TCRAP_Public/071029.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  

           Monday, October 29, 2007, Vol. 10, No. 214
  
                            Headlines



A U S T R A L I A

BASIS YIELD: Files MoL Supporting Foreign Insolvency Recognition
BDJH PTY: Members to Receive Wind-Up Report on November 7
BUSINESS INTEGRATION: Members Pass Resolution to Liquidate Firm
BUSINESS INTEGRATION: Members Agree on Voluntary Liquidation
CARRYCALL PTY: Members Resolve to Liquidate Business

CHRYSLER LLC: 55% UAW Workers Voted to Accept Tentative Pact
CONVERGENCY SERVICES: Members Agree on Voluntary Liquidation
HOWDEN GROUP: Commences Liquidation Proceedings
JAMES HOWDEN: Commences Liquidation Proceedings
KINETIC CONCEPTS: Earns US$59 Mil. in 3rd Quarter Ended Sept. 30

LEON UNIVERSAL: Commences Wind-Up Proceedings
MURMAT PTY: Members Agree on Voluntary Liquidation
SYMBION HEALTH: Primary Health Unit to Commence Proceedings
TOTALFLOW LOGISTICS: Liquidator Presents Wind-Up Report


C H I N A   &   H O N G  K O N G

CITIC GROUP: Bear Stearns Pact Won't Affect Review, Moody's Says
HARTCOURT COS: Posts US$246,216 Net Loss in Qtr. Ended Aug. 31
HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30
IDS CREATION: Names Au Chun Fai Jeffrey as LIquidator
IMPACT DESIGNS: Members to Hold Final Meeting on Nov. 26

LI FUNG: Placed Under Voluntary Liquidation
LISCO ENGINEERING: Appoints Chiong and Sutton as Liquidators
SERVICEMASTER CO: S&P Affirms 'B+' Rating on US$2.65-Mil. Loan
SHANGHAI LAND: Sets Annual General Meeting for November 13
ZTE CORP: Strong Sales & Expansion Hike 9 Months Profit by 45.9%


I N D I A

IFCI LTD: Net Profit Quadruples in Second Quarter
IFCI LTD: Shareholders OK Hike in Foreign Holding Limit to 74%
INDUSTRIAL DEV'T BANK: Books INR1.56BB Profit in July-Sept '07
LML LTD: To File Audited Results by December 31


I N D O N E S I A

ANIXTER INT'L: Third Qtr. Net Income Drops 15% to US$64.8 Mil.
AVNET INC: Posts 1st Quarter Net Income of US$105.5 Million
BANK DANAMON: Nine-Month Profit Ups 75% to IDR1.6 Trillion
DIRGANTARA: SC Quashes Commercial Court's Bankruptcy Ruling
FREEPORT MCMORAN: Deutsche Bank Reaffirms Buy Rating on Shares

INDOFOOD: Indofood to Acquire London Sumatra for IDR8.4 Trillion
INDOSAT: Shareholder Accused of Violating Anti-Monopoly Laws
TUPPERWARE BRANDS: Earns US$6.9 MM in Quarter Ended Sept. 29


J A P A N

DELPHI CORP: U.S. District Court to Hear ERISA Suit on Nov. 13
HARMAN INT'L: Equity Firms Drop Merger; Inks New Buyback Deal
NOVA CORP: Files for Bankruptcy with JPY43.9-Billion Debt
SANYO ELECTRIC: GE Retains Sanyo Name in Acquired Lease Firm
SOLO CUP: Debt Reduction Prompts S&P's Positive CreditWatch


K O R E A

HYNIX SEMICONDUCTOR: Signs Long-Term License Pact with Ovonyx
MAGNACHIP SEMICONDUCTOR: Posts US$38.8MM Net Loss for 3rd Qtr.


M A L A Y S I A

MALAYSIA AIRLINES: Malaysia-Singapore Route Opens for Air Asia
TENAGA NASIONAL: 4th Qtr Earnings Fall 77% Due to Weak Currency
SATERAS RESOURCES: Securities Delisted as Court Lifts Stay


N E W  Z E A L A N D

B.S.TAEGE: Names Parsons and Kenealy as Liquidators
CITYWIDE PRENAIL: Fixes November 1 as Last Day to File Claims
MIDWAY TIMBER: Commences Wind-Up Proceedings
RIRI ENTERPRISES: Commences Liquidation Proceedings
SUPA CHEAP: Court to Hear Wind-Up Petition on January 31


P H I L I P P I N E S

BANGKO SENTRAL: Sees Possible Surge in Derivatives Market
LAND BANK: Opens New Remittance Center in San Francisco, Calif.
PHIL LONG DISTANCE: Smart Told to Answer Cable Operators' Claims
* Imports for August Rises 1.8% to US$4.971 Bil. On Electronics
* Lower Debt, Strong Peso, Privatization May Cue Rating Upgrade


S I N G A P O R E

FREESCALE SEMICON: Weak Results Cue Moody's to Review Ratings
NETIK PTE: Creditors' Proofs of Debt Due on November 30
REFCO INC: Shareholders Sue Mayer Brown Over Role in Collapse
REGIONAL (FAR EAST): Receiving Proofs of Debt Until Nov. 29
STEADY PILING: Pays First and Final Dividend


S R I  L A N K A

* Fitch Comments on Sri Lankan Finance Companies


T H A I L A N D

TMB BANK: THB35BB Recapitalization Will Last 3-4 Years, FM Says


     - - - - - - - -

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

BASIS YIELD: Files MoL Supporting Foreign Insolvency Recognition
----------------------------------------------------------------
Hugh Dickson, Stephen John Akers, and Paul Andrew Billingham, as
the authorized foreign representatives of Basis Yield Alpha Fund
(Master), delivered to the United States Bankruptcy Court for
the Southern District of New York a memorandum of law supporting
the recognition of the Foreign Debtor's insolvency proceeding
that is pending before the Grand Court of the Cayman Islands
pursuant to Chapter 15 of the Bankruptcy Code.

The Foreign Representatives told Bankruptcy Judge Robert Gerber
that their request for recognition satisfies both the letter and
the spirit of Chapter 15.

Representing the Foreign Representatives, Karen B. Dine, Esq.,
at Pillsbury Winthrop Shaw Pittman LLP, in New York, states that
Chapter 15 furthers two principle policies -- comity and
cooperation.  She adds that Chapter 15 aids the coordination and
administration of international insolvency cases.

Congress has made clear that comity and cooperation are
centerpieces of Chapter 15 and should guide courts'
interpretations of it, Ms. Dine says.  Therefore, she says, in
Section 1507 of the Bankruptcy Code, comity is raised to the
introductory language to make it clear that it is the central
concept to be addressed.

Since the passage of Chapter 15, the Bankruptcy Court has
recognized, and extended comity to, a number of Cayman Island
proceedings, Ms. Dine relates, citing, among others:

   -- In re SPhinX, 351 B.R. at 120, recognizing proceeding as a
      foreign non-main proceeding;

   -- In re Amerindo Internet Growth Fund Ltd., Chapter 15 Case
      No. 07-10327 (RDD) (Balm. S.D.N.Y. Mar. 6, 2007),
      recognizing a foreign main proceeding where the debtor was
      an investment company registered in the Cayman Islands
      which commenced business with a Cayman Islands investment
      manager and a Cayman Islands administrator, who maintained
      the books and records in the Cayman Islands; and

   -- In re Bancredit Cayman Ltd. (In Liquidation), Chapter 15
      Case No. 06-11026 (SMB) (Bankr. S.D.N.Y. June 15,2006),
      recognizing proceeding as foreign main proceeding.

Ms. Dine asserts that the facts surrounding the Foreign Debtor's
case, together with central principles of comity and
cooperation, dictate that the Bankruptcy Court follow the
decisions in those proceedings, and grant the Foreign
Representatives' request for recognition.

Consistent with Chapter 15 and its underlying policies, the
Foreign Representatives seek entry of a Bankruptcy Court order
recognizing the Cayman Islands Proceeding as either a main or
non-main proceeding.

Ms. Dine says Cayman Islands courts exercise jurisdiction over
companies incorporated in the Cayman Islands.

                Challenging Propriety of Conduct

Since the filing of Basis Yield's Chapter 7 case on August 29,
2007, the Foreign Representatives have commenced two other
proceedings, Ms. Dine recalls.  On September 5, the Foreign  
Representatives filed the First Supplement to the Verified
Petition, informing the Bankruptcy Court that the Foreign  
Representatives petitioned the High Court of Justice, Chancery
Division, Companies Court, in England pursuant to Section 426 of
the Insolvency Act of 1986 and obtained recognition of the
Foreign Representatives as joint provisional liquidators from
the High Court of Justice.

Subsequently, on October 3, the Foreign Representatives filed
the Second Supplement to the Verified Petition, notifying the
Bankruptcy Court that the Supreme Court of New South Wales
granted the Foreign Representatives' application for orders
compelling certain parties to turn over certain documents and
funds in their possession.

Ms. Dine says that third parties, including many creditors and
investors of the Foreign Debtor, have appeared in the
proceedings pending in the Cayman Islands and Australia.  To
date, however, no foreign court or party appearing before a
foreign court has challenged the propriety of the conduct of a
liquidation proceeding in the Cayman Islands, Ms. Dine notes.

             Recognition of Foreign Main Proceeding

Ms. Dine states that Section 1517 sets forth a straightforward
procedure for U.S. courts to recognize a Cayman Island
proceeding.

Ms. Dine explains that recognition of a foreign proceeding is
required if:

   (i) the foreign proceeding for which recognition is sought
       is a foreign main proceeding or foreign non-main
       proceeding within the meaning of Section 1502;

  (ii) the foreign representative applying for recognition is a
       person or body; and

(iii) the petition meets the Section 1515 requirements.

"Simply put, [the Bankruptcy] Court should recognize the Cayman
Islands Proceeding because the Cayman Islands Proceeding
satisfies those requirements," Ms. Dine tells Judge Gerber.

              Foreign Debtor's COMI is in Caymans

According to Ms. Dine, a foreign main proceeding is defined as a
"foreign proceeding pending in the country where the debtor has
the center of its main interests."  COMI, she says, is not
defined by the Bankruptcy Code; rather, "[i]n the absence of
evidence to the contrary, the debtor's registered office ... is
presumed to be the center of the debtor's main interests."

Section 1516(c) is consistent with and supported by relevant
international law, Ms. Dine asserts, explaining that the Guide
to Enactment of the UNCITRAL Model Law on Cross-Border
Insolvency states that COMI "corresponds to the formulation in
the European Union Convention on Insolvency Proceedings, thus
building on the emerging harmonization as regards the notion as
a 'main' proceeding."

Accordingly, the Bankruptcy Court should consider decisions in
other countries interpreting COMI, Ms. Dine maintains, citing
Bear Stearns, 2007 WL 2683661, at *5.  Particularly, she notes,  
the EU Convention referenced in the Guide is an insolvency
scheme and contains the same presumption as Section 1516(c).

Ms. Dine insists that the Foreign Representatives have
established, by uncontested evidence, their entitlement to the
presumption that the Foreign Debtor's COMI is in the Cayman
Islands, hence, the Bankruptcy Court may grant recognition upon
that basis alone.

If required to prove the Foreign Debtor's COMI, Ms. Dine says,
the Foreign Representatives can establish that the Foreign
Debtor's connections to the Cayman Islands include, inter alia:

   * The Foreign Debtor is incorporated in the Cayman Islands;

   * The Foreign Debtor's registered office is located in the
     Cayman Islands;

   * The Foreign Debtor's direct investors, the feeder funds --
     BYAF and BYAF(US) -- are Cayman Islands entities;

   * The Foreign Debtor regularly enters multi-million dollar
     transactions with BYAF;

   * Both of the Foreign Debtor's feeder funds are registered
     mutual funds regulated by the Cayman Islands Monetary Fund;

   * Approximately 10% of the Foreign Investors' indirect
     investors investors in the feeder funds are located in the
     Cayman Islands;

   * The Foreign Debtor's administrator, Fortis; its pre-filing
     attorneys, Walkers; and its pre-filing auditors, Ernst &
     Young (Cayman) Ltd., are located in the Cayman Islands and,
     upon information and belief, employ residents of that area;

   * The Foreign Debtor's investment manager, Pac-Rim      
     Investments Ltd., is a Cayman Islands company;

   * The Foreign Debtor's cash assets are principally located in
     the Cayman Islands, and substantial amounts of cash were in
     the custody of the Cayman Islands Administrator pre-filing;

   * The Foreign Debtor's statutory books and records, investor
     register, and BYAF's investor register are all located in
     the Cayman Islands.

Further, when parties decided to transact business with the
Foreign Debtor, a company domiciled in the Cayman Islands, they
had a reasonable and legitimate expectation that, in the event
of a liquidation, it would occur in the Cayman Islands under
applicable Cayman Islands law.

"COMI is in the Cayman Islands, not only because of the myriad
connections the Foreign Debtor has with the Cayman Islands, but
also because every party that transacted with the Foreign Debtor
knew that the Foreign Debtor is a Cayman Islands entity and each
creditor has impliedly subjected itself to the laws of the
Cayman Islands, " Ms. Dine tells Judge Gerber.

Accordingly, the Foreign Representatives want the Bankruptcy
Court to find that COMI is in the Cayman Islands.

     Standard for Recognition of Foreign Non-Main Proceeding

Under Section 1502(5), a foreign non-main proceeding is one that
is brought in a country that is not a debtor's COMI, but rather
is brought as any other proceeding "pending in a country where
the debtor has an establishment," Ms. Dine states.  On the other
hand, she adds, "establishment" is defined as "any place of
operations where the debtor carries out a non-transitory
economic activity."

Ms. Dine explains that the Foreign Debtor has a establishment in
the Cayman Islands, and thus, at the very least, is entitled to
recognition as a foreign non-main proceeding.

The Foreign Representatives attest that finding a establishment
is the minimum possible result in Basis Yield's Chapter 7 case.

Judge Gerber will hold a hearing on November 19, 2007, at 9:45
a.m., New York Time, to decide whether Basis Yield has more of
its important connections with the Caymans so the U.S. Court can
take a secondary role, allowing the assets to be liquidated and
distributed to customers under non-U.S. law.  Objections are due
November 6 at 4:00 p.m.

                        About Basis Yield

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

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

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

                       Road to Bankruptcy

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

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

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

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

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

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

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

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

                    Chapter 15 Ancillary Case

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

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

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

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


BDJH PTY: Members to Receive Wind-Up Report on November 7
---------------------------------------------------------
The members of BDJH Pty Limited will meet on November 7, 2007,
at 11:00 a.m., to hear the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney, New South Wales 2000
          Australia

                        About BDJH Pty

BDJH Pty Limited is in involved in the Marinas business.  The
company is located at Balgowlah, New South Wales, Australia.


BUSINESS INTEGRATION: Members Pass Resolution to Liquidate Firm
---------------------------------------------------------------
During a general meeting held on September 17, 2007, the members
of Business Integration Solutions Pty Ltd agreed to voluntarily
liquidate the company's business.

Colin McIntosh Nicol and Johan Vorster were named as
liquidators.

The Liquidators can be reached at:

          Colin McIntosh Nicol
          Johan Vorster
          McGrathNicol
          IBM Centre,  Level 8
          60 City Road
          Southbank, Victoria 3006
          Australia
          Telephone:+61 3 9038 3100
          Web site: http://www.mcgrathnicol.com

                  About Business Integration

Business Integration Solutions Pty Ltd provides business
services.  The company is located at  Melbourne, in Victoria,
Australia.


BUSINESS INTEGRATION: Members Agree on Voluntary Liquidation
------------------------------------------------------------
The members of Business Integration Solutions Australia Pty Ltd
met on Sept. 17, 2007, and agreed to voluntarily wind up the
company's operations.

Colin McIntosh Nicol and Johan Vorster were named as
liquidators.

The Liquidators can be reached at:

          Colin McIntosh Nicol
          Johan Vorster
          McGrathNicol
          IBM Centre,  Level 8
          60 City Road
          Southbank, Victoria 3006
          Australia
          Telephone:+61 3 9038 3100
          Web site: http://www.mcgrathnicol.com

               About Business Integration Solutions

Business Integration Solutions Australia Pty Ltd provides
management consulting services.  The company is located at  
Melbourne, in Victoria, Australia.


CARRYCALL PTY: Members Resolve to Liquidate Business
----------------------------------------------------
Durng a general meeting held on September 20, 2007, the members
of Carrycall Pty Limited agreed to voluntarily liquidate the
company's business.

Sule Arnautovic was appointed as liquidator.

The Liquidator can be reached at:

          Sule Arnautovic
          Jirsch Sutherland
          Level 4, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9236 8333
          Facsimile:(02) 9236 8334

                     About Carrycall Pty

Carrycall Pty Limited is in the business of local trucking
without storage.  The company is located at Leppington, in New
South Wales, Australia.


CHRYSLER LLC: 55% UAW Workers Voted to Accept Tentative Pact
------------------------------------------------------------
Results from four major Chrysler LLC plants in Michigan came in
favor of a tentative labor contract between the carmaker and the
United Auto Workers union, tilting the ratification scale
towards the approval of the pact, Josee Valcourt and Neal E.
Boudette of the Wall Street Journal report citing people
familiar with the matter.  Except for a union local in
Beldivere, Illinois, about 55% of the total vote count from 26
of 27 union locals has accepted the tentative agreement.

As reported on Friday's Troubled Company Reporter, 78% of the
union members at Chrysler's assembly plant in Warren, Michigan,
accepted the contract, and 86% of workers at a metal stamping
plant in Sterling Heights, Michigan, voted yes.  Both plants
have a total of 5,200 workers.

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 $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
$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
$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.


CONVERGENCY SERVICES: Members Agree on Voluntary Liquidation
------------------------------------------------------------
On September 17, 2007, the members of Convergency Services Pty
Ltd agreed to voluntarily wind up the company's operations.

Colin McIntosh Nicol and Johan Vorster were appointed as
liquidators.

The Liquidators can be reached at:

          Colin McIntosh Nicol
          Johan Vorster
          McGrathNicol
          IBM Centre,  Level 8
          60 City Road
          Southbank, Victoria 3006
          Australia
          Telephone:+61 3 9038 3100
          Web site: http://www.mcgrathnicol.com

                About Convergency Services

Convergency Services Pty Ltd, which is also trading as
Convergency Services, is in the business of telephone
communications, except radiotelephone.  The company is located
at Melbourne, in Victoria, Australia.


HOWDEN GROUP: Commences Liquidation Proceedings
-----------------------------------------------
On September 13, 2007, the members of Howden Group Australia
Nominees Pty Limited agreed to voluntarily liquidate the
company's business.

John Morgan was appointed as liquidator.

The Liquidator can be reached at:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9240 9972

                    About Howden Group

Located at Blacktown, in New South Wales, Australia, Howden
Group Australia Nominees Pty Limited is an investor relation
company.


JAMES HOWDEN: Commences Liquidation Proceedings
-----------------------------------------------
The members of James Howden Australia Pty Limited met on
September 13, 2007, and agreed to voluntarily liquidate the
company's business.

John Morgan was named as liquidator.

The Liquidator can be reached at:

          John Morgan
          PKF Chartered Accountants & Business Advisers
          Level 10, 1 Margaret Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9240 9972

                      About James Howden

James Howden Australia Pty Limited, which is also trading as
Howden Research Australia, is a distributor of  durable goods.  
The company is located at
North Sydney, in New South Wales, Australia.


KINETIC CONCEPTS: Earns US$59 Mil. in 3rd Quarter Ended Sept. 30
----------------------------------------------------------------
Kinetic Concepts, Inc., reported net earnings of US$59.0 million
for the third quarter of 2007, up 21%, compared to
US$49.0 million for the same period one year ago.  

The company reported third quarter 2007 total revenue of
US$410.9 million, an increase of 17% from the third quarter of
2006.

Total revenue for the first nine months of 2007 was US$1.18
billion, an 18% increase from the prior-year period.  Foreign
currency exchange movements favorably impacted total revenue for
the third quarter and first nine months of 2007 by 2% compared
to the corresponding periods of the prior year.

For the first nine months of 2007, net earnings were
US$170.7 million, up 18%, compared to US$144.1 million from last
year.

"I am pleased that we continued to execute on our 2007 business
plan," said Catherine Burzik, president and chief executive
officer of KCI.  "V.A.C.(R) remains the only clinically-proven
system that delivers effective negative pressure wound therapy.
Looking forward, we will continue to make necessary changes and
improvements in the business to enable longer-term top and
bottom line growth for our shareholders."

Gross profit for the third quarter and first nine months of 2007
was US$204.2 million and US$565.5 million, respectively,
representing increases of 24% and 21% from the same periods of
the prior year.  Gross profit margin improved 290 basis points
in the 2007 third quarter, compared to the year-ago period, due
primarily to increased market penetration, improved revenue
realization levels and increased sales force and service
productivity.

Operating earnings for the third quarter and first nine months
of 2007 were US$98.9 million and US$272.2 million, respectively,
representing increases of 24% and 20% from the same periods of
the prior year.

                     Share-Based Compensation

During the third quarter and first nine months of 2007, the
company recorded share-based compensation expense totaling
approximately US$6.6 million and US$17.9 million, respectively,
before income taxes, under the provisions of Statement of
Financial Accounting Standards No. 123R.

                         Income Tax Rate

The effective income tax rates for the third quarter and the
first nine months of 2007 were 34.2% and 33.7%, respectively,
compared to 35.0% and 32.5% for the corresponding periods in
2006.  The lower income tax rate for the first nine months of
the prior year resulted from the favorable resolution of tax
contingencies.  The effective tax rate for the full year of 2006
was 33.1%.

                          Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$948.0 million in total assets, US$355.8 million in
total liabilities, and US$592.2 million in total shareholders'
equity.

                           Refinancing

During the third quarter of 2007, KCI completed a new US$500
million revolving credit facility due July 2012.  The company
used a portion of the new facility to repay the remaining
outstanding balance of US$114.1 million due on its senior credit
facility due August 2010.  The company also redeemed the
remaining US$68.1 million due under its 73/8% senior
subordinated notes due August 2013.  The company recorded
refinancing expenses associated with these transactions of
US$4.5 million, net of income taxes, in the third quarter of
2007.  These expenses included the write-off of capitalized debt
issuance costs associated with the repayment of our previous
debt and the payment of a make-whole premium due to the holders
of our senior subordinated notes.

                     Share Repurchase Program

During the third quarter of 2007, the company's Board of
Directors authorized a one-year extension of the company's
previously announced US$200.0 million share repurchase program
through Sept. 30, 2008.  This program had a remaining authorized
amount for share repurchases of $87.5 million as of Sept. 30,
2007.  In addition, the company has a pre-arranged purchase plan
pursuant to Rule 10b5-1 of the Exchange Act, which is authorized
through Sept.  30, 2008.  No open market repurchases were made
under the share repurchase program during the third quarter of
2007.

                             Outlook

As of Oct. 23, 2007, KCI is tightening its projections for 2007
total revenue to US$1.58 - US$1.60 billion based on continued
demand for its V.A.C. negative pressure wound therapy devices
and related supplies.  

                      About Kinetic Concepts

Headquartered in San Antonio, Kinetic Concepts Inc. (NYSE: KCI)
-- http://www.kci1.com/-- designs, manufactures, markets and  
services a wide range of proprietary products that can improve
clinical outcomes and can help reduce the overall cost of
patient care.

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes in the United States, Canada, Australia and
most major European countries.

                          *     *     *

As reported in the Troubled Company Reporter on July 24, 2007,
Moody's Investors Service assigned a Ba2 rating to Kinetic
Concepts, Inc.'s new US$500 million senior secured revolving
bank facility.  Moody's also affirmed the company's 'Ba2'
Corporate Family Rating.  The outlook is positive.


LEON UNIVERSAL: Commences Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 17, 2007,
the members of Leon Universal Trading Pty Ltd agreed to
voluntarily liquidate the company's business.

Wayne Benton was named as liquidator.

The Liquidator can be reached at:

          Wayne Benton
          PPB, Chartered Accountants
          Level 10,90 Collins Street
          Melbourne, Victoria

                      About Leon Universal

Leon Universal Trading Pty Ltd is a distributor of durable
goods.  The company is located at West Footscray, in Victoria,
Australia.


MURMAT PTY: Members Agree on Voluntary Liquidation
--------------------------------------------------
During a general meeting held on September 10, 2007, the members
of Murmat Pty 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 Murmat Pty

Murmat Pty Ltd, which is also trading as Lucky Tom's Complete
Kitchenware & Hospitality Supp, operates gift, novelty and
souvenir shops.  The company is located at  Leichhardt, in New
South Wales, Australia.


SYMBION HEALTH: Primary Health Unit to Commence Proceedings
-----------------------------------------------------------
A wholly owned subsidiary of Primary Health Care Limited intends
to commence proceedings against Symbion Health and its directors
regarding the form of the resolution to be put to Symbion Health
shareholders in respect of the proposed merger of Symbion
Health's diagnostics businesses with Healthscope Limited and the
break fee and lock-up obligations of Symbion Health under the
Transaction Implementation Deed released to the ASX on 8 October
2007.

The Symbion Health Board believes that the Primary proceedings
are baseless and totally without merit.  Symbion Health will be
asking the court for an urgent hearing to dispose of Primary's
application, particularly in advance of the proposed date for
the meetings to consider the Diagnostics Proposal and the
proposed scheme of arrangement in respect of the consumer and
pharmacy business of Symbion Health on 30 November 2007.

By blocking the original proposal and now commencing litigation
in respect of the Diagnostics Proposal, Primary appears to be
seeking to disrupt the Revised Proposal and prevent Symbion
Health shareholders as a whole from obtaining the benefits of
the proposal.

The Symbion Health Board believes that the interests of Primary
are not aligned with the interests of Symbion Health
shareholders as a whole.  Furthermore, no superior proposal has
been made to Symbion Health shareholders by Primary.

The Symbion Health Board continues to unanimously recommend the
Revised Proposal in the absence of a superior proposal and
subject to the receipt of satisfactory reports from the
independent expert.

The Symbion Health Board will continue to act in the best
interests of Symbion Health shareholders as a whole.

                     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).


TOTALFLOW LOGISTICS: Liquidator Presents Wind-Up Report
-------------------------------------------------------
The members and creditors of Totalflow Logistics Services Pty
Limited met on October 17, 2007, and received the liquidator's
report on the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          Scott Darren Pascoe
          SimsPartners
          Level 5, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia
          Telephone:(02) 9256 7700

                   About Totalflow Logistics

Totalflow Logistics Services Pty Limited is involved in the
business of  general warehousing and storage.  The company is
located at  Wetherill Park, in New South Wales, Australia.


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

CITIC GROUP: Bear Stearns Pact Won't Affect Review, Moody's Says  
----------------------------------------------------------------  
Moody's Investors Service says that CITIC Securities'
announcement that it is in talks with Bear Stearns to form a
comprehensive strategic alliance is unlikely to have any rating
implications for CITIC Group.

CITIC Group is the largest shareholder of CITIC Securities, and
both its baseline credit assessment (BCA) of 12 (equivalent to a
D BFSR) and Baa2 long-term senior unsecured debt rating remain
on review for possible upgrade, as announced on July 30, 2007.

"The proposed alliance between CITIC Securities and Bear Stearns
awaits regulatory approval in China," says Laurie Cang, a
Moody's VP/Senior Analyst.

"As such, the transaction may not yet have taken on its final
structure, while the alliance, as proposed, would have a neutral
impact on our view of CITIC and not necessarily influence -- in
any particular direction -- our review of its ratings for
possible upgrade," adds Cang.

"Relative to CITIC's total assets of more than US$120 billion,
the deal is not large and its proposed structure would not
appear to exert any significant demand on the financial
resources of CITIC or its group members," says Cang.

Moody's believes that CITIC Securities and hence CITIC should
benefit from the proposed transaction.

The strengths of Bear Stearns would be useful to CITIC
Securities as it expands, including the former's conservative
and sophisticated risk management practices, leading positions
in institutional clearing and prime brokerage, and growing,
albeit modest, investment banking business.

However, Moody's views the benefits of the proposed alliance as
only emerging over a long time horizon and whether it would
serve as a catalyst for CITIC developing a market niche remains
to be seen.

Moody's will consider these factors and the final structure of
any alliance in its review for possible upgrade of CITIC's
ratings.

"We will focus on near-term financial evidence which reinforces
positive trends, particularly with regard to its liquidity,
leverage and cash flow coverage ratios," says Cang, adding,
"Audited financials by large reputable international accounting
firms would provide a greater level of comfort."

In the near-to-intermediate term, improvements in financial
discipline and transparency could also be credit positive,
whereas overly aggressive mergers & acquisitions, which turn out
to be financially disadvantageous, could exert negative rating
pressure.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government.  As of end-2006, it had consolidated total
assets of RMB935.7 billion (USD120.3 billion).

CITIC Securities is engaged in the securities service industry
in China. Its major business lines include security brokerage,
investment banking, and asset management.  CITIC Group is the
largest shareholder of CITIC Securities.  Moody's does not rate
CITIC Securities.


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

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

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


HARTCOURT COS: Posts US$246,216 Net Loss in Qtr. Ended Aug. 31
--------------------------------------------------------------
The Hartcourt Companies Inc. reported a net loss of US$246,216
for the first quarter ended Aug. 31, 2007, compared with a net
loss of US$126,741 for the same period ended Aug. 31, 2006.

There was no revenue during the three months ended Aug. 31,
2007, and 2006, because the company entered into a definitive
agreement to sell the IT distribution business and therefore the
sales from IT distribution business has been classified into
discontinued operation category for three months ended Aug. 31,
2007, and comparable period in the preceding years.

The company's consolidated balance sheet at Aug. 31, 2007,
showed US$1.22 million in total assets, US$1.21 million in total
liabilities, and $12,919 in total shareholders' equity.

The company's consolidated balance sheet at Aug. 31, 2007, also
showed strained liquidity with US$70,434 in total current assets
available to pay US$1.21 million in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Aug. 31, 2007, are available
for free at http://researcharchives.com/t/s?247f

                       Going Concern Doubt

As reported in the Troubled Company Reporter on Sept. 18, 2007,
Kabani & Company Inc., expressed substantial doubt about
Hartcourt Companies Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended May 31, 2007.  The auditing firm
noted that the company incurred net losses and experienced
negative cash flows from operations in the last six years.  As
of May 31, 2007, the company accumulated deficit of
approximately US$69 million.  

                  About The Hartcourt Companies

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The    
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.


HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30
----------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended
Sept. 30, 2007, of US$42.4 million as compared to a net income
of US$34.2 million for the third quarter of 2006.

Net income from ongoing operations for the third quarter of 2007
was US$53.4 million, an increase of 28% per diluted share as
compared to net income from ongoing operations of
US$40.9 million in the third quarter of 2006.

During the quarter, the company purchased about 1.15 million
shares of common stock for a cost of about US$22.8 million
pursuant to its previously announced US$200 million share
repurchase authorization.

Net sales in the third quarter of 2007 were US$544.2 million, an
increase of 6% from the same period last year.  

Reported profit from operations in the third quarter of 2007 was
US$72.9 million, an increase of 1% compared with the same period
in 2006.  Profit from ongoing operations in the third quarter of
2007 was US$84.2 million, an increase of 10% compared with
US$76.4 million in the third quarter of 2006.

Interest and debt expense was US$17 million in the third quarter
of 2007, up US$0.3 million compared with the third quarter of
2006.

Net debt, total debt less cash and cash equivalents, was
US$669 million at Sept. 30, 2007, a decrease of US$154.7 million
from year-end 2006.

Capital spending was US$24 million in the third quarter and
US$77.8 million year to date.  This compares to US$26.3 million
and US$49.2 million in the third quarter and year to date
periods last year, respectively.

                  Nine Month-Result Highlights

Net income for the nine months ended Sept. 30, 2007, was
US$150.4 million as compared to a net loss of US$3.4 million for
the same period in 2006.

Net income from ongoing operations for the nine months ended
Sept. 30, 2007, was US$134.9 million, an increase of 27% per
diluted share versus the same period in 2006.

Cash flow from operations for the nine months ended Sept. 30,
2007, was US$247.5 million, an increase of US$140.5 million as
compared to the same period last year.

The company has now received US$223.2 million of tax refunds
during the year and expects to receive an additional
US$21.2 million in the first half of 2008.

Net sales for the nine months ended Sept. 30, 2007, were
US$1.596 billion, an increase of 8% as compared to the same
period in 2006, excluding the impact of the FiberVisions
transaction.

Interest expense for the nine months ended Sept. 30, 2007, was
US$52 million, a decrease of US$2.1 million from the same period
of last year.

As of Sept. 30, 2007, the company reported total assets of
US$2.7 billion, total liabilities of US$2.3 billion, and total
stockholders' equity of US$458.4 billion.

Full-text copies of the company's financials are available for
free at http://ResearchArchives.com/t/s?2485.

                            Outlook

"We continue to demonstrate solid growth in revenues, earnings
per share and cash flow," commented Craig A. Rogerson, president
and chief executive officer.  "Our priority is to continue to
invest in high return opportunities supporting our two global
franchises.  We also began returning excess cash flow to our
shareholders by reinstituting a common stock dividend and
through share repurchases."

                       About Hercules Inc

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.

                         *     *     *

In September 2006, Moody's placed the company's long-term
corporate family rating, senior unsecured debt rating and
probability of default rating at Ba2, senior subordinate rating
at Ba3, and junior subordinate debt rating at B1.  These ratings
still hold to date.  The outlook is positive.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB which still hold to date.  The
outlook is positive.


IDS CREATION: Names Au Chun Fai Jeffrey as LIquidator
-----------------------------------------------------
On Sept. 29, 2007, a special resolution was passed appointing Au
Chun Fai Jeffrey as liquidator for IDS Creation Limited.

The Liquidator can be reached at:

          Au Chun Fai Jeffrey
          Tesbury Centre, 16th Floor
          28 Queen's Road East
          Admiralty, Hong Kong


IMPACT DESIGNS: Members to Hold Final Meeting on Nov. 26
--------------------------------------------------------
The members of Impact Designs Limited will hold their final
meeting on November 26, 2007, at 11:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the 31st Floor of The Center, 99
Queen's Road, in Central, Hong Kong.


LI FUNG: Placed Under Voluntary Liquidation
-------------------------------------------
Li & Fung Industrial Limited commenced liquidation proceedings
on October 8, 2007.

Rainier Hok Chung Lam and John James Toohey were appointed as
liquidators.

The Liquidators can be reached at:

          Rainier Hok Chung Lam
          John James Toohey
          Prince's Building
          Central, Hong Kong


LISCO ENGINEERING: Appoints Chiong and Sutton as Liquidators
------------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton were named
liquidators of Lisco Engineering Limited on October 5, 2007.

The Liquidators can be reached at:

          Desmond Chung Seng Chiong
          Roderick John Sutton
          Ferrier Hodgson Limited
          Hong Kong Club Building, 14th Floor


SERVICEMASTER CO: S&P Affirms 'B+' Rating on US$2.65-Mil. Loan
--------------------------------------------------------------
Standard & Poor's affirmed its 'B+' bank loan rating on Memphis,
Tennessee-based The ServiceMaster Co.'s US$2.65 billion term
loan.  The rating was removed from CreditWatch, where it was
originally placed with developing implications on Aug. 3, 2007,
following the company's execution of an amendment to its new
US$3.3 billion senior secured credit agreement.  The facility is
rated one notch above the corporate credit rating on
ServiceMaster, with a recovery rating of '2', indicating the
expectation for substantial (70%-90%) recovery in the event of a
payment default.     

"The amendment provided the holders of the bank loan the right
to parcel the existing US$2.65 billion term loan into two
tranches, up to 90 days from the closing date," said Standard &
Poor's credit analyst Jean Stout.  "The 90-day period has
expired and the term loan remains intact."     

At the same time, Standard & Poor's affirmed its other ratings
on ServiceMaster, including its 'B' corporate credit rating.  
The rating outlook is negative.     

ServiceMaster provides a variety of outsourcing services to both
residential and commercial customers, with major segments
including lawn care, pest control, and home warranties.     

"The ratings on ServiceMaster reflect its very highly leveraged
financial profile following its acquisition by an investment
group led by Clayton, Dubilier & Rice Inc.," said Ms. Stout.
"Ratings support is provided by ServiceMaster's good business
positions in its fragmented and competitive end markets, which
have historically translated into good cash flow generation from
a fairly diverse portfolio of services."   

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM)  
currently serves residential and commercial customers through a
network of over 5,500 company-owned locations and franchised
licenses.  The company's brands include TruGreen, TruGreen
LandCare, Terminix, American Home Shield, InStar Services Group,
ServiceMaster Clean, Merry Maids, Furniture Medic, and
AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home
warranties, disaster response and reconstruction, cleaning and
disaster restoration, house cleaning, furniture repair, and home
inspection.  The company has operations in Australia, Chile,
China, Dominican Republic, Hong Kong, Indonesia, Japan, and the
United Kingdom, among others.


SHANGHAI LAND: Sets Annual General Meeting for November 13
----------------------------------------------------------
Shanghai Land Holdings Limited will hold an annual general
meeting for its members on November 13, 2007, at 2:00 p.m., at
the 18th Floor of Two International Finance Centre, 8 Finance
Street, in Central, Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ZTE CORP: Strong Sales & Expansion Hike 9 Months Profit by 45.9%  
----------------------------------------------------------------  
ZTE Corp.'s net profit for the nine months to September 31,
2007, rose 45.9% year-on-year to CNY602.85 million, helped by
strong sales growth and overseas market expansion, Infocast News
reports.

According to Infocast, operating revenue rose 47% in the 2007
nine-month period to CNY23.45 billion from the figure recorded a
year earlier.

In a statement with the Shanghai Stock Exchange, the company
said that revenue from its wireless communications system
products, such as TD-SCDMA, CDMA and Global System for Mobile
communication (GSM), surged 84% from a year earlier.

In addition, the company said that it has further strengthened
cooperation with major domestic telecom operators such China
Mobile and China Unicom in the nine months.

Moreover, the company continued to expand business in overseas
markets, especially in emerging markets of Africa and Asia, and
strengthened cooperation with international telecom operators,
the company's statement said.

For the third quarter ended September 2007, the company posted
net profit of CNY143 million (US$19.11 million), up 116% from a
year earlier, as it continues a drive into more developed
overseas markets.

                       About ZTE Corp

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

The group operates both in the domestic and international
market.

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


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

IFCI LTD: Net Profit Quadruples in Second Quarter
-------------------------------------------------
IFCI Ltd's net profit for the quarter ended Sept. 30, 2007, rose
more than four times to INR4.97 billion from the INR1.16 billion
recorded for the quarter ended Sept. 30, 2006.

Total income for the current second quarter rose 83% to
INR5.96 billion while expenditures aggregated INR1.52 billion,
bringing the company an operating profit of INR7.48 billion.

A copy of IFCI's financial results for the three months ended
Sept. 30, 2007, is available for free at:

          http://ResearchArchives.com/t/s?2491

For the half-year ended Sept. 30, 2007, the company earned a net
profit of INR7.44 billion on revenues of INR10.81 billion.
Revenues include other income of INR1.4 billion, INR1.32 billion
of which represents interest on income tax refund.

A copy of IFCI's financial results for the six months ended
Sept. 30, 2007, is available for free at:

          http://ResearchArchives.com/t/s?2492


IFCI Limited -- http://www.ifciltd.com/-- caters to the long-
term finance needs of the industrial sector.  The principal
activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.

IFCI is currently in the process of selecting a strategic
investor to whom it will divest a 26% stake.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.


IFCI LTD: Shareholders OK Hike in Foreign Holding Limit to 74%
--------------------------------------------------------------
IFCI Ltd's investment limit for foreign investors has been
increased to 74%.  

In a regulatory filing with the Bombay Stock Exchange, the
company said that its shareholders, at its meeting the previous
month, have approved the hike of foreign holding limit.

Before the hike, foreign investors can only hold up to 24% in
the company.  Foreign institutional investors held 21.2% stake
as of Sept. 30, the Press Trust of India says.

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2007, IFCI's board of directors proposed the increase to
give clarity about the headroom up to which a strategic foreign
investor would be able to pick up stake in the company.

The company is currently in the process of choosing the
strategic investor in whom it plans to divest a 26% stake.  IFCI
reportedly wants to raise as much as US$250 million in selling
up the fresh equity.

Eight bidders are currently lining up for the stake:

   1. General Electric Capital Corporation;

   2. Infrastructure Development Finance Company Ltd;

   3. Cargill Financial Services Corporation;

   4. Natixis;

   5. The Blackstone Group L.P.;

   6. Consortium of Sterlite Industries (India) Ltd and Morgan
      Stanley & Co.;

   7. Consortium of Shinsei Bank Ltd, Punjab National Bank and
      J.C. Flowers & Co. LLC; and

   8. Consortium of Standard Chartered Bank, WL Ross & Co. LLC,
      GS Capital Partners VI Fund, and Housing Development      
      Finance Corporation Ltd.

IFCI CEO and MD Atul Kumar Rai told PTI that there could be a
consolidation of bidders, indicating the decrease in the present
number of bidders.

IFCI Limited -- http://www.ifciltd.com/-- caters to the long-
term finance needs of the industrial sector.  The principal
activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
April 3, 2007, India's Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.


INDUSTRIAL DEV'T BANK: Books INR1.56BB Profit in July-Sept '07
--------------------------------------------------------------
Industrial Development Bank of India Ltd filed with the Bombay
Stock Exchange its unaudited results for the quarter ended
Sept. 30, 2007.  The regulatory filing shows that the bank
earned a net profit of INR1.56 billion for the July-Sept. 2007
quarter, a bit of an improvement from the INR1.39-billion profit
booked in the same period last year.

Total income rose 44% to INR23.64 million while operating
expenses jumped 32% to INR19.86 billion.

IDBI recounted that the erstwhile United Western Bank Ltd was
amalgamated with the bank on Oct. 3, 2006.  Hence, the bank
pointed out, the results for the period ended Sept. 30, 2007,
include the operations of UWB and hence are not comparable with
the results for the previous quarter.

A copy of the bank's unaudited financial results for the quarter
ended Sept. 30, 2007, is available for free at:

               http://ResearchArchives.com/t/s?2497

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                         *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirmed Industrial Development Bank of India's BFSR at
D-.  Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.


LML LTD: To File Audited Results by December 31
-----------------------------------------------
LML Ltd informed the Bombay Stock Exchange that the company will
publish audited results for the quarter and year ended Sept. 30,
2007, on or before Dec. 31, 2007.  Accordingly, the company will
not be publishing unaudited financial results for the last
quarter ended on Sept. 30, 2007.

As previously reported by the Troubled Company Reporter-Asia
Pacific, LML posted a net loss of INR112.5 million for the three
months ended June 30, 2007, despite enhanced revenues.  The
bottom line for that reporting period is an improvement
compared to the INR133.2-million loss booked in the same quarter
in 2006.

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

LML'S board of directors, at a meeting on Sept. 8, 2006, decided
that the company has become a sick industrial company under the
Sick Industrial Companies (Special Provisions Act) 1985.  The
company is currently working for the restructuring of its
business.


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

ANIXTER INT'L: Third Qtr. Net Income Drops 15% to US$64.8 Mil.
--------------------------------------------------------------
Anixter International Inc. recorded net income of
US$64.8 million for the three months ended Sept. 28, 2007, a
declined of 15% from last year, compared to net income of
US$76.2 million for the three months ended Sept. 29, 2006.

Robert Grubbs, President and CEO, stated, "The 14 percent sales
growth generated in the current quarter was particularly
encouraging in light of the significant economic uncertainty
that existed during the quarter, especially relating to the
difficult credit environment in the U.S., our largest market.
Our growth reflects the fact that we continued to see strong
growth in most major geographies and end markets that we serve
on a global basis.  Based on our results through the first nine
months we are in a good position to have another record setting
year of sales and earnings."

For the three-month period ended Sept. 28, 2007, the company had
sales of US$1.52 billion.  Included in the current year's third
quarter results were sales of US$31.7 million from a series of
acquisitions completed in the past year.  In the prior year
period, the company had sales of US$1.33 billion.

The third quarter 2006 results included US$22.8 million, or 53
cents per diluted share, of income primarily associated with a
refund received from the Internal Revenue Service.  Excluding
the refund from the prior year third quarter, net income in the
current quarter increased 21%.  This refund resulted from the
final settlement of income taxes covering the period of 1996
through 1998.  The interest income portion of this settlement of
US$7.7 million (after-tax impact of US$4.7 million) was
reflected on the 'Other, net' line of the prior year quarter's
income statement.  The remaining portion of the settlement was
recorded as an US$18.1 million reduction to the 2006 third
quarter tax provision.

Operating income in the third quarter increased 23% to
US$118.2 million as compared to US$96.1 million in the year ago
quarter.  For the latest quarter, operati0ng margins were a
record 7.8 percent compared to 7.2 percent in the third quarter
of 2006.

                     Recent Sales Trends

Commenting on recent sales trends, Mr. Grubbs said, "Third
quarter sales growth was very much in line with the expectation
we laid out when we reported our second quarter results.  After
adjusting for a series of acquisitions completed in the past
year, as well as for the favorable foreign exchange impact of
US$35.9 million on third quarter 2007 sales, our third quarter
sales grew at a year-over-year organic rate of 9 percent.
Once again we want to highlight that the consecutive quarter
growth trend for the second quarter exceeded normal historical
growth patterns.  We cautioned that as a result of this,
consecutive quarter growth from the second to third quarter
would likely be below normal historical patterns, which it was.
Looking at the second and third quarters together, we see a
growth pattern that in total through the first nine months was
similar to historical patterns."

Mr. Grubbs continued, "Sales growth in the current quarter was
especially positive in light of the economic uncertainty that
existed throughout much of the quarter, particularly in the U.S.
Once again the diversity of the end markets and geographies that
we serve, and the fact that a majority of these markets
performed well, contributed to good overall performance.  The
factors driving our organic growth were consistent with those we
have seen during the past couple of years.  In the most recent
quarter, we again experienced good levels of larger project
business, together with solid day-to-day trends throughout all
parts of the business.  At the same time, we have continued to
experience strong growth in the security and OEM markets.
Copper prices had no meaningful impact on our organic growth in
the most recent quarter as year-on-year price fluctuations
stabilized.  Market-based copper prices averaged approximately
US$3.48 per pound during the quarter compared to US$3.54 per
pound in the year ago third quarter."

"In North America we saw year-over-year sales grow by 8 percent
to US$1.07 billion in the most recent quarter," commented Mr.
Grubbs.  "Foreign exchange rates generated an additional US$11.4
million in third quarter sales as compared to the year ago
quarter.  During the quarter we saw a few project timing issues
that pushed out some business that we thought would finalize in
the third quarter to future dates.  This delayed project timing,
however, was primarily confined to western Canada, where a very
strong economy and a concurrent tight labor market are causing
project construction timelines to slip.  Thus, the market is
good and we remain confident in the overall probability of these
sales.  At the same time we experienced very solid new order
flows in North America, particularly in the enterprise cabling
and security solutions market."

Mr. Grubbs went on to say, "In Europe, we saw sales climb by 32
percent, or an increase of US$77.5 million, versus the year ago
quarter, of which US$21.0 million was due to exchange rate
differences and US$31.7 million was due to acquisitions.  Taking
out exchange rate differences and sales from acquisitions,
overall sales in Europe grew organically by approximately 10
percent as compared to the year ago quarter.  More specifically,
our efforts to expand our presence in the electrical wire &
cable market in Europe resulted in sales of US$55.9 million in
the quarter as compared to US$42.3 million in the year ago
quarter.  Excluding US$4.0 million of favorable foreign exchange
effects, sales in the European electrical wire & cable market
were approximately 23 percent higher than the year ago quarter."

"In the emerging markets of Latin America and Asia Pacific, we
saw a 38 percent increase in year-on-year sales, including a
favorable impact of US$3.5 million relating to currency exchange
rate effects.  Growth was again particularly strong in Asia
Pacific, where we posted year-on-year growth of approximately 65
percent," continued Mr. Grubbs.

              Third Quarter Operating Results

"As a result of solid sales growth, third quarter operating
margins were 7.8 percent as compared to 7.2 percent in the year
ago period," said Mr. Grubbs.  "In North America, our operating
margins were 8.6 percent as compared to 7.8 percent in the year
ago quarter, with sales growth again producing additional
operating leverage."

Mr. Grubbs added, "In Europe, operating margins in the most
recent quarter were 4.9 percent as compared to 5.0 percent in
the year ago quarter.  This slight decline in operating margins
reflects a drop in gross margins as we realized less benefit
from copper price volatility than we did in the year ago
quarter.  Overall, we were again encouraged by the results in
the most recent quarter as well as the near-term outlook for our
business in Europe."

"Third quarter operating margins in the emerging markets were
7.8 percent as compared to 6.9 percent in the year ago quarter.
Continued sales growth throughout these markets once again
allowed us to leverage infrastructure costs that resulted in
improved operating margins," added Mr. Grubbs.

                   Cash Flow & Leverage

"In the third quarter we generated US$10.0 million in cash from
operations as compared to US$17.4 million used in operations in
the year ago quarter," said Dennis Letham, Executive Vice
President-Finance.  "The positive cash flow in the quarter
reflects the slower consecutive growth rates we discussed above
and the related effects of that on additional working capital
needs."

"Increased working capital requirements associated with our
year-on-year sales growth, combined with two acquisitions
completed in the first nine months for total consideration of
US$41.7 million and the repurchase of US$162.7 million of our
outstanding shares during the first quarter of 2007, have
increased our debt-to-total capital ratio.  At the end of the
third quarter that ratio was 49.6 percent as compared to 45.7
percent at the end of 2006.  For the third quarter our weighted-
average cost of borrowed capital was 4.3 percent as compared to
5.5 percent in the year ago quarter.  At the end of the third
quarter, approximately 78 percent of our total borrowings of
US$1.03 billion had fixed interest rates, either by the terms of
the borrowing agreements or through hedging contracts.  We also
had US$246.9 million of available, unused credit facilities at
September 28, 2007, which provide us with the resources to
support continued strong organic growth and to pursue other
strategic alternatives, such as acquisitions, in the coming
quarters."

                     Business Outlook

Mr. Grubbs concluded, "The record sales and earnings performance
in the first nine months of 2007 is the result of many of the
same underlying trends that generated record performances over
the past couple of years.  Assuming no significant deterioration
in the economy during the final months of 2007, we will again
have a record-setting year for sales, earnings and return on
equity.  That said, we do expect that fourth quarter sales and
earnings, consistent with historical patterns for the fourth
quarter, will show a modest decline from the results we reported
for the recently completed third quarter.  This projected
decline is exclusively based on the fact that there are fewer
working days in the fourth quarter due to the Thanksgiving and
Christmas holidays."

"As we look to the start of a new year, we remain focused on
building on our strategic initiatives of growing our security
and OEM supply businesses, adding to our supply chain services
offering, enlarging the geographic presence of our electrical
wire & cable business, and expanding our product offering," said
Mr. Grubbs.  "There is no question that the uncertainties that
have developed in the credit markets in the past couple of
months have introduced an element of risk in evaluating future
growth.  Nonetheless, if we continue to be successful with our
strategic initiatives we will be in a position to continue to
drive solid sales and earnings growth as we head into 2008."

                       About Anixter

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

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

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

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

  Anixter:

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

  AI:

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

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


AVNET INC: Posts 1st Quarter Net Income of US$105.5 Million
-----------------------------------------------------------
Avnet, Inc., reported revenue of US$410 billion for the first
quarter of fiscal 2008, ended September 29, 2007, representing
an increase of 12.3% over first quarter fiscal 2007.  Net income
for first quarter fiscal 2008 was US$105.5 million, or US$0.69
per share on a diluted basis, as compared with net income of
US$64.1 million, or US$0.44 per share on a diluted basis, for
the first quarter last year. Excluding debt extinguishment costs
that negatively impacted the prior year quarter, net income and
diluted earnings per share increased 31% and 25%, respectively,
over the year-ago period. Included in these results is stock
compensation expense of US$0.05 per diluted share in the current
year first quarter as compared with US$0.03 per share in the
same period last year.

Operating income for first quarter fiscal 2008 was
US$165.2 million, up 14.0% as compared with operating income of
US$145.0 million in the year ago quarter.  Operating income as a
percent of sales was 4.0%, up 6 basis points from last year's
first quarter, with both operating groups contributing to the
improvement.  This represents the eighth consecutive quarter of
year-over-year operating income margin expansion, excluding
certain charges in prior periods.

Roy Vallee, Chairman and Chief Executive Officer, commented,
"Once again, our highly diversified revenue base contributed to
our solid performance as better than expected growth from the
Asia region offset weaker sales in the Americas. While year-
over-year organic revenue growth slowed to 2.3% this quarter,
positive contributions from acquisitions contributed to
continued year over year improvement in key quarterly financial
metrics including operating income, EPS and return on capital
employed.  With another US$700+ million of annual revenue from
acquisitions completed or announced in the current quarter, our
acquisition strategy continues to broaden our revenue base,
create cross selling opportunities and add further operating
leverage to our business model going forward."

                  Operating Group Results

Electronics Marketing sales of US$2.49 billion in the first
quarter fiscal 2008 were up 2.3% year over year on a reported
basis and essentially flat when adjusted to exclude the impact
of changes in foreign currency exchange rates.  EM sales in the
EMEA and Asia regions increased 4.6% and 9.5%, respectively,
year over year, while the Americas decreased 4.8%.  Excluding
the impact of changes in foreign currency exchange rates, year-
over-year revenue at EM EMEA was down 2.7%.  EM operating income
of US$130.2 million for first quarter fiscal 2008 was up 3.6%
over the prior year first quarter operating income of
US$125.6 million and operating income margin of 5.2% was up 7
basis points over the prior year quarter.

Mr. Vallee added, "EM's results were a reflection of the
seasonally slower September quarter, but were better than our
expectations as inventories throughout the supply chain continue
to decline.  Even though sales in the lower margin Asia region
increased to 30% of total EM as compared with 28% in the year
ago quarter, EM's global operating income margin improved year
over year for the eighth consecutive quarter.  Our Asia team's
disciplined approach to profitable growth with higher asset
velocity translated 9.5% year over year top line growth into a
48 basis point improvement in operating income margin and a 673
basis point improvement in return on working capital, resulting
in record quarterly sales and profits for the region.

Technology Solutions sales of US$1.61 billion in the first
quarter fiscal 2008 were up 32.5% year over year on a reported
basis and up 2.6% on a pro forma basis, as defined in the Non-
GAAP Financial Information section.  On a pro forma basis, first
quarter fiscal 2008 sales in Asia and EMEA were up 31.6% and
20.1%, respectively, year over year while sales in the Americas
were down 5.1%.  Excluding the impact of changes in foreign
currency exchange rates, TS EMEA's pro forma year over year
revenue growth was 11.0%.  TS operating income was US$58.5
million in the first quarter fiscal 2008, a 50.1% increase as
compared with first quarter fiscal 2007 operating income of
US$39.0 million, and operating income margin of 3.6% increased
by 42 basis points over the prior year first quarter due to the
change to net revenue accounting treatment of the sales of
supplier service contracts.

Mr. Vallee further added, "Technology Solutions performance in
the first quarter of fiscal 2008 was further evidence of the
leverage that we are achieving through value-creating
acquisitions.  Year over year, TS operating income grew 1.5
times faster than revenue as both the Access and Azure
acquisitions contributed to operating margin expansion in our
enterprise computer product business.  With the Magirus and Acal
acquisitions in EMEA, TS will become the leading pan-European
value-add distributor with roughly US$2.5 billion of projected
annual revenue in the region. These acquisitions will not only
strengthen TS' competitive position in new markets, they will
also further diversify our revenue base as TS will soon be
generating close to 40% of its revenue from outside the Americas
as compared with 30% just a year ago."

Cash Flow

During the first quarter of fiscal 2008, the Company used $34
million of free cash flow (as defined later in this release),
excluding cash used for acquisitions. As a result, the Company
ended the quarter with $521 million of cash and cash equivalents
and net debt (total debt less cash and cash equivalents) of $702
million. On a rolling four quarter basis, the Company generated
$749 million of free cash flow, excluding cash used for
acquisitions.

Ray Sadowski, Chief Financial Officer, stated, "The continued
improvement in our credit statistics allowed us to negotiate a
new five-year credit facility with a bank group that includes 18
lenders. The facility not only contains better terms and
conditions than the one it supersedes, but also extends those
terms an additional two years. With over $500 million in cash on
hand and $950 million of standby lines of credit, we are in a
strong position to continue pursuing growth opportunities that
create additional shareholder value."

                         Outlook

For Avnet's second quarter fiscal 2008, management expects
normal seasonality at both operating groups with sales at EM to
be in the range of US$2.40 billion to US$2.50 billion and
anticipates sales for TS to be between US$2.05 billion and
US$2.15 billion.  Therefore, Avnet's consolidated sales are
forecasted to be between US$4.45 billion and US$4.65 billion for
the second quarter of fiscal 2008.  Management expects the
second quarter earnings to be in the range of US$0.83 to US$0.87
per share, up 24% - 30% as compared with last year's second
quarter.  The above EPS guidance does not include the
amortization of intangibles or integration charges related to
the acquisitions that have closed or will close in the December
quarter.

                       About Avnet Inc

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components     
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                          *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


BANK DANAMON: Nine-Month Profit Ups 75% to IDR1.6 Trillion
----------------------------------------------------------
PT Bank Danamon Tbk's nine-month net profit net profit increased
75% to IDR1.6 trillion from a year ago due to strong loan
growth, Reuters reports.

According to Reuters, the bank's net interest income rose 29% to
around IDR5.3 trillion, compared to the same period last year.

Asia Pulse notes that Bank Danamon, with assets valued at
IDR87.98 trillion, recorded a 22.44% increase in outstanding
credit to IDR50.15 trillion from IDR40.96 trillion.  The bank  
chalked up a net margin of 10.4%, second after PT Bank Rakyat
Indonesia, the report adds.

Bank President Sebastian Paredes told Asia Pulse that the
increase was due to faster growth in operating profit over
increase in operating cost, and a decline in provisions.

Mr. Paredes said the amount of loans disbursed by the bank was
above the average by banks in the country following success in
credit expansion for the small and medium enterprises sector,
Asia Pulse relates.

                      About Bank Danamon

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

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised the foreign currency
long-term debt and foreign currency long-term deposit ratings of
PT Bank Danamon Indonesia Tbk:

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

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

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

On Aug. 15,2007, Fitch Ratings upgraded the National Long-term
rating of PT Bank Danamon Indonesia Tbk to 'AA(idn)' from 'AA-
(idn)') while affirming all its other ratings as follows:

   * Long term foreign currency Issuer Default Rating (IDR)
     'BB-' with a Positive Outlook,

   * Short term foreign currency IDR at 'B',

   * Individual Rating 'C/D',

   * Support Rating '4' and

   * Support Rating Floor 'B'.


DIRGANTARA: SC Quashes Commercial Court's Bankruptcy Ruling
-----------------------------------------------------------
The Indonesian Supreme Court has accepted the appeal filed by PT
Dirgantara Indonesia over the Commercial Court's recent
bankruptcy ruling against the aircraft manufacturer, The Jakarta
Post reports.

As reported by the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2007, the commercial court declared Dirgantara
Indonesia bankrupt at the request of some of the aircraft
maker's dismissed workers, in a bid to extract retirement funds.   
The court declared victory of the claim of Dirgantara Indonesia
Employees' Communication Forum Trade Union by affirming
bankruptcy of the company, the TCR-AP reported, citing Arif
Minardi, general chairman of the trade union as saying.

The TCR-AP said that the panel of judges was of the opinion
that the elements of bankruptcy were fulfilled, among which were
two or more creditors whose credits were not settled by the
company.

Dirgantara filed an appeal for the Commercial Court's decision
to be reversed.

Thomson Financial relates that court spokesman Joko Pribadi said
a panel of Supreme Court judges came out with the appeal ruling
on the aircraft manufacturer on October 22.

Supreme Court Judge Mariana Sutadi Mariana said the appeal was
accepted because the former employees had no legal right to file
an insolvency petition against a public company wholly owned by
the government, The Post relates.  Under the existing bankruptcy
law, the finance minister is the only party that is allowed to
take a state-owned company to the bankruptcy court, the report
explains.

MSN News relates that Mr. Pribadi said that the ruling quashed
the September 4 decision by Indonesia's commercial court that
declared Dirgantara Indonesia bankrupt as outstanding debts were
greater than assets.  Mr. Pribadi told MSN that with the ruling,
all asset assessments in course are to be halted.

Thomson Financial recounts that following the initial court
verdict, auditors were appointed to assess the assets of the
company in view of liquidating them to pay off its debts.

The Post notes that the Supreme Court's panel of judges, after
accepting Dirgantara Indonesia's appeal, ordered the company to
pay compensation to its 6,500 former workers in the form of
pension payments worth about IDR200 billion
(about US$21.8 million).

PTDI Workers Union Communication Forum Chairman Arif Minardi
said that despite the Supreme Court's ruling, PTDI was still
under the obligation to pay out the pension fund, The Post
relates.  Mr. Minardi has just talked with the company
directors, and the directors promised him that the matter will
be settled, meaning that they will pay the pension fund, he
added.


                 About Dirgantara Indonesia

Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia
-- http://www.indonesian-aerospace.com/-- is one of the     
indigenous aerospace companies in Asia with core competence in
aircraft design, development and manufacture of civilian and
military regional commuter aircraft.  In its production line,
Dirgantara Indonesia has delivered more than 300 units of  
aircraft and helicopters, defense system, aircraft components
and other services.

According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.

The Troubled Company Reporter-Asia Pacific reported on
September 13, 2006, that the Indonesian Government intends to
provide IDR40 billion in bailout funds to Dirgantara Indonesia.


FREEPORT MCMORAN: Deutsche Bank Reaffirms Buy Rating on Shares
--------------------------------------------------------------
Deutsche Bank has reaffirmed its "buy" rating on US miner
Freeport McMoRan Copper & Gold's shares, Business News Americas
reports.

According to BNamericas, Deutsche Bank raised its target price
for Freeport McMoRan shares by 32% to US$145 from US$110.

Deutsche Bank said in a statement that a positive outlook for
copper prices and Freeport McMoRan's good leverage support the
recommendation and target price.

Freeport McMoRan has sturdy position.  However, the firm could
still face the possibility of lower-than-expected copper prices
and production cost pressures, BNamericas states, citing
Deutsche Bank.

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,  
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2007, that Fitch Ratings upgraded these ratings of
Freeport-McMoRan Copper & Gold Inc.

FCX

   -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
   -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
   -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
   -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

In addition, Fitch affirmed these ratings on FCX:

   -- Issuer Default Rating at 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver at 'BBB-';

   -- Convertible Preferred Stock at 'B+'.

Fitch also assigned a rating of 'BB+' to FCX's new US$2.45-
billion five-year term loan A.  Proceeds of the loan were used
to repay the US$2.45 billion remaining under the term loan due
March 2014.  The term loan amortizes at 10% per annum with the
remainder due at maturity.

On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s corporate family rating to Ba2 from
Ba3.

On March 27, 2007, Standard & Poor's Ratings Services assigned
its 'B' preferred stock rating to the proposed US$2.5 billion
US6.75% mandatory convertible preferred stock offering of
Freeport-McMoRan Copper & Gold Inc.


INDOFOOD: Indofood to Acquire London Sumatra for IDR8.4 Trillion
----------------------------------------------------------------
PT Indofood Sukses Makmur will take over PT London Sumatra
Indonesia Plantations in a deal estimated to cost
IDR8.4 trillion (US$913 million), the Jakarta Post reports.

Pursuant to the transaction, Indofood will purchase a 64.4%
stake in London Sumatra from its major shareholders and will
hold a tender offer to buy the remaining 35.6% from public
investors, the report cites Indofood Vice President Franciscus
Welirang as saying.

According to various press report, Indofood shareholders have
approved the acquisition deal, which would be executed through
the company's subsidiaries, PT Salim Ivomas Pratama and Indofood
Agri Resources Ltd.

Indo Agri is listed in Singapore.

Through Salim Ivomas, Indofood will buy 500.09-million London
Sumatra shares from First Durango and Ashmore Funds as well as
London Sumatra's US$47 million mandatory convertible notes,
which could be converted into 269.34 million shares, for a total
of IDR5 trillion, the Post adds.

Indofood will also spend IDR711.9 billion to buy Eddy Kusnadi
Sariaatmadja's 8% stake in London Sumatra equal to
109.52 million shares, The Post relates.  The company will then
hold a tender offer to buy the other 35.6% of London Sumatra's
shares from the public at IDR6,900 each, the report adds.

Indofood Finance Director Thomas Tjhie told The Post that to
finance the acquisition, the company would use IDR5.71 trillion
from a bank loan secured by Salim Ivomas, IDR1.2 trillion in
internal funds controlled by the company's edible oil and fat
division and IDR1.45 trillion in a stand-by loan.

PT Bank Central Asia and a number of foreign banks, including
Sumitomo Mitsui Banking Corp., Standard Chartered Bank and ING,
pledge to provide loan to finance  the acquisition of London
Sumatra, Asia Pulse reports.

Mr. Tjhie told Asia Pulse that the banks will provide a loan of
US$20 million-US$25 million each to be repayable in one year
until September 2008.  The loan will carry an interest rate of
one percentage point above SIBOR, he added.

Mr. Tjhie told Thomson Financial that he expects the acquisition
to be completed by year-end.

                  About Indofood Sukses

PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed   
foods company.  Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares. Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, which bring the
Company's products to more than 150,000 retail outlets in the
country.  Total employees as of December 1999 were 42,172.  A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.

In 2005, Indofood's total outstanding debt fell to
IDR6.8 trillion from IDR7.9 trillion in 2004.  The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007.  
The company also plans to redeem all the outstanding balance of
the Eurobonds this year.

The Troubled Company Reporter-Asia Pacific reported on July 19,
2006, that Standard & Poor's Ratings Services withdrew its 'B'
corporate credit rating on Indofood at the company's request.


INDOSAT: Shareholder Accused of Violating Anti-Monopoly Laws
------------------------------------------------------------
Indonesia's anti-monopoly commission said that PT Indosat Tbk's
shareholder, Temasek Holdings, has violated the country's anti-
monopoly laws through its ownership in two large mobile
telecommunication operators, Channel News Asia reports.

Temasek's subsidiaries own a 42% stake in Indosat and a 35%
stake in Telkomsel.

Asia Media says that the two state-owned companies dominate 80%
of the GSM cellular phone market in Indonesia.

                Anti-Monopoly Law Violation
               and Accusation of Conspiracy

The Anti-Monopoly Commission spent three months in investigating
Temasek Holdings, and came up with a 109-page detailed document
concluding Temasek's violation of the anti-monopoly law, Channel
News relates.

Channel News cites Mohammad Iqbal, Head of Indonesian Commission
for the Supervision of Business Competition, as saying that
there is evidence to prove that the process of cross-ownership
took place after the divestment of Indosat to Temasek Group that
created unhealthy competition.

Mr. Iqbal said that initial investigation uncovered evidence of
possible violations regarding agreements over prices, Financial
Times relates.

Asia Media, citing the Jakarta Post, says that according to
Arief Poyuono, chairman of the Federation of United State-Owned
Enterprises Workers Unions, they are suspicious that Indosat and
Telkomsel have been conspiring to fix prices since the two
companies' managements are affiliated with Temasek.  Mr. Poyuono
explained that there had been numerous complaints from consumers
about unhealthy business competition and overly high prices, but
all of the complaints had been ignored by the two companies.

Moreover, the secretary-general of the federation, Harry Rusli,
said that consumers were being denied access to inexpensive
telephone tariffs because of Temasek's "unfair business
practices," Asia Media notes.  "The monopoly is also preventing
other cellular phone operators from competing in a healthy
manner in the telecommunications sector," he added.

Indosat spokeswoman Adita Irawati, however, argued that Indosat
and Telkomsel were separate business entities, and their
cellular phone rates were regulated by the Directorate General
for Post and Telecommunications, the Post notes.  Indosat has
never conspired with Telkomsel in setting prices and there is no
cartel in the cellular phone operator business, she added.

                 Temasek Denies Wrongdoing

Temasek Holdings has denied the charges of cross-ownership,
maintaining that its subsidiaries have their own board of
directors who make their own operational decisions, Channel News
points out.

The report adds that Temasek also denied any involvement in
price fixing for mobile phone charges, pointing out that
Telkomsel's majority shareholder is the Indonesian Government.

Temasek's legal counsel stressed out that all claims against the
company are baseless, and that Temasek intends to vigorously
defend its legal rights.

                Verdict Expected in November

The Anti-Monopoly Commission's findings have been submitted to a
five-member independent council that will deliver a judgment.

Channel News notes that, according to Mr. Iqbal, the council has
given the findings of the extended investigation to the party
concerned so that it can inspect certain documents, give its
views and enter its defense.

If Temasek is found guilty, the council can impose a fine on the
Singapore firm, instruct it to end unfair practices, and pay
restitution for any losses caused.  Temasek can still appeal to
the Indonesian courts in case this happens.

The council is expected to deliver its verdict next month,
Channel News states.

                        About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully   
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on the
Troubled Company Reporter-Asia Pacific reported on Oct 19, 2007,
that Moody's Investors Service has upgraded Indosat Finance
Company BV and Indosat International Finance Company BV senior
unsecured foreign currency ratings to Ba2 from Ba3.  The bonds
are irrevocably and unconditionally guaranteed by PT Indosat.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


TUPPERWARE BRANDS: Earns US$6.9 MM in Quarter Ended Sept. 29
------------------------------------------------------------
Tupperware Brands disclosed Tuesday its third quarter 2007
results.

The company reported net income of US$6.9 million on net sales
of US$454.7 million for the 13 weeks ended Sept. 29, 2007,
compared with net income of US$13.1 million on net sales of
US$394.9 million for the 13 weeks ended Sept. 30, 2006.

GAAP net income for the 2007 period included the following one-
time charges (after tax):

  -- costs associated with implementing new credit agreement of
     US$6.2 million

  -- purchase accounting intangibles and goodwill impairment of
     US$9.7 million

  -- acquired intangible asset amortization of US$2.3 million

  -- re-engineering and impairment charge expenses of
     US$1.8 million

  -- gain from land sales of US$3.4 million
        
  -- tax benefit ofUS$2.1 million versus US$4.7 million benefit  
     from taxes in 2006

"Another quarter of strong sales and earnings reaffirms that our
strategic growth initiatives are making a significant positive
impact in the markets" said Rick Goings, chairman and chief
executive officer.  "Overall our local currency sales increase
was 10%, reflecting 20% higher sales in the emerging markets,
which accounted for 46% of sales.  Sales in our established
markets were up slightly, reflecting significant increases by
several  businesses, but a double-digit decrease in Germany,"
Goings continued.

At Sept. 29, 2007, the company's consolidated balance sheet
showed US$1.80 billion in total assets,US$1.33 billion in total
liabilities, and US$469.3 million in total shareholders' equity.

                        About Tupperware

Headquartered in Orlando, Florida, Tupperware Brands Corporation  
(NYSE: TUP)-- http://www.tupperware.com/-- is a portfolio of  
global direct selling companies, selling premium innovative
products across multiple brands and categories through an
independent sales force of 2.0 million.  Product brands and
categories include design-centric preparation, storage and
serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products for
consumers through the Avroy Shlain, BeautiControl, Fuller,
NaturCare, Nutrimetics, Nuvo and Swissgarde brands.


The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 19, 2007,
Moody's Investors Service assigned a Ba1 rating to Tupperware
Brands Corporation proposed senior secured credit facilities,
consisting of aUS$200 million revolving credit facility and a
$550 million term loan A, both due 2012.  Moody's also affirmed
the company's Ba2 corporate family rating and Ba3 probability of
default rating, and changed the outlook to positive from stable.


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

DELPHI CORP: U.S. District Court to Hear ERISA Suit on Nov. 13
--------------------------------------------------------------
A fairness hearing on a US$47,000,000 settlement of a litigation
filed against Delphi Corp. over an alleged violation of the
Employees Retirement Income Security Act is set Nov. 13, 2007.

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

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

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

    (3) the ASEC Manufacturing Savings Plan; and

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

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

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

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

  * failing to monitor fiduciaries;

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

  * breaching their obligations as co-fiduciaries.

The Defendants in the case are:

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

  -- the Investment Policy Committee and its members; and

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

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

  -- State Street Bank & Trust Company.

Not all claims are against every Defendant.

                     Settlement Update

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

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

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

  -- whether to approve the Settlement;

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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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

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

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


NOVA CORP: Files for Bankruptcy with JPY43.9-Billion Debt
---------------------------------------------------------
On October 26, 2007, Nova Corp. sought protection from creditors
with the Osaka District Court under the Corporate Rehabilitation
Law, various reports say.  Nova has JPY43.9 billion in debt.

Ron Rhodes and Tak Kumakura of Bloomberg News write that Nova
stock is suspended from trading on the Jasdaq Securities
Exchange and will be delisted on November 27.

According to press reports, Nova's bankruptcy filing comes after
the Osaka-based language school operator was barred from
accepting new students in June due to misleading advertisement
and after executives resigned.

As reported by the Troubled Company Reporter-Asia Pacific on
October 26, 2007, three auditors and Nova's longest-serving
director submitted their resignations, believed to be because
they were unable to get in touch with the school's president,
Nozomu Sahashi.

Kyodo News notes that among the three auditors, one was working
full-time and the two were part-time auditors.  It is also
widely reported that the director, Anders Lundqvist, co-founded
the Nova conversation school with Mr. Sahashi.

A separate Kyodo report notes that Mr. Sahashi was dismissed
from the board as of Thursday for failing to provide an adequate
explanation for his "opaque way of fund-raising and negotiating
with potential business alliance partners."

Mr. Sahashi, as stated by different reports, is nowhere to be
found.

Moreover, according to a TCR-AP report on October 19, the
General Union, representing Nova's employees, claimed that wages
for the school's 4,000 or so foreign instructors and some 2,000
Japanese staff have been delayed.  This while Labor Standards
Law stipulates that an employer remunerate its workers at least
once a month on a designated day.

Mainichi Daily News recounts that Mr. Sahashi opened the
English-language school in the Shinsaibashi district of southern
Osaka in 1981, and the chain grew rapidly through its aggressive
TV marketing campaign.  With about 900 schools and some 418,000
students as of late March this year, Nova became the largest
language school operator in the country.

On June 19, 2007, the TCR-AP reported that the Ministry of
Economy, Trade and Industry ordered the Osaka-based school to
partially suspend business for six months for misleading
prospective clients by saying they can book language lessons
anytime they want at any Nova school nationwide.  However,
clients complained that they were not able to book lessons
during busy periods.

The TCR-AP also stated that METI discovered that several Nova
schools did not give full refunds to people who canceled
lessons.

                     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.


SANYO ELECTRIC: GE Retains Sanyo Name in Acquired Lease Firm
------------------------------------------------------------
General Electric Co. plans to keep the name Sanyo in the newly
acquired Sanyo Electric Credit Co., sources of Kyodo News
disclosed.

Industry observers, according to Kyodo, say that U.S.-based GE
decided not to strike Sanyo from the name to ensure the smooth
operation of the leasing firm's business in Japan.

The report says that the leasing firm will be renamed GE Sanyo
Credit as early as January.  Employees of Sanyo Electric Credit
prefer the name Sanyo to be retained because they believe it is
well known and has become synonymous with the brand of services
the company provides.

The Troubled Company Reporter-Asia Pacific reported on May 15,
2007, that GE acquired a 97.15% stake in Sanyo Electric for
US$1.05 billion.

The TCR-AP further related that GE bought control of Sanyo
Credit to "increase office-equipment leasing and lending to
small companies in Japan."

                     About Sanyo Electric

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

                        *     *     *

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


SOLO CUP: Debt Reduction Prompts S&P's Positive CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' corporate
credit and other ratings on Solo Cup Co. on CreditWatch with
positive implications.  This action follows significant debt
reduction with the proceeds of asset sales and a sale-leaseback
of manufacturing facilities as well as some recent improvement
in operating performance from very weak levels.      

"We believe that a slight upgrade is possible if operating
performance keeps strengthening and prospects for continued
compliance with increasingly stringent financial covenants in
the company's bank credit facilities improve," said Standard &
Poor's credit analyst Cindy Werneth.     

With annual revenues of about US$2.2 billion, Highland Park,
Ill.-based Solo is one of the largest providers of disposable
paper and plastic cups, plates, and cutlery to foodservice
distributors, quick-service restaurants, and retailers in the
U.S.     

Operating margins (before depreciation and amortization) have
been very weak, in the mid-single digit percentage area.  With
the most recent asset sales, total debt, which S&P adjust to
include about US$300 million in capitalized operating leases and
$30 million in tax-effected postretirement obligations, should
decline to about US$1.15 billion.  Although pro forma debt
leverage has improved from the highly aggressive mid-teens times
area, it remains high in the upper single-digit area.  

S&P expect leverage to decline somewhat if management can
continue to build on the operating improvements it has made
during the last several months, which only began to become
evident in the company's second-quarter 2007 results.

Management has had some success in reducing working capital and
selling, general and administrative costs. Ongoing efforts
include various supply chain initiatives, as well as the
optimization of pricing, salesforce productivity, and marketing
outlays.  In addition, liquidity has improved dramatically, with
US$92 million of bank line availability and US$24 million of
cash at July 1, 2007.  Nevertheless, S&P believe Solo will need
to renegotiate the financial covenants in its bank credit
facility to remain in compliance in 2008.     

S&P expect to resolve the CreditWatch during the next few months
as S&P gain greater confidence that operating results will
continue to strengthen and the company can maintain access to
its bank credit facility.

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


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

HYNIX SEMICONDUCTOR: Signs Long-Term License Pact with Ovonyx
-------------------------------------------------------------
Hynix Semiconductor Inc. and Ovonyx Inc. have entered into a
long-term license agreement for memory products under Ovonyx'
patents and intellectual property relating to Phase Change
Memory technology.  The agreement also provides that Ovonyx will
actively support Hynix' program to develop phase change memory
products.

Ovonyx and its largest shareholder, Energy Conversion Devices,
Inc. invented and pioneered the development of PCRAM technology,
thereby gaining a fundamental understanding of PCRAM operation,
including phase change memory devices, materials, processing,
design, modeling, and performance optimization.  Ovonyx PCRAM
technology uses a reversible phase-change memory process that
provides for high performance, dense, array-addressed
semiconductor memory technology that can be used as cost-
effective Flash and DRAM memory replacements, as well as in
embedded applications such as micro controllers and
reconfigurable MOS logic.

Hynix also has considerable experience and a significant
portfolio of intellectual property relating to semiconductor
memories based on its many years of research and development in
the general field.  Hynix will continuously pursue emerging
technology development and commercialization of phase change
memory products.

"This agreement provides Hynix with the ability to facilitate
the next generation memory development by cooperating together
with Ovonyx," said Sung Wook Park, Head of R&D Division of
Hynix.  "We anticipate opening the new era of the PCM technology
and lead to the successful commercialization."

"Hynix' strong manufacturing presence and world-class
development teams in both the DRAM and Flash memory areas
provide an excellent platform for competitive and innovative
PCRAM memory development and production," said Tyler Lowrey,
President & CEO of Ovonyx.  "We are pleased and look forward to
working with Hynix on its PCRAM product development program."

                  About Hynix Semiconductor

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

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

                          *     *     *

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

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

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

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


MAGNACHIP SEMICONDUCTOR: Posts US$38.8MM Net Loss for 3rd Qtr.
--------------------------------------------------------------
MagnaChip Semiconductor disclosed results for the third quarter
ended September 30, 2007.

Revenue for the three months ended September 30, 2007 was
US$200 million, compared to US$171.3 million in the third
quarter of 2006.

Gross margin was US$31.3 million or 15.6% of revenue for the
quarter ended September 30, 2007, compared to US$20.9 million or
12.2% of revenue for the third quarter of 2006.

Operating expenses for the third quarter of 2007 were
US$57.0 million or 28.5% of revenue, compared to $55.1 million
or 32.2% of revenue for the third quarter of 2006.

Operating loss was US$25.7 million during the current quarter,
compared to an operating loss of US$34.2 million in the prior
year quarter.

Net interest expense for the third quarter of 2007 was
US$15.3 million, compared to US$13.9 million in the third
quarter of 2006.

Net loss for the three months ended September 30, 2007, was
US$38.8 million, compared to a net loss of US$47.7 million in
the third quarter of 2006.

On October 1, 2007, MagnaChip filed a Form 8-K with the United
States Securities and Exchange Commission detailing the
amendment of its existing credit facility.

Sang Park, Chairman and CEO of MagnaChip Semiconductor,
commented, "We are pleased with how the third quarter developed.
Revenue came in above prior guidance, which called for flat
revenue in the third quarter compared to US$194.1 million in the
second quarter.  We saw continued improvements in design wins
and product development, as our operational execution continued
to strengthen.   As a company, we remain highly focused on
delivering distinctive mixed signal and analog product and
service solutions to our customers and on making 2007 the year
of MagnaChip's recovery. Going forward, we expect to benefit
from share gains at current and new customer accounts and from
seasonal holiday demand increases."

Robert Krakauer, President and CFO of MagnaChip Semiconductor,
said, "As with last quarter, the over achievement of our
financial targets is a result of operational changes made some
time ago.  You are now seeing the continued and consistent
results from a more rigorous new product introduction process,
quality process and attention to our key customers needs.  As we
go forward, we expect improved utilization rates and ongoing
cost management initiatives to translate into improved financial
performance, as we capture the operating leverage in our
business model."

                  About MagnaChip Semiconductor

Based in Korea, MagnaChip Semiconductor --
http://www.magnachip.com/-- designs, develops, and manufactures  
mixed-signal and digital multimedia semiconductors addressing
the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services
utilizing CMOS high voltage, embedded memory, and analog and
power process technologies for the manufacture of IC's for
customer-owned designs.  MagnaChip has world-class manufacturing
capabilities and an extensive portfolio of approximately 8,500
registered and pending patents.  As a result, MagnaChip is a
valued partner in providing leading technology solutions to its
customers worldwide.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 10,
2007, that Moody's Investors Service confirmed the B2 corporate
family rating of MagnaChip Semiconductor LLC.  At the same time,
Moody's confirmed the ratings of the debt issued by MagnaChip
Semiconductor Finance Co and MagnaChip Semiconductor S.A.,
including:

  1) B1 rating of the US$100 million 5-year senior secured
     credit revolver

  2) B2 rating of the US$500 million aggregate floating and
     fixed-rate second-priority senior secured notes due 2011

  3) Caa1 rating of the US$250 million senior subordinated notes
     due 2014

On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.


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

MALAYSIA AIRLINES: Malaysia-Singapore Route Opens for Air Asia
--------------------------------------------------------------
Malaysia Airlines was disappointed over the decision to allow
Air Asia to operate the lucrative Kuala Lumpur-Singapore route,
breaking the national carriers' monopoly on the route, Agence
France Presse reports.

Air Asia had won its long battle to operate the route, which for
35 years has been monopolized by Malaysia Air and Singapore
Airlines, the news agency relates.

The Centre for Asia Pacific Aviation said that the decision was
extremely significant for the liberalization of Southeast Asia's
aviation industry, AFE notes.

In a statement, Malaysia Air's Chief Executive Officer Idris
Jala said: "Whilst we are all for fair competition and we
believe in the concept of open skies, we are disappointed that
the Kuala Lumpur-Singapore route will be prematurely opened to
limited flights."

Mr. Idris added that Malaysia Air's turnaround plan, aimed at
restoring it to profitability, was designed around a regional
"open skies" agreement which comes into force at the start of
2009.  "We had hoped that we would be able to stick to the
original timeline," he said.

Meanwhile, AirAsia founder Tony Fernandes was quoted by AFP as
saying that the carrier has yet to work out its pricing, but
that "the fare will be aggressive" and could be less than a
third of current prices.

                          *     *     *

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

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


TENAGA NASIONAL: 4th Qtr Earnings Fall 77% Due to Weak Currency
---------------------------------------------------------------
Malaysian power utility Tenaga Nasional Berhad reported a 77%
fall in fourth-quarter net profit, below market expectations,
showing heavy currency translation losses, Reuters reports.

In a filing with the Bursa Securities Bhd, the company said that
net profit in the three months to Aug. 31, 2007, fell to
MYR168.4 million (US$50.2 million) from the MYR736.4-million net
profit recorded a year earlier.  It raised its full-year final
dividend payout to 36.3 sen per share from 14.8 sen.

The state-controlled firm, known to be the most indebted
publicly traded firm in Malaysia, posted foreign exchange
translation losses of MYR549 million in the fourth-quarter,
mostly on its foreign debts, as the local currency weakened
against major currencies, Reuters says.

Before these losses, the result was MYR717 million, against
market forecasts for MYR810 million, the news agency adds.

However, for the full year, net profit doubled to
MYR4.06 billion from MYR2.1 billion a year earlier.

Almost half of Tenaga's debt is denominated in foreign
currencies, mostly in dollars and yen, and any depreciation
gives it a foreign exchange translation loss.

Tenaga warned that it could be hard to meet a Reuters Estimates
net profit consensus of MYR3.6 billion for fiscal 2008 amid
escalating prices of coal, one of the feedstocks for its power
plants.

"Let me put it in a simple word.  It's going to be very
challenging to achieve MYR3.6 billion," Tenaga Chief Executive
Che Khalib Mohamad Noh told a news conference.

Meanwhile, Tenaga also said it was in talks with one of its
creditors, the state pension fund, to extend the maturity and
lower annual interest charges on a MYR2.8 billion loan.


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

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

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


SATERAS RESOURCES: Securities Delisted as Court Lifts Stay
-----------------------------------------------------------
The securities of Sateras Resources Bhd have been removed from
the Official List of Bursa Malaysia Securities Berhad on
Oct. 26, 2067.

The action was taken by the Bursa Securities after a Court
withdrew on Oct. 12, 2007, the interim stay against the
delisting of the securities of Sateras.

On Oct. 16, 2007, the Troubled Company Reporter-Asia Pacific
reported that the Bursa Securities will delist and remove the
securities of Sateras after the company failed to submit its
annual audited accounts and annual reports for the financial
year ended March 31, 2004.


Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.

The Troubled Company Reporter-Asia Pacific's "Large Companies
with Insolvent Balance Sheets" column on October 12, 2007,
listed Sateras Resources Bhd., with US$44.73 million in total
assets and US$38.82 million in total stockholders' equity
deficit.


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

B.S.TAEGE: Names Parsons and Kenealy as Liquidators
---------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
liquidators of B.S.Taege Ltd. on October 1, 2007.

The Liquidators can be reached at:

          Dennis Clifford Parsons
          Katherine Louise Kenealy
          Indepth Forensic Limited
          PO Box 278, Hamilton
          New Zealand
          Telephone:(07) 957 8674
          Web site: http://www.indepth.co.nz


CITYWIDE PRENAIL: Fixes November 1 as Last Day to File Claims
-------------------------------------------------------------
On October 1, 2007, David Donald Crichton and Keiran Anne Horne
were named liquidators of Citywide Prenail Ltd.

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

The company's liquidators are:

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


MIDWAY TIMBER: Commences Wind-Up Proceedings
--------------------------------------------
Midway Timber (2006) Ltd. went into liquidation on September 26,
2007.

Creditors who can file their proofs of debt by October 30, 2007,
will be included in the company's dividend distribution.

The company's liquidator is:

          Robert Laurie Merlo
          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


RIRI ENTERPRISES: Commences Liquidation Proceedings
---------------------------------------------------
On September 27, 2007, members decided to liquidate Riri
Enterprises Ltd.'s operations.

Grant Mackintosh was named as liquidator.

The Liquidator can be reached at:

          Grant Mackintosh
          PO Box 794, Hamilton
          New Zealand
          Telephone:(07) 834 6804
          Facsimile:(07) 838 3191


SUPA CHEAP: Court to Hear Wind-Up Petition on January 31
--------------------------------------------------------
The High Court of Auckland will hear on January 31, 2007, at
10:00 a.m., a petition to have Supa Cheap Aluminium Fencing
Ltd.'s operations wound up.

The petition was filed by the Commissioner of Inland Revenue on
August 27, 2007.

The CIR's solicitor is:

          Kay S. Morgan
          Inland Revenue Department
          Legal and Technical Services
          1 Bryce Street
          PO Box 432, Hamilton
          New Zealand
          Telephone:(07) 959 0373
          Facsimile:(07) 959 7614


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

BANGKO SENTRAL: Sees Possible Surge in Derivatives Market
---------------------------------------------------------
The Bangko Sentral ng Pilipinas is expecting a surge in the
derivatives market as well as in structured products because of
investors' shift in attention to developing nations, the
Philippine Star reports.

According to the BSP, investment opportunities have emerged in
the capital and financial markets against the backdrop of
continued economic expansion and stable fundamentals.  

Investors have recognized the opportunities in emerging markets
in enhancing total returns and diversifying risks, PhilStar
cites BSP officer-in-charge Nestor Espenilla Jr. as saying.  
According to Mr. Espenilla, people are now beginning to look for
alternative investment instruments that would give them higher
yield compared to ordinary savings instruments.

However, the BSP official warned that the economy's rapid growth
should be regulated in order to provide banks with expanded
opportunities for financial risk management and investment
diversification, PhilStar notes.  

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.


LAND BANK: Opens New Remittance Center in San Francisco, Calif.
---------------------------------------------------------------
The Land Bank of the Philippines has opened a new remittance
branch in San Francisco, California, through its subsidiary,
Landbank Remittance Co., in order to complement the services of
its Panorama City branch, the Philippine Star reports.

According to PhilStar, the new branch will offer services that
will include direct credit to Land Bank's peso or dollar
accounts, as well as to similar accounts in other banks.  The
branch will also offer door-to-door delivery to recipients in
Metro Manila and in the provinces.

The expansion of the Landbank's overseas remittance offices is
part of the financial institution's aggressive efforts to
increase its share in the remittance business, the report says.

Land Bank of the Philippines -- http://www.landbank.com/-- is a  
government financial institution that strikes a balance in
fulfilling its social mandate of promoting countryside
development while remaining financially viable.  Today, Landbank
claims to be the largest formal credit institution in the rural
areas and to rank among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.  From
its initial role as the financing arm of the agrarian reform,
the bank has evolved into a full-service commercial bank.

                          *     *     *

On August 31, 2007, Fitch Ratings has affirmed its 'BB' Long-
term foreign and local currency issuer default ratings for the
Land Bank of the Philippines.  Outlook is stable.

Fitch also affirmed these ratings:

    * 'AA (phl) National long-term rating with a Stable outlook

    * 'D' Individual rating

    * '3' Support rating

    * 'BB-' Support Floor rating

    * 'BB-' rating for US$150 million subordinated notes

The TCR-AP also reported that on November 2, 2006, Moody's
Investors Service revised the outlook of the Land Bank of the
Philippines' foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for Land Bank's foreign
currency Not-Prime short-term deposit rating and bank financial
strength rating of E+ remains stable.


PHIL LONG DISTANCE: Smart Told to Answer Cable Operators' Claims
----------------------------------------------------------------
The National Telecommunications Commission has scheduled a
hearing on November 12 for the Philippine Cable Television
Association Inc.'s complaint against Smart Communications Inc.
and its affiliates regarding the myTV service, BusinessWorld
reports.

The NTC has also ordered Smart, as well as Nation Broadcasting
Corp., GV Broadcasting System Inc. and 360 Media Inc., to answer
within 15 days the PCTA's charges that myTV violates Republic
Act 7925 or the Public Telecommunications Act, and the Public
Service Act.  

Smart and its co-respondents are all subsidiaries of the
Philippine Long Distance and Telephone Co.

"Failure to file an answer within the period herein granted
shall be considered a waiver of the respondents' right to be
heard and the commission shall proceed with the hearing of this
case and render judgment as the law and evidence on record may
warrant," the commission said.

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+'.


* Imports for August Rises 1.8% to US$4.971 Bil. On Electronics
---------------------------------------------------------------
The Philippines' imports have risen by 1.8% in August, reaching
US$4.971 billion due to decreased purchases of electronics, the
Philippine Star reports.

According to the National Statistics Office, the country's
import growth rate for August was slower compared to the 14.3%
increase to US$4.104 billion in July.

Imports for the eight-month period recorded a 3.8% growht year-
on-year, hitting US$35.325 billion, while exports grew 4.9% to
US$32.829 billion, the NSO said.

                          *     *     *

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

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

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


* Lower Debt, Strong Peso, Privatization May Cue Rating Upgrade
---------------------------------------------------------------
The country's reduced debt stock, rising strength of the local
currency, and the government's privatization efforts may cue an
improvement for the Philippines' sovereign credit rating, the
banking giant UBS told the Philippine Daily Inquirer.

In its market strategy report released on October 18, the bank
said that the government's reduced debt could be sustained
relative to the gross domestic product even if the ratio of the
budget deficit to the GDP might reach 3%.  The bank also said
that it expects the peso to rise to PHP41 to a dollar by the end
of next year, and the government to amass enough proceeds from
its sale of assets in the National Power Corp. to finance the
power producer's US$7-billion debt.  

The Inquirer notes that, according to UBS, the possibility of
further interest rate cuts by the US Federal Reserve and the
benign domestic inflation could mean a less stringent monetary
policy of the Philippine central bank.

                          *     *     *

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

FREESCALE SEMICON: Weak Results Cue Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service placed the ratings of Freescale
Semiconductor Inc. under review for possible downgrade.

Moody's noted that the review was prompted by Freescale's recent
third quarter results, which continue to demonstrate weakness in
the company's wireless segment (roughly 32% of total revenues).  
Wireless revenues were down 13.3% compared to the 2006 third
quarter although up 33% sequentially from the recent low point
in the 2007 second quarter.  Operating performance weakness
stems principally from reduced wireless semiconductor shipments
as a result of lower cellular demand at its former parent and
largest customer, Motorola, which accounts for about 20 - 25% of
Freescale's revenues.

The review also considers the noticeable softening in
Freescale's networking segment (about 22% of revenues) which
witnessed a 15% revenue drop compared to the same period last
year.  Although capital spending in Asian markets remains
robust, North American wireline and wireless infrastructure
spending has remained subdued as the large communications
equipment providers have delayed purchases amid network
consolidation and slowing broadband subscriber growth.  Finally,
the review expresses concerns about a continuation of
Freescale's weakened credit profile and reduced utilization
levels should the company's addressable semiconductor markets
experience a protracted period of softening demand.

With Motorola's continued woes, Moody's believes Freescale will
be challenged to expand its wireless customer base in a timely
manner to alleviate reduced wireless semiconductor volumes given
the long product development cycle required before design win
activity transitions to the production phase.  Additionally, the
ongoing softness in the Networking and Computing Systems segment
is a credit negative as it does not afford the company a strong
ability to offset performance deterioration in the Wireless and
Mobile Solutions segment, especially since Transportation and
Standard Products segment growth has been flat to slightly down
year over year.  The review will focus on the negative impact on
Freescale's profitability, cash flow generation and financial
leverage as well as steps the company is taking to improve
revenue growth in key market segments, alleviate operating
performance weakness and enhance liquidity.

When the Ba3 corporate family rating was assigned in November
2006, Moody's noted that it was predicated on the expectation
that Freescale would reduce leverage over the near-to-
intermediate term via rising EBITDA and strong levels of free
cash flow generation.  Due to lower than expected operating cash
flow, as of September 2007, the company's total debt to EBITDA
metric has migrated above 6x (Moody's adjusted), which is more
indicative of single-B rated peers.  Although EBITDA levels have
modestly improved on a sequential basis since the first quarter
shortfall, Moody's does not expect operating cash flow to
materially recover in the fourth quarter or free cash flow
generation to meaningfully effect financial leverage reduction
to previously expected levels.

These ratings/assessments were placed under review for possible
downgrade:

   -- Corporate Family Rating (New) -- Ba3

   -- Probability of Default Rating -- Ba3

   -- US$ 750 Million Senior Secured Revolving Credit Facility
      due 2012 -- Baa3 (LGD-2, 16%)

   -- US$3.50 Billion Senior Secured Term Loan B Facility due
      2013 -- Baa3 (LGD-2, 16%)

   -- US$2.85 Billion Senior Unsecured Notes due 2014 -- B1
      (LGD-4, 63%)

   -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014 --
      B1 (LGD-4, 63%)

   -- US$1.60 Billion Senior Subordinated Unsecured Notes due
      2016 -- B2 (LGD-6, 91%)

The Speculative Grade Liquidity Rating is SGL-1.  The liquidity
rating will be reviewed upon conclusion of the review for
possible downgrade.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Taiwan and
Singapore.


NETIK PTE: Creditors' Proofs of Debt Due on November 30
-------------------------------------------------------
Netik Pte Ltd., which is in liquidation, requires its creditors
to file their proofs of debt by November 30, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

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


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.


REGIONAL (FAR EAST): Receiving Proofs of Debt Until Nov. 29
-----------------------------------------------------------
Regional (Far East) Electronics Pte Ltd., which is in
liquidation, requires its creditors to file their proofs of debt
by November 29, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

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


STEADY PILING: Pays First and Final Dividend
--------------------------------------------
Steady Piling Engineering Pte Ltd., which is in liquidation,
paid first and final dividend to its creditors on
October 16, 2007.

The company paid 0.981% of dividend to its creditors.

The company's liquidator is:

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


================
S R I  L A N K A
================

* Fitch Comments on Sri Lankan Finance Companies
------------------------------------------------
Fitch Ratings has announced the upcoming special report
commenting on Sri Lanka's Registered Finance Companies sector.
Although small in terms of size (accounting for 3% of financial
system assets at end-December 2006) and low in systemic
importance, RFCs have a relatively long operating history in Sri
Lanka, and continue to provide a notable contribution to the
economy, especially in the area of vehicle financing.

At March 2007 (FYE07), there were 31 RFCs operating in Sri
Lanka; the two largest companies accounted for approximately 50%
of the industry at FYE07 with the remainder being scattered
amongst the other much smaller entities.

A number of finance companies came under severe financial
distress in the 1980s, and state intervention in the form of re-
financing facilities extended to 12 failed companies in the
period 1987-1994 amounted to LKR2.3 billion (0.4% of GDP at end-
1994).  Against this backdrop, the Finance Companies Act No. 78
of 1988 was enacted where all RFCs came under the regulatory
domain of the Central Bank of Sri Lanka (CBSL) and are monitored
on a regular basis, based on their adherence to the prudential
directions as specified by the latter.

Steady growth at a compounded annual growth rate of 25.3% was
recorded in the period 2002-2006.  This growth was primarily
driven by the provision of vehicle finance, largely to borrowers
who fall outside the risk appetite of commercial banks.  Vehicle
finance accounted for 70% of the sector's loan portfolio at
FYE06; the rising demand for vehicles together with the high
cost of purchase due to rising taxes drove the need for long-
term financing.  This, together with the somewhat specialised
nature of acquiring and servicing this type of clientele,
ensured that RFCs (together with specialised leasing companies)
developed a defendable niche in this segment versus the
commercial banks.

Fitch notes that risk management practices in the sector are
relative weak and vary widely across the industry, compared to
the banking sector.  However, RFCs have begun to address this
issue primarily via improvements in its management information
systems, credit appraisal techniques and streamlined recovery
procedures.  Consequently, their asset quality improved with the
gross non performing loans/gross loans ratio declining to 11.6%
at FYE06 from 15.0% at FYE05.

For funding, RFCs have historically relied on their strong brand
franchise in mobilising deposits, especially in certain regions,
as the majority of the RFCs are family-owned and have a long
operating history.  However, in the last five years,
institutional lending from the banking sector to the industry
has gathered pace and accounted for 19% of the funding mix at
FYE06.

High yielding products in the RFC portfolio, the substantial
income earned via penal interest charges on overdue
accommodations, and the relative ease at which assets are
foreclosed and disposed of has resulted in good profitability
for the sector over the last five years.  This, together with
high earnings retention has enabled the sector to maintain the
equity/assets ratio at around 15% since FYE02.  Although the
sector as a whole is adequately capitalised, its capitalisation
varies markedly across the industry with 12 companies failing to
meet the LKR200 million minimum capital requirement at FYE07, as
stipulated by the CBSL.

Greater supervision by the regulator, coupled with the enhanced
financial performance has seen a significant improvement in the
operational viability of the overall sector.  That said, the
present high inflationary, rising and volatile interest rate
environment is likely to depress margins and put stress on
credit quality in the short to medium term.  While Fitch views
that the sector as a whole will be able to withstand these
shocks, it believes that the operational viability of many of
the smaller RFCs would be put to test -- especially those
companies which are below the minimum capital requirement and
where operational risks are high.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Oct. 9,
2007, that Fitch Ratings assigned the Democratic Socialist
Republic of Sri Lanka's forthcoming debut sovereign bond a
rating of 'BB-'.  This rating is in line with Sri Lanka's 'BB-'
Long-term foreign currency Issuer Default rating which is on
Negative Outlook.


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

TMB BANK: THB35BB Recapitalization Will Last 3-4 Years, FM Says
---------------------------------------------------------------
The THB35-billion capital increase of TMB Bank PCL will be
adequate for at least three to four years, Finance Minister
Chalongphob Sussangkarn told The Nation on Friday.

Any subsequent capital increase will be solely for business
expansion, Mr. Chalongphob added.


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

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

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

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

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






                           *********

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 ***