TCRAP_Public/071024.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, October 24, 2007, Vol. 10, No. 211

                            Headlines

A U S T R A L I A

AKOONA PTY: Members Resolve to Liquidate Business
ALTHEA INVESTMENTS: Commences Liquidation Proceedings
B & S GARAGE: Members' Final Meeting Set for October 30
BRYBAR PTY: Commences Liquidation Proceedings
CHATTEM INC: Dec. Trial Set for Dexatrim Liability Suit in CA

CHRYSLER LLC: UAW Leaders Urge Key Locals to Accept Labor Pact
COEUR D'ALENE: Sets Shareholders Special Meeting for Dec. 3
EVANS & TATE: Creditors Agree to Defer Final Meeting to December
FOSADA PTY: Sole Member Decides to Liquidate Business
KWIKTURN PTY: To Declare First and Final Dividend on Oct. 26

MAZEBOWL PTY: Placed Under Voluntary Liquidation
M. & T. PERFORMANCE: Sets Final Meeting for October 25
NOONARM PTY: Shareholders Decide to Liquidate Business
SYMBION HEALTH: Primary Plans to Block Healthscope Deal Again
THE QUEENSLAND: Members and Creditors to Meet on October 25


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Deloitte and NAO Complete Special Audit
ARCELOR NEGOCE: Placed Under Voluntary Liquidation
BILLION PROFITS: Placed Under Voluntary Liquidation
CITIC GROUP: Unit in Mutual US$1BB Investment with Bear Stearns
COASTAL GREENLAND: Moody's Assigns (P)B1 Corporate Family Rating

COASTAL GREENLAND: S&P Assigns 'B+' Corporate Credit Rating
EARN BEST: Liquidators Quit Post
EXPORT MARKET: Tang Wai Kit Quits as Liquidator
FONTANA ESTATES: Liquidators Quit Post
HAINAN AIRLINES: Merges with 3 Other Firms to Form Grand China

JUST YIELD: Appoints Tsoi Ching Ching as Liquidator
SHIMAO PROPERTY: To Inject CNY7.67BB in Assets to Sister Firm
SOUND YEAR: Members to Hold Final Meeting on November 23
TAS JOINT: Shareholders Agree on Voluntary Liquidation
VOLKSWAGEN AG: To Restructure Auto Parts Venture in China

WILSON DRAYAGE: Creditors' Meeting Set for November 2
YEE FUNG: Blaauw and Stephen Quit as Liquidators
ZTE CORP: Bags Supply Deal with Telekom Malaysia


I N D I A

ATV PROJECTS: Incurs INR25-Mil. Net Loss in Qtr. Ended Sept. 30
BALLARPUR INDUSTRIES: BILT Scheme Gets Unanimous Approval
BANK OF BARODA: Board to Consider Q2 Results on Oct. 31
BANK OF INDIA: To Release 2nd Qtr. Results on Oct. 29
BAUSCH & LOMB: Extends Debt Securities Tender Offers to Oct. 26

RAIN CALCINING: U.S. Unit to Raise US$235 Million from Bond Sale


I N D O N E S I A

ANEKA TAMBANG: Moody's Reviews Rating for Possible Upgrade
BANK NEGARA: Provides Credit Line to Nusa Surya
BANK NEGARA: Plans to Sell 40% of BNI Securities
GARUDA INDONESIA: Final Report Says Pilot Failure Caused Crash
MEDIA NUSANTARA: S&P Affirms 'B+' Corporate Credit Rating

TELKOM INDONESIA: Moody's Affirms LCC Family Rating at Ba1


J A P A N

ALL NIPPON: To Cut Fares by 15 Percent Starting April 1, 2008
BOSTON SCIENTIFIC: Posts US$272MM Net Loss in Q3 Ended Sept. 30
BOSTON SCIENTIFIC: S&P Holds Ratings and Removes Negative Watch
HITACHI ZOSEN: Unit Wins Sasol Reactor Construction Contract
JAPAN AIRLINES: R&I Affirms BB+ Rating with Stable Outlook

SENSIENT TECH: Earns US$20.7 Million in Quarter Ended Sept. 30
SENSIENT TECH: Selects Neil Cracknell as Deputy Group Executive
XEROX CORPORATION: Earns US$753 Mln in First Nine Months of 2007
* Japanese Brewers Still Stable Despite Pressures, Moody's Says


K O R E A

CHOROKBAEM MEDIA: Signs Contract w/ Broadcasting Company MBC
DAEYUVESPER: Signs Installation Contract w/ Agricultural Assoc
KANA SOFTWARE: Expects 3rd Qtr. Revenue of US$16.3 to US$16.7MM


M A L A Y S I A

SHAW GROUP: Appeal to Acquisition Claim Judgment Still Pending
SHAW GROUP: Appeals IRS Adjustments for 2002-2003 Tax Returns
SHAW GROUP: Continues Review of Accounting for Acquisitions
SHAW GROUP: La. Court Allows Reusche to File Amended Complaint
SOLUTIA INC: Court Approves Fifth Amended Disclosure Statement

SOLUTIA INC: Court Sets November 29 Plan Confirmation Hearing
TRANSMILE GROUP: Inks Lease Contract with Air Hong Kong


N E W  Z E A L A N D

ALI SOLUTIONS: Fixes Nov. 30 as Last Day to File Claims
CITYWIDE BUILDERS: Appoints A.M. Oorschot as Liquidator
EASTRIDGE FLOWERS: Shareholders Agree on Voluntary Liquidation
FERNHILL: Accepting Creditors' Proofs of Debt Until Nov. 1
INDONZ ENTERPRISES: Wind-Up Petition Hearing Set for Nov. 8

MILLCROFT PUBLISHING: Creditors' Proofs of Debt Due on Nov. 1
PACIFIC PAINTING: Creditors Proofs of Debt Due on Nov. 1
RTB CONTRACTING: Court to Hear Wind-Up Petition on Oct. 25
SYLVIA PARK: Fixes Nov. 12 as Last Day to File Claims
TUFFCOAT PLASTERING: Taps Vance and Jordan as Liquidators


P H I L I P P I N E S

ATLAS CONSOLIDATED: Unit Eyes Steel Plant in Guangxi, China
BANGKO SENTRAL: Projects 5% Growth Rate in Remittances for 2008
BANGKO SENTRAL: Supports Multilateralization of Chiang Mai Deal
BANGKO SENTRAL: Gov't to Infuse PHP40 Bil. on Installment Basis
PHIL. LONG DISTANCE: Cable Operators Seek to Halt MyTV Services

PHIL. LONG DISTANCE: Unit Sells 9.8% Stake in Eastern Telecom
SAN MIGUEL: Units Buy 34% Stake in Bank of Commerce for PHP2BB


S I N G A P O R E

AAR CORP: Elects Norman R. Bobins as Director
ADVANCED MICRO: Urges Rejection of TRC's Mini-Tender Offer
SAWATEC (ASIA PACIFIC): Creditors' Proofs of Debt Due on Nov. 19
SOVEREIGN SPECIALTY: Proofs of Debt Due on Nov. 19
UNITED TEST: Moody's Assigns (P)B2 to Second Lien Notes


T H A I L A N D

BANK OF AYUDHYA: To Sell Off THB25 Bil. in Bad Loans By Year-End
BLOCKBUSTER INC: Paying US$18.75 Per Share Dividend on Nov. 15


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AKOONA PTY: Members Resolve to Liquidate Business
-------------------------------------------------
At an extraordinary general meeting held on September 4, 2007,
the members of Akoona Pty Ltd resolved to voluntarily liquidate
the company's business.

Peter Geroff and Gregory Moloney were tapped as liquidators.

The Liquidators can be reached at:

         Peter Geroff
         c/o Ferrier Hodgson (Qld)
         Level 7, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia

                        About Akoona Pty

Located at Brisbane, in Queensland, Australia, Akoona Pty Ltd is
an investor relation company.


ALTHEA INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
The members of Althea Investments Pty Ltd met on September 10,
2007, and agreed to voluntarily liquidate the company's
business.

M. J. Fitzpatrick was named as liquidator.

The Liquidator can be reached at:

         M. J. Fitzpatrick
         c/o KPMG
         Level 16, Riparian Plaza
         71 Eagle Street
         Brisbane, Queensland 4000
         Australia

                    About Althea Investments

Althea Investments Pty Ltd provides engineering services.  The
company is located at Brisbane, in Queensland, Australia.


B & S GARAGE: Members' Final Meeting Set for October 30
-------------------------------------------------------
B & S Garage Door Operators Pty Ltd will hold a final meeting
for its members on October 30, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         John L. Greig
         Deloitte Touche Tohmatsu
         Riverside Centre
         Level 25, 123 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3308 7000

                       About B & S Garage

B & S Garage Door Operators Pty Ltd provides electrical work.
The company is located at Darra, in Queensland, Australia.


BRYBAR PTY: Commences Liquidation Proceedings
---------------------------------------------
During a general meeting held on September 13, 2007, the members
of Brybar Pty Ltd agreed to voluntarily liquidate the company's
business.

Morgan Lane and Michael Peldan were appointed as liquidators.

The Liquidators can be reached at:

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

                        About Brybar Pty

Located at Carindale, in Queensland, Australia, Brybar Pty Ltd
is an investor relation company.


CHATTEM INC: Dec. Trial Set for Dexatrim Liability Suit in CA
-------------------------------------------------------------
The Dexatrim with ephedrine products liability lawsuit pending
against the Company is set for trial in Santa Monica, California
on Dec. 3, 2007.

That lawsuit is styled Grace Gunduz v. Herbalife International
of America, Inc., et al., Superior Court of the State of
California, County of Los Angeles.

In the case, the plaintiff seeks compensation for primary
pulmonary hypertension, a condition she allegedly developed
after ingesting ephedrine containing products manufactured by
Herbalife International of America, Inc., EAS and the Company.

The Company did not provide further details on this suit in its
latest quarterly report filed on Form 10-Q with the U.S.
Securities and Exchange Commission.

Chattanooga, Tenn.-based Chattem Inc. manufactures and markets
branded consumer products, including over-the-counter healthcare
products and toiletries and skin care products. Its products
include Gold Bond medicated powder, Icy Hot topical analgesic,
Dexatrim appetite suppressant, and Bullfrog sunblock. Chattem
has operations in the U.K., Australia, and Puerto Rico.

                          *     *     *

Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.


CHRYSLER LLC: UAW Leaders Urge Key Locals to Accept Labor Pact
--------------------------------------------------------------
United Auto Workers union leaders are trying to sweet talk
members at three Chrysler LLC plants in Indiana, Michigan and
Illinois, each employing more than 1,00 workers, to approve a
tentative labor contract between the union and the carmaker,
various sources say.

According to Josee Valcourt of the Wall Street Journal, lobbying
efforts are directed at:

   * members of a key local in Kokomo, Indiana, who are voting
     today, Oct. 23, 2007,

   * members of a key local in Sterling Heights, Michigan, who
     are voting on tomorrow, and

   * members of a small local in Belvidere, Illinois, voting
     later this week.

As reported in yesterday's Troubled Company Reporter, 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.  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.

Union officials are expected to release the results later this
week, the AFP reports.

As previously reported, 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.

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.


COEUR D'ALENE: Sets Shareholders Special Meeting for Dec. 3
-----------------------------------------------------------
Coeur d'Alene Mines Corporation has filed a definitive proxy
statement regarding the proposed acquisition of Bolnisi Gold NL
and Palmarejo Silver and Gold Corporation.  The company expects
to commence mailing the proxy statement and all relevant
materials to Coeur shareholders early this week.

A special meeting of the shareholders of Coeur, to consider
matters relating to the proposed acquisitions of Bolnisi and
Palmarejo, will be held on Dec. 3, 2007 at 9:30 a.m., local
time, at The Coeur d'Alene Resort and Conference Center, Second
Street and Front Avenue, Coeur d'Alene, Idaho.  Coeur
stockholders of record as of the close of business on Oct. 19,
2007 will be entitled to vote at the special meeting.   The
merger is expected to close in the fourth quarter of 2007.

As previously announced on May 3, 2007, Coeur, Bolnisi, and
Palmarejo entered into agreements to merge, which were approved
unanimously by their respective Boards of Directors.  Pursuant
to the agreements, Coeur will acquire all of the shares of
Bolnisi, and all the shares of Palmarejo not owned by Bolnisi,
in a transaction valued at approximately US$1.1 billion.  The
combination will create the world's undisputed leader in silver.

The Board of Directors of Coeur unanimously approved the
transaction and the issuance of Coeur common stock, and
recommends that all Coeur shareholders vote "FOR" the issuance
of Coeur shares in the transaction and the amendment to Coeur's
articles of incorporation to increase the authorized number of
Coeur shares.  The proposals require the approval of a majority
of the Coeur shares that are present or represented by proxy at
the shareholder meeting.

Shareholders are encouraged to read the company's definitive
proxy materials in their entirety as they provide, among other
things, a detailed discussion of the process that led to the
proposed merger and the reasons behind the Board of Directors'
unanimous recommendation that stockholders vote FOR the issuance
of Coeur shares in the transaction and the amendment to Coeur's
articles of incorporation to increase the authorized number of
Coeur shares.

Coeur shareholders are reminded that their vote is very
important regardless of the number of shares of common stock
they own.  Whether or not shareholders are able to attend the
Special Meeting in person, they should complete, sign and date
the proxy card and return it in the prepaid and addressed
envelope as soon as possible or submit a proxy through the
Internet or by telephone as described on the proxy card
accompanying the definitive proxy statement.

Shareholders who have questions about the merger or need
assistance in submitting their proxy or voting their shares
should contact D.F. King & Co., Inc., which is assisting Coeur,
toll-free at (800) 901-0068  or (collect) at (212) 269-5550 .

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                          *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


EVANS & TATE: Creditors Agree to Defer Final Meeting to December
----------------------------------------------------------------
On their second meeting, Evans & Tate Ltd. creditors passed a
resolution in favor of adjourning the meeting until December 14,
when they will decide whether to wind up the group, end its
administration or execute a deed of company arrangement that
results in a better return to creditors than liquidators, the
Australian Associated Press reports.

According to AAP, administrator Martin Jones, a partner at
Ferrier Hodgson, recommended the put-off saying it would allow
the administrators to observe the possible conclusion of a sale
process and gain a fuller picture of the creditor's loss.
However, Mr. Jones told creditors he did not recommend that the
group be wound up and he did not rule out ultimately
recommending a DOCA, relates AAP.

Mr. Jones, as stated in the report, further told creditors that
the financial affairs of the Evans & Tate group, which includes
20 companies, could be assessed in a short period following a
sale.

AAP notes that total fund available to secured creditors are
AU$110.445 million, while unsecured creditors' claims are more
than AU$48 million.  Mr. Jones, adds AAP, said that Evans &
Tate's liabilities exceeded its assets by AU$68.8 million.

The report quotes Mr. Jones as saying, "It's trite to say but
there is insufficient revenue in relation to debt."

Notably, Mr. Jones's preliminary assessment, based on limited
access to information, was that the group may well have been
trading while insolvent in July.  Mr. Jones added, "The
determination of insolvency triggers off potential claims. . .
such as voidable transactions."

Reportedly, De Bortoli Wines and McWilliam's Wines are
understood to be bidding to acquire Evans & Tate's assets and
operations, facilitated by receivers McGrath Nicol.

AAP further notes that the factors that contributed to the
collapse of the group included failure to integrate acquisitions
-- particularly Cranswick Wines, Wine Source and Scott Street
Portfolio Inc -- plus poor inventory management, problems with
information systems and high turnover of staff.

                      About Evans & Tate

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

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

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


FOSADA PTY: Sole Member Decides to Liquidate Business
-----------------------------------------------------
On September 17, 2007, the sole member of Fosada Pty Ltd
resolved to voluntarily liquidate the company's business.

D. R. Vasudevan was appointed as liquidator.

The Liquidator can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                        About Fosada Pty

Fosada Pty Ltd operates holding companies.  The company is
located at Richmond, in Victoria, Australia.


KWIKTURN PTY: To Declare First and Final Dividend on Oct. 26
------------------------------------------------------------
Kwikturn Pty Ltd, which is in liquidation, will declare its
first and final dividend on October 26, 2007.

Creditors who were able to file their proofs of debt by the
Oct. 18 due date will be included in the company's dividend
distribution.

The company's liquidator is:

         B. J. Marchesi
         Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                       About Kwikturn Pty

Kwikturn Pty Ltd operates manufacturing industries.  The company
is located at Taren Point, in New South Wales, Australia.


MAZEBOWL PTY: Placed Under Voluntary Liquidation
------------------------------------------------
During a general meeting held on September 7, 2007, the members
of Mazebowl Pty Ltd resolved to voluntarily liquidate the
company's business.

Glenn Michael Shannon and Terry Grant van der Velde were named
as liquidators.

The Liquidators can be reached at:

         Terry Grant Van Der Velde
         Glenn Michael Shannon
         c/o SV Partners
         Web site: http://www.svpartners.com.au

                       About Mazebowl Pty

Located at Warwick, in Queensland, Australia, Mazebowl Pty Ltd
is an investor relation company.


M. & T. PERFORMANCE: Sets Final Meeting for October 25
------------------------------------------------------
A final meeting will be held for the members an creditors of
M. & T. Performance Pty Ltd on October 25, 2007, at 10:30 a.m.

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

The Liquidator can be reached at:

         Andrew Fielding
         PPB Chartered Accountants
         Business Reconstruction Specialists
         Level 4, 31 Sherwood Road
         Toowong, Queensland 4066
         Australia

                     About M & T Performance

M & T Performance Pty Ltd, which is also trading as Quick Fit
Nerang, operates auto and home supply stores.  The company is
located at Ashmore, in Queensland, Australia.


NOONARM PTY: Shareholders Decide to Liquidate Business
------------------------------------------------------
During a general meeting held on September 14, 2007, the
shareholders of Noonarm Pty Ltd agreed to voluntarily liquidate
the company's business.

Tony Cordner was appointed as liquidator.

The Liquidator can be reached at:

         Tony Cordner
         c/o Cordner Wilson Ludeke
         Riverwalk Place, Level 2
         238 Robina Town Centre Drive
         Robina, Queensland 4226
         Australia
         Telephone:(07) 5575 9567

                        About Noonarm Pty

Noonarm Pty Ltd, which is also trading as Q B D The Book Shop,
operates book stores.  The company is located at Darra, in
Queensland, Australia.


SYMBION HEALTH: Primary Plans to Block Healthscope Deal Again
-------------------------------------------------------------
Primary Health Care Ltd. will vote its 20% stake against
takeover target Symbion Health Ltd.'s plan to sell its
diagnostic division to Healthscope Ltd., aiming to derail
Australia's biggest healthcare deal a second time, Peter Vercoe
of Bloomberg News reports.

Mr. Vercoe recounts that Primary previously used its 20% stake
in Symbion to block a Healthscope-led buyout of Symbion in
September, forcing both companies to restructure the deal to
negate Primary's stake.

Mr. Vercoe quotes Primary as saying, "Given Primary's
intentions, the outcome of the vote is far from certain."

Though Primary, who wants to buy some of Symbion's medical
centers and pathology and radiology units, doesn't have enough
shares to block the AU$1.7 billion sales of Symbion's 270
medical and diagnostic centers to Healthscope, it may be able to
scupper the second part of the bid -- an AU$1.4 billion buyout
of Symbion's drug distribution and vitamin business, which needs
75% approval, states Bloomberg.

A Troubled Company Reporter-Asia Pacific report on October 9,
2007, stated that under the revised proposal, Healthscope will
acquire Symbion's pathology, diagnostic imaging and medical
center businesses.  Symbion shareholders will get
AU$2.516 billion to AU$2.646 million for the diagnostics
businesses via the issue of Healthscope shares and the
assumption of debt by Healthscope, while Ironbridge and Archer
would acquire Symbion's pharmacy services and consumer
businesses via a scheme of arrangement.  The private-equity
firms would acquire Symbion for AU$1.77 a Symbion share.

                     About Symbion Health

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

                          *     *     *

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


THE QUEENSLAND: Members and Creditors to Meet on October 25
-----------------------------------------------------------
The Queensland Beef Processing Co. Pty Ltd will hold a final
concurrent meeting for its members and creditors on October 25,
2007, at 10:00 a.m.

At the meeting, the members and creditors will be asked to:

   -- fix further remuneration of the company's liquidator;

   -- receive the liquidator's report on the company's wind-up
      proceedings and property disposal;

   -- approve, subject to the consent of the Australian
      Securities and Investments Commission, that the books and
      records of the company be destroyed following the six
      month period after dissolution; and

   -- discuss other relevant business.

The company's liquidator is:

         Julie Williams
         Insolvency and Turnaround Solutions
         Level 4, 360 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3221 7433
         Facsimile:(07) 3221 7433

                    About The Queensland Beef

The Queensland Beef Processing Co Pty Ltd is a distributor of
meat products.  The company is located at Hemmant, in
Queensland, Australia.


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

AGRICULTURAL BANK: Deloitte and NAO Complete Special Audit
----------------------------------------------------------
Agricultural Bank of China's share reform plan is almost ready
for implementation, but a specific reform plan is still under
study, the China Daily reports, citing the bank's president,
Xiang Junbo.

According to Mr. Xiang, global auditor Deloitte Touche Tohmatsu
had already finished an audit of the bank's 2005 and 2006
financial reports, and issued credit and non-credit audit
results.  Meanwhile the National Audit Office has completed a
special audit over ABC's non-performing loans.

Once the reform plan is approved, financial reshuffle will start
immediately, Mr. Xiang added.

China Daily notes that Mr. Xiang stressed the importance of the
capital injection from Central Huijin Investment Co Ltd, an
investment arm of the central bank, to carry out an equity
transformation reform.  The bank's president explained that
capital infusion by Central Huijin is critical to improving
capital structure, lifting the capital adequacy ratio and
introducing strategic investors with the bank.

Mr. Xiang further said that ABC might follow a similar path to
the other three "Big Four" banks -- the Industrial and
Commercial Bank of China, Bank of China and China Construction
Bank, all of which welcomed Central Huijin as their largest
shareholder in their reforms, the report relates.

In compliance with the directives by the State Council, ABC will
choose an appropriate time for an initial public offering only
after completion of financial reshuffle, equity transformation
and introduction of strategic investors, China Daily points out.
As the equity reform plan is still under discussion, IPO
preparation will not start until the plan is approved, Mr. Xiang
conveyed.


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'.


ARCELOR NEGOCE: Placed Under Voluntary Liquidation
--------------------------------------------------
On September 28, 2007, the sole shareholder of Arcelor Negoce
Distribution China Holding Limited passed a resolution to
liquidate the company's business.

Fang Da Jun was appointed as liquidator.

The Liquidator can be reached at:

         Fang Da Jun
         Room 501/41/30 Nujiang Road
         Shanghai, 200062, PRC


BILLION PROFITS: Placed Under Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on October 2, 2007, the
members of Billion Profits Development Limited agreed to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 14,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Leung Po Ki May
         MLC Consultants Limited
         Wing On House, Room 403, 4th Floor
         71 Des Voeux Road Central
         Hong Kong


CITIC GROUP: Unit in Mutual US$1BB Investment with Bear Stearns
---------------------------------------------------------------
Citic Securities, a subsidiary of Chinese conglomerate Citic
Group, has forged a deal with New York-based firm, Bear Stearns,
to mutually invest in each other to form a broad alliance,
Reuters says.

According to a joint statement issued by the two companies, both
will invest US$1 billion as they will collaborate to develop
financial products and services in China and form a Hong Kong-
based joint venture.

The China Daily notes that the joint investment deal is
equivalent to Citic buying 6% of New York-based Bear Stearns.
On the other hand, Reuters says Bear Stearns would buy
US$1 billion of CITIC debt that would over time amount to a
2% stake in the Beijing-based firm.

Bear Stearns will also be given the option to buy an additional
5% of the company, exercisable over the course of five years.
Neither company could hold more than 9.9 percent of the other's
stock.

The deal is subject to a definitive agreement.  The companies
said they have agreed to negotiate only with each other.  Bear
Stearns Chairman and Chief Executive Jimmy Cayne said that he
expects the deal to close within 120 days.

The deal needs approval from China's State Council and
securities regulators and shareholders, press reports note.

Bear Stearns, the fifth biggest US securities firm, fell as much
as 37% this year in New York trading.  The collapse of the
subprime mortgage market hit the company harder than larger
rivals, pushing two of its hedge funds into bankruptcy.


State-owned conglomerate CITIC Group --
http://www.citic.com/wps/portal/-- oversees the government's
international investments, as well as some domestic ones.  Its
approximately 45 subsidiaries on four different continents
include financial institutions -- more than 80% of its assets --
industrial concerns (satellite telecommunications, energy,
manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

The Troubled Company Reporter-Asia Pacific reported that on Feb.
13, 2007, Standard & Poor's Ratings Services said that it had
removed the BB+ long-term and B short-term foreign currency
counterparty credit rating on CITIC Group from CreditWatch.  The
outlook on the ratings is developing.

At the same time, Standard & Poor's also removed the BB+ foreign
currency issue rating on the group's senior unsecured debt from
CreditWatch


COASTAL GREENLAND: Moody's Assigns (P)B1 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)B1 corporate family
rating to Coastal Greenland Limited.  At the same time, Moody's
has assigned a (P)B2 foreign currency senior unsecured rating to
CGL's proposed bond issue.  The outlook for both ratings is
stable.

This is the first time that Moody's has assigned ratings to CGL
and expects to lift them from their provisional status upon the
completion of the bond issuance.

"CGL's (P)B1 corporate family rating reflects the company's
exposure to the relatively high execution risk associated with
rapid expansion against the backdrop of a volatile regulatory
and operating environment," says Kaven Tsang, Moody's lead
analyst for CGL, adding, "It also reflects the company's
relatively aggressive capital structure with adjusted
debt/capitalization ratio staying at around 55-60% over the
medium term."

"At the same time, the rating reflects the company's relatively
long operating history and diversified geographic coverage in
China," says Tsang.

"Despite its experience in weathering through the property cycle
in China, CGL has been undergoing a rapid expansion and it still
needs to establish a track record in managing its enlarged
business," adds Tsang.

CGL's near term operating cash flow will be weak and volatile
given its heavy working capital requirements for the
construction of development and investment properties.
Operating cash flow interest coverage, on average, will remain
modest at around 3-4x, a level comparable with other B1 rated
property developers in the region.

The (P) B2 senior unsecured bond rating reflects legal and
structural subordination risks, as CGL's secured and subsidiary
debt-to-total assets ratio will continue to stay at over 20% in
the medium term.

Moody's notes that the proposed bond issuance has a warrant
structure.  Such structure will have minimal impact on CGL's
financial profile and the eventual exercise of warrants is not
expected to trigger the change of control covenant.

The stable outlook reflects Moody's expectation that the company
will successfully achieve its sales plan, and also expand its
land bank and development business in a disciplined manner.

The rating could undergo a downgrade if CGL:

   (1) fails to execute its business plan, or China's property
       market experiences a significant downturn, such that OCF
       generation is weaker than anticipated; and/or

   (2) materially accelerates development and executes an
       aggressive land acquisition plan without a corresponding
       increase in cash inflow.

In terms of financial metrics, Moody's would regard the
following as signals for negative rating pressure:

   (1) adjusted debt/capitalization consistently above 60-65%;
       or

   (2) OCF interest coverage falling below 2x.

Rating improvement will be constrained over the next 12-18
months because of the relatively high business risks associated
with the company's rapid expansion.

However, upward rating pressure could emerge in the medium term
if CGL establishes a sustainable track record in:

   (1) achieving planned sales over the next 2-3 years;

   (2) demonstrating strong financial discipline and soundly
       monitoring its business and financial risks; and

   (3) achieving an improved financial profile, with adjusted
       leverage below 45-50% and OCF interest coverage above 4x.

Coastal Greenland Limited is a Chinese property developer
focusing on medium to high-end market residential and commercial
property developments.  It has an attributable land bank of
4.3 million sqm in six major economic areas in China.  Founded
in 1990, the company was listed on the Hong Kong stock exchange
in 1997, and has a current market capitalization around
HK$6 billion.


COASTAL GREENLAND: S&P Assigns 'B+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to Coastal Greenland Ltd.
The outlook is stable.  At the same time, it issued its 'B'
issue rating to a proposed issue of U.S. dollar-denominated
guaranteed senior notes.  US$77.5 million of the net proceeds
will be used to redeem the company's 2008 senior notes.  The
remainder will be used to acquire land and property projects,
and for general working capital purposes.

"The rating on CGL reflects the company's low liquidity, weak
credit protection measures, and an accelerated expansion
strategy with heavy capital requirements," said Standard &
Poor's credit analyst Bei Fu.

Like many of its peers, CGL is vulnerable to an evolving
regulatory environment and the highly competitive and cyclical
nature of the property market in China.

These weaknesses are, however, mitigated by CGL's low-cost land
bank, long operating history, with a proven track record in
managing a diverse portfolio in various cities, and its access
to alternative financing sources from various strategic partners
to fund its expansion.

The issue rating on the proposed bond issue is one notch below
the corporate credit rating on CGL as Standard & Poor's expects
the company's ratio of priority debt to total consolidated
assets to range between 15% and 30% over the next three years.
At the end of the March 2007, this ratio stood at 32%, exceeding
Standard & Poor's notching thresholds.  If this ratio declines
to less than 15% for a consistent period, the issue rating on
the bond will be rated the same as the corporate credit rating
on CGL.

CGL is a multi-city residential property developer with a
presence in 10 cities in China, including Wuhan, Beijing, and
Shenyang.


EARN BEST: Liquidators Quit Post
--------------------------------
Chan Shu Kin and Chow Chi Tong quit as liquidators of Earn Best
Development Limited on October 12, 2007.

The former Liquidators can be reached at:

         Chan Shu Kin
         Chow Chi Tong
         Tung Ning Building, 9th Floor
         249-253 Des Voeux Road Central
         Hong Kong


EXPORT MARKET: Tang Wai Kit Quits as Liquidator
-----------------------------------------------
On October 4, 2007, Tang Wai Kit quit as liquidator of Export
Market Development Limited.

The former Liquidator can be reached at:

         Tang Wai Kit
         On Hong Comm. Bldg., 18th Floor
         145 Hennessy Road
         Wanchai, Hong Kong


FONTANA ESTATES: Liquidators Quit Post
--------------------------------------
On September 27, 2007, Jan G W Blaauw and Cheung Man, Stephen
quit as liquidators of Fontana Estates Limited.

The former Liquidators can be reached at:

         Jan G W Blaauw
         Cheung Man, Stephen
         Prince's Building, 22nd Floor
         Central, Hong Kong


HAINAN AIRLINES: Merges with 3 Other Firms to Form Grand China
--------------------------------------------------------------
A new Chinese airline will emerge as a result of the merger
among Hainan Airlines, China's fourth-largest carrier, Xinhua
Airlines, Shanxi Airlines, and Chang'an Airlines, and is just
months away from starting operations, Agence France Presse
reports, citing Hainan Chairman Chen Feng.

Grand China Air, the enterprise that will result from the
merger, "will complete all the (preparation) work and be
launched formally before the end of the year," Mr. Chen said.

After the merger, the company plans to list abroad, the chairman
added.

According to AFP, Grand China Air would have a fleet of roughly
240 to 250 aircraft, making it a close rival of Chinese
aviation's Big Three.  The smallest of those, China Eastern, had
a fleet of 209 aircraft at the end of June, but plans to buy
several additional planes in the coming years.

"HNA Group (Grand China's parent) will introduce about 20 to 30
planes every year in the next five years," Mr. Chen added.
Hainan Air has ordered 10 Boeing 787s, but is currently in the
process of dealing with a delivery delay, according to Mr. Chen.


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.


JUST YIELD: Appoints Tsoi Ching Ching as Liquidator
---------------------------------------------------
At an extraordinary general meeting held on October 3, 2007, a
special resolution was passed appointing Tsoi Ching Ching as the
liquidator of Just Yield Limited.

The Liquidator can be reached at:

         Tsoi Ching Ching
         Witty Commercial Building
         Rooms 12C-E, 11th Floor
         1A-1L Tung Choi Street
         Mongkok, Kowloon
         Hong Kong


SHIMAO PROPERTY: To Inject CNY7.67BB in Assets to Sister Firm
-------------------------------------------------------------
Shimao Property agreed to inject some CNY7.67 billion worth of
assets into Shanghai Shimao Co Ltd in exchange for a 64.2%
interest in the firm, Infocast News reports.

Under the deal, Shimao Property will inject into Shanghai
Shimao some retail and commercial properties that have aggregate
net asset value of CNY7.67 billion in exchange for the issue by
the sister firm of 630 million new A shares at a subscription
price of CNY12.05 per share.

In addition, Shanghai Shimao, which is currently listed on the
Shanghai stock exchange, will issue an additional 62.24 million
new A shares to Shimao Enterprises, a new subsidiary of Shimao
Property.


Shimao Property Holdings Limited -- http://www.shimaogroup.com/
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

The Troubled Company Reporter-Asia Pacific reported on June 13,
2007, that Standard & Poor's Ratings Services said that its
rating on Shimao Property Holdings Ltd. (BB+/Stable/--) was not
immediately affected by the company's recent proposal to inject
most of its retail and commercial assets into A-sharelisted
Chinese property company, Shanghai Shimao Co. Ltd., in return
for ultimate controlling ownership in the company.

In addition, on July 24, 2007, Fitch Ratings has assigned a
Long-term Foreign Currency Issuer Default Rating of 'BB+' to
China-based Shimao Property Holdings Limited.  Simultaneously,
Fitch has assigned issue ratings of 'BB+' to Shimao's US$350
million senior notes due 2016 and USD250m senior floating rate
notes due 2011, respectively.  The Outlook for the IDR is
Stable.


SOUND YEAR: Members to Hold Final Meeting on November 23
--------------------------------------------------------
The members of Sound Year International Limited will hold their
final meeting on November 23, 2007, at 3:00 p.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the 21st Floor of Chinachem Tower,
34-37 Connaught Road Ctl, in Central, Hong Kong.


TAS JOINT: Shareholders Agree on Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on October 12, 2007,
the shareholders of Tas Joint Venture Limited agreed to
voluntarily wind up the company's operations.

Luk Wing Hay was appointed as liquidator.

The Liquidator can be reached at:

         Luk Wing Hay
         Surson Commercial Building, 9th Floor
         140-142 Austin Road
         Tsimshatsui, Kowloon


VOLKSWAGEN AG: To Restructure Auto Parts Venture in China
---------------------------------------------------------
Volkswagen AG will begin a restructuring program to strengthen
its management over the auto parts suppliers in China, China
Knowledge reports.

The restructuring plan, which is called "Qualification Supplier
China Program", will help Volkswagen to enhance its control on
the product quality and to optimize the costs when expanding its
sales scale in China, a statement from the German firm said.

Volkswagen will join hands with a third party to carry out
supervision and training over the domestic auto parts suppliers,
the news agency says.  Meanwhile, the domestic auto parts
suppliers will be asked to provide future development plans and
find the defects in aspects of the production, technology,
management and workflow.

More and more Chinese suppliers will be included in Volkswagen's
global sourcing system.

Volkswagen set a foot in China in 1985.  Currently it has
already had 300 auto parts suppliers in China.  The value of its
sourcing from China amounted to be US$1 billion in 2006,
supplying its Chinese venture with Shanghai Automotive Industry
Corp and First Automotive Works Group.  The company has adjusted
its sales target upward by 26% to 900,000 in China this year.

                     About Volkswagen Group

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and
further seven countries in the Americas, like Mexico, Africa,
and Asia.  Volkswagen has more than 343,000 employees producing
over 21,500 vehicles or are involved in vehicle- related
services on every working day.

                          *     *     *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by former Chief
Executive Bernd Pischetsrieder and former Volkswagen brand head,
Wolfgang Bernhard.

In November 2006, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


WILSON DRAYAGE: Creditors' Meeting Set for November 2
-----------------------------------------------------
The creditors of Wilson Drayage Limited will meet on November 2,
2007, at 10:30 a.m., at the 15th Floor of Wilson Logistics
Centre


YEE FUNG: Blaauw and Stephen Quit as Liquidators
------------------------------------------------
Jan G W Blaauw and Cheung Man, Stephen quit as liquidators of
Yee Fung Estates Limited on September 27, 2007.

The former Liquidators can be reached at:

         Jan G W Blaauw
         Cheung Man, Stephen
         Prince's Building, 22nd Floor
         Central, Hong Kong


ZTE CORP: Bags Supply Deal with Telekom Malaysia
------------------------------------------------
ZTE Corp. had inked a supply deal with Telekom Malaysia Bhd
where the Chinese firm will provide 70% of a purchase order for
power products, including telecoms equipment such as mixed-base
station power systems and embedded power systems, Reuters
reports.

According to the report, no financial details of the agreement
were given.

State-controlled Telekom Malaysia, the country's dominant fixed-
line provider, ranks 37th in the world, a statement from the ZTE
said.


Headquartered in Shenzhen, China, ZTE Corp's principal
activities are the production and sale of general system and
communication terminal equipments.

The group operates both in the domestic and international
market.

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


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

ATV PROJECTS: Incurs INR25-Mil. Net Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
ATV Projects India Ltd incurred a net loss of INR25.2 million on
revenues of INR43.42 million in the three months ended Sept. 30,
2007.  The bottom line is an improvement compared to the
INR49.3-million  net loss booked in the same quarter last year.

In the July-Sept. 2007 quarter, ATV incurred operating
expenditures aggregating INR25.81 million, bringing the
company's operating profit to INR37.97 million.  Interest
charges of INR37.97 million resulted in the company's booking a
loss before depreciation and tax of INR4.84 million.
Depreciation for the quarter under review totaled
INR4.84 million while taxes aggregated INR10,000.

The company did not provide for interest on long term loans,
debentures and arrears of interest along with liquidated damages
as it is a sick unit.  The company further pointed out that
since it has substantial carried forward business losses and
unabsorbed depreciation, it is unlikely to have taxable profit
in the near future and hence it is not considered necessary to
create deferred tax assets in accordance with Accounting
standard - 22 Issued by the Institute of Chartered Accountants
of India.

A copy of the company's financial results for the quarter ended
Sept. 30, 2007, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?2470

ATV Projects India Ltd undertakes engineering and construction
projects, besides manufacturing heavy engineering and industrial
equipment.  The company's projects include power plants, off-
site facilities, oil pipelines and sugar mills.  ATV Projects
also manufactures thermoplastic elastomer products.  The company
has private and public sector customers, domestically and
abroad.

The company is a sick industrial undertaking and has submitted a
revised One-Time Settlement proposal to its secured lenders,
which has been approved by them.  The company is currently
awaiting the lenders' formal sanction.


BALLARPUR INDUSTRIES: BILT Scheme Gets Unanimous Approval
---------------------------------------------------------
Ballarpur Industries Ltd said that the scheme of arrangement and
reorganization with BILT Graphic Paper Products Ltd got the
unanimous approval of its equity shareholders, unsecured
creditors and secured creditors.  The approval was granted at a
court-convened meeting on Oct. 19, 2007.

As part of the scheme, it would be mandatory for the investors
to sell 40% of their holdings back to the company at a price of
INR125 per share.

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

According to Moneycontrol, the benefits of the restructuring
are:

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

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

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

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

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


BANK OF BARODA: Board to Consider Q2 Results on Oct. 31
-------------------------------------------------------
Bank of Baroda informed the Bombay Stock Exchange that its board
of directors will hold a meeting on Oct. 31, 2007, inter alia,
to consider the bank's unaudited financial results for the
second quarter and half year ended Sept. 30, 2007, and relevant
Segment Reporting.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the bank doubled its net profit to INR3.31 billion for
the first quarter ended June 30, 2007, from the INR1.63 billion
earned in the same quarter in 2006.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.  Fitch said the outlook on all
ratings is stable.


BANK OF INDIA: To Release 2nd Qtr. Results on Oct. 29
-----------------------------------------------------
The Bank of India will disclose on Oct. 29 its unaudited
financial results for the second quarter and half year ended
Sept. 30, 2007.  To consider the results, the bank's board of
directors will hold a meeting on the same date.

In the quarter ended June 30, 2007, the bank posted a net profit
of INR3.15 billion for the first quarter ended June 30, 2007.

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *     *     *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


BAUSCH & LOMB: Extends Debt Securities Tender Offers to Oct. 26
---------------------------------------------------------------
Bausch & Lomb is extending to 8:00 a.m., New York City time, on
Oct. 26, 2007, the expiration date in regard to its offers to
purchase its outstanding:

    (i) 6.95% Senior Notes due 2007;
   (ii) 5.90% Senior Notes due 2008;
  (iii) 6.56% Medium-Term Notes due 2026;
   (iv) 7.125% Debentures due 2028;
    (v) 2004 Senior Convertible Securities due 2023, and
   (vi) Floating Rate Convertible Senior Notes due 2023;

all pursuant to its cash tender offers and consent solicitations
for the Debt Securities and the Convertible Debt Securities.

On Oct. 4, 2007, the company has received tenders and consents
representing a majority in principal amount of each series of
the Debt Securities and the consent payment deadline has passed
and withdrawal rights have terminated with respect to the Debt
Securities.

All other terms and conditions of the tender offers and consent
solicitations are unchanged.

The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including closing of the
proposed merger between the company and an affiliate of Warburg
Pincus LLC, which is expected to occur on or about Oct. 26,
2007.

Citigroup Global Markets Inc., Banc of America Securities LLC,
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities
Inc. are acting as dealer managers for the tender offers and
consent solicitations.

Questions regarding the transaction and the procedures for
consenting may be directed to Citigroup Global Markets Inc. by
telephone at (800) 558-3745 (toll-free), Banc of America
Securities LLC by telephone at (888) 292-0070 (toll-free) for
the Debt Securities and (888) 583-8900 x2200 (toll-free) for the
Convertible Debt Securities, Credit Suisse Securities (USA) LLC
by telephone at (212) 325-7596 (collect) or J.P. Morgan
Securities Inc. by telephone at (212) 270-1477 (collect).

Global Bondholder Services is the information agent for the
tender offers and consent solicitations.  Requests for
documentation should be directed to Global Bondholder Services
at (866) 540-1500 (toll-free).

                      About Bausch & Lomb

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 18, 2007
Moody's Investors Service affirmed these ratings and updated LGD
assessments of Bausch & Lomb's: (i) B2 corporate family rating;
(ii) B2 probability of default rating; (iii) SGL-2 speculative
grade liquidity rating; (iv) B1 rating (to LGD3/36% from
LGD3/35%) on a US$500 million senior secured revolver; (v) B1
rating (to LGD3/36% from LGD3/35%) on a US$1,200 million U.S.
senior secured term loan; (vi) B1 rating (to LGD3/36% from
LGD3/35%) on a US$300 million delayed draw term loan; and (vii)
Caa1 rating (to LGD5/89% from LGD5/86%) on US$650 million senior
unsecured notes.  The outlook for these ratings remains stable.


RAIN CALCINING: U.S. Unit to Raise US$235 Million from Bond Sale
----------------------------------------------------------------
Rain Calcining Ltd disclosed in a regulatory filing with the
Bombay Stock Exchange that a wholly owned subsidiary, CII Carbon
L.L.C., USA, is offering senior subordinated notes to raise
US$235 million.

The proceeds of the issue will be used to repay the bridge
facility of the same amount availed by Rain Calcining to
complete the acquisition Of CII Carbon.  In June, Reuters
relates, the company agreed to acquire CII for US$595 million in
an all-cash deal.

The sale of the notes, which debt will mature in 2015, is
guaranteed by Rain Calcining for US$90 million.  The company has
tapped Citigroup to act as sole arranger and bookrunner for the
sale.

As reported by the Troubled Company Reporter-Asia Pacific on
Oct. 22, 2007, Moody's Investor Services assigned a B3 rating to
the US$235-million guaranteed notes.  Fitch Ratings gave a 'B-'
rating to the notes.  According to the rating agencies, the
outlook on the ratings is stable.

According to Reuters, investor presentations are scheduled to be
held in Singapore, Hong Kong, London and in the United States
this week.

Headquartered in Hyderabad, India, Rain Calcining Ltd --
http://www.raincalcining.com/-- is one of the top five
producers of calcined coke globally, and is the largest in Asia.
It has an annual production capacity of 0.6 million tons, and
its plant is located in Visakhapatnam (India).  Aside from
calcining, the company also operates in the power and trading
segments.

On Oct. 19, 2007, Moody's Investors Service assigned a B2
corporate family rating to Rain Calcining and a B1 rating to its
secured bank facility.  On the same date, Fitch gave the company
a 'B' long-term foreign currency issuer default rating.


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

ANEKA TAMBANG: Moody's Reviews Rating for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service has put on review for possible upgrade
the B1 corporate family rating of PT Aneka Tambang (Persero)
Tbk.

This rating action follows Antam's improved financial profile
driven largely by increased sales volume and prices of nickel,
in spite of the disruptions in its FeNi3 smelter facility since
June 2007.  The FeNi3 facility is reported to have resumed
partial operations since August 2007.

"The strong price performance and expanded production volume
have mitigated the negative impact of rising operating costs -
stemming largely from the increase in fuel prices partly due to
the removal of state subsidies," says Moody's lead analyst for
the company, Kathleen Lee.

"Antam is also moving up the value-chain into ferronickel
production, diversifying its product base to reduce its overall
reliance on nickel, as well as considering several joint-venture
projects to secure longer-term sources of base materials -- all
of which will likely improve its operating profile in the longer
term," says Lee.

"However, the potentially majority debt-funded nature of these
investments, the acquisitions contemplated at a time when
commodity prices are at the top end of the cycle, and the
uncertainties surrounding a smooth resumption of full operation
at its FeNi3 facility, present a degree of risk that could alter
its present strong financial metrics," adds Lee.

The rating review will focus on

   (1) the measures and safeguards undertaken by Antam to ensure
       a sustainable smooth running of its FeNi3 facility; and

   (2) the planned acquisitions and joint venture projects as
       well as the funding arrangements and the resultant impact
       on its financial and operating profiles.

PT Aneka Tambang (Persero) Tbk is a vertically integrated and
diversified Indonesian mining and metals company that focuses on
nickel and gold.  The Indonesian government owns 65% of the
company's shares and its shares are listed on the Jakarta and
Australian stock exchanges.


BANK NEGARA: Provides Credit Line to Nusa Surya
-----------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk extended its credit line
facility of IDR884.24 billion and added to that credit line
another IDR765 billion to PT Nusa Surya Ciptadana, with a credit
tenor of five years.  NSC is a multifinance company that focuses
on motorcycle financing.  This credit facility will be used as
additional working capital in the financing of new motorcycle
purchases for the Honda, Yamaha and Suzuki brands, as well as
financing of new and second-hand cars.  In 2008, NSC is
targeting for a total of IDR1.09 trillion in its automotive
financing.

The new Credit Agreement was signed by Kemal Ranadireksa, BNI's
Director of Consumer Banking, with Maria Elisabeth Kanadi,
President Director of PT Nusa Surya Ciptadana, in Jakarta.  This
credit facility represents BNI's commitment to increase its
consumer credit portfolio in the form of indirect financing for
automotive purchases through a multifinance company. "BNI's
outstanding car and motorcycle credit currently accounts for 18%
of our total consumer credit," says Kemal.

                        About Nusa Surya

NSC was founded in 2000 as a business group that comprised of PT
Nusa Surya Ciptadana (multifinance), PT Nusantara Sakti (dealer
for Honda Motor in Central Java), PT Nusantara Surya Sakti
(dealer for Honda Motor in areas outside of Central Java), and
PT Semagang Packaging Industry (pulp and paper industries).

                        About Bank Negara

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

As reported in the Troubled Company Reporter-Asia Pacific on
Troubled Company Reporter , Oct 19, 2007 ( Source: TCRASIA)

Moody's Investors Service has raised the foreign currency long-
term debt and foreign currency long-term deposit ratings of PT
Bank Negara Indonesia (Persero) Tbk.

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

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

The detailed ratings are:

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

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

All ratings carry a stable outlook

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


BANK NEGARA: Plans to Sell 40% of BNI Securities
------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk, which currently holds a
99% stake in PT BNI Securities, plans to sell the 40% to a
strategic investor next year, Antara News reports.

According to the report, this company move is a way to bid a
boost in the brokerage unit's performance.

Gatot Suwondo, BNI vice president director, told Antara that
three investors have expressed their interest in the stake.
They are from South Korea, Japan and the Middle East, he added
without disclosing the names of the potential investors.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2007, Moody's Investors Service has raised Bank
Negara's foreign currency subordinated debt rating to Ba2 from
Ba3 and foreign currency long-term deposit rating to B1 from B2.
The ratings carry a stable outlook

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


GARUDA INDONESIA: Final Report Says Pilot Failure Caused Crash
--------------------------------------------------------------
The final report on the PT Garuda Indonesia's crash landing in
March at Yogyakarta airport that killed 21 people showed pilot
error as the cause of the disaster, various reports say.

The Troubled Company Reporter-Asia Pacific reported on March 8,
2007, that Garuda Indonesia Airline Boeing 737-400 plane
carrying 140 people burst into flames on landing at Yogyakarta
airport.  The flight was carrying some Australian diplomats,
officials and journalists who had been accompanying
Foreign Minister Alexander Downer.

The final report reportedly determined that Captain Marwoto
Komar did not follow company procedures that required him to fly
a stabilized approach, and he did not abort the landing and go
around when the approach was not stabilized.   United Press
International states that the findings said Captain Komar,
despite the 15 warnings from the Ground Proximity Warning
System, landed the plane even though the jet was traveling at an
excessive airspeed and steep flight path angle.

Captain Komar and his co-pilot, Gagam Rohman, initially claimed
that a sudden gust of wind downed their craft, but the black
boxes recovered from the gutted 737 revealed no adverse weather
conditions, Deutsche Presse-Agentur relates.

The transport safety committee, however, refused to attribute
the crash to pilot error despite the findings, Reuters says.
Tatang Kurniadi, head of National Transport Safety Committee,
told Reuters that the pilot was not 100% at fault; there were
flaws in the system that has led to the accident as well.  The
airport's rescue and firefighting service vehicles were
incapable of reaching the accident site and did not have
appropriate fire suppressants, Deutsche Presse-Agentur says,
citing a transport safety committee statement.

                     About Garuda Indonesia

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

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

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

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

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


MEDIA NUSANTARA: S&P Affirms 'B+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
local and foreign currency corporate credit rating on
Indonesia's integrated media company, PT Media Nusantara Citra.
The outlook has been revised to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' rating on
the senior secured debt issued by MNC's wholly-owned subsidiary,
Media Nusantara Citra B.V. The notes are unconditionally and
irrevocably guaranteed by MNC and its subsidiaries.  "The
positive outlook reflects MNC's favorable market position in the
Indonesian TV market, established audience share, and operating
performance that will allow the company to maintain its steady
cash flow generation," said Standard & Poor's credit analyst
Manuel Guerena.

The outlook also assumes that MNC will not be required to
provide financing or other type of support to related parties,
especially now that it is a publicly-listed company.

MNC is Indonesia's largest integrated media company. It has
interests in free-to-air TV broadcasts channels, print media,
and radio stations.   "The company's accelerated growth,
organically and through acquisitions, is expected to continue,"
Mr. Guerena said. "Its EBITDA margin for the six months ended
June 2007 also improved to 35% from 30% for the year ended
December 2006."

MNC leads the growing Indonesian advertising market, with about
39% of the audience share and 34% of the gross TV advertising
spending as of June 2007.  In addition, Indonesia's strong
growth in advertising spending is expected to continue in the
near to medium term.  "Indonesia's economic performance is
improving and its current advertising spending is low at 0.03%
of GDP, compared with similar markets, such as 0.5% in the
Philippines," he said.

Among MNC's weaknesses are the uncertain scale of any potential
corporate transaction, its revenue concentration on a single TV
station, and the intense competition in a cyclical industry.
Standard & Poor's may consider raising the rating if MNC
maintains stronger financial metrics, especially FFO to debt
above 30% and debt to EBITDA below 3x, even as it pursues growth
opportunities within its core business.

                       About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with
operations in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.


TELKOM INDONESIA: Moody's Affirms LCC Family Rating at Ba1
----------------------------------------------------------
Moody's Investors Service has changed the outlook on PT
Telekomunikasi Indonesia's local currency corporate family
rating to positive from stable.  At the same time Moody's has
affirmed Telkom's local currency corporate family rating at Ba1.

"The change in outlook is a function of continued high levels of
growth in the Indonesian telecommunications sector as well as
perceived efforts by Telkom to improve standards of corporate
governance, financial reporting and overall transparency," says
Laura Acres, a Moody's Vice President.

"Telkom is the largest telecommunications operator in Indonesia;
it dominates the fixed line market and through Telkomsel has a
56% share of cellular subscribers; the company also enjoys a
sound financial profile and strong cash flow generation," adds
Acres, also Moody's lead analyst for the company.

Notwithstanding these positive factors, Telkom's underlying
credit profile also acknowledges country specific issues, such
as uncertainty surrounding Indonesia's political and economic
environment.  Any deterioration in the political system or
changes in the regulatory regime could have an impact on
Telkom's operating profile and prospects for growth.  Moody's
also anticipates Telkom could have negative free cash flow in
2007 reflecting a higher than normal level of capex as the
company makes investments in areas that are expected to drive
future, long-term growth.

As Telkom is 51% owned by the Indonesian government
(Ba3/stable), Moody's overlays the company's standalone credit
strength with a joint default analysis for government-related
issuers.  This involves estimating the likelihood that in the
event of impending failure, the government would assist
sufficiently to prevent default.  Moody's has assigned a medium
level of support and dependency to Telkom under this approach,
which has no impact on the Ba1 rating.

The outlook for the local currency corporate family rating is
positive in the expectation that an improving socio-economic
environment within Indonesia will have positive implications for
Telkom's overall credit profile.

Telkom's financial metrics exhibit strong investment grade
characteristics; upward pressure on the local currency rating
will largely be a function of continued stability in the
economic, political and social environment which will reduce
uncertainties in the operating environment.  Specifically,
Moody's would look for Telkom to maintain its existing solid
financial profile.

Any improvement in Telkom's underlying credit profile would
result in a commensurate improvement in its final rating.

Downward pressure on the rating is unlikely given the positive
outlook, however the outlook could revert to stable as, given
the parlous state of the socio-economic and political
environment, event risk is always a possibility.  Such risk
would have to manifest itself in a significant change in either
Telkom's financial or operating profile, concurrently with a
change in the sovereign rating downwards, which is unlikely.

                      About Telkom Indonesia

Telkom, listed on the Jakarta Stock Exchange, is the largest
telecommunications company in Indonesia. It is 51.19% owned by
the Government of Indonesia, with the remaining shares publicly
held. Telkom and its affiliates provide fixed-wire line, fixed-
wireless, mobile, pay-TV, data & internet, and network &
interconnection services. As of 30th June 2007 Telkom had 8.7
million fixed line customers, 5.1m fixed wireless subscribers
and, through Telkomsel, 42.8m cellular subscribers.

Telkom holds a 65% stake in Telekomunikasi Selular ("Telkomsel")
-- itself rated Baa2/stable -- the largest cellular provider in
Indonesia.


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

ALL NIPPON: To Cut Fares by 15 Percent Starting April 1, 2008
-------------------------------------------------------------
All Nippon Airways Co., Ltd., said that it will cut fares by 15%
for some flights linking cities through major hubs, compared
with current fares for direct flights that are being canceled,
Chris Cooper writes for Bloomberg News.

All Nippon spokesman Rob Henderson told Mr. Cooper that ANA will
offer tickets 10% to 15% cheaper for flights via Tokyo, Osaka
and Nagoya airports starting April 1, 2008.

Bloomberg states that next fiscal year as the airline tries to
boost the percentage of seats filled on flights, ANA will cut
seven direct routes, linking cities such as Fukuoka in
southwestern Japan and Sendai in the north.

                     About All Nippon Airways

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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


BOSTON SCIENTIFIC: Posts US$272MM Net Loss in Q3 Ended Sept. 30
---------------------------------------------------------------
Boston Scientific Corporation disclosed financial results for
the third quarter ended Sept. 30, 2007, as well as guidance for
net sales for the fourth quarter of 2007.

Reported net loss for the third quarter of 2007 was
US$272 million.  Reported results for the third quarter of 2007
included after-tax acquisition- and divestiture-related charges
of US$435 million, which included an expected loss of
approximately US$352 million, primarily associated with the
impairment of goodwill in connection with the anticipated sale
of the company's auditory and drug pump businesses and US$75
million of in-process research and development related to the
acquisition of Remon Medical Technologies Inc.

Adjusted net income for the quarter, excluding acquisition- and
divestiture-related charges and amortization expense, was US$299
million.

Reported net income for the third quarter of 2006 was US$76
million.  Reported results for the third quarter of 2006
included after-tax acquisition-related charges of US$77 million.

Adjusted net income for the third quarter of 2006, excluding
acquisition-related charges and amortization expense, was US$271
million.

Net sales for the third quarter of 2007 were US$2.048 billion as
compared to US$2.026 billion for the third quarter of 2006.

Worldwide sales of the company's drug-eluting coronary stent
systems for the third quarter of 2007 were US$448 million as
compared to US$572 million for the third quarter of 2006.

Worldwide sales of coronary stent systems for the third quarter
of 2007 were US$507 million as compared to US$607 million for
the third quarter of 2006.

Worldwide sales of the company's CRM group for the third quarter
of 2007 were US$517 million, as compared to worldwide CRM sales
of US$446 million for the third quarter of 2006.

"The quarter represented something of a turn for us, with a
number of positive developments, including our attaining the
number one position in worldwide drug-eluting stent sales,
significant market share growth in drug-eluting stents, strong
year-over-year cardiac rhythm management growth and continued
solid growth in Endosurgery," said Jim Tobin, president and
chief executive officer of Boston Scientific.  "Going forward,
the restructuring initiatives we announced earlier this week
will help us better focus on our core businesses and priorities,
to strengthen the company for the future and should lead to
improved, long-term, profitable sales growth."

                 Guidance for Fourth Quarter 2007

The company estimates net sales for the fourth quarter of 2007
between US$2.05 billion and US$2.15 billion.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$31.334 billion in total assets, US$15.817 billion in
total liabilities, and US$15.517 billion in total shareholders'
equity.

                     About Boston Scientific

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


BOSTON SCIENTIFIC: S&P Holds Ratings and Removes Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Natick, Massachussetts-based Boston Scientific Corp. (including
the 'BB+' corporate credit rating) and removed them from
CreditWatch, where they were placed with negative implications
Aug. 3, 2007.  The rating outlook is negative.

"The rating action reflects expectations that more aggressive
cost-cutting efforts and moderate debt paydown (via asset sales)
will modestly improve debt protection measures, notwithstanding
continuing pressures in two of the company's key markets," said
Standard & Poor's credit analyst Cheryl Richer.

The 'BB+' rating reflects Boston Scientific's broad portfolio of
market-leading medical devices and its strong cash flows.  These
strengths are offset by high debt leverage, operational
difficulties, and a contraction in both the cardiac rhythm
management and drug-eluting stent markets.

The company's acquisition of Guidant Corp. increased debt to $9
billion from $2 billion; debt was $8.9 billion at June 31, 2007,
and debt leverage increased to more than 4x for the 12 months
ended June 31, 2007 as a result of continued EBITDA erosion.  In
August 2007, Boston Scientific paid down $750 million of debt.
Pro forma (but adjusted for $125 million and $25 million of
operating leases and unfunded post retirement benefit
obligations, respectively), debt to EBITDA was 3.8x at June 30,
2007.  S&P expect leverage to approach 3.5x by year end 2008,
unless the company experiences a further, substantial erosion in
sales.

                     About Boston Scientific

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


HITACHI ZOSEN: Unit Wins Sasol Reactor Construction Contract
------------------------------------------------------------
Sasol confirmed that it had awarded a contract to Japanese
manufacturer, Hitachi Zosen Mechanical Corporation, a wholly-
owned subsidiary of Hitachi Zosen Corporation, to construct a
Sasol Advanced Synthol reactor.

The new SAS reactor is needed for Sasol to increase its 150 000
barrel a day (b/d) synthetic fuels operation at Secunda in South
Africa by 20% to 180,000 b/d by 2015.  Sasol uses its advanced
Synthol reactors to produce synthesis gas which is converted
into a large range of valuable liquid fuels and chemical
products.

"Sasol supplies about 35% of South Africa's liquid fuel needs.
The Secunda expansion project will help us meet major growth
opportunities in both our domestic and international markets.
We will use both natural gas and coal as feedstock to produce
our advanced range of synthetic transportation fuels," says
Sasol executive director Dr Benny Mokaba.

"We have constructed seven similar reactors for Sasol since
1998, and, as one of the leading reactor fabricators in the
world, will continuously strive to supply high quality and
effective equipment that enhances the development of clean and
environmentally friendly new energy resources," says Hisao
Matsuwake, president of HMC.

The SAS reactor will weigh about 867 tons, be 8m in diameter and
about 12 stories (38m) tall.  Sasol currently uses nine SAS
reactors at Secunda.  Sasol has designed and perfected these
reactors to convert coal and natural gas into high quality
synthetic transportation fuels such as petrol, diesel and jet
fuel, as well as a range of chemicals.

"Innovation is core to our culture as exemplified by our
proprietary coal- and gas-to-liquid conversion technology, where
Sasol is recognised as a global leader.  Our scientists have
over the past 50 years evolved this synthetic transportation
fuel technology to levels where South Africa can significantly
reduce its dependence on crude oil," says Mokaba.

                          About Sasol

Sasol is an integrated oil and gas company with substantial
chemical interests.  Based in South Africa and operating
worldwide, Sasol is listed on the NYSE and JSE stock exchanges.
We are the leading provider of liquid fuels in South Africa and
a major international producer of chemicals.  Sasol uses
proprietary Fischer-Tropsch technologies for the commercial
production of synthetic fuels and chemicals from low-grade coal
and natural gas.  We manufacture more than 200 fuel and chemical
products that are sold worldwide.  In South Africa we also
operate coal mines to provide feedstock for our synthetic fuels
plants.  Sasol operates the only inland crude oil refinery in
South Africa.  The group produces crude oil in offshore Gabon,
supplies Mozambican natural gas to end-user customers and
petrochemical plants in South Africa, and with partners involved
in gas-to-liquids fuel joint ventures in Qatar and Nigeria.
Internet address: http://www.sasol.com/

                      About Hitachi Zosen

Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp-- develops, manufactures, sells
and maintains machinery and systems.  The company has five
business segments.  The Environment and Plant segment offers
refuse incineration plants, industrial waste treatment plants,
biomass energy systems, water and sludge treatment plants and
others.  The Ship and Sea segment is involved in the building,
improvement and repair of ships, and the creation of ocean
structures.  The Steel, Construction and Logistics segment
offers bridges, hydraulic gates, steel chimneys, water pressure
pipes, offshore engineering, disaster prevention systems, and
others.  The Machinery and Motors segment includes steel-making
machinery, food machines, medical equipment, power generators
and internal combustion engines.  The Others segment is involved
in electronic and control systems, package software, information
systems and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific on
May 31, 2007, Rating and Investment Inc. has upgraded the BB-
issuer rating of Hitachi Zosen Corporation from negative to a
stable outlook.


JAPAN AIRLINES: R&I Affirms BB+ Rating with Stable Outlook
----------------------------------------------------------
Rating and Investment Information, Inc., has affirmed its BB+
rating on Japan Airlines International Co., Ltd., with a stable
outlook.

Air Transportation Business of Japan Airlines Corp. (JAL) Group
is almost back on track for recovery with the return of
passengers once dropped following safety problems and with the
increased yield from upward fare revision and growth of business
travelers.  Higher fuel cost pushed by a soaring crude oil
prices is offset by controlling fuel consumption through
reorganization of route network and fuel surcharges.  R&I
evaluates FY2007-2010 Medium-Term Revival Plan essential for
promoting self-rehabilitation has been progressing as scheduled.
With the capital increase carried out in July 2006, the
consolidated capital equity ratio has improved to 14.9% as of
March 2007 and financial condition is more stable.  R&I also
consider the group will continue to receive support from a
government-affiliated financial institution.  Taken all the
above, R&I has affirmed the Issuer Ratings at BB+.  The ratings
for bonds still reflect subordination in recovery risk by one
notch.

Funding for fiscal year 2007 has been virtually finalized and
R&I sees the company is free of financing difficulty in the
meantime.  Nevertheless, the achievement of Medium-Term Revival
Plan is a requisite for securing future refinancing.  Out of the
JPY50 billion reduction in personnel cost outlined in the Plan,
measures worthy of over JPY20 billion, such as modifying the
retirement benefit plan and improving capacity, are yet to be
employed, and some needs to draw up specific measures to
implement in the next term and after.  Although JAL has taken
measures such as shifting to highly profitable routes and
strengthening overall product competitiveness, the synergy
effects have not shown up yet.  There are also many issues to be
cleared before the business structure for generating stable
profit is established.  Any delay in the implementation and
synergy effects will exert a huge downward pressure on its
rating.  In the event the group faces a harsher funding
environment despite its efforts, it would be difficult to
maintain the current ratings.

R&I affirmed the same Issuer Ratings for JAL as the holding
company and Japan Airlines International Co., Ltd. (JALI) as a
core operating company, given their strong integrity with the
group.

U.S. Justice Department and European Commission are tightening
control over air cargo price fixing and JAL is now under
investigation.  No such implication is factored into the current
rating as it is uncertain if any cartel fine will be imposed.
However, R&I considers this issue as business uncertainty and
will closely follow its progress.

                     About Japan Airlines

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

                        *     *     *

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

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

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


SENSIENT TECH: Earns US$20.7 Million in Quarter Ended Sept. 30
--------------------------------------------------------------
Sensient Technologies Corporation reported net earnings of
US$20.7 million for the three months ended Sept. 30, 2007,
compared to US$16.9 million for the same period in 2006.

Revenue reached a record level of US$294.3 million for the third
quarter, up 4.8% from the comparable quarter in 2006.  The
Company expects that revenue growth for the remainder of 2007
will exceed 7%.

"Today we announced another quarter with excellent results,"
said Kenneth P. Manning, Chairman and CEO of Sensient
Technologies Corporation.  "This quarter all of our groups
reported higher revenue and profits.  We are well-positioned for
future growth."


                     Business Review

The Flavors & Fragrances Group reported record third quarter
revenue and operating income.  Revenue for the third quarter
increased 4.0% to US$197.2 million.  Operating income was up
8.9% to US$29.9 million compared to US$27.4 million in the third
quarter of 2006.  Year-to-date revenue increased 6.6% to
US$584.3 million and operating income was up 12.6% to US$87.2
million.  Group revenue in the quarter benefited from improved
pricing.  Foreign currency translation also had a favorable
impact on quarterly revenue.  Quarterly profit rose as a result
of improved pricing, favorable foreign currency translation and
improvements in operating efficiencies.  Group operating margins
in the quarter improved 70 basis points in comparison to the
third quarter of 2006.


The Color Group's revenue increased 4.1% to US$90.7 million for
the quarter ended Sept. 30, 2007, compared to US$87.1 million in
last year's third quarter.  Operating income for the quarter was
US$15.9 million, up 14.6% from US$13.9 million reported in the
third quarter of 2006.  Year-to-date revenue increased 5.8% to
US$282.2 million and operating income was up 10.5% to US$50.3
million.  Quarterly revenue for the Color Group reflects solid
growth in food and beverage colors and favorable foreign
currency translation.  Higher volumes and improved product mix
contributed to the increase in Color Group profits for the third
quarter.  Group operating margins in the quarter improved 160
basis points in comparison to the third quarter of 2006.

                         2007 Outlook

Sensient has increased its reported 2007 diluted earnings per
share guidance to US$1.62.  The previous range for guidance was
between US$1.56 and US$1.59.  For 2008, Sensient expects its
diluted earnings per share to be between US$1.73 and US$1.77.

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.  Sensient maintains
operations in Argentina, Belgium, China, and Japan, among
others.

                          *     *     *

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 USUS$508 million of debt
was outstanding as of June 30, 2007.


SENSIENT TECH: Selects Neil Cracknell as Deputy Group Executive
---------------------------------------------------------------
Sensient Technologies Corporation has elected Neil Cracknell to
the position of Vice President and Deputy Group Executive of the
Flavors & Fragrances Group.

Mr. Cracknell joined the Company in September 1994 as Manager of
Sales and Marketing for Colors Europe.  He became Managing
Director, Colors Europe in 2000 and Vice President of Sensient
Pharmaceutical Technologies in 2002.

In June 2002, he was promoted to President of Sensient
Dehydrated Flavors.  At Dehydrated Flavors, he has maximized
plant utilization while continuing to increase profitability.

Mr. Cracknell has a Master's degree in Business Administration
from the University of Bath and a Bachelor of Science degree
from Loughborough University.

"Neil Cracknell has played a significant role in the Company's
success as President of Dehydrated Flavors," said Kenneth P.
Manning, Chairman and CEO of Sensient Technologies Corporation.
"He brings strong management skills to his new position."

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.  Sensient maintains
operations in Argentina, Belgium, China, and Japan, among
others.

                          *     *     *

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.


XEROX CORPORATION: Earns US$753 Mln in First Nine Months of 2007
----------------------------------------------------------------
Xerox Corporation posted a net income of US$753 million on
US$4.3 billion of revenues for the first nine months ended Sept.
30, 2007, compared with a net income of EUR996 million on EUR3.8
billion of revenues for the same period in 2006.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$23.4 billion in total assets, US$15.5 billion in total
liabilities and US$7.9 billion in shareholders' equity

"This quarter's solid results are proof positive that our
business model is on track, generating double-digit profit
growth and fueling a strong annuity pipeline that serves us well
for the long term," said Anne M. Mulcahy, Xerox chairman and
chief executive officer.

"With the industry's broadest set of digital color systems,
we're knocking down cost and quality barriers to make color
printing affordable for businesses of any size. Now, color makes
up more than half of our total equipment sales," she added. "Our
investments in innovation, rich portfolio of services, and
acquisitions of companies that strengthen our leadership in
document management are delivering value for our customers and
our shareholders. The result is strong third-quarter
performance, leading us to increase our expectations for full-
year earnings growth."

During the third quarter, Xerox saw the benefit of the 38 office
and production products launched this year as well as broader
distribution to small and mid-size businesses through the
acquisition of Global Imaging Systems.  Equipment sales were up
14 percent over the prior year, including a 2 point benefit from
currency.  Already in 2007, Xerox has rolled out more than twice
the number of new products it launched last year.  More than
two-thirds of Xerox's equipment sale revenue comes from products
launched in the past two years.

Just recently, Xerox closed on its US$32 million acquisition of
Advectis, Inc., which provides one of the mortgage industry's
most widely-used solutions for electronic document
collaboration.  The all-cash purchase of Advectis expands
Xerox's expertise in automating work processes, helping
customers in document-intensive businesses like lending and
finance to reduce costs and simplify how work gets done.

                        About Xerox Corp.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 23, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Stamford, Connecticut-based Xerox Corp. to positive from stable.
Ratings on the company, including the 'BB+' long-term and 'B-1'
short-term corporate credit ratings, were affirmed.


* Japanese Brewers Still Stable Despite Pressures, Moody's Says
---------------------------------------------------------------
The rating outlook for the Japanese brewery industry for the
next 12 months is as a whole stable, notes Moody's Investor
Services in a new report.  However, the demand has stagnated,
and production is decreasing annually.

On the positive side, cash flow remains generally stable, as the
four rated companies -- Kirin Holdings (Aa2, on review for
possible downgrade), Suntory (A3), Asahi Breweries (A3), and
Sapporo Holdings (Ba1) -- control their capital expenditures and
continue to restructure, concentrating management resources on
core businesses to increase operating margins.

Leverage has also improved, due to the streamlining and
restructuring of domestic manufacturing facilities, notes the
report "Japan's Brewery Industry: Rating outlook stable due to
improving financial leverage despite increasing pressure on
profitability."

"Unfortunately, the competition to develop and market new
products keeps growing. Product life cycles are getting shorter,
and material costs continue to rise -- increases that the beer
makers have been forced to accept, but cannot pass on to the
consumer," states Kazusada Hirose, Moody's Vice President /
Senior Analyst and author of the report.  "Effective brand
management has become paramount.  At the same time, companies
must continue to rein in costs -- including promotional costs --
if they are to increase cash flow."

Still, in the near term, the brewery companies' biggest
challenge may likely be expanding and managing investments
overseas, to try to raise revenue and strengthen profitability.
Moody's believes that any M&A activity is likely to have a
limited impact on credit profiles or ratings, however, so long
as such activity remains relatively limited, as in the past.

In the case of any significant M&A, however, Moody's will
closely assess the feasibility of any endeavor, as well as the
strength and stability of future cash flow of such plans --
compared with the corresponding financial burdens -- to
determine the overall impact on ratings.


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

CHOROKBAEM MEDIA: Signs Contract w/ Broadcasting Company MBC
------------------------------------------------------------
Chorokbaem Media Co. Ltd has signed a contract with MBC, a
Korean broadcasting company, Reuters reports.

According to the report, as part of the business agreement,
Chorokbaem Media will produce a special project film for MBC.

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

Korea Investors Service gave the company's unregistered
US$8 million convertible bonds a 'B' rating on Feb. 16, 2007.


DAEYUVESPER: Signs Installation Contract w/ Agricultural Assoc
--------------------------------------------------------------
DaeyuVesper Co. Ltd. has signed a contract with a Korea-based
agricultural cooperative association, Reuters reports.

According to the report, under the KRW1.006-million business
agreement, DaeyuVesper Co will install processing equipment for
the association.

Headquartered in Gyoenggi Province, Korea, DaeyuVesper Co. Ltd.
-- http://www.emoris.co.kr/-- formerly SungKwang Co., Ltd., is
a manufacturer specialized in the provision of wastewater
treatment equipment.  The company provides its products under
two categories: wastewater treatment and water treatment
equipment. Its wastewater treatment includes aerated grit
chambers, bar screens and micro screens, pumps, mixers and
aerators, clarifiers, skimmer systems, sludge collectors,
dissolved air flotation systems, ultraviolet (UV) disinfections
systems, spiral-type rotating biological contractors and
sequencing batch reactors.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on September 21, 2007,
showed that DaeyuVesper has a US$1.60-million shareholders'
deficit on total assets of US$19.06 million.


KANA SOFTWARE: Expects 3rd Qtr. Revenue of US$16.3 to US$16.7MM
---------------------------------------------------------------
KANA Software Inc. disclosed recently that the company expects
to report total revenue ranging between US$16.3 million to
US$16.7 million for the third quarter ended Sept. 30, 2007.
This represents growth of more than 21% as compared to total
revenue of US$13.4 million in the prior quarter and an increase
of over 23% from US$13.2 million reported in the third quarter
of 2006.  In addition, the company expects to report license
revenue between US$5.6 million to US$5.8 million, representing
sequential growth in excess of 59% as compared to US$3.5 million
in the prior quarter and growth of over 28% from US$4.3 million
in the third quarter of 2006.

Michael Fields, chief executive officer of KANA, stated, "we are
very pleased to be able to announce these exceptional
preliminary results showing very strong total and license
revenue growth.  Our financial momentum reflects the market
demand for KANA's solutions and strategic services, and our
ability to capitalize on our large and growing pipeline of
opportunities."

Third quarter results are preliminary and subject to the usual
quarterly financial review by KANA's independent registered
public accounting firm.  KANA Software will announce its third
quarter 2007 financial results after the market close on
Tuesday, Oct. 30, 2007.

                       About Kana Software

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe.

At June 30, 2007, the company reported US$36.8 million in total
assets and US$41.9 million in total liabilities, resulting in a
US$5.1 million total shareholders' deficit.


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

SHAW GROUP: Appeal to Acquisition Claim Judgment Still Pending
---------------------------------------------------------------
The Shaw Group, Inc.'s appeal from the judgment rendered by the
U.S. District Court in Delaware in favor of Saudi American Bank
in the dispute stemming from the Company's acquisition of Stone
& Webster, Inc. in July 2000 remains pending.

In 2005, the District Court rendered a judgment against the
Company and in favor of Saudi American Bank in the amount of
US$6.7 million. Saudi American Bank claimed that as part of the
Company's acquisition of Boston-based Stone & Webster, it had
assumed the estate company's liability under a loan agreement
and guarantee. (Corporate Litigation Reporter, Jan. 20, 2006)

The Company has filed a notice of appeal, and is seeking to have
the judgment overturned.

Saudi American Bank has sought interest and attorneys' fees,
bringing its total claim to US$11.4 million plus legal interest
while the appeal is pending.

The Company may also incur additional attorneys' fees for the
appeal, although it expects to prevail on appeal.

                       About Shaw Group

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

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

                          *     *     *

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

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


SHAW GROUP: Appeals IRS Adjustments for 2002-2003 Tax Returns
---------------------------------------------------------------
The Shaw Group, Inc.'s appeal from the Internal Revenue
Service's proposed adjustments to the amounts reflected by the
Company on its tax returns for the fiscal years ending Aug. 31,
2002 and Aug. 31, 2003.

In connection with the regular examination of the Company's tax
returns by the IRS for the fiscal years ending Aug. 31, 2002 and
Aug. 31, 2003, the IRS formally assessed in April 2007 certain
adjustments to the amounts reflected by the Company on those
returns.

The Company does not agree with those adjustments and has filed
a timely appeal in June 2007.

The items primarily relate to the sourcing of income relating to
foreign procurement of one of the Company's overseas entities,
and the extraterritorial income exclusion.

The outcome of the IRS appeal is uncertain at this time;
however, should the IRS prevail in its position, the Company's
federal income tax due would increase by US$37.2 million, plus
interest.

The ultimate amount of cash taxes paid would be reduced by the
utilization of net operating loss carryforwards available.

The Company has approximately US$134.2 million of federal NOLs
as of May 31, 2007. In addition, the Company has accrued
additional expense related to foreign tax matters pertaining to
basis adjustments, until such matters are filed and settled.


                       About Shaw Group

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

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

                          *     *     *

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

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


SHAW GROUP: Continues Review of Accounting for Acquisitions
---------------------------------------------------------------
The Shaw Group, Inc. will continue to conduct a detailed review
of its accounting for acquisitions in relation with the U.S.
Securities and Exchange Commission's inquiry into the Company's
financial statements.

On June 1, 2004, the Company was notified by the Staff of the
SEC that the Staff is conducting an informal inquiry relating to
its financial statements. The SEC has not advised the Company as
to either the reason for the inquiry or its precise scope.
However, the initial requests for information the Company
received appear to primarily relate to the purchase method of
accounting for various acquisitions.

The Company has cooperated with the SEC during the course of
this inquiry, including providing documents and responding to
requests for voluntary production, as well as conducting a
detailed review of its accounting for acquisitions.

Subsequent to an internal review which led to the restatement of
the Company's financial statements for the second quarter of
2006, as reflected in its Current Report on Form 8-K filed on
July 10, 2006, the SEC also requested information related to the
restatement. This included information regarding the clerical
error in the computation of the amount of revenue recognized on
a construction contract and the misapplication of GAAP in the
Company's accounting for a minority interest in a joint venture.

The Company provided the information requested.


                       About Shaw Group

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

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

                          *     *     *

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

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


SHAW GROUP: La. Court Allows Reusche to File Amended Complaint
---------------------------------------------------------------
The U.S. District Court for the Eastern District of Louisiana
has granted the plaintiff in the Reusche derivative action
permission to file a second amended verified shareholder
derivative complaint against The Shaw Group, Inc.

The shareholder derivative action styled Nelson v. Bernhard,
Jr., et al. was filed on July 14, 2004, in the U.S. District
Court for the Eastern District of Louisiana. The derivative
action styled Reusche v. Barfield, Jr., et al., was filed on
Aug. 6, 2004, in the same court.

The derivative actions, which the plaintiffs purport to be
bringing on behalf of the Company, name certain of its directors
and current and former officers as defendants, and name the
Company as a nominal defendant.

The derivative suits collectively make claims of breach of
fiduciary duty, abuse of control, gross mismanagement, waste of
corporate assets and unjust enrichment based on allegations that
the named defendants committed, condoned or failed to identify
and disclose the misconduct alleged in the purported class
action lawsuits, and that certain defendants sold the Company's
stock while in possession of knowledge of the alleged
misconduct.

The complaints do not specify the amount of damages sought.

These derivative lawsuits have been stayed indefinitely by a
court order as of Dec. 14, 2004.

The plaintiff in the Reusche derivative action moved to lift the
stay and for permission to file a second amended verified
shareholder derivative complaint, which motion was argued on
Aug. 8, 2007.

In accordance with an agreement between the parties, the Court
temporarily lifted the stay solely for the purpose of allowing
the plaintiff to file a second amended verified shareholder
derivative complaint, which alleges the same claims as were
alleged in the prior complaint. The Court otherwise continued
the stay.

                       About Shaw Group

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

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

                          *     *     *

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

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


SOLUTIA INC: 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.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and 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.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

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

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

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


TRANSMILE GROUP: Inks Lease Contract with Air Hong Kong
-------------------------------------------------------
Transmile Group Bhd signed a one-year renewable Boeing B727-200
lease contract with Air Hong Kong in August, the company
disclosed with the Bursa Malaysia Securities Bhd.

"The contract value is US$3.8 million and it does not have any
negative financial impact or any major business risk to the
company," Transmile said, confirming a story that appeared in
Malaysia's The Star.

"We also wish to confirm that our major shareholders and/or
persons connected to major shareholders do not have any interest
in the contract," the company said, adding that the leasing of
aircraft was in its ordinary course of business.

Transmile Group Berhad's principal activities are the provision
of air transportation and related services and leases of
aircrafts.  Other activities include dealings in aircrafts,
aircraft parts and equipment, provision of management, aircraft
engineering, line and base maintenance, aircraft ground handling
and investment holding services.  The Group operates principally
in Malaysia.

RAM has downgraded the AA3/P1 ratings of Transmile Air Services
Sdn Bhd's MYR150 million Commercial Papers/Medium-Term Notes
Programme, to BB3/NP.  Concurrently, the Rating Watch (with a
negative outlook), which has been in place since May 10, 2007,
has been maintained.

TAS, a wholly owned subsidiary of Transmile Group Berhad, is
principally involved in the provision of air-cargo
transportation, including aircraft-chartering and leasing
services.

The steep downgrade has been prompted by the findings of a
special audit conducted by Moores Rowland Risk Management Sdn
Bhd, which had uncovered MYR622 million of fictitious revenue
reported by Transmile between FY December 31, 2004, and FY
December 31, 2006.  After adjusting for the accounting fraud,
Transmile's audited financial statements show MYR417.00 million
and MYR124.68 million of pre-tax losses in FY December 2005 and
FY December 2006, respectively.  In consonance with this, a
total of MYR797 million has been wiped out from Transmile's
retained profits compared to what had been reported earlier.


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

ALI SOLUTIONS: Fixes Nov. 30 as Last Day to File Claims
-------------------------------------------------------
Stephen John Tubbs and Colin Anthony Gower were appointed
liquidators of Ali Solutions Ltd. on October 1, 2007.

Messrs. Tubbs and Gower are accepting creditors' proofs of debt
until November 30, 2007.

The Liquidators can be reached at:

         Stephen John Tubbs
         Colin Anthony Gower
         Michelle Bennett
         BDO Spicers
         Spicer House, Level 6
         148 Victoria Street, Christchurch
         New Zealand
         Telephone:(03) 379 5155
         Facsimile:(03) 353 5526
         e-mail: michelle.bennett@chc.bdospicers.com


CITYWIDE BUILDERS: Appoints A.M. Oorschot as Liquidator
-------------------------------------------------------
Andrew Marchel Oorschot was named liquidator of Citywide
Builders Ltd. on September 28, 2007.

Mr. Oorschot is accepting creditors' proofs of debt until
November 2, 2007.

The Liquidator can be reached at:

         Andrew Marchel Oorschot
         Ashton Wheelans & Hegan
         Chartered Accountants
         PO Box 13042, Christchurch
         New Zealand
         Telephone:(03) 366 7154)


EASTRIDGE FLOWERS: Shareholders Agree on Voluntary Liquidation
--------------------------------------------------------------
On September 27, 2007, the shareholders of Eastridge Flowers
Ltd. had a meeting and resolved 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:

         John Albert Price
         c/o Horton Price Limited
         PO Box 9125, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276
         e-mail: jprice@hortonprice.co.nz


FERNHILL: Accepting Creditors' Proofs of Debt Until Nov. 1
----------------------------------------------------------
David Stuart Vance and Barry Phillip Jordan were named
liquidators of Fernhill Painting Ltd. and Fernhill Construction
Limited on October 1, 2007.

Messrs. Vance and Jordan are accepting creditors' proofs of debt
until November 1, 2007.

The Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         c/o PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


INDONZ ENTERPRISES: Wind-Up Petition Hearing Set for Nov. 8
-----------------------------------------------------------
The High Court of Auckland will hear on November 8, 2007, at
10:00 a.m., a petition to have Indonz Enterprises Ltd.'s
operations wound up.

The petition was filed by Accident Compensation Corporation on
July 24, 2007.

Accident Compensation's solicitor is:

         Dianne S. Lester
         c/o Maude & Miller
         McDonald's Building, 2nd Floor
         Cobham Court
         PO Box 50555, Porirua City
         New Zealand


MILLCROFT PUBLISHING: Creditors' Proofs of Debt Due on Nov. 1
-------------------------------------------------------------
Millcroft Publishing Ltd. requires its creditors to file their
proofs of debt by November 1, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

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


PACIFIC PAINTING: Creditors Proofs of Debt Due on Nov. 1
--------------------------------------------------------
On October 1, 2007, the High Court at Wellington appointed David
Stuart Vance and Barry Phillip Jordan as liquidators for Pacific
Painting Co Limited.

Creditors who can file their proofs of debt by November 1, 2007,
will be included in the company's dividend distribution.

The Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         c/o PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


RTB CONTRACTING: Court to Hear Wind-Up Petition on Oct. 25
----------------------------------------------------------
A petition to have RTB Contracting (2006) Ltd.'s operations
wound up will be heard before the High Court of Whangarei on
October 25, 2007, at 10:45 a.m.

The petition was filed by Halls Earthworks Limited on August 24,
2007.

Halls Earthworks' solicitor is:

         Daniel Grove
         45 Chancery Street
         Auckland
         New Zealand


SYLVIA PARK: Fixes Nov. 12 as Last Day to File Claims
-----------------------------------------------------
On September 27, 2007, the shareholders of Sylvia Park Flowers
Limited resolved 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:

         John Albert Price
         c/o Horton Price Limited
         PO Box 9125, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276
         e-mail: jprice@hortonprice.co.nz


TUFFCOAT PLASTERING: Taps Vance and Jordan as Liquidators
---------------------------------------------------------
On October 1, 2007, David Stuart Vance and Barry Phillip Jordan
were appointed liquidators of Tuffcoat Plastering and Cladding
Limited.

Creditors who can file their proofs of debt by November 1, 2007,
will be included in the company's dividend distribution.

The Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         c/o PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


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

ATLAS CONSOLIDATED: Unit Eyes Steel Plant in Guangxi, China
-----------------------------------------------------------
Berong Nickel Corp., a subsidiary of Atlas Consolidated and
Mining Development Corp., has its eyes set on acquiring an
integrated steel plant in Guangxi, China, the Philippine Daily
Inquirer says.

According to the report, Atlas will perform a detailed due
diligence over the next six months with Investika Ltd., its
joint venture partner in Berong, before it acquires the Chinese
assets.

Atlas said that the assets, consisting mainly of a three-year
old plant producing hot rolled steel bars and billets for the
domestic Chinese market, will be converted to produce nickel pig
iron and stainless steel after the acquisition, the Inquirer
notes.

The joint venture partners will enter into a long-term contract
to supply all the plant's 1.2-million ton nickel laterite ore
feedstock requirement every year, the Inquirer reveals.


Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million.  Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.


BANGKO SENTRAL: Projects 5% Growth Rate in Remittances for 2008
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas is projecting for 2008 a 5%
growth in remittances, which are now passing through the local
banking system and not through informal channels like they did
in the past, managing director Ma. Cyd Amador told the
Philippine Daily Inquirer.

Ms. Amador said that the Philippine banking system has now
captured 95% of total remittances, which have registered a 15%
average growth from January to August this year.

The Inquirer recounts that an internal study by the BSP had
found that the challenge presented by the remittance phenomenon
is not the large inflows, but the channeling of the funds to
productive activities.  The study also suggested that prospects
on the domestic economy and the peso-dollar movement now
influence overseas Filipinos' appetite to send money even more
than the sheer commitment to help families back home.

Ms. Amador said that policymakers should rely on the notion that
remittances can help the economy through economic crises, saying
that "there is no substitute for macroeconomic policies."

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: Supports Multilateralization of Chiang Mai Deal
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas has pledged its support for the
multilateralization of the Chiang Mai initiative as it would
make the facility a more "effective and disciplined framework,"
Gov. Amando M. Tetangco Jr. told the Philippine Star.

The transformation of the initiative into a multilateral
facility would help boost market confidence in the Philippines
and in the ASEAN region in general, the BSP added, saying that
it would allow improved access to liquidity and stronger
regional cooperation in case of a financial crisis.

The Philippines would have another cushion against market
disruptions if the initiative is expanded, Mr. Tetangco said.

Early this year, the Association of Southeast Asian Nations
together with China, Japan and South Korea agreed to expand the
system of bilateral currency swaps, under which any Asian
country hit by a foreign exchange crisis could borrow foreign
currency from another Asian country to boost its reserves and
weather out the crisis, PhilStar recalls.

The initiative is made more urgent by the recent market turmoil,
in which the ASEAN region demonstrated the capability to move in
a cooperative fashion and contain the crisis.

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: Gov't to Infuse PHP40 Bil. on Installment Basis
---------------------------------------------------------------
The national government will pay its remaining PHP40 billion
capital contribution requirement to the Bangko Sentral ng
Pilipinas on a staggered basis over three to five years, Finance
Secretary Margarito Teves told the Philippine Daily Inquirer.

The government will make payments starting 2009, the report
notes, citing Mr. Teves.  He then explained that the government
has to prioritize funding for its expenditure requirements, and
is still in the process of balancing the budget, which is
expected to be completed next year.

The government will not run away from its obligation to the BSP,
the Finance official assured.  However, he said, it is the
government's top priority to balance the budget, the report
adds.

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.


PHIL. LONG DISTANCE: Cable Operators Seek to Halt MyTV Services
---------------------------------------------------------------
The local cable TV operators' group -- Philippine Cable
Television Association -- has filed a petition with the National
Telecommunications Commissions to stop the promotion and
offering of Smart Communications' mobile television service
dubbed "myTV," the Daily Tribune reports.

According PCTA President Alan Dungao, the continued operations
of myTV is "illegal" and is a violation of telecommunication
laws, saying that only cable television companies are allowed to
provide pay TV, the Tribune relates.  Mr. Dungao added that
Smart and its partner, 360 Media Inc., needed a certificate of
public convenience before they can offer the service.

Smart and 360 are both subsidiaries of the Philippine Long
Distance Telephone Co.

The certificate of public convenience provides a frequency for
an entity to broadcast TV content to persons within its service
coverage area that have turned in to its service providers'
frequency, Mr. Dungao explained.

Mr. Dungao also said that the NTC needs to promulgate laws that
would govern the actual launch of services like myTV, the report
notes.  Without standards, the PCTA official said the NTC will
find it difficult to determine among applicants for frequencies.

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

                          *     *     *

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

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

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


PHIL. LONG DISTANCE: Unit Sells 9.8% Stake in Eastern Telecom
-------------------------------------------------------------
Smart Communications Inc. has sold its 9.8% ownership in Eastern
Telecommunications Philippines Inc. to ISM Communications Corp.
for PHP100 million covering 2.548 million Class A shares, the
Manila Standard reports.

Smart Communications is a subsidiary of the Philippine Long
Distance Telephone Co.

According to the article, ISM now indirectly and directly owns
67.5% of ETPI.  ISM will finance the acquisition using proceeds
from its stock rights offering in June this year, the report
says.

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

                          *     *     *

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

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

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


SAN MIGUEL: Units Buy 34% Stake in Bank of Commerce for PHP2BB
--------------------------------------------------------------
San Miguel Properties and San Miguel Retirement Plan have bought
10 million shares or a 34% stake in private firm Bank of
Commerce for a total price of PHP2 billion (US$45 million), the
Philippine Daily Inquirer reports.

San Miguel Properties and San Miguel Retirement Plan are the
property and retirement fund units of San Miguel Corp.,
respectively.


Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

On August 22, 2007, Moody's Investor Service downgraded its
local currency corporate family rating for San Miguel
Corporation to Ba2 from Ba1.  The rating outlook is stable.

Standard & Poor's Ratings Services affirmed on August 22, 2007,
its 'BB' long-term foreign currency corporate credit rating on
San Miguel Corp. and removed it from CreditWatch, where it was
placed with negative implications on May 15, 2007.  The outlook
is negative.


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

AAR CORP: Elects Norman R. Bobins as Director
---------------------------------------------
AAR Corp., on Oct. 22, 2007, disclosed that the company's
stockholders have elected Norman R. Bobins as the company's new
director.  Mr. Bobins, is currently serving as the Chairman
Emeritus of LaSalle Bank Corporation and previously served as
Chairman, President and Chief Executive Officer of LaSalle Bank
and as the head of ABN AMRO's North American Businesses.
Mr. Bobins is renowned in the Chicagoland area for his work in
business, financial and philanthropic communities.

"As one of Chicago's top bankers and civic leaders, Norm makes
an outstanding addition to AAR's Board of Directors," said David
P. Storch, Chairman and Chief Executive Officer of AAR CORP.
"We look forward to Norm's participation and contributions on
our Board as we grow the business and provide value for our
customers and stockholders."

                         About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR
Corp.'s corporate credit rating from 'BB-' to 'BB'.  The outlook
is stable.

The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment.  The ratings outlook is stable.


ADVANCED MICRO: Urges Rejection of TRC's Mini-Tender Offer
----------------------------------------------------------
Advanced Micro Devices Inc. cautions its stockholders to reject
the "mini-tender" offer by TRC Capital Corporation to purchase
up to 5 million shares of the company's common stock, which
represents approximately 0.90% of its outstanding shares.

AMD related that TRC's unsolicited "mini-tender" offer of
US$13.25 per share was more than 5% below the US$14.02 per share
closing price of AMD stock on Oct. 10, 2007, the day before the
"mini-tender" offer was commenced and approximately 9% below the
US$14.55 per share closing price of AMD stock on Oct. 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% of a company's outstanding shares,
thereby avoiding many procedural and disclosure requirements of
the 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, Friday, Nov. 9, 2007.

               About Advanced Micro Devices Inc.

Headquartered in Sunnyvale, California, 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.


SAWATEC (ASIA PACIFIC): Creditors' Proofs of Debt Due on Nov. 19
----------------------------------------------------------------
Sawatec (Asia Pacific) Pte Ltd, which is in voluntary
liquidation, requires its creditors to file their proofs of debt
by November 19, 2007.

Failure to file proofs of debt by the due date will exclude a
creditor from the company's dividend distribution.

The company's liquidators are:

         Abuthahir Abdul Gafoor
         Lim Boon Cheng
         c/o 1 Raffles Place
         #20-02 OUB Centre
         Singapore 048616


SOVEREIGN SPECIALTY: Proofs of Debt Due on Nov. 19
--------------------------------------------------
The creditors of Sovereign Specialty Chemicals (S) Pte Ltd are
required to file their proofs of debt by November 19, 2007, to
be included in the company's dividend distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


UNITED TEST: Moody's Assigns (P)B2 to Second Lien Notes
-------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
rating to the proposed US$475 million second lien notes due 2015
from Global A&T Electronics Ltd -- the new parent of United Test
and Assembly Center.

Global A&T Electronics Ltd will guarantee the notes after the
whitewash procedure is completed.  The rating outlook is stable.

"Moody's expects to affirm the rating and remove it from its
provisional status upon completion of the notes issuance," says
Wonnie Chu, a Moody's Analyst.

"The B2 rating reflects subordination risk against the senior
secured term loan facility and senior secured revolving
facility, and which have first lien on all of the assets of the
group," says Chu.

United Test and Assembly Center Ltd is an independent provider
of test and assembly services for semiconductor devices,
including memory, mixed-signal and logic integrated circuits.
The company has manufacturing facilities in Singapore, China,
Taiwan and Thailand, and a global sales network in Singapore,
Thailand, Taiwan, the US, the UK, Italy, Korea and Japan. It
will be privatized through a leverage buy-out (LBO) by a private
equity group in October 2007 for US$1.5b (S$2.2b).

                           About UTAC

United Test and Assembly Center Ltd, based in Singapore and
listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits.  The company has manufacturing facilities
in Singapore, China (Shanghai), Taiwan and Thailand, and a
global sales network in Singapore, Thailand, Taiwan, the US,
Italy, Korea and Japan.


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

BANK OF AYUDHYA: To Sell Off THB25 Bil. in Bad Loans By Year-End
----------------------------------------------------------------
Bank of Ayudhya PCL plans to sell THB25 billion in non-
performing loans by the end of 2007 as it expects to reduce NPLs
to THB63 billion from the current THB75 billion, Reuters
reports.

According to the report, BAY's chief financial officer, Janice
Van Ekeren, said that the bank will sell more NPLs by the first
half of 2008.

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.


BLOCKBUSTER INC: Paying US$18.75 Per Share Dividend on Nov. 15
--------------------------------------------------------------
Blockbuster Inc.'s Board of Directors has declared a quarterly
cash dividend of US$18.75 per share on its shares of 7-1/2%
Series A Cumulative Convertible Perpetual Preferred Stock, in
accordance with the terms of the Series A Preferred Stock.  The
dividend will be payable on Nov. 15, 2007, to the holders of
record of the Series A Preferred Stock at the close of business
on Nov. 1, 2007.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie
and game entertainment, with more than 1,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Thailand,
Australia, among others.

The Troubled Company Reporter-Asia Pacific reported on August 9,
2007, that Standard & Poor's Ratings Services lowered its
ratings on Dallas-based Blockbuster Inc. to 'B-' from 'B'.  The
outlook is negative.

The TCR-AP also reported on August 8, 2007 that Moody's
Investors Service downgraded Blockbuster Inc.'s corporate family
rating to Caa1, its senior secured credit facilities to B3, and
speculative grade liquidity rating to SGL-4.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
October 21-24, 2007
  Association of Insolvency & Restructuring Advisors
    Restructuring and Investing Conference
      Portman Ritz Carlton, Shanghai, China
        Web site: http://www.airacira.org/

November 14, 2007
  Turnaround Management Association
    TMA Australia 4th Annual Conference and Gala Dinner
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

November 29, 2007
  Turnaround Management Association
    Special Speaker
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
         Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/





                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***