----------------------------------------------------------
Moody's Investors Service changed the outlook of General Motors
Corporation's long-term-debt rating to positive from negative,
and also raised the company's speculative grade liquidity rating
to SGL-1 from SGL-3 following the company's announcement of the
terms of its new contract with the UAW.  GM's existing long-term
ratings -- including B3 corporate family, Ba3 senior secured,
and Caa1 senior unsecured -- are unchanged.  The ratings of GMAC
(senior rating of Ba1/Negative outlook) are also unaffected.

The positive outlook recognizes the substantial long-term cost
benefits of the new UAW contract, balanced against the
significant near-term product and revenue challenges the company
will continue to face during 2008 and 2009. Importantly, GM has
a substantial liquidity position consisting of US$30 billion in
cash and US$5.8 billion in long-term credit facilities.  This
liquidity position will provide ample financial flexibility
during the next two years as GM faces these challenges and moves
toward the 2010 period during which the substantial cost
benefits of the new UAW contract begin to take hold.

During the next 12 to 18 months if the company demonstrates the
capacity to make progress in addressing product and revenue
challenges -- stabilizing its share position, building market
acceptance of new products, maintaining a disciplined approach
toward the use of incentives, and limiting sales to the daily
rental segment -- its rating could be considered for possible
upgrade.  Such an action would recognize Moody's view that GM is
capable of making continuing progress in establishing a
competitive and sustainable business model, and taking full
advantage of the cost benefits that the UAW contract will afford
by 2010.  Any consideration for a possible upgrade would also
reflect Moody's expectation that GM is capable of generating
positive free cash flow, sustaining interest coverage exceeding
1x, and achieving EBITA margins approximating 2.5% during the
2009 time frame.

Bruce Clark, senior vice president with Moody's, said, "This
contract will help to significantly narrow the cost disadvantage
that GM has relative to Asian transplants.  Its various elements
could save the company as much as US$4 billion per year, and
lower wage and benefit costs by more than US$800 per vehicle."  
However, Mr. Clark cautioned that "While the contract has some
truly transformational elements, meaningful cost benefits won't
begin to take hold until 2010, and GM will face a pretty tough
environment until then.  The company's biggest challenge will
remain on the revenue and product side -- producing automobiles
that consumers want and that are priced high enough to generate
a profit."

GM's new UAW contract could lay the groundwork to significantly
improve the company's long-term competitive position by allowing
a two-tier wage structure, altering the conditions for idled
worker participation in the JOBs bank program, and shifting
responsibility for retiree health care to a UAW-managed VEBA.  
The two-tier wage structure could begin to yield moderate but
increasing benefits during 2009, and the changes to the JOBs
bank program will afford important flexibility to adjust
manufacturing capacity to market conditions.  The creation of
the UAW-managed VEBA would free GM from about US$3.5 billion in
annual retiree healthcare payments beginning in 2010.

However, during 2008 and 2009 there will be minimal operational
benefits from the contract, and GM will have to fund about
US$4 billion in upfront cash payments to implement the
agreement.  In addition, the company will have to contend with
considerable near-term market and competitive challenges.

These include: the ongoing pressure on its US share position;
the shift in North American consumer preference toward smaller
vehicles; a financially weak supplier base; and the competitive
pressures that force it to price its automobiles (as
distinguished from trucks and SUVs) several thousand dollars
less that similarly-equipped Asian vehicles.  In addition, the
US auto sector could face softening demand during 2008.  As a
result of these operational challenges, GM's key financial
metrics will likely remain weak during the coming year with
negative free cash flow, and interest coverage of less than 1x.

The increase in the speculative grade liquidity rating to SGL-1
recognizes that GM will have very strong sources of liquidity to
cover all cash requirements through 2008.  These sources include
about US$30 billion in cash and securities, and
US$5.8 billion in committed credit facilities with maturities
beyond 2009.  These sources should enable GM to comfortably fund
all cash requirements associated with the implementation of the
new UAW contract, restructuring expenditures to accelerate
hourly-worker attrition, debt maturities, and operating
requirements through 2009.

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.


GMAC LLC: Finc'l. Services Arm Restructures Mortgage Operations
---------------------------------------------------------------
GMAC Financial Services, a subsidiary of GMAC LLC, is
restructuring its mortgage operations, Residential Capital LLC,
as severe weakness in the housing market and mortgage industry
continues to prevail.  ResCap will streamline its operations and
revise its cost structure, which will enhance its flexibility,
allowing it to scale operations up or down more rapidly to meet
changing market conditions.

On Oct. 15, 2007, a restructuring plan was approved that will
include ResCap reducing its current worldwide workforce of
12,000 associates by approximately 25 percent, or by
approximately 3,000 associates, with the majority of reductions
occurring in the fourth quarter of 2007.

The reduction in workforce is in addition to the measures
undertaken in the first half of 2007 in which 2,000 positions
were eliminated.

"We deeply respect and value all of our associates.  While
workforce reductions are very difficult, we will treat our
departing associates with sensitivity in keeping with our
values," said Jim Jones, ResCap chief executive officer.
The reduction in ResCap's workforce was influenced by sharp
downturns in the U.S. residential real estate markets and the
global dislocation of the mortgage finance and credit markets.  
The mortgage industry continues to experience lower overall
origination volumes; illiquidity in the secondary market; and
adverse trends in home price appreciation.

As a result of the actions, ResCap will incur restructuring
charges, which are expected to range from US$90 to US$110
million, which will include costs related to severance and other
employee-related costs of approximately US$55 to US$65 million
and the closure of facilities of approximately US$35 to US$45
million.  The majority of the charges will be incurred in the
fourth quarter of 2007.  Consolidated charges are expected to
result in future cash expenditures of approximately US$85 to
US$95 million.

The workforce reductions will include a range of administrative
and managerial positions.  Business units most affected by lower
mortgage market origination volumes will incur the most
reductions.  All eligible associates affected by the workforce
reduction will be provided severance packages and outplacement
assistance.

ResCap said it will continue to modify its product offerings
based on market conditions, and has sharply reduced its exposure
to nonprime and prime non-conforming loans this year.  
Nevertheless, ResCap added it will continue to offer a broad and
competitive menu of high quality products and will pursue growth
plans opportunistically in areas where the company maintains a
competitive advantage. In addition, ResCap will continue to
leverage its relationship with GMAC Bank and its efficient,
dependable sources of funding.

                  About Residential Capital, LLC

Residential Capital LLC -- https://www.rescapholdings.com/ -- is
a real estate finance company, focused primarily on the
residential real estate market in the United States, Canada,
Europe, Latin America and Australia.  The company's diversified
businesses cover the spectrum of the U.S. residential finance
industry, from origination and servicing of mortgage loans
through their securitization in the secondary market.  It also
provides capital to other originators of mortgage loans,
residential real estate developers, and resort and timeshare
developers.

                           About GMAC

GMAC LLC -- http://www.gmacfs.com/--formerly General Motors
Acceptance Corporation, is a financial services company
providing a range of services to a global customer base.  It is
wholly owned subsidiary of General Motors Corp.  The company
operates in three primary lines of business -- financing,
mortgage and insurance.  GMAC LLC has a subsidiary in India
called GMAC Financial Services India Limited.

                        *     *     *

In March 2007, Standard & Poor's Ratings Services affirmed its
'BB+/B-1' ratings on GMAC LLC.  The outlook remains developing.
At the same time, Standard & Poor's affirmed its ratings on GMAC
LLC's 100%-owned subsidiary, Residential Capital LLC or ResCap
(BBB/A-3).  S&P said ResCap's outlook remains negative.


GMAC LLC: Moody's Affirms Ba1 Senior Unsecured Rating
-----------------------------------------------------
Moody's Investors Service affirmed GMAC's ratings (Ba1 senior
unsecured, Not-Prime short-term), while maintaining its negative
rating outlook.  This followed Moody's decision to change the
rating outlook for General Motors Corporation to positive from
negative.

Moody's expectation that GM's operating fundamentals will
improve with the implementation of its new labor accord has
positive implications for GMAC's credit profile, given the
extent and scale of GMAC's business ties to GM.  However,
weakened performance at Residential Capital LLC, GMAC's
residential mortgage finance subsidiary, continues to pose more
immediate risks to GMAC's profile that warrants maintaining
GMAC's negative rating outlook.  ResCap's Ba1 senior unsecured
rating is on review for possible downgrade, reflecting operating
challenges and uncertainties regarding its funding and
origination flows in its businesses due to continued volatility
in the mortgage market.

If ResCap's performance were to suffer additional setbacks, GMAC
could decide to support ResCap financially, possibly to the
detriment of its own stand-alone profile.  Should such support
become probable, Moody's would equalize GMAC's ratings with
ResCap's ratings.

Moody's analyst Mark Wasden said "extension of support by GMAC
to ResCap potentially undermines the notion of separate
operating and financial protocols between the companies."  He
added that "a down-streaming of support from GMAC's owners,
however, could leave GMAC in a neutral position from a rating
standpoint, all else equal."

Positive developments at GM are likely to eventually be
beneficial to GMAC's business results, if GM's profitability
improves.  Moody's notes, however, that there remains
uncertainty regarding GM's long-term competitive positioning and
performance.  GM's credit profile will continue to be a key
driver of GMAC's credit ratings.

"On the other hand, GMAC's ratings are not likely to increase on
the basis of any further improvement in GM's ratings, as long as
uncertainties at ResCap remain at a heightened level," said Mr.
Wasden.

Earnings in GMAC's auto and insurance operations have proved
resilient amidst GM-related challenges.  Still, the firm is
contending with finance margins that, while improved in 2007,
remain weaker than in historical periods.  GMAC's margins
therefore have less capacity to absorb a negative turn in asset
performance.  Positively, GMAC has managed its liquidity well in
light of recent challenges in the credit markets, though spread
widening is likely to affect near-term results.

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, residential mortgage financing, and auto
extended warranty and insurance products.  GMAC reported a
June 30, 2007, six-month consolidated net loss of US$12 million.
GMAC LLC has a subsidiary in India called GMAC Financial
Services India Limited.


TATA POWER: Bids for 4,000-MW Krishnapatnam Power Plant
---------------------------------------------------------------
Tata Power Ltd is among the bidders for the 4,000 MW Ultra Mega
Power Plant at Krishnapatnam in Andhra Pradesh.

The Krishnapatnam plant is one of the ten UMPP projects that the
government has decided to develop through private-sector
participation to meet the country's growing demand for power.  
As previously reported by the Troubled Company Reporter-Asia
Pacific, Tata Power already secured one of the projects -- the
4,000-MW Mundra project in Gujarat.

Among those in fray for the Krishnapatnam project are Reliance
Energy, National Thermal Power Corporation, Essar Power, Jindal
Steel & Power, Sterlite Industries, DS Construction and Larsen &
Tourbo, The Times of India reports.  Citing Power Finance
Corporation, the news agency said the interested firms have to
submit the bids by October 24.  Power Finance is the nodal
agency for the various ultra mega power projects.

According to the Business Standard, Tata Power gained over 23%
on reports that it was vying for the Krishnapatnam project.  
"The stock moved from [INR]1110.15 to [INR]1370.90 after
touching 52-week high of [INR]1400," BS notes in an Oct. 17
report.  "The counter witnessed robust volumes of more than 1.8
million shares.  The stock price has nearly doubled since
September 14, when it was quoting at [INR]743.75."

                        About Tata Power

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

                          *     *     *

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

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


TATA POWER: World Bank's IFC to Finance 4,000MW Gujarat Project
---------------------------------------------------------------
International Finance Corporation will fund Tata Power Ltd.'s
4,000-MW ultra mega power project at Mundra in Gujarat, reports
say.

As reported by the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2006, Tata Power was awarded the contract to build a
Mundra plant after quoting a bid of INR2.26 per unit.  In a
later report, TCR-AP said that the company has tied up with
various multilateral lending agencies and financial institutions
to partly fund the debt of the project.

"We are talking to Tatas and will participate in the project
through a mix of debt and equity," the Press Trust of India
quotes IFC Manager for South Asia Dept. Neil Gregory as saying.  
"We will also help them in obtaining syndicated loans from other
financial institutions."

The amount of equity and debt that IFC will provide is yet to be
determined.

IFC is the private-sector investment unit of the World Bank
owned by nearly 180 member countries

                        About Tata Power

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

                          *     *     *

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

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


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

ALLIANCE ONE: Completes Exchange Offer for 8-1/2% Senior Notes
--------------------------------------------------------------
Alliance One International, Inc. completed an exchange offer for
its outstanding 8-1/2% Senior Notes due 2012.

Alliance One offered to exchange up to $150,000,000 aggregate
principal amount of its 8-1/2% Senior Notes due 2012 which have
been registered under the Securities Act of 1933, as amended,
for a like principal amount of its original unregistered 8-1/2%
Senior Notes due 2012, which were issued pursuant to Rule 144A
and Regulation S under the Securities Act of 1933 on March 7,
2007.

The exchange offer expired at 5:00 p.m., New York City time, on
Oct. 2, 2007.  The exchange offer was made to satisfy Alliance
One's obligations under a registration rights agreement entered
into with the initial purchasers of the restricted notes at the
time such notes were originally issued.  Deutsche Bank Trust
Company Americas acted as exchange agent for the exchange offer.

The exchange offer was made only pursuant to Alliance One's
prospectus, dated Aug. 30, 2007, which was filed with the
Securities and Exchange Commission as part of Alliance One's
Registration Statement on Form S-4.  The Registration Statement
was declared effective by the Securities and Exchange Commission
on Aug. 29, 2007.

                        About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a  
leaf tobacco merchant.  The company has worldwide operations,
including those in Indonesia, Argentina, Brazil, Bulgaria,
Canada, China, France, India, Philippines, Malaysia, and
Singapore.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Sept. 29,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the US Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Alliance One
International, Inc., and upgraded its B2 rating on the company's
US$300 million senior secured revolver to B1.  In addition,
Moody's assigned an LGD3 rating to notes, suggesting note
holders will experience a 37% loss in the event of a default.


ANIXTER INT'L: To Report Third Quarter Earnings on October 23
-------------------------------------------------------------
Anixter International Inc. will report final results for the
third quarter of 2007 on Tuesday, October 23, 2007, and
broadcast a conference call to discuss these results at 9:30
a.m., central time.

The call will be Webcast by CCBN and can be accessed at
Anixter's Website at http://www.anixter.com/webcasts. The  
Webcast also will be available over CCBN's Investor Distribution
Network to both institutional and individual investors.

Individual investors can listen to the call through CCBN's
individual investor center at http://www.companyboardroom.com,
or by visiting any of the investor sites in CCBN's Individual
Investor Network.  Institutional investors can access the call
via CCBN's password-protected event management site,
StreetEvents (http://www.streetevents.com).  The Webcast will  
be archived on all of these sites for 30 days.

                         About Anixter

Anixter International Inc. -- http://www.anixter.com/-- is the  
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
Hong Kong, India, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 19, 2007, that Moody's Investors Service downgraded Anixter
International Inc.'s corporate family rating to Ba2 from Ba1. In
elated rating action, Moody's lowered the ratings of
Anixter Inc.'s US$200 million guaranteed senior unsecured notes
to Ba1 from Baa3 and Anixter's 3.25% LYON's notes to B1 from
Ba2.  The rating outlook was changed to stable from negative.

Fitch Ratings affirmed these ratings for Anixter International
Inc. and its wholly owned operating subsidiary, Anixter Inc.:

  Anixter:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured debt 'BB-'

  AI:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured notes 'BB+'
    -- Senior unsecured bank credit facility at 'BB+'

Fitch's action affects approximately US$700 million of public
debt securities.  The Rating Outlook is Stable.


BANK CENTRAL ASIA: Moody's Raises Issuer Rating to Ba2
------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Central Asia Tbk.

The Not-Prime short-term deposit and bank financial strength
ratings are unaffected.  

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The issuer rating was raised to Ba2 from Ba3

   -- Foreign currency long-term deposit rating to B1 from B2

   -- Not Prime foreign currency short-term deposit rating, Baa3
      global local currency deposit rating and D+ BFSR were
      unaffected.

All ratings carry a stable outlook

                     About Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business   
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.


BANK DANAMON: Moody's Ups Foreign Currency LTD Rating to B1
-----------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Danamon Indonesia Tbk.

The Not-Prime short-term deposit and bank financial strength
ratings are unaffected.  

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The foreign currency subordinated debt rating was raised
      to Ba2 from Ba3

   -- Foreign currency long-term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

All ratings carry a stable outlook except for the BFSR which has
a positive outlook.

                       About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.


BANK INTERNASIONAL: Moody's Ups Foreign Currency LTDR to B1
-----------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Internasional Indonesia Tbk.

The Not-Prime short-term deposit and bank financial strength
ratings are unaffected.

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The issuer/foreign currency subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

All ratings carry a stable outlook

                    About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--  
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.


BANK LIPPO: Moody's Raises Issuer Rating to Ba2
-----------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Lippo Bank Tbk.

The Not-Prime short-term deposit and bank financial strength
ratings are unaffected.  

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The issuer/foreign currency subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating
      and D BFSR were unaffected.

All ratings carry a stable outlook

                        About Bank Lippo

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:    
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.


BANK MANDIRI: Moody's Ups FC Senior Debt Ratings to Ba2
-------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of Bank
Mandiri.

The Not-Prime short-term deposit and bank financial strength
ratings are unaffected.  

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The foreign currency senior/subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook

                        About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is  
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.


BANK NEGARA: Moody's Ups FC Subordinated Debt Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Negara Indonesia (Persero) Tbk.

The Not-Prime short-term deposit and bank financial strength
ratings are unaffected.

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The foreign currency subordinated debt rating was raised
      to Ba2 from Ba3 and foreign currency long-term deposit
      rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook

                        About Bank Negara

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


BANK NIAGA: Moody's Ups Currency Subordinated Debt Ratings
----------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Niaga Tbk.

The Not-Prime short-term deposit and bank financial strength
ratings are unaffected.  The ratings are detailed below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The issuer/foreign currency subordinated debt ratings were
      raised to Ba2/Ba2 from Ba3/Ba3 and foreign currency long-
      term deposit rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

All ratings carry a stable outlook

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a   
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.


BANK PERMATA: Moody's Raises For. Currency Deposit Rating to B1
---------------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of Bank
Permata.

The Not-Prime short-term deposit and bank financial strength
ratings of all 11 banks are unaffected.  The ratings are
detailed below.

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The foreign currency long-term deposit rating was raised
      to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook except for the BFSR which has
a positive outlook
                       About Bank Permata

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include   
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.


BANK RAKYAT: Moody's Ups FC Subordinated Debt Ratings to Ba2
------------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of Bank
Rakyat Indonesia.

The Not-Prime short-term deposit and bank financial strength
ratings of all 11 banks are unaffected.

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The foreign currency subordinated debt rating was raised
      to Ba2 from Ba3 and foreign currency long-term deposit
      rating to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D+ BFSR were
      unaffected.

All ratings carry a stable outlook

                        About Bank Rakyat

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise       
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
December 31, 2005, the bank had one branch office in Cayman
Islands and two representative offices in New York and Hong
Kong, respectively.


BANK TABUNGAN: Moody's Ups FCLT Deposit Rating to B1
----------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of Bank
Tabungan Negara.

The Not-Prime short-term deposit and bank financial strength
ratings of all 11 banks are unaffected.

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The foreign currency long-term deposit rating was raised
      to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa2 global local currency deposit rating and D- BFSR were
      unaffected.

All ratings carry a stable outlook

                       About Bank Tabungan

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank  
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.


BANK PAN: Moody's Lifts Foreign Currency LT Deposit Rating to B1
----------------------------------------------------------------
Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of Pan
Indonesia Bank

The Not-Prime short-term deposit and bank financial strength
ratings of all 11 banks are unaffected.

"This action follows a similar action taken on Indonesia's
sovereign ratings on October 18, 2007, and concludes the review
initiated on August 1, 2007," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

The detailed ratings are:

   -- The foreign currency long-term deposit rating was raised
      to B1 from B2.

   -- The Not Prime foreign currency short-term deposit rating,
      Baa3 global local currency deposit rating and D BFSR were
      unaffected.

All ratings carry a stable outlook except for the BFSR which has
a positive outlook.

                         About Bank Pan

Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's
-- http://www.panin.co.id-- products and services include   
individual, which comprises saving products, consumer credit
products, electronic products and service products corporate,
and corporate, which consist of saving products, financial
service products, loan credit, export and import products,
electronic products and service products. The bank has
investment in several public listed companies, including PT
Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk
and PT Panin Sekuritas Tbk.


CA INC: Launches US$30 Million Technology Center in India
---------------------------------------------------------
CA Inc. opened its India Technology Center in Hyderabad at a
ribbon-cutting ceremony hosted by CA President and CEO John
Swainson.

The state-of-the-art campus, which cost US$30 million to build,
reflects the substantial investment CA has made in staffing the
ITC's research and development operations and sales departments.
CA's workforce in India now exceeds 1,600.  The ITC team will
take a lead role in advancing CA's Enterprise IT Management
vision of unifying and simplifying IT management.

"The ITC underscores CA's commitment to India, both as a source
of an exceptionally high-quality workforce with expertise across
the full range of leading-edge IT disciplines and as a rapidly
growing and dynamic IT market," said Swainson.  "India is now
home to nearly 30 percent of our global R&D staff-further
demonstrating the importance of our operations here in our
overall business strategy."

Led by senior vice president and general manager Lokesh Jindal,
ITC software engineers will work on multiple high-profile CA
product lines that will help customers govern, manage and secure
IT more effectively and cost-efficiently-enabling them to adapt
dynamically to changing business demands and optimize returns on
their technology investments.  The ITC team will also work
closely with a number of India's top-tier systems integrators to
help them with both their in-house IT needs and those of private
and public sector customers around the world.

Jindal, who is also a member of CA's global Senior Leadership
Team, is responsible for strategic leadership of the ITC and
oversight of all major business functions, including product
development and management, human resources, facilities and
finance.  Before taking on the role, Jindal was vice president
of product management and strategy for CA's Business Service
Optimization business unit.  Prior to joining the Company in
2002, Jindal was a principal with the McKenna Group, a leading
technology market strategy firm. Earlier, he worked as an
entrepreneur in consumer marketing and people development and as
a regional marketing manager for HCL Hewlett-Packard.

Built in the Nanakramguda Village area of the Serilingampally
Municipality, the ITC is a leading-edge, 260,672 square-foot IT
facility that includes recreational facilities, a cafeteria and
a 600-seat amphitheater.

                             About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Asia-Pacific, the company has
operations in Indonesia, Australia, China, Japan, Hong Kong,
India, Philippines and Thailand.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on June 8,
2007, that Standard & Poor's Rating Services affirmed its 'BB'
corporate credit and senior unsecured debt ratings on Islandia,
New York-based CA Inc.

At the same time, S&P revised the outlook to stable from
negative.

On Feb. 7, 2007, Moody's Investors Service commented that it is
maintaining the negative outlook for CA Inc. following the
company's fiscal third quarter 2007 earnings reported yesterday
evening.

TCR-AP noted that "CA's fiscal third quarter results provide
evidence of its bookings and billings growth, reversing previous
negative trends" commented John Moore, VP/Senior Analyst.
"Moody's is monitoring CA's negative rating outlook pending
further evidence of organic business growth" Moore added.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   USUS$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%


EXCELCOMINDO PRATAMA: Moody's Ups Guaranteed Bonds Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded Excelcomindo Finance
Company B.V.'s foreign currency senior unsecured bond rating to
Ba2 from Ba3.  The bond is irrevocably and unconditionally
guaranteed by PT Excelcomindo Pratama.

This rating action follows Moody's decision to upgrade
Indonesia's Ba3 foreign currency sovereign ceiling to Ba2.  The
rating outlook is stable, consistent with the outlook on the
country foreign currency ceiling.

At the same time, Moody's has affirmed the Ba2 local currency
corporate family rating of XL with a positive outlook.

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/ -- provides wireless telecommunications  
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.


FOSTER WHEELER: To Hold Conference Call on November 7
-----------------------------------------------------
Foster Wheeler Ltd. plans to hold a conference call on
Wednesday, November 7, 2007, at 11:00 a.m. (Eastern) to discuss
its financial results for the third quarter of 2007.  The
company expects to release the results the same day, before the
market opens.

The call will be accessible to the public by telephone or
webcast, and the company will post an accompanying slide
presentation in the investor relations section of its web site
(http://www.fwc.com).To listen to the call by telephone, dial  
973-935-8752 (conference I.D. No. 9357886) approximately ten
minutes before the call. The conference call will also be
available over the Internet at www.fwc.com or through
StreetEvents at http://www.streetevents.com.

A replay of the call will be available on the company's web site
as well as by telephone. To listen to the replay by telephone,
dial 973-341-3080 (replay passcode 9357886# required) starting
one hour after the conclusion of the call through 8:00 p.m.
(Eastern) on Wednesday, December 5, 2007. The replay can also be
accessed on the company's web site for four weeks following the
call.

                       About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of    
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  The outlook is stable.

                    Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.


GOODYEAR TIRE: Conversion Period for Conv. Notes Ends Dec. 31
-------------------------------------------------------------
The Goodyear Tire & Rubber Company's 4% Convertible Senior Notes
due June 15, 2034, are now convertible at the option of the
holders and will remain convertible through Dec. 31, 2007, the
last business day of the current fiscal quarter.

The notes became convertible because the last reported sale
price of the company's common stock for at least 20 trading days
during the 30 consecutive trading-day period ending on Oct. 15,
2007 (the 11th trading day of the current fiscal quarter), was
greater than 120% of the conversion price in effect on such day.  
The notes have been convertible in previous fiscal quarters.

The company will deliver shares of its common stock or pay
cash upon conversion of any notes surrendered on or prior to
Dec. 31, 2007.  If shares are delivered, cash will be paid in
lieu of fractional shares only.  Issued in June 2004, the notes
are currently convertible at a rate of 83.0703 shares of common
stock per US$1,000 principal amount of notes, which is equal to
a conversion price of US$12.04 per share.

There is approximately US$350 million in aggregate principal
amount of notes outstanding.

If all outstanding notes are surrendered for conversion, the
aggregate number of shares of common stock issued would be
approximately 29 million.  The notes could be convertible after
Dec. 31, 2007, if the sale price condition is met in any future
fiscal quarter or if any of the other conditions to conversion
set forth in the indenture governing the notes are met.

                         About Goodyear

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

                          *     *     *

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

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

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

   -- Issuer Default Rating 'B';

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

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

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

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

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

Goodyear Dunlop Tires Europe B.V.

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

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


INDOSAT: Moody's Affirms Ba1 LC Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has upgraded Indosat Finance Company
BV and Indosat International Finance Company BV senior unsecured
foreign currency ratings to Ba2 from Ba3.  The bonds are
irrevocably and unconditionally guaranteed by PT Indosat Tbk.

This rating action follows Moody's decision to upgrade
Indonesia's Ba3 foreign currency sovereign ceiling to Ba2. The
ratings outlook is stable, consistent with the outlook on the
country foreign currency ceiling.

At the same time, Moody's has affirmed the Ba1 local currency
corporate family rating of Indosat with a stable outlook.

Indosat is a fully-integrated telecommunications network and
services provider in Indonesia.  The company is the second
largest cellular operator in Indonesia and the country's leading
provider of international call services.  It also provides
multi-media, data communications and internet services.


PERUSAHAAN LISTRIK: Moody's Ups Corporate Family Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 the
corporate family rating and senior unsecured bond rating of PT
Perusahaan Listrik Negara.  At the same time, PT Moody's
Indonesia has upgraded to Aa2.id from A1.id PLN's national scale
rating.  This rating action follows Moody's decision to upgrade
to Ba3 from B1 the Indonesian government's long-term foreign-
currency and local-currency ratings. The rating outlook is
stable, consistent with the outlook on the government ratings.

"Given PLN's 100% ownership by the Ministry of State-Owned
Enterprises, its strategic importance as Indonesia's only
vertically integrated electricity utility, as well as the
ongoing government support through subsidies to ensure its
financial viability and operational soundness, Moody's considers
PLN's rating to be closely integrated with, and strongly linked
to, the government's credit quality," says Moody's lead analyst
for the company, Jennifer Wong, adding "Accordingly, an upgrade
in the rating of the Indonesian government led to an upgrade in
PLN's rating."

PT Perusahaan Listrik Negara is an Indonesian state-owned
vertically integrated electricity utility with a generation
capacity of over 22,000MW.   is a monopoly operator of
transmission and distribution networks and is the country's
largest electricity producer. The government - represented by
the Ministry of State-Owned Enterprises - has complete
ownership.


* Moody's Upgrades Indonesia's Key Ratings to Ba3
-------------------------------------------------
Moody's Investors Service has upgraded Indonesia's ratings to
reflect the country's track record of fiscal prudence and
improvements in its external position as well as ongoing
structural reforms and sound policy management.

The government's foreign- and local-currency bond ratings were
upgraded by one notch to Ba3 from B1.  Indonesia's foreign-
currency bond ceiling was upgraded to Ba2 from Ba3.  The
foreign-currency ceiling is based on the government bond rating
and Moody's assessment of a high risk of a payments moratorium
in the event of a government bond default.  Also, the country
ceiling for foreign-currency bank deposits was upgraded to B1
from B2.  Both the country ceiling for local-currency bonds and
the country ceiling for local-currency bank deposits had not
been on review for upgrade and remain at Baa2. The outlook on
all ratings is stable.

"Along with prolonged fiscal restraint and recurrent under-
execution of regional and local level spending targets,
exchange-rate appreciation has also assisted in reducing the
government debt ratio from a high of 100% of GDP in 2000 to an
expected 34% in 2008," said Aninda Mitra, Moody's lead analyst
for Indonesia.

"Indonesia along with other emerging markets faced a brief test
in August when the sub-prime related tightening of developed
country credit markets induced outflows of portfolio capital,"
said Mitra.  "But ample foreign exchange reserve coverage of
maturing obligations, coupled with ongoing inflows from modest
current account surpluses and foreign direct investment provided
enough of a balance-of-payments cushion to offset temporary
reversals in portfolio flows and assuage investor sentiment."

He added: "After a brief swoon, the Indonesian financial markets
recovered fully, and international reserves rose to new highs."

The analyst also explained that the combination of sharp
reductions in oil price subsidies and growing fiscal reliance on
local-currency fixed-rate debt has also reduced fiscal
vulnerability to sudden domestic price or rate shocks.

Meanwhile, even without further real effective exchange rate
appreciation, he said, debt sustainability conditions have
become more or less assured by the combination of improved
growth dynamics, low and stable real interest rates, and a
fiscal deficit that would likely be contained to within 1.5%-2%
of GDP in the near future.

"Lastly, the trend reduction of the government's debt burden has
also lowered interest burdens considerably, creating more fiscal
space and enabling a strong policy bias toward sustained
increases in developmental expenditure," said Mitra.  "The
traction on the structural reform front is impressive, and
further successes in improving the investment climate could
result in a higher investment-to-GDP ratio."

He said the confidence of market participants and investors was
underpinned by political stability and the government's ongoing
commitment to fight corruption and enhance transparency.


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

BOSTON SCIENFIFIC: To Reduce Workforce by 2,300 Worldwide
---------------------------------------------------------
Boston Scientific Corporation disclosed Wednesday several new
initiatives designed to enhance short- and long-term shareholder
value, including the restructuring or sale of several business
units, as well as substantial expense and head count reductions
intended to bring expenses in line with revenues.  The company
also said it is making good progress toward the execution of its
previously announced plans to sell non-strategic assets and
monetize the majority of its public and private investment
portfolio.  The company said these initiatives will help provide
better focus on core businesses and priorities, which will
strengthen Boston Scientific for the future and lead to
increased, sustainable and profitable sales growth.

The company plans to reduce its operating expenses, exclusive of
amortization and royalty expenses, against a 2007 baseline of
approximately $4.1 billion by an estimated $475 million to
$525 million in 2008, representing a reduction of 12 to 13
percent, with a further reduction of an estimated $25 million to
$50 million in 2009.

The company plans to eliminate approximately 2,300 positions
worldwide, or approximately 13% of an 18,000-person, non-direct
labor workforce baseline as of June 30, 2007.  Eligible
employees affected by the head count reductions will be offered
severance packages, outplacement services and other appropriate
assistance and support.  The reduction activities will be
initiated this month and are expected to be substantially
completed worldwide by the end of 2008.  Reductions outside the
United States will be initiated following completion of
information sharing and consultations with required bodies.  In
addition, another approximately 2,000 employees are expected to
leave the company in connection with the previously announced
business divestitures.

The reductions will result in total pre-tax charges of
approximately $450 million to $475 million.  These mostly cash
charges will be recorded primarily as restructuring expenses,
with a portion recorded through other lines of the income
statement. Approximately $275 million to $300 million will be
recorded in the fourth quarter of 2007 with the remainder
expected to be recorded throughout 2008 and 2009.

The company plans to restructure several businesses and product
franchises in order to leverage resources, strengthen
competitive positions, and create a more simplified and
efficient business model.  Key components of the business
restructuring plan include:

   -- the Peripheral Interventions and Interventional Cardiology
      businesses will be combined under a single management
      structure to help create a more integrated business
      focused on interventional specialists, while enhancing
      technology and management efficiencies.

   -- the Electrophysiology business will be integrated with the
      Cardiac Rhythm Management business to better serve the
      needs of electrophysiologists by creating a more efficient
      organization.

   -- the Oncology business and its four franchises will be
      restructured.  Three will be integrated into other
      businesses within Boston Scientific, and the Oncology
      Venous Access franchise will be combined with the Fluid
      Management business.

   -- the company is actively seeking buyers for the combined
      Fluid Management/Oncology Venous Access business, as well
      as its Cardiac Surgery and Vascular Surgery businesses.
      The company has announced it has entered into a definitive
      agreement to sell its Auditory business.  Collectively,  
      these businesses represent approximately US$550 million in
      2007 sales for Boston Scientific.

   -- the International group will be consolidated from three
      regions to two.  The existing three regions are: Europe,
      Asia Pacific/Japan, and Inter-Continental; the two new
      regions will be: Europe/Middle East/Africa, and
      Canada/Latin America/Asia Pacific/Japan.

"The expense and head count reductions we are announcing today
are intended to bring our expenses back in line with our
revenues, while preserving our ability to make investments in
quality, R&D, capital and our people that are essential to our
long-term success," said Jim Tobin, Boston Scientific president
and chief executive officer.  "While difficult, these reductions
are in the best interest of the company and will create greater
value for our customers and their patients, as well as for our
employees and shareholders.  These actions will enable us to
institute meaningful change that will create lasting benefits."

"We understand the impact these reductions will have on our
employees, and we are committed to helping ease the transition,"
said Tobin.  "We will treat everyone with respect and dignity,
and we will provide support to affected employees."

                     About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--         
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 28, 2007,
Standard & Poor's Ratings Services said that its ratings on
Boston Scientific Corp., including the 'BB+' corporate credit
rating, remain on CreditWatch with negative implications, where
they were placed Aug. 3, 2007.


ELAN CORP: Third Parties Eye Biogen Acquisition
-----------------------------------------------
Elan Corporation Plc has noted the announcement on Oct. 12,
2007, by Biogen Idec Inc. that Biogen has received expressions
of interest from third parties and that its Board of Directors
has authorized its management to evaluate potential interest in
acquiring the company.

Elan has a 50% interest in the TYSABRI collaboration.  TYSABRI
was discovered and largely developed by Elan, and was partnered
with Biogen in 2000 for multiple indications.  Under the terms
of the Collaboration Agreement, if a third party acquires
control of Biogen, Elan has several options:

   -- the right to acquire for fair value the 50% economic
      interest in TYSABRI currently held by Biogen;

   -- under certain circumstances, the ability to sell its 50%
      economic interest in TYSABRI; or,

   -- to continue with the existing agreement.  

Elan also may consider restructuring the Collaboration Agreement
in connection with a third party's acquisition of Biogen.

If Biogen's evaluation process results in a change of control,
Elan will evaluate the forgoing options in the best interest of
its shareholders.  Elan has engaged Lehman Brothers to assist in
assessing and analyzing all options as appropriate.

                         About the Company

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.  Elan has locations in Bermuda and Japan.

                          *     *     *

As reported in the TCR-Europe on Oct. 15, 2007, Standard &
Poor's Ratings Services 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.

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 Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service the rating agency confirmed its B3 Corporate
Family Rating for Elan Corporation plc and assigned a B2
probability-of-default rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%


ELAN CORPORATION: FDA Extends TYSABRI Review Until Jan. 13, 2008
----------------------------------------------------------------
The U.S. Food and Drug Administration informed the Elan
Corporation plc and Biogen Idec that it will extend its
regulatory review of TYSABRI(R) (natalizumab) as a treatment for
Crohn's disease by up to three months.

The companies have been informed by the FDA that the Agency
requires additional time to review information regarding the
proposed TYSABRI risk management plan for Crohn's disease.  
Under this revised timeline, the companies anticipate action
from FDA on or before Jan. 13, 2008.

On December 15, 2006, the companies submitted to the FDA a
supplemental Biologics License Application (sBLA) for TYSABRI as
a treatment of moderately to severely active Crohn's disease.  
This sBLA includes the results of three randomized, double-
blind, placebo-controlled, multi-center trials of TYSABRI
assessing the safety and efficacy as both an induction and
maintenance therapy - ENCORE (Efficacy of Natalizumab in
Crohn's Disease Response and Remission), ENACT-1 (Efficacy of
Natalizumab as Active Crohn's Therapy) and ENACT-2 (Evaluation
of Natalizumab As Continuous Therapy).  The sBLA includes data
from more than 1,500 Crohn's patients treated with TYSABRI, as
well as proposed labeling and a risk management plan.  TYSABRI
is a humanized monoclonal antibody believed to block entry of
inflammatory immune cells into the wall of the intestine,
thus limiting inflammatory damage in Crohn's disease.  TYSABRI
is the first potential treatment for Crohn's disease with this
proposed mechanism of action.

                         About TYSABRI

In the US, TYSABRI is approved as a monotherapy treatment for
relapsing forms of MS.  TYSABRI increases the risk of
progressive multifocal leukoencephalopathy, an opportunistic
viral infection of the brain that usually leads to death or
severe disability.  Patients should be monitored at regular
intervals for any new or worsening signs or symptoms suggestive
of PML.  Because of the increased risk of PML, TYSABRI is
generally recommended for patients who have had an inadequate
response to, or are unable to tolerate, alternate MS therapies.
It is available in the US only through a restricted distribution
program called the TOUCH Prescribing
Program.

In the European Union, TYSABRI is indicated as a single disease-
modifying therapy in highly active relapsing-remitting MS
patients.  It is for patients with high disease activity despite
treatment with a beta-interferon or in patients with rapidly
evolving severe relapsing-remitting MS.

Serious adverse events that occurred in TYSABRI-treated patients
included hypersensitivity reactions (e.g., anaphylaxis),
infections, depression and gallstones.  In MS trials, the
incidence and rate of other serious and common adverse events,
including the overall incidence and rate of infections, were
balanced between treatment groups.  Herpes infections were
slightly more common in patients treated with TYSABRI.  Serious
opportunistic and other atypical infections have been observed
in TYSABRI-treated patients, some of whom were receiving
concurrent immunosuppressants.  Common adverse events reported
in TYSABRI-treated patients includee headache, fatigue, infusion
reactions, urinary tract infections, joint and limb pain, lower
respiratory infections, rash, gastroenteritis, abdominal
discomfort, vaginitis, and diarrhea.

Worldwide, more than 10,000 MS patients are currently receiving
therapy with TYSABRI, either in the commercial setting or in
clinical trials.  TYSABRI was discovered by Elan and is co-
developed with Biogen Idec.

                       About the Company

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.

                          *     *     *

As reported in the TCR-Europe on Oct. 15, 2007, Standard &
Poor's Ratings Services 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.

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 Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service the rating agency confirmed its B3 Corporate
Family Rating for Elan Corporation plc and assigned a B2
probability-of-default rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%


FORD MOTOR: Continues Low-Level Contract Talks with UAW
-------------------------------------------------------
Ford Motor Co. has resumed low-level talks with the United Auto
Workers union, but company sources said union leaders have not
yet set a date to resume formal negotiations on new national
contract, Bryce G. Hoffman of The Detroit News reports.

As reported in the Troubled Company Reporter on Oct. 11, 2007,
General Motors Corp. confirmed that its UAW-represented
employees have ratified the GM-UAW 2007 national labor
agreement.  On Oct. 15, 2007, 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.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


NOVA CORP: Union to File Protest w/ Labor Due to Delay in Wages
---------------------------------------------------------------
The labor union representing foreign-language teachers and other
staff at Nova Corp. said it will file a complaint against the
company with the Osaka Central Labor Standards Inspection Office
for delaying wage payments, Kyodo News reports.

On October 1, 2007, the Troubled Company Reporter-Asia Pacific
reported that General Union filed a request with labor standards
supervision authorities to order the company to pay wages in
arrears to its foreign teachers, and, according to the Kyodo
report, the labor office has repeatedly called on Nova
management to pay its workers as scheduled.

The union, states Kyodo, revealed that it would initiate formal
proceedings with the labor standards inspection office either in
the name of the union or Nova employees.

Reportedly, pay was also delayed for some 2,000 Japanese staff
in July and August and they have yet to receive payments that
were due in late September.

Kyodo notes that the Labor Standards Law stipulates that an
employer remunerate its workers at least once a month on a
designated day.

                        About Nova Corp.

Osaka-based company, Nova Corporation-- http://www.nova.ne.jp/
-- is primarily engaged in the operation of language schools.
The Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.

Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and
JPY2.89 billion for the year ended March 31, 2007.

On June 19, 2007, the Troubled Company Reporter - Asia Pacific
reported that the Ministry of Economy, Trade and Industry
suspended Nova Corp from selling long-term contracts for
language schools starting June 14, 2007, for lying to customers
about its services.


NOVA CORP: Union Wants Head Indicted for Violating Labor Laws
-------------------------------------------------------------
Nova Corp. teachers, represented by a labor union, submitted a
petition on October 16 to the Osaka Central Labor Standards
Supervision Office asking it to seek an indictment against the
language school chain and its president, Nozomu Sahashi, for
breaching labor laws, Kyodo News reports.

Kyodo News states that the General Union wants the labor
standards authority to have prosecutors indict both Nova and
Mr. Sahashi for delaying the payment of salaries to foreign
teachers.

Another labor union formed by Nova teachers in the Tokyo
metropolitan area filed a similar petition with the Shinjuku
Labor Standards Supervision Office, relates Kyodo News.

The labor union representing foreign-language teachers and other
staff at Nova Corp. will file a complaint with the Osaka Central
Labor Standards Inspection Office against the company for
delaying wage payments, the report says.

The union claims that wages for the school's 4,000 or so foreign
instructors are usually paid in the middle of the month, but the
September salaries were delayed, and the company had told
instructors that the payment for October will be delayed until
Friday, Kyodo conveys.

Pay was also delayed for some 2,000 Japanese staff in July and
August.  Employees also have yet to receive payments that were
due in late September.

                        About Nova Corp.

Osaka-based company, Nova Corporation-- http://www.nova.ne.jp/
-- is primarily engaged in the operation of language schools.
The Company has seven subsidiaries and two associated companies.
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.

Nova has reported two consecutive net losses -- JPY3.09-billion
net loss for fiscal year ended March 31, 2006, and
JPY2.89 billion for the year ended March 31, 2007.

On June 19, 2007, the Troubled Company Reporter - Asia Pacific
reported that the Ministry of Economy, Trade and Industry
suspended Nova Corp from selling long-term contracts for
language schools starting June 14, 2007, for lying to customers
about its services.


SANYO ELECTRIC: Cancels Sale of Semiconductor Unit
--------------------------------------------------
Sanyo Electric Co., Ltd., withdraws plans to sell its chip unit
to Advantage Partners LLP, fueling concern that its
reorganization efforts will be delayed, Pavel Alpeyev writes for
Bloomberg News.

Mr. Alpeyev conveys that Sanyo, through an issued statement,
decided to keep Sanyo Semiconductor Co. rather than sell it
below book value, which stands at slightly less than
JPY100 billion.

Sanyo spokesman Akihiko Oiwa claims that it is company policy
not to sell assets below the "appropriate price" and declined to
further elaborate on the matter.

Nikkei Daily, according to the Bloomberg article, reported that
Advantage Partners, the investment firm that agreed to buy the
chipmaking unit for JPY110 billion, failed to raise funds from
financial institutions amid tightening credit because of the
subprime mortgage crisis.

An Advantage spokeswoman, who refused not to be identified,
declined to comment on the matter, states Mr. Alpeyev.

Osaka-based Sanyo, and its biggest shareholders, Goldman and
Daiwa Securities SMBC Co., will have to revise their
reorganization plan and plot a new strategy for the chip unit,
relates Bloomberg.

                     About Sanyo Electric

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

                        *     *     *

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


SOLO CUP: Closes Biz Sale; Reduces Debt Up to US$325 Million
------------------------------------------------------------
Solo Cup Company disclosed several transactions that will both
reduce debt and continue to improve the company's operating
performance.  First, the company completed the previously
announced sale of its Hoffmaster(R) business.  In addition, Solo
has sold its uncoated white paper plate business.  After
applying net proceeds from these and previous transactions to
its term loan, the Company will have paid down more than US$325
million so far this year.  Lastly, the company announced plans
to close two facilities, taking advantage of improvements in
manufacturing efficiencies gained through its ongoing
Performance Improvement Program.

                  Hoffmaster Sale Complete

A newly formed affiliate of Kohlberg & Company, LLC has acquired
all of the assets of the Company's Hoffmaster business for
approximately US$170 million.  The transaction includes
Hoffmaster's product portfolio of disposable tableware and
special occasions consumer products and associated manufacturing
equipment, as well as two manufacturing facilities located in
Oshkosh and Appleton, Wis., a distribution center located in
Indianapolis, Ind., and a sourcing subsidiary in Hong Kong.

                White Paper Plate Business Sold

Solo also announced that it has sold its uncoated white paper
plate business to AJM Packaging Corporation, a manufacturer of
private label disposable paper foodservice products.

"We made a strategic decision to exit this commodity product
line.  We remain very committed to our private label business
where we can add value for customers through our unique
capabilities," said Robert M. Korzenski, CEO, Solo Cup Company.
"We will focus our attention and investment in our decorated and
coated white paper plate business, which we believe represents a
stronger growth opportunity for Solo."

"The sale of both the Hoffmaster and uncoated white paper plate
businesses illustrates that the Company is steadily executing
its strategy to shed non-core assets in order to reduce debt and
increase investment in businesses that truly differentiate
Solo," Korzenski continued.  "Including the sale-leaseback
transaction completed earlier this year, we have repaid more
than US$325 million already in 2007 -- a remarkable achievement
given our financial position just one year ago."

         Shutdown of Leominster & Wheeling Facilities

Solo also announced that it intends to close manufacturing
facilities in Leominster, Mass., and Wheeling, Ill., and shift
production and employment to other manufacturing locations,
including North Andover, Mass., and Chicago, Ill. The Leominster
and Wheeling plants are expected to close by Dec. 31, 2007, and
Feb. 28, 2008, respectively.  The costs associated with these
facility closings are expected to be recovered in less than two
years.

"As a result of improved efficiencies across our asset base and
the Company's SKU rationalization initiative, we have been able
to streamline our operations," said Peter J. Mendola, Solo's
senior vice president of manufacturing.  "These closures, which
primarily affect our straw and cutlery product lines, will be
managed to ensure no disruption to our customers.  Further,
given the close proximity of other Solo facilities, we expect a
number of our employees to remain with us. Regardless, it is
always difficult to implement a decision that will cause
disruption for our people.  They work hard for us and we are
grateful for their service."

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Asia, including Japan;
Canada; Europe; Mexico; Panama; and the United States.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Fitch Ratings has affirmed the ratings for Solo
Cup Company as:

-- Issuer default rating (IDR) 'B-';
-- Senior secured first lien term loan 'B+/RR2';
-- Senior secured revolving credit facility 'B+/RR2';
-- Senior subordinated notes 'CCC/RR6'.


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

HYNIX SEMICON: Net Income Drops 56% to KRW168 Billion
-----------------------------------------------------
Hynix Semiconductor Inc's third-quarter net income drops 56% to
KRW168 billion, Bloomberg News reports.

According to the report, Samsung Electronics Co. and Micron
Technology Inc also reported lower earnings due to low demands
from customers.  Prices for the benchmark dynamic random access
memory chips, tumbled 37% in the third quarter, the report notes
citing Dramexchange.com, Asia's biggest spot market for
semiconductors.

Hynix Senior Vice President Kwon Oh Chul told the news agency
that the company expects demand for DRAM to improve in the
latter part of the fourth quarter.

Sales, excluding those of overseas affiliates, rose 28% to
KRW2.34 trillion, the report says.

Blomberg notes that Hynix's non-operating items drained
KRW95 billion from earnings, compared with a gain of 74 billion
won a year earlier.  A penalty to debt holders for refinancing
US$500 million of bonds in June by lowering the yield and
extending the maturity, the report adds.

The company related that losses from overseas sales offices and
factories also contributed to the non-operating expenses.  
Operating profit, or sales minus the cost of goods sold and
administrative expenses, fell 9.9% to KRW263 billion, the report
notes.

The report adds that Hynix maintained this year's spending
budget of KRW4.4 trillion, including a planned
KRW72.7 billion this quarter to upgrade and expand chip-making
facilities.  The company expects to lower capital spending next
year by about 10% to KRW4 trillion, the report adds.

                      About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.  
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


HYNIX SEMICON: To Spend KRW72.7 Billion for Upgrading Plants
------------------------------------------------------------
Hynix Semiconductor Inc. would spend KRW72.7 billion in the
fourth quarter to upgrade and expand existing plants, Reuters
reports.

According to the report, the investment was aimed at boosting
cost competitiveness and meeting market demand.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.  
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The company has operations in Russia, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on June 19,
2007, that Moody's Investors Service upgraded to Ba2 from Ba3
Hynix Semiconductor Inc's senior unsecured bond rating and
corporate family rating.

At the same time, Moody's assigned a Ba2 senior unsecured bond
rating for Hynix's proposed US$500 million issuance.  The
outlook for the ratings is stable.

On June 14, 2007, Standard & Poor's assigned its 'BB-' rating on
Hynix Semiconductor Inc.'s proposed US$500 million global bonds
maturing in 2017, which will replace the currently rated seven-
year notes issued in 2005.

The TCR-AP reported on June 14, 2007, that Fitch Ratings
assigned an expected rating of 'BB' to the proposed issue of
US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.


REMY WORLDWIDE: Wants to Employ AP Services as Crisis Manager
-------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates ask
authority from the U.S. Bankruptcy Court for the District of
Delaware to:

   (a) employ AP Services, LLC, as their crisis managers
       effective as of the Effective Date; and

   (b) designate David C. Johnston as assistant treasurer of   
       Remy International Inc.

The Debtors assert that APS' experience in providing crisis
management services to financially-troubled organizations for
over 20 years qualifies the firm for the contemplated services
it will perform on the Debtors' behalf.  Furthermore, Mr.
Johnston has held a variety of restructuring management and
advisory leadership roles during his 10-year tenure with APS'
affiliate, AlixPartners.

Pursuant to an Engagement Letter between the Debtors and APS
dated Sept. 25, 2007, Mr. Johnston will serve as Remy
International's assistant treasurer under the direct supervision
of Remy International's chief executive officer.  

As Remy International's assistant treasurer, Mr. Johnston will:

   -- collaborate with the senior management team composed of
      Remy's Board of Directors and the Debtors' other
      professionals in assisting the Debtors in evaluating
      strategic and tactical options through the restructuring  
      process;

   -- oversee elements of Remy's Treasury and Cash Management
      functions; and

   -- assist the CEO and the Chief Financial Officer in
      developing improved financial reporting and timelier
      decision-making information.

The Debtors will pay for APS' full time Temporary Staff at these
hourly rates:

         Professional               Hourly Rate
         ------------               -----------
         Managing Directors        $600 to $750
         Directors                 $440 to $575
         Vice-Presidents           $325 to $450
         Associates                $260 to $315
         Analysts                  $210 to $230
         Paraprofessionals         $100 to $175

Based on APS' billing schedule, Mr. Johnston, designated as
full-time Assistant Treasurer, will be compensated with an
hourly rate of $525.

Aside from providing full-time Temporary Staff, APS will
occasionally use part-time temporary staff for certain Chapter
11-related activities, Kenneth J. Enos, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, tells the
Court.  The Debtors will be billed for services provided by the
part-time Temporary Staff for hours worked at hourly rates
similar to those of the full-time Temporary Staff.

Among other things, the part-time Temporary Staff may be tasked
to:
   
   (a) prepare short-term cash flow and liquidity forecasts for
       domestic and international operations;
  
   (b) assist in the preparation and monitoring of business
       plans and forecasts;

   (c) evaluate Remy's relationship with significant customers,
       development strategies to address customer issues, and
       negotiations for improvements in pricing, product
       specifications, payment terms and other elements
       affecting the company's cash flow;

   (d) develop information for Remy's prepackaged Chapter 11
       filing, through:

       -- compiling required information for the Chapter 11
          petition and other required forms;

       -- assisting the Accounting Department with related
          issues like cutoff and segregation of prepetition
          and postpetition activity; and

       -- assisting counsel with information and analysis
          to support "first day" motions; and

   (e) after the Chapter 11 filing, assist:

       -- the Debtors in managing their bankruptcy process,
          including working with and coordinating the efforts
          of other professionals representing the Debtors'
          various stakeholders;

       -- in preparing information required by the Bankruptcy
          Court, including schedules of assets and
          liabilities, statement of financial affairs and
          monthly operating reports;

       -- in managing supplier relationships to help ensure
          continuation of deliveries and receipt of credit
          terms; and

       -- in tasks like reconciling, managing, and negotiating
          claims, evaluating preferences and the like and in
          supporting the Debtors' positions with respect to
          various Court motions.

David Rawden, an independent contractor of APS, will perform
certain accounting and finance functions for the Debtors.  Mr.
Rawden was formerly a managing director of AlixPartners, with
over 25 years of accounting, finance and restructuring
experience.  Mr. Rawden was a former chief financial officer for
several manufacturing companies, including a $1 billion
automotive supplier.

APS is billing the Debtors for Mr. Rawden's services at a fixed
monthly rate of $100,000, which is equal to or less than the
comparable hourly rate that the firm charges for its own
employees who are managing directors, according to Mr. Enos.

The APS professionals contemplated to be employed by the Debtors
and their fees are:

                                         Hourly
  Name              Description          Rate      Commitment
  ----              -----------         --------   ----------
  David C. Johnston Assistant Treasurer     $525   Full-Time
  Alan Holtz        Engagement Leader       $675   Part-Time
  Jason Muskovich   Int'l. Cash Mgmt.       $520   Full-Time
  Henry Colvin      Case Management         $495   Full-Time
  Kyle Braden       Vendor Management       $475   Full-Time
  Brent Robison     Int'l. Cash Mgmt.       $440   Full-Time
  Nishit Shah       Case Management         $315   Full-Time
  Jarod Clarrey     Case Management         $230   Full-Time
   
The Debtors will also reimburse APS of necessary out-of-pocket
expenses incurred in connection with their Chapter 11 cases,
including travel, lodging, postage and telephone charges.

APS intends to submit to the Court quarterly reports of
compensation earned.

In addition to the hourly fees, APS and the Debtors agree that
in the event of a meaningful and appropriate milestone, APS will
receive a $1,000,000 Success Fee.  The fee is intended to
reflect the alignment of both parties' interests.

Under the Engagement Letter, the Debtors agree to indemnify,
hold harmless, and defend APS and its affiliates against all
claims, liabilities, losses, damages, and reasonable expenses as
they are incurred, including reasonable legal fees and
disbursements of counsel.

Without prejudice to these rights, APS waives indemnification of
itself as an entity.  Indemnification of APS personnel who are
not officers of the Debtors will be subject to the approval of
Remy International's Board of Directors.  

The Debtors assert that they will use reasonable efforts to
include and cover Temporary Staff serving as their officers from
time to time, as insureds under the Debtors' policy for
directors' and officers' insurance.  The Debtors will maintain
the D&O Insurance coverage for the period through which claims
can be made against those persons.

Alan D. Holtz, a managing director at APS, declares that none of
APS' principals, employees, agents, or affiliates have any
connection with the Debtors, their creditors, the U.S. Trustee,
or any other party, with an actual potential interest in the
Debtors' Chapter 11 cases.

Mr. Holtz relates that APS has represented Angelo Gordon, AT&T
Corp., Bear Stearns, BellSouth, Blue Diamond, Bombardier Inc.,
Caterpillar, Citicorp Del-Lease, Credit Suisse First Boston,
DaimlerChrysler, Deloitte & Touche, Fiat, Ford, General Motors
Corp., Honda, Morgan Stanley, among others, in matters unrelated
to the Debtors.

                      About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of $919,736,000 and total liabilities of $1,265,648,000.  
(Remy Bankruptcy News; Issue No. 4, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


RREMY WORLDWIDE: Wants to Assume Caterpillar Inventory Agreement
---------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates ask
authority from the U.S. Bankruptcy Court for the District of
Delaware to assume an inventory purchase agreement with
Caterpillar Inc.

The Debtors sold their diesel engine remanufacturing business to
Caterpillar for roughly $158 million, pursuant to an asset
purchase agreement dated Jan. 29, 2007.  The Debtors also
entered into outsourcing agreements with Caterpillar, which will
become the Debtors' exclusive supplier of remanufactured heavy
duty starters and alternators.  Caterpillar would acquire
certain machinery and equipment related to the heavy duty
starter and alternator remanufacturing business.

The initial closing occurred June 25, 2007.  On the same day,
the parties amended the Asset Purchase Agreement to provide, for
among other things, the Debtors' sale, for $7.16 million,
certain inventory, machinery, equipment and other assets used
designing, remanufacturing, assembling, testing, marketing and
selling remanufactured heavy duty rotating electrics, including
starters and alternators in North America through the Debtors'
facilities in Mississippi.

Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, the Debtors' proposed co-counsel, told
the Court that under a related inventory purchase agreement,
Remy Reman, L.L.C. and Remy International, Inc., would sell to
Caterpillar Reman Acquisition Two LLC:

   1. alternator core work-in-process inventory having an
      aggregate purchase price of $87,000;

   2. alternator new parts having an aggregate purchase price
      of $1.28 million;

   3. starter core inventory having aggregate value of
      $2,421,000;

   4. starter core work-in-process inventory having an
      aggregate purchase price of $2.29 million; and

   5. starter new parts having an aggregate purchase price of
      $748,000.

Mr. Enos says the Inventory Purchase Agreement contemplates the
transfer of Inventory aggregating roughly $6.80 million.

The Inventory Purchase Agreement also provides that Caterpillar
may elect to adjust purchase prices for the starter core
inventory using the per unit market value of the Purchased
Inventory as determined using a methodology agreed to between
the parties.  If either party disagrees with the adjusted
inventory value for the starter core inventory, the parties will
resolve the disagreement using dispute resolution process
applicable to alternator core inventory set forth in the Asset
Purchase Agreement.

Mr. Enos said the purchase price does not include any sales,
use, excise or other taxes that the Debtors may be required to
pay in connection with the Inventory sale.  The amount of any
applicable present or future tax will be paid by Caterpillar as
an additional charge or, in lieu of that, Caterpillar will
provide the Debtors with a tax exemption certificate acceptable
to the relevant taxing authorities.

The parties also agreed to certain indemnification provisions.

The Debtors further ssought permission to continue the transfer
of the remainder of the Purchased Inventory, free and clear of
all liens, claims and encumbrances.

Assumption of the Inventory Purchase Agreement is in the best
interest of the Debtors, their estates and creditors, Mr. Enos
contended.  He explained that the sale will result in lower
product costs for the Debtors and represented the highest or
otherwise best offer for the Purchased Assets.

Mr. Enos also asserted that the the sale of the remainder of the
Purchased Inventory is an integral part of the Caterpillar
transaction, which has been substantially consummated.

The purchase price, Mr. Enos said, was determined after good
faith, arm's-length negotiations.  "Accordingly, the Debtors
will realize consideration for the Purchased Assets and the
Remainder of the Purchased Inventory that will be fair and
reasonable," Mr. Enos maintained.

                      About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of $919,736,000 and total liabilities of $1,265,648,000.  
(Remy Bankruptcy News; Issue No. 3, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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

AVAYA INC: Provides IP Services to BNSF Railway
-----------------------------------------------
Avaya Inc. and ObjectTel Inc. are helping BNSF Railway Company
communicate seamlessly with the more than 1,100 radios used by
train and trackside maintenance workers across BNSF's rail
network in 28 states and two Canadian provinces.

Radio calls now travel over what is believed to be the largest
IP-based converged voice, data and radio network in the world -
expanding functionality, improving response times and helping
the company significantly reduce costs.

Formed through a merger of the Burlington Northern and Santa Fe
railroads, BNSF operates one of the largest rail networks in
North America.  At the time of the merger, each company had its
own dedicated radio network to keep in touch with the crews who
service trains, lay rails and keep tracks in good repair.
Neither network could be scaled to handle the combined size of
the new company's operations, though, and proprietary technology
meant the systems were unable to interoperate.

"Communicating with workers on trains and at trackside is
critical to safety," said John Hicks, BNSF director of
telecommunications.  "We needed a new centralized solution that
could help us immediately and reliably communicate, whether one-
to-one or with teams of individuals all at once."

BNSF had an existing converged voice and data network for its
main corporate campus and call centers in Fort Worth, Texas, and
Topeka, Kansas.  Intelligent communications applications from
Avaya were used for IP telephony, advanced conferencing,
computer-telephony integration and management of multimedia
customer contacts.

To help BNSF do more with its network investment, Avaya
BusinessPartner and DeveloperConnection member ObjectTel created
a new, highly scalable, mission-critical, interoperable
CLASSONE(TM) Dispatch radio-to-telephone solution.  Now radio
traffic has joined voice and data traffic on a single, high-
reliability network infrastructure that is easily scaled to meet
BNSF's future needs.  Multiple radio and voice systems are
replaced by a single infrastructure for companywide
communications, Avaya Meeting Exchange(TM) conferencing and
messaging, while a single company contact center consolidates
help desk support, wayside maintenance, crew management and
remote dispatch.

Since radio calls are treated just like regular phone calls, any
phone on the network can dial any radio, and radios can be used
to dial any wired or wireless phone.  Dispatchers responsible
for moving trains and coordinating field maintenance operations
have new capabilities for working more efficiently and
effectively.  Using a PC-based CLASSONE(TM) Dispatcher Console
based on an Avaya Softphone application to manage calls, they
for the first time can "see" radio calls on their computer
monitor and answer in priority order, resulting in a more rapid
response to important issues and emergencies.

"CLASSONE(TM) and our other systems and technology investments
are enabling significant improvements in the way BNSF dispatches
trains," said Jeff Campbell, BNSF vice president of technology
services and Chief Information Officer.

For continuity of operations in the event of a disaster,
dispatchers and other contact center personnel are able to dial
into BNSF's converged network from any phone, at any location,
and still securely communicate with trains and trackside
workers.  Built-in failover capabilities allow calls to roll
seamlessly to a backup servers or disaster recovery sites in the
event of an outage so critical calls will not be dropped.

By moving to a single network infrastructure and reducing the
amount of hardware required, BNSF is simplifying systems
administration and building a solid foundation for the future.

"Since our network is based on open standard, we can easily add
new capabilities and applications to support our business," Mr.
Hicks said.

                     About ObjectTel Inc.

ObjectTel Inc. -- http://www.objecttel.com-- develops and
implements superior, customer-driven solutions for contact
centers, converged communication systems, outbound proactive
communications, communications enabled business processes, and
interoperable communication systems for radio, voice and video.
As an Avaya Business Partner, a platinum Avaya Developer
Connection member and a certified Avaya University Training
Partner, ObjectTel delivers enterprise business solutions that
help its clients break through communication barriers.

                         About Avaya

Headquartered in Basking Ridge, New Jersey, Avaya, Inc.
(NYSE:AV) -- http://www.avaya.com/-- designs, builds and
manages communications networks for more than one million
businesses worldwide, including more than 90% of the FORTUNE
500(R).  Avaya is a world leader in secure and reliable Internet
Protocol telephony systems and communications software
applications and services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Standard & Poor's Ratings Services has lowered its
corporate credit rating on Basking Ridge, New Jersey-based Avaya
Inc. two notches to 'B+', and placed the rating on CreditWatch
with negative implications.


SHAW GROUP: Names Brian Ferraioli as Chief Financial Officer
------------------------------------------------------------
The Shaw Group Inc. appointed Brian K. Ferraioli as executive
vice president and chief financial officer of the company.

Accordingly, Mr. Dirk Wild, who was serving as Senior Vice
President and Interim Chief Financial Officer will no longer
serve as Interim Chief Financial Officer.  Mr. Wild will
continue serving the company in the capacity as Vice President
and Chief Accounting Officer.

As reported in the Troubled Company Reporter on July 16, 2007,
Mr. Ferraioli accepted an offer to join the company as Executive
Vice President, Finance, and agreed to assume the role of Chief
Financial Officer of the company after the Company filed its
Quarterly Report on Form 10-Q for the third quarter of the
company's 2007 fiscal year and before the Company reported its
fourth quarter fiscal year 2007 financial results.

Immediately prior to joining the company and since November
2002, Mr. Ferraioli, age 52, served as Vice President and
Controller for Foster Wheeler, Ltd., a global engineering and
construction contractor and power equipment supplier.  From July
2000 until November 2002, Mr. Ferraioli served as Vice President
and Chief Financial Officer of Foster Wheeler USA Corporation.  
Prior to that, from July 1998 until July 2000, Mr. Ferraioli
served as Vice President and Chief Financial Officer of Foster
Wheeler Power Systems, Inc.

A full-text copy of the employment agreement between the company
and Mr. Ferraioli is available for free at:

            http://ResearchArchives.com/t/s?2449

                        About Shaw Group

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

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

                          *     *     *

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

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


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

ANDERSON FINANCE: Undergoes Liquidation Proceedings
---------------------------------------------------
On September 24, 2007, members of Anderson Finance Ltd. resolved
to liquidate the company's business.

Alison Ann Turner was named as liquidator.

The Liquidator can be reached at:

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


BETTA PANELS: Accepting Proofs of Debt Until October 26
-------------------------------------------------------
Paul Graham Sargison and Gerald Stanley Rea were named
liquidators of Betta Panels and Walls Ltd. on October 26, 2007.

Messrs. Sargison and Rea are accepting creditors' proofs of debt
until October 26, 2007.

The Liquidators can be reached at:

         Paul Graham Sargison
         Gerald Stanley Rea
         c/o Gerry Rea Partners
         PO Box 3015, Auckland
         New Zealand
         Telephone: (09) 377 3099
         Facsimile: (09) 377 3098


FIRST DATA: Moody's Rates US$3.75 Bln Sr. Unsecured Notes at B3
---------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to First Data
Corporation's US$3.75 billion senior unsecured cash pay notes,
the proceeds of which will be used to permanently finance a
portion of its leveraged buyout by Kohlberg, Kravis, Roberts &
Co, which closed on Sept. 24, 2007.  The ratings are subject to
Moody's review of final documentation.  The rating outlook for
First Data is stable.

The total LBO transaction value is approximately US$29 billion.
Financing for the transaction includes US$1 billion of Holdings
senior PIK notes (3.4% of proposed financing sources), and
US$6.4 billion of common equity contributed by equity sponsor
KKR (21.7%).  The company has committed bridge financing for all
unsold debt instruments.

The B2 Corporate Family Rating is constrained by considerable
financial leverage pro forma for the buyout (pro forma debt to
EBITDA approximates 9x) and reflects an expectation that credit
metrics, including free cash flow to debt, will remain weak for
at least eighteen months following the transaction's close.  The
main factors that help mitigate the company's high leverage are
FDC's large size, service breadth, liquidity, and leading market
positions in the steadily growing markets (with revenue growth
in the mid to high single digit range with minimal fluctuation
for economic cyclicality) of electronic commerce and payment
solutions for financial institutions, merchants, and other
organizations worldwide.

The company's corporate family rating, pro forma for the
anticipated financial leverage of the buyout, is weakly
positioned in the B2 category because of its high debt burden.  
The rating assumes free cash flow to debt of less than 1% and
EBITDA less capital expenditures interest coverage of about 1.1x
(including PIK interest) during the twelve months that follow
the acquisition's close.  FDC has targeted certain initiatives
that are underway to improve its cost structure and exit its
official check and money order processing business (Integrated
Payment Systems, IPS).  The cost savings initiatives include
efforts to reduce corporate overhead spending, streamline
business unit costs, consolidate data and command centers, and
capitalize on global labor sourcing opportunities.  The B2
rating assumes these initiatives will generate at least US$150
million of near-term savings by the end of 2008.

With respect to liquidity, the company is expected to have near
full availability under its US$2 billion senior secured revolver
(about US$200 million drawn at the LBO's closing and less than
US$100 million incremental draws in the 12 months subsequent to
closing) and will have over US$500 million of available cash on
hand.  The senior secured credit facilities have a debt to
EBITDA financial maintenance covenant, which Moody's views as
providing a substantial cushion, set at a ratio of 7.25x senior
debt to EBITDA, to be first tested on a quarterly basis for the
fourth quarter of 2008.  This test ratio then steps down by
0.25x each year thereafter to 6.0x at December 2013.  The
company is expected to generate at least modest free cash flow
by the end of 2008.

The B3 rating on the company's US$3.75 billion senior unsecured
cash pay notes, one notch below the Corporate Family Rating,
reflects a loss given default of LGD 5 (77%).

The stable rating outlook reflects Moody's expectation that the
company will achieve moderate organic revenue growth and EBITDA
improvement over the next 12-18 months.  Cash flow, financial
leverage, and interest coverage are expected to remain weak for
the rating category during this period.  Given the weak pro
forma credit metrics, a moderate decline in profitability could
put downward pressure on the ratings.  Downward ratings pressure
could also occur were Moody's to expect the company's free cash
flow to be negative on a sustained twelve month basis.  Weak
credit metrics make an upgrade unlikely in the near term.  Over
the intermediate term, the ratings could be upgraded were FDC to
achieve favorable revenue and profit growth and debt reduction,
and if free cash flow to debt were to be sustained in the mid
single digits or higher.

These ratings were assigned:

   -- US$3.75 billion senior unsecured cash pay notes (due 2015)
      - B3, LGD 5 (77%)

Based in Greenwood Village, Colorado, First Data Corporation is
a global leader in electronic commerce and payment solutions for
financial institutions, merchants, and other organizations
worldwide including those in New Zealand, the Netherlands and
Mexico.


FML No 1: Fixes October 19 as Last Day to File Claims
-----------------------------------------------------
FML No 1 Ltd. requires its creditors to file their proofs of
debt by October 19, 2007, to be included in the company's
dividend distribution.

The company's liquidators are:

         Edward Jansen
         Richard Burge
         Sherwin Chan & Walshe, Chartered Accountants
         & Business Advisers
         New Zealand
         Telephone:(04) 569 9069


GAYHURST PROPERTY: Commences Wind-Up Proceedings
------------------------------------------------
Gayhurst Property Holdings Ltd. commenced liquidation
proceedings on September 25, 2007.

Creditors who can file their proofs of debt by October 25, 2007,
will be included in sharing the company's dividend distribution.

The company's liquidator is:

         Michael B. Stringer
         100 Dyers Pass Road
         Cashmere, Christchurch 8022
         New Zealand
         Telephone:(03) 337 9112
         Facsimile: (03) 337 9102


GENEVA FINANCE: "A Lifeline for Others," The Dominion Post Says
---------------------------------------------------------------
The approval of Geneva Finance Ltd's investors on the proposed
loan moratorium could be a lifeline for other struggling finance
companies, The Dominion Post reports, citing KPMG Banking
Chairman Andrew Dinsdale.

As reported by the Troubled Company Reporter-Asia Pacific on
Wednesday, a Standard & Poor's rating release said that Geneva
Finance has reached an agreement with its trustee and BOS
International to put forward a moratorium proposal to the
finance company's investors.  Under the proposal, there will be
nonpayment of debenture redemptions due to investors from Oct.
15, 2007.  All classes of investment maturities are to be
extended by six and a half months.  To consider the proposal,
the investors will meet on Nov. 5, 2007.

According to The Dominion Post, the moratorium would give Geneva
time to negotiate a funding package that might include a new
shareholder or debt from other sources.  "We're extremely
confident that the period of the moratorium will be enough for
us to put the company back into that stable position, secure
that significant debt and equity transaction and really secure
the long-term future of the company," the New Zealand Press
Association quotes Geneva Chief Executive Shaun Riley.

Mr. Dinsdale told The Post that the success of the proposal
would serve as a test for other struggling finance companies
that are considering of making the same move.  However, if the
proposal will be rejected, Geneva's trustee will proceed with
enforcement action, Standard & Poor's Gavin Gunning told NZPA.

Ten New Zealand finance companies have collapsed in the past 18
months, including seven this year as the main local effect of a
global credit crunch, NZPA notes.

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

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/--'.  "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.


HAWKES BAY: Taps John Francis Managh as Liquidator
--------------------------------------------------
On September 27, 2007, the High Court of Napier appointed John
Francis Managh as liquidator for Hawkes Bay Vehicle Exchange
Ltd.

Mr. Managh requires the company's creditors to file their proofs
of debt by October 26, 2007.

The Liquidator can be reached at:

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


KATANA PROPERTY: Appoints Official Assignee as Liquidator
---------------------------------------------------------
On September 24, 2007, the official assignee was appointed
liquidator of Katana Property Group Ltd.

The Liquidator can be reached at:

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


KERREZ ENTERPRISES: Accepting Proofs of Debt Until Nov. 23
----------------------------------------------------------
The creditors of Kerrez Enterprises Ltd. are required to file
their proofs of debt by November 23, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         John Fisk
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


MULTI BUILDING: Commences Liquidation Proceedings
-------------------------------------------------
Multi Building Services (2005) Limited commenced liquidation
proceedings on September 24, 2007.

Grant Bruce Reynolds was tapped as liquidator.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         PO Box 259059, Greenmount
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788


SOVEREIGN SUPPLIES: Fixes October 31 as Last Day to File Claims
---------------------------------------------------------------
On September 24, 2007, Peri Micaela Finnigan and Boris van
Delden were appointed liquidators of Sovereign Supplies Ltd.

Messrs. Finnigan and van Delden are accepting creditors' proofs
of debt until October 31, 2007.

The Liquidators can be reached at:

         Peri Micaela Finnigan
         Boris van Delden
         McDonald Vague, PO Box 6092
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


TRIDENT MARKETING: Taps Brown and Rodewald as Liquidators
---------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were named
liquidators of Trident Marketing Systems Ltd. on September 24,
2007.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         PO Box 13380, Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz


TYLOS GROUP: Shareholders Agree on Voluntary Liquidation
--------------------------------------------------------
The shareholders of Tylos Group Ltd met on September 24, 2007,
and agreed to voluntarily liquidate the company's business.

Grant Bruce Reynolds was appointed as liquidator.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         c/o Reynolds & Associates Limited
         PO Box 259059, Greenmount
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788


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

ALLIED BANKING: To Circulate 100,000 Cards Within Three Years
-------------------------------------------------------------
Allied Banking Corp. aims to circulate 100,000 credit cards
within three years starting January next year, BusinessWorld
Online reports.

Fol C. Rana, Jr., Allied's first vice-president and card center
head, said that the bank "aim[s] to tap and strengthen [its]
foothold in the retail and consumer side of the market."  

According to the report, Allied will launch its MasterCard-
branded credit card this week after inking a deal in March under
which it became a principal member of the international credit
card network.  Official launch for the new credit card will be
in January next year.

Allied's Visa cardholders will be transferred to the new credit
card product, Mr. Rana revealed.

Allied Banking Corporation -- http://www.alliedbank.com.ph/--  
is a universal bank incorporated in the Philippines on April 4,
1977.  The company and its subsidiaries/affiliates are engaged
in all aspects of banking, financing and leasing to personal,
commercial, corporate and institution clients.  Allied Bank
offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services.  In addition, the bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.

Allied Bank has international offices in Australia, China, Guam,
Hong Kong, Singapore, the Middle East, United Kingdom, Germany,
Italy, Spain, and the United States.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that on
November 2, 2006, Moody's Investors Service revised the outlook
of Allied Banking Corp.'s foreign currency long-term deposit
rating of B1 to stable from negative.


BANGKO SENTRAL: Excess Liquidity Mop-up Operations to Continue
--------------------------------------------------------------
Bangko Sentral ng Pilipinas would continue to clean up excess
liquidity in the banking system through its special deposit
account facility until the economy develops an absorptive
capacity, BSP Governor Amando M. Tetangco Jr. told the
Philippine Star.

"Absoption takes time," Mr. Tetangco said.  "The economy would
have to build up the capacity to do this.  That's why we are
mopping up."

The BSP had reduced its rates in an effort to mitigate impact on
capital inflows, PhilStar recounts.  The move would have slowed
down foreign investments and prevent rapid appreciation by the
peso along the way.  However, the inflows actually surged
because of OFW remittances and inflows to the equities market
from new listing.

According to the report, the BSP had inflows of
US$930.01 million worth of net portfolio investments in
September.  However, these funds flowed out right away, leaving
a net inflow of US$38.21 million.  These figures brought net
portfolio investments to US$3.4 billion for the nine-month
period ending September 30, more than twice higher than the
US$1.4 billion in the same period last year.

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

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

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

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


NAT'L POWER: To Prepay US$1.3-Bil. Debt Within Next 6 Months
------------------------------------------------------------
The National Power Corp. will prepay or refinance about
US$1.3 billion in debts within the next six months in light of
the strong currency and low interest rates in the country, Power
Sector Assets and Liabilities Management Corp. told the
Philippine Daily Inquirer on Wednesday.

PSALM handles the current privatization of NAPOCOR's assets.

PSALM President Jose Ibazeta told reporters that it will about
60% of the estimated US$800-million proceeds of power plant
sales this year to settle debts.  Mr. Ibazeta also said that
PSALM would want to swap its yen-denominated obligations for
dollar and peso-denominated loans because it expects the yen to
become stronger.

PSALM has US$2.46-billion exercisable prepayment options out of
Napocor's US$7.03 billion debts but chose to exercise US$1.3
billion worth in yen-denominated loans, Mr. Ibazeta said.

The PSALM executive said his company would probably choose an
underwriter by next year's first quarter to handle new debts
with longer tenors, which NAPOCOR would incur in prepaying the
debts.  NAPOCOR needs to restructure and refinance its debts
because about 42% of its obligations will become due between
2009 and 2011, Mr. Ibazeta explained, and added that PSALM would
like to extend maturity of NAPOCOR's debt to 2027.

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

                          *     *     *

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

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

On October 11, 2007, Fitch Ratings has affirmed on Thursday the
ratings of 'BB' to the US$500 million fixed-rate and US$300
million floating-rate notes issued by National Power Corporation
in 2006 and 2005, respectively.


NIHAO MINERAL: Revokes Subscription Deal with Mina Tierra
---------------------------------------------------------
NiHao Mineral Resources Inc. has revoked its subscription
agreement with Mina Tierra with the intention of acquiring the
Botolan Mining Rights through cash.

Under the original subscription agreement with Mina Tierra, Mina
Tierra subscribed to 475,000,000 common shares in the company
for an aggregate par value of PHP475 million.  Mina Tierra was
supposed to make an initial payment of PHP118.75 million through
assignment and conveyance of its mining rights and interests in
Botolan, Zambales and PHP57.28 million through cash.  The
remaining PHP356.25 million shall be paid upon call by the
company's Board of Directors.

Formerly known as Magnum Holdings Inc., Pasig City, Philippine-
based NiHAO Mineral Resources Inc. was originally organized to
engage in mining exploration.

On June 28, 2007, the Securities and Exchange Commission
approved the change in its Magnum Holdings Inc.'s name to NiHAO
Mineral Resources, Inc.

After auditing the company's annual report for FY2006, Napoleon
Calderon at MCJ & Co. raised significant doubt on the company's
ability to continue as a going concern, citing the company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.


NIHAO MINERAL: Delfin Castro Jr. Resigns as President, Director
---------------------------------------------------------------
Delfin S. Castro Jr. has left his post at NiHao Mineral
Resources Inc. as President and Director, a disclosure with the
Philippine Stock Exchange says.

The Board has elected Jerry Angping as president and director,
replacing Mr. Castro.

Mr. Castro's resignation was not due to any agreement with the
company on matters regarding its operations, policies and
practices, the disclosure says.

Formerly known as Magnum Holdings Inc., Pasig City, Philippine-
based NiHAO Mineral Resources Inc. was originally organized to
engage in mining exploration.

On June 28, 2007, the Securities and Exchange Commission
approved the change in its Magnum Holdings Inc.'s name to NiHAO
Mineral Resources, Inc.

After auditing the company's annual report for FY2006, Napoleon
Calderon at MCJ & Co. raised significant doubt on the company's
ability to continue as a going concern, citing the company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.


PAL HOLDINGS: SEC Approves Board-Endorsed Amendments to By-Laws
---------------------------------------------------------------
The Securities and Exchange Commission has approved on Tuesday
the amendment to PAL Holdings Inc.'s By-Laws, which was
previously approved by the company's Board of Directors on
October 3.

The amendments consist of the deletion of outdated provisions
and the inclusion of provisions required by the code of
corporate governance by the SEC.


Formerly known as Baguio Gold Holdings Corporation, the
Company's principal activity is that of a holding company. Based
in Makati City, Philippines, the Company's primary purpose is to
purchase, subscribe, acquire, hold, use, manage, develop, sell,
assign, exchange or dispose of real and personal property,
including shares of stocks, debentures, notes and other
securities of any domestic or foreign corporation.  The company
is a major shareholder of Philippines Airlines Inc.

On August 17, 2006, the Corporation acquired 100% ownership of
six holding companies that collectively own 81.5% of Philippine
Airlines Inc.

PAL Holdings Inc. reported a PHP13.4 billion shareholders'
equity deficit as of December 31, 2006.


PHILCOMSAT HOLDINGS: Indefinitely Postpones Stockholders Meeting
---------------------------------------------------------------
Philcomsat Holdings Corp. has postponed indefinitely its annual
stockholders' meeting previously scheduled for Tuesday,
October 16.

In a disclosure with the Philippine Stock Exchange, the company
said that it was prompted to postpone the meeting because it was
still in the process of investigating its legal problems
involving its subsidiaries Philippine Overseas
Telecommunications Corp., and the Philippine Communications
Satellite Corp.

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter-Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.
The Philippine Senate has initiated an inquiry into the matter.
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill-gotten, had
been confiscated by the Government.


* Gov't To Reduce Foreign Borrowings to Slow Down Peso's Rise
-------------------------------------------------------------
The National Government plans to reduce its foreign borrowings
for 2008 in light of the Bangko Sentral ng Pilipinas' suggestion
to borrow more from the local debt market in order to slow down
the rapid rise of the local currency against the dollar, the
Philippine Star reports.

The government is looking to borrow about PHP20 to PHP21 billion
from foreign sources, the Star adds.

The Department of Finance is looking into changing the borrowing
mix for next year in order to favor domestic sources, Secretary
Margarito Teves said on Wednesday.  "[M]aybe we could think of a
70%-30% (domestic to foreign) ratio instead of the original 64%-
36% mix," he said.

However, while the DOF is studying the BSP's proposal, it would
be the one to decide which combination would be followed, Mr.
Teves said.  According to the secretary, the DOF is likely to
reduce commercial borrowings and program loans.  "The
combination will depend on the circumstances and how quick we
were going to implement it," he 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.


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

CHIP HUA: Accepting Proofs of Debt Until October 26
---------------------------------------------------
The creditors of Chip Hua Poly-Construction (Pte) Ltd. are
required to file their proofs of debt by October 26, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

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


HSIN SEMICONDUCTOR: Placed Under Judicial Management
----------------------------------------------------
On October 8, 2007, the High Court of Singapore entered an order
placing Hsin Semiconductor Pte Ltd under judicial management.

The company's solicitors are:

         Rajah & Tann
         53 Ubi Avenue 1
         #05-48 Paya Ubi Industrial Park
         Singapore 408934


OKS CREDIT: Pays Second and Final Dividend
------------------------------------------
OKS Credit & Moneylenders (S) Pte Ltd paid the second and final
dividend on October 4, 2007.

The company paid 8.7860% of dividend to its creditors.

The company's liquidator is:

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


RIGHTPEOPLE PTE: Requires Creditors to File Claims by Nov. 12
-------------------------------------------------------------
Rightpeople Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by November 12, 2007,
to be included in the company's dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


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

KRUNG THAI: To Make Interest Payments for Debentures on Nov. 19
---------------------------------------------------------------
Krung Thai Bank PCL will make interest payments for its
subordinated debentures no. 1/2548 on November 19, 2007.

According to a disclosure with the Stock Exchange of Thailand,
the bank will make the 5th interest payment at a rate of 4.6%
per annum, and THB23.18 per unit.  Period of interest is from
May 18 to November 17.

Closing date for registration for interest payment is November 5
at 12 noon.

Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation  
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


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


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

AUSTRALIA

Advance Healthcare Group Ltd      AHG      13.59      -12.43
Allstate Explora                  ALX      12.65      -51.62
Austar United Communications
   Limited                        AUN     411.16      -43.72
Emperor Mines Limited             EMP     138.99      -50.63
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39
UnderCoverWear Limited            UCW      28.92      -16.07


CHINA AND HONG KONG

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


INDIA

Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM      96.57      -42.59
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -150.72
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Ltd                 DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Gujarat State Fi                  GSF     153.48     -157.34
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     316.41     -175.33
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson & Nic Ltd                   JN      15.41       77.32
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Phil Corporation                NPPII      22.13       -4.96
RPG Cables Ltdd                  NRPG      51.43      -20.19
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd                 SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     619.95     -111.52
UB Engineeering                   UBE      47.78       -2.77
Uniflex Cables                    UFC      17.22       -5.04


INDONESIA

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


JAPAN

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


KOREA

DaiShin Information &
   Communication Co.            20180     740.50     -158.45
Dong Yang Gang                   1780     108.79       -9.80
E-Rae Electronics Industry
   Co., Ltd                     45310      45.47      -10.37
E Star B Co., Ltd.              55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      35.66       -0.66
Hyundai IT Corp.                48410     137.08      -48.10
Inno Metal Izirobot Inc.        70080      28.56       -0.33
Korea Cement Co., Ltd.           3660     145.94      -15.79
Oricom Inc.                     10470      82.65      -40.04
Petroholdings Corporation       53170      19.31       -4.95
Rocket Electric Co., Ltd.         420      77.37       -4.76
Seji Co., Ltd                   53330      37.25       -0.31
Starmax Co., Ltd                17050      76.61       -1.50
Tong Yang Magic Co., Ltd.       23020     355.15      -25.77
Unick Corporation               11320      36.54       -4.45


MALAYSIA

Boustead Heavy Industries  
   Corp. Bhd                     BHIC      57.34     -152.51
Chin Foh Berhad                  CFOH      53.19      -13.88
FED Furniture                    FFHB      38.27       -5.11
Harvest Court                     HAR      10.17       -3.85
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     189.92      -50.36
Paxelent Corp                    PAXE      13.16       -4.51
Putera Capital Berhad            PCAP      10.56       -4.70
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.76      -85.36
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

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


SINGAPORE

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


THAILAND

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





                           *********

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

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

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




                            *********


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

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