TCRAP_Public/071023.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, October 23, 2007, Vol. 10, No. 210

                            Headlines

A U S T R A L I A

BASIS YIELD: Liquidators File Second Supplement to Petition
BRENTLY ENGINEERING: Will Declare First Dividend on Nov. 8
BUTSELAAR TRADING: To Declare Dividend on November 8
CHRYSLER LLC: Four Union Locals Reject UAW-Chrysler Labor Pact
CHRYSLER LLC: Negotiator Urges UAW Leaders to Reject New Pact

COLES GROUP: Woolworths Hopes on Coles Shareholders to Get Kmart
COLES GROUP: Wesfarmers Taps Archie Norman to Handle Takeover
COOL AS REFRIGERATION: Members Resolve to Liquidate Business
DB METAL: Will Declare First Dividend on November 8
DEUGRO AUSTRALIA: Members Resolve to Liquidate Business

HOUSEBOAT INDUSTRIES: Members and Creditors to Meet on Oct. 26
MSD DEVELOPMENTS: Appoints G. A. Crisp as Liquidator
NEIL SLATER: Placed Under Voluntary Liquidation
PEABODY ENERGY: Paying Dividend of US$0.06 Per Share
SEYRIC TRADING: Members Resolve to Liquidate Business

TERHIL JOMAR: Members Agree on Voluntary Liquidation


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Profit for First Nine Months Increases 64%
AGRICULTURAL BANK: CBRC Chairman Denies Split Up Reports
ANDREW CORP: S&P Holds 'BB-' Corporate Credit & Debt Ratings
ASIA TELEMEDIA: Files Evidence to Counter Wind-Up Petition
BLESSEARN LIMITED: Court to Hear Wind-Up Petition on Nov. 14

CHINA SOUTHERN: To Open Direct Guangzhou-Vientianne Flights
CHANGAN AUTO: Plans to Set Up Fourth R&D Center in Japan
CITIC BANK: Top Official Denies Bear Stearns Acquisition Reports
CHINA EVERBRIGHT: End-September NPL Ratio Down 5.97%
CONDO CURTAIN: Creditors' Proofs of Debt Due on October 26

EASY FASHION: Names Seng and Lo as Liquidators
FIAT SPA: European Commission Sets Inquiry Deadline to Nov. 21
GALAWELL INVESTMENT: Members Agree on Voluntary Wind-Up
GREENTOWN CHINA: Forms JV with Wharf Unit on Hangzhou Project
HAINAN AIRLINES: Plans To Set Up Insurance JV with Shin Kong

HONICA WATCH: Liquidators Quit Post
INT'L PAPER: Board Oks Amendment of Certificate of Incorporation
KONKA GROUP: Inks Cooperation Agreement with Texas Instrument
LANDMARK COMMODITIES: Placed Under Voluntary Liquidation
ORIENTFIELDS ENTERPRISES: Appoints Mo Pui Lam as Liquidator

TCL CORP: Rebuffs Reports on Philips Acquisition of TV Unit
THE WALT DISNEY: Names Seng and Lo as Liquidators
TOM GROUP: S&P Places BB+ Credit Rating on CreditWatch Negative
YIU TING: Requires Creditors to File Claims by November 5


I N D I A

GENERAL MOTORS: UAW Agreement Cues Fitch to Remove Neg. Watch
GMAC LLC: S&P Places BB+/B-1 Credit Rating on Watch Negative
ICICI BANK: U.S. Fed Okays Setting Up of New York Branch
SOUTHERN IRON: To Consider Results and Merger Scheme on Thursday
SPICEJET LTD: To Lease Two Boeing Aircraft to Air India

SPICEJET LTD: Ties Up with S&R Works for In-Flight Marketing
VISTEON CORP: Selling Largest UK Operation to Linamar


I N D O N E S I A

MCDERMOTT INT'L: Names Dennis Baldwin as Vice President & CAO
MITEL NETWORKS: To Use Microsoft Office Communications Server
LIPPO KARAWACI: 2007 3Q Net Profit Ups 12% to IDR255.2 Billion
PERUSAHAAN GAS: ConocoPhillips Starts to Supply Gas


J A P A N

AMR CORP: Earns US$175 Million in Third Quarter Ended Sept. 30
BOSTON SCIENTIFIC: Mulls Restructuring & Sale of Some Businesses
DELPHI CORP: Disclosure Statement Hearing Adjourned Until Nov. 8
ELAN CORP: Third Parties Eye Biogen for Likely Acquisition
ELAN CORPORATION: FDA Extends TYSABRI Review Until Jan. 13, 2008

SEIYU LTD: Wal-Mart to Invest JPY100BB to Buy Remaining Stake
SENSIENT TECH: Paying US$0.18 Per Share Quarterly Dividend
SPANSION INC: Posts US$72 MM Net Loss in Quarter Ended Sept. 30
TENNECO INC: Elects Dennis J. Letham to Board of Directors
TIMKEN CO: Invests US$6 Million on Industrial Expansion


K O R E A

ACTUANT CORP: Two-for-One Stock Split Takes Effect on Nov. 8
REMY WORLDWIDE: Selects Shearman & Sterling as Lead Counsel
REMY WORLDWIDE: Court Approves Kurtzman Carson as Noticing Agent
REMY WORLDWIDE: Wants Until December 22 to File Schedules
SUN MICROSYSTEMS: Spares Scottish Unit from Worldwide Job Cuts


M A L A Y S I A

CELESTICA INC: Tax Benefit Error Cues Firm to Cut Q2 Earnings
KAI PENG: Bursa to Delist Securities on October 30
MALAYSIA AIRLINE: Subsidiary Expands Operation
SOLUTIA INC: Court Approves Fifth Amended Disclosure Statement
SOLUTIA INC: Court Sets November 29 Plan Confirmation Hearing

TENAGA NASIONAL: Sees Profit as Demand for Electricity Rises
PAXELENT CORP: Malayan Bank Plans Legal Suits to Recover Debts
TITAN CHEMICALS: Incorporates Titan Intl. as New Unit


N E W  Z E A L A N D

ABSOLUTELY NATURAL: Fixes Oct. 26 as Last Day to File Claims
AIR NEW ZEALAND: Passenger Load Up 6.7% in September 2007
AQUAFORM LTD: Fixes Nov. 30 as Last Day to File Claims
CONSTANT CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 9
LOMAS ENVIRONMENTAL: Names R.L. Merlo as Liquidator

OTAGO CONTINUOUS: Shareholders Resolve to Liquidate Business
PAKURANGA EARTHMOVERS: Court to Hear Wind-Up Petition on Feb. 14
ROSIER GROUP: Enters Wind-Up Proceedings
SOLITAIRE INTERNATIONAL: Fixes Nov. 12 as Claims Filing Deadline
TITOKI INVESTMENTS: Commences Wind-Up Proceedings


P H I L I P P I N E S

BANCO DE ORO-EPCI: Obliged to Pay RCBC Unit Damages for Breach
BANGKO SENTRAL: IMF Finds Modest Effects of Forex Intervention
BANGKO SENTRAL: Mulls Widening Scope of 2nd Forex Liberalization
BANGKO SENTRAL: Resumes Talks with Treasury on US$1-Bil. Bonds
BENGUET CORP: Sets Annual Stockholders' Meeting for December 18

FORD MOTOR: Expresses Possible Expansion of Philippine Facility
NAT'L POWER: PSALM Lines Up Five More Assets for Auction in 2008
PAL HOLDINGS: Botched Trustmark Offer Cues Lifting of Suspension
RIZAL COMM'L: Unit Reaches Favorable Ruling in Case v. EPCI
WENDY'S INT'L: Partners with Berjaya to Open 70 Malaysian Units

ZIPPORAH REALTY: SEC OKs Change in Name to "Sta Lucia Land Inc."
* IMG Urges Less Export Dependence, More Forex Rate Flexibility


S I N G A P O R E

ADVANCED MICRO: Posts US$396 Mln Net Loss for Third Quarter 2007
ADVANCED MICRO: TRC Capital Offers Mini-Tender of 5 Mln Shares
CKE RESTAURANTS: Reports US$90MM Same-Store Sales for Two Units
LEVI STRAUSS: Completes US$525M Tender Offer of 12.25% Sr. Notes
SPECTRUM BRANDS: Postpones Strategic Asset Sale


T H A I L A N D

BANK OF AYUDHYA: 3rd Qtr. Net Income Jumps 54% to THB2.88 Bil.
FEDERAL-MOGUL: Sept. 30 Balance Sheet Upside-Down by US$1.4 Bil.
TMB BANK: Sells 19% Ownership in Siam Ferro to Maximum Holding


V I E T N A M

* Vietnam to Raise VND38 Trillion in Government Bond in 2008


* BOND PRICING: For the Week 22 October to 26 October 2007

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A U S T R A L I A
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BASIS YIELD: Liquidators File Second Supplement to Petition
-----------------------------------------------------------
Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham, as
joint provisional liquidators and foreign representatives of
Basis Yield Alpha Fund (Master), has filed with the U.S.
Bankruptcy Court for the Southern District of New York
(Manhattan) a second supplement to their August 29, 2007
petition for recognition of the Cayman Islands liquidation
proceeding as a foreign main proceeding.

Karen B. Dine, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in
New York, relates that the Liquidators filed the First
Supplement to the Petition on September 5 to notify the
Bankruptcy Court of additional grounds supporting the request,
as well as recognition from the High Court of Justice, Chancery
Division, Companies Court, in England.  Citigroup Global Markets
Limited, however, had argued that the First Supplement does not
answer all of the factual questions that are relevant to whether
recognition is proper as either a main or non-main proceeding.

Ms. Dine tells Judge Gerber that the Second Supplement was filed
in a continuing effort to promptly notify the Bankruptcy Court
of a change in status concerning the commencement of other
foreign proceedings under Section 1518(2) of the Bankruptcy
Code.

Ms. Dine notes that, on September 6, the Liquidators filed an
application in the Supreme Court of New South Wales, seeking to
compel certain parties to turn over, among other things,
documents and funds in their possession.

Specifically, the Liquidators asked that, pursuant to Section
581 of the Corporations Act 2001 and Section 68(b) of the Civil
Procedure Act of 2005, Basis Capital Funds Management Limited
should produce to the Supreme Court by September 28:

   (a) any books and records of Basis Yield; and

   (b) all documents created or dated on or after March 1, 2007,
       and which record or evidence:

        * operational, credit and investment advice provided to
          Pac-Rim Investments Limited or Basis Yield;

        * funds received from investors or subscribers on behalf
          of the Basis Yield Fund; and

        * communications with any officer, employee, agent, or
          servant of:

           -- Lehman Brothers International (Europe);
           -- Merril Lynch International;
           -- Merril Lynch International (Australia) Ltd.;
           -- JP Morgan Chase Bank NA;
           -- JP Morgan Australia Group Limited;
           -- Goldman Sachs International;
           -- Goldman Sachs JBWere Pty Ltd.;
           -- Citigroup Global Markets Limited;
           -- Citigroup Global Markets Australia Pty Limited;
           -- Morgan Stanley;
           -- Morgan Stanley Australia Limited;
           -- Deutsche Bank; and
           -- Bear Stearns.

The Liquidators also asked the Supreme Court to direct Goldman
Sachs, Citigroup Global Markets Australia, Morgan Stanley
Australia, JP Morgan Australia, and Merrill Lynch (Australia) to
produce any Basis Yield books and records, and any documents
created or dated on or after March 1, recording:

   (1) the sale and purchase of investment products on Basis
       Yields' behalf;

   (2) dealings with the proceeds of sale and purchases of
       investment products;

   (3) communications of all offers received from third parties
       in relation to the sale of Basis Yields' investment
       products, which were repossessed following issue of
       notices of default;

   (4) foreign currency and other hedge transactions;

   (5) the decision to issue default notices to Basis Yields;

   (6) valuation of Basis Yields' portfolios;

   (7) calculation of amounts claimed in the default notices;
       and

   (8) correspondence with Basis Capital Funds Management.

The Supreme Court of New South Wales promptly approved the
Application on the same day.

Judge Gerber is set to conduct an evidentiary hearing on Nov. 19
to consider the request for recognition of Basis Yield's
liquidation proceedings.  The hearing may be continued to
November 20, if necessary.

                        About Basis Yield

Basis Yield Alpha Fund (Master) is a Cayman Islands-based mutual
fund managed by Basis Capital Fund Management Ltd. in Australia.

Basis Capital is fully licensed and regulated by the Australian
Securities and Investment Commission as a Responsible Entity.
Basis Capital is a founding member of the Australian Chapter
of the Alternative Investment Management Association.

Basis Yield operates as a master-feeder structure that allows
investors' funds to be channeled through two companies operating
in a single jurisdiction to a "master" company operating in the
same jurisdiction.  These two feeder funds are Basis Yield Alpha
Fund (US), a US feeder fund for US taxable investors, and Basis
Yield Alpha Fund, a non-US feeder for all other investors.

                       Road to Bankruptcy

Following the volatility in the market related to the United
States sub-prime lending defaults, by June 2007, Basis Yield
began to suffer a significant devaluation of its asset
portfolio.   The devaluation of the Fund's secured assets led to
margin calls from trade counterparties, which Basis Yield was
ultimately unable to meet.  This, in turn, resulted in the
issuance of several default notices by the counterparties and
the exercise of their rights under their agreements to close out
trades and to seize or sell Basis Yield assets that had been the
subject of repurchase agreements or over which they held
security interests.

Default notices were issued by, inter alia, J.P. Morgan Chase
Bank N.A., Goldman Sachs International, Citigroup Global Markets
Limited, Morgan Stanley, Lehman Brothers International (Europe),
and Merrill Lynch International.

In addition, two counterparties issued bid lists for Basis
Yield's assets, which resulted in additional downward pressure
on the relevant asset classes and a further devaluation of the
Fund's assets.

Basis Yield disputed many of the default notices issued or
purportedly issued by various parties.

Basis Capital stopped redemptions from its Yield Alpha Fund and
Aust-Rim Opportunity Fund in July 2007 after both funds lost 9%
and 14% in June, Bloomberg says.

Basis Capital retained The Blackstone Group to act as financial
advisor to the Yield Alpha Fund and Pac-Rim Opportunity Funds.
Blackstone's role included negotiating with investment banks to
prevent adverse pricing and selling of both funds' assets.

For the past five years, the Yield Alpha Fund returned 15.5% on
average while the Aust-Rim Opportunity Fund provided almost 15%
return on average, according to Bloomberg, citing a July 2007
report by Zenith Investment Partners posted on Basis Capital's
Web site.

Bloomberg notes that the Basis Capital funds had the highest
five-star ratings from Standard & Poor's before the ranking was
put "on hold" on July 17, 2007, because of "issues potentially
affecting the management of the fund," according to S&P.

                    Chapter 15 Ancillary Case

On August 29, 2007, the Liquidators filed a petition before the
U.S. Bankruptcy Court for the Southern District of New York
seeking recognition of Basis Yield's liquidation in the Cayman
Islands as a "foreign main" proceeding under Chapter 15 of the
U.S. Bankruptcy Code.  The Liquidators also asked the U.S. Court
to enjoin and restrain U.S. creditors from commencing actions
with respect to the Fund's assets in the United States.

Basis Yield is estimated to have more than US$100,000,000 in
total assets and total liabilities, and less than 49 creditors,
the Chapter 15 petition said.

The Liquidators noted that in excess of US$50,000,000 of Basis
Yield's assets, held by various financial institutions, are
located within the United States.

Basis Capital has said losses in Basis Yield could exceed 80%,
Tiffany Kary and Jenny Strasburg at Bloomberg report.


BRENTLY ENGINEERING: Will Declare First Dividend on Nov. 8
----------------------------------------------------------
Brently Engineering Pty Ltd will declare its first dividend on
November 8, 2007.

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

The company will also hold a final meeting for its members on
November 15, 2007, at 9:30 a.m.

The company's liquidator is:

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

                    About Brently Engineering

Brently Engineering Pty Ltd is a distributor of industrial
machineries and equipments.  The company is located at Lane Cove
West, in New South Wales, Australia.


BUTSELAAR TRADING: To Declare Dividend on November 8
----------------------------------------------------
Butselaar Trading Co. Pty Ltd will declare its first and final
dividend on November 8, 2007.

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

The members will also meet on November 15, 2007, to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

                     About Butselaar Trading

Located at Hawthorn, in Victoria, Australia, Butselaar Trading
Co Pty Ltd is an investor relation company.


CHRYSLER LLC: Four Union Locals Reject UAW-Chrysler Labor Pact
--------------------------------------------------------------
Four large union locals, representing a majority vote of
Chrysler's 45,000 union members, rejected the United Auto
Workers union's pact with Chrysler LLC over the weekend,
according to various reports.

Locals from Delaware, Missouri and Ohio turned down the pact on
Saturday while a Detroit local with 2,200 UAW members, vetoed it
on Sunday.

Reports say the UAW-Chrysler pact failed to be ratified by 54%
of the members of the UAW Local 1183, in Newark, Delaware.
About 79% production workers and 66% skilled trade workers of
the 2,900-member Local 110 in Fenton, Missouri, turned down the
pact.

Union locals who vetoed the deal include the Detroit Axle plant,
the St. Louis North pick up plant and a stamping plant in
Twinsburg, Ohio.

On the other hand, UAW Local 868 in Georgia, which represents
just 94 members, accepted the labor contract.

Approximately 78% members of Local 72, a union local with 800
workers in Kenosha, Wisconsin, voted yes, while 22% were against
the deal.

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Bill Parker, Chair of the 2007 UAW Chrysler National Negotiating
Committee, who voted against the new tentative labor agreement
between Chrysler LLC and the United Auto Workers union, released
a minority report to the members of the UAW Chrysler Council,
urging the Council to reject Chrysler's offer and let the
Committee return to the bargaining table.

As previously reported, the UAW Chrysler Council, which includes
local union leaders from Chrysler LLC facilities throughout the
U.S., voted overwhelmingly to recommend ratification of the
tentative agreement reached on Oct. 10, 2007.

Mr. Parker, however, disclosed that the National Negotiating
Committee had a split vote on the contract.

                       About Chrysler LLC

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

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

                           *    *    *

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

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche.  This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default.  S&P also assigned a 'B' rating to the US$5
billion "second-out" first-lien term loan tranche.  This rating,
the same as the corporate credit rating, and the '3' recovery
rating indicate S&P's expectation for a meaningful recovery in
the event of payment default.

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


CHRYSLER LLC: Negotiator Urges UAW Leaders to Reject New Pact
-------------------------------------------------------------
Bill Parker, Chair of the 2007 UAW Chrysler National Negotiating
Committee, who voted against the new tentative labor agreement
between Chrysler LLC and the United Auto Workers union, released
a minority report to the members of the UAW Chrysler Council,
urging the Council to reject Chrysler's offer and let the
Committee return to the bargaining table.

As reported in the Troubled Company Reporter on Oct. 16, 2007,
the UAW Chrysler Council, which includes local union leaders
from Chrysler LLC facilities throughout the U.S., voted
overwhelmingly to recommend ratification of the tentative
agreement reached on Oct. 10, 2007.

Mr. Parker, however, disclosed that the National Negotiating
Committee had a split vote on the contract.

                     GM-UAW Agreement

He enumerates his concerns with the General Motors Corp.
Agreement:

  a) The establishment of a two-tier wage and benefit package
     for the "entry level" employees.  Two tiers of workers
     create divisions within the union, pressure to reduce the
     top tier in the direction of the second tier and efforts
     to drive the second tier even lower.

  b) The division of our facilities into core and non-core
     jobs.  Many of the best jobs in the plants - currently
     held by high seniority employees -- will be filled in the
     future with entry level employees.

  c) The elimination of all janitors throughout the company.

  d) The elimination of any general wage increase throughout
     the life of the agreement, along with cost of living
     allowance diversions to a degree never seen before.  In
     the worst years of the 1980s, workers always had at least
     one 3% raise.  The COLA diversions projected in the
     contract will far exceed the sum of all previous COLA
     diversions combined.

  e) A two-year limitation on receiving job bank funds if an
     open job exists anywhere in the company.  After that, a
     worker could be forced to move anywhere in the country to
     the open job, wherever it is.

  f) The failure to provide any sort of equality of sacrifice
     or to provide for a catch-up if the company turns around
     in the future.

                   Chrysler-UAW Agreement

Aside from the above concerns, Mr. Parker outlines additional
areas of concern:

  a) No Commitment Beyond Current Production

     Virtually no Chrysler plant received commitment beyond
     the scope of their new product, unlike the GM contract
     which committed to product past the current lifecycle
     being built today.  When GM locals seek to negotiate
     local agreements, they won't be confronted with the
     threat of no new product, because it is locked into their
     national agreement.  Unbelievably, the Chrysler agreement
     does not give workers the same protection.

     The GM agreement brought back to the U.S. several
     products slated for outsourcing.  Yet, the Chrysler
     contract failed at that.  Several of the next products
     will be built in Mexico, Canada or China.

  b) Four Facilities To Be 100% Entry Level

     The establishment of permanent two-tier relations will be
     a threat to the unity and solidarity within the union.
     But unlike GM, Chrysler has facilities that are 100%
     entry level once traditional employees leave.  Those
     entry level employees won't have any place to move up for
     they will have signed for entry level wages for life.
     Under the tentative agreement, Toledo Machining,
     Marysville Axle, Chrysler Transport, and all Mopar
     facilities are those facilities.

  c) Reduced Seniority Opprotunities

     Classifications are being totally eliminated from
     production jobs on Smart teams.  In exchange for a few
     pennies per hour, members are giving up any
     classification variation for team members.

  d) No Roll-Over of Temporaries

    The GM agreement rolled over 3,000 temporary employees to
    permanent, full-time, traditional status.  At Chrysler,
    none were rolled-over.

  e) Added Costs for Retirees

    Pattern for Chrysler in 2007 also means accepting the 2005
    concessions made at GM and Ford Motor Co., meaning the
    dollar an hour active workers held on to will be eaten
    away by future COLA diversions (after the first ten cents
    is snatched each quarter).  In 2005 and 2006, this Council
    insisted that it wanted no health care costs passed on to
    retirees.

  f) Skilled Trades Issues

    The trades avoided many of the issues facing production;
    however, retiree pensions and benefits for new hires will
    be different than for traditional employees.  The effort
    to reduce the number of trades will continue through
    annual packages -- something not offered to production
    workers.  New, under this contract, is that skilled trades
    employees on layoff or in the job bank can be called to
    take open jobs in production, though they will kept their
    skilled wages.  Although, separate trades are protected
    under the "trades consolidation" language, the door is now
    open for management to expect one trade to do the work of
    other trades.

                      About Chrysler LLC

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

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

                           *    *    *

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

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche.  This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default.  S&P also assigned a 'B' rating to the US$5
billion "second-out" first-lien term loan tranche.  This rating,
the same as the corporate credit rating, and the '3' recovery
rating indicate S&P's expectation for a meaningful recovery in
the event of payment default.

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


COLES GROUP: Woolworths Hopes on Coles Shareholders to Get Kmart
----------------------------------------------------------------
Woolworths Ltd.'s last chance to acquire Coles Group Ltd.'s
Kmart line brand relies on Coles' shareholders, Vanda Carson
writes for The Sydney Morning Herald.

SMH relates that Woolworths, after being denied by The
Australian Competition and Consumer Commission from acquiring
Coles Group's Kmart, is pinning its hopes on the slim chance
that the Coles shareholders will reject Wesfarmers' bid on
November 7, alternatively hoping that Wesfarmers may offload the
underperforming Kmart from its acquisition bid.

However, the report says that Wesfarmers had been firm on not
selling Kmart to a direct competitor.

As reported by the Troubled Company Reporter-Asia Pacific on
October 19, 2007, regulator ACCC disapproved Woolworths'
purchase of Kmart because "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."

                     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.


COLES GROUP: Wesfarmers Taps Archie Norman to Handle Takeover
-------------------------------------------------------------
Coles Group Ltd. procurer, Wesfarmers Ltd., disclosed that
Archie Norman joined the company to advise it on its acquisition
of Coles, various reports say.

Mr. Norman, according to Robert Fenner of Bloomberg News, ran
the ailing U.K. retailer Asda Group Plc for almost nine years
before selling the company to Wal-Mart Stores Inc. in June 1999
for GBP6.7 billion, which was seven times the company's market
value when he started.

In an article by Reuters, analysts say that Wesfarmers faces a
difficult job turning around Coles Group's struggling core
supermarkets and liquor business, which has posted flat sales
and lost market share to larger rival Woolworths.

Wesfarmers further said in its statement that Mr. Norman also
acted as a consultant for Permira, which was planning to bid for
Coles earlier this year, conveys Reuters.

Bloomberg quotes Wesfarmers managing director Richard Goyder as
saying, "Archie's great retail expertise in leading the team
that so successfully turned around Asda will make a tremendous
contribution before and after we embark on that task."

According to the Reuters, Mr. Goyder said that "(Norman) is
already familiar with Coles given his visits to Australia during
the due diligence phase of the transaction and his very active
involvement in the management presentations in May."

Both reports say that Mr. Norman will occupy deputy chairman of
the board overseeing Coles' core food, liquor and convenience
store businesses and on the recruitment of executives after the
takeover.

                     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.


COOL AS REFRIGERATION: Members Resolve to Liquidate Business
------------------------------------------------------------
At an extraordinary general meeting held on September 17, 2007,
the members of Cool As Refrigeration Pty. Ltd.  resolved to
voluntarily liquidate the company's business.

N. Giasoumi and R. D. Grant were named as liquidators.

The Liquidators can be reached at:

         N. Giasoumi
         R. D. Grant
         Dye & Co. Pty Ltd
         165 Camberwell Road
         Hawthorn East, Victoria 3123
         Australia

                       About Cool Dynamics

Cool Dynamics Refrigeration Pty Ltd is a distributor of
refrigeration equipments and supplies.  The company is located
at Dandenong South, in Victoria, Australia.


DB METAL: Will Declare First Dividend on November 8
---------------------------------------------------
DB Metal Products Pty Ltd, which is in liquidation, will declare
its first dividend on November 8, 2007.

Creditors who were not able to file their proofs of claim by
October 3, 2007, will be excluded from the company's dividend
distribution.

The company's liquidator is:

         B. L. Morgan
         Rodgers Reidy Chartered Accountants
         Level 10, 200 Queen Street
         Melbourne, Victoria 3000
         Australia

                          About DB Metal

DB Metal Products Pty Ltd, which is also trading as DB Metal
Acoustics, is in the business of sheet metal work.  The company
is located at Doveton, Victoria, Australia.


DEUGRO AUSTRALIA: Members Resolve to Liquidate Business
-------------------------------------------------------
During a general meeting held on September 12, 2007, the members
of Deugro Australia Pty Limited resolved to voluntarily
liquidate the company's business.

J. P. Downey was appointed as liquidator.

The Liquidator can be reached at:

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

                     About Deugro Australia

Deugro Australia Pty Limited, which is also trading as Olivevale
Cattle Station, is a land subdivider and developer, except for
cemeteries.  The company is located at Mareeba, in Queensland,
Australia.


HOUSEBOAT INDUSTRIES: Members and Creditors to Meet on Oct. 26
--------------------------------------------------------------
The members and creditors of Houseboat Industries Pty Ltd will
meet on October 26, 2007, at 9:35 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277

                   About Houseboat Industries

Houseboat Industries Pty Ltd is in the business of boat building
and repairing.  The company is located at Eildon, in Victoria,
Australia.


MSD DEVELOPMENTS: Appoints G. A. Crisp as Liquidator
----------------------------------------------------
On September 6, 2007, the Federal Court of Australia appointed
G. A. Crisp as the liquidator for MSD Developments Pty Ltd.

The Liquidator can be reached at:

         G. A. Crisp
         c/o RSM Bird Cameron Partners
         Level 8, 525 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About MSD Developments

MSD Developments Pty Ltd is in the business of heavy
construction.  The company is located at Cormer, in Victoria,
Australia.


NEIL SLATER: Placed Under Voluntary Liquidation
-----------------------------------------------
During a general meeting held on September 14, 2007, the members
of Neil Slater Signage Pty Ltd resolved to voluntarily liquidate
the company's business.

Sule Arnautovic was tapped as liquidator.

The Liquidator can be reached at:

         Sule Arnautovic
         Jenkins Peake Chartered Accountants
         PO Box 1570
         Geelong, Victoria 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                        About Neil Slater

Neil Slater Signage Pty Ltd operates nonclassifiable
establishments.  The company is located at Mordialloc, in
Victoria, Australia.


PEABODY ENERGY: Paying 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.


SEYRIC TRADING: Members Resolve to Liquidate Business
-----------------------------------------------------
On September 17, 2007, the members of Seyric Trading
International Pty Ltd agreed to voluntarily liquidate the
company's business.

N. Giasoumi and R. D. Grant were named as liquidators.

The Liquidators can be reached at:

         N. Giasoumi
         R. D. Grant
         Dye & Co. Pty Ltd
         165 Camberwell Road
         Hawthorn East, Victoria 3123
         Australia

                      About Seyric Trading

Seyric Trading International Pty Ltd operates manufacturing
industries.  The company is located at Bayswater, in Victoria,
Australia.


TERHIL JOMAR: Members Agree on Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on September 17, 2007,
the members of Terhil Jomar Pty Ltd agreed to voluntarily
liquidate the company's business.

The company's liquidators are:

         N. Giasoumi
         R. D. Grant
         Dye & Co. Pty Ltd
         165 Camberwell Road
         Hawthorn East, Victoria 3123
         Australia

                       About Terhil Jomar

Terhil Jomar Pty Ltd is involved with highway and street
construction, except for elevated highways.  The company is
located at Helensvale, in Queensland, Australia.


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

AGRICULTURAL BANK: Profit for First Nine Months Increases 64%
-------------------------------------------------------------
Agricultural Bank of China made an operating profit of more than
CNY70 billion (US$9.3bil) in the first nine months, up more than
64% from CNY42.57 billion a year earlier, The Business Star
reports, citing a statement from the bank's president, Xiang
Jun.

The bank, the last state lender yet to be bailed out by the
government, reported record operating profits of CNY58.1 billion
(US$7.73bil) last year as it wiped CNY4.2 billion worth of non-
performing loans off its books, the report says.

Meanwhile, preparations for AgBank's long-awaited restructuring
were proceeding smoothly, but the authorities were still working
on the details, Mr. Xiang was quoted as saying by the official
Financial News.

Mr. Xiang said the bank would follow a restructuring and IPO
path similar to that taken by China's other three big state
lenders.


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

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

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

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


AGRICULTURAL BANK: CBRC Chairman Denies Split Up Reports
--------------------------------------------------------
Liu Mingkang, chairman of the China Banking Regulatory
Commission, doused speculation that the Agricultural Bank of
China could be split up as part of a restructuring to prepare it
for a stock market listing, Reuters reports.

According to Mr. Liu the bank would be overhauled in the same
way as other big banks.  "In my eyes there will be no
difference, talking about their reform and restructuring, by
nature, in process, in goals, in implementation -- no
difference," he said.

Asked by Reuters whether that meant that AgBank would not hive
off some of its 14,500 rural branches into independent
companies, Mr. Liu replied: "The most valuable thing for a bank
is their outlets, their network," adding that the bank would be
restructured integrally.  "That means they will be reshaped as a
whole."

The Troubled Company Reporter-Asia Pacific reported on Oct. 12,
2007, that the Agricultural Bank of China may move some of its
14,500 rural branches to independent companies in order to speed
up a government bailout.

Citing the report from Bloomberg, the TCR-AP said that the bank
plans to reduce its ownership in unprofitable offices to trim
delinquent debt.

AgBank is saddled with a non-performing loan ratio of 23% and
analysts estimate the bailout cost will far exceed US$100
billion.  The bill is expected to include a US$40 billion
infusion of capital from Central Huijin, an investment agency
now owned by China Investment Corp, the country's new sovereign
wealth fund.


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

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

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

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


ANDREW CORP: S&P Holds 'BB-' Corporate Credit & Debt Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Hickory, North Carolina-based CommScope Inc. and Westchester,
Illinois-based Andrew Corp. and removed them from CreditWatch,
where they were placed on June 27, 2007, with negative
implications.  S&P also affirmed the 'BB-' corporate credit and
'B' subordinated debt ratings for both companies.  The ratings
on Andrew will be withdrawn following its acquisition and debt
refinancing.  The outlook is stable.

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to CommScope's US$2.5 billion first-lien credit
facilities.  The US$2.1 billion term loan and US$400 million
revolving credit facility are rated 'BB-', with a recovery
rating of '3', indicating the expectation for meaningful (50%-
70%) recovery in the event of a payment default.  Proceeds from
the term loan will be used to partially fund its US$2.6 billion
acquisition of Andrew.

"The ratings on CommScope after the acquisition reflect an
increase in leverage, a short operating track record at current
profitability levels, and integration challenges," said Standard
& Poor's credit analyst Lucy Patricola.  "These are offset
partially by solid market positions with major
telecommunications providers and good cash flow."

CommScope's market position in coaxial cable and environmentally
secure cabinets used by wireline carriers complements Andrew's
key business that provides antennae used in wireless base
stations.

CommScope's financing of the acquisition increases leverage
substantially from recent levels of about 1.5x.  Based on the
following assumptions, pro forma debt to EBITDA is about 4x,
within expectations for the rating.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.


ASIA TELEMEDIA: Files Evidence to Counter Wind-Up Petition
----------------------------------------------------------
Asia TeleMedia Limited has valid grounds to oppose the winding
up petition filed by an unnamed petitioner after considering the
advice from its legal advisors, Infocast News says.

According to the report, Asia TeleMedia has filed evidence in
opposition and attended the court hearing on October 15 to
strenuously object the petition.  No date has yet been fixed for
the court hearing of the winding up petition.

The Troubled Company Reporter-Asia Pacific reported on Oct. 3,
2007, that a court in Hong Kong will hear the wind-up petition
filed by an unnamed petitioner against Asia Telemedia Ltd on
October 15, 2007.

The petition alleged that the company was indebted to and had
failed to satisfy the "Petitioner" of a debt in the amount of
approximately HK$70,270,000 as at April 26, 2007, together with
interest, the TCR-AP noted.

Included in the amount claimed is a loan payable of
approximately HK$58,084,000 and an accrued interest of
approximately HK$12,186,000.

The right to the alleged debt under a repayment agreement dated
April 27, 2004, entered into between the company and a former
creditor was alleged to have been assigned by the former
creditor to the Petitioner in February 2007.

Meanwhile, in the event that the court rules against Asia
TeleMedia in the proceedings, the company intends to settle the
outstanding debt through fund raising exercise.  According to
the estimation of the legal advisors of Asia TeleMedia, the
company has sufficient time to conduct the necessary fund
raising exercise before the winding up process concludes.


Hong Kong-based Asia TeleMedia Limited --
http://www.asiatelemedia.tv./-- along with its subsidiaries, is
principally engaged in securities broking, underwriting, asset
management, share margin financing and investment holding.  The
company's holding company is United Telecom Limited.

Asia Telemedia Ltd's unaudited balance sheet as of June 30,
2007, went upside down by HK41.98 million on total assets of
HK$129.93 million and total liabilities of HK$171.91 million.


BLESSEARN LIMITED: Court to Hear Wind-Up Petition on Nov. 14
------------------------------------------------------------
A petition to have Blessearn Limited's operations wound up will
be heard before the High Court of Hong Kong on November 14,
2007, at 9:30 a.m.

The petition was filed by AHMED, Mohammad Faroque on Sept. 3,
2007.


CHINA SOUTHERN: To Open Direct Guangzhou-Vientianne Flights
-----------------------------------------------------------
China Southern Airlines will launch direct flight service
between Guangzhou, capital of South China's Guangdong Province,
and Vientiane of Laos from November 6, Xinhuanet News reports.

This will be the only flight linking Guangzhou and Laos, the
report adds.

With the flight dubbed CZ3057, Airbus A319 aircraft will take
off from Guangzhou at 8:50 a.m. every Tuesday and Friday, and
reach Vientiane at 10:20 a.m.  The returning flight CZ3058 will
take off at 11:20 a.m. from Vientiane and arrive in Guangzhou at
14:40.


Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally. It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.

The Troubled Company Reporter-Asia Pacific reported in April
2006 that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.


CHANGAN AUTO: Plans to Set Up Fourth R&D Center in Japan
--------------------------------------------------------
Changan Auto Group is planning to set up its fourth Research &
Development center in Japan to help achieve its aim of
developing both domestic and overseas markets, Asia Pulse says,
citing a report from Shanghai Securities News.

Xu Liuping, president of Changan Auto Group, was quoted by the
Securities News as saying that Japan enjoys the advantage of
refined designs and Changan Auto needs to improve in this
aspect.

So far Changan has set up three R&D centres in Chongqing,
Shanghai and Italy.

Changan spent CNY4.5 billion (US$598 million) in R&D in the
period of 2001 to 2006, accounting for 4% of its sales income.
Its R&D centres employ over 3,000 people and have independently
developed six-model concept vehicles and 10-model complete
vehicles, Asia Pulse notes.

Mr. Xu added that the company plans to invest CNY12 billion in
R&D towards 2010.  He added that Changan Auto Group will offer
about 30-model new vehicles within next three years.

                    Chongqing Changan

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

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


CITIC BANK: Top Official Denies Bear Stearns Acquisition Reports
----------------------------------------------------------------
China Citic Bank is not in talks to acquire a stake in Bear
Stearns, contrary to media reports on the planned stake
purchase, Infocast News reports, citing a Chinese regulator and
a top CITIC official.

In a statement filed with the Hong Kong Stock Exchange, the bank
said:  "At present, the company has not entered into any
negotiation nor reached an agreement or intention with Bear
Stearns or other related parties in relation to the acquisition
of shares in Bear Stearns."

There has been a wide speculation regarding the planned stake
purchase after China Banking Regulatory Commission Vice Chairman
Jiang Dingzhi and CITIC Group President Chang Zhenming told
reporters that CITIC Bank is in discussion to buy a stake in
Bear Stearns.

"At present, the company does not have any plan to acquire any
shares in Bear Stearns.  The company also undertakes no plans to
acquire shares in Bear Stearns within at least next three
months," the statement said.


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

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

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


CHINA EVERBRIGHT: End-September NPL Ratio Down 5.97%
---------------------------------------------------
China Everbright Bank's non-performing loan ratio at the end of
September was 5.97%, down 1.61 percentage points from the
beginning of the year, Infocast News says.

The outstanding NPL at the end of September fell by CNY1.917
billion from the start of 2007.


Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial bank with shares held by international financial
institutions.

Everbright Bank is 21%-owned by Hong Kong-listed China
Everbright Ltd, an Everbright Group unit.  The Asian Development
Bank is the only foreign stakeholder, with 2%.

The Troubled Company Reporter-Asia Pacific stated on Aug. 9,
2007, that China has approved mid-sized lender China Everbright
Bank's plan for financial restructuring, paving the way for a
capital injection and eventual listing.

China Everbright Bank is saddled with debts partly because of
its takeover of the troubled China Investment Bank in the late
1990s.


CONDO CURTAIN: Creditors' Proofs of Debt Due on October 26
----------------------------------------------------------
The creditors of Condo Curtain Wall Company Limited are required
to file their proofs of debt by October 26, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


EASY FASHION: Names Seng and Lo as Liquidators
----------------------------------------------
Natalia K M Seng and Susan Y H Lo were named liquidators for
Easy Fashion Company Limited on September 28, 2007.

The Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


FIAT SPA: European Commission Sets Inquiry Deadline to Nov. 21
--------------------------------------------------------------
The European Commission has established Nov. 21, 2007, as its
inquiry deadline for Fiat S.p.A.'s proposed acquisition of Ergom
S.p.A., Thomsom Financial reports.

As reported in the TCR-Europe on Aug. 6, 2007, Fiat is acquiring
the entire share capital of Ergom Holding for a "symbolic" price
and that Ergom is in a financial crisis and owes money to Fiat.

Ergom, which supplies car shelves and fuel tanks to Fiat,
employs 4,000 people at 11 sites in Italy, France, Brazil,
Poland, and Turkey, Thomson Financial relates citing an industry
source.  The supplier has sales of EUR540 million, 80% of which
were to Fiat.

According to TCR-Europe, Fiat considers its acquisition of Ergom
as strategic, since it would guarantee the supply of components.

                       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 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.


GALAWELL INVESTMENT: Members Agree on Voluntary Wind-Up
-------------------------------------------------------
At an extraordinary general meeting held on October 5, 2007, the
members of Galawell Investment Limited agreed to voluntarily
liquidate the company's business.

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

The company's liquidator is:

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


GREENTOWN CHINA: Forms JV with Wharf Unit on Hangzhou Project
-------------------------------------------------------------
Greentown China has formed a joint venture with Harbour Centre
Development Ltd, a unit of Wharf (Holdings), to develop land in
Hangzhou, eastern China, Infocast News reports.

Greentown will take 60% of the joint venture, while Harbour
Centre will own the remaining stake.

The site, which was acquired by Greentown for CNY3.49 billion,
will be developed into residential and commercial properties
with a total gross floor area of 296,800 square meters.


Greentown China Holdings Limited is a residential property
developer in China.  The company has operations in Shanghai,
Beijing and other selected cities across the country, including
Hefei in Anhui Province, Changsha in Hunan Province and Urumqi
in Xinjiang Uygur Autonomous Region.  It develops residential
properties targeting middle- to higher-income residents in
China. The company has three main product series: villas, which
are typically independent houses with one or two storeys; low-
rise apartment buildings, which are typically 3 to 5 storeys,
and high-rise apartment buildings, which are typically higher
than six storeys.  Many of its residential developments are
integrated residential complexes, which typically have a total
site area over 150,000 square meters, and offer a combination of
different product series with ancillary facilities, such as
clubhouses, kindergartens and grocery stores.

On September 18, 2007, Moody's Investors Service downgraded
Greentown China Holdings Ltd's corporate family and senior
unsecured bond ratings to Ba3 from Ba2.  The outlook for both
ratings is stable.  This concludes the ratings review initiated
on June 25, 2007.

The TCR-AP also reported that, on October 26, 2006, Standard &
Poor's Ratings Services said that it had assigned its 'BB' long-
term corporate credit rating to Greentown China Holdings Ltd.
The outlook is stable.

At the same time, it assigned its 'BB' issue rating to a
proposed US$375 million issue of senior unsecured fixed-rate
notes. The issue is due 2013 and redeemable after 2010. The
proceeds will be used primarily for land acquisitions,
development costs, and general corporate purposes.


HAINAN AIRLINES: Plans To Set Up Insurance JV with Shin Kong
------------------------------------------------------------
Hainan Airlines is planning to set up a joint venture with
Taiwan's Shin Kong Financial group early next year, Infocast
News reports, citing Hainan Chairman Chen Feng.

According to Mr. Chen, preparations for the 50-50 joint venture
between Hainan Airlines' parent HNA Group and Shin Kong are
underway, after it received approval from the Chinese
government.

The venture still needs further approval from other regulators,
Mr. Chen added.

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.
Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 31, 2005.

Based in Haikou, Hainan Province, the People's Republic of
China, Hainan Airlines Co., Ltd. -- http://www.hnair.com/-- is
an airline company that operates nearly 500 domestic routes in
more than 80 major cities.  It also provides scheduled and non-
scheduled international flights from Hainan Province to
Southeast Asia and other Asian countries.

Xinhua Far East China Ratings gave the company a CC issuer
credit rating on October 31, 2005.


HONICA WATCH: Liquidators Quit Post
-----------------------------------
Kam Chi Kan Elson and Yu Shi Kuen quit as liquidators of Honica
Watch Limited on September 28, 2007.

The former Liquidators can be reached at:

         Kam Chi Kan Elson
         Yu Shi Kuen
         The Centre Mark, Room 801
         287-299 Queen's Road Central
         Hong Kong


INT'L PAPER: Board Oks Amendment of Certificate of Incorporation
----------------------------------------------------------------
International Paper Co.'s Board of Directors has authorized an
amendment to the company's certificate of incorporation to
declassify the board of directors and to provide for the annual
election of directors.  The company's proxy statement will
include a proposal to shareholders, recommended by the board, to
approve the amendment at the 2008 annual shareholders' meeting.

The directors of International Paper currently are elected by
class to staggered three-year terms.  If the amendment is
approved, declassification will be phased in over a three-year
period. Beginning with the 2011 annual meeting, all directors
will be elected annually for one-year terms.  The phased-in
approach allows for a simplified transition under both New York
law and the company's certificate of incorporation, and provides
needed continuity throughout the company's transformation plan.

"Our board of directors has reviewed these issues carefully and
decided to begin instituting this change," said John Faraci,
International Paper chairman and chief executive officer.  "Over
the past several years, the company considered the issue of
annual director elections, and with the transformation plan well
underway, we believe the timing is right to move forward."

Separately, the board of directors also unanimously authorized
an amendment to the company's certificate of incorporation to
provide for the election of directors by majority vote,
following a 2007 shareholder proposal, endorsed by the board, in
favor of the change.  The company's proxy statement will include
a proposal to shareholders, recommended by the board, to approve
this amendment at the 2008 annual shareholders' meeting.

Details of these actions will be provided in the company's proxy
statement, which will be sent to all shareholders in advance of
the 2008 annual meeting.

                 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,
including China.

                       *     *     *

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.


KONKA GROUP: Inks Cooperation Agreement with Texas Instrument
-------------------------------------------------------------
Konka Group Co Ltd, one of China's top television and mobile
handset makers, has signed a cooperation agreement with Texas
Instruments to develop Internet Protocol TV (IPTV)-related
products, XFN-Asia reports.

Under the agreement, the two parties will develop and produce
IPTV-related products including terminals based on Texas
Instruments' DaVinci technology, a statement from Konka said.

The move will help promote the commercialization of household
intelligence terminals, it added.

No financial details were provided.


Headquartered in Shenzhen, Guangdong Province, the People's
Republic of China, Konka Group Co., Ltd. --
http://www.konka.com/-- is a manufacturer of electronics and
telecommunications products.  The Company has established five
manufacturing bases, located in Mudanjiang, Shaanxi Province,
Dongguan, Anhui Province and Chongqing.  It also has a
nationwide sales and services network, with 300 sales branches,
7,000 retailers and 30,000 services centers.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on July 10, 2006.


LANDMARK COMMODITIES: Placed Under Voluntary Liquidation
--------------------------------------------------------
On October 3, 2007, the members of Landmark Commodities Limited
met and agreed to voluntarily liquidate the company's business.

Sung Mi Yin was named as liquidator.

The Liquidator can be reached at:

         Sung Mi Yin
         Ritz Plaza, Suite No. A, 11th Floor
         122 Austin Road, Tsimshatsui
         Kowloon
         Hong Kong


ORIENTFIELDS ENTERPRISES: Appoints Mo Pui Lam as Liquidator
-----------------------------------------------------------
On October 12, 2007, the members of Orientfields Enterprises
Limited passed a resolution to liquidate the company's business.

Mo Pui Lam was appointed as liquidator.

The Liquidator can be reached at:

         Mo Pui Lam
         Champion Building, Flat E, 15th Floor
         Nos. 287-297 Des Voeux Road Central
         Hong Kong


TCL CORP: Rebuffs Reports on Philips Acquisition of TV Unit
-----------------------------------------------------------
Dutch consumer electronics firm Philips, together with the
Chinese TCL Corporation, has denied reports that they are into
acquisition talks, Sinocast China reports.

According to an Oct. 11 report by the Troubled Company Reporter-
Asia Pacific, Philips will commence a tender offer to purchase
TCL Multimedia.

Christina Zhang, spokeswoman for Philips China, said that the
company has not notified the talk.

Though TCL's chairman, Li Dongsheng, has not commented on the
report, the company's spokesman, Wang Yifei, also denied the
report, Sinocast notes.

TCL will not sell the Hong Kong listed unit that has developed
color TV as its main business, Lu Renbo, research at the State
Council, China's cabinet, told the news agency.  This is because
the color TV business, its backbone, accounts for 51% to the
group's total business, though TCL is also engaged in cell
phone, computer, as well as LCD module business.

In April, Philips was said to eye TCL's color TV business.
However, the plan turned to ash mainly due to the disagreement
from France-based Thomson SA, a shareholder of TCL Multimedia,
TCR-AP said, citing sources.

TCL Multimedia on October 1 appointed Leong Yue Wing, the former
executive vice president of Business Group Entertainment
Solution at Philips, as the CEO, a move making industry watchers
believed the rumor.

But Lian Qichun, general manager of TCL Brand Center, said that
Leong Yue Wing has retired from Philips and has nothing to do
with the Dutch company.

                       About TCL Corp

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the
manufacture of TV sets and handset products.

TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication .

Xinhua Far East China Ratings has downgraded on April 7, 2006,
the domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.

                    About TCL Multimedia

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

On Aug. 31, 2006, the Troubled Company Reporter-Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP report recounted that in 2004, TCL acquired the TV
unit of French electronics firm Thomson, which uses the Thomson
brand in Europe and RCA in North America.  TCL grouped all its
TV businesses under TMT.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007, in France after it failed to settle
a number of outstanding liabilities.


THE WALT DISNEY: Names Seng and Lo as Liquidators
-------------------------------------------------
On September 28, 2007, Natalia K M Seng and Susan Y H Lo were
appointed liquidators for The Walt Disney Studios Asia Pacific
Limited.

The Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


TOM GROUP: S&P Places BB+ Credit Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit rating on TOM Group Ltd. on CreditWatch with
negative implications.  At the same time, Standard & Poor's also
placed its 'BB+' issue rating on US$150 million convertible
bonds due 2008 issued by the company's subsidiary TOM Holdings
Ltd. on CreditWatch with negative implications.

"The CreditWatch actions primarily reflect a significant
weakening of the underlying earnings prospects of TOM's wireless
Internet services business, which has historically contributed
near 90% of the group's revenue," said Standard & Poor's credit
analyst Lawrence Lu.

The wireless segment's revenue slumped 32.9% in the second
quarter of 2007, partly due to a structural change in the
industry.  Wireless application protocol (WAP) service providers
are now required to prompt users with fee reminders as they use
WAP services.  This has led to an overall reduction in revenue
for WAP service providers, as customers have been more conscious
about service costs.

TOM's wireless revenue has also been affected by the successful
strategic alliances between China Mobile Ltd. (A/Positive/--)
and select mobile phone producers.  The producers have embedded
menus in their handsets that complement China Mobile's best-
selling wireless value-added services.

The CreditWatch status will be resolved after Standard & Poor's:

   (1) fully considers the longer-term implications of the
       recent structural changes to the wireless Internet
       services sector;

   (2) holds further discussions with TOM's management about its
       competitive response to China Mobile's recent strategic
       initiatives; and

   (3) assesses the credit impact of the company's current
       business restructuring.

The rating is likely to be lowered unless Standard & Poor's is
satisfied that TOM can arrest some of the negative impact of
these issues on its operating performance.

                     About TOM Group Limited

TOM Group Limited (stock code: 2383) is listed on the Main Board
of the Stock Exchange of Hong Kong.  A leading Chinese-language
media conglomerate in Greater China, TOM Group has diverse
business interests in Internet (TOM Online), Outdoor Media (TOM
Outdoor Media Group), Publishing, Television and Entertainment
across markets in Mainland China, Taiwan and Hong Kong.  In each
of the areas it operates, TOM Group has secured market
leadership.


YIU TING: Requires Creditors to File Claims by November 5
---------------------------------------------------------
At an extraordinary general meeting held on October 2, 2007, the
members of Yiu Ting Company Limited resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 5,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Wu Wallen
         Hong Kong Trade Centre, 7th Floor
         161-167 Des Voeux Road Central
         Hong Kong


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

GENERAL MOTORS: UAW Agreement Cues Fitch to Remove Neg. Watch
-------------------------------------------------------------
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:

General Motors Corp.
  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

GM's Rating Outlook is Negative.

Fitch will review the terms of the new agreement, but does not
anticipate an Outlook revision or rating change as a result of
the contract alone.  Any change in the Rating Outlook is not
expected until aclear path to positive free cash flow is
established, and Fitch estimates that the full removal of
retiree health care costs will be insufficient in itself to
accomplish this.  The ability to achieve positive free cash flow
will also hinge upon GM's ability to stabilize volume and
revenues in North America, and to establish further improvement
in its fixed cost structure through restructuring actions and
labor outsourcing.

The contract has yet to be ratified, which could remain a
hurdle.  Failure to ratify the contract, which would send the
parties back to the negotiating table, would likely result in
another Rating Watch Negative placement.  Terms of the contract
that Fitch will be focusing on include:

  -- The funding amount, structure and timetable of an
     independent VEBA trust to remove retiree healthcare
     liabilities from the balance sheet;

  -- The terms of any contingent funding requirements for GM
     related to the VEBA trust;

  -- Changes to job classifications and wage rates -
     effectively the establishment of a two-tier wage scale
     through greater flexibility in labor outsourcing to parts
     manufacturers and/or other third-party suppliers;

  -- Changes to health care costs for retirees and existing
     workers;

  -- Risks associated with any changes to pension obligations
     from wage rates, or to pension benefits paid;

  -- The flexibility to downsize manufacturing and personnel
     costs in response to cyclical market conditions or product
     performance;

  -- Commitments by GM to maintain employment levels (including
     the terms of any job banks) or product programs at U.S.
      manufacturing operations;

  -- The cost of payments to workers for ratification, and the
     costs of any subsequent buyout packages;

  -- GM's liquidity position following the financing of VEBA
     and other costs related to the terms of the contract.  A
     subsequent review of the Rating Outlook or rating will
     encompass the impact of these contract terms in the
     context of additional rating factors listed below:

  -- GM's liquidity buffer and ability to finance large working
     capital requirements, economic and product cycles and
     restructuring actions over the next several years;

  -- Fitch's Recovery Rating analysis estimates that further
     plant closings and restructuring actions, beyond what is
     currently contemplated, will be needed to restore North
     American operations to viable operating margins in the
     absence of an upturn in revenue performance;

  -- GM's liquidity over the past several years has been
     boosted by numerous asset sales that have reduced asset
     protection for debt holders and GM's earnings capacity.
     Asset sales have included a controlling interest in GMAC,
     Allison Transmission, its electro-motive division and
     shareholdings in Suzuki and Fuji Heavy Industries.

     Proceeds have been used to finance operating losses,
     substantial costs related to Delphi, the funding of an
     independent VEBA related to an earlier healthcare
     agreement with the UAW, and a price adjustment related to
     the sale of GMAC, all of which have reduced available
     liquidity;

-- Despite the potential removal of health care liabilities,
     GM's balance sheet has added significant incremental debt
     over the past several years, and the potential absence of
     free cash flow available over the near term will preclude
     significant debt reduction from existing levels;

  -- Ongoing heavy costs related to its agreement with Delphi,
     and any additional costs required to assist in Delphi's
     emergence from bankruptcy;

  -- The impact of local labor agreements on GM's fixed cost
     structure;

  -- GM's North American revenue performance which will remain
     under pressure for at least the next twelve months due to
     deteriorating economic conditions, the impact of a
     recessionary housing market on pickup sales, and weak
     performance across a number of GM's product segments;

  -- Strong performance of GM's international operations, and
     the ability of those operations to contribute to the
     servicing of consolidated liabilities.

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: S&P Places BB+/B-1 Credit Rating on Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings on
GMAC LLC, including its 'BB+/B-1' counterparty credit rating, on
CreditWatch with negative implications.

"The CreditWatch action follows the announcement of GMAC's 100%
owned subsidiary, Residential Capital LLC (BBB-/Watch Neg/A-3),
of a significant downsizing of its operations," said S&P's
credit analyst John K. Bartko.  "The plan includes an employee
reduction of approximately 3,000 or 25% of the total headcount.
Additionally, the cost of the reduction, which will be reflected
as a fourth-quarter 2007 charge on Residential Capital LLC's
books, will be approximately US$100 million."

Residential Capital LLC has historically been a significant
contributor to GMAC's operating performance.  However, recent
market conditions have increasingly pressured operations at
Residential Capital LLC, which has reported sizable losses in
each of the previous three quarters.

Though Residential Capital LLC's downsizing of its business may
represent a prudent move over the longer term, the decision to
contract the business and S&P's concerns about the near and
longer term prospects for Residential Capital LLC prompted the
placement of GMAC's and Residential Capital LLC's ratings on
CreditWatch.  In the near term, S&P's concerns have grown
regarding the reduced probability of improvement in third-
quarter results versus those of the second quarter for
Residential Capital LLC.  This concern is driven by results to
date of other lenders in the mortgage business, which has
reflected both credit- and market-related charges and marks.
S&P also considered S&P's expectations of continued weakness in
the housing and mortgage markets through the rest of 2007 and
into 2008, and hence ongoing pressure on Residential Capital LLC
business over the intermediate term.

Finally, S&P is concerned about increasing uncertainty
surrounding Residential Capital LLC's downsized business model,
as it would be challenging for Residential Capital LLC to earn a
satisfactory return by increasing its focus on higher quality,
lower yielding asset types with funding dependence on the
collateralized capital markets.

"Resolution of the CreditWatch listing will be driven by third-
quarter results and company expectations for future results,"
Mr. Bartko said.

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.


ICICI BANK: U.S. Fed Okays Setting Up of New York Branch
--------------------------------------------------------
ICICI Bank Limited, on Friday, sought and obtained the United
States Federal Reserve's approval to set up a branch in New
York.

The branch in the Big Apple would engage in wholesale banking,
including trade financing and factoring services, to U.S.-based
subsidiaries of Indian companies, media reports say citing a
Federal Reserve statement.  The U.S. Fed pointed out that
ICICI's application met the requirements of International
Banking Act and the bank is also supervised by the Reserve Bank
of India.  The Fed also determined that the bank has set in
place anti-money-laundering policies and has taken additional
steps to combat money laundering and other illegal dealings.

According to the Business Standard, the bank waited for three
years to open a U.S. branch.  The branch will be an efficient
way to service clients and will also allow ICICI to raise funds
in the U.S. markets, ICICI Bank Joint Managing Director Chanda
Kochhar told BS.

Currently, ICICI only operates a representative office in New
York and engages in non-bank activities through various
subsidiaries, Reuters noted.

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

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

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


SOUTHERN IRON: To Consider Results and Merger Scheme on Thursday
----------------------------------------------------------------
Southern Iron & Steel Company Ltd's board of directors will hold
a meeting on Thursday, Oct. 25, to consider the company's
financial results for the quarter and half-year ended Sept. 30,
2007.

The board will also deliberate on a draft scheme of amalgamation
of the company with JSW Steel Ltd, including a valuation report
and recommendations made by PriceWaterHouse Coopers, the valuers
appointed to value the business of the two companies.

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The Company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
indicating that the instrument continues in default.  The
original instrument has been restructured and is due for
redemption in two installments on May 17, 2007, and May 17,
2008.


SPICEJET LTD: To Lease Two Boeing Aircraft to Air India
-------------------------------------------------------
Spicejet Ltd has signed an agreement with Air India for the wet
lease of two of the company's Boeing 737- 800 aircrafts, for
operating daily flights between Lucknow, Varanasi, Jaipur and
Nagpur & Jeddah.  During the term of the agreement, the company
will operate around 120 flights and will carry around 20,000 Haj
pilgrims.

The company was one of the successful bidders for the tender
floated by Air India.  As per the agreement, the company will
provide its aircraft, pilots and the cabin crew and will also be
responsible for the overall maintenance of the aircraft and
insurance.  Air India will take care of the in-flight catering
and passenger handling.  This is the first time that Air India
has assigned a Cost Carrier the responsibility to fly pilgrims
for Haj.

Siddhanta Sharma, Executive Chairman, of the company said, "It
is a historic moment for us and we are happy to partner Air
India.  This is first time an Indian Low Cost Carrier has been
retained for Haj flights.  This is an acknowledgement of our
capabilities to undertake overseas operations.  I also take this
opportunity to extend my wishes to all the pilgrims travelling
to Jeddah by Air India flights to be operational by us," he
further added.

The company has been adding new destinations and increasing the
frequency of flights within its existing network.  It is the
only airline in the LCC segment to post respectable profits in
the last quarter.  The company is ready to begin its overseas
operations next year, after three years of domestic flying,
subject to approval by The Cabinet and the Ministry of Civil
Aviation.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  For the ten
months ended March 31, 2007, the airline carrier booked a net
loss of INR707.43 million.


SPICEJET LTD: Ties Up with S&R Works for In-Flight Marketing
------------------------------------------------------------
SpiceJet Ltd has entered into a marketing tie-up with S&R Works
for its in-flight promotional activities.  The tie-up is in line
with SpiceJet's strategy to increase its ancillary revenues to 7
per cent by FY '08.  As per the tie-up, S&R Works will sell
onboard advertising properties of SpiceJet.  To start with the
companies have identified points such as the space on head-rest
cover, tray table, and reverse side of boarding pass and
overhead bins of the aircraft.

With an aim to boost its ancillary revenues, SpiceJet also
disclosed a whole host of initiatives which would include sale
of fast food, novelty items such as electronic gadgets, wallets,
jewelry etc. on all its 15 aircraft flying to the 15
destinations.  SpiceJet is also running onboard contest for
passengers.

Announcing the onboard promotions, Samyukth Sridharan, SpiceJet
Chief Commercial Officer said, "Having achieved a remarkable
position in the industry in terms of adding new destinations,
expanding operations and on-time performance; we are now working
towards generating ancillary revenues.  Onboard ad space selling
and other promotional activities is a strategic step taken by us
to raise ancillary revenues and with this initiative we aspire
to give our advertisers a chance to impact their brand presence
and reach out to millions of passengers that we fly everyday."

"We are aiming to raise 7% ancillary revenues by the year end FY
'08 with the new in-flight services and stay profitable without
burdening our passengers with increased fares," he further
added.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  For the ten
months ended March 31, 2007, the airline carrier booked a net
loss of INR707.43 million.


VISTEON CORP: Selling Largest UK Operation to Linamar
-----------------------------------------------------
Visteon Corporation has signed a non-binding Memorandum of
Understanding outlining the understanding and status of
discussions regarding the sale of its Swansea, United Kingdom
operation to Linamar Corporation, a Canadian- based auto parts
manufacturer.

The proposed sale, which supports Visteon's three-year
improvement plan, is subject to due diligence, certain third
party agreements, definitive documentation, anti-trust clearance
and corporate approvals.

The proposed sale of the Swansea facility, which is Visteon's
largest operation in the UK, will be a significant milestone in
the company's plan to address non-core facilities and improve
its financial performance.  Visteon recently disclosed that
Visteon UK Limited lost approximately US$110 million on revenue
of US$540 million during 2006.

"This transaction will represent another major step to achieve
Visteon's profit improvement plan, while continuing to
strengthen our global engineering and manufacturing footprint,"
said Donald J. Stebbins, Visteon president and chief operating
officer.  "We are committed to working with our customers,
employees, unions and Linamar to reach final agreements and
bring the transaction to closure as quickly as possible."

This action, which will complete the company's divestiture of
its chassis business, builds on the progress already made in
addressing its performance in the UK.  Visteon previously exited
its brake business, successfully transferred unprofitable
business to lower cost countries, and significantly reduced its
salaried workforce in the UK.

As part of the proposed transaction, which is expected to be
completed by year end, Visteon will transfer the manufacturing
facility and associated assets, as well as contracts and certain
intellectual property rights.  The 400 employees currently
employed in the facility are also expected to transfer to the
new owner. Other details of the MOU were not disclosed.

"When finalized, this proposed transaction will provide a viable
alternative to closure for the Swansea facility, while enabling
Visteon to achieve its business objectives," said Steve Gawne,
managing director of Visteon's UK operations.  "The Swansea
plant will be a strong strategic fit within Linamar's expanding
driveline division."

This proposed transaction also builds on Visteon's three-year
improvement plan that was announced in 2006.  As part of that
plan, the company is addressing 30 underperforming and non-
strategic operations, improving its base operations in
efficiency and taking a number of steps to grow the business.
The proposed sale of Swansea is the 20th action announced.  The
restructuring actions are expected to generate annual savings of
approximately US$400 million.

The company has also achieved a number of other significant
milestones, including addressing two-thirds of its restructuring
items and significantly shifting its manufacturing and
engineering footprints to cost-competitive countries.  Nearly 60
percent of Visteon's hourly manufacturing personnel are now in
lower cost countries, compared with 48 percent at the end of
2005.  By 2009, Visteon plans to have 75 percent of its
manufacturing personnel and half of its engineering workforce in
cost-competitive countries.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company has more than
170 facilities in 24 countries and employs around 50,000 people.

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.

                            *   *   *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has taken these actions regarding the ratings of
Visteon Corp.: Issuer Default Rating affirmed 'CCC'; Senior
Secured Bank Facility affirmed 'B/RR1'; and Senior unsecured
downgraded to 'CC/RR6' from 'CCC-/RR5'.


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

MCDERMOTT INT'L: Names Dennis Baldwin as Vice President & CAO
------------------------------------------------------------
McDermott International Inc. has appointed Dennis S. Baldwin as
its Vice President and Chief Accounting Officer.  In this role,
Mr. Baldwin replaces Michael S. Taff, who was appointed Senior
Vice President & Chief Financial Officer in April 2007.

With 23 years of financial and accounting experience, Mr.
Baldwin comes to McDermott from Integrated Electrical Services
where he served as Chief Accounting Officer.  Prior to
Integrated Electrical Services, Baldwin served as vice president
and corporate controller for two energy service companies,
Veritas DGC, Inc. and Universal Compression Holdings, Inc.  In
addition, Mr. Baldwin held a variety of financial and accounting
roles at Cemex, Cooper Industries and Price Waterhouse.  Baldwin
holds a Bachelor of Business Administration degree in Accounting
from Sam Houston State University, a Master of Business
Administration degree from the University of Houston, and is a
Certified Public Accountant in Texas.

"We are pleased to welcome Dennis to McDermott," said Mike Taff,
Senior Vice President and Chief Financial Officer of McDermott.
"His background and experience will be a valuable addition to
our financial management team."

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its
subsidiaries, an engineering and construction company, with
specialty manufacturing and service capabilities, focused on
energy infrastructure.  McDermott's customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government.  With its global
operations, McDermott operates in over 20 countries -- including
Indonesia and the United Kingdom -- with more than 20,000
employees.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on July 6,
2007, that Moody's Investors Service upgraded the ratings of
McDermott International Inc. and its subsidiaries.

Moody's raised MII's Corporate Family Rating to Ba3 from B1.

The Babcock & Wilcox Company's senior secured bank facility
rating was raised to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).
The rating outlook for J. Ray is positive, while the rating
outlooks for MII and B&W are both stable.

On May 29, 2007, Standard & Poor's Ratings Services has raised
its corporate credit rating on diversified energy services
provider McDermott International Inc. and its subsidiaries, J.
Ray McDermott S.A. and The Babcock & Wilcox Co., to 'BB' from
'B+'.  The outlook is stable.

In addition, S&P raised the rating on B&W's senior secured bank
debt to 'BB+' from 'B+', upgraded J. Ray's senior secured bank
debt to 'BB' from 'B+', revised the recovery rating on B&W's
debt to '1' from '3', and left the recovery rating on J. Ray's
debt unchanged at '3'.  The '1' recovery rating indicates a high
expectation of full (100%) recovery in the event of a payment
default, and the '3' recovery rating indicates an expectation
of meaningful (50%-80%) recovery).


MITEL NETWORKS: To Use Microsoft Office Communications Server
--------------------------------------------------------------
Mitel Networks will use the Microsoft Office Communications
Server 2007 platform including its call management capabilities
for a future generation of solutions.  Mitel optimizes Office
Communications Server 2007 to deliver a rich unified
communications experience to businesses.  Mitel is building
solutions on Office Communications Server 2007 to focus
both on specific vertical markets and small and medium
businesses, a historical stronghold for Mitel.

Mitel has a long-standing commitment to build on the Microsoft
platform and is extending that with Office Communications Server
2007.  Microsoft and Mitel share a long-term vision of software-
powered communications.  With the announced availability of
Office Communications Server 2007, Mitel will feature its
unified communications solutions with Microsoft to provide new
and existing customers, including over 100,000 users already
addressed by the Mitel unified communications solution that
integrates with the Microsoft software, a paced, easy and
rewarding migration roadmap with a seamless software upgrade.

Mitel's vision that mission critical voice communications-based
applications must seamlessly integrate with other business
solutions to enhance the user experience and the effectiveness
of "in the moment" interactions has underpinned its relationship
with Microsoft.  Together, the companies are facilitating the
rapid integration of solutions that enable customers to evolve
their communications environment and solve common business
challenges such as dispersed teams, disjointed communications,
and complicated collaboration efforts in a global environment.

"Mitel was early to the unified communications table, first with
real-time collaboration and continues as one of Microsoft's
partners with Office Communications Server 2007," said Gurdeep
Singh Pal, corporate vice president, Unified Communications
Group, at Microsoft.  "Together, we will continue to demonstrate
the value of Mitel's solutions that integrate with Microsoft's
solutions to help customers streamline communications between
people and organizations, regardless of medium, modality,
platform, device or location."

Multimate, a large multi-state law firm in the U.S., are two of
the many Mitel customers who have benefited from the easy
integration of the Mitel 3300 IP Communications Platform (ICP),
Mitel Live Business Gateway and Microsoft to unify their
communications and improve employee productivity.

"In the competitive 'Do It Yourself' retail market, being
innovative and reliable in automation sets us apart from
competition towards our franchisers," said Jerry Otto, IT and
communications infrastructure manager, Multimate Head Office.
"The combined Microsoft Office Communications Server 2007,
Microsoft Exchange Server 2007 and Mitel IP communications with
Mitel Mobile Extension not only adds value to our centralized IT
and communications services offering, it enables co-workers from
the head office to work and communicate in a standardized way in
any of our 75 franchise outlets."

The 3300 ICP, operating as a gateway and using industry-standard
protocols, allows for a customers' legacy voice infrastructure
to benefit from the integrated unified communications solutions
of Mitel and Microsoft.  Mitel's Live Business Gateway currently
allows for the full benefits of the Microsoft Office
Communications Server 2007 to be extended to such Mitel
applications as Mobile Extension, Contact Center, Attendant
Console, Mitel 5300 Intelligent Directory and Mitel IP Phones.
These solutions are available and are featured at
Microsoft Technology Centers.

"Mitel has been unwavering in its commitment to providing
customers with the ability to lever their Microsoft
infrastructure as a platform for enhanced office collaboration,"
said Paul Butcher, president and chief operating officer, Mitel.
"We add value to Microsoft's core applications and collaboration
suite by providing a comprehensive unified communications
solution to knowledge workers, office workgroups, and beyond,
while reaching to the specialized communications needs of
employees in vertical markets who operate away from the PC."

Mitel will be joining Microsoft for the Office Communications
2007 launch events in various locations throughout the world.

Mitel Networks Corp. -- http://www.mitel.com/-- provides
unified communications solutions and services for business
customers.  Mitel's voice-centric IP-based communications
solutions consist of a combination of telephony hardware and
software that integrate voice, video and data communications
with business applications and processes.   Mitel is
headquartered in Ottawa, Canada, with offices, partners and
resellers worldwide.  It has also operations in the United
Kingdom and Indonesia.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2007, Standard & Poor's Ratings Services revised its
bank loan and recovery ratings on Ottawa, Ontario-based business
communications solutions provider Mitel Networks Corp.'s
proposed US$460 million senior secured credit facility.  The
bank loan rating on Mitel's proposed US$330 million first-lien
credit facility has been revised to 'B+', with a recovery rating
of '2', from 'BB-', with a recovery rating of '1'.


LIPPO KARAWACI: 2007 3Q Net Profit Ups 12% to IDR255.2 Billion
--------------------------------------------------------------
PT Lippo Karawaci Tbk reported a net profit of IDR255.2 billion
in the third quarter ended Sept. 30, 2007, a 12% increase from
the profit booked in the same period last year, The Jakarta Post
reports, citing the company's unaudited 3Q financial report
filed with the Jakarta Stock Exchange.

According to the report, the company's profits translate to
IDR43 a share, compared to IDR38 last year.

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on Nov. 24,
2006, that Moody's Investors Service changed to negative from
stable its outlook on PT Lippo Karawaci Tbk's B1 corporate
family rating and the B1 senior unsecured bond rating of Lippo
Karawaci Finance BV and guaranteed by LK.

Standard & Poor's Ratings Services said its ratings on PT Lippo
Karawaci Tbk. (B+/Stable/--) was not affected by the company's
decision to sell its entire interest in a property development
project in Singapore.


PERUSAHAAN GAS: ConocoPhillips Starts to Supply Gas
---------------------------------------------------
ConocoPhillips has begun supplying gas to PT Perusahaan Gas
Negara from a South Sumatra field after months of delay because
of a pipeline problem, Reuters reports, citing PGN Corporate
Secretary Heri Yusup.

According to Reuters, the Grissik-Pagardewa pipeline project is
part of a 661-km long gas pipeline from South Sumatra to West
Java with peak volumes of 480 million cubic feet per day.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 14, 2007, that ConocoPhillips will supply PT Gas Negara
with additional gas to Batam Island worth around US$112 million
over two years.  According to PGN President Director Sutikno,
the gas price is US$3.85 per million British Thermal Units with
volume of around 40 million cubic feet per day.

"Gas from the ConocoPhillips field will be delivered gradually
starting with 20-50 million cubic feet per day," Mr. Yusup told
Reuters.

In 2004, PGN signed a contract with ConocoPhillips to supply 2.3
trillion cubic feet of natural gas for 17 years from 2007,
Reuters recounts.

Headquartered in Jakarta, Indonesia, -- http://www.pgn.co.id/--
is a gas and energy company that is comprised of two core
businesses: distribution and transmission.  For distribution,
PGN signs long-term supply agreements with upstream operators,
which give the company scheduled and reliable gas volumes and
fixed gas prices.  These volumes are subsequently sold to
commercial and industrial customers under gas sales agreements.
Under these agreements, sales volumes are take-or-pay and the
gas pricing is fixed and in US dollar.  On the transmission
business, PGN ships gas on behalf of the upstream suppliers
under a fixed US dollar tariff with ship-or-pay volumes
agreements.   The company is 59.4% owned by the Government of
Indonesia.

The Troubled Company Reporter-Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


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

AMR CORP: Earns US$175 Million in Third Quarter Ended Sept. 30
--------------------------------------------------------------
AMR Corporation, the parent company of American Airlines Inc.,
disclosed Wednesday a net profit of US$175 million for the third
quarter of 2007.  The results for the third quarter of 2007
include the impact of a US$40 million charge to reflect an
adjustment for additional salary and benefit expense accruals
related to years 2003 through 2006 and the first six months of
2007.

The current quarter results compare to a net profit of US$15
million for the third quarter of 2006.  The year-ago results
included a US$99 million non-cash charge in Other Income to
reduce the book value of certain outstanding fuel hedge
contracts.

AMR reported third quarter consolidated revenues of
approximately US$5.9 billion, an increase of 1.7% year over
year.  Other revenues, including sales from such sources as
confirmed flight changes, purchased upgrades, Buy-on-Board food
services and third-party maintenance work, increased 5.7% year
over year to US$352 million in the third quarter.

"While record fuel prices in the third quarter were a reminder
of the external challenges that we continue to face, we again
demonstrated our ongoing progress by posting our sixth straight
profitable quarter and our largest net profit in any third
quarter since 2000," said AMR chairman and chief executive
officer Gerard Arpey.  "We continued to improve our balance
sheet while investing in key customer service initiatives,
including taking steps to renew our fleet, add new routes, and
enhance several products and services.  However, we must step up
our continued focus on managing costs, work to improve our
profit margins and continue our momentum throughout 2007 and
beyond."

                     Operational Performance

American's mainline passenger revenue per available seat mile
increased by 5.0% in the third quarter compared to the year-ago
quarter.

Mainline capacity, or total available seat miles, in the third
quarter decreased 2.8% compared to the same period in 2006, as
the company continued to flatten its schedule to more
efficiently utilize its fleet and other resources.

American's mainline load factor -- or the percentage of total
seats filled -- was a record 83.9% during the third quarter,
compared to 81.7% in the third quarter of 2006.  American's
third-quarter yield, which represents average fares paid,
increased 2.3% compared to the third quarter of 2006, its 10th
consecutive quarter of year-over-year yield increases.

American's mainline cost per available seat mile in the third
quarter increased 3.9% year over year, which was 0.8 percentage
points higher than it would have been as a result of the US$40
million charge to adjust salary and benefit expense accruals
from prior periods. A pproximately US$30 million of the charge
is attributable to years 2003 through 2006 and approximately
US$10 million is attributable to the first half of 2007.

Third quarter unit costs were also negatively affected by
factors such as accelerated depreciation on assets being
replaced through planned aircraft cabin refurbishment projects;
certain investments to improve the customer experience; higher
revenue-related expenses such as food and beverage and credit
card fees; and weather cancellations in July.

Excluding fuel and the charge, mainline unit costs in the third
quarter increased by 4.0% year over year.  Arpey said that the
company continues working to achieve US$300 million in targeted
cost savings for 2007 and continues to focus on cost
containment.  Among recent examples, American earlier this month
announced a consolidation of its reservations offices that will
affect the Cincinnati Reservations Office, effective September
2008.  While all of the CRO employees have been offered jobs
within American's Reservations group, by consolidating its
reservations operations American is able to reduce costs.

                    Balance Sheet Improvement

AMR continued to strengthen its balance sheet in the third
quarter by further reducing debt and improving its liquidity
position.  AMR ended the third quarter with US$5.8 billion in
cash and short-term investments, including a restricted balance
of US$447 million, compared to a balance of US$5.5 billion in
cash and short-term investments, including a restricted balance
of US$464 million, at the end of the third quarter of 2006.

AMR reduced Total Debt, which it defines as the aggregate of its
long-term debt, capital lease obligations, the principal amount
of airport facility tax-exempt bonds and the present value of
aircraft operating lease obligations, to US$16.6 billion at the
end of the third quarter of 2007, compared to US$19 billion a
year earlier.  AMR reduced Net Debt, which it defines as Total
Debt less unrestricted cash and short-term investments, from
US$14 billion at the end of the third quarter of 2006 to US$11.2
billion in the third quarter of 2007.

As a result of scheduled principal payments as well as
incremental efforts to strengthen its balance sheet, AMR's net
interest expense for the first nine months of 2007 was US$133
million lower than in the same period in 2006, a 23% reduction.

AMR contributed US$200 million to its defined benefit pension
plans in the third quarter, as the company continues to meet
this important commitment to its employees.  With the third
quarter contribution, the company has contributed US$380 million
to these plans in 2007, meeting its projected commitment for the
year.  The company has contributed nearly US$2 billion to these
plans since 2002.

                      About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia.  AMR also flies to
Japan.  American is also a scheduled airfreight carrier,
providing freight and mail services to shippers throughout its
system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2007,
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
American Airlines Inc.'s (B/Positive/--) US$125 million
Dallas/Fort Worth International Airport special facility revenue
refunding bonds, series 2007, due 2030.  The bonds are
guaranteed by American's parent, AMR Corp. (B/Positive/B-2), and
are secured by payments made by American to the airport
authority.  Proceeds are being used to refund the outstanding
revenue bonds, series 1992 (rated 'CCC+'), whose rating is
withdrawn.


BOSTON SCIENTIFIC: Mulls Restructuring & Sale of Some Businesses
----------------------------------------------------------------
Boston Scientific Corporation has announced 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 against a
2007 baseline of approximately US$4.1 billion by an estimated
US$475 million to US$525 million in 2008, representing a
reduction of 12 to 13 percent, with a further reduction of an
estimated US$25 million to US$50 million in 2009.

The company plans to eliminate approximately 2,300 positions
worldwide, or approximately 13 percent 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 US$450 million to US$475 million, or US$0.20 to
US$0.22 per diluted share.  These mostly cash charges will be
recorded primarily as restructuring expenses, with a portion
recorded through other lines of the income statement.
Approximately US$275 million to US$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 Mr. Tobin.  "We will treat everyone with respect and
dignity, and we will provide support to affected employees."

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.


DELPHI CORP: Disclosure Statement Hearing Adjourned Until Nov. 8
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
rescheduled to Nov. 8, 2007, the hearing to consider the
adequacy of the disclosure statement explaining Delphi Corp.'s
plan of reorganization.

The Adequacy Hearing commenced October 3, and was initially
slated to continue October 25.

Delphi sought adjournment of the Adequacy Hearing to permit the
company to continue negotiating potential plan amendments with
key stakeholders, make appropriate amendments to both its
settlement with General Motors Corp. and the Equity Purchase
Commitment Agreement, and continue discussions with potential
exit lenders.

Delphi will file a notice of changed pages to the Disclosure
Statement on October 29, 2007, including information regarding
proposed amendments to the Disclosure Statement, the Plan, the
GM settlement and the EPCA.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.  (Delphi Bankruptcy News, Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ELAN CORP: Third Parties Eye Biogen for Likely Acquisition
----------------------------------------------------------
Elan Corporation Plc has noted the announcement on Oct. 12,
2007, by Biogen Idec Inc. that it 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 Troubled Company Reporter-Latin America 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 Troubled Company Reporter-Latin America 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%


SEIYU LTD: Wal-Mart to Invest JPY100BB to Buy Remaining Stake
-------------------------------------------------------------
Wal-Mart Stores Inc. will spend JPY100 billion to buy the
remaining 49% stake of Japan unit Seiyu Ltd. that it does not
already own, Tak Kumakura of Bloomberg News reports.

According to Mr. Kumakura, the offer of JPY140 for each ordinary
share in Tokyo-based Seiyu is a 61% premium to the stock's
closing price on October 19.

Wal-Mart, notes Bloomberg, is struggling to turn around Seiyu's
performance due to the decrease in retail sales for nine of the
past 11 months as higher taxes and falling wages curb spending.

Reuters, in a separate report, states that Japan's retail market
has proved a challenge for foreign companies due to fickle
shoppers and tough competition.

Seiyu has been increasing the number of 24-hour stores and
renovating outlets as it seeks to end four years of losses,
relates Bloomberg.

Koichiro Ogawa, an analyst with Cosmo Securities Co., expressed
to Mr. Kumakura, "Owning all of Seiyu will make it easier for
Wal-Mart to do the drastic restructuring that's needed.  There
are a lot of struggling stores that need to be closed."

                        About Seiyu Ltd.

Tokyo-based, The Seiyu, Ltd. -- http://www.seiyu.co.jp/-- is a
Japanese company that is involved in two business segments.  The
Retailing segment, together with its subsidiaries, develops
daily products, operates general merchandise stores (GMSs),
supermarkets and shopping malls and provides information and
services.  This segment is also engaged in the prepared food
business, the operation of specialty stores for mobile phones,
the procurement of overseas original products, as well as the
provision of recruitment services and the ordering of gift
products.  The Real Estate segment is involved in the leasing of
real estate properties, in addition to the development and
management of properties, such as commercial facilities.  The
Seiyu has 17 subsidiaries and two associated companies.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 21,
2006, that United States-based retailer Wal-Mart Stores, Inc.,
is successfully rehabilitating its Japanese unit, Seiyu Limited.

According to press reports, Seiyu has not made a profit since
Wal-Mart first took a stake in the Japanese retailer in 2002.

A TCR-AP report on Feb. 21, 2006, stated that Seiyu incurred a
net loss of JPY17.77 billion in the year ended December 31,
2005, versus a loss of JPY12.32 billion in 2004.


SENSIENT TECH: Paying US$0.18 Per Share Quarterly Dividend
----------------------------------------------------------
Sensient Technologies Corporation's Board of Directors has
declared a regular quarterly cash dividend on its common stock
of US$0.18 per share.  The cash dividend will be paid on Dec. 3,
2007, to shareholders of record on Nov. 8, 2007.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany,
United Kingdom, France, Estonia, United Kingdom, Macedonia,
Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and
Wales.  In Latin America, it has operations in Argentina,
Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru,
Uruguay and Venezuela.  In Asia, it has operations in Japan.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Standard & Poor's Ratings Services has revised
its outlook on Milwaukee, Wis.-based Sensient Technologies Corp.
to stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB+' corporate credit and senior unsecured debt
ratings on the company.  Approximately US$508 million of debt
was outstanding as of June 30, 2007.


SPANSION INC: Posts US$72 MM Net Loss in Quarter Ended Sept. 30
---------------------------------------------------------------
Spansion Inc. disclosed last week results for its third quarter
ended Sep. 30, 2007.  For the third quarter of 2007, the company
reported a net loss of US$72 million, compared with a net loss
of US$67 million in the second quarter of 2007, which included a
one-time gain on the sale of real estate.  The company reported
net sales of US$611 million, compared to net sales of US$609
million in the second quarter of 2007.

Gross margin for the third quarter of 2007 rose slightly
sequentially to 18%.  Spansion reduced its operating loss to
US$59 million in the third quarter, a reduction of 9% compared
to the second quarter of 2007.

"ASPs have stabilized, reversing the steep decline we saw in the
first half of the year and our book to bill is extremely strong
at 1.3, driven by the wireless division," said Bertrand Cambou,
president and chief executive officer, Spansion Inc.  "The
strong backlog is the result of the continued share gains of our
90nm MirrorBit(R) Flash memory solutions."

The company's consumer, set top box and industrial division
achieved sales of US$294 million, up from US$272 million in net
sales in the second quarter of 2007.  For the first time since
the third quarter of 2006, the CSID division experienced a
firming ASP per bit due to a more balanced supply and demand
environment.   Shipments of high density MirrorBit solutions
increased again in the quarter.

In the wireless solutions division, net sales for the third
quarter declined sequentially from US$338 million to US$317
million due to a prior inventory build up in the Japanese
handset market, resulting in a US$40 million impact.  Revenue in
the WSD business outside Japan grew significantly, up by US$20
million sequentially due to increased sales at the top five
handset OEMs.  Outside Japan, ASP per bit was firming.
Worldwide unit shipments increased from 82 million to 96 million
units in the third quarter.

Spansion announced it has signed a definitive merger agreement
to acquire Saifun Semiconductors Ltd to consolidate all
MirrorBit IP, design and manufacturing expertise into a single
company.  The combination will enable Spansion to expand
operating margins, diversify its product portfolio and drive the
company's entry into new markets.  Upon closing, Saifun will
operate as a wholly owned subsidiary, responsible for driving
the new IP licensing and royalty business for Spansion.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$3.80 billion in total assets, US$2.14 billion in total
liabilities and US$1.66 billion in total stockholders' equity.

                         Current Outlook

The company expects net sales for the fourth quarter of 2007 to
be in the range of US$640 million to US$700 million with growth
in all major business segments.

Gross margin for the fourth quarter 2007 is forecast to be
approximately flat.  Improving business performance will be
offset by costs related to the accelerated production ramp of
Spansion's 300mm, SP1 facility, starting in the fourth quarter.

                       About Spansion Inc.

Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ:
SPSN) -- http://www.spansion.com/-- designs, develops,
manufactures, markets and sells flash memory solutions for
wireless, automotive, networking and consumer electronics
applications.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.

                        *     *     *

As of Oct. 18, 2007, Spansion Inc. still carries Moody's 'B3'
long term corporate family rating last placed on Dec. 5, 2005.
Outlook is Stable.


TENNECO INC: Elects Dennis J. Letham to Board of Directors
----------------------------------------------------------
Dennis J. Letham was elected to Tenneco Inc.'s board of
directors, effective immediately.  Mr. Letham is executive vice
president, finance and chief financial officer of Anixter
International Inc., a distributor of communications products,
wire & cable products, fasteners and other small components for
original equipment manufacturers.

"We are pleased to add Dennis Letham to our board with his
extensive financial background and global business experience,"
Gregg Sherrill, chairman and CEO, Tenneco, said.  "We look
forward to his contributions as we accelerate our growth
globally and capitalize on opportunities to enhance shareholder
value."

Mr. Letham has more than 17 years experience as a chief
financial officer and for the past 12 years, has overseen all of
Anixter International's finance, accounting, tax and internal
audit activities in the 49 countries in which the company
operates.

Prior to assuming his role as chief financial officer in 1995,
Mr. Letham served as executive vice president and chief
financial officer of Anixter Inc., the principal operating
subsidiary of Anixter International Inc.

He joined Anixter International in 1993.  Previously, he had a
ten-year career with National Intergroup Inc., where he held a
number of senior financial management positions including senior
vice president and chief financial officer.

                       About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  the company has
approximately 19,000 employees worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2007,
Fitch Ratings has placed Tenneco Inc.'s Issuer Default Ratings
and securities ratings on Rating Watch Negative.  Fitch
confirmed these ratings: (i) IDR 'BB-'; (ii) Senior secured bank
facility 'BB+'; (iii) Senior secured notes 'BB'; and (iv)
Subordinated 'B'.


TIMKEN CO: Invests US$6 Million on Industrial Expansion
-------------------------------------------------------
The Timken Company disclosed the expansion of its industrial
bearing services capacity in response to the strong long-term
outlook for demand and to extend the company's heavy-industrial
customer base.  Timken will invest nearly US$6 million in this
project, which includes the opening of a new service center in
Union, S.C., and the expansion of the company's existing
industrial bearing services facility in South Bend, Indiana.

This investment will enable Timken's Indiana facility to respond
more quickly to customer needs.  The South Carolina service
location, which is currently housed within a Timken bearing
manufacturing plant, will relocate to a facility solely
dedicated to providing industrial bearing services.  The new
center will open in mid-year 2008.  When it is fully operational
in early 2009, the new center will have additional capacity to
remanufacture bearing types and brands within the 18- to 51-inch
size range.

"This investment supports Timken's global services strategy of
providing integrated maintenance services for our customers'
power transmission systems," Joseph W. Wonsettler, global
operations manager for industrial services, said.  "This
expansion will allow us to increase bearing repair capacity and
improve on-time delivery requirements for customers."

Through its industrial bearing services, Timken provides
customers with an integrated maintenance program that covers the
total lifecycle of bearings.  Services include mill maintenance
management programs, bearing remanufacturing, chock bearing
maintenance and roll and chock repair.

In addition to South Carolina and Indiana, Timken operates
bearing repair centers in India, Brazil, South Africa, China,
Romania and France.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                         *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default
Ratings.  Moody's said the outlook is stable.


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

ACTUANT CORP: Two-for-One Stock Split Takes Effect on Nov. 8
------------------------------------------------------------
Actuant Corporation's Board of Directors has approved a two-for-
one split of its Class A common stock payable on Nov. 8, 2007,
to shareholders of record on Oct. 29, 2007.  The stock split
will be in the form of a stock dividend.

Bob Arzbaecher, Chief Executive Officer of Actuant, said "This
stock split, our second in four years, recognizes Actuant's
consistent growth in sales, earnings and cash flows.  Since the
spin-off of APW, Ltd in August of 2000, Actuant's stock value
has appreciated from US$7.65 per share to approximately US$68
per share, a compounded average annual growth rate of over 35%.
We believe that Actuant's business model of core sales growth
plus acquisitions, combined with margin improvement from our
LEAD (Lean Enterprise Across Disciplines) and AIM (Acquisition
Integration Model) processes and our Return on Invested Capital
(ROIC) focus will continue to drive our future success."

                       About Actuant Corp.

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

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


REMY WORLDWIDE: Selects Shearman & Sterling as Lead Counsel
-----------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates seek the
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Shearman & Sterling LLP as their lead
bankruptcy counsel, nunc pro tunc to Oct. 8, 2007.

The Debtors selected Shearman & Sterling because the firm
possesses extensive knowledge in the areas of law relevant to
the Debtors' case.  Shearman & Sterling has represented debtors,
creditors, creditors' committees, lenders, and various parties-
in-interest in numerous Chapter 11 cases.  Shearman & Sterling
has also developed significant knowledge of the Debtors' affairs
and issues, as a result of the firm's prepetition representation
of the Debtors.

As counsel, Shearman & Sterling will:

   (a) provide legal advice with respect to the Debtors' duties
       in the continued operation of their business and
       management of properties;

   (b) prepare all necessary applications, motions, answers,
       orders, reports and other legal papers on behalf of the
       Debtors;

   (c) pursue the confirmation of the Debtors' Plan of
       Reorganization, or of an alternative Plan, if necessary;
       and the approval of corresponding solicitation
       procedures and disclosure statements;

   (d) attend meetings and negotiations with creditors, equity
       holders, prospective investors, acquirers, or other
       parties-in-interest

   (e) provide general bankruptcy and non-bankruptcy legal
       services, as may be requested by Debtors;

   (f) appear before the Bankruptcy Court, any appellate
       courts, and the U.S. Trustee to protect the Debtors'
       interest; and

   (g) perform all other legal services to the Debtors, as
       deemed proper and necessary.

Shearman & Sterling's standard hourly rates are:

        Professional                Hourly Rate
        ------------              ---------------
        Partner                   US$695 - US$940
        Counsel and Specialist     US$500 -US$750
        Associate                  US$325 -US$595
        Legal Assistant            US$100 -US$235

Shearman & Sterling will also be reimbursed for out-of-pocket,
necessary expenses.

Douglas P. Bartner, Esq., a member at Shearman & Sterling LLP,
in New York, discloses that in the one-year period prior to the
Petition Date, his firm was paid US$6,098,584 by the Debtors on
account of services related to the Debtors' reorganization
efforts, including their bankruptcy filing.  The firm also
received aUS$750,000 retainer for estimated fees and expenses
from September 27 through October 8.

Mr. Bartner assures the Court that his firm does not represent
any interest adverse to the Debtors' estate or their creditors
in connection with the Chapter 11 case, and is a "disinterested
person," as defined in Section 101(14) of the Bankruptcy Code.

                       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 US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 3,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000 ).


REMY WORLDWIDE: Court Approves Kurtzman Carson as Noticing Agent
----------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates sought
and obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to employ Kurtzman Carson Consultants, LLC,
as their official noticing agent nunc pro tunc Oct. 8, 2007.

Remy  Worldwide Holdings, Inc.'s Senior Vice-President and Chief
Financial Officer Kerry A. Shiba related that although the
Debtors have sought a deadline extension to file their schedules
of assets and liabilities, they anticipate thousands of entities
to whom certain notices, pleadings and other documents are
required to be served.

Mr. Shiba contended that the appointment of Kurtzman Carson as
the Debtors' noticing agent will expedite the distribution of
the notices, thereby relieving the Clerk of the Court of the
administrative processing burden.

As Kurtzman Carson has provided similar services in large
Chapter 11 cases, and as a result of experience and cost-
effective methods, the firm is eminently qualified to serve as
the Debtors' Noticing Agent, Mr. Shiba asserted.

As the Debtors' Noticing Agent, Kurtzman Carson is expected to:

   (a) notify all potential creditors of the filing of the
       Debtors' Chapter 11 cases and of the setting of the
       first meeting of the creditors, if any;

   (b) file affidavits of service for all mailings, including
       a copy of each notice, a list of persons to whom the
       notice is mailed, and the date mailed;

   (c) maintain an official copy of the Schedules, listing
       creditors and amounts owed; and

   (d) provide any other distribution services as are necessary
       and required.

Kurtzman Carson will also be providing the Debtors with
consulting services regarding noticing, claims management and
reconciliation, plan solicitation, balloting, disbursements and
any other services as may be agreed by the parties.

The Debtors add that if necessary, despite the fact that the
Debtors do not anticipate establishing a claims bar date in
light of the "prepackaged" nature of their Chapter 11 cases,
Kurtzman Carson may undertake claims-related duties, including:

   (a) docketing all claims filed and maintaining the Official
       Claim Register on behalf of the Court Clerk, and provide
       the Clerk with an exact duplicate of the Claims;

   (b) specify in the claims register for each claim docket:

       -- the Claim No. assigned,
       -- the date received,
       -- the name and address of the Claimant,
       -- the filed amount of the claim, if liquidated, and
       -- the allowed amount of the claim.;

   (c) record all transfers of claims and provide notices of
       those transfers as required, pursuant to Rule 3001(e) of
       the Federal Rules of Bankruptcy Procedure; and

   (d) maintain the Official Mailing List for all entities who
       have filed proofs of claim.

The Debtors will pay Kurtzman Carson for the firm's reasonable
fees and expenses, in accordance with the firm's fee structure,
upon the firm's submission on a monthly basis, of reasonably
detailed invoices to the Debtors and the Informal Committee.

James Le, Kurtzman Carson's chief operating officer, assured
that Court that his firm is a "disinterested person" as defined
under Section 101(14) of the Bankruptcy Code.  Kurtzman Carson
is not connected with the Debtors, their creditors, and other
parties-in-interest, the U.S. Trustee, or any person employed by
the U.S. Trustee, and that the firm does not hold or represent
any interest adverse to the Debtors, their estates, or any class
of creditors or equity interest holders, Mr. Le maintains.

                     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 US$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).


REMY WORLDWIDE: Wants Until December 22 to File Schedules
---------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to extend
their time to file Schedules and Statements for an additional 45
days, until Dec. 22, 2007.

Under Section 521 of the Bankruptcy Code and Rule 1007 of the
Federal Rules of Bankruptcy Procedure, a debtor is required
to file a schedule of assets and liabilities; schedule of
current income and expenditures; schedule of executory contract
and unexpired leases; and statement of financial affairs within
15 days after the Petition Date.

Under Rule 1007-1 of the Local Rules of Bankruptcy Practice and
Procedure of the United States Bankruptcy Court for the District
of Delaware, that deadline is automatically extended to 30 days
after the Petition Date if (i) the debtor has more than 200
creditors and (ii) the debtor's bankruptcy petition is
accompanied by a list of all of the debtor's creditors and their
addresses.

In the event the Debtors' prepackaged plan of reorganization is
confirmed prior to the filing deadline, the Debtors ask the
Court to waive the requirement that the Schedules and Statements
be filed.

Due to the staffing constraints as a result of the numerous
operational matters that the Debtors' legal and accounting staff
are required to address in the early days of the Chapter 11
cases, the Debtors will not be in a position to complete the
Schedules and Statements within the initial 30-day deadline,
Kenneth J. Enos, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, the Debtors' proposed co-counsel,
explains.

Completing the Schedules and Statements will require the
assembly and review of information from multiple locations
throughout the world, Mr. Enos says.  Mr. Enos also points out
that production of the Schedules and Statements would likely be
of little value given the expected short duration of the Chapter
11 cases.  Mr. Enos notes that certain of the information to be
included in the Schedules and Statements is available in the
disclosure statement accompanying the Debtors' Plan.

                    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 US$919,736,000 and total liabilities
ofUS$1,265,648,000.  (Remy Bankruptcy News; Issue No. 3,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SUN MICROSYSTEMS: Spares Scottish Unit from Worldwide Job Cuts
--------------------------------------------------------------
Sun Microsystems Inc. has confirmed that there will be no job
cuts at its Scottish unit in Linlithgow, amid plans to eliminate
approximately 1,500 jobs across the US, Canada, Europe and Asia,
Mark Smith writes for the Herald.

"I can assure you that the number of jobs to be lost at
Linlithgow is zero.  I personally sent a letter to staff just
the other day confirming that was the case," Hugh Aitken, who
heads the Scottish unit at Linlithgow, West Lothian, was quoted
by the Herald as saying.  "There may be one or maybe two sales
or marketing people who are part of the UK-wide operation and
are based at Linlithgow, and they may be part of the cuts.  But
as far as our workers go, the cuts will be zero."

Mr. Aitken told the paper around 90 of the cuts would come from
UK Sun.

According to a company spokeswoman, Sun "is executing against a
restructuring plan to better align the company's resources with
its strategic business objectives."

Sun has invested a total of US$300 million at its Linlithgow
plant, which employs 620 full-time staff, the Herald relates.

                   About Sun Microsystems Inc.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.  Sun Microsystems, The Herald recounts,
relocated its Asia-Pacific strategic marketing headquarters to
Seoul from Singapore in June.

                         *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


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

CELESTICA INC: Tax Benefit Error Cues Firm to Cut Q2 Earnings
-------------------------------------------------------------
Celestica Inc. disclosed an adjustment to a non-cash, deferred
tax recovery previously reported in the second quarter ended
June 30, 2007.

The company has determined that the assumptions used in the
second quarter to record a non-cash, deferred tax recovery
relating to a tax benefit resulting from a previous year's
write-down of an acquired and subsequently restructured Canadian
operation were incorrect.  An error in the cost basis for tax
purposes of that Canadian acquisition led to the incorrect
presumption that a tax benefit could be realized in the second
quarter.

Accordingly, deferred tax recovery and GAAP net earnings for the
three and six months ended June 30, 2007 have been adjusted
downward by US$44.1 million, respectively.  Basic and diluted
GAAP earnings per share for the three and six months ended June
30, 2007 have been adjusted from US$0.11 and (US$0.04),
respectively to (US$0.08) and (US$0.23), respectively.  The
company has adjusted its prior period balances in accordance
with accounting standards and is filing amended financial
statements to reflect the change.

The change to the deferred tax recovery has no impact on
reported adjusted net earnings and adjusted net earnings per
share for the second quarter of 2007 of US$4.9 million or
US$0.02 per share, respectively, and has no impact on revenue,
operating earnings or cash.  (Adjusted net earnings is defined
as net earnings before amortization of intangible assets, gains
or losses on the repurchase of shares and debt, integration
costs related to acquisitions, option expense, option exchange
costs and other charges, net of tax and significant deferred tax
write-offs or recovery).

The company also reconfirmed its revenue outlook for the third
quarter ended September 30, 2007 of US$2.0 billion to US$2.2
billion, and its expected adjusted net earnings per share of
US$0.04 to US$0.12.

The company's third quarter results will be released on Oct. 25,
2007, after markets close, followed by a webcast at 4:30 p.m.

                      About Celestica Inc.

Celestica Inc. (NYSE:CLS) -- http://www.celestica.com/--
provides innovative electronics manufacturing services.  Its
global manufacturing and supply chain network, the company
delivers competitive advantage to companies in the computing,
communications, consumer, industrial, and aerospace and defense
end markets.   Celestica operates a highly sophisticated global
manufacturing network with operations in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United
Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service downgraded Celestica Inc.'s corporate
family rating to B1 from Ba3 and the senior subordinated note
ratings to B3 from B2.   Simultaneously, Moody's lowered the
company's speculative grade liquidity rating to SGL-2 from
SGL-1.


KAI PENG: Bursa to Delist Securities on October 30
--------------------------------------------------
The securities of Kai Peng Bhd will be delisted and removed from
the official list of the Bursa Malaysia Securities Bhd on
Oct. 30, 2007, at 9:00 a.m.

According to the bourse, the delisting procedure was commenced
after the company failed to obtain approval to pursue its
regularization plan from the Securities Commission.

Bursa Securities had earlier announced on September 6, 2007,
that it had commenced delisting procedures against the company,
but with Kai Peng's request, later deferred the procedure
pending approval on the appeal.

However, after due consideration of all facts and circumstances
of the matter, Bursa Securities has decided to delist the
securities of Kai Peng from the Official List of Bursa
Securities as the company does not have adequate level of
financial condition to warrant continued listing on the Official
List of Bursa Securities.


Headquartered in Selangor, Darul Ehsan, Malaysia, Kai Peng
Berhad Kai manufactures, markets and distributes steel products.
Other activities include provision of information and
communication technology services, undertaking steel fabrication
and engineering works and investment holding.  Operations are
carried out principally in Malaysia.

Kai Peng was, on May 9, 2006, classified under Practice Note 17
of Bursa Malaysia Securities Berhad after its shareholders'
equity failed to meet the listing requirement.  As an affected
listed issuer, the Company is required to submit a financial
regularization plan or risk the possibility of delisting.

On November 9, 2006, the Troubled Company Reporter-Asia
Pacific reported that the external auditors of Kai Peng Berhad,
Ernst & Young, have raised substantial doubt on the company's
and the group's ability to continue as going concerns after
auditing their financial statements for the fiscal year ended
June 30, 2006.

Specifically, Ernst & Young pointed out these factors in Kai
Peng's June 30, 2006, financial statements:

   -- The group and the company reported net losses of
      MYR62,181,981 and MYR53,789,921 respectively;

   -- The group and the company's current liabilities
      exceeded their current assets by MYR77,245,002 and
      MYR49,988,562 respectively; and

   -- The group and the company's June 30, 2006, balance
      sheet showed shareholder's deficit of MYR36,300,109 and
      MYR34,116,889 respectively.

As of June 30, 2007, Kai Peng Bhd's balance sheet went upside
down by MYR38.09 million on total assets of MYR103.33 million
and total liabilities of MYR141.42 million.


MALAYSIA AIRLINE: Subsidiary Expands Operation
----------------------------------------------
Malaysia Airlines' new subsidiary, Firefly, has been given
approval to substantially expand its operations, with three more
hubs to operate domestic and international routes, AFP News
relates, citing a report from the state news agency Bernama.

Firefly, which currently has a hub on the resort island of
Penang, can now operate out of Subang near the capital Kuala
Lumpur, Johor Baru in the south and Kota Kinabalu on Borneo
island, the report said.

Malaysian Airlines (MAS) managing director and Firefly chairman
Idris Jala said the subsidiary's operations would help the
beleaguered parent company return to financial health, AFP
notes.

"This year (MAS) is aspiring to achieve the highest profit in
its 60-year history, having achieved four consecutive quarters
of profit, and the airline is now poised to move into its 2008
profitable growth agenda through Firefly's expansion plan," Mr.
Jala added.

Firefly managing director Eddy Leong told Bernama that the
airline, which was launched in April, will begin twice daily
flights between Penang and Subang -- Kuala Lumpur's second
airport -- from October 29.

Mr. Leong said Firefly will offer six domestic and nine regional
routes from Penang, 12 domestic and 13 regional routes out of
Subang, and seven domestic and 14 regional destinations from
Johor Baru.


Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


SOLUTIA INC: Court Approves Fifth Amended Disclosure Statement
--------------------------------------------------------------
The Honorable Prudence Carter of the U.S. Bankruptcy Court for
the Southern District of New York approved the Fifth Amended
Disclosure Statement of Solutia Inc. and its debtor-affiliates
as containing adequate information within the meaning of Section
1125 of the Bankruptcy Code.

Judge Beatty found that each of the objections to the Disclosure
Statement have either been (i) withdrawn or rendered moot by
proposed modifications to the Disclosure Statement or (ii)
overruled.  In addition, the Debtors and Industrial Waste Area
Generator Group II have agreed that the entry of the Disclosure
Statement Order will be without prejudice to IWAG's rights to
raise any and all issues at the Confirmation Hearing.

Judge Beatty also determined that the solicitation procedures
provide a fair and equitable voting process and are consistent
with Section 1126.

Ballots will be provided to holders of claims in Classes 3
(Senior Secured Note Claims), Class 5 (CPFilms Claims), Class 11
(Monsanto Claim), Class 12 (Noteholder Claims), Class 13
(General Unsecured Claims), Class 14 (Retiree Claim), Class 15
(Pharmacia Claims), Class 19 (Security Claims) and holders of
Equity Interests entitled to Vote in Class 20 (Equity Interests)
because those claims and interests are classified as being
impaired by, and entitled to vote under, the Consensual Plan.
The Ballots and Master Ballots for holders of claims in Class 3
will not be counted and will be disregarded for all purposes in
the event that the Senior Secured Note Claims are determined to
be unimpaired under the Plan.

Pursuant to Rule 3018(a) of the Federal Rules of Bankruptcy
Procedure, the record date for purposes of determining which
Holders of Claims and Equity Interests are entitled to receive
Solicitation Packages and, where applicable, vote on the Amended
Plan, will be Oct. 22, 2007.  Only Holders of Claims and Equity
Interests as of the Record Date will be entitled to vote to
accept or reject the Plan, and where applicable, make any
election set forth on the Ballot or participate in the Rights
Offering.

Judge Beatty ordered that all Ballots and Master Ballots cast on
behalf of Beneficial Holders must be properly executed,
completed and delivered to the Debtors, voting agent, Voting
Agent Financial Balloting Group, LLC, no later than 5:00 p.m. on
Nov. 26, 2007.  The Debtors, subject to Court approval, will
have the ability to extend in writing the Voting Deadline.
Certification of Ballots will be filed no later than Nov. 28,
2007, at 2:00 p.m.

Plan Confirmation Objection deadline is due Nov. 21, 2007, at
5:00 p.m.  In the event that multiple objections to the Plan
Confirmation are filed, the Debtors and any other party-in
interest are authorized to file a single, omnibus reply to those
objections.

"With the disclosure statement approved, a fully consensual plan
of reorganization in hand, and the confirmation hearing
scheduled, we now have a clear path to emergence from Chapter
11," Jeffry N. Quinn, chairman, president and chief executive
officer of Solutia, said in a press statement.

The Debtors anticipate for their Plan to be effective by June
30, 2008.
                       About Solutia Inc.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and is continued to Oct. 19, 2007.  (Solutia
Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Court Sets November 29 Plan Confirmation Hearing
-------------------------------------------------------------
The Honorable Prudence Carter Beatty of the U.S. Bankruptcy
Court for the Southern District of New York set Nov. 29, 2007,
as the hearing date to consider confirmation of Solutia Inc. and
its debtor-affiliates' Fifth Amended Plan of Reorganization.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and is continued to Oct. 19, 2007.  (Solutia
Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TENAGA NASIONAL: Sees Profit as Demand for Electricity Rises
------------------------------------------------------------
Malaysian power utility Tenaga Nasional Bhd is expected to
report slightly higher quarterly profit, helped by steady growth
in electricity demand, Reuters reports.

Tenaga's financial health has improved since June last year when
it was permitted to raise electricity prices for the first time
in a decade, allowing Malaysia's most financially indebted
listed firm to reduce debt and build cash, the news agency
relates.

However, the report notes, the state-controlled firm has warned
that rising fuel costs would affect future profits.  Prices of
coal, which accounts for about 40% of Tenaga's fuel costs, have
risen by more than 20% over the past three months.

Tenaga's core net profit, excluding foreign exchange, is
expected to rise 2.5% to MYR810 million (US$241.4 million) in
its fiscal fourth quarter ended August, from MYR790 million a
year earlier, according to Reuters' calculations and analysts
estimates.

Full-year profit is seen doubling to MYR3.7 billion, thanks to
higher tariffs, according Reuters Estimates.  Nine-month net
profit was MYR2.89 billion, excluding foreign exchange.

Meanwhile, Tenaga is expected to record a foreign exchange loss
of around MYR500 million in the fourth quarter as the ringgit
weakened against major currencies, Aseambankers said in a
report.  The Malaysian currency fell 3.1% against the dollar and
7.6% against the yen in June-August period.

Almost half of Tenaga's MYR23.5 billion debt as at the end of
May is denominated in foreign currencies, mostly in dollars and
yen, and any depreciation in the ringgit gives it a foreign
exchange translation loss, Reuters relates.

Tenaga had posted a forex gain of MYR1 billion in the nine-month
period to end-May because of the ringgit's earlier strength
against the dollar and yen.

Power demand is expected to have grown about 5.5% in the year to
August, analysts said, compared with 4.6% in fiscal 2006.

Tenaga is the monopoly power distributor and also Malaysia's
largest power producer with about 11,000 megawatts of
production.

Profits, however, could fall in fiscal 2008 due to an increase
in power purchase costs following the commissioning of the
2,100-megawatt Tanjung Bin plant, Malaysia's largest privatized
coal-fired power plant, analysts told Reuters.

Tenaga must buy power from independent power producers under
long-term contracts viewed by the government and investors as
favorable for the producers.

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

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

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


PAXELENT CORP: Malayan Bank Plans Legal Suits to Recover Debts
--------------------------------------------------------------
Malayan Banking Bhd, a Financial institution creditor, is
planning to take legal actions to recover from Paxelent Corp Bhd
debts from a judgment it has obtained against the company after
it failed to obtain approval to implement a planned share issue.

According to the statement by PCB to the Bursa Malaysia
Securities Bhd, the company failed to obtain approvals for the
proposed share issue to Malayan Banking within the agreed
timeframe provided under the debt restructuring agreement
April 6, 2007

The Troubled Company Reporter-Asia Pacific reported on April 13,
2007, that Paxelent proposed a debt settlement with its FI
creditors through:

   -- settlement of United States Dollar and Singapore Dollar
      denominated debts between the company and its FI Creditors
      by way of cash settlement of approximately foreign
      currency equivalent of MYR3,242,948 and an issuance of
      25,000,000 new ordinary shares of MYR0.20 each as full and
      final settlement of the total outstanding amount owed to
      the FI Creditors; and

Paxelent said it will write to MBB to seek its consent to extend
the Conditional Period.  The consent and support of MBB is
necessary for the implementation of the Proposed Revised
Corporate Restructuring Exercise.


Headquartered in Kuala Lumpur, Malaysia, Paxelent Corporation
Berhad is engaged in investment holding.  The principal
activities of the subsidiaries are property investment,
provision of information technology solutions, investment
holding, marketing and sale of hard disk drive components.  The
Company is a public limited liability company, incorporated and
domiciled in Malaysia, and is listed on the Second Board of
Bursa Malaysia Securities Berhad.  Paxelent Corporation is
engaged in investment holding.  The principal activities of the
subsidiaries are property investment, provision of information
technology solutions, investment holding, and marketing and sale
of hard disk drive components.  The Company is a public limited
liability company, incorporated and domiciled in Malaysia, and
is listed on the Second Board of Bursa Malaysia Securities
Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.

Russell Bedford LC & Company raised substantial doubt on
Paxelent's ability to continue as a going concern after auditing
The company's consolidated financial statements for the year
ended Dec. 31, 2006.

The auditing firm pointed to the group and company's net current
liabilities of MYR39,226,000 and MYR82,894,000 respectively.  In
addition, both the group and the company have capital
deficiencies of MYR18,259,000 and MYR29,142,000 respectively.
Russell Bedford LC notes that the company has not met the
scheduled repayment obligations of the settlement agreements
with several financial institutions arising from the
crystallization of corporate guarantees in respect of the wind-
up of its former subsidiaries.

Paxelent's balance sheet as of Dec. 31, 2006, showed a
shareholders' deficit of MYR15,913,000 arising from total
liabilities of MYR46,423,000 and total assets of MYR30,510,000.


TITAN CHEMICALS: Incorporates Titan Intl. as New Unit
-----------------------------------------------------
Titan Chemicals Corp Bhd disclosed with the Bursa Malaysia
Securities Bhd that it has incorporated a wholly owned
subsidiary, Titan International Corp. Sdn. Bhd., on October 17,
2007.

The authorized capital of TIC is MYR100,000.00 divided into
100,000 ordinary shares of MYR1.00 each of which two ordinary
shares of MYR1.00 each have been issued and fully paid-up.

TIC has not commenced operations since the date of incorporation
and is intended for future use by the Titan Group.

The incorporation of TIC does not have any effect on the issued
and paid-up share capital of the Company and the substantial
shareholders' shareholdings.


Based in Malaysia, Titan Chemicals Corp. Berhad --
http://www.titangroup.com--  has two main business segments,
manufacture and sale of olefin products, and manufacture and
sale of polyolefins products. Its subsidiaries include Titan
Petchem (M) Sdn. Bhd., Titan Trading Corp. Sdn. Bhd., Titan
Capital (L) Limited, Titan Petrochemicals (M) Sdn. Bhd., Titan
Vinyl (M) Sdn. Bhd., Titan Ethylene Glycol (M) Sdn. Bhd., Titan
Styrene (M) Sdn. Bhd. and Titan Trading Corp. Limited.

Standard and Poors gave the company a BB on its long-term issuer
default rating on July 8, 2005.


Based in Malaysia, Titan Chemicals Corp. Berhad --
http://www.titangroup.com/--  has two main business segments,
manufacture and sale of olefin products, and manufacture and
sale of polyolefins products.  Its subsidiaries include Titan
Petchem (M) Sdn. Bhd., Titan Trading Corp. Sdn. Bhd., Titan
Capital (L) Limited, Titan Petrochemicals (M) Sdn. Bhd., Titan
Vinyl (M) Sdn. Bhd., Titan Ethylene Glycol (M) Sdn. Bhd., Titan
Styrene (M) Sdn. Bhd. and Titan Trading Corp. Limited.

Standard and Poors gave the company a BB long-term issuer
default rating on July 8, 2005.


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

ABSOLUTELY NATURAL: Fixes Oct. 26 as Last Day to File Claims
------------------------------------------------------------
The creditors of Absolutely Natural 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:

         D. C. Parsons
         Indepth Forensic Limited
         Insolvency Practitioners
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


AIR NEW ZEALAND: Passenger Load Up 6.7% in September 2007
---------------------------------------------------------
Air New Zealand Ltd, in a regulatory filing with the New Zealand
Stock Exchange, updated its investors of market conditions for
the month September.  According to the airline, passenger
numbers across the Group were 6.7% higher in September 2007 than
in the same month last year.  ANZ attributed the growth to both
short-haul and long-haul routes, with 4.4% and 22.4% growth
respectively.

Group-wide load factor was up 8.9 percentage points compared to
the same month last year, with 80.3% of seats filled during
September 2007.  ANZ pointed out the 12.2 percentage points
increase in long-haul load factor against a backdrop of a 4.5%
capacity increase.  Increased traffic to and from the Rugby
World Cup has contributed to the long-haul increase in passenger
numbers, the stock exchange filing relates.

Short-haul capacity was 3.4% lower in September this year,
largely driven by capacity rationalisations made on the Tasman.
Domestic passengers increased by 6.3% compared to the same month
last year on a capacity increase of 4.5%.

Group-wide yields for September are up 0.1% on the same period
last year.  The short-haul yields were 4% higher while the long-
haul yields were 0.2% lower than in September 2006.  The slight
reduction in yield reflects the strengthening of the New Zealand
Dollar year-on-year.  Removing the impact of foreign exchange
group-wide yields were up 3.7%.

Load factors for the month were strong compared to September
2006:

   -- Short-haul passenger load factor increased 4.5 percentage
      points to 76.9%

   -- Domestic passenger load factor was up 1.2 percentage
      points to 73.5%

   -- Tasman/PI passenger load factor was up 6.1 percentage
      points to 78.6%

   -- Long-haul passenger load factor was up 12.2 percentage
      points to 82.8%

   -- Asia/Japan/UK passenger load factor increased by 21.3
      percentage points to 83.0%

   -- North America/UK passenger load factor increased 7.0
      percentage points to 82.5%

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

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

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


AQUAFORM LTD: Fixes Nov. 30 as Last Day to File Claims
------------------------------------------------------
Malcolm Hollis and John Howard Ross Fisk were named liquidators
for Aquaform Ltd. on October 2, 2007.

Messrs. Hollis and Fisk are accepting creditors' proofs of debt
until November 30, 2007.

The Liquidators can be reached at:

         Malcolm Hollis
         John Howard Ross Fisk
         c/o PricewaterhouseCoopers
         119 Armagh Street
         PO Box 13244, Christchurch
         New Zealand
         Telephone:(03) 374 3027
         Facsimile:(03) 374 3001


CONSTANT CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 9
--------------------------------------------------------------
The High Court of Auckland on September 20, 2007, appointed Peri
Micaela Finnigan and John Trevor Whittfield as liquidators for
Constant Construction Ltd.

Messrs. Finnigan and Whittfield require the creditors to file
their proofs of debt by November 9, 2007, to be included in the
company's dividend distribution.

The Liquidators can be reached at:

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


LOMAS ENVIRONMENTAL: Names R.L. Merlo as Liquidator
---------------------------------------------------
Robert Laurie Merlo was named liquidator for Lomas Environmental
Structures Ltd. on September 27, 2007.

Mr. Merlo is accepting creditors' proofs of debt until Oct. 29,
2007.

The Liquidator can be reached at:

         Robert Laurie Merlo
         c/o Merlo Burgess & Co. Limited
         PO Box 51486, Pakuranga
         Manukau 2140
         New Zealand
         Telephone:(09) 520 7101
         Facsimile:(09) 529 1360
         e-mail: merloburgess@xtra.co.nz


OTAGO CONTINUOUS: Shareholders Resolve to Liquidate Business
------------------------------------------------------------
On September 27, 2007, the shareholders of Otago Continuous
Spouting Ltd. had a meeting and resolved to voluntarily
liquidate the company's business.

Trevor Edwin Laing was appointed as liquidator.

The Liquidator can be reached at:

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


PAKURANGA EARTHMOVERS: Court to Hear Wind-Up Petition on Feb. 14
----------------------------------------------------------------
The High Court of Auckland will hear on February 14, 2007, at
10:00 a.m., a petition to have Pakuranga Earthmovers Ltd.'s
operations wound up.

The petition was filed by Robert Gordon Foster, Gregory William
Haliday and Diane Beatrice Mary Haliday on September 10, 2007.

The Petitioners' solicitor is:

         Andrew Warwick Nicoll
         c/o Martelli McKegg Wells & Cormack
         PricewaterhouseCoopers Tower, Level 20
         188 Quay Street
         Auckland 1010
         New Zealand


ROSIER GROUP: Enters Wind-Up Proceedings
----------------------------------------
On September 30, 2007, the shareholders of Rosier Group Ltd.
resolved to voluntarily liquidate the company's business.

Kiran Dutt was named as liquidator.

The Liquidator can be reached at:

         Kiran Dutt.
         PO Box 9687, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 630 3808
         Facsimile:(09) 630 3970


SOLITAIRE INTERNATIONAL: Fixes Nov. 12 as Claims Filing Deadline
----------------------------------------------------------------
The shareholders of Solitaire International Ltd. met on Oct. 1,
2007, and agreed to voluntarily liquidate the company's
business.

Creditors who can file their proofs of debt by November 12,
2007, will be included in the company's dividend distribution.

The company's liquidator is:

         Thomas Alan Graham
         PO Box 8304, Cherrywood
         Tauranga
         New Zealand
         Telephone:(07) 576 9040
         Facsimile:(07) 576 9071


TITOKI INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
On September 28, 2007, the shareholders of Titoki Investments
Ltd. agreed to voluntarily liquidate the company's business.

Bruce Frederick McCullough was appointed as liquidator.

The Liquidator can be reached at:

         Bruce Frederick McCullough
         8th Floor, 86 Victoria Street
         PO Box 32023, Wellington
         New Zealand
         Mobile: 027 448 0417
         Facsimile:(04) 916 0659


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

BANCO DE ORO-EPCI: Obliged to Pay RCBC Unit Damages for Breach
--------------------------------------------------------------
Equitable Bank PCI is obliged to pay RCBC Capital, a subsidiary
of Rizal Commercial Banking Corp., for damages incurred from
RCBC Capital's purchase of Bankard shares in 2000, the Arbitral
Tribunal of the International Chamber of Commerce ruled.

EPCI has merged with Banco de Oro Unibank and is now known as
Banco de Oro-EPCIB.

In its ruling, the Tribunal said that EPCI breached its warranty
that Bankard's financial statements were accurate, complete, and
have been prepared in accordance with generally accepted
accounting principles.  The Tribunal also found that Bankard's
assets, revenues and net worth were overstated and misleading.

The Tribunal has now requested RCBC Capital to present evidence
on its PHP834-million claim of losses from the breach.


Banco de Oro-Equitable PCI Inc. is the result of a merger
between Banco de Oro Universal Bank and Equitable PCI, with BDO
as the surviving entity.

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank following its merger with
Banco de Oro Universal Bank.

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's "Ba2" rating both for its senior
unsecured debt and subordinated debt, with a stable outlook.

Moody's withdrew its ratings for Equitable PCI following the
merger.

The Troubled Company Reporter-Asia Pacific reported on June 11,
2007, that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on
May 31.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BANGKO SENTRAL: IMF Finds Modest Effects of Forex Intervention
--------------------------------------------------------------
The Bangko Sentral ng Pilipinas' intervention in the currency
market has little effect on the peso's current and future
appreciation, the International Monetary Fund said, as reported
by the Philippine Star.

Structural factors in the peso's appreciation would obscure any
effects of the BSP's intervention in foreign exchange rate, the
IMF added.

The BSP's continued intervention, as well as interventions by
other monetary authorities in Asia, suggests that they still
believe their strategy is working, the IMF said in its Regional
Economic Report.  In the report, the IMF said that it has looked
at the BSP's "sterilized" intervention in the currency market
and its effects in the level or volatility of the exchange rate.

According to the fund, intervention reflects the operations of a
fixed exchange-rate regime in some countries in Asia, and
reserve accumulation in these countries is precautionary in
nature.  However, PhilStar notes, since the Philippine monetary
authorities operate flexible regimes, reserve acculumation could
indicate an aim to influence exchange rate.

There had been "modest evidence" that the BSP's intervention had
dampened volatility as it had intended, the IMF revealed.
However, persistent structural factors that might have
influenced the peso's appreciation have weakened whatever effect
that the intervention could have created.  The IMF also said
that sterilized intervention would have little effect on capital
inflows from interest differentials, meaning that it would fail
to ease upward pressure on the peso.

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

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

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

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


BANGKO SENTRAL: Mulls Widening Scope of 2nd Forex Liberalization
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas is considering expanding the
scope of its second wave of foreign exchange liberalization to
reflect further adjustment of capital outflow limits to prevent
accumulating forex-related liquidity, the Philippine Star
reports.

According to BSP managing director Cyd Amador, the next wave of
liberalization would go beyond documentary requirements on
foreign exchange investments in light of the market's mature
reaction to the first wave of liberalization.

According to the report, the second wave was aimed to remove
existing constraints on capital outflows.  However, Ms. Amador
said that the BSP is considering exceeding its original scope to
reduce friction that restricted forex investments.

The BSP had earlier said that further easing in foreign exchange
outflows would help lift pressure from domestic liquidity,
PhilStar recounts.

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

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

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

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


BANGKO SENTRAL: Resumes Talks with Treasury on US$1-Bil. Bonds
--------------------------------------------------------------
The Bangko Sentral ng Pilipinas and the Bureau of Treasury have
resumed negotiations on the BSP's proposal to issue
US$1 billion in retail treasury bonds in order to channel
overseas Filipino workers' remittances to more productive
investments, BSP Managing Director Ma. Cyd Amador told the
Philippine Daily Inquirer.

According to the article, the proposed bond issuance is intended
to give OFW households investment outlets while turning OFW
inflows into economic development.  These investments will help
prepare OFWs for future reintegration into the Philippine
economy and providing additional funding for government
requirements including infrastructure.

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.


BENGUET CORP: Sets Annual Stockholders' Meeting for December 18
---------------------------------------------------------------
Benguet Corp. will hold its annual stockholders' meeting on
December 18, at 3:00 p.m., to be held at a yet undecided venue,
a disclosure with the Philippine Stock Exchange says.

Record date for stockholders entitled to notice and vote at the
said meeting has been set for November 9, 2007.

Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

The Troubled Company Reporter-Asia Pacific reported on May 11,
2007, that Jaime F. Del Rosario at Sycip Gorres Velayo and Co.
raised significant doubt on Benguet Corporation's ability to
continue as a going concern saying that the group has incurred
cumulative losses of PHP4.6 billion and PHP4.2 billion in 2006
and 2005.  The company booked a capital deficiency of
PHP2.2 billion and PHP1.9 billion as of December 31, 2006, and
2005, respectively.  The group's current liabilities exceeded
its current assets by PHP3.6 billion and PHP3.4 billion as of
December 31, 2006, and 2005, respectively.  In addition, the
group was unable to pay its maturing bank loans and related
interests.


FORD MOTOR: Expresses Possible Expansion of Philippine Facility
---------------------------------------------------------------
Ford Motor Co. could expand up to 7% its production facility in
the Philippines if there is sustained local economic growth and
if regional integration opened up more markets in Southeast
Asia, the Philippine Daily Inquirer reports.

However, Ford's vice-president for the governmental affairs in
Asia-Pacific and Africa, Lian Benham, told the Inquirer that
Ford is continually studying expansion opportunities in the
country.  Mr. Benham said "the ASEAN market is still largely
untapped," indicating a possible future for its Philippine
operations.  However, Mr. Benham said that the company has to
come up first with a competitive situation to make it a
"feasible reality."

The Ford official described the Philippine government's efforts
to improve the country's competitiveness as "heartening."
Mr. Benham added that Ford is "fully committed to the
Philippines, which is a very key hub for Ford in the Asian
region."

Mr. Benham, who was in the Philippines on a three-day visit as
part of the US-ASEAN Business Council business mission, said
that despite optimism on the Philippine market, investors are
greatly concerned about the smuggling and high cost of power in
the country.  He also said that the strict implementation of the
ban imposed on the importation of used vehicles was crucial to
the expansion of the domestic vehicle market.

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.


NAT'L POWER: PSALM Lines Up Five More Assets for Auction in 2008
----------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. has
identified five more assets owned by the National Power Corp. to
be auctioned off in 2008, the Philippine Daily Inquirer reports.

According to PSALM's vice president for asset management,
Froilan Tampinco, these assets include the 685-megawatt Tiwi-
Makban geothermal plant in Bicol and Laguna, the 112-MW Tongonan
geothermal plant in Leyte and 220-MW diesel power plant package
in Bohol, and the 150-MW Bacon-Manto geothermal facility in
Sorsogon.

PSALM expects continued positive response from investors in
light of good responses to its auctions in the past few months,
Mr. Tampinco told the Inquirer.  The government would continue
to get good bids for the plants, Mr. Tampinco added.

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.


PAL HOLDINGS: Botched Trustmark Offer Cues Lifting of Suspension
----------------------------------------------------------------
Trustmark Holdings Corp. has informed PAL Holdings Inc. that it
will not push through with its planned secondary offering of
1,558,700,000 shares in the company to qualified institutions.

In light of this, the Philippine Stock Exchange has lifted the
suspension on the trading of the company's shares effective
9:00 a.m. yesterday.

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.


RIZAL COMM'L: Unit Reaches Favorable Ruling in Case v. EPCI
-----------------------------------------------------------
Equitable Bank PCI is obliged to pay RCBC Capital, a subsidiary
of Rizal Commercial Banking Corp., for damages incurred from
RCBC Capital's purchase of Bankard shares in 2000, the Arbitral
Tribunal of the International Chamber of Commerce ruled.

EPCI has merged with Banco de Oro Unibank and is now known as
Banco de Oro-EPCIB.

In its ruling, the Tribunal said that EPCI breached its warranty
that Bankard's financial statements were accurate, complete, and
have been prepared in accordance with generally accepted
accounting principles.  The Tribunal also found that Bankard's
assets, revenues and net worth were overstated and misleading.

The Tribunal has now requested RCBC Capital to present evidence
on its PHP834-million claim of losses from the breach.

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

                          *     *     *

On November 2, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings assigned a final rating of 'B-' to
Rizal Commercial Banking Corporation's hybrid issue of up to
US$100 million.  The rating action follows the receipt of final
documents conforming to information previously received.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable, the TCR-AP said.

The TCR-AP reported on October 24, 2006, that Standard & Poor's
Ratings Services assigned its 'CCC' rating to Philippines' Rizal
Commercial Banking Corp's (RCBC; B/Stable/B) US$100 million non-
cumulative step-up callable perpetual capital securities.


WENDY'S INT'L: Partners with Berjaya to Open 70 Malaysian Units
----------------------------------------------------------------
Wendy's International Inc. and Berjaya Corporation Berhad have
signed a development agreement to build Wendy's restaurants in
Malaysia.

Berjaya, through its wholly-owned subsidiary, Nadi Klasik Sdn
Bhd, has been granted the right to develop and operate Wendy's
restaurants in Malaysia.  Berjaya plans to open the first of
these restaurants in Kuala Lumpur in late 2007 or early 2008 and
will continue development in the Klang Valley region and other
cities over the next 10 years.  The new franchisee expects to
open more than 70 Wendy's restaurants in Malaysia.

"We are pleased to enter a franchise partnership with Berjaya, a
company that is well respected in Asia and worldwide," said Dave
Near, Wendy's chief operations officer.  "Berjaya and its
chairman and chief executive officer Tan Sri Dato' Seri Vincent
Tan have a great deal of experience in successfully operating
several well-known restaurant brands."

"The inclusion of Wendy's brand into our Group's business is a
strategic move that we had planned for some time.  It
complements the wide variety of businesses that we have," said
Tan Sri Dato' Seri Vincent Tan.  "To ensure success, we have
included several well known and experienced people on the Board
as well as in key management positions."

This agreement is part of Wendy's plan to focus development
efforts in key markets outside of North America.  "We are taking
a disciplined approach to growing our international business,
preparing our support infrastructure, and conducting detailed
market analyses before expanding into new markets," said James
C. Hartenstein, Wendy's Senior Vice President of International.
"This is a great opportunity to expand our Wendy's brand in
Asia."

Wendy's recently established an office in Hong Kong to serve
franchise partners, suppliers and staff throughout the region,
and prepare for expansion into new markets.  Wendy's opened its
first restaurant in Asia in 1980 and has approximately 150
restaurants in the Asia Pacific region.

                     About Berjaya Corporation

Based in Kuala Lumpur, Berjaya Corporation Berhad --
http://www.berjaya.com/-- is listed on the Malaysian Stock
Exchange, Bursa Malaysia Securities Berhad with interests in
property investment and development; vacation timeshare, hotels,
resorts and recreation development; consumer marketing and
direct selling; financial services and gaming.  Berjaya has
extensive experience in developing and managing quick service
restaurants in Malaysia and currently operates the Starbucks and
Kenny Rogers Roasters franchises there, as well as Borders Books
stores.

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, and the Philippines, among others.

                          *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating which was lowered to Ba3 and
its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.


ZIPPORAH REALTY: SEC OKs Change in Name to "Sta Lucia Land Inc."
----------------------------------------------------------------
The Securities and Exchange Commission has approved the proposed
changes in Zipporah Realty Holdings Inc.'s articles of
incorporation to reflect its change of name to "Sta. Lucia Land
Inc."

On June 18, 2007, the Troubled Company Reporter-Asia Pacific
disclosed that the company's Board of Directors have approved
the change in the company's name to "Sta. Lucia Land Inc."  The
matter was presented to the company's shareholders and the
Securities and Exchange Commission for the required approval.

Zipporah Realty Holdings, Inc. was originally incorporated as a
mining firm.  Presently, it is primarily engaged in real estate
holding and development with mining as its secondary purpose.
Its main source of revenue comes from sales of real estate
properties.

The company's subsidiary, EBEDEV, Inc., launched its first
project, the Westmont Village Project along Dr. A. Santos Avenue
in Sucat, Paranaque, which started commercial operations in
January 1996.  The Westmont Village was conceptualized primarily
to answer the needs of young urban professionals and the growing
demands of the medium income market for a condominium project
accessible to the centers of commerce and industry, affordable
and with the amenities of a first-class condominium.

The company registered a PHP746.12 million deficit for the year
2006.


* IMG Urges Less Export Dependence, More Forex Rate Flexibility
---------------------------------------------------------------
The International Monetary Fund has urged emerging Asian
countries, including the Philippines, to decrease dependence on
exports and instead increase exchange flexibility in exchange
rate in order to avoid a second Asian crisis, the Philippine
Daily Inquirer reports.

The region should pursue more reforms in the banking systems if
it is to cope with increasingly complex and volatile capital
flows, the Inquirer notes, citing the IMF.  "Crises seldom
repeat themselves but rather tend to emerge from previously
under-appreciated sources of vulnerability," the fund warned.

In its Asia-Pacific economic outlook, the IMF found that Asia's
export-oriented strategy could possibly fuel a new type of
crisis that is triggered by external demand shocks or the
bursting of credit and asset bubbles propped up by the large
accumulation of foreign reserves needed to sustain competitive
exchange rates.  Intraregional trade would not necessarily
provide a strong bufffer against shocks to external demand, the
IMF warned.

                          *     *     *

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

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

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


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

ADVANCED MICRO: Posts US$396 Mln Net Loss for Third Quarter 2007
----------------------------------------------------------------
Advanced Micro Devices, Inc. reported an operating loss of
US$226 million, and a net loss of US$396 million for the third
quarter 2007.  In the third quarter, AMD reported third quarter
2007 revenue of US$1.632 billion, an 18 percent increase
compared to the second quarter of 2007 and a 23 percent
improvement compared to the third quarter of 2006.

Third quarter results include a negative impact of US$120
million, or US$0.22 per share, due to ATI acquisition-related,
integration and severance charges and impairment of assets.  In
the second quarter of 2007, AMD reported revenue of US$1.378
billion and an operating loss of US$457 million.  In the third
quarter of 2006, AMD reported revenue of US$1.328 billion and
operating income of US$121 million.

"We are encouraged by the progress we made in our third quarter
financial results.  We delivered a strong revenue increase,
gained 8 percentage points of gross margin and reduced our
operating loss by more than half," said Robert J. Rivet, AMD's
chief financial officer.  "We sold a record number of
microprocessors through our distribution channel and began
revenue shipments of Quad-core AMD Opteron processors in the
quarter.

"Graphics segment revenue increased 29 percent sequentially, as
customers increasingly adopted AMD's new ATI Radeon HD 2000
series of graphics processors."

Third quarter charges of US$120 million consisted of ATI
acquisition-related, integration and severance charges of
US$78 million and asset impairments of US$42 million associated
with AMD's ownership of Spansion, Inc. common stock.

Third quarter 2007 gross margin was 41 percent, compared to
33 percent in the second quarter of 2007 and 51 percent in the
third quarter of 2006.  The increase from the prior quarter was
due to increased microprocessor unit shipments, manufacturing
efficiencies, improved inventory management, and a richer
product mix in the Computing Solutions and Graphics segments.

Computing Solutions

Third quarter Computing Solutions segment revenue was US$1.283
billion, a 17 percent sequential increase.  The increase was
driven primarily by a 19 percent increase in microprocessor
revenue.  Microprocessor unit shipments increased 16 percent
sequentially.  Mobile processor unit shipment growth remained
strong, increasing 41 percent sequentially and 68 percent year-
over-year.

Graphics

Graphics segment revenue of US$252 million grew 29 percent from
the second quarter of 2007.  The success of the new ATI Radeon
HD 2000 series of graphics processors led to increased unit
shipments and revenue.

Consumer Electronics

Third quarter Consumer Electronics segment revenue was
US$97 million, compared with US$85 million in the second
quarter of 2007 driven by improved handheld unit sales and
increased game console royalties.

Current Outlook

AMD's outlook statements are based on current expectations.
The following statements are forward looking, and actual results
could differ materially depending on market conditions and the
factors set forth under "Cautionary Statement" below.

In the seasonally up fourth quarter, AMD expects revenue to
increase in line with seasonality.

                           About AMD

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:
AMD) designs and manufactures microprocessors and other
semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.  The 'CCC+/RR6' rating also
applies to up to US$225 million of additional notes issued
within the next 30 days to cover over-allotments.  The 'BB-/RR2'
rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed
and withdrawn, as the company will use net proceeds from debt
issuance, as well as available cash, to fully repay the term
loan.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


ADVANCED MICRO: TRC Capital Offers Mini-Tender of 5 Mln Shares
--------------------------------------------------------------
Advanced Micro Devices Inc. has been notified of a "mini-tender"
offer by TRC Capital Corporation to purchase up to 5 million
shares of the company's common stock, which represents about .90
percent of its outstanding shares.

AMD cautions its stockholders that TRC's unsolicited "mini-
tender" offer of US$13.25 per share was more than 5 percent
below the US$14.02 per share closing price of AMD stock on
October 10, 2007, the day before the "mini-tender" offer was
commenced and about 9 percent below the US$14.55 per share
closing price of AMD stock on October 18, 2007.

AMD recommends against tendering shares in response to this
unsolicited below-market offer.  AMD does not in any way
recommend or endorse the TRC Capital Corporation "mini-tender"
offer, and AMD is in no way associated with TRC Capital
Corporation, the "mini-tender" offer or the offer documentation.

TRC Capital has a history of making "mini-tender" offers for the
shares of other companies for its profit.  These offers are
devised to seek less than 5 percent of a company's outstanding
shares, thereby avoiding many procedural and disclosure
requirements of the U.S. Securities and Exchange Commission
because they are below the SEC's threshold to provide such
disclosure and procedural protections for investors.

The SEC has issued an investor alert regarding these "mini-
tender" offers, noting that "some bidders make "mini-tender"
offers at below-market prices, hoping that they will catch
investors off guard if the investors do not compare the offer
price to the current market price."  Investors are urged to
consult with their broker or financial advisor on such matters.

AMD stockholders who have already tendered are advised that they
may withdraw their shares by providing the written notice
described in the TRC Capital Corporation offering documents
prior to the expiration of the offer currently scheduled for
12:01 a.m., New York City time, on Friday, November 9, 2007.

                            About AMD

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:
AMD) designs and manufactures microprocessors and other
semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.  The 'CCC+/RR6' rating also
applies to up to US$225 million of additional notes issued
within the next 30 days to cover over-allotments.  The 'BB-/RR2'
rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed
and withdrawn, as the company will use net proceeds from debt
issuance, as well as available cash, to fully repay the term
loan.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


CKE RESTAURANTS: Reports US$90MM Same-Store Sales for Two Units
---------------------------------------------------------------
CKE Restaurants, Inc. has announced same-store sales for the
four weeks ended Oct. 8, 2007, for Carl's Jr.(R) and
Hardee's(R).

For period nine, consolidated revenue from company-operated
restaurants (exclusive of all franchise-related revenue and
royalties) was approximately as:

     Carl's Jr.       US$ 44.5 million
     Hardee's         US$ 46.0 million
     Total            US$ 90.5 million

Same-store sales results for period 10 of fiscal year 2008,
ending Nov. 5, 2007, will be reported on or about Nov. 14, 2007.

Commenting on the company's performance, Andrew F. Puzder,
president and chief executive officer, said, "We are pleased to
report positive blended same store sales for Hardee's and Carl's
Jr. for the fifth consecutive period.  We are also pleased to
report a 1.3 percent increase in same-store sales for Hardee's
-- the chain's 24th consecutive period of positive same-store
sales. Blended same-store sales for period nine were up 0.1
percent against a very strong 7.4 percent increase in the prior
year period.  We believe that our continued strategy of offering
innovative, premium products and superior customer service
combined with our ongoing remodel and dual-branding programs
should contribute to sales in the near- and long-term."

"As we indicated in our second quarter earnings conference call,
we are taking actions to offset commodity and other cost
increases we are experiencing.  Among other things, we
implemented a price increase at both Carl's Jr. and Hardee's at
the start of period 10, the final period of our
third fiscal quarter.  We intend to provide additional comments
on our third quarter cost trends in our period 10 same-store
sales release."

"During period nine, Carl's Jr. featured the Patty Melt burger.
The chain's authentic version of an American burger classic
features a charbroiled beef patty topped with grilled onions and
melted American cheese between two slices of grilled rye bread.
Carl's Jr. also introduced the Strawberry-Banana Smoothie Shake
during the period," said Mr. Puzder.

"Strong same-store sales results in the prior year at Carl's Jr.
resulted in a modest dip in same-store sales of 1.1 percent in
period nine of this year.  However, those strong prior year
results were enough to fuel a same-store sales increase of
approximately six percent on a two-year cumulative basis."
Revenue for period nine from company-operated Carl's Jr.
restaurants (exclusive of franchise-related revenue and
royalties) was approximately US$44.5 million.

"Hardee's introduced the Hawaiian Chicken Sandwich on Sept. 17,
and media support for the product was in place for the second
half of the period.  Featuring a charbroiled chicken breast
topped with teriyaki sauce, melting Swiss cheese, and a juicy
slice of grilled pineapple, dressed with
red onion, tomato, lettuce and mayonnaise, the sandwich
represents the chain's latest example of bringing sit-down
restaurant quality products to a fast-food environment.  In
addition, the brand also featured the unique Breakfast Club
sandwich and Blueberry Biscuits during the breakfast
daypart," Mr. Puzder continued.

"On a two-year cumulative basis, Hardee's same-store sales have
increased almost nine percent.  In addition, Hardee's period
nine average unit volume was higher than any comparable period
nine since 1994, which is as far back as we can check."  Revenue
for period nine from company-operated Hardee's restaurants
(exclusive of franchise-related revenue and royalties) was
approximately US$46.0 million.

                   About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,131
franchised, licensed or company-operated restaurants in 43
states and in 13 countries -- including Mexico and Singapore.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 10, 2007,
Standard & Poor's Ratings Services has revised its outlook on
Carpenteria, California-based CKE Restaurants Inc. to negative
from stable.  At the same time, S&P's has affirmed all the
ratings, including the 'BB-' corporate credit rating, on the
company.


LEVI STRAUSS: Completes US$525M Tender Offer of 12.25% Sr. Notes
----------------------------------------------------------------
Levi Strauss & Co. has completed its tender offer for any and
all of its US$525 million outstanding aggregate principal amount
of 12.25% Senior Notes due 2012 and related consent
solicitation.

A total of $506.2 million of the outstanding aggregate principal
amount of the Notes were tendered prior to the expiration date
of midnight, New York City time, on Oct. 17, 2007.  The company
has accepted for purchase all Notes tendered pursuant to the
tender offer and consent solicitation, resulting in a total
payment of US$563.7 million, including approximately $20 million
in accrued and unpaid interest and $15.2 million in consent
payments, to holders of the Notes.

The company has retained Credit Suisse Securities (USA) LLC as a
dealer manager and solicitation agent in connection with the
tender offer and consent solicitation.  Questions about the
tender offer and consent solicitation may be directed to Credit
Suisse at 212-325-4951 (collect).

                  About Levi Strauss & Co.

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

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

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 22, 2007, Fitch Ratings assigned a 'BB+' rating to Levi
Strauss & Co.'s second amended and restated $750 million 5-year
Asset-Based Revolving Credit Facility.  The rating outlook is
stable.

Levi Strauss carries Fitch's BB- Issuer Default Rating; BB+ Bank
Credit Facility rating; and BB- Senior Unsecured Notes rating.


SPECTRUM BRANDS: Postpones Strategic Asset Sale
-----------------------------------------------
Spectrum Brands Inc. is postponing its strategic asset sale
process due to recent challenging conditions in the credit
markets.

As reported in the Troubled Company Reporter on Oct. 2, 2007,
the company signed a definitive agreement to sell the Canadian
division of its Home & Garden business segment, which operates
under the name Nu-Gro, to a new company formed by RoyCap
Merchant Banking Group and Clarke Inc.

"We are still committed to reducing outstanding indebtedness and
leverage through the sale of assets," Spectrum Brands Chief
Executive Officer Kent Hussey said.  "We believe that postponing
the auction process until such time as the credit markets
improve will allow us to achieve a full and fair valuation of
these assets."

As previously reported, Spectrum Brands put in place a
US$225 million asset-based revolving credit facility with
Goldman Sachs Credit Partners L.P. and Wachovia Bank, National
Association.  The company reiterated that this facility, which
was undrawn at Sept. 30, 2007, provides sufficient liquidity to
operate its business on an ongoing basis.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

The company operates in 13 Latin American nations including El
Salvador, Guatemala, Costa Rica, Colombia and Nicaragua.

                       *     *     *

As reported on the Troubled Company Reporter-Latin America on
Oct. 3, 2007, Fitch Ratings has assigned a 'B/RR1' rating to
Spectrum Brand's new four-year, US$225 million senior secured
asset-backed loan facility priced at LIBOR +225 basis points.
The new facility will replace the US$200 million LIBOR Term Loan
B II that is encompassed within the US$1.6 billion six-year
Credit Agreement.

Fitch has also affirmed these ratings:

   -- Issuer Default Rating at 'CCC';

   -- US$1 billion term loan B at 'B/RR1';
   -- EUR350 million term loan at 'B/RR1';

   -- US$700 million 7.4% senior subordinated notes at 'CCC-
      /RR5';

   -- US$2.9 million 8.5% senior subordinated notes at 'CCC-
      /RR5';

   -- US$347 million 11.25% variable rate toggle senior
      subordinated notes at 'CCC-/RR5'.

Fitch said the rating outlook is negative.


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

BANK OF AYUDHYA: 3rd Qtr. Net Income Jumps 54% to THB2.88 Bil.
--------------------------------------------------------------
Bank of Ayudhya PCL's net income for the quarter ended Sept. 30,
2007, has increased 54% year-on-year to THB2.88 billion from the
THB1.866 billion recorded for the 3rd quarter of 2006, according
to the bank's unreviewed consolidated financial statements.

For the 3rd quarter of 2007, the group reported a
THB8.398-billion interest and dividend income, a
THB3.316-billion interest expense, THB2.222-billion non-interest
income and THB4.283-billion non-interest expenses.

However, the group recorded a THB4.956-billion net loss for the
nine-month period ending September 30, 2007, a reverse from the
THB5.368-billion net income for the same period in 2006.

For the nine-month period ending September 30, 2007, the group
earned interest and dividend income of THB26.755 billion and
non-interest income of THB5.78 billion.  The group also incurred
THB12.218 billion in interest expenses and THB13.37 billion in
non-interest expense.

As of September 30, 2007, the group had THB666.216 billion in
total assets and THB589.114 billion in total liabilities,
resulting in a THB77.101-billion shareholders' equity.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating.


FEDERAL-MOGUL: Sept. 30 Balance Sheet Upside-Down by US$1.4 Bil.
----------------------------------------------------------------
Federal-Mogul Corporation's balance sheet showed total assets of
US$7.5 billion and total liabilities of US$9 billion, resulting
in a total shareholders' deficit of US$1.4 billion as of
Sept. 30, 2007.

The company earned US$14 million for the quarter ended
Sept. 30, 2007, compared to net income of US$3 million for the
third quarter of 2006.  The year-to-date results reflect an 8%
increase in sales, improved gross margin and reduced selling,
general and administrative expenses.

For the three months ended Sept. 30, 2007, the company recorded
net sales of US$1,686 million, an increase of US$137 million, or
9%, compared to the third quarter of 2006.  The most significant
factors impacting sales were increased volumes of US$91 million
and favorable foreign currency of US$62 million.

"The Federal-Mogul team is dedicated to our strategy for
sustainable global profitable growth.  The results achieved
during the first three quarters of 2007 reflect the Company's
commitment to continuously improve performance while creating
value for our customers through world-class products, services
and innovative technology," said Chairman, President and Chief
Executive Officer Jose Maria Alapont.  "We are also hopeful that
our Plan of Reorganization will be confirmed, enabling emergence
from Chapter 11."

                    About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some USUS$6 billion.  Federal-Mogul
also has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The confirmation hearing
started on June 18, 2007 and is expected to end on Oct. 1, 2007.


TMB BANK: Sells 19% Ownership in Siam Ferro to Maximum Holding
--------------------------------------------------------------
TMB Bank PCL has sold its 19.87% shareholding in Siam Ferro
Industry Co. Ltd. to Maximum Holding Co. Ltd. on October 19 for
a price of THB4,968.66.

The shares were sold to Maximum Holding on a selling price of
THB0.01.  The bank now owns only 1.66% of the company after the
transaction, which was paid in cash on transaction date.

Siam Ferro is a manufacturer of basic iron and steel.  It has a
registered and paid up capital of THB250 million in 2.5 million
shares at par value of THB100 per share.

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

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

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

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

On October 11, 2007, the Troubled Company Reporter-Asia Pacific
said that Standard & Poor's Ratings Service said that it has
lowered its long-term counterparty credit rating on Thailand's
TMB Bank Public Co. Ltd. to 'BB+' from 'BBB-' and the short-term
rating to 'B' from 'A-3'.  The rating has been removed from
CreditWatch, where it was placed with negative implications on
July 6, 2007.  The outlook is negative.


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

* Vietnam to Raise VND38 Trillion in Government Bond in 2008
------------------------------------------------------------
The Vietnamese government will issue VND38 trillion
(USS$2.4 billion) worth of bonds in domestic markets in 2008 to
finance education, health and infrastructure projects, Reuters
says, citing Prime Minister Nguyen Tan Dung.

According to the report, up to VND10 trillion from the issue
would be spent to build schools and upgrade hospitals, while
VND28 trillion would be allotted for roads and irrigation
projects.

                          *     *     *

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

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


* BOND PRICING: For the Week 22 October to 26 October 2007
----------------------------------------------------------



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

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


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



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

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


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


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


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





                           *********

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

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

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




                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***