TCRAP_Public/071026.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R
 
                     A S I A   P A C I F I C

           Friday, October 26, 2007, Vol. 10, No. 213

                           Headlines

A U S T R A L I A

ABC ACCENT: Placed Under Voluntary Liquidation
AUSTRALIAN - AMERICAN: Commences Liquidation Proceedings
CARLI PTY: Members to Hold Final Meeting on November 2
CHRYSLER LLC: UAW Local 685 Rejects Tentative Labor Agreement
DR. NGUYEN-PHUOC: Members Decide to Wind Up Operations

ENESCO GROUP: Plan Confirmation Hearing Set for Nov. 28
ERIC WHITBREAD: Commences Liquidation Proceedings
EVANS & TATE: Receivers Opt for McWilliam's as Procurer
J F PLASTERING: Members Agree on Voluntary Liquidation
MAYDIS PTY: Members to Receive Wind-Up Report Today

PROPERTY NATIONAL: Supreme Court Enters Wind-Up Order
SYMBION HEALTH: To Push Through w/ Healthscope Revised Proposal
TRACKSELL PLANT: Members' Meeting Set for Nov. 5
VINCE PETITTO: Will Declare First and Final Dividend on Oct. 31
ZINIFEX LTD: Posts 13% Production Boost for Quarter to Sept. 30


C H I N A   &   H O N G  K O N G

ALERIS INT'L: Merging Monterrey Unit to Monclova Plant in Mexico
ASAT HOLDINGS: Nasdaq Scraps Delisting Decision
BEIJING SHOUGANG: To Drastically Cut Productions for Olympics
CHINA SOUTHERN: 1st Half Profit Soars 49% on Strong Demand
DANA CORP: Gets Go Signal to Begin Soliciting Votes on Plan

EVER LARGE: Placed Under Voluntary Liquidation
HONG GLAP: Members to Receive Wind-Up Report on Nov. 13
HONG KONG YOSHITOKU: Creditors' Proofs of Debt Due on Nov. 15
HOPSON DEVELOPMENT: Names Zhao Hai as Deputy Chairman
HOTEL TYCOON: Commences Liquidation Proceedings

ILI TECHNOLOGY: Fitch Hands BB+(twn) on Issuer Default Rating
JIANGXI COPPER: Rising Costs Cut 9-Months Profit by 8.7%
JOINT OCEAN: Members to Hold General Meeting on Nov. 15
LEE SHING: Members to Hear Wind-Up Report on November 9
MOBIL LPG: Members' Final General Meeting Set for Nov. 12

ROBERTSON: Creditors and Contributories to Meet on Nov. 20
SPANSION INC: Inks Pact with SMIC To Form MirrorBit(R) Products
SPANSION INC: Names Gary Wang as President for China Unit
THE THAI-ASIA: Requires Shareholders to File Claims by Nov. 15
WORLD MATCH: Sets General Meeting for November 12


I N D I A

AES CORP: Unit Says It Will Proceed with Brasiliana Stake Buy
AES CORP: Shuts Down Alamitos Power Station's Unit 6
BAUSCH & LOMB: Named Defendant in 573 Product Liability Suits
EMCO LTD: Earns INR103.58 Million in Sept. 30, 2007 Quarter
MYSORE CEMENTS: To Expand Plants' Capacity; Seeks Govt. Nod

MYSORE CEMENTS: Net Profit Up 3% in Qtr. Ended Sept. 30, 2007
RPG LIFE SCIENCES: Members Approves Scheme of Arrangement
UTSTARCOM INC: Gets Notice of Default from 7/8% Notes Trustee


I N D O N E S I A

BANK NEGARA: Nine-Month Profit Ups 10% to IDR1.56 Trillion
GARUDA: Customs Suspends 6 Airlines Due to Requirement Failure
HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes
ORBITAL SCIENCES: Earns $15.7 Million in Quarter Ended Sept. 30
REXAM PLC: To Build New Beverage Can Plant in Denmark


J A P A N

AZEL CORP: R&I Affirms BB Issuer Rating and BB- Long-term IR
NOVA CORP: Labor Regulator Asks President to Answer Wage Issues
SANYO ELECTRIC: Settles Patent Dispute with 3M Co.


K O R E A

GENEXEL-SEIN: Adjusts Conversion Price of 2nd Convertible Bonds
EVEREX INC: Adjusts Price of Eighth Bond With Warrants
TOWER AUTOMOTIVE: Court Oks PCT'S Bid for Deal with Plaintiffs
TOWER AUTOMOTIVE: Dec. 10 Hearing Set for ERISA Suit Settlement


M A L A Y S I A

LITYAN HOLDINGS: Names New CEO and Executive Director
MANGIUM INDUSTRIES: Unit Defaults on Loan from Two Banks
SHAW GROUP: Appeals IRS Adjustments for 2002-2003 Tax Returns
SHAW GROUP: Stone Acquisition-Related Appeal Still Pending
SHAW GROUP: Continues Review of Accounting for Acquisitions

SUNWAY INFRASTRUCTURE: Unit Buys MTSB as Special Purpose Vehicle
TALAM CORP: Unit Acquires Chinese Firm for MYR45 Million


N E W  Z E A L A N D

FIRST DATA: Subsidiary Reaches Agreement with Meijer
FOXKITCHENS LTD: Appoints Official Assignee as Liquidator
GLINK GRAPHICS: Fixes November 2 as Last Day to File Claims
HAYWARD HUNT: Taps Official Assignee as Liquidator
JUNO GROUP: Commences Liquidation Proceedings

MARPLE INVESTMENTS: Creditors' Proofs of Debt Due on Oct. 4
MRC GROUNDS: Fixes Nov. 5 as Last Day to File Claims
PAPAKURA MOTORS: Appoints Official Assignee as Liquidator
PRADO CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 1
SOLOMON NOMINEES: Taps Rhys Michael Barlow as Liquidator

TACLOBAN LTD: Accepting Proofs of Debt Until Nov. 2


P H I L I P P I N E S

BANGKO SENTRAL: May Be Obliged to Pay Old Central Bank's Debts
CHINA BANKING CORP: PSE Approves Listing of Additional Shares
CHINA BANKING CORP: Danilo Alcoseba Steps Down as Board Advisor
LAFAYETTE MINING PHILS: Ships US$8.38 Million During 3rd Quarter
PHIL LONG DISTANCE: Expects PHP34-Billion Net Income for 2007

RIZAL COMM'L: Turns 3,042 Preferred Stock to 1,096 Common Shares
* PLDT Head Makes Suggestions to Reach 1st World Status in 2027
* Businessmen Urges Government to Watch Appreciation of Currency


S I N G A P O R E

GENESIS TECHNOLOGIES: Accepting Proofs of Debt Until Nov. 2
INTEGRAL PERIPHERALS: Pays First and Final Dividend
FLEXTRONICS INT'L: Earns US$121 Mil. in Quarter Ended Sept. 28
REFCO INC: Shareholders Sue Mayer Brown Over Role in Collapse
STATS CHIPPAC: Posts US$27.9MM Net Income in Qtr. Ended Sept. 30


T H A I L A N D

BANK OF AYUDHYA: Fitch Assigns 'A+' Nat'l Rating to Debentures
KRUNG THAI: Shortlists 500 Clients for Possible Market Listing
TOTAL ACCESS: Expects 65 Mil. Mobile Phone Subscribers in 2008
TOTAL ACCESS: Suspends 3G Investment Pending Clearer NTC Policy


* Large Companies with Insolvent Balance Sheets

     - - - - - - - -

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

ABC ACCENT: Placed Under Voluntary Liquidation
----------------------------------------------
On September 19, 2007, the members of ABC Accent Pty Ltd passed
a resolution to liquidate the company's business.

Robert Roxburgh Elliott of Brigden & Partners was appointed as
liquidator.

The Liquidator can be reached at:

         Robert Roxburgh Elliott
         GPO Box 2564
         Sydney, New South Wales 2001
         Australia

                         About ABC Accent

ABC Accent Pty Ltd is involved with the footwear business.  The
company is located at Richmond, in Victoria, Australia.


AUSTRALIAN - AMERICAN: Commences Liquidation Proceedings
--------------------------------------------------------
During a general meeting held on September 14, 2007, the members
of Australian - American Association Ltd agreed to voluntarily
liquidate the company's business.

Scott Cameron Turner was appointed as liquidator.

The Liquidator can be reached at:

         Scott Cameron Turner
         Level 4, 151 Macquarie Street
         Sydney, New South Wales 2000
         Australia

                   About Australian-American

Australian-American Association Ltd, which is also trading as
Australian American Centre, provides social services.  The
company is located at Sydney, in New South Wales, Australia.


CARLI PTY: Members to Hold Final Meeting on November 2
------------------------------------------------------
The members of Carli Pty Ltd will hold their final meeting on
November 2, 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:

         Nicholas Craig Malanos
         c/o Star Dean Willcocks
         32 Martin Place, Level 1
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9223 2944
         Facsimile:(02) 9223 3011

                        About Carli Pty

Carli Pty Ltd operates gift, novelty and souvenir shop.  The
company is located at Victoria Park East, in West Australia,
Australia.


CHRYSLER LLC: UAW Local 685 Rejects Tentative Labor Agreement
-------------------------------------------------------------
United Auto Workers Local 685, with 4,500 employees at three
Chrysler LLC transmission plants in Kokomo, Indiana, rejected a
tentative labor contract between the union and the carmaker by a
72% margin, Mike Ramsey of Bloomberg News reports citing local
president Guy Barger.

The result has raised the likelihood of the pact to fail on an
overall level.  Results for nearby Local 1166 were not
available, Mr. Ramsey relates.

As reported in yesterday's Troubled Company Reporter, union
leaders were trying to sweet talk members at three Chrysler
plants in Indiana, Michigan and Illinois, each employing more
than 1,00 workers, to approve a tentative labor contract between
the union and the carmaker.

Lobbying efforts were directed at:

  * members of a key local in Kokomo, Indiana, who voted
    Oct. 23, 2007,

  * members of a key local in Sterling Heights, Michigan, who
    are voting today, Oct. 24, 2007, and

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

Four large union locals, representing a majority vote of
Chrysler's 45,000 union members, rejected the United Auto
Workers union's pact with Chrysler LLC over the weekend.  Locals
from Delaware, Missouri and Ohio turned down the pact on
Saturday while a Detroit local with 2,200 UAW members, vetoed it
on Sunday.

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

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

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

                    About Chrysler LLC

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

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

                       *     *     *

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

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

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


DR. NGUYEN-PHUOC: Members Decide to Wind Up Operations
------------------------------------------------------
During a general meeting held on September 14, 2007, the members
of Dr. Nguyen-Phuoc Pty Limited agreed to voluntarily wind up
the company's operations.

Ozem Kassem and Deryk Andrew were named as liquidators.

The Liquidators can be reached at:

         Ozem Kassem
         Deryk Andrew
         Level 10, 76-80 Clarence Street
         Sydney
         Australia
         Telephone:(02) 8221 8433

                     About Dr. Nguyen-Phuoc

Dr. Nguyen-Phuoc Pty Limited operates offices and clinics of
medical doctors.  The company is located at Greystanes, in New
South Wales, Australia.


ENESCO GROUP: Plan Confirmation Hearing Set for Nov. 28
-------------------------------------------------------
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 Nov. 19.

Judge Goldgar had given his conditional approval on the adequacy
of the Disclosure Statement explaining the Plan and has also set
Nov. 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.


ERIC WHITBREAD: Commences Liquidation Proceedings
-------------------------------------------------
During a general meeting held on September 13, 2007, the members
of Eric Whitbread Shoes Pty Ltd agreed to voluntarily liquidate
the company's business.

Jennifer Harwood was named as liquidator.

                      About Eric Whitbread

Eric Whitbread Shoes Pty Ltd operates shoe stores.  The company
is located at Parramatta, in New South Wales, Australia.


EVANS & TATE: Receivers Opt for McWilliam's as Procurer
-------------------------------------------------------
Receivers for winemaker Evans & Tate Ltd. have announced a
preferred buyer for the Margaret River company, ABC News
reports.

The report says that McWilliam's Wines consortium, after a seven
week tender preferred by receivers McGrath-Nicol, has been
chosen as the preferred procurer of the Margaret River company.
The sale is expected to be finalized by the end of November.

Evans & Tate, who went into receivership after ANZ bank
foreclosed on a AU$100 million debt in August, had previously
been involved in a merger prospect with McWilliam's Wines, but
the deal fell through, relates ABC.

McWilliam's Wines, according to ABC, declined to comment on this
matter.

                      About Evans & Tate

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

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

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


J F PLASTERING: Members Agree on Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on September 20, 2007,
the members of J F Plastering & Construction Pty Limited agreed
to voluntarily liquidate the company's business.

David Anthony Hurst and Andrew Hugh Jenner Wily were named as
liquidators.

The Liquidators can be reached at:

         David Anthony Hurst
         Andrew Hugh Jenner Wily
         Armstrong Wily Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                      About J F Plastering

J F Plastering & Construction Pty Ltd provides business
services.  The company is located at Abbotsford, in New South
Wales, Australia.


MAYDIS PTY: Members to Receive Wind-Up Report Today
---------------------------------------------------
Maydis Pty Limited will hold a final meeting for its members
today, October 26, 2007, at 11:00 a.m.

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

The company's liquidator is:

         B. P. Woodward
         B P Woodward & Associates
         Suite 501, 83 York Street
         Sydney, New South Wales 2000
         Australia

                        About Maydis Pty

Locate at Pampoolah, in New South Wales, Australia, Maydis Pty
Limited is an investor relation company.


PROPERTY NATIONAL: Supreme Court Enters Wind-Up Order
-----------------------------------------------------
On September 17, 2007, the Supreme Court of New South Wales
entered an order directing the wind up of Property National Pty
Ltd's operations.

Riad Tayeh and Randall Joubert were appointed as liquidators.

The Liquidators can be reached at:

         Riad Tayeh
         Randall Joubert
         c/o de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2124
         Australia
         Telephone:(02) 9633 3333
         Facsimile:(02) 9633 3040

                     About Property National

Property National Pty Ltd -- http://www.propertynational.com--
provides investment advice.  The company is located at Neutral
Bay, in New South Wales, Australia.


SYMBION HEALTH: To Push Through w/ Healthscope Revised Proposal
---------------------------------------------------------------
Symbion Health Limited noted the announcement made by Primary
Health Care Limited regarding it intention to vote against
Symbion Health's proposal to merge its diagnostics business with
Healthscope Limited and to also vote against the proposed scheme
of arrangement in relation to Symbion Health's consumer and
pharmacy business.

Primary has made its announcement without having received or
considered the explanatory memorandum which is to be issued by
Symbion Health in relation to the Diagnostics Proposal and the
C&P Proposal.

Given the Symbion Health shareholder approval requirements, it
is possible that the Diagnostics Proposal and the C&P Proposal
can be implemented even if Primary votes against the proposal.

The relevant Symbion Health shareholder approval requirements
are set out below:

   * for the Diagnostics Proposal: approval is only required
     from the holders of more than 50% of the total number of
     Symbion Health shares voted at the Symbion Health
     shareholder meeting to consider the Diagnostics Proposal;
     and

   * for the C&P Proposal: approval is required from a majority
     in number of Symbion Health shareholders present and voting
     at the shareholder meeting holding at least 75% of the
     total number of Symbion Health shares voted at the
     shareholder meeting to consider the C&P Proposal.  In
     addition, approval is required from the holders of more
     than 75% of the total number of Symbion Health shares voted
     at the meeting to consider the financial assistance
     resolution which relates to the C&P Proposal.

The Diagnostics Proposal is not conditional on the C&P Proposal.
The C&P Proposal is conditional on the Diagnostics Proposal.

The Chairman of Symbion Health, Paul McClintock, said:

"When Symbion Health agreed to proceed with the Diagnostics
Proposal and the C&P Proposal, Symbion Health recognized the
possibility that the Diagnostics Proposal might be implemented
and the C&P Proposal might not be implemented.

"Primary's 20% shareholding in Symbion Health is unlikely to be
sufficient to block the Diagnostics Proposal, and we believe the
Diagnostics Proposal alone would create significant value for
Symbion Health shareholders.  Once the Diagnostics Proposal is
approved, Symbion Health shareholders should vote for the C&P
Proposal unless they consider that there would be greater value
for Symbion Health shareholders to continue to own these
businesses as part of a standalone listed entity.

Symbion Health Directors continue to unanimously recommend the
Diagnostics Proposal and the C&P Proposal in the absence of a
superior proposal and subject to the receipt of satisfactory
reports from the independent expert."

Symbion Health notes that Primary may change its voting
intention, including if there is a material change in
circumstances or in the structure of the proposal.

Symbion Health also notes that Primary is able to sell its
shares in Symbion Health to a third party who may vote in favor
of the Diagnostics Proposal and / or the C&P Proposal.

Symbion Health notes that Primary has not made any comment about
its willingness to support the original proposal.  If, on or
before midday (Melbourne time) on the fifth day after the
release of the explanatory memorandum in relation to the
Diagnostics Proposal and the C&P Proposal, Primary makes a
public and legally binding commitment (in an acceptable form) to
support the original proposal, Symbion Health, Healthscope and
the IAC consortium will seek to implement the original proposal.

                     About Symbion Health

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

                          *     *     *

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


TRACKSELL PLANT: Members' Meeting Set for Nov. 5
------------------------------------------------
Tracksell Plant Services Pty Limited will hold a meeting for its
members on November 5, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         M. J. M. Smith
         Smith Hancock
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia

                     About Tracksell Plant

Tracksell Plant Services Pty Limited is involved with heavy
construction.  The company is located at Parramatta, in New
South Wales, Australia.


VINCE PETITTO: Will Declare First and Final Dividend on Oct. 31
---------------------------------------------------------------
Vince Petitto Pty Ltd will declare its first and final dividend
on October 31, 2007.

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

The company's deed administrator is:

         D. A. Hurst
         Armstrong Wily Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                       About Vince Petitto

Vince Petitto Pty Ltd, which is also trading as V P Interiors,
is a distributor of wood office and store fixtures, partitions,
shelving and lockers.  The company is located at Silverwater, in
New South Wales, Australia.


ZINIFEX LTD: Posts 13% Production Boost for Quarter to Sept. 30
---------------------------------------------------------------
Zinifex Ltd. started the financial year on a strong note with
total zinc production in concentrate for the September quarter,
13% higher than for the same period last year.  The increased
production occurred at Century which benefited from steady
operations and by not incurring a major maintenance shutdown as
was the case last year.  Lead in concentrate output was
comparable to that produced during the September quarter last
year.

On September 1, ownership of and operational responsibility for
Zinifex\u2019s smelters was transferred to Nyrstar, the
world\u2019s largest producer of zinc metal. Therefore in this
review we report smelter production for the last time and only
the first two months of this financial year.  For this period
production of zinc metal was in line with the same period last
year and lead was nearly four times higher due to Port Pirie
being shut for planned maintenance for most of July and August
last year.

Zinc prices continued to weaken during the September quarter
averaging US$3,237 per tonne, 4% lower than for the comparative
quarter in 2006.  The zinc price in Australian dollars has been
impacted more significantly due to the weakening US dollar.
Despite zinc stocks falling further from already low levels and
sound market fundamentals, the markets are taking their pricing
cues from expectations that new zinc supply will enter the
market in 2008 returning it to surplus.  We hold the view that
any surplus to emerge next year is likely to be modest given
continuing strong demand in China and the tendency evident in
recent years for new mines to be delayed and /or deliver lower
than expected tonnage.

Lead prices have again surged to record levels approaching
US$4,000 per tonne on the back of ongoing supply issues and
strong demand.  LME stocks of lead fell by nearly 50% during the
quarter to less than a day\u2019s supply when the Chinese
government introduced an export tax which resulted in a
significant fall in that country\u2019s lead exports. We remain
positive on the near term outlook for lead where supply issues
continue to hold the market\u2019s attention.

During the past quarter Zinifex transferred its smelting
businesses to Nyrstar.  More recently we announced that part or
all of our approximately 60% interest in Nyrstar would be sold
in a public offering of Nyrstar shares.  The offer is expected
to close on 26 October with the final quantity sold and price
paid for Nyrstar shares announced on 29 October.  We are pleased
with interest shown so far.

Our strategy to grow our mining business continues to gather
pace.  We have been actively exploring all our international
projects as well as progressing the development of our Dugald
River zinc project in Australia and the Izok Lake copper/zinc
project in Canada.

Drilling at the Silver King prospect near our Century mine
confirmed the presence of significant mineralization with a
resource expected to be confirmed shortly.  In addition nearby
drilling also intersected significant mineralization suggesting
the deposit extends further than previously thought.  Zinifex
also completed earning its 70% interest in the Menninnie Dam
project in South Australia and is awaiting further assay results
to enable a resource to be calculated.

The Board\u2019s search for a new Chief Executive Officer is
progressing well and we are confident an announcement will be
made this calendar year.

                       About Zinifex

ZINIFEX: Zinifex Limited, one of the world's largest integrated
zinc and lead companies -- http://www.zinifex.com/-- is
headquartered in Melbourne, Australia.  The company owns and
operates two mines and four smelters.  The mines and two of the
smelters are located in Australia and supply the growing
industrial markets of the Asian-Pacific region, including China.
The company also has a zinc smelter in the Netherlands and the
United States.  The company sells a range of zinc metal, lead
metal, and associated alloys in 20 countries.  More than 80% of
the company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.

Zinc is used for steel galvanizing and die-casting and lead for
lead acid batteries used mainly in cars and other vehicles.

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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

ALERIS INT'L: Merging Monterrey Unit to Monclova Plant in Mexico
----------------------------------------------------------------
Aleris International Inc. will consolidate the operations of its
Monterrey, Mexico facility into its Monclova, Mexico plant,
which was part of the recently acquired Wabash Alloys, LLC.  In
addition, the operations of Wabash Alloy's Guelph, Canada
facility will be consolidated into the operations of Aleris and
former Wabash Alloys facilities.  Both actions are currently
underway.

The Monterrey plant, which employed approximately 41 people,
produced specification aluminum alloys that were delivered to
customers in both ingot and molten form.  The Guelph plant,
which employed approximately 50 people, produced niche
specification alloys, which were delivered primarily in ingot
form to customers in Canada and the United States.

"The closures are part of our ongoing initiatives to optimize
our production footprint and maximize productivity while
continuing to provide the highest quality products and services
to our valued customers," said Ed Hoag Vice President and
General Manager, Specification Alloys.

                 About Aleris International

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico, China
and Wales, and employs approximately 4,200 employees.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent US$105 million 9% senior notes
due 2014, which are an add-on to the company's existing $600
million 9% senior notes due 2014.


ASAT HOLDINGS: Nasdaq Scraps Delisting Decision
-----------------------------------------------
ASAT Holdings Limited, on September 21, 2007, said that the
Company received a Nasdaq Staff Determination letter dated
September 17, 2007, indicating that the Company's market value
of listed securities had been below US$35,000,000 as required
for continued inclusion by Marketplace Rule 4320(e)(2)(B) (the
"Rule") and that its American Depositary Shares ("ADSs") were,
therefore, subject to delisting.

On September 24, 2007, ASAT requested an appeal hearing before a
Nasdaq Listing Qualifications Panel to avoid delisting.  ASAT
subsequently appealed to the Panel and provided information and
other communication to the Panel.

On October 17, 2007, ASAT was informed by the Panel that the
Company had regained compliance with the US$35,000,000 market
value requirement.  As a result, the appeal hearing will be moot
and cancelled, and ASAT's ADSs will remain listed on The Nasdaq
Capital Market.


ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia, Hong Kong and Europe.

At April 30, 2007, ASAT Holdings Limited's consolidated balance
sheet showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in US$88.3 million total
stockholders' deficit.


BEIJING SHOUGANG: To Drastically Cut Productions for Olympics
-------------------------------------------------------------
Beijing Shoungang Steel Co. Ltd has pledged to drastically cut
production next summer so that the 2008 Olympic Games can enjoy
better air quality, Xinhuanet News reports.

Specifically, the Beijing Shougang Group pledged an output
reduction of more than 70% from next July to September.

The steel company, built in 1919 and located 17 kilometers west
of the Tian'anmen Square, has been known to be the worst
polluter in Beijing for years, China Knowledge says.

According to the requirement of the State Council, or the
country's cabinet, Shougang will reduce the annual output of
8 million tons at the Beijing plant to 4 million tons at the end
of this year.  The target output for 2008 is set to be
4.2 million tons.

According to China.com, one of China's online news portals,
during the third quarter next year, the group will maintain the
monthly output at 200,000 tons, 30% of its normal capacity.  In
those three months, the company will carry out the minimum
amount of production necessary to ensure that the plant and
machinery can continue to function.

Beijing Shougang has also made specific plans for emission
control.  In 2008, the emissions of soot, dust and sulfur
dioxide will be reduced by 50.32%, 49.22% and 49.18%
respectively, the news agency says.

"The production is basically suspended during that period, which
brings about great economic losses to the group," the group's
president, Zhu Jimin, said.  "But the government may do
something to make up for it, such as refunding taxes."

The State Council has promised that all the taxes collected from
2006 to 2009, totaling CNY3.8 billion (US$5.7 million), will be
refunded.

As one of the efforts made by the Chinese government to improve
air quality, the steel company began in 2005 to relocate its
facilities to a tiny island in Hebei Province, some 200
kilometers east of Beijing.  The new plant will be completed in
2010.


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.


CHINA SOUTHERN: 1st Half Profit Soars 49% on Strong Demand
----------------------------------------------------------
China Southern Airlines returned to profit in the first half of
2007 due to strong customer demand as well as appreciation of
the Chinese yuan against the U.S. dollar, which helped limit
fuel costs, Reuters reports.

In a disclosure with the Shanghai Stock Exchange, the company,
under Chinese accounting standards, posted a net profit of
CNY1.87 billion in the first half of 2007, as compared with a
net profit of CNY1.26 billion in the same period last year.

Turnover for the company also jumped to CNY16.502 billion in the
2007 first half as compared with a turnover of 14.11 billion in
the same period last year.

Operating costs increased to CNY12.33 billion from CNY11.81
billion a year earlier.  Jet fuel accounts for roughly 70% of
the Chinese carrier's operating costs.


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.


DANA CORP: Gets Go Signal to Begin Soliciting Votes on Plan
-----------------------------------------------------------
Dana Corp. and its debtor-affiliates obtained the U.S.
Bankruptcy Court for the Southern District of New York's consent
to begin soliciting votes from creditors on their Joint Plan of
Reorganization.

In approximately one week, Dana expects to begin mailing
solicitation packages to eligible creditors, who are required to
submit their ballots by November 28, 2007.

Before it could proceed with the solicitation process, Dana was
required to show that the disclosure statement attached to the
Plan contained "adequate information" necessary for parties
entitled to vote on the Plan make an informed judgment on the
Plan.  Dana thrice amended the Plan and the Disclosure Statement
to address objections raised by parties-in-interest and provide
updates to recent developments in their Chapter 11 cases.

The Plan, as amended, provides for (i) the Debtors'
restructuring as a sustainable, viable business through several
restructuring initiatives that were undertaken during the
Chapter 11 cases; and (ii) a global settlement among the Debtors
and their unions, Centerbridge Partners, L.P., and certain
creditors.

In November 2006, Dana outlined its restructuring goals, aiming
to achieve a total of US$405,000,000 to US$540,000,000 in
combined annual cost and margin improvement.  Among other
initiatives, Dana reached agreements for pricing adjustments
with its major customers General Motors Corp., Toyota Motor
Engineering & Manufacturing North America, Inc., Ford Motor
Company, and Chrysler Company, LLC.

The Plan provides for the disposal of preferred shares of
reorganized Dana, to be named New Dana Holdco after the Debtors'
emergence from Chapter 11, which is expected to raise
US$790,000,000 in new capital.  Centerbridge and members of an
ad hoc steering committee, which hold in the aggregate
approximately US$800,000,000 in Dana bonds, have agreed to
backstop the rights offering, pursuant to the terms of a
commitment letter, which remains subject to Bankruptcy Judge
Burton R. Lifland's approval.

Centerbridge will (i) pay US$250,000,000 for New Series A
Preferred Stock of New Dana Holdco, and (ii) together with six
other backstop parties, invest up to US$540,000,000 for New
Series B Preferred Stock not purchased by "qualified investors",
which constitute holders of bonds and trade claims of at least
US$25,000,000.

The Plan provides for the full payment of administrative,
secured claims and reinstatement of Asbestos personal injury
claims but provides for zero recovery to holders of the existing
Dana stock Dana and subordinated claims.  General unsecured
creditors will obtain 72% to 86% recovery, depending on the
total amount of claims that will ultimately be allowed in the
class.  Dana expects to shell out 78 to 86 cents on the dollar
if the total allowed amount is between US$2,500,000,000 and
US$2,750,000,000, and notches lower at 72 to 78 cents on the
dollar if the total allowed amount is between US$2,750,000,000
and US$3,000,000,000.

Holders of general unsecured claims, including bondholder and
trade claims, will be entitled to vote on the Plan.  The Debtors
will post the tabulated voting results on the Plan on Dec. 6,
2007.

The Debtors have scheduled a hearing to seek confirmation of the
Plan on Dec. 10, 2007 at 10:00 a.m., Eastern Time.  Objections
to the Plan's confirmation are due Nov. 28.

                     About Dana Corporation

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.


EVER LARGE: Placed Under Voluntary Liquidation
----------------------------------------------
On October 4, 2007, the sole shareholder of Ever large
Investment Limited passed a resolution to liquidate the
company's business.

Wong Lung Tak, Patrick was appointed as liquidator.

The Liquidator can be reached at:

         Wong Lung Tak, Patrick
         China Insurance Group Building
         141 Des Voeux Road Central
         Hong Kong


HONG GLAP: Members to Receive Wind-Up Report on Nov. 13
-------------------------------------------------------
Hong Glap Investment (China) Limited will hold a final meeting
for its members on November 13, 2007, at 10:00 a.m., at the 7th
Floor of Allied Kajima Building, in 138 Gloucester Road, Hong
Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


HONG KONG YOSHITOKU: Creditors' Proofs of Debt Due on Nov. 15
-------------------------------------------------------------
On September 19, 2007, the shareholders of Hong Kong Yoshitoku
Company Limited passed a resolution to liquidate the company's
business.

Creditors are required to file their proofs of debt by Nov. 15,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Lai Kar Yan, Derek
         Darach Eoghan Haughey
         One Pacific Place, 35th Floor
         88 Queensway, Hong Kong


HOPSON DEVELOPMENT: Names Zhao Hai as Deputy Chairman
-----------------------------------------------------
Hopson Development Holdings Limited appointed Zhao Hai as its
new executive director and deputy chairman effective Oct. 23,
2007, Infocast News reports.

In addition, the company also appointed Xue Hu as an executive
director.

Mr. Zhao assumed senior roles with Marriott from 1998 to 2007
and was responsible for the development of Marriott's business
and hotel projects in the PRC.  He was the senior vice president
of development, Marriott International China, Beijing, PRC prior
to joining Hopson Development.

Mr. Zhao is entitled to an annual salary of US$5 million and
options to subscribe for 1 million shares of Hopson Development.


Hong Kong-based Hopson Development Company Holdings Limited
(Hopson) is one of the largest property developers in China.
Its principal businesses are residential developments in four
major cities: Guangzhou, Beijing, Shanghai and Tianjin.

The Troubled Company Reporter-Asia Pacific reported that, on
Jan. 19, 2007, Standard & Poor's Ratings Services placed its BB+
long-term corporate credit rating on Hopson Development Holdings
Ltd on CreditWatch with negative implications.

The TCR-AP reported that Moody's Investors Service on July 11,
2006, downgraded the corporate family and senior unsecured
ratings of Hopson Development Holdings Limited to Ba2 from Ba1.
The ratings outlook is stable.  This concludes the ratings
review initiated on June 13, 2006.


HOTEL TYCOON: Commences Liquidation Proceedings
-----------------------------------------------
The creditors of Hotel Tycoon Travel Limited, on September 28,
2007, appointed Chan Kin Hang, Danvil as the company's
provisional liquidator.

Mr. Chan can be reached at:

         Chan Kin Hang, Danvil
         Ginza Square
         Room 2301, 23rd Floor
         565-567 Nathan Road
         Yaumatei, Kowloon


ILI TECHNOLOGY: Fitch Hands BB+(twn) on Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings, on Oct. 25, 2007, assigned Taiwan's Ili
Technology Corp. a National Long-term Issuer Default Rating
(IDR) of 'BB+(twn)'.  The Outlook on the rating is Stable.

Fitch has also assigned a National rating of 'AA(twn)' to the
TWD160 million three-year zero coupon senior secured convertible
bonds to be issued in November 2007.  The final rating on the
new issue is contingent upon receipt of final documents
conforming to information already received, as well as issuance
approval from local authorities.

The IDR reflects Ilitek's market position as one of the major
designers of driver integrated circuit (IC) for small-and
medium-sized thin film transistor liquid crystal display (TFT-
LCD) in Taiwan and China.  The IDR also reflects Ilitek's strong
IC design capability with a very experienced research and
development (R&D) team, as well as the support in wafer foundry
provided by Powerchip Semiconductor Corp. (PSC).

With its pin-to-pin compatible strategy, cost advantage
supported by PSC, as well as dedicated marketing and relentless
sales efforts, Ilitek has become the largest supplier of display
driver ICs (DDI) for local-brand handset TFT-LCDs in China over
the past year.

A good financial profile characterized by its above average
profitability, low capex requirements and low financial leverage
also supports the IDR.  A significant increase of IC shipment
propelled Ilitek's H107 revenues to NT$964 million, up 20 times
from NT$46 million in the same period a year earlier.  Its
EBITDAR margin rose to 20.3% in H107, from 3.2% in 2006.  Its
total adjusted debt net of cash/operating EBITDAR ratio remained
negative at 1.4x at end-H107.

The issue rating reflects the enhanced credit worthiness
supported by the full and unconditional guarantor, Mega
International Commercial Bank Company Limited ('A-' (A
minus)/'AA(twn)'/Stable).

In addition to limited management track records, the IDR is also
constrained by the company's small operational scale,
concentrated sales among top clients and within the small/medium
sized TFT-LCD sector, as well as a short product life that
usually leads to a sharp decline in ASPs and obsolescence of
unsold inventory.  Its top five clients accounted for around 65%
of the company's sales in the first half of 2007 (H107).  DDI
for small/medium sized TFT-LCD accounted for 99% of its sales in
2006.

Factors moderating the above concerns include likely continuous
revenue growth for the coming two to three years (underpinned by
shipment increases of DDI-applied devices in China), the
outsourcing trend of liquid crystal module (LCM) companies in
Japan, and the company's ability to quickly launch new products
through its streamlined R&D process.

The Stable Outlook reflects Fitch's expectation that Ilitek's
core competence is likely to help it weather cyclical market
conditions and maintain credit metrics within the existing
rating.

Established in July 2004, Ilitek is a fabless IC design company
focusing on driver IC for 1.4-inch to 4.3-inch TFT-LCDs.  Ilitek
serves customers with both standard products (around 80% of
revenues) and customised application-specific integrated circuit
(ASIC) products (20%).  In terms of IC shipment in 2006, Ilitek
was ranked as Taiwan's fifth largest provider of DDI for
small/medium sized TFT-LCDs.  Exports accounted for 74.1% of its
revenues in H107. Ilitek is 18.9%-owned by affiliates of PSC.


JIANGXI COPPER: Rising Costs Cut 9-Months Profit by 8.7%
--------------------------------------------------------
Jiangxi Copper Co.’s net profit in the first nine months fell
8.7% to CNY3.25 billion as a result of the rising costs of raw
materials and sales, China Knowledge relates.

In a filing with the local bourse, the company disclosed a
revenue from January to September of CNY28.56 billion, compared
with CNY17.92 billion last year.  Earnings per share during the
same period were CNY1.1, decreasing by 15.06% year-on-year.

Jiangxi Copper, according to China Knowledge, attributed the
revenue increment to the rising sales volume of its products and
its selling price during the period.  However, the company's
operating cost during the period also rose 109.9% to CNY24.09
billion from CNY11.48 billion last year.

Meanwhile, the company issued 127.8 million A-shares via a
private placement in September at the price of CNY31.30 per
share, which raised approximately CNY4 billion.


Jiangxi Copper Company Limited --
http://www.jxcc.com/english/enjtgs/enindex.htm-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.

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


JOINT OCEAN: Members to Hold General Meeting on Nov. 15
-------------------------------------------------------
A final general meeting will be held for the members of Joint
Ocean International Limited on November 15, 2007, at 11:00 a.m.,
at Room 502 of Hang Bong Commercial Centre, in 28 Shanghai
Street, Kowloon.

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


LEE SHING: Members to Hear Wind-Up Report on November 9
-------------------------------------------------------
Lee Shing Yue Construction Company Limited will hold a meeting
for its members on November 9, 2007, at 2:30 p.m., at the 32nd
Floor of One Pacific Place, in 88 Queensway, Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


MOBIL LPG: Members' Final General Meeting Set for Nov. 12
---------------------------------------------------------
The members of Mobil LPG Investment Company Limited will hold
their final general meeting on November 12, 2007, at 9:00 a.m.,
to hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Wong Lung Tak, Patrick
         China Insurance Group Building
         Room 1101, 11th Floor
         141 Des Voeux Road Central
         Hong Kong


ROBERTSON: Creditors and Contributories to Meet on Nov. 20
----------------------------------------------------------
The creditors and contributories of Robertson Products Limited
will meet on November 20, 2007, at 10:00 a.m. and 10:30 a.m.,
respectively, at the office of Grant Thornton, 13th Floor of
Gloucester Tower, The Landmark, 15 Queen's Road Central,
Hong Kong.

At the meeting, Alan C. W. Tang and Wong Kwok Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SPANSION INC: Inks Pact with SMIC To Form MirrorBit(R) Products
---------------------------------------------------------------
Spansion Inc. has intensified its focus in the China market by
partnering with foundry leader, Semiconductor Manufacturing
International Corporation.  Spansion will transfer its 65nm
MirrorBit(R) technology to SMIC for foundry services on 300mm
wafers in China.  SMIC and Spansion have also signed a
preliminary memorandum of understanding which would allow SMIC
to enter selected segments of the Flash memory market with a
license to manufacture and sell 90nm and 65nm and potentially
future Spansion MirrorBit(R) Quad products for the China content
delivery market.

Spansion has been investing in China for over 10 years and is
now a leading Flash memory provider to the top consumer
electronics and wireless OEMs in the region.  The investment
started with the establishment by AMD, Spansion's former parent
company, of the Suzhou final manufacturing facility - now one of
the world's largest producers of memory Multi-chip Packages.
Since then, Spansion has added local design centers in Suzhou
and Beijing, and sales and marketing offices in Beijing,
Shanghai and Shenzhen.  Through the foundry agreement with SMIC,
Spansion will have wafer-manufacturing capabilities in China.

"By partnering with SMIC, a leading foundry in China, we can
better serve our customers, with products made in China for the
China market," said Bertrand Cambou, president and CEO of
Spansion Inc.  "As a result of our team's success, we have the
opportunity to take our business to the next level and expand
opportunities in this exploding region."

As the market leader in China, SMIC provides a complete
integrated circuit foundry solution to help its customers
fulfill their China Strategy.  SMIC has diversified its memory
portfolio to include NAND Flash, NOR Flash, and Specialty DRAM
as part of its growth strategy to enter potential market
segments.  SMIC has also announced development of 90nm 2Gb
NAND Flash and 2Gb- TSOP products based on Saifun 2-bit-per-cell
as well as the Quad NROM four- bit-per-cell technology,
scheduled to enter commercial production as early as the fourth
quarter 2007.

"As Spansion has made strategic plans for the China market, SMIC
has made great strides anticipating the growing Flash memory
market.  Our partnership with the NOR Flash memory technology
leader fortifies these strategic synergies," said Dr. Richard
Chang, president and CEO of SMIC.  "With the booming China
consumer electronics market comes the opportunity to create and
nurture the growth of various Flash memory services and markets.
We look forward to collaborating with Spansion to manufacture
its leading-edge MirrorBit technology and develop Flash-based
content delivery applications."

                     Spansion In China

Spansion has more than 1,300 employees in Greater China who
continue to build momentum with the top OEMs, as demonstrated by
the awards Spansion has received.  For the third consecutive
year, Lenovo awarded Spansion Best Supplier for 2006 and
Inventec, a leading ODM/OEM awarded Spansion Best Partner
earlier this year.  Spansion's other leading partners in the
Greater China region include ARCA Technology Corporation and
MediaTek, Inc., one of the world's top ten fabless semiconductor
companies for wireless communications and digital media
solutions.  Spansion has a final manufacturing facility in
Suzhou, one of the world's largest memory producers of Multi-
chip Packages (MCPs), design centers in Suzhou and Beijing and
sales and marketing offices in Beijing, Shanghai and Shenzhen.

                        About SMIC

Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation (NYSE: SMI; SEHK: 0981.HK) --
http://www.smics.com/-- is one of the leading semiconductor
foundries in the world and the largest and most advanced foundry
in Mainland China, providing integrated circuit (IC)
manufacturing service at 0.35um to 90nm and finer line
technologies.  SMIC has a 300mm wafer fabrication facility (fab)
under pilot production and three 200mm wafer fabs in its
Shanghai mega-fab, two 300mm wafer fabs in its Beijing mega-fab,
a 200mm wafer fab in Tianjin, and an in-house assembly and
testing facility in Chengdu.  SMIC also has customer service and
marketing offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong.  In addition, SMIC manages
and operates a 200mm wafer fab in Chengdu owned by Cension
Semiconductor Manufacturing Corporation and a 300mm wafer fab
under construction in Wuhan owned by Wuhan Xinxin Semiconductor
Manufacturing Corporation.

                      About Spansion

Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012.  The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.

Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt.  Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.'  In
conjunction with the refinancing, Fitch has affirmed these
ratings:

   -- Issuer Default Rating of 'B-';

   -- US$250 million of 11.75% senior unsecured notes due 2016
      at 'CCC+/RR5'; and

   -- US$207 million of 2.25% convertible senior subordinated
      debentures due 2016 at 'CCC/RR6'.

Fitch said the rating outlook remains negative.  Approximately
US$1.1 billion of total debt is affected by Fitch's actions.


SPANSION INC: Names Gary Wang as President for China Unit
---------------------------------------------------------
Spansion Inc. has appointed Gary Wang, previously corporate vice
president of Asia Pacific Sales and Marketing, to the newly
created position of president, Spansion Greater China.
Reporting directly to the Office of the CEO, Mr. Wang will serve
as a liaison with strategic customers, government officials, and
alliance partners and ensure Spansion's business strategies are
aligned to meet the requirements in China.

"Gary and his team have done an outstanding job in increasing
our revenue and share in the region," said Bertrand Cambou,
president and CEO of Spansion Inc.  "We now look forward to
Gary's leadership in expanding our strategic relationships to
enable Spansion to capitalize on new market opportunities in the
rapidly growing China consumer electronics and wireless
markets."

Spansion is one of the leading Flash memory solution providers,
working with the top consumer electronics OEMs and wireless
handset manufacturers in the Greater China region.  Spansion has
over 1,300 employees located in China with a final manufacturing
facility in Suzhou, design centers in Suzhou and Beijing and
sales and marketing offices in Beijing, Shanghai and Shenzhen.

"I look forward to further collaborating with our customers,
partners and the government in the region," said Mr. Wang.
"China is revving up for an electronics revolution that will
drive a new wave of growth in Flash memory and I am confident
that our relationships in the region will create new innovations
to meet demand."

                      About Spansion

Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012.  The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.

Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt.  Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.'  In
conjunction with the refinancing, Fitch has affirmed these
ratings:

   -- Issuer Default Rating of 'B-';

   -- US$250 million of 11.75% senior unsecured notes due 2016
      at 'CCC+/RR5'; and

   -- US$207 million of 2.25% convertible senior subordinated
      debentures due 2016 at 'CCC/RR6'.

Fitch said the rating outlook remains negative.  Approximately
US$1.1 billion of total debt is affected by Fitch's actions.


THE THAI-ASIA: Requires Shareholders to File Claims by Nov. 15
--------------------------------------------------------------
The Thai-Asia Fund Limited requires its shareholders and former
shareholders who have not received their dividend entitlement
for the year 2003, 2004 and 2005 to file their proofs of debt by
Nov. 15, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach Haughey
         One Pacific Place, 35th Floor
         88 Queensway, Hong Kong
         Telephone: (852) 2852 6495


WORLD MATCH: Sets General Meeting for November 12
-------------------------------------------------
A final general meeting will be held for the members and
creditors of World Match Limited on November 12, 2007, at
10:00 a.m. and 11:00 a.m., respectively, at Room 1512-13 of Shui
On Centre, Wanchai.

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


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

AES CORP: Unit Says It Will Proceed with Brasiliana Stake Buy
-------------------------------------------------------------
AES Brasil head Britaldo Soares told reporters that it is still
keen on buying a 49.9% stake in the Brasiliana holding firm from
Banco Nacional de Desenvolvimento Economico e Social SA.

As reported in the Troubled Company Reporter-Latin America on
Oct. 16, 2007, AES Corp. said that it could use up to US$600
million from the placement of senior unsecured notes to fund the
acquisition of the Brasiliana stake.  Banco Nacional, along with
AES, would hire an independent auditor to appraise Brasiliana's
value.  Banco Nacional wants to sell its 49.99% stake in
Brasiliana, where AES holds 50.01%.

Mr. Soares commented to BNamericas, "AES' main interest in
Brazil is its Brasiliana stake and we're interested in using our
option to purchase the shares we don't own."  He was referring
to AES' right of first refusal.

BNamericas states that these firms are also considering buying
the stake:

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

                      About Banco Nacional

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

                     About AES Corporation

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 12, 2007,
Moody's Investors Service affirmed The AES Corporation's
Corporate Family Rating at B1 and the senior unsecured rating
assigned to its new senior unsecured notes offering at B1
following its upsizing to US$2 billion from US$500 million.

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


AES CORP: Shuts Down Alamitos Power Station's Unit 6
----------------------------------------------------
The AES Corp. has shut down the 495-megawatt Unit 6 at its
Alamitos natural gas-fired power station in California for
unplanned work, according to a report by the California
Independent System Operator.

Reuters relates that the 1,997-megawattAlamitos plant is in Long
Beach in Los Angeles County.  It has six units, including:

         -- 175-megawatt Unit 1,
         -- 175-megawatt Unit 2,
         -- 332-megawatt Unit 3,
         -- 335-megawatt Unit 4,
         -- 485-megawatt Unit 5, and
         -- 495-megawatt Unit 6.

The other units are continuing operations, Reuters states.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to USUS$2 billion from
USUS$500 million.  LGD assessments are subject to change pending
the final capital structure.

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


BAUSCH & LOMB: Named Defendant in 573 Product Liability Suits
-------------------------------------------------------------
Bausch and Lomb Inc. disclosed that its has been named as a
defendant in approximately 573 product liability lawsuits
pending in various U.S. federal and state courts as well as
certain other non-U.S. jurisdictions.  These include 550
individual actions filed on behalf of individuals who claim they
suffered personal injury as a result of using a ReNu solution,
and a federally filed consolidated class action.

On Aug. 14, 2006, the Judicial Panel on Multidistrict Litigation
created a coordinated proceeding and transferred an initial set
of MoistureLoc product liability lawsuits to the Federal
District Court for the District of South Carolina.

On Jan. 2, 2007, the New York State Litigation Coordinating
Panel ordered the consolidation of cases filed in New York
State, and assigned the coordination responsibilities to the
Supreme Court of the State of New York, New York County before
the Honorable Helen Freedman of the Commercial Division of the
New York County Supreme Court.

On Oct. 11, 2007, the U.S. District Court for the District of
South Carolina granted B&L's motion to dismiss the consolidated
class action.

As of Oct. 16, 2007, 209 of the 225 cases filed in federal
courts have been transferred to the JPML.  Also, 308 of the 344
cases filed in state courts have been filed in the New York
Consolidated Proceeding.

These cases and claims involve complex legal and factual
questions relating to causation, scientific evidence, actual
damages and other matters.  Litigation of this type is also
inherently unpredictable, particularly given that these matters
are at an early stage, there are many claimants and many of the
claimants seek unspecified damages.  Accordingly, it is not
possible at this time to predict the outcome of these matters or
to reasonably estimate a range of possible loss.

While the company intends to vigorously defend these matters, it
could in future periods incur judgments or enter into
settlements that individually or in the aggregate could have a
material adverse effect on its results of operations and
financial condition in any such period.

                      About Bausch & Lomb

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

                         *     *     *

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


EMCO LTD: Earns INR103.58 Million in Sept. 30, 2007 Quarter
-----------------------------------------------------------
Emco Ltd. reported a net profit of INR103.58 million in the
three months ended Sept. 30, 2007, up 19% from the
INR86.81 million earned in the same period in 2006.

The improve bottom line is largely attributable to the increase
in revenue.  The company's total income rose 41% from
INR1.3 billion in the July-Sept. 2006 quarter to INR1.84 billion
in the second quarter ended Sept. 30, 2007.  In the latest
quarter under review, the company incurred operating
expenditures of INR1.59 billion leaving the company an operating
profit of INR250.82 million.

The company noted in the results filed with the Bombay Stock
Exchange that a petition for approval of a scheme of
amalgamation with Urja Engineers Ltd and India Energy
Investments Pvt Ltd is pending before the Honorable High Court
of Bombay.  Accordingly, the latest quarterly results still do
not include the results of the two entities.

A copy of Emco's financial results for the quarter ended
Sept. 30, 2007, is available for free at the Bombay Stock
Exchange and at http://ResearchArchives.com/t/s?2487

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

Emco's senior unsecured debt carries Credit Analysis and
Research Limited's BB rating, effective May 23, 2007.


MYSORE CEMENTS: To Expand Plants' Capacity; Seeks Govt. Nod
-----------------------------------------------------------
Mysore Cements Ltd will be expanding its plants' capacity and
has accordingly sought government approval.

In a filing with the Bombay Stock Exchange, the company
disclosed that it has submitted applications to the Ministry of
Environment and Forests, Govt. of India, New Delhi together with
the pre-feasibility reports for getting the prior environmental
clearance from the government for the expansion of capacity at
four plants:

   1. Expansion of clinkerisation capacity front 1.2 MTPA to 3.1
      MTPA at Narsingarh, District Damoh, Madhya Pradesh.

   2. Expansion of the cement grinding capacity from 0.8 MTPA to
      2.7 MTPA at Madora, District Jhansi, Uttar Pradesh.

   3. Expansion of the cement grinding capacity from 1.0 MTPA to
      2.0 MTPA at Imlai, District Damoh, Madhya Pradesh.

   4. Expansion of the Cement manufacturing capacity from 0.4
      MTPA to 1.2 MTPA at Ammasandra, District Tumkur,
      Karnataka.

Mysore Cements Ltd. is engaged in the cement business.  Its
products include cement, sponge iron and M.S. ingots.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Mysore Cements has a stockholder's equity deficit of
US$14.57 million.

The company reported at least two consecutive yearly net losses
-- INR899.09 million in the year ended March 31, 2006, and
INR247.87 million in the year ended March 31, 2005.

The company's board of directors later decided to adopt for its
reporting period a calendar year-end from the previous March 31
financial year-end. Therefore the last audited period consists
of the nine months from April 1, 2006 to Dec. 31, 2006.  For
that nine-month period, the company booked a net loss of
INR98.62 million.


MYSORE CEMENTS: Net Profit Up 3% in Qtr. Ended Sept. 30, 2007
-------------------------------------------------------------
Mysore Cements Ltd.'s unaudited results for the three months
ended Sept. 30, 2007, show a net profit of INR197.49 million, 3%
down the INR203.31-million earned in the same period a year ago.

For the July-Sept. 2007 quarter, the company reported revenues
totaling INR1.53 billion and incurred expenditures of INR1.29
billion, bringing an operating profit of INR205.69 million.

The company also booked net interest charges of INR6.09 million,
depreciation of INR33.64 million and INR2.11 million in taxes.

A copy of the company's financial results for the quarter ended
Sept. 30, 2007, is available for free at the Bombay Stock
Exchange and at http://ResearchArchives.com/t/s?2484

Mysore Cements Ltd. is engaged in the cement business.  Its
products include cement, sponge iron and M.S. ingots.

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Mysore Cements has a stockholder's equity deficit of
US$14.57 million.

The company reported at least two consecutive yearly net losses
-- INR899.09 million in the year ended March 31, 2006, and
INR247.87 million in the year ended March 31, 2005.

The company's board of directors later decided to adopt for its
reporting period a calendar year-end from the previous March 31
financial year-end. Therefore the last audited period consists
of the nine months from April 1, 2006 to Dec. 31, 2006.  For
that nine-month period, the company booked a net loss of
INR98.62 million.


RPG LIFE SCIENCES: Members Approves Scheme of Arrangement
---------------------------------------------------------
The equity shareholders of RPG Life Sciences Ltd approved the
company's proposed scheme of arrangement with RPG
Pharmaceuticals Ltd, Instant Holdings Ltd, Instant Trading, and
Investment Ltd.

According to a regulatory filing with the Bombay Stock Exchange,
shareholders approved the scheme with requisite majority at
their court-convened meeting on Oct. 23, 2007.

The scheme, according to a TCR-Asia Pacific report on June 28,
2007, provides for these terms:

   1. Sale of pharmaceuticals business to RPG Pharmaceuticals
      for INR46 crore.  This consideration will be discharged in
      the form of equity shares of INR11,49,50,800 representing
      1,43,68,850 equity shares of INR8 each fully paid-up at an
      aggregate premium of INR34,50,49,200.  The appointed date
      for the same is April 2, 2007.  The shares of RPG
      Pharmaceuticals will be issued to the members of the
      company in the ratio of 1:1.

   2. Sale of investments of the company to Instant Holdings for
      a consideration of INR53 crore.  This consideration will
      be discharged by Instant Holdings in the form of equity
      shares of INR9,95,00,000 representing 99,50,000 equity
      shares of INR10 each fully paid-up at an aggregate premium
      of INR43,05,00,000. The appointed date for the same is
      April 1, 2007.  These shares will be issued to the
      company.

   3. Merger of Instant Trading with Instant Holdings.

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors.


UTSTARCOM INC: Gets Notice of Default from 7/8% Notes Trustee
-------------------------------------------------------------
UTStarcom, Inc., disclosed that on Oct. 15, 2007, it received a
notice of default from U.S. Bank National Association, as
indenture trustee, pursuant to which the Trustee asserted that
the company was in default of certain obligations under the
Indenture, dated as of March 12, 2003, as amended by the First
Supplemental Indenture, dated Jan. 9, 2007, as further amended
by the Second Supplemental Indenture, dated July 26, 2007,
between the company and the Trustee with respect to the
company's 7/8% Convertible Subordinated Notes due 2008 (CUSIP
Nos. 918076AA8 and 918076AB6).

The specific purported defaults referred to in the Notice of
Default are:

    (1) the company's failure to file with the Securities and
        Exchange Commission and provide copies to the Trustee of
        its Quarterly Report on Form 10-Q for the fiscal quarter
        ending March 31, 2007, and its Quarterly Report on Form
        10-Q for the fiscal quarter ending June 30, 2007, as
        required by the Indenture and the Trust Indenture Act
        and

    (2) the company's failure to deliver to the Trustee the
        officer's certificate of compliance of the company
        required by the Indenture.

Pursuant to the Second Supplemental Indenture, any failure by
the company to comply with covenants in the Original Indenture
as amended by the First Supplemental Indenture relating to the
filing of reports required to be filed with the SEC under the
Securities Exchange Act of 1934, as amended and the furnishing
of copies of SEC Reports and the officer's certificate of
compliance of the company required by the Original Indenture to
the Trustee before 5:30 p.m., New York City time, on October 15,
2007 would not constitute a default under the Indenture.  The
Notice of Default states that the Covenant Reversion Date
provided for by the Second Supplemental Indenture had passed and
that the company's failure to cure the purported defaults within
60 consecutive days after the date of the Notice of Default,
would constitute an "Event of Default" under the Indenture.

The company previously reported in its Notifications of Late
Filing on Form 12b-25 filed on Nov. 11, 2006, March 2, 2007,
May 10, 2007, and Aug. 9, 2007 that the filing of its First
Quarter 2007 Form 10-Q and Second Quarter 2007 Form 10-Q, as
well as certain other SEC Reports that the company has now filed
with the SEC, had been delayed for the reasons stated therein.

                            Update

The company filed its First Quarter 2007 Form 10-Q with the SEC
on Oct. 17, 2007 and Second Quarter 2007 Form 10-Q on Oct. 19,
2007.

The company contends that as of Oct. 19, 2007, it has, prior to
the Demand Date set forth in the notice of default:

    (i) filed all required reports with the SEC and furnished
        them to the Trustee, and

   (ii) delivered the officer's certificate of compliance
        required by the Original Indenture to the Trustee.

Therefore, the company believes that that no Event of Default
under the Indenture occurred.

                        About UTStarcom

UTStarcom, Inc. -- http://www.utstar.com/-- (Nasdaq: UTSI)
provides IP-based, end-to-end networking solutions and
international service and support.  The company sells its
broadband, wireless, and handset solutions to operators in both
emerging and established telecommunications markets around the
world.  UTStarcom enables its customers to rapidly deploy
revenue-generating access services using their existing
infrastructure, while providing a migration path to cost-
efficient, end-to-end IP networks.  Founded in 1991 and
headquartered in Alameda, California, the company has research
and design operations in the United States, China, Korea and
India.


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

BANK NEGARA: Nine-Month Profit Ups 10% to IDR1.56 Trillion
----------------------------------------------------------
PT Bank Negara Indonesia Tbk's nine months 2007 net profit
increased 10.8% to IDR1.56 trillion from the IDR1.41-trillion
reported for the same period in 2006, Reuters reports.

According to the report, the increase in the January-September
net profit is helped by strong loans growth.  However, the
bank's net interest income fell by around 4% to
IDR5.32 trillion, as net interest margin fell to 4.86% from
5.46% in 2006, the report says.

The report relates that Bank Negara's outstanding loans,
excluding lending from its sharia unit, rose by about a third to
around IDR74 trillion as of the end of September.

Reuters notes that despite the strong loan growth, the bank
managed to lower its net non-performing loan ratio to 4.7%,
below the central bank guidance of 5%, from 11.58% a year ago.
Indonesia is forecasting around 20% loan growth from the
country's US$187 billion banking sector this year, the report
adds.

                         About Bank Negara

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara
Indonesia (Persero) Tbk.'s foreign currency long-term debt
rating to Ba2 from Ba3 and foreign currency long-term deposit
rating to B1 from B2.

On April 20, 2007, Standard & Poor's Ratings Services raised
Bank Negara's long-term counterparty credit ratings to 'BB-'
from 'B+'.


GARUDA: Customs Suspends 6 Airlines Due to Requirement Failure
--------------------------------------------------------------
Indonesian control and supervision department at the custom
office prohibited six carriers of PT Garuda Indonesia from
flying due to failure in meeting custom requirements, causing
the airline to cancel four flights and delay seven others, The
Jakarta Post reports.

According to Xinhua News, the customs office has held five
jetliners, and will seize another one.  Eko Darmanto, head of
the Control and Supervision department at the custom office,
said the ban for the five airplanes was imposed on October 24,
and another one on the 25th, The Post relates.

Xinhua News points out that the six Boeing 737-400s came under
inquiry as Garuda reportedly leased them under temporary import
scheme whose term already expired.  Mr. Darmanto told The Post
that the Garuda failed to fulfill its administrative obligation
on customs over the operation of the six aircrafts.
Furthermore, The custom office sent a warning to Garuda in May
to settle the problem but the carrier ignored it, he added.

Garuda spokesman Pujobroto said his firm had been negotiating
with the custom office to release its airplanes following the
ban, The Post adds.

                     About Garuda Indonesia

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

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

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

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

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


HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes
------------------------------------------------------------
Hilton Hotels Corporation has determined the total consideration
in U.S. dollars to be paid pursuant to its cash tender offer and
related consent solicitation for its 7.430% Chilean Inflation-
Indexed Notes Due 2009.

The total consideration payable for the CLP 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
Oct. 1, 2007, will be approximately US$130.02 per CLP50,000
original principal amount of CLP Notes, representing the
conversion of the CLP total consideration of CLP65,560.95 per
CLP50,000 original principal amount of CLP Notes into U.S.
dollars at a rate of CLP504.25 for every US$1.00.  All of the
CLP Notes were validly tendered and not validly withdrawn prior
to the CLP Note Consent Payment Deadline and, accordingly, all
CLP Notes are eligible to receive the total consideration.

Holders whose CLP Notes are accepted for payment in the tender
offer will receive accrued and unpaid interest for such CLP
Notes from the last interest payment date to, but not including,
the payment date for the CLP Notes purchased in the tender
offer.

The applicable total consideration and tender offer
consideration to be paid in respect of securities purchased
pursuant to Hilton's 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, 7.500% Notes
due 2017 and 8.000% Quarterly Interest Bonds due 2031, announced
in Hilton's press release dated as of Oct. 19, 2007, remain
unchanged.

The tender offer for each issue of Securities will expire at
8:00 a.m., New York City time, on Oct. 24, 2007.  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.


ORBITAL SCIENCES: Earns $15.7 Million in Quarter Ended Sept. 30
---------------------------------------------------------------
Orbital Sciences Corporation disclosed financial results for the
third quarter and first nine months of 2007.

Third quarter net income increased 84% to US$15.7 million in
2007, compared to US$8.5 million in 2006.  Orbital's third
quarter revenues increased 46% to $289.5 million in 2007,
compared to US$197.8 million in 2006.

The company's third quarter operating income rose 54% to
US$23.2 million in 2007, compared to US$15.1 million in 2006.

Commenting on Orbital's third quarter 2007 results, Mr. David W.
Thompson, chairman and chief executive officer, said, "The
company reported strong revenue growth in all three of our
business segments, boosted profit in most product lines, and
generated solid free cash flow in the third quarter.  Following
the pattern established earlier in the year, communications
satellites, human space systems and missile defense programs
drove our revenue growth in the quarter."

For the first nine months of 2007, Orbital reported revenues of
US$791.0 million, up 35% compared to US$587.0 million in the
first nine months of 2006.  The company's operating income for
the first nine months of 2007 was US$62.3 million, up 30%
compared to US$47.8 million during the same period in 2006.  Net
income for the first nine months of 2007 was US$41.0 million,
compared to US$27.3 million in the first nine months of 2006.

Interest expense for the third quarter and first nine months of
2007 decreased to US$1.3 million and US$3.6 million,
respectively, compared to US$3.1 million and US$9.3 million,
respectively, in the same periods in 2006.  The reduction in
interest expense is due to lower interest rates on long-term
debt as a result of Orbital's December 2006 refinancing
transaction.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$778.8 million in total assets, US$350.1 million in
total liabilities, and $428.7 million in total shareholders'
equity.

                  Cash Flow and Balance Sheet

Orbital reported free cash flow of US$22.4 million for the third
quarter of 2007. The company repurchased approximately 700,000
shares of its common stock for US$15.0 million in the third
quarter of 2007.  This stock repurchase is part of a 12-month,
US$50 million securities repurchase program authorized by the
company's Board of Directors in April 2007.  Orbital's
unrestricted cash and marketable securities balances were
US$197.8 million and US$34.5 million, respectively, as of Sept.
30, 2007.

                     New Business Highlights

During the third quarter of 2007, Orbital received approximately
US$420 million in new firm and option contract bookings.  In
addition, the company received approximately US$35 million of
option exercises under existing contracts.  Year-to-date,
Orbital received approximately US$1.51 billion in new firm and
option contract bookings, and approximately US$240 million of
option exercises under existing contracts.  As of Sept. 30,
2007, the company's firm contract backlog was approximately
US$1.96 billion and its total backlog, including options,
indefinite-quantity contracts and undefinitized orders, was
approximately
US$4.06 billion.

                      About Orbital Sciences

Headquartered in Dulles, Virginia, Orbital Sciences Corp. (NYSE:
ORB) -- http://www.orbital.com/-- develops and manufactures
small rockets and space systems for commercial, military and
civil government customers.  The company has operations in
Indonesia.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 16, 2007,
Moody's Investors Service upgraded the corporate family and
probability of default ratings of Orbital Sciences Corp. to
'Ba1' from 'Ba2', due to expectations for continued strong
operating results while the company maintains modest debt
levels, resulting in strong anticipated free cash flow
generation over the near  term.  In addition, Moody's  assigned
a 'Baa3' rating to Orbital's re-financed US$100 million senior
secured revolving credit facility due 2012.  The ratings outlook
is stable.


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.

Headquartered in London, England, Rexam Plc --
http://www.rexam.com/-- is a global consumer packaging company
and a beverage can maker.  Rexam serves the beverage, beauty,
pharmaceuticals and food markets with around 100 manufacturing
operations in more than 20 countries, including Brazil and
Indonesia and generated revenues of GBP3.7 billion.

                        *   *   *

In June 2007, 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.  Moody's said the outlook
for the ratings is stable.


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

AZEL CORP: R&I Affirms BB Issuer Rating and BB- Long-term IR
------------------------------------------------------------
Rating and Investment Information, Inc. has conducted reviews
and has affirmed the ratings for Azel Corp.

R&I affirms its BB issuer rating, and its BB- long-term issue
rating for Tokyo-based Azel.  The outlook for the ratings is
stable.

Headquartered in Tokyo, Japan, Azel Corporation --
http://www.azel.co.jp/-- is a construction company.  The
company operates in four business segments.  The condominium
segment is engaged in the planning, development, construction
and sale of condominiums under the name Angel series.  The real
estate segment is involved in the leasing, purchase, sale and
maintenance of real estate properties.  The construction segment
is primarily engaged in the construction of public and
government facilities, condominiums, apartments and office
buildings.  The leisure segment is engaged in the leasing of
entertainment facilities, the management of amusement places and
hotels.


NOVA CORP: Labor Regulator Asks President to Answer Wage Issues
---------------------------------------------------------------
The Osaka Central Labor Standards Supervision Office wants to
question the president of English-language school Nova Corp.
over delayed wage payments, Kyodo News reports.  This, while
four executives of the school resign.

Kyodo relates that the Osaka labor standards watchdog has
quizzed foreign teachers and other Nova employees about the wage
payment delays and now wants to hear from Nova President Nozomu
Sahashi.  Mr. Sahashi, according to Kyodo, is suspected to have
violated the Labor Standards Law.

A report by the Troubled Company Reporter-Asia Pacific on
October 19, 2007, stated that the Labor Standards Law stipulates
that an employer remunerate its workers at least once a month on
a designated day.

In line with this, three auditors and the school's longest-
serving director have submitted their resignations, believed to
be because they were unable to get in touch with Mr. Sahashi.

According to a separate report by the TCR-AP on October 19,
2007, the General Union, representing Nova's employees, claims
that wages for the school's 4,000 or so foreign instructors are
usually paid in the middle of the month, but the September
salaries were delayed, and the company had told instructors that
the payment for October will be delayed.

The TCR-AP further added in its report that pay was also delayed
for some 2,000 Japanese staff in July and August.  Employees
also have yet to receive payments that were due in late
September.

                        About Nova Corp.

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

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

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


SANYO ELECTRIC: Settles Patent Dispute with 3M Co.
--------------------------------------------------
3M Co. has reached a settlement agreement with Sanyo Electric
Co., Ltd., regarding a patent for lithium ion battery
components, Marie Connor writes for the St. Paul Business
Journal.

According to Ms. Connor, 3M filed the suit against Sanyo and
other companies in March with the Minnesota District Court and
the United States International Trade Commission.

Among the terms of the settlement, writes Ms. Connor, is that
Japan-based Sanyo is licensed under 3M's patents covering
particular cathode materials.  The financial terms of the deal
were not revealed.

Lithium ion batteries, notes Ms. Connor, are used and are a
preferred source of power in consumer electronics products such
as laptop computers, cell phones and portable electronic
devices.

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

                          *     *     *

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

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

GENEXEL-SEIN: Adjusts Conversion Price of 2nd Convertible Bonds
---------------------------------------------------------------
Genexel-Sein Inc has adjusted the conversion price of its second
convertible bonds, which was initially announced on April 16,
2007, Reuters Key Developments reports.

According to the report, the conversion price is now KRW 2,900
per share.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.


EVEREX INC: Adjusts Price of Eighth Bond With Warrants
------------------------------------------------------
Everex Inc. has made an adjustment regarding its exercise price
of eighth bond with warrants, Reuters Key Developments reports.

According to the report, the exercise price has been adjusted
from KRW1,575 to KRW1,355.

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter-Asia Pacific reported on
October 19, 2007, that Everex Inc. has a shareholders' deficit
of US$5.10 million on assets of US$23.15 million.


TOWER AUTOMOTIVE: Court Oks PCT'S Bid for Deal with Plaintiffs
--------------------------------------------------------------
Honorable Allen L. Gropper of the U.S. Bankruptcy Court for the
Southern District of New York authorizes the Tower Automotive
Post-Consummation Trust to enter into and consummate a second
deal with the ERISA Plaintiffs.

The Court also authorizes the PCT to pay provisional settlement
payments and execute the release agreement with Federal
Insurance Company.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board:
TWRAQ) is a global designer and producer of vehicle structural
components and assemblies used by every major automotive
original equipment manufacturer, including BMW, DaimlerChrysler,
Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen
and Volvo.  Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and
systems, and suspension components.  The company has operations
in Korea, Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.

The company and its debtor subsidiaries' First Amended Joint
Plan of Reorganization became effective July 31, 2007.


TOWER AUTOMOTIVE: Dec. 10 Hearing Set for ERISA Suit Settlement
---------------------------------------------------------------
The U.S. District Court for the Southern District of New York
will hold a fairness hearing on Dec. 10, 2007 at 4:00 p.m. for
the proposed US$5.7 million settlement in the matter, "In re
Tower Automotive ERISA Litigation, C.A. No. 05-2184 (RWS)."

The hearing will be held before Judge Robert W. Sweet at the
U.S. District Court for the Southern District of New York, 500
Pearl Street, New York, in Courtroom 18C.

Any objections to the settlement must be made on or before
Nov. 29, 2007.

                      Case Background

Initially, six lawsuits alleging violations of the Employee
Retirement Income Security Act were filed (Class Action
Reporter, Jan. 12, 2006).

They are:

      -- "Kowalewski, et al. v. The Administrative Committee of
         the Tower Automotive Retirement Plan, et al., Case No.
         05-CV-2215," filed on Feb. 17, 2005;

      -- "Hill v. S.A. Johnson, et al., Case No. 05-CV-2184,"
         filed on Feb. 17, 2005;

      -- "McMillion, et al. v. S.A. Johnson, et al., Case No.
         05-CV-2762," filed on May 10, 2005;

      -- "Vanderhoof, et al. v. S.A. Johnson, et al., Case No.
         05-CV-3637," filed on April 8, 2005;

      -- "Argove, et al., v. S.A. Johnson et al., Case No.
         05-CV-3641," filed on April 8, 2005; and

      -- "Gryzelak, et al., v. S.A. Johnson, et al., Case No.
         05-CV-3496," filed on April 8, 2005.

The six Actions have been consolidated under the caption, "In re
Tower Automotive ERISA Litigation, Case No. 05-CV-2184 (RWS)."

The action asserted claims for alleged violations of the
Employee Retirement Income Security Act of 1974, with respect to
the Tower Automotive Retirement Plan, Tower Automotive Union
401(k) Plan, Tower Automotive Products Savings Investment Plan,
and Tower Automotive Products Employee 401(k) Savings Plan
(together with any predecessor plans and any plans merged into
it).

                      Settlement Terms

The Class Settlement Amount consists of two parts.  The first
part, called the "Part A Amount," is a payment of US$2,000,000
in cash by the Company.

The second part, called the "Part B Amount," is an additional
payment of US$3,700,000.

Plaintiffs have agreed that the Part A Amount will be paid in
full by the company.  Plaintiffs also have agreed that the Part
B Amount will be paid solely by Federal Insurance Co. out of the
proceeds of an Insurance Policy issued by Federal.

The Class Settlement Amount, including interest, and after
payment of, and establishment of reserves for, any taxes and
Court-approved costs, attorney's fees, and expenses, including
any Court-approved compensation to be paid to the Plaintiffs,
will be paid to the Remaining Plans.

For more details, contact:

       Mark Rifkin, Esq.
       Wolf Haldenstein Adler Freeman & Herz
       270 Madison Avenue
       New York, New York 10016
       Phone: 212-545-4600
       Fax: 212-545-4653
       E-mail: rifkin@whafh.com
       Web site: http://www.whafh.com

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board:
TWRAQ) is a global designer and producer of vehicle structural
components and assemblies used by every major automotive
original equipment manufacturer, including BMW, DaimlerChrysler,
Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen
and Volvo.  Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and
systems, and suspension components.  The company has operations
in Korea, Spain and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement.  The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.

The company and its debtor subsidiaries' First Amended Joint
Plan of Reorganization became effective July 31, 2007.


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

LITYAN HOLDINGS: Names New CEO and Executive Director
-----------------------------------------------------
Lityan Holdings Bhd appointed Encik Nor Badli Munawir bin
Mohamad Alias Lafti as the group's managing director and chief
executive officer effective on Oct. 23, 2007.

In addition, the company also appointed N. Chanthiran A/L
Nagappan as the company’s new executive director.


Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

Lityan Holdings Bhd's unaudited balance sheet as of March 31,
2007, went upside down with an equity deficit of
MYR83.07 million, from total assets of MYR62.01 million and
total liabilities of MYR145.08 million.


MANGIUM INDUSTRIES: Unit Defaults on Loan from Two Banks
--------------------------------------------------------
Mangium Industries Bhd’s wholly owned unit, Mangium Sawmill Sdn
Bhd, has not paid and has defaulted in its repayments on
facilities granted by Standard Chartered Bank Malaysia Berhad
and CIMB Bank Berhad.  The facilities are unsecured.

The estimated total outstanding as at September 30, 2007, in
relation to the payments which are in default amounts to
MYR17,284,341.36.

According to Mangium, the unfavorable timber market and
depressed prices for timber and timber related products
throughout Asia since the financial crisis in the year 1997,
many of the Group’s buyers were adversely affected and are
facing financial difficulties leading to their inability to
settle their outstanding balances despite efforts made by the
management to collect these outstanding debts with the Group.
As a result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.

Since Mangium Industries is the guarantor for the loan taken
from CIMB Bank Berhad, it is liable for the full amount and any
further interest and financial cost levied there or until the
settlement of these debts.

                    About Mangium Industries

Mangium Industries Berhad's principal activities are the
manufacture and trade of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22, became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital.  As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.

Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million.  Shareholders' equity deficit totaled
MYR46.11 million.


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

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

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

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

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

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

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

                     About Shaw Group

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

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

                       *     *     *

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

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


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

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

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

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

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

                     About Shaw Group

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

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

                       *     *     *

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

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


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

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

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

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

The Company provided the information requested.

                      About Shaw Group

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

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

                       *     *     *

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

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


SUNWAY INFRASTRUCTURE: Unit Buys MTSB as Special Purpose Vehicle
----------------------------------------------------------------
Sunway Infrastructure Bhd disclosed with the Bursa Malaysia
Securities Bhd that its unit, Sistem Lingkaran-Lebuhraya Kajang
Sdn Bhd, acquired Manfaat Tetap Sdn Bhd for a total of MYR2.00.

MTSB was incorporated on September 21, 2007, as a private
limited company under the Companies Act, 1965.  It is currently
dormant and is intended principally to be used as a special
purpose vehicle to facilitate the issuance of the proposed Sukuk
Mudharabah under the refinancing scheme of SILK proposed by
Affin Investment Bank Berhad.

MTSB has an authorized share capital of MYR100,000.00 comprising
100,000 ordinary shares of MYR1.00 each with an issued and paid-
up share capital of MYR2.00 comprising two ordinary shares of
MYR1.00 each.


Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure
Berhad -- http://www.sunway.com.my/-- is an investment holding
company in Malaysia.  The Company's wholly owned subsidiary,
Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is
responsible for the construction of the Kajang Traffic Dispersal
Ring Road.  Silk's activities are the upgrading and widening of
existing roads; the design and construction of a new alignment,
and the operation of the Kajang Traffic Dispersal Ring Road,
including toll operations and maintenance.  Through SILK, the
Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd
mainly focuses on undertaking housing development for residents
whose dwellings are located on the land, on which the Kajang
Traffic Dispersal Ring Road is constructed or who are affected
by the construction of the Kajang Traffic Dispersal ring road.
On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd.

The company is an affected listed issuer pursuant to the Amended
PN17 since its auditors have expressed a modified opinion with
emphasis on the company's going concern in the company's audited
financial statements for the year ended June 30, 2006, and since
the unaudited shareholders' equity of approximately MYR26.702
million based on its quarterly results for the period ended
September 30, 2006, is less than 50% of its issued and paid up
capital of MYR90 million.

In addition, the Troubled Company Reporter-Asia Pacific
reported on March 20, 2007, that its shareholders' equity on a
consolidated basis based on the unaudited results for the
quarter ended Dec. 31, 2006, of MYR7.173 million, is less than
25% of the company's issued and paid-up capital of MYR90 million
and such shareholders' equity is less than the minimum issued
and paid-up capital as required under Paragraph 8.16A(1)
of the Listing Requirements of MYR60 million, triggering another
listing criteria under Amended PN17 listing requirements.


TALAM CORP: Unit Acquires Chinese Firm for MYR45 Million
--------------------------------------------------------
Talam Corp. Bhd disclosed with the Bursa Malaysia Securities Bhd
that its subsidiary, Larut Leisure Enterprise (Hong Kong)
Limited, entered into a Share Sale Agreement with Jilin Hua Tian
Property Group Co. Ltd to acquire the remaining 40% equity
interest in Jilin Dingtai Enterprise Development Company Limited
not owned by the company for MYR45 million.

Jilin Dingtai is the beneficial and registered owner of a piece
of land measuring approximately 6,665 sq meter together with a
proposed development known as Yin Hai Complex, comprises of an
incomplete structure of a proposed 35 storey commercial, office
and residential building together with 2 level basement car park
located at No. 19, Xian Road, Changchun, Jilin Province,
People’s Republic of China.

The Proposed Acquisition is not subject to the approval of
Talam’s shareholders and is not subject to other government
authorities approvals.

The Board of Directors of Talam is of the opinion that the
Proposed Acquisition is in the best interest of the Company and
will enhance the earnings potential of Talam Group.


Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of  Talam
Corporation for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from Sept. 1, 2006.


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

FIRST DATA: Subsidiary Reaches Agreement with Meijer
----------------------------------------------------
First Data Corp.'s subsidiary, TeleCheck Services, Inc., a
leading check acceptance company has reached an agreement to
offer TeleCheck Electronic Check Acceptance(R)(ECA(R)) Warranty
service at Meijer Supercenters in Michigan, Illinois, Indiana,
Kentucky and Ohio.

This agreement facilitates the rollout of ECA chain-wide, and
allows Meijer to cost-effectively authorize and process check
transactions electronically at the point of sale. Meijer
customers will benefit from increased security and convenience
as they present checks for payment.

"It's an honor to significantly expand our relationship with
Meijer. Meijer has built an outstanding reputation throughout
the Midwest as a value-driven, customer-oriented merchant, and
the imageless ECA solution they have chosen to deploy requires
little training for cashiers and is simple for their customers
to use," said TeleCheck president Brian Mooney.  "Meijer's
decision to implement Electronic Check Acceptance allows the
company to more effectively meet the needs of its customers who
choose to pay by check and will significantly reduce the
company's risk for check fraud."

Expanding consumer choice and convenience at the point of sale
was a key factor for Meijer in adding the ECA service.  "Checks
continue to be a preferred form of payment for many of our
customers," said Janet Emerson, executive vice president of
operations for Meijer.  "Our relationship with TeleCheck will
allow us to provide an efficient and cost-effective way to
process checks, while still providing Meijer customers with the
high level of service they expect."

With a guarantee volume of US$25 billion and total electronic
check volume of US$37 billion, TeleCheck provides a broad suite
of electronic and paper check processing services.  Today, over
40% of the more than 500 million transactions processed by
TeleCheck are ECA transactions processed at the point of
purchase.  Approximately 149,000 merchant locations process with
ECA through TeleCheck.  Steady growth of electronic check
services for merchants of all sizes has become a standard for
efficient check acceptance.

                         About Meijer

Meijer -- http://www.meijer.com/-- is a Grand Rapids, Mich.-
based retailer that operates 181 supercenters throughout
Michigan, Indiana, Illinois, Ohio and Kentucky. As the inventor
of the "one-stop shopping" concept, Meijer stores have evolved
through the years to include expanded fresh produce and meat
departments, as well as pharmacies, comprehensive electronics
departments, garden centers and apparel offerings.

                       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%).


FOXKITCHENS LTD: Appoints Official Assignee as Liquidator
---------------------------------------------------------
On October 1, 2007, the official assignee was appointed
liquidator of Foxkitchens Ltd.

The official assignee can be reached at:

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


GLINK GRAPHICS: Fixes November 2 as Last Day to File Claims
-----------------------------------------------------------
On October 1, 2007, the shareholders of Glink Graphics Ltd.
resolved 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:

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


HAYWARD HUNT: Taps Official Assignee as Liquidator
--------------------------------------------------
On October 1, 2007, official assignee was appointed liquidator
of Hayward Hunt Management Limited.

The Liquidator can be reached at:

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


JUNO GROUP: Commences Liquidation Proceedings
---------------------------------------------
Juno Group Ltd. commenced liquidation proceedings on Sept. 30,
2007.

Kiran Dutt was appointed as liquidator.

The Liquidator can be reached at:

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


MARPLE INVESTMENTS: Creditors' Proofs of Debt Due on Oct. 4
-----------------------------------------------------------
The creditors of Marple Investments Ltd. are required to file
their proofs of debt by October 4, 2007, to be included in the
company's dividend distribution.

The company entered wind-up proceedings on October 4, 2007.

The company's liquidator is:

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


MRC GROUNDS: Fixes Nov. 5 as Last Day to File Claims
----------------------------------------------------
The shareholders of MRC Grounds Maintenance Ltd. met on Oct. 2,
2007, and agreed to voluntarily liquidate the company's
business.

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

The company's liquidators are:

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


PAPAKURA MOTORS: Appoints Official Assignee as Liquidator
---------------------------------------------------------
On October 1, 2007, the official assignee was appointed
liquidator of Papakura Motors (1996) Limited.

The official assignee can be reached at:

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


PRADO CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 1
-----------------------------------------------------------
On September 28, 2007, Karen Betty Mason and Jeffrey Philip
Meltzer were named liquidators of Prado Construction Ltd.

Creditors are required to file their proofs of debt by Nov. 1,
2007, to be included in the company's dividend distribution.

The Liquidators can be reached at:

         Karen Betty Mason
         Jeffrey Philip Meltzer
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


SOLOMON NOMINEES: Taps Rhys Michael Barlow as Liquidator
--------------------------------------------------------
The shareholders of Solomon Nominees Ltd. on September 18, 2007,
agreed to voluntarily liquidate the company's business.

Rhys Michael Barlow was appointed as liquidator.

The Liquidator can be reached at:

         Rhys Michael Barlow
         c/o BDO Spicers (Wellington) Limited
         Chartered Accountants
         BDO House, Level 2
         99-105 Customhouse Quay
         PO Box 10340, Wellington
         New Zealand
         Telephone:(04) 472 5850
         Facsimile:(04) 473 3582
         e-mail: rhys.barlow@wlg.bdospicers.com


TACLOBAN LTD: Accepting Proofs of Debt Until Nov. 2
---------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were named liquidators
of Tacloban Ltd. on October 1, 2007.

Messrs. Heath and Lamacraft are accepting creditors' proofs of
debt until November 2, 2007.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


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

BANGKO SENTRAL: May Be Obliged to Pay Old Central Bank's Debts
--------------------------------------------------------------
The Bangko Sentral ng Pilipinas may be obliged to share in the
debt service burden of the Central Bank Board of Liquidators
after the Congressional Planning Budget Dept. recommended the
move to the National Government in its 2008 Budget Briefer, the
Philippine Star reports.

According to the CPBD, the BSP's charter states that the BSP may
assist the CB-BOL in the liquidation of the old central bank's
liabilities.  The CPBD then noted that the BSP has no direct
liability for the payment of the old central bank's debts.

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

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

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

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


CHINA BANKING CORP: PSE Approves Listing of Additional Shares
-------------------------------------------------------------
The Philippine Stock Exchange has approved the China Banking
Corp.'s application to list an additional 15,415,941 common
shares with a par value of PHP100 each.

The additional listing is intended to cover the 25% stock
dividend declaration to stockholders of record as of October 4.

According to the PSE's Circular for Brokers, the bank has issued
a total of 15,416,661 common shares including 720 common shares
which were rounded off into one share from the fractional
shares.

The listing is set for October 30.

China Banking Corporation -- http://www.chinabank.com.ph/ --is
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

                          *     *     *

The bank's long-term issuer default carries Fitch's BB rating,
while it has a C individual rating and a support rating of 4.


CHINA BANKING CORP: Danilo Alcoseba Steps Down as Board Advisor
---------------------------------------------------------------
Danilo A. Alcoseba has resigned as advisor to the Board of
Directors of China Banking Corp.

According to a disclosure with the Philippine Stock Exchange,
Mr. Alcoseba's resignation is effective October 31.


China Banking Corporation -- http://www.chinabank.com.ph/ --is
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

                          *     *     *

The bank's long-term issuer default carries Fitch's BB rating,
while it has a C individual rating and a support rating of 4.


LAFAYETTE MINING PHILS: Ships US$8.38 Million During 3rd Quarter
----------------------------------------------------------------
Lafayette Mining Philippines Inc. has made shipments of
US$8.38 million worth of copper and zinc concentrates in the
third quarter, Australia-based parent, Lafayette Mining Ltd.,
said in a report as disclosed by the Philippine Daily Inquirer.

Lafayette Philippines has also increased its metal product in
its Rapu Rapu Polymetallic project in Albay by 12%, Lafayette's
report says, and produced 1,726 equivalent tons of copper in the
third quarter as compared to the second quarter's 1,543-
equivalent-ton production during the second quarter.

The third-quarter production included 878 tons of copper, 1,705
tons of zinc, 1,522 ounces of gold and 38,525 ounces of silver,
Lafayette reveals.

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.

The 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.


PHIL LONG DISTANCE: Expects PHP34-Billion Net Income for 2007
-------------------------------------------------------------
The Philippine Long Distance Telephone Co. sees an annual net
income of at least PHP34 billion for this year, the Philippine
Star reports.

However, PLDT Chairman Manuel V. Pangilinan said it is difficult
to forecast its net income due to exceptionals, including
foreign exchange gain.

The report also reveals that PLDT expects its wireless
subsidiaries Smart Communications Inc. and Pilipino Telephone
Inc. to hold a subscriber base of 29 million to 30 million by
this year's end, with Mr. Pangilinan citing a "cellular
subscriber take-up."

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

                          *     *     *

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

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

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


RIZAL COMM'L: Turns 3,042 Preferred Stock to 1,096 Common Shares
----------------------------------------------------------------
Bernard Securities Inc. has canceled its 3,042 preferred shares
in Rizal Commercial Banking Corp. and converted them to 1,096
common shares.

The shares were converted at the rate of 1 common share for
every 2.7736 preferred shares.

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.


* PLDT Head Makes Suggestions to Reach 1st World Status in 2027
---------------------------------------------------------------
Philippine Long Distance Telephone Co.'s chairman said that the
government should focus on bringing the Philippines to First
World status by year 2027, the Daily Tribune reports.

The government would need to invest heavily in education to
achieve such a goal, Mr. Pangilinan said in a business
conference on Wednesday.

Currently, the country only spends 2.5% of the gross domestic
product on education, the Tribune recounts.  This is below the
international standard of 6%.

The country should "seize [the] timely advantage" brought the
economy's growth, Mr. Pangilinan said.  The PLDT official also
said that the country's reliance on its overseas workers would
eventually hurt the economy in the long run as it would cause
exports to become less competitive in the face of a strong peso.

                          *     *     *

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.


* Businessmen Urges Government to Watch Appreciation of Currency
----------------------------------------------------------------
Business leaders have urged the government to watch the peso's
rapid appreciation against the dollar as it negatively affects
the earnings of companies and migrant Filipino workets, the
Manila Standard reports.

Manuel V. Pangilinan, chairman of the Philippine Long Distance
Telephone Co., suggested at the 33rd Philippine Business
Conference and Expo that the government's economic managers hold
dialogues with affected industries to plan the movement of the
local currency against the US dollar.

Mr. Pangilinan said it would be "reasonable" for the government
to create a "soft landing" for the local currency by managing
the rise of the peso.  He also added that businesses can plan
and operate better if the peso's appreciation could be
predictable.

                          *     *     *

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
=================

GENESIS TECHNOLOGIES: Accepting Proofs of Debt Until Nov. 2
-----------------------------------------------------------
Genesis Technologies International Pte Ltd, which is in
compulsory liquidation, requires its creditors to file their
proofs of debt by November 2, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

          Tay Swee Sze
          137 Telok Ayer Street #04-01
          Singapore 068602


INTEGRAL PERIPHERALS: Pays First and Final Dividend
---------------------------------------------------
Integral Peripherals Pte Ltd, which is in compulsory
liquidation, paid the first and final dividend to ts creditors
on October 24, 2007.

The company paid 100% of all admitted preferential claims and
3.966% of all admitted ordinary claims.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street #04-01
          Singapore 068602


FLEXTRONICS INT'L: Earns US$121 Mil. in Quarter Ended Sept. 28
--------------------------------------------------------------
Flextronics International Ltd. disclosed Tuesday results for its
second quarter ended Sept. 28, 2007.

The company reported GAAP net income of US$121 million for the
second quarter ended Sept. 28, 2007, compared with GAAP net
income of US$185 million for the same period ended Sept. 29,
2006.

Net sales increased from the year ago quarter by US$855 million,
or 18%, to US$5.6 billion in the second quarter ended Sept. 28,
2007, which is at the high end of the company's previously
provided revenue guidance of US$5.3-US$5.6 billion.  For the
second quarter ended Sept. 28, 2007, adjusted net income
increased 25% over the year ago quarter to US$146 million,
compared to US$117 million in the year ago quarter.

Adjusted operating profit increased 20% from the year ago
quarter to a record US$172 million in the second quarter ended
Sept. 28, 2007, while adjusted operating margin increased
sequentially 10 basis points to 3.1% from 3.0%.  Operating cash
flow was US$371 million in the second quarter ended Sept. 28,
2007, and US$516 million in the six-month period ended Sept. 28,
2007.  Free cash flow amounted to US$297 million in the second
quarter ended Sept. 28, 2007, and US$370 million in the six-
month period ended Sept. 28, 2007.

Mike McNamara, chief executive officer of Flextronics, stated,
"We continue to maintain a strong financial position with
overUS$1 billion in cash, no short term debt maturities, and a
record low debt to capital leverage ratio of 19%.  Inventory
turns improved to 8.0x while cash conversion cycle improved by
two days sequentially to an industry leading 11 days.  We remain
intensely focused on generating a higher return on capital while
growing our business, as evidenced by our return on invested
capital of 11.2%, which increased 80 basis points from the
previous quarter."

McNamara concluded by stating, "I am very proud of the
dedication and hard work of our employees and management across
the globe in making this a very successful quarter for
Flextronics.  We believe we are executing very well on the
controllable aspects of the business, which should provide an
excellent foundation to add the capabilities of Solectron into
the Flextronics framework."

At Sept. 28, 2007, the company's consolidated balance sheet
showed US$13.36 billion in total assets, US$6.91 billion in
total liabilities, and US$6.45 billion in total shareholders'
equity.

               About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents including Brazil, Mexico, Hungary, Sweden, United
Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 4, 2007,
Fitch Ratings has completed its review of Flextronics
International Ltd. following the company's acquisition of
Solectron Corp. and resolved Flextronics' Rating Watch Negative
status by affirming these ratings: Issuer Default Rating at
'BB+'; and Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.  The
Rating Outlook is Negative.

At the same time, Moody's Investors Service confirmed the
ratings of Flextronics International Ltd. with a negative
outlook and assigned a Ba1 rating to the company's new US$1.75
billion delayed draw unsecured term loan in response to the
closing of the Solectron acquisition.

The initial draw on the term loan (US$1.1 billion) will finance
the cash portion of the merger consideration.


REFCO INC: Shareholders Sue Mayer Brown Over Role in Collapse
-------------------------------------------------------------
Refco Inc. shareholders have named Mayer Brown LLP, Refco's
former lead counsel, as defendant in a class action over the
brokerage business' collapse in 2005, CFO.com reports.

The shareholders, led by Pacific Investment Management Co., have
filed a lawsuit against Mayer Brown and Joseph Collins, one of
its senior partners.  The suit includes investors who owned
Refco common stock and bonds from mid-2004 to October 2005.  The
suit is in addition to one filed by Refco trustees earlier this
year.

Mayer Brown is accused of helping Refco hide US$430 million of
debt by preparing and editing Refco's "misleading" financial
statements and other disclosures aimed at investors.
Specifically, Mayer Brown allegedly helped Refco document a
transfer of at least US$70 million in uncollectible debt by
making it appear as though it was sold to Refco Group Holdings
Inc.  The money would later appear to be a collectible
receivable from a third party on its books.  This is allegedly
to fraudulently remove the problematic debt from Refco's books
and replace it with one that appeared collectible, claim the
shareholders.

CFO.com received a communication from Mayer Brown saying the
firm is in the process of looking at the complaint and plans to
defend itself "with vigor."  Mayer Brown added that it doubts
whether the shareholders' suit could proceed against the firm,
as it was merely an outside adviser.  Mr. Collins did not
respond to CFO.com's request for comment.

                      About Refco Inc.

Based in New York City, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Court confirmed the Modified Joint Chapter 11 Plan
of Refco Inc. and certain of its direct and indirect
subsidiaries, including Refco Capital Markets Ltd. and Refco F/X
Associates LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.


STATS CHIPPAC: Posts US$27.9MM Net Income in Qtr. Ended Sept. 30
----------------------------------------------------------------
On October 25, 2007, STATS ChipPAC disclosed with the Singapore
Stock Exchange its financial results for the third quarter ended
September 30, 2007.

Net income for the third quarter of 2007 improved 50.6% to
US$27.9 million or US$0.13 per diluted ADS, compared to net
income of US$18.5 million or US$0.09 per diluted ADS in the
third quarter of 2006.  Revenue for the third quarter of 2007
increased 4.3% to US$414.2 million, compared to US$397.1 million
in the third quarter of 2006.  This represents a sequential
increase of 11.9% compared to the second quarter of 2007.

Tan Lay Koon, President and Chief Executive Officer of STATS
ChipPAC, said, "We had a good third quarter driven by broad
based seasonal demand in the computing, communications and
consumer end markets. Most of our customers were aggressive
in working down their inventory levels in the first half of 2007
and entered the seasonally strong second half of 2007 with
relatively lean inventory levels.  On the back of these lean
inventory levels, we saw strong demand for our services as our
customers built to support the holidays demand and to replenish
inventory.  The demand was strong in all products including 3D
packaging, flip chip, wafer level packaging and test."

John Lau, Chief Financial Officer of STATS ChipPAC, said, "As a
result of improved utilization from increased demand for our
services and cost controls, gross margin improved 2.2% compared
to the prior quarter.  We continue to emphasize cost controls
and to focus disciplined investments on strategic customer
programs.  In the three and nine months ended September 30,
2007, we spent approximately US$88.8 million and US$201.0
million in capital expenditures, which were 21.4% and 17.1%
of revenue, respectively, compared to 12.4% and 24.5% of revenue
in the three and nine months ended September 24, 2006,
respectively."

As of September 30, 2007, the company's consolidated balance
sheet showed total current assets of US$642.8 million and total
current liabilities of US$570.7 million.  Moreover, the company
has US$2.5 billion of total assets available to pay US$1.1
billion of total liabilities, US$57 million of minority interest
resulting in a shareholders' equity of US$1.3 billion.

                       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
===============

BANK OF AYUDHYA: Fitch Assigns 'A+' Nat'l Rating to Debentures
--------------------------------------------------------------
Fitch Ratings (Thailand) Limited has assigned a National Long-
term rating of 'A+(tha)' to the debentures of Bank of Ayudhya
Public Company Limited (BAY) Tranche 1 due 2010 and Tranche 2
due 2011 of up to THB15 billion each.  The Outlook on the bank
is Positive.

While BAY's asset quality remains weak, strong capital buffers
and an expected improved economic outlook in 2008, together with
the operational and financial support of GE Capital
International Holdings Corporation (GECIH) which now holds 35%
of total shares in the bank, should see its performance improve
over the next one to two years.  Downside risks, however, could
arise from a further period of weak economic growth and
political instability which will more severely impact loan
growth and asset quality.

The capital raisings in 2007 have enabled BAY to address its
loan loss reserve and capital adequacy weaknesses, which had, in
part, previously constrained the bank's ratings.  The increasing
commitment from GECIH should also bolster the bank's retail
banking franchise. GECIH has strong representation at both the
board and senior management levels of BAY, including the newly-
appointed CEO and CFO.  BAY could also benefit from GECIH's
expertise in global transaction services, technology and
operations.  The shift towards higher-margin consumer banking
should, additionally, help improve the bank's profitability in
the medium term, although it could also increase earnings
volatility.

BAY reported a net loss of THB4.9bn in 9M07, due to higher
provisions of THB9.8bn and losses on debt restructuring of
THB2.1bn.  Its impaired loans stood at THB59.2bn, or 13.3% of
total loans at end-September.  Although BAY's loan loss reserve
coverage has continued to improve, rising to about 54% of
impaired loans, this still appears low compared to some of its
peers, implying a risk of further provisioning.  While BAY does
not expect further large provisioning, the bank now has
sufficient buffer to absorb a more aggressive clean up of its
balance sheet.

After large capital increases in 2007, BAY's Total capital ratio
and Tier 1 capital ratio rose to 20.3% and 15.6%, respectively,
at end-September 2007.  These ratios are likely to fall to about
17% and 13%, respectively, by year-end following the completion
of the acquisition of GE Capital Auto Lease with assets of about
THB94bn mostly in used car and motorcycle financing.  Additional
provisioning and asset growth could see the capital ratios
decline further, but the bank should still remain strongly
capitalised.

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

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


KRUNG THAI: Shortlists 500 Clients for Possible Market Listing
--------------------------------------------------------------
Krung Thai Bank PCL has shortlisted 500 of its corporate clients
as candidates for listing in the Stock Exchange of Thailand or
the Market for Alternative Investment, the Bangkok Post reports.

According to Chupong Tanasettakorn, managing director of the
bank's unit, KTB Securities, the firm had eight mandates for
listings in MAI this year including Mill Con Steel Industry and
Better World.  These firms expect to raise around THB3 billion
to THB4 billion in new capital, with one of them seen to raise
at least THB1 billion alone next year, he added.

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).


TOTAL ACCESS: Expects 65 Mil. Mobile Phone Subscribers in 2008
--------------------------------------------------------------
Total Access Communications PCL is expecting a 100% penetration
rate and 65 million subscribers of mobile phones in 2008, the
Bangkok Post reports.

DTAC CEO Sigve Brekke said the penetration rate in Bangkok alone
is expected to reach 150% next year, the report adds.

According to Mr. Brekke, he expects an 80% penetration rate by
end of this year with a total of 52 million subscribers.
Between 10 million and 12 million net new subscribers are also
expected this year, he added.

Total Access Communications, DTAC -- http://www.dtac.co.th/ --  
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Apr. 3,
2006, that Moody's Investors Service has upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concluded the review for possible upgrade
commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.

TOTAL ACCESS: Suspends 3G Investment Pending Clearer NTC Policy
---------------------------------------------------------------
Total Access Communications PCL's 3G investment plan has been
suspended indefinitely pending a clear policy by the National
Telecommunications Commission, CEO Sigve Brekke told the Bangkok
Post.

However, the company is prepared for spending on a 3G network,
and sees THB15 billion in possible expenses in the installation
of 1,500 more base stations, Mr. Brekke said.  These stations
will be installed next year, he added.

Total Access Communications, DTAC -- http://www.dtac.co.th/--
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Apr. 3,
2006, that Moody's Investors Service has upgraded its corporate
family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concluded the review for possible upgrade
commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


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



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

AUSTRALIA

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


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      16.97       -7.53
Baiyin Copper Commercial
   Bldg (Group) Co                672      24.47       -2.40
Bao Long Orienta               600988      15.78      -11.11
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Chang Ling Group                  561      85.06      -80.88
Chia Tai Enterprises
   International Ltd.             121     316.12       -8.92
China Force Oil & Grains
   Industrial Co                 1194      92.02       -7.43
China HealthCare Holdings Ltd     673      25.44       -3.37
China Liaoning International
   Cooperation (Group) Ltd        638      20.46      -41.24
Chinese.Com Logi                  805      13.75      -32.33
Chongqing Int'l Enterprise
   Investment Co               000736      19.88      -15.67
Compass Pacific Holdings Ltd     1188      46.98      -14.92
Datasys Technology
   Holdings Ltd                  8057      14.10       -2.07
Dongxin Electrical Carbon
   Co., Ltd                    600691      34.19       -2.90
Dynamic Global Holdings Ltd.      231      44.64       -9.70
Everpride Biopharmaceutical
   Company Limited               8019      14.19       -0.02
Fujian Changyuan Investment
   Holdings Limited               592      34.52      -66.85
Fujian Sannong Group Co. Ltd      732      42.50     -100.37
Fujian Start Computer
   Group Co.Ltd                600734     114.76      -16.98
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kel-A                   921     596.71      -94.69
Guangdong Meiya Group
   Co., Ltd.                      529      70.62      -59.86
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      18.34       -8.39
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Hebei Baoshuo Co.,Ltd          600155     293.56     -199.47
Heilongjiang Black Dragon
   Co., Ltd                    600187     113.45      -74.67
Hisense Kelon Electrical
   Hldngs. Co., Ltd               921     596.71      -94.69
Hualing Holdings Limited          382     262.90      -32.17
HuaTongTianXiang Group
   Co., Ltd.                   600225      52.77      -42.02
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Anplas Co.                  156      77.57      -77.92
Hunan Hengyang                 600762      61.08      -43.98
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.40       -4.50
Jiaozuo Xin'an-a                  719      56.77       -6.52
Junefield Department
   Store Group Limited            758      12.93       -5.39
Lan Bao Technology
   Information Co.,Ltd            631     110.09      -78.89
Loulan Holdings Limited          8039      11.14       -2.21
Mianyang Gao Xin Industrial
   Dev (Group)                 600139      23.90      -15.65
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     253.47      -25.03
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Qinghai Xiancheng Industry
   Stock Co.,Ltd               600381      55.58      -55.04
Regal Real Estate
   Investment Trust              1881     945.38     -234.68
Sanjiu Yigong Biopharmaceutical
   & Chem                      000403     218.51       -3.48
Shanghai Worldbest
   Pharmaceutical Co.Ltd       600656      66.75      -13.42
Shenyang Hejin Holding
   Company Ltd.                   633     103.86       -3.16
Shenzhen China Bicycle Co.,
   Hlds. Ltd.                      17      34.21     -238.76
Shenzhen Dawncom Business
   Tech. and Service Co., Ltd.    863      32.57     -137.55
Shenzhen Kondarl (Group)
   Co., Ltd.                   000048     112.05     -15.98
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      69.92     -53.39
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Direct-A                  757     143.71      -94.34
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Stellar Megaunion Corporation  000892      54.33     -152.43
Success Information Industry
   Group Co.                      517      77.23      -17.78
Suntek Technology Co., Ltd     600728      49.03      -14.65
Suntime International
   Economic Trading            600084     359.49      -47.93
Swank International
   Manufacturing Co Ltd           663      29.31       -1.13
Taiyuan Tianlong Group Co.
   Ltd                         600234      19.47      -89.51
The First Investment &
   Merchant Co, Ltd            600515      90.66        5.98
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      45.82      -41.20
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      23.34      -72.39
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      40.61      -17.21
Zarva Technology Co. Ltd.         688      25.83     -175.37
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      28.53      -36.27


INDIA

Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM      96.57      -42.59
ATV Projects India Ltd.           ATV      68.25      -30.17
B S Refrigerator                NBPLE      75.91      -10.23
Balaji Distiller                  BLD      45.66      -74.20
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd                    NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -150.72
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Ltd                 DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      59.44       -0.66
Gujarat State Fi                  GSF     153.48     -157.34
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     316.41     -175.33
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson & Nic Ltd                   JN      15.41       77.32
JK Synthetics Ltd                 JKS      17.99       -2.61
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
JOG Engineering                   VMJ      50.08      -10.08
Lloyds Metals                    LYDM      70.72      -10.25
Lloyds Steel Ind                 LYDS     404.38      -86.45
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements                    MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Panyam Cements                    PYC      17.18      -18.32
Phil Corporation                NPPII      22.13       -4.96
RPG Cables Ltdd                  NRPG      51.43      -20.19
Saurashtra Cemen                  SRC     112.31       -4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd                 SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
Steel Tubes Ltd                  NSTU      30.47      -26.45
Synthetics & Che                 SYNC      54.94       -6.90
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     619.95     -111.52
UB Engineeering                   UBE      47.78       -2.77
Uniflex Cables                    UFC      17.22       -5.04


INDONESIA

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


JAPAN

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


KOREA

DaiShin Information &
   Communication Co.            20180      22.07      -15.48
Dong Yang Gang                   1780     108.79       -9.80
E-Rae Electronics Industry
   Co., Ltd                     45310      42.30      -10.54
E Star B Co., Ltd.              55250      24.24      -20.61
EG Semicon Co. Ltd.             38720      32.35       -1.14
Everex Inc                      47600      35.66       -0.66
Hyundai IT Corp.                48410     137.08      -48.10
Inno Metal Izirobot Inc.        70080      33.20       -5.59
Korea Cement Co., Ltd.           3660     145.94      -15.79
Oricom Inc.                     10470     102.46      -31.19
Petroholdings Corporation       53170      11.03       -3.20
Rocket Electric Co., Ltd.         420      62.35       -8.52
Seji Co., Ltd                   53330      25.84      -13.98
Starmax Co., Ltd                17050      41.94       -1.50
Tong Yang Magic Co., Ltd.       23020     170.55      -69.48
Unick Corporation               11320      58.87      -22.63


MALAYSIA

Boustead Heavy Industries
   Corp. Bhd                     BHIC      57.34     -152.51
Chin Foh Berhad                  CFOH      53.19      -13.88
FED Furniture                    FFHB      38.27       -5.11
Harvest Court                     HAR      10.17       -3.85
Lityan Holdings Berhad            LIT      18.84      -23.22
Mentiga Corporation Berhad       MENT      22.13      -18.25
Pan Malay Industries             PMRI     185.98       -6.91
PanGlobal Berhad                  PGL     181.15     -125.36
Paxelent Corp                    PAXE      13.16       -4.51
Putera Capital Berhad            PCAP      10.56       -4.70
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Sycal Ventures Berhad             SYC      58.76      -85.36
Wembley Industries
  Holdings Bhd                    WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      71.75     -218.13
Atlas Consolidated Mining and
   Development Corp.               AT      61.14      -16.74
Cyber Bay Corporation            CYBR      12.49      -64.98
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil Estate Corp.                   FC      36.10       -7.75
Filsyn Corporation                FYN      20.88       -9.68
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon                    UPM      22.80      -29.23
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

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


THAILAND

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






                           *********

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

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

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




                            *********


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

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

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

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

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

                 *** End of Transmission ***