TCRAP_Public/071025.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

           Thursday, October 25, 2007, Vol. 10, No. 212

                            Headlines

A U S T R A L I A

ACM GOLD: Members to Receive Wind-Up Report Today
ASTOP BIOHEALTH: Creditors Resolve to Liquidate Business
AUSTRALIAN MARINE: Supreme Court Enters Wind-Up Order
BUCKEYE TECH: Earns US$13.5 Mil. in First Quarter Ended Sept. 30
COLES GROUP: Woolworths Withdraws from Assets' Takeover

ENESCO GROUP: Unsecured Creditors to Get 27% Under Amended Plan
ENESCO GROUP: Plan Confirmation Hearing Set for November 19
FINCORP GROUP: Directors to be Probed as Asset Freeze Continues
FUTURIS CORP: To Sell 43% Stake in Australian Agricultural Co.
INTERNATIONAL TRANSPORT: Declares Ordinary Dividend

LAFAYETTE MINING: Posts 12% Rise in Production for 1st Quarter
NATIONAL AUSTRALIA: Members Agree on Voluntary Liquidation
R & W LYONS: Court Releases Wind-Up Order
RESAMEN MEN'S: Members to Hold Final Meeting on November 5
SABIANO PTY: To Declare Dividend on Nov. 25

SAM'S SEAFOOD: To Declare Dividend on November 14
TAHUNE POTTERY: Joint Meeting Set for October 31


C H I N A   &   H O N G  K O N G

ALCATEL-LUCENT: To Market Blackberry Phones in China with RIM
ARTHUR ANDERSEN: Members' Final General Meeting Set for Nov. 13
BEIJING SHOUGANG: Looks to Shut Down Entire Steel Ops by 2010
CHATEAU TRADING: Placed Under Voluntary Liquidation
CHINA SOUTHERN: To Buy Additional 10 Airbus Planes

CHINA STEP: Liquidator Quits Post
CROWN HOLDINGS: Sept. 30 Balance Sheet Upside-Down by US$386 Mln
FIAT SPA: Great Wall Motor Says It Did Not Copy Panda Model
GLOBAL SPECIALTY: Requires Creditors to File Claims by Nov. 12
HEXCEL CORP: Earns US$17.3 Million in 2007 Third Quarter

HOSTFAR LIMITED: Commences Liquidation Proceedings
INFOAGE INTERNATIONAL: Sets Annual & Final Meetings on Nov. 13
K.D.S. TECHNOLOGY: Appoints Chak Chun Keung Thomas as Liquidator
ROYAL CARIBBEAN: Earns US$395 Million in Quarter Ended Sept. 30
ROYTEL LIIMTED: Sole Member Decides to Liquidate Business

SANYO ELECTRONICS: Requires Creditors to File Claims by Nov. 15
SHENZHEN DEV'T BANK: Board Cancels US$100-Mil. Stake Sale to GE
VINCENT FORUM: Creditors' Proofs of Debt Due on Nov. 13
ZTE CORP: Unveils Network Service Project with Spreadtrum


I N D I A

BPL LTD: Allots 38,20,344 Shares to Electro Investment
CABLE & WIRELESS: Shortlisted to Bid for Honduras Mobile License
CANARA BANK: Board to Consider Q2 Results on October 31
CORE HEALTHCARE: Books INR102-Mil. Loss in Quarter to Sept. 30
FERTILISERS & CHEMICALS: Loss Widens to INR457 Mil. in Q2 FY2008

GENERAL MOTORS: New Labor Agreement Cues S&P to Hold 'B' Rating
GENERAL MOTORS: Global Third Quarter Sales Increase by 4%
IMAX CORP: Signs Theatre Deal in Morocco with Al Amine
RYERSON INC: Platinum Completes US$2-Billion Purchase Deal


I N D O N E S I A

BEARINGPOINT INC: Eddie Munson Joins Board of Directors
HILTON HOTELS: Gets European Commission Antitrust Clearance
HILTON HOTELS: Prices Cash Tender Offers for Five Notes
OWENS-ILLINOIS: Appoints Hugh H. Roberts as Director
REXAM PLC: To Build New Beverage Can Plant in Denmark


J A P A N

DELPHI CORP: November Hearing Set for ERISA Suit Settlement
DELPHI INC: Lead Plaintiffs Object to Disclosure Statement
FUJI HEAVY: Adjusts Consolidated Results for FY to Mar. 31, 2008
FUJI HEAVY: Shares Advance After Profit Forecast Revision
HARMAN INTERNATIONAL: Inks New Agreement with KKR and GS Capital

HARMAN INTERNATIONAL: Terminated Deal Cues S&P's Positive Watch
HOUGHTON INTERNATIONAL: Signs Merger Pact with AEA Affiliate
MEAT HOPE: Ex-Officers Arrested for Roles in Mislabeling Scandal
XEROX CORP: Denies Speculations on Lexmark International Bid
XEROX CORP: Earns US$254 Million in Quarter Ended September 30


K O R E A

E-NET CORP: Converts 4th Bonds to 1,519,948 Shares
EG GREENTECH: Hires Choi Se Jin as Co-Chief Executive Officer
EG SEMICON: Completes Issuance of 3,980,000 Common Shares
EG SEMICON: Largest Shareholder Sells 7.54% Stake


N E W  Z E A L A N D

CROMDALE DEVELOPMENTS: Taps Shephard and Dunphy as Liquidators
DPS DEVELOPMENTS: Creditors' Proofs of Debt Due on November 2
ECO ENERGY: Fixes Nov. 1 as Last Day to File Claims
FIRST DATA: Extends Long-Term Contract with National City Bank
FLETCHER BUILDING: Denies Boral Tie-Up for Carter Holt Bid

GROOVELINK LTD: Fixes Nov. 6 as Last Day to File Claims
JJK HOLDINGS: Creditors' Proofs of Debt Due on November 1
LONGWOOD HOLDINGS: Names Bhuvan Naran as Liquidator
NOUVEAU HOLDINGS: Requires Creditors to File Claims by Nov. 2
SHATTKY & SHATTKY: Proofs of Debt Due on Dec. 27

SMP INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 8
TLC DRYCLEANERS: Creditors' Proofs of Debt Due on Dec. 27


P H I L I P P I N E S

ATLAS CONSOLIDATED: Exchanges PHP809M in Assets for Stock in CCC
BANK OF THE PHIL ISLANDS: Credit Card Unit Retains No. 2 Ranking
BENGUET CORP: Announces Venue for Annual Stockholders' Meeting
RIZAL COMM'L: 9-Month Net Profit Jumps 117.6% to PHP2.52 Billion
* Gov't Revenue Fails to Keep Up with Economic Growth, HSBC Says


S I N G A P O R E

ALLISON TRANSMISSION: Moody's Junks Rating on US$550MM Sr. Notes
H & Q ASIA: Requires Creditors to File Claims by Nov. 19
LEONG SAN: Annual General Meeting Set for October 29
STATS CHIPPAC: Expands China Manufacturing Facility


T H A I L A N D

KRUNG THAI: Unit Seeks to Ink Foreign Broker Partnership in 2008


* Fitch Monitors Key Developments in Global Structured Finance

     - - - - - - - -

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

ACM GOLD: Members to Receive Wind-Up Report Today
-------------------------------------------------
The members of ACM Gold Pty Ltd will hold their final meeting
today, October 25, 2007, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Sam Davies
         McGrathNicol
         Level 13, 99 Gawler Place
         Adelaide, South Australia 5000
         Australia
         Telephone:+61 8 8468 3700
         Web site: http://www.mcgrathnicol.com

                         About ACM Gold

ACM Gold Pty Ltd provides nonmetallic mineral services.  The
company is located at Adelaide, in South Australia, Australia.


ASTOP BIOHEALTH: Creditors Resolve to Liquidate Business
--------------------------------------------------------
During a general meeting held on September 17, 2007, the
creditors of Astop Biohealth Ltd agreed to voluntarily liquidate
the company's business.

Jennifer E. Low was named as liquidator.

The Liquidator can be reached at:

         Jennifer E. Low
         Sheridans, Chartered Accountants
         Level 6, 40 St George's Terrace
         Perth, Western Australia
         Australia

                      About Astop Biohealth

Astop Biohealth Ltd is involved with commercial physical
research.  The company is located at Perth, in Western
Australia, Australia.


AUSTRALIAN MARINE: Supreme Court Enters Wind-Up Order
-----------------------------------------------------
The Supreme Court of New South Wales on August 21, 2007, entered
an order directing the wind-up of Australian Marine Exports Pty
Limited's operations.

Bruce Gleeson was appointed as liquidator.

The Liquidator can be reached at:

         Bruce Gleeson
         c/o Jones Partners
         Chartered Accountants
         Telephone:(02) 9251 5222

                     About Australian Marine

Australian Marine Exports Pty Limited is an exporter of fish and
other seafoods.  The company is located at Botany, in New South
Wales, Australia.


BUCKEYE TECH: Earns US$13.5 Mil. in First Quarter Ended Sept. 30
----------------------------------------------------------------
Buckeye Technologies Inc. on Monday disclosed results of its
operations for the first quarter ended Sept. 30, 2007.

The company reported net earnings of US$13.5 million on net
sales of US$197.4 million for the July-September quarter,
compared to net earnings of US$15.9 million on net sales of
US$200.2 million in the same period last year.  These results
include a US$2.2 million one-time favorable tax benefit related
to the recently enacted reduction in Germany's corporate tax
rate.

Chairman and chief executive officer John B. Crowe said, "As I
said in our performance update last week, first quarter net
sales were up 3% compared to the same period last year.  The
earnings improvement is a combination of higher prices, better
mix and cost control.  Nonwovens shipments were especially
strong with net sales up 10% compared to the same period last
year.  Strong cash flow enabled us to reduce debt by $26 million
during the just completed quarter.  Demand for our specialty
wood and cotton products, nonwoven materials and fluff pulp
continues to be strong."

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$971.9 million in total assets, US$594.1 million in
total liabilities, and US$377.8 million in total stockholders'
equity.

                    About Buckeye Technologies

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

                       *     *     *

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


COLES GROUP: Woolworths Withdraws from Assets' Takeover
-------------------------------------------------------
Woolworths Ltd. said that it has decided not to proceed with a
request for the competition regulator to review a potential
acquisition of some Coles Group Ltd. assets, Reuters reports.

According to Reuters, after the Australian Competition and
Consumer Commission ruled that it would not allow Woolworths to
buy Coles' Officeworks and general merchandise chain -- Kmart --
Woolworths said that Coles' individual units were no longer
likely to come on the market.

Reuters quotes Australia's largest grocery chain as saying,
"Woolworths has decided not to proceed with the application it
lodged with the ACCC as it is not aware of any party wishing to
acquire the other businesses for full value and therefore is not
in a position to put forward an offer for the whole of Coles."

                     About Coles Group

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

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


ENESCO GROUP: Unsecured Creditors to Get 27% Under Amended Plan
---------------------------------------------------------------
Enesco Group, Inc., and its debtor-affiliates filed its second
amended Disclosure Statement with respect to its Second Amended
Plan of Liquidation with the U.S. Bankruptcy Court for the
Northern District of Illinois, on Oct. 10, 2007.

The Debtors relate that the Plan proposes to liquidate the
remaining assets of the Debtors and distribute the proceeds to
the holders of the allowed claims.  The principal source of the
distributions will be:

   a) cash on hand as of the effective date of the Plan;

   b) proceeds from the Debtors' lender settlement;

   c) proceeds and tax refunds arising out of the resolution of
      the Hong Kong Tax Dispute;

   d) proceeds from the Contingency Litigation Agreement; and

   e) Litigation Trust Proceeds.

           Summary Treatment of Claims Under The Plan

The Plan proposes that all holders of allowed administrative
claims, allowed priority claims, other than the Internal Revenue
Service, and the allowed non-tax priority claims will have their
allowed claims paid in full on or about the effective date of
the plan from the proceeds of the Lender Settlement.

In addition, within 60 days of the effective date, general
unsecured creditors will receive their pro-rate share of
US$480,000 from the proceeds of the Lender Settlement.  The
Debtors say that general unsecured creditors are expected to
receive 27% of their claims.  Unsecured creditors will further
be entitled to receive additional future distribution.

Within the same time frame, the Internal Revenue Service will
receive US$650,000 from the proceeds of the Lender Settlement
and will be entitled to receive additional future distribution.

Additional contributions, the Debtors say, are however,
contingent on future recoveries by the Debtors and are not
guaranteed.  The Contingency Litigation Trust, the Debtors add,
are also not guaranteed.

        Summary Creditor Treatment if Plan is Not Confirmed

The Debtors tell the Court that if the Plan is not confirmed,
then they are not substantively consolidated for purposes of the
Plan or their cases are converted to ones under Chapter 7 of the
Bankruptcy Code.

At the conclusion of the Chapter 7 cases, administrative claims
will still be paid in full.  However, tax priority claims
holders will only receive 4.9% of their claims.  General
Unsecured Creditors on the other hand, will receive nothing.

The Debtors reveal that the primary reasons for the
significantly smaller distributions under this scenario are:

   1) the proceeds and other benefits from the:

      -- Lender Settlement;
      -- the Contingency Litigation Agreement; and
      -- the resolution of the Hong Kong Tax Dispute, will be
         substantially compromised or lost, resulting in a
         significantly smaller recovery by the Debtors' estates;
         and

   2) there will be additional administrative costs if the
      Plan is not confirmed.

                       About Enesco Group

Based in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The company also has Latin-American operations in Mexico.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  In schedules of assets and debts filed with the
Court, Enesco disclosed total assets of US$61,879,068 and total
debts of US$231,510,180.

Chad H. Gettleman, Esq., and Brad A. Berish, Esq., at Adelman &
Gettleman, Ltd., represent the Official Committee of Unsecured
Creditors.  William R. Baldiga, Esq., Jessica M. Paris, Esq.,
and Robert J. Stark, Esq., at Brown Rudnick Berlack Israels LLP;
and Thomas V. Askounis, Esq., at Askounis & Borst, PC, represent
the Ad Hoc Committee of Equity Security Holders.


ENESCO GROUP: Plan Confirmation Hearing Set for November 19
-----------------------------------------------------------
The Hon. A. Benjamin Goldgar of the U.S. Bankruptcy Court for
the Northern District of Illinois set a hearing at 1:30 p.m., on
Nov. 28, 2007, to consider confirmation of the Second Amended
Plan of Liquidation filed Enesco Group, Inc. and its debtor-
affiliates.

Objections to the Plan, if any, are due November 19.

Judge Goldgar had given his conditional approval on the adequacy
of the Disclosure Statement explaining the Plan and has also set
November 19 as the last day to oppose the disclosure statement.

                       About Enesco Group

Based in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The company also has Latin-American operations in Mexico.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  In schedules of assets and debts filed with the
Court, Enesco disclosed total assets of US$61,879,068 and total
debts of US$231,510,180.

Chad H. Gettleman, Esq., and Brad A. Berish, Esq., at Adelman &
Gettleman, Ltd., represent the Official Committee of Unsecured
Creditors.  William R. Baldiga, Esq., Jessica M. Paris, Esq.,
and Robert J. Stark, Esq., at Brown Rudnick Berlack Israels LLP;
and Thomas V. Askounis, Esq., at Askounis & Borst, PC, represent
the Ad Hoc Committee of Equity Security Holders.


FINCORP GROUP: Directors to be Probed as Asset Freeze Continues
---------------------------------------------------------------
Investigators will grill the former directors of Fincorp about
their roles in the property group's collapse, the Sydney Morning
Herald reports.

Fincorp's failure cost 8,000 individual investors AU$115 million
in lost funds, the report recalls.

According to The Age, the Australian Securities and Investments
Commission and Fincorp liquidators KordaMentha plan to examine
the company's board members, including its founder -- Eric
Krecichwost.  The ASIC and KordaMentha are holding separate
investigations into Fincorp's collapse in March.

The former chairman, Peter Pengilley; former chief executive,
Craig Stubbs; former finance director, Neil Livingstone; and
one-time head of funds management, Craig Gallie, are to be
probed, SMH relates.  These individuals all quit Fincorp in the
weeks and months leading up to the decision placing the group in
administration.

Moreover, hearings are expected to take place before the end of
the year following the NSW Supreme Court's decision to maintain
asset preservation orders secured by the ASIC in July against
Mr. Krecichwost and four other senior managers and non-executive
directors.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 23, Justice McDougall, of the Supreme Court of New South
Wales, entered an order rejecting the applications filed by
former Fincorp directors, Graeme Byers and Mr. Stubbs.  The
applications sought to overturn freezing orders preventing the
dispersal of the former directors' assets.

According to the TCR-AP report, the freezing orders, initially
obtained ex parte by the ASIC on July 5, restrained former
directors of Fincorp Investments Limited (Administrators
Appointed) from removing or causing or permitting to be removed
from New South Wales and from Australia all or any of their
assets and from selling, charging, mortgaging or otherwise
dealing with or disposing of all or any of their assets.

Justice Robert McDougall retained the asset preservation orders
until February 4, 2008, in order to give the ASIC and the
liquidators more time to complete their inquiries.

SMH recounts that Fincorp's 10 main assets were recently sold to
listed property group Becton and house builder AV Jennings for
AU$204 million, which ensured the banks got all of their money
back.  The deal resulted in a 50c in the dollar payout to
Fincorp's secured noteholders, while the unsecured investors
recovered nothing.

KordaMentha raised the prospect of filing damage claims against
some or all of Fincorp's former directors for alleged insolvent
trading and other activities that may have led to the group's
failure, The Age notes.

                         About Fincorp

Fincorp Group -- http://www.fincorp.com.au/-- in its current
structure was established in July 2005.  The company is a
boutique funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney, with around 40 employees across New
South Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.

                          *     *     *

On March 27, 2007, the Troubled Company Reporter-Asia Pacific
reported that Fincorp Group went into administration with
AU$290 million in debt, of which AU$200 million were owed to
investors and AU$90 million to external financiers.

David Winterbottom was appointed as administrator together with
Mark Korda and Lachlan McIntosh, partners at corporate recovery
firm KordaMentha.

Fincorp Group has reportedly been struggling under heavy inter-
company debt loads and negative cashflow, the TCR-AP cited a
report from The Australian, published on March 26, 2007.


FUTURIS CORP: To Sell 43% Stake in Australian Agricultural Co.
--------------------------------------------------------------
Futuris Corporation Ltd. is in talks with the Australian
Agricultural Company with regard to the sale of its 43% stake in
AACo, the Australian Associated Press reports.

AAP relates that Futuris Chief Executive Officer Les Wozniczka
said that the group wanted to grow its forestry and
telecommunications operation and get more out of its Elders
rural services and finance network.

"As a result, directors have concluded that it is opportune for
Futuris to realize the value that has been built through its
investment in, and corporate support for, Australian
Agricultural Company," AAP quotes Mr. Wozniczka as telling
Futuris shareholders during the company's annual general
meeting.

According to the report, AACo has a market capitalization of
about AU$649 million, a herd size of 631,000 and ownership of
more than 7.9 million hectares of prime pastoral property.  In
line with this, Mr. Wozniczka claims that the 43% stake held by
Futuris is worth about AU$300 million, based on the share
trading as of October 23, 2007.

Futuris said that despite the drought continuing to impact its
operations, its key businesses were strong, AAP notes.

The report relates that Futuris' underlying profit from
continuing operations were ahead of last year for the first
quarter and were likely to be comparable or exceed the 2007
first half.  However, underlying profit for the first half would
be below compared to the previous year if one took into account
the significant contribution made by property development
operations that Futuris divested in May 2007.

The Troubled Company Reporter-Asia Pacific reported on Sept. 5,
2007, that the forestry business of Futuris was the largest
contributor to its higher profit, lifting its underlying EBIT
contribution by 43% to AU$56.9 million.

                       About Futuris Corp.

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/default.asp-- is engaged in the
provision of farm services to the rural sector; financial
services to rural and regional customers, and management of
investor-funded hardwood plantations and manufacture of sawn
timber products.  The company also operates businesses in
automotive componentry supply, and property ownership and
development.  Its segments comprise Rural services, which
includes the provision of agricultural products and services
through a common distribution channel; Forestry, which includes
the Company's interests in forestry plantations and processing;
Automotive Components, which is engaged in manufacturing and
sales of automotive components, of which the key components are
seating, heating ventilating and air-conditioning systems;
Property, which includes the sale and development of land, and
commercial developments and holding an equity interest in a
listed property trust, and Investment and Other, which includes
investment activities.

The Troubled Company Reporter-Asia Pacific's October 23, 2007
distressed bonds column listed Futuris Group Limited, with a
7.000% coupon and a December 31, 2007 maturity date, as trading
at a price of AU$2.44.


INTERNATIONAL TRANSPORT: Declares Ordinary Dividend
---------------------------------------------------
International Transport Pty Ltd, which is in liquidation,
declared its first and final ordinary dividend on October 15,
2007.

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

The company's liquidator is:

         Terry O'connor
         105 Macquarie Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 2555
         Facsimile:(03) 6223 2556
         e-mail: info@pjc.com.au


LAFAYETTE MINING: Posts 12% Rise in Production for 1st Quarter
--------------------------------------------------------------
Lafayette Mining Ltd. reported a rise in metal production for
the quarter ended September 30, 2007, despite typhoon, cyanide
spills and crippling hedging losses at its Philippine mine,
Reuters reports.

According to Reuters, output increased 12% in the first quarter
over the previous quarter to 1,726 equivalent tonnes of copper,
including 878 tonnes of copper, 1,705 tonnes of zinc, 1,522
ounces of gold and 38,525 ounces of silver.

Lafayette, which lost more than half its value on October 4
after announcing that it had to dilute its existing shares in
order to restructure its debt, said it aims to increase output
further in the current quarter, relates Reuters.

The report states that Malaysian group South-East Asian
Strategic Assets has proposed a restructuring that would
eliminate around AU$300 million in debt and bad hedges.  The
proposal, states Reuters, involves a capital raising of
US$151 million, leaving current investors with as little as 9%
ownership in the company.

Lafayette's Rapu Rapu mine in Manila, Philippines, was the first
foreign-owned mine to open in the country after a law granting
full foreign ownership of local mining projects was upheld in
2004.  The Rapu Rapu mine has been forecasted to generate
revenues of AU$350 million a year from annual production of
10,000 tonnes of copper in concentrate, 14,000 tonnes of zinc in
concentrate, 50,000 ounces of gold and 600,000 ounces of silver,
notes Reuters.

                      About Lafayette Mining

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

TCR-AP's "Large Companies with Insolvent Balance Sheets" column
on Oct. 19, 2007, reflected Lafayette Mining Limited as having a
US$127.82 million equity deficit, on total assets of
US$78.17 million.


NATIONAL AUSTRALIA: Members Agree on Voluntary Liquidation
----------------------------------------------------------
During a general meeting held on September 13, 2007, the members
of National Australia Investment Brokers Limited agreed to
voluntarily liquidate the company's business.

The company's liquidator is:

         George Georges
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 4922
         Facsimile:(03) 9642 5887

                     About National Australia

National Australia Investment Brokers Limited operates offices
of holding companies.  The company is located at Melbourne, in
Victoria, Australia.


R & W LYONS: Court Releases Wind-Up Order
-----------------------------------------
On August 21, 2007, the Supreme Court of New South Wales entered
an order directing the wind-up of R & W Lyons Investments Pty
Limited's operations.

Bruce Gleeson was named as liquidator.

The Liquidator can be reached at:

         Bruce Gleeson
         c/o Jones Partners
         Chartered Accountants
         Telephone:(02) 9251 5222

                        About R & W Lyons

R & W Lyons Investments Pty Limited operates real estate
investment trusts.  The company is located at Clifton Gardens,
in New South Wales, Australia.


RESAMEN MEN'S: Members to Hold Final Meeting on November 5
----------------------------------------------------------
Resamen Men's Housing Ltd will hold a final meeting for its
members on November 5, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Murray Smith
         McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com

                       About Resamen Men's

Resamen Men's Housing Ltd provides individual and family social
services.  The company is located at Sydney, in New South Wales,
Australia.


SABIANO PTY: To Declare Dividend on Nov. 25
-------------------------------------------
Sabiano Pty Ltd, which is formerly known as Quiester Pty Ltd,
will declare its first and final dividend for its priority
unsecured creditors on November 25, 2007.

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

The company's deed administrator is:

         J. P. McLeod
         c/o McLeod & Partners
         Elio Moda Building
         Level 1, 215 Elizabeth Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3004 0800

                        About Sabiano Pty

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


SAM'S SEAFOOD: To Declare Dividend on November 14
-------------------------------------------------
Sam's Seafood Holdings Limited will declare its first and final
dividend on November 14, 2007.

Creditors who were not able to file their claims by the Oct. 16
due date will be excluded from the company's dividend
distribution.

                       About Sam's Seafood

Sam's Seafood Holdings Limited is in engaged in the fish and
seafoods business.  The company is located at Eagle Farm, in
Queensland, Australia.


TAHUNE POTTERY: Joint Meeting Set for October 31
------------------------------------------------
The members and creditors of Tahune Pottery Limited will hold a
joint meeting on October 31, 2007, at 10:30 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Paul Cook
         c/o Paul Cook & Associates
         105 Macquarie Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 2555
         Facsimile:(03) 6223 2556
         e-mail: info@pjc.com.au

                       About Tahune Pottery

Tahune Pottery Limited is a distributor of pottery products.
The company is located at Grove, Tasmania, Australia.


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

ALCATEL-LUCENT: To Market Blackberry Phones in China with RIM
-------------------------------------------------------------
BlackBerry maker Research In Motion Ltd has shipped the first of
its smartphones to China and tapped Alcatel-Lucent as its
partner in marketing the handsets and start selling the 8700
model later this year, Reuters reports.

"China and India are emerging mobile phone behemoths that could
contribute millions of subscribers to RIM over the next several
years," Reuters cites Canaccord Adams analyst, Peter Misek, as
saying.

According to the news agency, RIM has recognized China's
importance in its global plans, and first officially announced
plans to sell the BlackBerry in China in May 2006.

The Waterloo, Ontario-based company already has a partnership
with China Mobile for its entry into China, where it will face
competition from low-cost rivals, including a popular local
service called "RedBerry," Reuters notes.

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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


ARTHUR ANDERSEN: Members' Final General Meeting Set for Nov. 13
---------------------------------------------------------------
A final general meeting will be held for the members of Arthur
Andersen Corporate Finance Limited on November 13, 2007, at
11:30 a.m., at Room 601, 6th Floor of Kimberley House, 35
Kimberley Road, Tsim Sha Tsui, in Kowloon, Hong Kong.

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


BEIJING SHOUGANG: Looks to Shut Down Entire Steel Ops by 2010
-------------------------------------------------------------
China's Shougang Group is on pace to close down all of its steel
mills in Beijing within three years in an ongoing drive to clean
up the air in the country's capital, the group's chief
economist, Mao Wu, told XFN-Asia.

"Shougang's current eight million tons per year in Beijing will
be cut to four million by the end of this year, and all steel
making (by Shougang) in Beijing will be finished by 2010,"
Mr. Mao said.

The company will remove all steel production from Beijing to
Caofeidian on the coast of northern Hebei province, he added.

"Our joint venture with Tangshan (Iron & Steel Co Ltd) at
Caofeidian is now under construction and will enter full
operations in 2010," Mr. Mao explained to the news agency.

Shougang is expected to benefit from the more efficient, less
wasteful production practices at the new giant industrial
complex, the official said.

"At Caofeidian, for each ton of steel, 669 kg of coal and 3.84
cubic meters of water will be consumed, with a water recycling
rate of 97.75%.  And our reuse of iron-containing dusts will
give us 500,000 tons of (extra) iron ore per year.  This brings
considerable economic benefits," he said, without offering
comparative figures for existing Shougang plants.

Mr. Mao said that for China's steel sector as a whole, energy
consumed in the production of each ton of steel was 10-15% more
than in "advanced countries."

The Chinese government has targeted Shougang as one of the heavy
polluting firms in the capital that must shut down prior to the
city's hosting of the 2008 Summer Olympics.


Based in Beijing, China, Beijing Shougang Co., Ltd. --
http://www.sggf.com.cn/index-1.asp-- is principally engaged in
the iron and steel industry.  The company mainly produces steel
wire rods, square steel billets, steel plates, chemical
products, gas, coke, pig iron and granulating slag.  The company
also provides compact discs, software, color-coated boards and
building materials, through its subsidiaries.  As of Dec. 31,
2005, the Company had three major subsidiaries and three major
associates.

The company has been widely accused of being one of Beijing's
major polluters.  Beijing Shougang carries Xinhua Far East China
Ratings BB+ issuer credit rating.


CHATEAU TRADING: Placed Under Voluntary Liquidation
---------------------------------------------------
On October 5, 2007, the shareholders of Chateau Trading Company
Limited agreed to voluntarily liquidate the company's business.

Chiu Wai Hon and Lau Wai Ming were appointed as liquidators.

The Liquidators can be reached at:

         Chiu Wai Hon
         Lau Wai Ming
         Hang Seng Wanchai Building
         Rooms 603-4, 6th Floor
         200 Hennessy Road
         Wanchai, Hong Kong


CHINA SOUTHERN: To Buy Additional 10 Airbus Planes
--------------------------------------------------
China Southern Airlines Co. Ltd has agreed to buy 10 Airbus
aircraft model A330-200, Reuters reports.

Citing a statement from the airline company, Reuters notes that
China Southern had agreed to pay US$167.7 million to
US$176.7 million per A330-200 aircraft.

The ordered planes will be delivered between March 2010 and
August 2012, the report relates.


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

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

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


CHINA STEP: Liquidator Quits Post
---------------------------------
Chan Sek Kwan Rays quit as liquidator of China Step Holdings
Limited on August 23, 2007.

The former Liquidator can be reached at:

         Chan Sek Kwan Rays
         Seabright Plaza, 12th Floor, Unit G
         9-23 Shell Street, North Point
         Hong Kong


CROWN HOLDINGS: Sept. 30 Balance Sheet Upside-Down by US$386 Mln
----------------------------------------------------------------
Crown Holdings Inc. disclosed financial results for the third
quarter and nine months ended Sept. 30, 2007.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$6.949 billion in total assets, US$7.335 billion in
total liabilities, resulting in a US$386 million total
shareholders' deficit.

Net income from continuing operations in the third quarter was
US$92 million, compared to US$86 million in the third quarter of
2006.  Included within net income from continuing operations,
the company recorded a net charge of US$5 million, which
reflects a net charge of US$8 million related to restructuring
actions offset by a net gain of US$3 million related to gains on
sales of assets.  The net charge of US$8 million for
restructuring relates primarily to a net US$7 million charge for
the closure and exit of operations of the company's bottle cap
operations in Indonesia.  Within the US$7 million charge,
US$6 million is attributable to a non-cash reclassification of
cumulative translation adjustments to income from a separate
component of shareholders' equity.

Net sales in the third quarter rose to US$2.153 billion, up 7.6%
over the US$2.001 billion in the third quarter of 2006.  The
increase was primarily driven by higher sales unit volumes, the
pass-through of higher raw material costs and favorable foreign
currency translation.

Third quarter gross profit grew 19.6% to US$311 million over the
US$260 million in the 2006 third quarter.  As a percentage of
net sales, gross profit expanded to 14.4% in the third quarter
from 13.0% in the third quarter last year.  Stronger sales unit
volumes, increased operating efficiencies and greater
productivity drove the improvements.

Selling and administrative expense in the third quarter was
US$97 million compared to US$77 million in last year's third
quarter.  The increase is attributable to a higher accrual for
incentive compensation costs, foreign currency translation and
general inflationary increases.

Segment income, a non-GAAP measure defined by the company as
gross profit less selling and administrative expense, grew to
US$214 million in the third quarter, up 16.9% over the
US$183 million in the 2006 third quarter.  Segment income as a
percentage of net sales expanded to 9.9% in the third quarter
over the 9.1% in the third quarter last year.

Commenting on the results, John W. Conway, chairman and chief
executive officer, stated, "Our improved third quarter
demonstrates the strength of Crown's diverse range of products,
customers and worldwide markets.  The results were fueled by
improved performance in virtually all of our businesses.  Global
volumes were firm reflecting the growing contribution of
emerging markets to our portfolio.  Importantly, we also gained
traction among brand managers who are actively looking for
unique and sustainable packaging solutions to distinguish their
products while increasing their ease of use for consumers.  Our
proprietary can shaping technologies, PealSeam(TM) ends and
enhanced finishes are setting industry standards for Brand-
Building Packaging(TM)."

Interest expense in the third quarter was US$79 million compared
to US$73 million in the third quarter of 2006.  The increase
reflects the impact of higher average short-term borrowing rates
and foreign currency translation.

                   Share Repurchase Program

The company repurchased 4,828,883 shares of common stock for
US$118 million during the third quarter, including 4,088,068
shares through an accelerated share repurchase program, which is
expected to be completed in November.  The number of common
shares outstanding as of Sept. 30, 2007, was 159,611,833, which
is approximately 3% lower than as at June 30, 2007.

                            Net Debt

Net debt, a non-GAAP measure defined by the company as total
debt less cash, increased by US$18 million from June 30,
primarily as the result of the repurchase of US$118 million of
common stock and US$55 million from foreign currency translation
offset by US$152 million of free cash flow, a non-GAAP measure
defined by the company as net cash provided by operating
activities less capital expenditures, in the third quarter.

                        Nine-Month Results

For the first nine months of 2007, net sales grew 10.4% to
US$5.9 billion over the US$5.3 billion in the first nine months
of 2006.  The increase reflects higher sales unit volumes, the
pass-through of higher raw material costs and foreign currency
translation.

The company reported net income from continuing operations of
US$196 million for the nine-month period ended Sept. 30, 2007,
over net income from continuing operations of US$172 million for
the same period in 2006.

In the first nine months of 2007, the company recorded a net
charge of US$1 million, reflecting a net charge of US$12 million
related to restructuring actions offset by a net gain of
US$11 million related to gains on sales of assets.  For the
first nine months of 2006, the company recorded a net charge to
net income from continuing operations of US$4 million related to
restructuring charges offset by a gain on sale of assets and
financial foreign exchange gains.

                      About Crown Holdings

Philadelphia-based Crown Holdings Inc. (NYSE: CCK) --
http://www.crowncork.com/-- through its affiliated companies,
supplies packaging products to consumer marketing companies
around the world.  In Latin America, the company has operations
in Mexico, and in South and Central America.   The company also
maintains operations in Europe, particularly in the United
Kingdom and France.  In the Asia-Pacific region, the company has
an office in Singapore and Hong Kong.  Crown Holdings, Inc.,
through its subsidiaries, is a leading supplier of packaging
products to consumer marketing companies around the world. World
headquarters are located in Philadelphia, Pennsylvania.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 10, 2007, Fitch Ratings affirmed Crown Holdings Inc.'s 'B+'
Issuer Default Rating.


FIAT SPA: Great Wall Motor Says It Did Not Copy Panda Model
-----------------------------------------------------------
Great Wall Motor denied a claim by Fiat S.p.A. that its Peri
compact car closely resembles the Italian carmaker's Panda City
car, The Standard reports.

Fiat, according to the news agency, is suing the Hebei-based
automaker in China and Europe in connection with the Peri,
without giving further details other than to reiterate that the
two models looked alike.

Great Wall spokesman Shang Yugui dismissed Fiat's allegation.

"It took us three years and CNY300 million (HK$309.7 million) to
develop the Peri," Mr. Shang said.  He explained that the delay
in launching the new model -- originally scheduled for this
month -- was due to the approval process with regulators.

"The legal action shouldn't affect the sales of Great Wall.  The
management. . .expects a delay in production of the line until
next year," Sun Hung Kai Securities analyst Vivien Chan told The
Standard.

Mr. Shang said, "Once we get the license, we will roll out the
Peri in China and in nearly 80 countries worldwide -- including
Italy."

Great Wall plans to price the Peri at CNY40,000 to CNY50,000,
pitting it against rival Chery Automobile's hot-selling QQ,
which is priced from CNY40,000 to CNY200,000.

                        About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat has an Asian production facility located in China.

                        *     *     *

As reported in TCR-Europe on Aug. 8, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Italian
industrial group Fiat S.p.A. to 'BB' from 'BB-'.  At the same
time, Standard & Poor's affirmed its 'B' short-term rating on
Fiat.  S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


GLOBAL SPECIALTY: Requires Creditors to File Claims by Nov. 12
--------------------------------------------------------------
At an extraordinary general meeting held on October 2, 2007,
Tsang Chiu Woon was appointed liquidator for Global Specialty
Chemicals Limited.

Mr. Woon is accepting creditors' proofs of debt until Nov. 12,
2007.

The Liquidator can be reached at:

         Tsang Chiu Woon
         Albion Plaza, Suite 601
         2-6 Granville Road
         Tsimshatsui, Kowloon


HEXCEL CORP: Earns US$17.3 Million in 2007 Third Quarter
--------------------------------------------------------
Hexcel Corporation reported net income of US$17.3 million for
the third quarter of 2007, compared to net income of
US$15.7 million in last year.

Net sales from continuing operations in the quarter were
US$281.1 million, 11.4% higher than the US$252.3 million
reported for the third quarter of 2006.  Related operating
income for the third quarter was US$30.2 million compared to
US$23.9 million for the same period last year.

Chief Executive Officer David E. Berges commented, "The third
quarter saw continued strong sales to most of the commercial
aerospace market.  Sales to Boeing, regional aircraft builders
and for engines and nacelles were up significantly for the third
quarter in a row.  Airbus sales were again down for the quarter,
but only slightly as the impact of the A380 delay began a year
ago.  The first A380 has been delivered to Singapore Airlines
and based on the current recovery schedule we expect favorable
year-over-year sales comparisons going forward.  We are
encouraged that two new customers have recently committed to add
the A380 to their fleet and hope to see renewed interest as this
groundbreaking aircraft enters active service."

"We generated nice year-over-year improvements in both gross
margin and operating margin, and we still expect to meet our
margin guidance targets for the year.  With new aerospace
programs, higher build rates, new product qualifications, new
process developments and facilities underway, these are exciting
times for us.  The employees of Hexcel recognize the tremendous
opportunities in front of them, and are working relentlessly to
turn these opportunities into a more profitable future."

As previously disclosed, the company completed the sale of EBGI
to JPS Industries for an initial cash purchase price of
US$62.5 million plus up to US$12.5 million of additional
payments dependent upon future sales of the Ballistics product
line.  Any additional payments will be recorded as income when
earned.

                         Income Taxes

The company's effective income tax rate for the third quarter
2007 was 29.5% as compared to 22.0% for the third quarter of
2006.  The 2006 provision included the reversal of US$3.6
million of the valuation allowance against the company's U.S.
deferred tax assets related to capital losses.  The year to date
tax rate is now 38.1%.  The reduction in the third quarter rate
as compared to the 42.3% in the first half of 2007 primarily
reflects a favorable audit settlement, including the release of
US$1.1 million of FIN 48 reserves.  Gerdau expects its rate for
the full year to be approximately 39%.

                   Total Debt, Net of Cash

Total debt, net of cash, of US$293.2 million as of
Sept. 30, 2007 decreased by US$93.4 million from US$386.6
million as of Dec. 31, 2006.  The year-to-date results include
US$84.0 million of proceeds from the sale of the discontinued
operations.  The US$15.0 million liability recorded in the
second quarter for the settlement of the Zylon matter is
expected to be paid in the fourth quarter.

                      About Hexcel Corp.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                         *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


HOSTFAR LIMITED: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on September 28, 2007,
the members of Hostfar Limited resolved to voluntarily liquidate
the company's business.

Creditors who can file their proofs of debt by November 15,
2007, will be included in the company's dividend distribution.

The company's liquidators are:

         Ricky P.O. Chong
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


INFOAGE INTERNATIONAL: Sets Annual & Final Meetings on Nov. 13
--------------------------------------------------------------
The members and creditors of Infoage International Limited will
hold their annual and final meetings on November 13, 2007, at
9:30 a.m. and 10:00 a.m., respectively, at Room 908, 9th Floor
of Nan Fung Tower, 173 Des Voeux Road, in Central, Hong Kong.

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


K.D.S. TECHNOLOGY: Appoints Chak Chun Keung Thomas as Liquidator
----------------------------------------------------------------
Chak Chun Keung Thomas was named liquidator of K.D.S. Technology
Limited on September 28, 2007.

The company went into liquidation on that same day.

The Liquidator can be reached at:

         Chak Chun Keung Thomas
         Alliance Building, Room 603
         130-136 Connaught Road Central
         Hong Kong


ROYAL CARIBBEAN: Earns US$395 Million in Quarter Ended Sept. 30
-------------------------------------------------------------
Royal Caribbean Cruises Ltd. disclosed Monday results for its
third quarter ended Sept. 30, 2007.

The company reported net income of US$395.0 million for the
third quarter of 2007, compared to net income of US$345.4
million in 2006.  These results were better than expected mainly
due to stronger late bookings driving better yields.  Revenues
for the third quarter 2007 increased to US$2.0 billion from
revenues of US$1.6 billion in the third quarter 2006.

"It was a very encouraging finish for the quarter and augurs
well for upcoming periods," said Richard Fain, chairman and
chief executive officer.  "It is very satisfying that, despite
higher fuel prices and other challenges, we produced record
results."

The company expects to have a 12.4% increase in capacity in
2007, driven by Pullmantur, the April delivery of Liberty of the
Seas, and a full year of Freedom of the Seas.

"Building on a solid third quarter, we are encouraged by the
strength of our late-season European itineraries, and the
continuing recovery in the Caribbean pricing environment," Fain
said.

As of Sept. 30, 2007, liquidity was US$1.6 billion, comprising
US$400.0 million in cash and cash equivalents and US$1.2 billion
in available credit on the company's unsecured revolving credit
facility.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$15.16 billion in total assets, US$8.51 billion in
total liabilities, and US$6.65 billion in total shareholders'
equity.

The company's consolidated balance sheet at Sept. 30, 2007, also
showed strained liquidity with US$1.06 billion in total current
assets available to pay US$2.57 billion in total current
liabilities.

                      About Royal Caribbean

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF
Croisieres de France.  The company has a combined total of 35
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Australia, China Canada,
Europe, Latin America and New Zealand.

                          *     *     *

Moody's still carries Royal Caribbean Cruises Ltd.'s 'Ba1' long
term corporate family rating last placed on Feb. 22, 2005.
Outlook is stable.


ROYTEL LIIMTED: Sole Member Decides to Liquidate Business
---------------------------------------------------------
On September 28, 2007, the sole member of Roytel Limited passed
a resolution to liquidate the company's business.

Chak Chun Keung Thomas was appointed as liquidator.

The Liquidator can be reached at:

         Chak Chun Keung Thomas
         Alliance Building, Room 603
         130-136 Connaught Road Central
         Hong Kong


SANYO ELECTRONICS: Requires Creditors to File Claims by Nov. 15
---------------------------------------------------------------
The creditors of Sanyo Electronics (H.K.) Limited are required
to file their proofs of debt by November 15, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

         Chow Chor Kai, Francis
         C.C. Wu Building
         Room 1909, 19th Floor
         302-308 Hennessy Road
         Wanchai, Hong Kong


SHENZHEN DEV'T BANK: Board Cancels US$100-Mil. Stake Sale to GE
---------------------------------------------------------------
The board of Shenzhen Development Bank Co. decided on Oct. 23,
2007, to cancel an agreement to sell a 7% stake to General
Electric Co., CNN reports.

Shenzhen Development didn't give the reason for the decision,
the report says.

The news agency recounts that the two parties struck a deal in
September 2005 for GE Capital to pay CNY5.247 a share, or
US$100 million, for the 7% stake and to cooperate in developing
the Chinese bank's consumer-finance business.

The bank would continue to work with GE on developing its
consumer-finance programs, regardless of the outcome of the
stake sale, CNN cites Frank Newman, the Chinese bank's chairman
and chief executive, as saying.

Based in Shenzhen, Guangdong, People's Republic of China,
Shenzhen Development Bank Company Ltd's --
http://www.sdb.com.cn/-- provides local and foreign currency
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on August 14, 2006, affirmed Shenzhen Development
Bank's individual 'D/E' and support '4' ratings.


VINCENT FORUM: Creditors' Proofs of Debt Due on Nov. 13
-------------------------------------------------------
Vincent Forum Limited requires its creditors to file their
proofs of debt by November 13, 2007, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 12, 2007.

The company's liquidator is:

         Huang Feng-Li
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road, Kowloon
         Hong Kong


ZTE CORP: Unveils Network Service Project with Spreadtrum
---------------------------------------------------------
Spreadtrum Communications, Inc., and ZTE Corp. has successfully
demonstrated its TD-MBMS network services using Spreadtrum's TD-
SCDMA/GSM/GPRS dual-mode chipset solution.

MBMS (Multimedia Broadcast/Multicast Service) is a packet based
broadcast service for mobile communication networks that allows
a single broadcasted frequency to carry multiple channels of
content.  MBMS is an important feature for third generation
mobile communication networks, as carriers view multicast
services like MBMS as a great opportunity to develop
applications that would increase their ARPU (average revenue per
user) through the broadcast of services to handsets ranging from
short advertisements, free/premium TV channels, and group
sending of multimedia messages (video blogging).

TD-MBMS was created as an easy and fast deployment mobile
multimedia solution for MBMS on TD-SCDMA networks, since it
requires relatively small changes to the underlying 3GPP
standard, which should enable carriers to deploy these
multimedia services with a comparatively low network deployment
cost.

As a new TD-SCDMA multimedia service, TD-MBMS targets the mid to
high-end segments of the 3G mobile market and should help bring
new mobile entertainment experiences, such as watching
television on mobile devices, to consumers.

TD-MBMS is now technically feasible on the TD-SCDMA network
built using ZTE's equipment.  With the adoption of Spreadtrum's
SC8800D TD-SCDMA/GSM/GPRS dual-mode chip and platform, TD-MBMS
could be applied to mobile phones, providing smooth images and
clear sound.  This successful demonstration of MBMS based on the
TD-SCDMA standard indicates that the TD-MBMS technology is ready
for commercialization.  This new TD-MBMS development is another
step in the joint commercialization of TD-SCDMA by Spreadtrum
and ZTE, following the strategic partnership agreement between
Spreadtrum and ZTE announced on August 29, 2007.

Dr. Datong Chen, CTO of Spreadtrum, said, "We are very pleased
to be a part of ZTE's successful demonstration of the industry's
first TD-MBMS services.  We believe this not only enriches the
growing level of 3G TD-SCDMA multimedia services, but also
enables TD-SCDMA mobile phones to satisfy the diverse
requirements of its targeted users.  In addition, Spreadtrum's
TD- SCDMA/GSM/GPRS dual-mode chip and platform can equip the
handset manufacturers with competitive technical advantages of
TD-SCDMA mobile phones."

Mr. Yuhong Duan, ZTE's General Manager of TD products, said,
"ZTE has been focused on the research and technical evolvement
of the TD-SCDMA standard for several years, and it is the first
to support TD-MBMS on the system side in the industry.  This
successful showcase by ZTE of MBMS based on Spreadtrum's chip
solution not only exemplifies the technical advancement of ZTE's
TD-SCDMA equipment, but also ZTE's contributions to the
anticipated widespread use of TD-SCDMA in China."

                      About Spreadtrum

Spreadtrum Communications, Inc. is a fabless semiconductor
company that designs, develops, and markets baseband processor
solutions for the mobile wireless communications market.
Spreadtrum combines its semiconductor design expertise with its
software development capabilities to deliver highly- integrated
baseband processors with multimedia functionality and power
management.  Spreadtrum has developed its solutions based on an
open development platform, enabling its customers to develop
customized wireless products that are feature-rich and meet
their cost and time-to-market requirements.

                       About ZTE Corp

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
=========

BPL LTD: Allots 38,20,344 Shares to Electro Investment
------------------------------------------------------
BPL Ltd has allotted 38,20,344 equity shares of INR10 each on
preferential basis to Electro Investment Pvt Ltd.  The shares
comprise of:

   a. 30,00,000 shares of INR10 each at a premium of INR33.02
      per share aggregating to INR12,90,60,000; and

   b. 8,20,344 shares of INR10 each at a premium of INR62.99 per
      share aggregating to INR5,98,76,908.

Electro Investment belongs to the promoter group company.

According to The Hindu Business Line, the preferential allotment
is pursuant to the scheme approved by the Corporate Debt
Restructuring mechanism for restructuring the debts of the BPL.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates in India.

In 2006, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.


CABLE & WIRELESS: Shortlisted to Bid for Honduras Mobile License
----------------------------------------------------------------
Cable & Wireless has been prequalified to bid for a mobile
license in Honduras, Business News Americas reports, citing a
source at Honduran telecoms regulator Conatel.

The source told BNamericas that other firms who pre-qualified
include:

         -- Spain's Telefonica,
         -- Jamaican group Digicel, and
         -- Mexico's Grupo Iusacell.

According to BNamericas, the source said that Conatel is
offering spectrum in the up to 1890 megahertz and 1970 megahertz
bands.  The regulator refers to the license as a "PCS
concession."

The auction for the mobile license will be held on
Dec. 19, 2007, BNamericas says, citing the source.  The auction
needs congressional authorization to confirm the winner.  The
winning bidder would start operating in Honduras in next year's
first quarter.

BNamericas relates that the minimum bidding price for the
license is US$10 million.  The winner will be given nine months
to set up operations.

BNamericas states that these two firms currently operate in
Honduras:

         -- Tigo, owned by Luxembourg's Millicom International
            Cellular; and

         -- America Movil unit.

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

                       *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CANARA BANK: Board to Consider Q2 Results on October 31
-------------------------------------------------------
Canara Bank's board of directors will hold a meeting on Oct. 31,
2007, inter alia, to approve the bank's unaudited financial
results subjected to limited reviews for the quarter and half
year periods ended Sept. 30, 2007.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the bank reported a net profit of INR2.41 billion for
the first quarter ended June 30, 2007, a 26% increase from the
INR1.91 billion in the same quarter last year.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com-- provides services to a diverse
clientele group with a range of subsidiaries and sponsored
institutions. The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card. The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator. Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments. Corporate Cash Management Services network of the Bank
provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.


CORE HEALTHCARE: Books INR102-Mil. Loss in Quarter to Sept. 30
--------------------------------------------------------------
Core Healthcare Limited booked a net loss of INR101.98 million
in the quarter ended Sept. 30, 2007, an improvement compared to
the INR388.64-million loss incurred in the same period a year
ago.

Core Healthcare did not earn any revenues for the 2007 second
quarter but sustained operating expenses of INR1.19 million,
hence it booked an operating loss of the same amount.  The
company also booked depreciation of INR100.76 million and prior-
period items of INR30,000.

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?2479

Headquartered in Ahmedabad, India, Core Healthcare Limited is an
international multi-product healthcare company with a presence
in intravenous solutions, medical disposables, injectables,
orals and formulations. The company's businesses are divided
mainly into Fluids, Disposables and Formulations. The company is
present in more than 60 countries, and is a major supplier to
international agencies, hospitals and other customers.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Core Healthcare has a stockholder's equity deficit of
US$150.72 million.


FERTILISERS & CHEMICALS: Loss Widens to INR457 Mil. in Q2 FY2008
----------------------------------------------------------------
Fertilizers & Chemicals Travancore Ltd yesterday filed with the
Bombay Stock Exchange its unaudited results for the quarter
ended Sept. 30, 2007.

For the second quarter of FY2008, the company's net loss widened
by 49% to INR457.40 million from the INR307.50-million loss
booked in the same period of the previous fiscal year.  Total
income decreased from INR4.15 billion in the July-Sept. 2006
quarter to INR2.88 billion in the latest quarter under review.

FACT incurred expenses aggregating INR3.02 billion, majority of
which is from the consumption of raw materials and purchase of
goods, bringing the company and operating loss of
INR138.6 million.

A copy of FACT'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?247a

Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals.  Its products
include ammonium sulphate, factomfos, urea and caprolactam.  The
company operates solely in the domestic market.

The company, which had been making profits for over a decade,
started reporting losses from 1998-99 onwards due to the steep
rise in cost of raw materials like naphtha, benzene, sulphur and
rock phosphate.  There were also uneconomic realization from
sales and the company had to stop production because of a
liquidity crunch.  In 2004, the company was referred to the
Board for Industrial and Financial Reconstruction as a
potentially sick unit.  The company is currently undergoing a
revamp program to turn its business around.


GENERAL MOTORS: New Labor Agreement Cues S&P to Hold 'B' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.

Earlier, the ratings on GMAC LLC (BB+/Watch Neg/B-1; 49% GM-
owned), the automotive finance and insurance operation, and on
GMAC's Residential Capital LLC mortgage unit (BBB-/Watch Neg/A-
3) were placed on CreditWatch with negative implications.  The
GM rating action has no effect on the ratings on GMAC or ResCap.

"The rating affirmation and stable outlook reflects our view
that GM's new contract with the United Auto Workers is a
substantial positive for the company's efforts to return
automotive operations in North America to positive cash
generation," said Standard & Poor's credit analyst Robert
Schulz, "despite a number of negatives that will challenge GM's
ability to continue reducing cash use in North America in the
near term."  The stable outlook indicates S&P's belief that GM
will continue to make progress on its turnaround program in
North America, that auto operations outside North America will
remain improved contributors, and that GM will manage its
liquidity to satisfactory levels.

GM will face several serious challenges during the next two
years, however.  First, the greatest portion of cash benefits
from the contract will not begin to accrue to GM until 2010, and
the health care cost savings are subject to final court
approval.  Until then, GM could continue to use substantial cash
in its automotive operations.  These causes of negative
automotive cash flow include the potential for a recession in
the U.S., and even without a recession, a weak outlook for U.S.
light-vehicle sales in 2008.  S&P expect U.S. light-vehicle
sales to be about 16 million units in 2008, virtually flat with
sales in 2007, which has turned out to be a weaker year than
initially expected.  Other uses of cash will include cash
restructuring costs (including the cost of any future attrition
plans to which GM and the UAW may agree) and GM's need to fund
certain UAW contract provisions prior to 2010.  Furthermore,
over the next two years, GM will introduce key new vehicles in
North America at a relatively slower pace than it did in 2006
and 2007.

GMAC's automotive finance and insurance operations remain
profitable.  But the ResCap mortgage unit has had very poor
results recently, and this will depress GM's consolidated
results.  GMAC will retain a significant portion of its earnings
during the next two years, rather than pay dividends to GM.

S&P expect over time to place greater weight on the substantial
health care and other cash savings beginning in 2010 as
stipulated in the current UAW contract.  But it is important to
note that GM's automotive results, industry conditions, and the
economic outlook will be crucial components of any such future
review, and accordingly, the threshold for a revision of the
outlook back to negative is low given the current lack of
visibility into prospective results in North America.

GM is making progress on its North American turnaround, and S&P
expect that trend to continue.  S&P also expect GM to maintain
substantial cash balances and access to liquidity during the
next two years.  GM will likely continue to use cash into 2008,
and the stable outlook reflects that expectation, but does not
include the much sharper use of cash that would result from the
type of decline in U.S. light-vehicles sales that would
accompany a recession.

The outlook could be revised to negative or the ratings lowered,
despite the health care savings that will start to accrue in
2010, if S&P came to expect that GM's substantial cash outflow
would fail to continue moderating or begins to worsen because of
setbacks, whether GM-specific or stemming from market
conditions.  S&P do not expect to revise the outlook to positive
within the next year, given the uncertain economic outlook and
ongoing turnaround plan execution risk.

                      About General Motors

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


GENERAL MOTORS: Global Third Quarter Sales Increase by 4%
---------------------------------------------------------
General Motors Corp. sold a record 2.38 million cars and trucks
around the world in the third quarter of 2007, a 4% increase
compared with last year, according to preliminary sales figures.
GM also reported record sales outside the United States, marking
the 21st consecutive quarter of year-over-year sales increases
outside the U.S.

"GM's record third quarter sales were driven by exceptionally
strong demand in emerging markets and our improving
competitiveness in developed markets.  GM global sales of 7.06
million vehicles for the first nine months of the year reflects
solid results and more than 2 percent growth.  We're on track to
have our second-best annual sales performance in our almost 100-
year history," John Middlebrook, GM vice president, Global
Sales, Service and Marketing Operations, said.  "In the third
quarter we experienced record sales around the globe including a
22% increase in Latin America, Africa and the Middle East -- an
all-time quarterly record for that region -- and 16% growth in
the Asia-Pacific region.  We're also pleased to post a sales
gain of 15% in Europe where we sold more than 523,600 vehicles
and set a Q3 record."

GM posted record third quarter sales in Europe with deliveries
of 523,600 vehicles, up 15%.  GM had the highest quarterly
volume increase of the top-ten manufacturers in Europe. Growth
in Russia led the increase with a record 65,700 vehicles sold,
up 75%. GM's growth in Russia is also supported by the start of
Opel Antara production in St. Petersburg.  GM is on track to
sell more than 200,000 vehicles in Russia this year.  Chevrolet
achieved record European sales of 113,000 vehicles, up 28%.

Opel/Vauxhall grew volume more than 12 percent in Europe.
Cadillac sales were up 61% and HUMMER sales were up 28% in the
region.  For the first nine months of the year, GM Europe
regional sales are up more than 8% to 1.65 million vehicles.

In North America, planned reductions in daily rental sales and
softness in the U.S. market due to increasing fuel prices and
concerns about housing, resulted in sales of 1.20 million
vehicles, a decline of 6% compared with last year.  Despite a
competitive U.S. market for full-size pickups, GM continued to
show pickup truck segment leadership in the quarter thanks to
the North America Truck of the Year Chevrolet Silverado and all-
new GMC Sierra.  GM's mid-car and mid-utility crossover segments
also saw retail sales gains on the strength of mid-cars Saturn
Aura, Pontiac G6 and Chevrolet Impala, and mid-utility
crossovers GMC Acadia, Saturn Outlook and Buick Enclave.  The
newly-launched 2008 Chevrolet Malibu is building momentum as
dealer demand is taxing available supply.

Chevrolet global sales of 1.18 million vehicles in the third
quarter of 2007 were up more than 5% compared with a year ago.
The brand grew by 46% in Asia-Pacific, 28% in Europe and 27% in
Latin America, Africa and the Middle East.

GMC sales in North America were up 8% in Q3, largely due to the
popularity of the Acadia mid-utility crossover and all-new
Sierra full-size pickup truck.  Saturn sales for the first nine
months of the year were up more than 13% due to the sales
performance of three new vehicles, the Sky roadster, Aura mid-
car and Outlook mid-utility crossover vehicle.

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 18, 2007,
Moody's Investors Service changed the outlook of General Motors
Corporation's long-term-debt rating to positive from negative,
and also raised the company's speculative grade liquidity rating
to SGL-1 from SGL-3 following the company's announcement of the
terms of its new contract with the UAW.  GM's existing long-term
ratings -- including B3 corporate family, Ba3 senior secured,
and Caa1 senior unsecured -- are unchanged.  The ratings of GMAC
(senior rating of Ba1/Negative outlook) are also unaffected.

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

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


IMAX CORP: Signs Theatre Deal in Morocco with Al Amine
------------------------------------------------------
IMAX Corporation entered into an agreement with Al Amine
Investissement, a commercial retail developer in Morocco, to
install an IMAX(R) theatre in the city of Casablanca.  Scheduled
for installation in early 2009, the IMAX theatre will be an
anchor attraction at the new Morocco Mall, which is expected to
be the largest mall in the country.  The announcement marks
IMAX's first contract in Morocco.

Under the terms of the agreement, the developer is contracted to
install an IMAX MPX(R) theatre system, and both parties have
agreed to install IMAX's new digital theatre system instead if
it becomes available on or before the installation date.  IMAX's
digital theatre system is currently in the advanced stages of
development.

"Our entry into Morocco reflects the growing international
appeal of the IMAX brand, which currently has a presence in over
40 countries," said IMAX Co-CEO's and Co-Chairmen Richard L.
Gelfond and Bradley J. Wechsler.  "Al Amine Investissement is a
leading commercial developer in Morocco, and through our
partnership with them, we are looking forward to introducing the
IMAX brand to moviegoers in and around Casablanca."

"The IMAX Experience gives us the ability to offer a cinematic
experience that far exceeds any other in Morocco," said Selwa
Akhannouch, President and Director General, Groupe Aksal, a co-
owner of Al Amine Investissement.  "We believe the IMAX theatre
will be a perfect fit for our project in Casablanca because the
world-famous IMAX brand brings a prestigious image to our mall."

Emad Eldin Abdalla, Director General of Nesk Investment, which
is also a co-owner of Al Amine Investissement, added, "The new
IMAX theatre enables us to offer moviegoers a whole new way to
experience Hollywood movies.  Further, our new IMAX theatre will
deliver a cinematic experience that consumers can't get at home
-- and that will be good for all areas of our business at this
location."

The IMAX theatre will be capable of playing Hollywood event
films that have been digitally re-mastered into the unparalleled
image and sound quality of The IMAX Experience(R), as well as
original IMAX productions in 2D and IMAX(R) 3D.

                     About the Morocco Mall

Morocco Mall is the largest shopping mall project across North
Africa.  Taking advantage of a strategic location of 24.71 acres
along the ocean, the site promises to become a destination for
an anticipated 15 million visitors per year.  Only ten minutes
from the city centre of Casablanca, with five points of entry,
200 stores, 40 restaurants and several leisure and entertainment
venues, Morocco Mall will considerably increase the commercial
and leisure offering available to residents and tourists in
Casablanca.

                         About Al Amine

Al Amine Investissement is jointly held by Aksal Group and Nesk
Investment, two large franchise and fashion operators in Morocco
who have contributed to the development of the Moroccan
commercial landscape.  Aksal and Nesk already have secured
relationships with renowned fashion giants such as Zara, Mango,
Massimo Dutti, Promod, La Vie En Rose, Aldo, Zara Home and
Stradivarius.  Aksal and Nesk are joining efforts to launch the
Morocco Mall.  Al Amine Investissement is committed to leading
the economic growth of Morocco into the 21st century.

                    About IMAX Corporation

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

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


RYERSON INC: Platinum Completes US$2-Billion Purchase Deal
----------------------------------------------------------
The affiliates of Platinum Equity LLC completed their
acquisition of Ryerson Inc. in a transaction valued at
approximately US$2 billion.

On July 24, 2007, Ryerson has entered into a merger agreement
with affiliates of Platinum Equity LLC to acquire all
outstanding shares of Ryerson common stock and Series A $2.40
Cumulative Convertible Preferred Stock for US$34.50 per share in
cash.

The cash purchase price per share of US$34.50 represents a 15%
premium over Ryerson's closing share price of US$30.01 on
Feb. 13, 2007, the day prior to the disclosure of the board's
review of strategic alternatives and a 45% premium over
Ryerson's closing share price of US$23.77 on Dec. 13, 2006, the
day that Harbinger Capital made a filing with the Securities and
Exchange Commission indicating it was considering taking a
number of actions regarding its investment in Ryerson.

Ryerson's board of directors has unanimously approved the merger
agreement and recommends approval of the transaction by
Ryerson's stockholders.

               About Rhombus Merger Corporation

Rhombus Merger Corporation is a wholly owned subsidiary of
Rhombus Holding Corporation and is owned by funds controlled by
Platinum Equity.  Rhombus Merger was formed solely for the
purpose of merging with and into Ryerson, which will be the
surviving corporation of the merger and a wholly owned
subsidiary of Parent.

                      About Ryerson Inc.

Headquartered in Chicago, Illinois, Ryerson Inc. (NYSE: RYI)
-- http://www.ryerson.com/-- is a distributor and processor of
metals in North America.  The company services customers through
a network of service centers across the United States and in
Canada, Mexico, India, and China.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Ryerson Inc., including its 'B+' corporate credit rating.  S&P
removed all ratings from CreditWatch, where they had been placed
with negative implications on July 24, 2007, after the company
after it has agreed to be acquired by Platinum Equity for around
US$2 billion.


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

BEARINGPOINT INC: Eddie Munson Joins Board of Directors
-------------------------------------------------------
BearingPoint Inc. has appointed Eddie Munson to its Board of
Directors.

Mr. Munson is a retired partner with KPMG and has more than 30
years of auditing experience focusing on the financial services,
government and automotive industries.  Additionally, from 1996
to 2004, Mr. Munson was a member of KPMG's Board of Directors,
where he was a member of the pension committee and chair of the
committees responsible for partner rights and board nominations.
Most recently, Munson was the national partner in charge of
KPMG's University Relations and Campus Recruiting programs.

"BearingPoint is excited to have Eddie Munson join its Board of
Directors," said Rod McGeary, BearingPoint's Chairman of the
Board.  "Munson's extensive experience as an auditor covering
key industries, coupled with his in-depth client experience will
further augment the capabilities of our current Board members."

Mr. Munson presently serves on the Board of directors of United
American Healthcare Corporation and the Skillman Foundation.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

The company reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders deficit of
US$177.3 million as of Dec. 31, 2006.


HILTON HOTELS: Gets European Commission Antitrust Clearance
-----------------------------------------------------------
Hilton Hotels Corporation has received clearance from the
European Commission for its pending merger with BH Hotels LLC,
an entity controlled by investment funds affiliated with The
Blackstone Group L.P.

Approval by the European Commission was the final remaining
regulatory approval that is a condition to closing of the
merger.  The merger is expected to close on Oct. 24, 2007.
Hilton will announce the completion of the merger once it has
closed.  Consent solicitations. Requests for documentation may
be directed to Global Bondholder Services Corporation, the
Information Agent, which can be contacted at (212) 430-3774
(for banks and brokers only) or (866) 924-2200  (for all others
toll- free).

                About Hilton Hotels Corporation

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

                          *     *     *

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

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


HILTON HOTELS: Prices Cash Tender Offers for Five Notes
-------------------------------------------------------
Hilton Hotels Corporation has determined the total consideration
and tender offer consideration to be paid pursuant to its cash
tender offers and related consent solicitations for its 7.625%
Notes due 2008, 7.200% Notes due 2009, 8.250% Notes due 2011,
7.625% Notes due 2012 and 7.500% Notes due 2017.

The total consideration payable for Notes accepted for payment
that were validly tendered with consents and not validly
withdrawn at or prior to 5:00 p.m., New York City time, on
Sept. 25, 2007, will be an amount equal to the total
consideration per US$1,000 principal amount of Notes.  The
tender offer consideration payable per US$1,000 principal amount
of Notes accepted for payment that are validly tendered after
the Note Consent Payment Deadline but at or prior to 8:00 a.m.,
New York City time, on Oct. 24, 2007, will be an amount equal to
the total consideration minus the consent payment of US$30.00
per US$1,000 principal amount of Notes.  In each case, holders
whose Notes are accepted for payment in the tender offers will
receive accrued and unpaid interest for such Notes from the last
interest payment date to, but not including, the payment date
for Notes purchased in the tender offers.

The company disclosed information relating to the determination
of the applicable total consideration and tender offer
consideration per US$1,000 principal amount of Notes.

Pricing Information for Tender Offers for the Notes:

  a) CUSIP No.: 432848AU3
     Security: 7.625% Notes due 2008
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.599%
     Total Consideration: US$1,016.45
     Consent Payment: US$30
     Tender Offer Consideration: US$986.45

  b) CUSIP No.: 432848AR0
     Security: 7.200% Notes due 2009
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.306%
     Total Consideration: US$1,058.53
     Consent Payment: US$30
     Tender Offer Consideration: US$1,028.53

  c) CUSIP No.: 432848AT6
     Security: 8.250% Notes due 2011
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.342%
     Total Consideration: US$1,119.13
     Consent Payment: US$30
     Tender Offer Consideration: US$1,089.13

  d) CUSIP No.: 432848AX7
     Security: 7.625% Notes due 2012
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.489%
     Total Consideration: US$1,141.54
     Consent Payment: US$30
     Tender Offer Consideration: US$1,111.54

  e) CUSIP No.: 432848AS8
     Security: 7.500% Notes due 2017
     Applicable Spread: 50 bps
     Tender Offer Yield: 4.948%
     Total Consideration: US$1,201.50
     Consent Payment: US$30
     Tender Offer Consideration: US$1,171.50

As previously announced, the total consideration per US$25.00
principal amount of Hilton's 8.000% Quarterly Interest Bonds due
2031 validly tendered and not validly withdrawn pursuant to
Hilton's tender offer and consent solicitation for the Bonds at
or prior to the 5:00 p.m., New York City time, on Oct. 16, 2007
is US$25.25.  The tender offer consideration payable for Bonds
accepted for payment that are validly tendered after the Bond
Consent Payment Deadline but at or prior to the Offer Expiration
Date, will be an amount equal to the Bonds Total Consideration
minus the consent payment of US$1.00 per US$25.00 principal
amount of Bonds.

Also as previously announced, the total consideration for
Hilton's 7.430% Chilean Inflation-Indexed (UF) Notes due 2009
(the CLP Notes and, together with the Notes and the Bonds, the
Securities) in Chilean pesos has been set at CLP65,560.95 per
CLP50,000 original principal amount of CLP Notes.  All of the
CLP Notes were validly tendered and not validly withdrawn prior
to 5:00 p.m., New York City time, on Oct. 1, 2007, and,
accordingly, all CLP Notes are eligible to receive the total
consideration.  Hilton expects to determine the total
consideration in U.S. dollars payable in respect of its CLP
Notes tendered pursuant to Hilton's tender offer and consent
solicitation for the CLP Notes on Oct. 22, 2007, unless such
determination date is extended by Hilton.

The tender offer for each issue of Securities will expire at
8:00 a.m., New York City time, on the Offer Expiration Date.  As
indicated in the Offer to Purchase, it is expected that the
Offer Expiration Date will be extended to coincide with the date
that the Merger becomes effective.

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

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
Hilton's Offer to Purchase and Consent Solicitation Statement
dated Sept. 12, 2007 and the related Consent and Letter of
Transmittal, as amended.  The tender offers and consent
solicitations are being conducted in connection with the
previously announced merger agreement that provides for the
acquisition of Hilton by BH Hotels LLC, an entity controlled by
investment funds affiliated with The Blackstone Group L.P.  The
tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including the Merger having
occurred, or such Merger occurring substantially concurrent with
the Offer Expiration Date.  However, the completion of the
tender offers and consent solicitations is not a condition to
completion of the Merger.  Further details about the terms and
conditions of the tender offers and the consent solicitations
are set forth in the Offer to Purchase.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR  (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210  (toll-free) ((203) 719-4210
(collect)), respectively.  Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations.  Requests
for documentation may be directed to Global Bondholder Services
Corporation, the Information Agent, which can be contacted at
(212) 430-3774  (for banks and brokers only) or (866) 924-2200
(for all others toll-free).

                About Hilton Hotels Corporation

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

                          *     *     *

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

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


OWENS-ILLINOIS: Appoints Hugh H. Roberts as Director
----------------------------------------------------
Owens-Illinois Inc. appointed Hugh H. Roberts to serve on the
company's board of directors effective immediately.  He will
also serve as a member of the compensation committee.

Mr. Roberts spent 32 years at Kraft Foods Inc., in sales,
marketing, strategic planning and general management.  He built
strong global experience while serving Kraft Foods International
as president of the Central & Eastern Europe, Middle East &
Africa region and also as president of the Asia Pacific region.
>From 2004 to June 2007, Mr. Roberts served as president, Kraft
International Commercial, an US$11 billion unit of US$34 billion
Kraft Foods Inc.

Mr. Roberts holds a bachelor's degree in economics and a
master's degree in business administration from Harvard
University in Cambridge, Mass.

"We welcome Hugh to the O-I Board of Directors. His strong
consumer marketing perspectives, clear understanding of O-I's
customers and extensive international experience will be a great
addition to the board as we move the organization into a more
market-facing company," said Al Stroucken, O-I Chairman and CEO.

                   About Owens-Illinois

Headquartered in Perrysburg, Ohio, Owens-Illinois Inc. --
http://www.o-i.com/-- is the largest manufacturer of glass
containers in the world, with leading positions in Europe, North
America, Asia Pacific and South America.  The company's
principal product lines in the glass containers product segment
are glass containers for the food and beverage industries.  Its
principal product lines in the Plastics Packaging product
segment include healthcare containers, closures and prescription
containers.  The company maintains operations in Australia,
Brazil, China, Colombia, Czech Republic, Ecuador, Estonia,
Finland, France, Germany, Hungary, Italy, Indonesia, New
Zealand, Peru, and Poland.

In September 2006, Moody's placed the company's long-term
corporate family rating and probability of default ratings at
B2, and senior unsecured debt rating and preferred stock rating
at Caa1.  These ratings stoll hold to date.  The outlook is
stable.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB-, which still holds to date.  S&P
said the outlook is stable.

Fitch placed the company's long-term issuer default rating at B,
senior unsecured debt rating at B-, and preferred stock rating
at CCC+.  These ratings still hold to date.  Fitch said the
outlook is positive.


REXAM PLC: To Build New Beverage Can Plant in Denmark
-----------------------------------------------------
Rexam Plc disclosed plans to build a greenfield aluminium
beverage can plant in Fredericia, Denmark.

The new facility, which is the first of its kind in Denmark,
represents a capital investment of some GBP78 million (EUR112
million) spread over three years, two thirds of which will be
incurred in 2008.  The plant is expected to be operational
during the first half of 2009 and is being built in response to
strong growth in the region and increasing customer demand.  It
will initially have a capacity of 1.2 billion cans and produce
33cl and 50cl cans.

Due to this strong growth, the European beverage can industry
overall is running at very high utilization rates.  The new
plant supports Rexam's capacity needs and will help to optimize
its supply of beverage cans to the Northern European market.

"This is a significant investment for our customers and for
Rexam," Leslie Van de Walle, Chief Executive Officer, Rexam,
commented.  "The European beverage can market, excluding
Germany, has grown annually by 8% in recent years and is
anticipated to continue to grow at a similar rate over the next
three years fuelled, among others things, by strong growth in
the Nordic region.  Our new plant will enable us to capture
growth, better serve our customers and further consolidate our
global leadership position in beverage cans." Mr. Van De Walle
added.

Rexam Plc is a leading consumer packaging company and is the
world's largest aluminium beverage can producer.  Headquartered
in the U.K., the company had 24,200 employees as of fiscal year
2006, 100 plants in 20 countries, including Brazil and Indonesia
and generated revenues of GBP3.7 billion.

Troubled Company Reporter-Asia Pacific reported on June 15,
2007, that Moody's Investors Service assigned a provisional
(P)Ba2 rating to the proposed issuance of capital securities by
Rexam Plc rated Baa3 for senior unsecured debt.

The assigned rating and the basket designation will be subject
to satisfactory final documentation.  The outlook for the
ratings is stable.


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

DELPHI CORP: November Hearing Set for ERISA Suit Settlement
-----------------------------------------------------------
A fairness hearing on a US$47,000,000 settlement of a litigation
filed against Delphi Corp. over an alleged violation of the
Employees Retirement Income Security Act is set Nov. 13, 2007.

The Delphi ERISA Consolidated Complaint was filed in the United
States District Court for the Eastern District of Michigan on
behalf of Plaintiffs and a class of all persons who were
participants in or beneficiaries of the following Delphi-
sponsored, defined-contribution plans:

    (1) the Delphi Savings-Stock Purchase Program for Salaried
        Employees in the United States;

    (2) the Delphi Personal Savings Plan for Hourly-Rate
        Employees in the United States;

    (3) the ASEC Manufacturing Savings Plan; and

    (4) the Delphi Mechatronic Systems Savings-Stock Purchase
        Program from May 28, 1999, to Nov. 1, 2005, and whose
        accounts included investments in Delphi or General
        Motors (GM) common stock.

Plaintiffs allege that during the Class Period, the Defendants
breached their fiduciary duties to Plaintiffs and the Class
members by:

  * failing to prudently and loyally manage the Plans' assets;

  * failing to act in accordance with Plan documents and ERISA;

  * failing to monitor fiduciaries;

  * failing to disclose to and inform the other fiduciaries of
    the Plans of information which the other fiduciaries
    reasonably needed to know to fulfill their fiduciary duties
    to Plan participants and beneficiaries; and

  * breaching their obligations as co-fiduciaries.

The Defendants in the case are:

  -- the Delphi Corporation Board of Directors' Executive
     Committee and its members;

  -- the Investment Policy Committee and its members; and

  -- J.T. Battenberg III, Robert H. Brust, Alan S. Dawes, Susan
     A. McLaughlin, and John D. Opie (collectively, the Delphi
     Officer and Director Defendants),

  -- General Motors Investment Management Company (GMIMCo), and

  -- State Street Bank & Trust Company.

Not all claims are against every Defendant.

                     Settlement Update

On Aug. 31, 2007, Plaintiffs filed their motion for preliminary
approval of a Settlement between the Named ERISA Plaintiffs and
Defendants Delphi, ASEC Manufacturing, Delphi Mechatronic
Systems, the Delphi Corporation Board of Directors Executive
Committee and its members, the Investment Policy Committee and
its members, and the Delphi Director and Officer Defendants.

Claims asserted against State Street are not a part of the
Settlement.  Plaintiffs continue to litigate their claims
against State Street.

On Sept. 5, 2007, the Court issued an order granting preliminary
approval of the Settlement. At the Fairness Hearing, to be held
on Nov. 13, 2007 at 9:30 a.m., the Court will decide, among
other things:

  -- whether to approve the Settlement;

  -- whether to dismiss with prejudice the litigation against
     Settling Defendants pursuant to the terms of the
     Settlement Stipulations;

  -- whether the Notice and the Publication Notice and the
     means of disseminating same were satisfactory and complied
     with applicable law;

  -- whether to bar all Barred Claims against the Releasee
     Parties by any Barred Person;

  -- whether to establish a reserve of 25% of the Gross
     Settlement Fund for a potential award of attorneys' fees
     and expenses; and

  -- whether to grant each Named Plaintiff a case
     contribution award of up to US$5,000 payable from the
     Gross Settlement Fund.

As part of the Settlement, the Settling Defendants agree to pay
US$47,000,000, consisting of Approximately US$22,500,000 in cash
to be paid from available insurance policies, and an "allowed
interest" in the Delphi Corporation Chapter 11 case that counsel
expect to be valued at US$24,500,000.

After payment of and establishment of reserves for any taxes and
Court-approved costs, attorneys' fees, and expenses, including
any Court-approved compensation to be paid to the Named
Plaintiffs, the Settlement proceeds will be paid to the Plans
and, after payment of implementation expenses, the remaining
amount will be allocated to the Plan accounts of members of the
Settlement Class according to a Plan of Allocation to be
approved by the Court.  If necessary, a Plan account will be
created for those members of the Settlement Class who no longer
have Plan accounts.

Any payments to the Plans are subject to certain conditions and
limitations set forth in the Settlement Stipulation.  Until the
Delphi ERISA Action has been concluded and fully and finally
resolved with respect to all Barred Persons, there will be no
distribution from the Net Settlement Fund that would cause the
balance remaining in the Net Settlement Fund to be less than the
aggregate of Named Plaintiffs' claims for potential damages with
respect to all claims against Barred Persons that have not been
concluded and fully and finally resolved.

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

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

The Debtors' exclusive plan-filing period expires on Dec. 31,
2007.  On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan
of Reorganization and a Disclosure Statement explaining that
Plan.


DELPHI INC: Lead Plaintiffs Object to Disclosure Statement
----------------------------------------------------------
Teachers' Retirement System of Oklahoma, Public Employees'
Retirement System of Mississippi, Raiffeisen Kapitalanlage-
Gesellschaft m.b.H., and Stichting Pensioenfonds ABP, the Lead
Plaintiffs in the consolidated securities class action entitled
In re Delphi Corp. Securities Litigation, Master Case No. 05-md-
1725 (GER) (E.D.Mich.), relate that although the Debtors'
Disclosure Statement addresses several of their concerns, it
does not address all of them.

The Lead Plaintiffs are, and represent, creditors, equity
holders and parties-in-interest in the Debtors' Chapter 11 cases
who bought certain of the Debtors' common stock and debt
securities between March 7, 2000, and March 3, 2005.  The Lead
Plaintiffs contend that the Debtors, certain of the Debtors'
current and former directors and officers, and certain other
parties concealed and misrepresented the Debtors' true financial
condition before and during the Class Period.  The Lead
Plaintiffs and the putative class assert damages in excess of
US$1,000,000,000, Michael S. Etkin, Esq., at Lowenstein Sandler
PC, in New York, notes.

Over the course of several months in 2007, the Lead Plaintiffs,
the Debtors and other parties to the Securities Litigation, with
the assistance of a special master appointed by the U.S.
District Court for the Eastern District of Michigan, conducted
discussions and negotiations regarding a settlement of the
Securities Litigation, Mr. Etkin relates.  On Aug. 31, 2007,
those discussions resulted in an agreement resolving the
Securities Litigation as to the Debtors and certain other
defendants.

Contemporaneous with resolving the Securities Litigation, the
Debtors prepared their Disclosure Statement and Joint Plan of
Reorganization.  The Lead Plaintiffs, Mr. Etkin says, have
provided the Debtors with numerous comments, several of which
have been incorporated into the Disclosure Statement and Plan.

The parties have not yet been able to reach agreement on two of
the Lead Plaintiffs' proposed revisions to the Disclosure
Statement and Plan involving third party releases and certain
conditions to the effectiveness of the Plan, Mr. Etkin informs
Judge Drain.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.


FUJI HEAVY: Adjusts Consolidated Results for FY to Mar. 31, 2008
----------------------------------------------------------------
Fuji Heavy Industries Ltd. revised it consolidated results for
the current fiscal year ending March 31, 2008.

An increase of JPY10.00 billion has been added to the net sales
projection for current year amounting to JPY1.56 trillion, as
compared to the prior estimate of JPY1.55 trillion.  According
to Fuji Heavy, the revision of net sales is due to the expected
overseas sales increase and so on.

Operating income is now estimated to total JPY40.00 billion, a
14.3% increase or an equivalent JPY5.00 billion, from the
JPY35.00 billion projected on July.  The Tokyo-based automaker
related that among the factors for the revision of the operating
income are: decrease of SG&A expenses and others, the
deterioration of sales volume and mixture and others.

Ordinary income, which was earlier anticipated to be at JPY30.00
billion, is now projected to reach JPY35.00 billion, a 16.7%
increase.  The makers of Subaru cars said that the projected
increase of its operating income is the reason for the revision
of its ordinary income.

Net income, which is revised according to the increase of
ordinary income, is now projected to be at JPY17.00 billion,
from the previous JPY16.00 billion projection.

                     About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is a manufacturing company engaged in
the production, sale, repair and leasing of automobile and
transportation-related products.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


FUJI HEAVY: Shares Advance After Profit Forecast Revision
---------------------------------------------------------
Fuji Heavy Industries Ltd. gained the most in more than two
years on the Tokyo Stock Exchange after it revised its full-year
profit forecast to include 6.3% increase, cutting on sales and
administrative costs, Kiyori Ueno of Bloomberg News reports.

The makers of Subaru-brand cars, writes Mr. Ueno, advanced as
much as JPY50 or 9.3% to JPY588 and changed hands at JPY574 as
of 1:06 p.m. on October 23 in Tokyo.

According to company spokesman Kenta Matsumoto, Fuji Heavy
boosted sales in the first half, helped by demand from Russia
and China, Mr. Ueno notes.

Bloomberg quotes analyst Yasuaki Iwamoto as saying, "More people
can afford to buy cars in emerging markets.  The trend is
helping Fuji Heavy along with the other Japanese carmakers."

Net sales forecast increased by 0.6% to JPY1.56 trillion from
the original JPY1.55-trillion expectation, while net income was
forecasted to reach JPY17 billion, compared with the previous
JPY16 billion projection, conveys Bloomberg.

                        About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is a manufacturing company engaged in
the production, sale, repair and leasing of automobile and
transportation-related products.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


HARMAN INTERNATIONAL: Inks New Agreement with KKR and GS Capital
----------------------------------------------------------------
Harman International Industries, Incorporated, entered into an
agreement with affiliates of Kohlberg Kravis Roberts & Co. L.P.
and GS Capital Partners relating to the parties' Merger
Agreement, entered in May 2007.  Terms of the new agreement
include:

   a) KKR and GSCP will purchase US$400 million of 1.25% senior
      notes convertible under certain circumstances into Harman
      common stock, convertible at a price of $104 per share.
      KKR and GSCP have agreed to not sell or hedge their
      position for at least one year.

   b) The parties have agreed to terminate their Merger
      Agreement dated April 26, 2007 without litigation or
      payment of a termination fee.

As reported in the Troubled Company Reporter on Sept. 25, 2007,
Harman was informed that KKR and GSCP no longer intended to
complete their acquisition of Harman by a company formed by
investment funds affiliated with or sponsored by KKR and GSCP.

KKR and GSCP have informed Harman that they believe that a
material adverse change in Harman's business has occurred, that
Harman has breached the merger agreement and that they are not
obligated to complete the merger.

Harman disagreed that a material adverse change has occurred or
that it has breached the merger agreement.

The company also disclosed that Brian F. Carroll, Member of KKR,
will join Harman's Board of Directors.  The company will use the
proceeds from the KKR/GSCP investment to repurchase Harman
common stock through an accelerated share repurchase program.

"We are pleased to have reached an understanding with KKR and
GSCP. Although we do not agree with the reasons for cancellation
of the original merger agreement, we view this US$400 million
investment as a vote of confidence in our business and its
prospects for continued growth," Dr. Sidney Harman, Executive
Chairman of Harman, said.  "Our company benefits from excellent
customer relationships built on world-class products, brands and
technology, and we are well positioned to capitalize on market
opportunities in the automotive, consumer and professional
sectors."

"The significant stock repurchase we announced underscores our
Board's confidence in Harman's financial outlook," Dinesh
Paliwal, Harman Chief Executive Officer, added.  "This
settlement enables us to move forward in a decisive manner to
implement our initiatives to ensure the long-term growth of the
Company and avoid the time, cost and distraction of litigation.
We welcome Brian Carroll and expect that he will make an active
contribution to our business through his service on the Board."

"Harman is a leader in audio and infotainment systems, and
enjoys strong leadership in Chairman Sidney Harman and CEO
Dinesh Paliwal," Henry R. Kravis, Co-Founding Member of KKR,
said.  "The merger unfortunately could not be completed, but we
are pleased to make this investment in the company.  We believe
this investment and our representation on the Board is an
outstanding way to support Harman and its management team in the
future."

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.


HARMAN INTERNATIONAL: Terminated Deal Cues S&P's Positive Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications for the 'BB-' corporate credit rating on Harman
International Industries Inc., a Washington, D.C.-based audio
equipment manufacturer, to positive from developing.  The
revision reflects published reports that the merger agreement
with KKR and GS Capital Partners, the private equity buyers that
agreed to acquire Harman in April 2007, has been terminated
without litigation or payment of a termination fee.
Accordingly, S&P no longer expect to lower the rating on Harman.

"The CreditWatch positive listing means that we could raise the
ratings on Harman because the company's balance sheet will
likely be less leveraged than it would have been if the merger
transaction had proceeded as originally planned," said Standard
& Poor's credit analyst Nancy Messer.

Standard & Poor's expects to resolve the CreditWatch listing
after meeting with management and reviewing the company's
business and financial prospects in light of the termination of
the merger agreement.

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.


HOUGHTON INTERNATIONAL: Signs Merger Pact with AEA Affiliate
------------------------------------------------------------
Houghton International Inc. has entered into an agreement to
merge with a newly formed affiliate of AEA Investors LLC.  The
merger agreement is subject to shareholder approval and the
satisfaction of the various closing conditions, including
regulatory approvals, and is expected to close before the end of
the year.  As Houghton is privately held, the terms of the
transaction were not disclosed.

Houghton does not anticipate any immediate changes in its
facilities, employment or range of product and service
offerings, and all of the members of senior management are
expected to continue on with the company.  After the merger, the
business will continue to be conducted under the Houghton
International name.

"We are pleased to announce that our shareholders will be able
to realize significant value for their Houghton shares, while at
the same time, Houghton will be able to continue uninterrupted
in its long history of innovation in serving our customers
around the world," said William F. MacDonald Jr., president of
Houghton International.  "Through the proposed partnership with
AEA Investors LLC, we expect to enjoy greater access to capital,
which will enable us to provide our customers with customized
metalworking fluids and chemical management services."

"The entire team at AEA is excited to partner with the
management team of Houghton International to continue the growth
and expansion of this long-standing industry leader," said Brian
Hoesterey, a partner at AEA.  "We plan to support Houghton
through our experience in the chemical industry, global
footprint, operating resources and access to capital. We seek to
help management drive both organic and acquisition-based growth,
leveraging Houghton's strong positions in its key markets."

CIBC World Markets Corp. acted as exclusive financial advisor to
Houghton, and Morgan, Lewis & Bockius LLP acted as legal
counsel.  Fried, Frank, Harris, Shriver & Jacobson LLP acted as
legal counsel to AEA Investors LLC.

                          About AEA

AEA -- http://www.aeainvestors.com/-- is one of the most
experienced international private equity investment firms with
investors that include former and current CEOs of major
multinational corporations, family groups, endowment funds and
institutions from around the world.  With offices in New York,
London and Hong Kong, AEA invests in companies in four sectors:
value-added industrial products, specialty chemicals, consumer
products and services to those sectors.

                About Houghton International

Headquartered in Valley Forge, Pennsylvania, Houghton
International Inc. -- http://www.houghtonintl.com/--
manufactures oils and specialty chemicals for lubrication in
most of the big Midwestern industries: metalworking, automotive,
and steel.  Its products range from aluminum and steel rolling
lubricants to rust preventatives to fire-resistant hydraulic
fluids.  The FLUIDCARE division helps manufacturers reduce costs
through chemical management and recycling.  It maintains more
than 30 sales and manufacturing facilities in North and South
America, Europe, Africa, Australia, and Asia.  The company was
founded in 1865.  It has operations in Austria, Australia,
Brazil, Chile, China, Denmark, Hong Kong, India, Japan, Korea,
United Kingdom, Finland, France, Germany, Greece, Ireland,
Italy, Malaysia, Poland, Norway, Romania, and Turkey.


MEAT HOPE: Ex-Officers Arrested for Roles in Mislabeling Scandal
----------------------------------------------------------------
Meat Hope Co.'s former president, Minoru Tanaka, and former
executives were arrested by police for their alleged roles in
the labeling of minced meat containing pork and chicken as 100%
beef, Kyodo News reports.

Mr. Tanaka's home was raided by the Hokkaido prefectural police,
with the intention of pursuing the case, Kyodo News relates.

The report recounts that the company is suspected of defrauding
client firms in order to boost profits through mislabeling.

As reported in the Troubled Company Reporter-Asia Pacific on
June 29, 2007, results of an Agriculture, Forestry and Fisheries
Ministry investigation showed that Meat Hope sold ground beef
mixed with pork, chicken and other meat, and labeled only as
ground beef to Hokkaido Katokichi Co. and 17 other companies
since 1998.  Meat Hope, according to the investigation, sold
around 368 tons of the intentionally wrong-labeled product in
2006.

A subsequent TCR-AP report stated that Meat Hope filed for
bankruptcy on July 17 with the Tomakomai branch of the Sapporo
District Court.  The company, according to the report, had
determined that it cannot maintain its business any longer
because its reputation has been severely damaged after the
mislabeling scandal broke on June 20.  Meat Hope stopped its
production lines and received many returned products from its
distributors and retailers.

The company had liabilities of about JPY670 million, the TCR-AP
cited The Shimbun.  However, a former Meat Hope executive said
that the sum cannot be taken at face value because the company
is also suspected of having juggled its accounts to evade taxes.


XEROX CORP: Denies Speculations on Lexmark International Bid
------------------------------------------------------------
Xerox Corp., along with Dell Inc., is said to be eyeing Lexmark
International Inc.  However, Xerox CEO Anne Mulcahy denies the
speculation, stating that Lexmark will not enhance shareholder
value.  Rather, Xerox aims to acquire software, distribution and
services.

Analysts say that Lexmark is likely to consider a leverage
buyout after the company disclosed missed second quarter
revenues and income goals, and deferred third quarter results.
In addition, shares dropped 32% over the past year.

Eastman Kodak Company, which is believed to be a Lexmark suitor,
doesn't have plans to acquire a company.

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.

                          *     *     *

Standard & Poor's Ratings Services revised its rating outlook on
Xerox Corp. to positive from stable on May 2007.  Ratings on the
company, including the 'BB+' long-term and 'B-1' short-term
corporate credit ratings, were affirmed.  The ratings still hold
to date.


XEROX CORP: Earns US$254 Million in Quarter Ended September 30
--------------------------------------------------------------
Xerox Corporation reported third-quarter 2007 financial results.

The company reported US$254 million of net income on
US$4.3 billion revenues for the quarter ended Sept. 30, 2007,
compared with US$536 million of net income on US$3.8 billion
revenues for the same quarter last year.

Total revenue of US$4.3 billion grew 12% in the quarter with
post-sale and financing revenue -- Xerox's annuity streams that
represent more than 70% of total revenue -- up 11%.  Both total
revenue and post-sale revenue included a currency benefit of 3
percentage points as well as the benefit from Xerox's
acquisition of Global Imaging Systems.

"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," Anne M. Mulcahy, Xerox chairman and chief
executive officer, said.

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$23.3 billion and total liabilities of
US$15.5 billion, resulting in a US$7.8 billion stockholders'
equity.  Equity last year was US$7.0 billion.

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.

                          *     *     *

Standard & Poor's Ratings Services revised its rating outlook on
Xerox Corp. to positive from stable on May 2007.  Ratings on the
company, including the 'BB+' long-term and 'B-1' short-term
corporate credit ratings, were affirmed.  The ratings still hold
to date.


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

E-NET CORP: Converts 4th Bonds to 1,519,948 Shares
--------------------------------------------------
E-Net Corporation's fourth bonds worth KRW2,362,000,000
have been converted for 1,519,948 shares, at the conversion
price of KRW1,554 per share of convertible bond, Reuters Key
Developments reports.

According to the report, the company's outstanding common share
is now 90,163,838.  The new shares will be listed on November 2,
2007.

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.

The Troubled Company Reporter-Asia Pacific reported on
March 16, 2007, that Korea Ratings gave E-Net Corporation's
fifth unregistered/unsecured overseas convertible bonds issuance
of US$10 million with warrants a 'B-' rating with a stable
outlook on March 6, 2007.


EG GREENTECH: Hires Choi Se Jin as Co-Chief Executive Officer
-------------------------------------------------------------
EG Greentech Co Ltd has appointed Choi Se Jin as its Co-Chief
Executive Officer, effective October 10, 2007, Reuters reports.

The news agency notes that the current chief executive officer,
Lee Dae Hyun, continues his duty as Co-CEO.

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--
formerly Key Engineering Co., Ltd., is engaged in the provision
of environmental treatment system solutions.  The company
carries its business in five main areas: volatile organic
compound (VOC) gas treatments, wasted water treatments, nitrogen
oxide (NOx) treatments, environmental energy diagnosis and
fitted prevention equipment.  Its prime product is the
regenerative thermal oxidizer (RTO), a VOC treatment system,
which is mainly provided for the petrochemical and chemical
industries and it also provides regenerative catalytic oxidizers
(RCO), adsorption and solvent recovery units (ASR), evaporated
and regenerative waste water incineration systems and wet air
oxidation systems.

The Troubled Company Reporter-Asia Pacific reported in its
June 8, 2007 "Large Companies with Insolvent Balance Sheets"
column that EG Greentech had a shareholders' equity deficit of
US$1.50 million on total assets of US$186.00 million.


EG SEMICON: Completes Issuance of 3,980,000 Common Shares
---------------------------------------------------------
EG Semicon Co Ltd. has completed issuance of 3,980,000 common
shares at an offer price of KRW500 per share, Reuters reports.

According to the report, the issuance of the shares was through
a private offering.

The total number of the company's outstanding common shares is
now 45,771,264, the report says.  The confirmed listing date of
the new shares is October 19, 2007, the report adds.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On October 19, 2007, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


EG SEMICON: Largest Shareholder Sells 7.54% Stake
-------------------------------------------------
EG Semicon Co Ltd's largest shareholder, Lee Jong Moo, has
signed a contract to sell off 3,450,589 shares of the company's
stock, an equivalent of a 7.54% stake, Reuters reports.

The report relates that Mr. Moo will sell the 7.54% stake to the
company's chief executive officer, Jung Ha Soo.  The stake is
priced KRW2,420 million.

Upon completion of the transaction, the largest shareholder of
the company is expected to be Mr. Jung, the report adds.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and one in China.

On October 19, 2007, the Troubled Company Reporter-Asia Pacific
reported that EG Semicon Co. has a shareholders' equity deficit
of US$12.34 million on total assets of US$166.70 million.


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

CROMDALE DEVELOPMENTS: Taps Shephard and Dunphy as Liquidators
--------------------------------------------------------------
On October 2, 2007, the High Court of Wellington appointed Iain
Bruce Shephard and Christine Margaret Dunphy as liquidators for
Cromdale Developments Ltd.

The Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         c/o Shephard Dunphy Limited
         Zephyr House, Level 2
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


DPS DEVELOPMENTS: Creditors' Proofs of Debt Due on November 2
-------------------------------------------------------------
On September 27, 2007, the shareholders of DPS Developments Ltd.
agreed to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by Nov. 2,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         P. W. Du Preez
         Sterling Business Consultants
         PO Box 32076, Devonport
         Auckland
         New Zealand
         Telephone:(09) 486 3060
         Facsimile:(09) 486 3061


ECO ENERGY: Fixes Nov. 1 as Last Day to File Claims
---------------------------------------------------
The creditors of Eco Energy 2006 Ltd. are required to file their
proofs of debt by November 1, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

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


FIRST DATA: Extends Long-Term Contract with National City Bank
--------------------------------------------------------------
First Data Corp. has further extended its long-term contract
with National City Bank for its debit and credit card
portfolios, which are currently processed by First Data.  First
Data will continue to provide comprehensive processing services
for 5.6 million signature debit card accounts and 3.8 million
credit card accounts.  Terms of the contract were not disclosed.

"We're very pleased to extend our relationship with this very
valuable client," said Susan Henricks, president of First Data's
financial institution business.  "I think we've demonstrated
over the years that we're committed to investing in the product
and service innovations that help financial institutions like
National City grow and protect their customer relationships."

National City is also a member of First Data's STAR(R) Network,
a coast-to-coast electronic payments network specializing in
secure, real-time purchase and ATM transactions.  First Data's
relationship with National City extends back to 1996.

                         About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2007, Fitch Ratings has assigned a 'B-' rating to First
Data Corp.'s proposed US$2 billion senior unsecured notes due
2015 offering.

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's Investors Service has assigned these
ratings:

   -- Corporate Family Rating - B2

   -- US$2 billion senior secured revolving credit facility
      (expires 2013) - Ba3, LGD2 (27%)

   -- US$13 billion senior secured Term Loan B (due 2014) - Ba3,
      LGD2 (27%).


FLETCHER BUILDING: Denies Boral Tie-Up for Carter Holt Bid
----------------------------------------------------------
Fletcher Building Limited denied a report that it has allied
with Boral Ltd for a joint bid of Carter Holt Harvey's assets,
media reports say.

Fletcher and Australia's Boral may combine to make an offer for
the wood products unit of Carter Holt, Bloomberg News relates,
citing a previous report by Wellingon newspaper The Dominion
Post.

Fletcher Chief Financial Officer Bill Roest clarified with
Bloomberg in an interview that the company is not bidding with
the Australian firm.  Mr. Roest, however, did not tell the news
agency if Fletcher will make a separate bid for the assets,
which include sawmills, plywood and panel plants, citing
confidentiality.

According to Reuters, the Carter Holt assets carry a price tag
of up to NZ$2.5 billion.

If the company will buy the Carter Holt assets, it could face
regulatory hurdles, Anne Gibson of The New Zealand Herald notes,
citing a report by First NZ Capital's Andrew Mortimer.

The analyst report, Ms. Gibson relates, speculates that
Australia's regulatory bodies might oppose a deal because of
anti-competitive rules.

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.

                      *     *     *

The Troubled Company Reporter-Asia Pacific, on Oct. 23, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
the following coupon, maturity date, and trading price:

           Coupon          Maturity            Price
           ------          --------            -----
           8.600%          03/15/08         NZ$10.00
           7.800%          03/15/09             9.15
           7.550%          03/15/11             9.20


GROOVELINK LTD: Fixes Nov. 6 as Last Day to File Claims
-------------------------------------------------------
Paul Graham Sargison and Gerald Stanley Rea were named
liquidators for Groovelink Ltd. on October 4, 2007.

The Liquidators are accepting creditors' proofs of debt until
November 6, 2007.

The Liquidators can be reached at:

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


JJK HOLDINGS: Creditors' Proofs of Debt Due on November 1
---------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were named
liquidators of JJK Holdings Ltd. on October 1, 2007.

Messrs. Crichton and Horne are accepting creditors' proofs of
debt until November 1, 2007.

The Liquidators can be reached at:

         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


LONGWOOD HOLDINGS: Names Bhuvan Naran as Liquidator
---------------------------------------------------
On September 28, 2007, Bhuvan Naran was appointed liquidator of
Longwood Holdings Ltd.

The Liquidator can be reached at:

         Bhuvan Naran
         Hussey & Co
         Level 7, 55-65 Shortland Street
         PO Box 1325, Auckland
         New Zealand
         Telephone:(09) 300 5480
         Facsimile:(09) 300 5489


NOUVEAU HOLDINGS: Requires Creditors to File Claims by Nov. 2
-------------------------------------------------------------
On September 28, 2007, the shareholders of Nouveau Holdings Ltd.
appointed John Trevor Whittfield and Boris van Delden as the
company's liquidators.

Messrs. Whittfield and van Delden are accepting creditors'
proofs of debt until November 2, 2007.

The Liquidators can be reached at:

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


SHATTKY & SHATTKY: Proofs of Debt Due on Dec. 27
------------------------------------------------
On September 27, 2007, Vivian Judith Fatupaito and Colin Thomas
McCloy were named liquidators of Shattky & Shattky Limited.

Creditors are required to file their proofs of debt by Dec. 27,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         188 Quay Street, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


SMP INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 8
---------------------------------------------------------
A petition to have SMP Investments Ltd.'s operations wound up
will be heard before the High Court of Auckland on February 8,
2007, at 10:00 a.m.

The petition was filed by Chapman Tripp Sheffield Young on
September 12, 2007.

Chapman Tripp's solicitor is:

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


TLC DRYCLEANERS: Creditors' Proofs of Debt Due on Dec. 27
---------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy were named
liquidators of TLC Drycleaners North Shore Ltd. on September 27,
2007.

Creditors who can file their proofs of debt by December 27,
2007, will be included in the company's dividend distribution.

The company's liquidators are:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         188 Quay Street, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


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

ATLAS CONSOLIDATED: Exchanges PHP809M in Assets for Stock in CCC
----------------------------------------------------------------
Atlas Consolidated Mining and Development Corp. has executed a
deed of assignment and exchange of assets for shares of stock in
favor of its wholly owned subsidiary, Carmen Copper Corp.

The deed covers the transfer of properties including mining
equipment, machinery, buildings and other land improvements
valued at PHP809.162 million.  The properties were transferred
as payment for Atlas' subscription to 809,162,000 common shares
in Carmen Copper.


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.


BANK OF THE PHIL ISLANDS: Credit Card Unit Retains No. 2 Ranking
----------------------------------------------------------------
The Bank of the Philippine Islands' credit card affiliate has
retained its no. 2 position in light of its improved reward
program, the BusinessWorld Online reports.

According to the article, the bank has revised its reward
program to fit with the cardholders' spending habits.  A
microchip has been installed inside every BPI credit card that
records the customers' spending history and personal
preferences.  BPI has also reduced interest rates for the BPI
Express Credit Classic card to 2.75% monthly from the previous
2.99%, the report adds.

The report also reveals that, according to data from the Bangko
Sentral ng Pilipinas, expenditures using credit cards in the
Philippines have risen.  Banks' credit card receivables have
recorded a 24.6% growth in the second quarter this year to
PHP102 billion, from the PHP81.9 billion reported for the same
period last year.  The BSP's data also showed that a bank's
total loan portfolio has credit card loans making up 5% of the
whole figure, a half-basis point growth from last year's 4.5%.

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

On May 28, 2007, Moody's Investor Services assigned a B1 foreign
currency deposit rating to BPI.


BENGUET CORP: Announces Venue for Annual Stockholders' Meeting
--------------------------------------------------------------
Benguet Corp. has announced the venue of its previously
disclosed annual stockholders' meeting to be held on December 18
through a disclosure with the Philippine Stock Exchange.

According to the disclosure, the company will hold the
stockholders' meeting at the Manila Golf and Country Club Inc.,
located at Harvard Road in Forbes Park, Makati City.

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

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


RIZAL COMM'L: 9-Month Net Profit Jumps 117.6% to PHP2.52 Billion
----------------------------------------------------------------
Rizal Commercial Banking Corporation, the country's fourth
largest capitalized private universal bank, registered a
consolidated net income of PHP2.52 billion in the first nine
months of 2007, a 117.6% growth from the PHP1.16-billion income
posted for the same period a year ago.

The bank's Total Resources reached PHP226.36 billion by the end
of September 2007, showing an increase of PHP17.10 billion or
8.2% from the figure recorded in September 2006.

With Loan Portfolio at PHP93.09 billion as of September 2007,
the bank registered a 20.0% growth from the bank's September
2006 Loan Portfolio of PHP77.59 billion.  Net interest income
increased by PHP853 million to PHP6.5 billion or 15% increase
over 2006 level.

The bank's total Deposits grew to PHP158.1 billion, 5.3% higher
than the P150.0 billion level as of September last year.
The Parent Bank's NPL Ratio improved to 6.14% as of September
2007, from the 8.6 % reported as of September last year.

RCBC President and Chief Executive Officer Lorenzo V. Tan is
pleased with the bank's momentum in consumer, corporate,
investment banking and bancassurance businesses.  The latest net
income figures have already eclipsed last year's full year
figure of PHP2.05 billion, which was previously the highest it
has posted ever.  Mr. Tan said "We're beginning to see the
benefits of the structural, operational and capital improvements
which were initiated 24 months ago, leading to the successful
PHP5.6 Billion public offering in March of 2007."

RCBC services its clients through its 297 branches, including
newly opened Business Centers such as the ones in Toledo City,
Bacolod and Angeles City and 283 ATMS nationwide.  RCBC plans to
expand its ATM network by 200 new ATMs over the next 3 years.
The Bank, through its overseas remittance services, is also
present in 24 countries through its network of remittance
centers/branches and tie-ups.  RCBC also launched a battery of
new products that are meant to create excitement in the retail
market.  E-woman, a checking account exclusively designed for
women that provides them with special perks and privileges;
Rizal Enterprise Checking Account, is an interest bearing
checking account that comes with a free accounts payable
software that automates the process of printing checks and
reconciling payables; the RCBC Retail Internet Banking platform,
which now provides customers access to their RCBC accounts 24/7;
and the new RCBC Bankard Diamond credit card.

"With our strong corporate banking business as base, we want to
grow our share of the domestic consumer and overseas Filipino
market through innovative financial products and services.  By
being sensitive to the needs and wants of our customers and we
hope that these efforts will eventually pay-off," Mr. Tan added.

                    About Rizal Commercial

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

                          *     *     *

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

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for RCBC's foreign currency
Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable, the TCR-AP said.

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


* Gov't Revenue Fails to Keep Up with Economic Growth, HSBC Says
----------------------------------------------------------------
The Philippine Government's revenue collection operations are
deteriorating in contrast to the country's high economic growth,
an economist at the Hong Kong and Shanghai Banking Corp. told
the Daily Tribune.

According to HSBC's chief economist for Asia, Frederic Neuman,
tax revenues grew 6.8% year-on-year during the January-August
period.  This amounts to an effective deterioration in the
revenue effort, he said, with the economy growing over 10%
nominally.  Mr. Neuman said this shows that the government's
efforts have failed to keep up with economic growth, thus
casting doubt on the sustainability of the government's revenue
flows.

Mr. Neumann noted the country's improved deficit, which has
fallen to 1.1% of the gross domestic product last year from
2002's record peak of 5.3%, saying that it contributes to a
"broad shift in sentiment."  However, he warned against being
complacent even if the current deficit at nine months is at
PHP40 billion against the programmed PHP54 billion.  Sustaining
the advances thus far gained should be more important, Mr.
Neumann said.

                          *     *     *

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

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

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


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

ALLISON TRANSMISSION: Moody's Junks Rating on US$550MM Sr. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Caa1 (LGD-5, 89%) rating to
Allison Transmission, Inc.'s issuance of US$550 million of 11-
1/4% Senior Toggle Notes due in 2015.

At the same time, Moody's affirmed Allison's B2 Corporate Family
rating, B1 rating on the company's senior secured bank credit
facilities, and stable outlook.

The Toggle Notes notes provide Allison with the flexibility
beyond the initial interest period to pay interest in cash, to
increase the principal amount of the notes or issuing new notes
to pay interest (PIK Interest), or 50% in cash and 50% PIK
Interest.  The Toggle Notes are identical in seniority and
maturity and other material matters with Allison's recent
issuance of US$550 million of 11% cash pay senior unsecured
notes due in 2015.  Accordingly, the Toggle Notes were assigned
the same Caa1 rating as the 11% notes.

Combined, the US$1.1 billion of unsecured notes completes the
permanent refinancing of US$1.1 billion of bridge loan
facilities used to finance the acquisition of Allison
Transmission from General Motors Corporation.  Moody's assigned
initial Allison ratings on July 18, 2007 and affirmed the rating
on the US$550 million of 11% cash pay senior unsecured notes on
Oct. 4, 2007.

Allison Transmission is headquartered in Indianapolis, Indiana,
and has five international regional offices: Sliedrecht, The
Netherlands; Tokyo, Japan; Beijing, China; Singapore; and Sao
Paulo, Brazil.  Allison Transmission also has a presence in more
than 80 countries, which includes over 1,500 distributors and
dealers.  This support network provides service and technical
support worldwide to the division's 250 OEMs, and the many fleet
owners and operators, and end users.  Allison Transmission has a
workforce of over 4,000 salaried and hourly employees.


H & Q ASIA: Requires Creditors to File Claims by Nov. 19
--------------------------------------------------------
H & Q Asia Ventures II Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Nov. 19,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

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


LEONG SAN: Annual General Meeting Set for October 29
----------------------------------------------------
Leong San Tong will hold its annual general meeting on Oct. 29,
2007, at 3:30 p.m., at the office of Messrs. C. N. Tiew & Co.,
62 Cecil Street, #04-00 TPI Building, Singapore 049710.

At the meeting, the members will be asked to:

   -- confirm the minutes of the annual general meeting held on
      March 29, 2007;

   -- discuss matters arising from the last meeting; and

   -- receive and adopt the Audited Statement of Accounts for
      the period from July 1, 2006 to December 31, 2006 and the
      report of the Auditors thereon.


STATS CHIPPAC: Expands China Manufacturing Facility
---------------------------------------------------
STATS ChipPAC Ltd. disclosed that it has opened its second
371,000 square foot manufacturing facility in Shanghai, China.
The new facility almost doubles the Company's current floor
space of 422,000 square feet, further strengthening STATS
ChipPAC's position as the largest full turnkey assembly and test
service provider in China.

"China is a growing market and an important strategic location
for our customers and our company.  STATS ChipPAC has
differentiated itself by the depth of our technology portfolio
in China, proven high volume manufacturing experience and a
successful business model based on full turnkey solutions," said
Wan Choong Hoe, Executive Vice President and Chief Operating
Officer, STATS ChipPAC.

In addition to the recent floor space expansion, STATS ChipPAC
has been rapidly building its technology portfolio in China with
advanced die attach and wire bond processes, advanced mold
processes, film die attach and wafer thinning. With high
volume production experience in Plastic Ball Grid Array (PBGA)
packages, three dimensional (3D) stacking and System-in-Package
(SiP) solutions, STATS ChipPAC Shanghai is one of the most
advanced integrated circuit (IC) subcontractors in China.

STATS ChipPAC is also adding a turnkey flip chip solution from
bump, sort and assembly to final test in China.

"Today we celebrate the significant milestones and success that
STATS ChipPAC Shanghai has achieved over the past 12 years and
the potential for growth we believe is ahead.  From research and
development to design, assembly, and test, we have the
resources, equipment, and advanced processes necessary to ensure
our customers have a competitive edge in their markets," said
Lee Yik Choong, President and Managing Director, STATS ChipPAC
Shanghai.

                       About STATS ChipPAC

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

                          *     *     *

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


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

KRUNG THAI: Unit Seeks to Ink Foreign Broker Partnership in 2008
----------------------------------------------------------------
Krung Thai Bank PCL affiliate KTB Securities is seeking to
secure a partnership with a foreign broker next year, the
Bangkok Post reports.

An online expansion is also planned with 10 planned new outlets
at KTB branches by the end of the year, the report adds.  The
first of this will be at the bank's headquarters on Soi Nana.

The new branches will make KTBS' total braches to 14, KTBS'
chief executive Charnchai Kulthavarakorn told the Post.  "Our
aim is to become a discount broker with a focus on online
trading. We're taking steps to prepare for the full
liberalisation of commission fees and trading licences in the
future," he said.

Mr. Charnchai also said that the company has a THB1-billon
credit line from KTB for relending as margin loans for its about
70 margin loan customers.  "We are ready for growth, and will
also be looking to bring in a foreign strategic partner among
leading international houses to help us expand," he concludes.

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

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

                          *     *     *

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


* Fitch Monitors Key Developments in Global Structured Finance
--------------------------------------------------------------
Senior analysts from Fitch Ratings said that they are actively
monitoring the key issues and developments of global structured
finance, and have been taking and continue to take appropriate
actions as necessary to address them.

Leading the discussion in Fitch's Global Structured Finance
Conference in Tokyo, John Bonfiglio, group managing director and
head of Fitch's US structured finance team, remarked that the
credit problems that began with U.S. subprime mortgage bonds
have spread across the globe and have impacted several Asian
Pacific firms.

"Many investors in this RMBS product are facing their own
liquidity and credit challenges," said. Mr Bonfiglio, "and Fitch
is working hard to address both the residential and all the
related issues it sees, and re-rate securities, as quickly as
possible," he added.  Broadly speaking however, Fitch expects
the overwhelming majority of 'AAA' rated RMBS securities to be
able to survive the stresses of the current market.

Meanwhile, the combination of high risk loans and declining home
prices has led to increased defaults and losses in U.S. subprime
RMBS.  Interest rate resets on adjustable mortgages also present
the risk of additional defaults.  Glenn Costello, managing
director and RMBS co-head based in New York, said that Fitch has
reviewed all subprime RMBS from 2006 and adjusted ratings as
necessary.  Additionally, Fitch has made changes to the analysis
of new RMBS for both prime and subprime mortgages.

Over in Europe, the outlook for the UK non-conforming (sub-
prime) mortgage sector has become more negative following the
liquidity crisis over the summer.  Stuart Jennings, managing
director and head of Fitch's European RMBS team based in London,
said that this has resulted in a shrinking subprime sector and
presents similar reset risks to the 2006 vintage that have
already afflicted the same US vintage.  "Fitch is in the process
of revising outlooks for deals where appropriate, which is an
early indicator of potential rating action to follow," said Mr
Jennings.

Commenting on CDOs and SIVs, John Schiavetta, group managing
director of Derivative Fitch in New York, said that these are
leveraged structures that have been greatly impacted by their
exposure to the deterioration of subprime mortgage credit and
the general re-pricing of credit risk in the markets.  "Fitch is
actively surveilling our ratings and differentiating the
evolving credit risks in these structures in transparent rating
actions and analysis for investors," said Mr Schiavetta.

Fitch's Global Structured Finance Conference is held biannually
in Asia with agendas tailored for individual markets, and was
also held in Singapore and Taipei earlier in March this year.





                           *********

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 ***