TCRAP_Public/071101.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 1, 2007, Vol. 10, No. 217

                            Headlines

A U S T R A L I A

CHRYSLER LLC: Names John Cataldo VP, Business Development Exec.
CHRYSLER LLC: UAW Members Ratify 2007 National Labor Agreement
CHRYSLER LLC: UAW's Narrow Approval Cues S&P to Retain Watch
COLES GROUP: Grant Samuel Says Wesfarmers Bid is Reasonable
GLOBAL CHALLENGER: Creditors Agree on Voluntary Liquidation

GRIFFIN COAL: Moody's Reviews Ba2 Ratings for Possible Downgrade
HUNTER VALLEY GRAVEL: To Declare Final Dividend on November 26
HUNTER VALLEY STEMMING: Will Declare Dividend on November 26
LIFE THERAPEUTICS: Sells 2 Plasma Collection Centers for US$7.5M
LOSS ADJUSTERS: Liquidator Presents Wind-Up Report

MASON KENNEDY: Members Receive Wind-Up Report
MCDOWELL ENTERPRISES: Court Enters Wind-Up Order
MEGA BRANDS: To Report Third Quarter 2007 Results on Nov. 9
NICHOLSON REALTY: Members Resolve to Liquidate Business
SCO GROUP: Court OKs US$36-Mil. Sale of Unix to JGD Management

SCO GROUP: Court Approves Berger Singerman as Co-Counsel
SCO GROUP: Gets Court OK to Hire Pachulski Stang as Co-Counsel
SOCIAL CHANGE: Creditors Agree on Voluntary Liquidation
SYMBION HEALTH: Healthscope Revised Offer is 'Fair', Expert Says
URS CORP: Postpones Special Stockholders Meeting to November 9


C H I N A   &   H O N G  K O N G

ASIAN AREA: Annual Meetings Set for November 22
BEST UNITED: Appoints Briscoe and Chen as Liquidators
BOMBARDIER INC: Balks at SAS Decision to Ground Q400 Aircrafts
BREAN DISTRIBUTORS: Inability to Pay Debts Prompts Wind-Up
CHAODA MODERN: Sets Annual Meeting For Nov. 28

DREAM ASIA: Annual Meeting Set for November 6
FOXY FASHION: Members to Hold General Meeting on November 26
GAIN SMART: Requires Creditors to File Claims by Nov. 19
GLOBAL POWER: Sells Braden's Asset to Prestige for US$575,000
HISENSE KELON: June 30 Balance Sheet Upside-Down by HK$738.47MM

HISENSE KELON: Unit Enters into Equity Transfer Pact w/ Kaifeng
KEYS LIMITED: Members and Creditors to Meet on November 23
MASPON COMPANY: Members to Receive Wind-Up Report on November 19
PETROLEOS DE VENEZUELA: Uses Neptune's Vessel To Drill Gas Wells
PETROLEOS DE VENEZUELA: Inks Orinoco Pact with Russia's TNK-BP

RIDDLEWOOD COMPANY: Members' Final Meeting Set for November 19
SICHUAN CHANG HONG: Plans to Reconstruct Marketing Network
VALIANT PRINTING: Placed Under Voluntary Wind-Up
WATERLAND SECURITIES: Fitch Lifts Issuer Default Rating to BBB-


I N D I A

AGILENT TECHNOLOGIES: Prices US$600 Mln of Senior Notes Offering
BAUSCH & LOMB: Moody's to Withdraw All Ba1 Ratings
BAUSCH & LOMB: Completes Sale to Warburg Pincus for US$4.5 Bil.
BHARTI AIRTEL: Net Income up 73% in Qtr. Ended Sept. 30, 2007
HINDUSTAN ORGANIC: Turns Around with INR47-Mil. Net Profit

INDUSTRIAL DEV'T BANK: Poised to Get Back INR5K Crore in NPAs
TATA MOTORS: Consolidated Profit Up 6.39% in Qtr. Ended Sept. 30


I N D O N E S I A

ALCATEL-LUCENT: Eyes One Million Broadband Subscribers in 2009
BANK NIAGA: Posts 3-Month & 9-Month 2007 Results
BANK RAKYAT: Net Income Rises 16.6% in 2007 9-Month Period
HILTON HOTELS: Hires Christopher Nassetta as President & CEO
INDOFOOD: 2007 9-Month Net Profit Rises 35% to IDR683.3 Billion

INDOSAT: Postpones IDR1 Billion Bond Sale Due to Poor Market
PERUSAHAAN GAS: To Sign US$367MM Gas Deal with Husky Energy
SEMEN GRESIK: Posts 24% Rise in Net Profit for 2007 9-Month Pd.


J A P A N

DELPHI CORP: Amends Chapter 11 Reorganization Plan
ELAN CORP: Posts US$87.4 Million Net Loss in 3rd Quarter
FORD MOTOR: UAW Talks Intensifies After Chrysler Ratifies Pact
FORD CREDIT: S&P Places 'BB' Rating Under Positive CredtiWatch
GAP INC: Issues Statement on Child Labor Allegations

HARMAN INT'L: Earns US$36.5 Mln in 1st Quarter Ended Sept. 30
HARMAN INT'L: Names Messrs. Einsmann & Caroll as Board Members
IP MOBILE: Files for Bankruptcy with JPY900 Million Debt
JAPAN AIRLINES: To Use Shizuoka Airport Starting 2009
METHANEX CORP: Earns US$23.61 Mil. in Third Qtr. Ended Sept. 30

MICRON TECHNOLOGY: Robert Bailey Joins Board of Directors
MITSUBISHI MOTORS: Adjusts Consolidated Results for FY2007
SAMSONITE CORP: S&P Withdraws BB- Corporate Credit Rating
TIMKEN CO: Emergency Airlift Gets Dragline Back in Production


K O R E A

COREBRID INC: Signs Agency Agreement with OPTIMA
DAEHAN PULP: Decides Issuance of 92nd Convertible Bonds


M A L A Y S I A

PUTERA CAPITAL: Submits Proposal to Build Cargo Rail Line


N E W  Z E A L A N D

ALFA HOMES: Appoints Parsons and Kenealy as Liquidators
COURTHOUSE NUMBER 14: Faces Hugo Boss' Wind-Up Petition
GENEVA FINANCE: Admits Trading Act Breach; Refunds Customers
KS ELECTRONICS: Creditors' Proofs of Debt Due Today
LEHNDORF UTILITY: Court to Hear Wind-Up Petition Today

MERCHANT IT: Court to Hear Wind-Up Petition Today
S.P. PUBLISHING: Court Appoints Levin and Vance as Liquidators
TYLOS ONE: Taps Levin and Vance as Liquidators
WHEELS ON WEST: Court to Hear Wind-Up Petition on February 8
WHITE ROSE: Fixes November 9 as Last Day to File Claims

WILSON FAMILY: Faces Accident Compensation's Wind-Up Petition


P H I L I P P I N E S

BANGKO SENTRAL: Expects 2.5%-3% Inflation Rate for October
BANGKO SENTRAL: Refuses to Help in Paying Old Central Bank Debts
CHIQUITA BRANDS: Says Restructuring May Save Up to US$80MM a Yr.
UNITED COCONUT: Foreign Remittance Receipts Rise 14% in Sept.
WENDY'S INT'L: Earns US$29.9 Mil. in 3rd Quarter Ended Sept. 30

* Economy May Register 7% Expansion in Third Quarter 2007
* Tax System Restructure May Cue Losses of PHP106BB, DoF Says


S I N G A P O R E

HANWAY INVESTMENT: Accepting Proofs of Debt Until November 15
HOCEN INTERNATIONAL: Court Enters Wind-Up Order
MAJU LINES: Members to Hold Final Meeting on November 28


T H A I L A N D

BANK OF AYUDHYA: Phanporn Kongyingyong Quits Post as Director

     - - - - - - - -

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

CHRYSLER LLC: Names John Cataldo VP, Business Development Exec.
---------------------------------------------------------------
Chrysler LLC has named L. John Cataldo Vice President - Business
Development and Mergers & Acquisitions.  In this newly created
position, Mr. Cataldo will be responsible for leading all major
business development activities globally, including alliances,
partnerships, joint ventures and key multi-region, product-
related programs.

Mr. Cataldo joins Chrysler after 13 years with General Electric
Company as a GE Energy Business General Manager - Strategy,
Marketing and Commercial Operations and formerly, Leader -
Business Development, GE Energy Services and Manager - GE
Corporate Business Development.  Mr. Cataldo is a former officer
and pilot with the U.S. Air Force.

He will be based in Auburn Hills, Michigan, and report to Vice
Chairman and President Tom LaSorda.  The appointment takes
effect immediately.

                    About Chrysler LLC

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

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

                       *     *     *

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

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

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


CHRYSLER LLC: UAW Members Ratify 2007 National Labor Agreement
--------------------------------------------------------------
Chrysler LLC confirmed, on Saturday, Oct. 27, 2007, a new
Chrysler LLC-United Auto Workers union 2007 national labor
agreement, in response to UAW's ratification results.

UAW members voted to ratify the new collective bargaining
agreement with Chrysler, with 56% votes in favor of the four-
year pact among production workers, and 51% in favor among
skilled trades workers.  About 94% of office and clerical
workers voted in favor of the agreement, and 79% of UAW-
represented Chrysler engineering workers approved the contract.

According to various reports citing sources familiar with the
matter, Local 1268, the last plant in Beldivere, Illinois to
vote on the contract, turned down the agreement by 55%.  
However, the contract's headroom of victory before the Belvidere
vote was enough for it to be approved.

As reported in the Troubled Company Reporter on Oct. 26, 2007
citing the Wall Street Journal, results from four major Chrysler
plants in Michigan came in favor of the contract, tilting the
ratification scale towards the approval of the pact.  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 previously reported, Chrysler and the UAW reached a tentative
agreement on Oct. 10, after three months of bargaining and
following a six-hour nationwide UAW strike against the company.

"We are pleased that our UAW employees recognize that the new
agreement meets the needs of the company and its employees by
providing a framework to improve our long-term manufacturing
competitiveness," Tom LaSorda, Vice Chairman and President,
Chrysler LLC, said.

"Our members had to face some tough choices, and we had a solid,
democratic debate about this contract," UAW President Ron
Gettelfinger said.  "Now we’re going to come together as a union
-- and now it’s on the company to move ahead, increase their
market share and continue to build great cars and trucks here in
the U.S."

"There’s no question this was a difficult set of negotiations
during difficult times for the U.S. auto industry," UAW Vice
President General Holiefield, who heads the union’s Chrysler
Department, said.  "But with the support of our membership and
local leadership, we have an agreement that secures jobs and
wages and protects health care and pension benefits."

The new contract covers approximately 45,000 active workers at
Chrysler and more than 55,000 Chrysler retirees and 23,000
surviving spouses.  It will expire on Sept. 14, 2011.

                       About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge  
and Mopar(R) brand vehicles and products.

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

Chrysler is a unit of Cerberus Capital Management.

                       *     *     *

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

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

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


CHRYSLER LLC: UAW's Narrow Approval Cues S&P to Retain Watch
------------------------------------------------------------
Standard & Poor's Ratings Services said its corporate credit
ratings on Chrysler LLC and DaimlerChrysler Financial Services
Americas LLC remain on CreditWatch with positive implications,
following the United Auto Workers' narrow approval of the new
Chrysler-UAW labor contract.  The ratings were placed on
CreditWatch on Sept. 26, 2007, based on S&P's belief that
Chrysler would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date.
     
Chrysler and the UAW subsequently reached their own four-year
agreement as expected, and the UAW has now approved that
contract.
      
"We view the new contract as favorable to Chrysler compared with
past agreements," said Standard & Poor's credit analyst Robert
Schulz, "and we believe the contract will support the company's
turnaround plan in North America."  The new contract is reported
to contain many of the same features as the GM contract,
including a new VEBA trust designed to take responsibility for
postretirement health care expenses and a lower-tier wage
structure for new hires.
     
The main focus of S&P's analysis in resolving the CreditWatch
listing will be the effect of the new contract on Chrysler's
liquidity in the near term, as well as prospects for Chrysler's
cash flow and liquidity during the next two years.  S&P will
view the new contract in light of Chrysler's multiyear plan to
return its North American operations to profitability, and S&P
will weigh the costs and benefits of the new contract, given the
company's workforce and retiree demographics.
     
Over the next two years, all three Michigan-based automakers
will face a range of challenges unrelated to their new
contracts, including slowing U.S. light-vehicle sales and shifts
away from what had been their most profitable vehicle segments
in recent years.

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


COLES GROUP: Grant Samuel Says Wesfarmers Bid is Reasonable
-----------------------------------------------------------
Coles Group shareholders have received confirmation that
Wesfarmers Ltd.'s offer may now fall within a fair value range
after independent expert Grant Samuel and Associates made a
review of Wesfarmers' offer following the recent rise in its
share price, the Australian Associated Press reports.

AAP states that Grant Samuel, in its first report more than one
month ago, said the Wesfarmers bid was in the best interests of
Coles shareholders, even though it fell well below its valuation
of the retail giant.

However, in its revised "letter of advise", the independent
expert said it was now reasonable to adopt a Wesfarmers share
price in the range of AU$42.50 to AU$44.50, relates AAP.

The assumption, according to AAP, is based on Wesfarmers' volume
weighted average price of AU$43.14 in the 10 trading days up to
October 29.  On that basis, Grant Samuel calculated Wesfarmers'
offer, now in the range of AU$16.03 to AU$16.56 for each Coles
share.

AAP notes that the revised valuation now puts the Perth-based
conglomerate's offer within Grant Samuel's original valuation of
Coles of AU$16.21 to AU$18.23 per share, which remains
unchanged.

AAP quotes Grant Samuel as saying, "The increase in the assessed
value of the consideration reinforces Grant Samuel's opinion
that the Wesfarmers proposal is in the best interests of Coles
Group shareholders.  It should be noted that the value of the
consideration will change if the Wesfarmers share price
changes."

In line with this, Grant Samuel puts the Wesfarmers bid at
between AU$19.22 billion and AU$19.85 billion, states AAP.

                     About Coles Group

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

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


GLOBAL CHALLENGER: Creditors Agree on Voluntary Liquidation
-----------------------------------------------------------
On September 28, 2007, the creditors of Global Challenger Pty
Limited had a meeting and agreed to voluntarily liquidate the
company's business.

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

The Liquidators can be reached at:

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

                     About Global Challenger

Global Challenger Pty Limited operates miscellaneous apparel and
accessory stores.  The company is located at Mascot, in New
South Wales, Australia.


GRIFFIN COAL: Moody's Reviews Ba2 Ratings for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service placed the Ba2 corporate family and
Ba2 senior unsecured ratings of The Griffin Coal Mining Company
Pty Ltd under review for possible downgrade.

"The review for possible downgrade reflects the weakness evident
in current year production and earnings -- relative to initial
forecast -- following the company's announcement of full-year
results for FY07," says Ian Lewis, a Moody's VP/Senior Analyst
and lead analyst for the company.

"A significant fall in coal delivery against forecast - though
Moody's notes an absolute increase year-on-year - and increase
in operating costs have meant that earnings have fallen
meaningfully thereby translating into considerable downside
rating pressure, with the ratio of Adjusted Debt/EBITDA
exceeding our guidance level for the rating" adds Lewis.

"Furthermore, while completion of the company's Bluewaters 1 and
2 projects is reported to be on target to-date, a delay in the
carbonization plant has had an effect on earnings.

The review will focus on:

   1) status of projects being developed, particularly the
      carbonization project,

   2) Griffin's ability to improve production to previously
      expected levels, and

   3) Moody's assessment of earnings and cash flow in the near-
      to-medium term in the context of the currently robust cash
      holdings.

Moody's had originally on February 8 changed Griffin's ratings
outlook to negative from stable following its decision to upsize
a US$400 million bond issue by US$75 million.  Moody's said at
the time that the additional debt reduced the company's
financial flexibility within the rating.

The Griffin Coal Mining Company, headquartered in Perth,
Australia is involved in coal extraction.  It is a wholly owned
subsidiary of Devereaux Holdings Pty Ltd, a private company
owned in turn by the Stowe family.


HUNTER VALLEY GRAVEL: To Declare Final Dividend on November 26
--------------------------------------------------------------
Hunter Valley Gravel Supplies Pty Limited, which is in
liquidation, will declare its final dividend on November 26,
2007.

Creditors who were not able to file their proofs of debt by the
October 29 due date, will be excluded from the company's
dividend distribution.

The company's liquidator is:

          Kenneth Whittingham
          c/o BDO Kendalls (New South Wales)
          GPO Box 2551
          Sydney, New South Wales 2001
          Australia
          Telephone:(02) 9286 5555

                        About Hunter Valley

Hunter Valley Gravel Supplies Pty Ltd is a distributor of brick,
stone and related construction materials.  The company is
located at Denman, in New South Wales, Australia.


HUNTER VALLEY STEMMING: Will Declare Dividend on November 26
------------------------------------------------------------
Hunter Valley Stemming Supplies Pty Limited will declare its
dividend on November 26, 2007.

Creditors whose proofs of debt were not in by the Oct. 29 due
date, will be excluded from the company's dividend distribution.

The company's liquidator is:

          Kenneth Whittingham
          c/o BDO Kendalls (New South Wales)
          GPO Box 2551
          Sydney, New South Wales 2001
          Australia
          Telephone:(02) 9286 5555

                      About Hunter Valley

Hunter Valley Stemming Supplies Pty Ltd provides business
services.  The company is located at Denman, in New South Wales,
Australia.


LIFE THERAPEUTICS: Sells 2 Plasma Collection Centers for US$7.5M
----------------------------------------------------------------
Life Therapeutics (ASX:LFE) has completed the sale of two of its
14 plasma collection centers for gross proceeds of
US$7.5 million, which along with a four-month earn-out could net
out to US$10 million.  This sale is part of the Board's overall
strategy to divest all 15 centers including two of the centers
which were considered part of the Diagnostics segment.

Both the Pensacola, Florida and Mobile, Alabama donor centers
were to Haemopharm, Inc., a wholly owned subsidiary of Kedrion
S.p.A.

Life Therapeutics will manage the centers under a services
agreement to ensure a smooth transition.  Under the terms of
this agreement, Life Therapeutics will bill Haemopharm for the
cost of these services.

In the event that Life Therapeutics and Kedrion complete the
larger transaction announced to the market, the jopint venture
entity created for this purpose will have the right to purchase
the said two centers for the same consideration.

Dr. Jim Brown, chairman of Life Therapeutics, said, "This sale
is the beginning of the divestiture of our centers announced
earlier this year.  This sale does not affect the same of the
other Life Sera assets.  The board is currently reviewing three
bids for these assets as previously announced."

"This acquisition," said Dr. Paolo Marcucci, president and CEO
of Kedrion, "is part of Kedrion's strategy of further vertical
integration.  Kedrion has now coverage of 50% of the requirement
for the source plasma, and 100% of the hyperimmune plasma.  It
is also the first step towards completing the larger transaction
with LFE announced to the market."

Mr. Marcucci also advised that the future transaction with LFE,
if approved by the Board and Shareholders, will give Life
Therapeutics' shareholders a substantial value creation through
the stake in Kedrion.  Kedrion is projecting for 2007 an EBITDA
15% ahead of budget, and is planning to make the filing for IPO
within the mid 2008.

The company advised that the sale of the two centers will not
impact the pending sale of the remaining plasma collection
business and is part of the complete divestiture announced on
Sept. 18, 2007.  The Board advises that it has three offers
under review and each is being given due consideration in the
bets interests of shareholders.  The board is continuing its
discussions with the various parties, and will announce its
decision once the process is completed.

                     About Life Therapeutics

Headquartered in New South Wales, Australia, Life Therapeutics
Limited -- http://www.life-therapeutics.com/-- is engaged in  
the collection, management and distribution of plasma-based
products, and development, manufacture and sale of
electrophoresis, hematology and Gradiflow products. It operates
in five segments: Life Sera, which collects specialty plasma,
including Anti D and Hepatitis B; Life Diagnostics, which
develops, manufactures and distributes diagnostic products into
the diagnostic marketplace; Life Gels, which develops,
manufactures and distributes pre-cast electrophoresis gels into
the laboratory market; Life Bioprocess, which markets the
Gradiflow technology in both the commercial and research
markets, and Life Shared Services, which conducts corporate
functions of the organization. At June 30, 2006, the Life Gels
and Life Bioprocess division were classed as discontinued
operations. In November 2006, the Company completed the spin out
of its Australian assets by transferring these assets to a
wholly owned subsidiary, NuSep Ltd.

The Troubled Company Reporter-Asia Reporter, in its "Large
Companies with Insolvent Balance Sheets" Column on Sept. 21,
2007, listed Life Therapeutics Limited as having total assets of
US$59 million and total shareholders' equity deficit of
US$38,000.

The company, in its preliminary annual financial report for the
year ended June 30, 2007, reported a consolidated net loss of
US$15,733,000, a decrease from the US$31,459,000 net loss in the
year ended June 30, 2006.


LOSS ADJUSTERS: Liquidator Presents Wind-Up Report
--------------------------------------------------
The members of Loss Adjusters Management Pty Ltd met on Oct. 22,
2007, and received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Warren Emerson
          Level 8, 15 Blue Street
          North Sydney
          Australia

                       About Loss Adjusters

Loss Adjusters Management Pty Ltd provides services for  
insurance agents and brokers.  The company is located at  St
Leonards, New South Wales, Australia.


MASON KENNEDY: Members Receive Wind-Up Report
---------------------------------------------
The members of Mason Kennedy & Associates Pty Ltd met on
Oct. 19, 2007, and received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Kevin Munro
          Munro Lawyers
          Level 12, 111 Elizabeth Street
          Sydney
          Australia

                      About Mason Kennedy

Mason Kennedy & Associates Pty Ltd, which is also trading as
Waldron Smith Management, provides management consulting
services.


MCDOWELL ENTERPRISES: Court Enters Wind-Up Order
------------------------------------------------
On July 23, 2007, the Supreme Court of New South Wales entered
an order directing the wind up of Mcdowell Enterprises (NSW) Pty
Limited's operations.

Bruce Gleeson was appointed as liquidator.

The Liquidator can be reached at:

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

                   About Mcdowell Enterprises

Located at Fairfield, in New South Wales, Australia, Mcdowell
Enterprises (NSW) Pty Ltd is an investor relation company.


MEGA BRANDS: To Report Third Quarter 2007 Results on Nov. 9
-----------------------------------------------------------
MEGA Brands Inc. will report its financial results for the third
quarter ended Sept. 30, 2007, before markets open on
Nov. 9, 2007.

An analyst conference call will be held at 9:00 a.m. on
Nov. 9, 2007, to discuss the results. Participants may listen to
the call by dialing 1 (800) 732-9307.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a  
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 1, 2007, Moody's Investors Service downgraded the corporate
family rating of MEGA Brands, Inc. to B1 from Ba3 and affirmed
the speculative grade liquidity rating of SGL-3.  The outlook is
stable.  This concludes the review for downgrade initiated on
Apr. 19, 2007.

These ratings were downgraded:

MEGA Brands, Inc.

-- Corporate Family Rating to B1 from Ba3;

-- Probability of Default to B2 from B1;

-- US$120 million 5-year revolving credit facility maturing
   July 2010 to Ba3 (LGD 2, 26%) from Ba2 (LGD 2, 24%);

-- US$40 million, 5-year term loan A facility to Ba3 (LGD-2,
   26%) from Ba2 (LGD 2, 24%)

MEGA Brands Finco

-- US$260 million 7-year term loan B facility to Ba3 (LGD 2,
   26%) from Ba2 (LGD 2, 24%)


NICHOLSON REALTY: Members Resolve to Liquidate Business
-------------------------------------------------------
At an extraordinary general meeting held on September 25, 2007,
the members of Nicholson Realty Pty Limited resolved to
voluntarily liquidate the company's business.

Brent Trevor Alex Kijurina of Smith Hancock Chartered
Accountants was appointed as liquidator.

The Liquidator can be reached at:

          Brent Trevor Alex Kijurina
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta, New South Wales 2150
          Australia

                     About Nicholson Realty

Nicholson Realty Pty Limited, which is also trading as Raine And
Horne Katoomba, deals with real estate agents and managers.  The
company is located at  Katoomba, in New South Wales, Australia.


SCO GROUP: Court OKs US$36-Mil. Sale of Unix to JGD Management
--------------------------------------------------------------
The SCO Group Inc. and its debtor-affiliates obtained approval
from the U.S. Bankruptcy Court for the District of Delaware to
publicly sell their Unix business to JGD Management Corp., dba
York Capital Management or to any successful bidder.

The Debtors and JGD have sign an asset purchase agreement which
provided that apart from the Unix business, the Debtor will sell
to JGD for a total consideration price of US$36 million certain
of their related claims in litigation, assumed liabilities and
the Debtors' cross-license and related agreements pertaining to
the Hipcheck product line and Me Inc.  The agreement also
provide financing to the Debtor, under Sections 363 and 364 of
the U.S. Bankruptcy Code.

JGD, pursuant to the agreement, will pay the Debtor the total
price in cash and non-cash components consisting of US$10
million cash payment, up to US$10 million in the form of a
litigation credit facility, up to US$10 million in the form of a
20% interest in JGD's collection of favorable judgment from
Linux litigation, and up to US$6 million in the form of a
revenue share agreement.  In addition, under the agreement, JGD
will post and earnest money deposit in the amount of 5% of the
purchase price.

The Debtors and JGD have agreed to a US$50,000 reimbursement of
JGD's purchase fees in connection with the consummation of the
deal.  If JGD is designated as a stalking horse bidder and is
unsuccessful in the bid, the Debtor will pay JGD a US$780,000
break-up fee, plus US$300,000 alternative transaction expense
reimbursement.

The Debtors' revenues have been declining over the past several
years and they do not have enough liquidity to sustain their
operations.  Hence, the Debtors must move quickly to realize the
best price for their assets.

The Court has scheduled a hearing on Nov. 6, 2007, at 11:00 a.m.
for considering approval of the asset purchase agreement and the
bidding procedures.  The deadline for filing objections is
Nov. 1, at 4:00 p.m.

The Debtors have asked the Court for approval of the
transactions contemplated by the asset purchase agreement no
later than Dec. 7, 2007.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq., and Arthur
Spector, Esq., at Berger Singerman P.A., represent the Debtors.
James O'Neill Esq., and Laura Davis Jones, Esq., at Pachulski
Stang Ziehl & Jones LLP, is the Debtors' local counsel.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  An Official Committee of Unsecured Creditors
has yet to be appointed in these cases by the Office of the
United States Trustee.  The Debtors' exclusive period to file a
chapter 11 plan expires on March 12, 2008.  The Debtors'
schedules of assets and liabilities showed total assets of
US$9,549,519 and total liabilities of US$3,018,489.


SCO GROUP: Court Approves Berger Singerman as Co-Counsel
--------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. obtained permission
from the United States Bankruptcy Court for the District of
Delaware to employ Berger Singerman P.A. as their co-counsel,
nunc pro tunc to Sept 14, 2007.

Berger Singerman will:

   a) advise the Debtors with respect to its powers and duties
      as debtors-in-possession and the continued management of
      their business operations;

   b) advise the Debtors with respect to their responsibilities
      in complying with the United States Trustee's Operating
      Guidelines and Reporting requirements and with the rules
      of the Court;

   c) prepare motions, pleadings, orders, applications,
      adversary proceedings, and other legal documents necessary
      in the administration of the cases;

   d) protect the interests of the Debtors in all matters
      pending before the Court; and

   e) represent the Debtors in negotiations with their creditors
      and in the preparation of a plan.

The firm's professionals will bill at these rates:

     Professional                     Hourly Rate
     ------------                     -----------
     Paul Steven Singerman, Esq.         $475
     Arthur J. Spector, Esq.             $450

     Associate Attorneys              $250 - $370
     Legal Assistants/Paralegals       $75 - $160
      
The firm disclosed that on Sept. 4, 2007, and Sept. 12, 2007,
Berger Singerman received retainers of $50,000 and $375,000,
respectively, in connection with Debtors' chapter 11 cases.

Arthur J. Spector, Esq., a shareholder of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors and their estate, and that the firm is a "disinterested
person" as that term is defined under Section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

             Paul Steven Singerman, Esq.
             Arthur J. Spector, Esq.
             Berger Singerman P.A.
             350 E. Las Olas Boulevard, Suite 1000
             Fort Lauderdale, FL 33301
             Tel.: (954) 713-7511
             http://www.bergersingerman.com/

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent.  The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors.  The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.


SCO GROUP: Gets Court OK to Hire Pachulski Stang as Co-Counsel
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
authorized The SCO Group Inc. and SCO Operations Inc. to employ
Pachulski Stang Ziehl & Jones LLP as their bankruptcy co-
counsel, nunc pro tunc to Sept 14, 2007.

Pachulski Stang will:
   
   a) provide legal advise with respect to the Debtors' powers
      and duties as debtors in possession in the continued
      operation of their business and management of their
      property;

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

   c) appear in Court on behalf of the Debtors and in order to
      protect the interests of the Debtors before the Court;

   d) prepare and pursue confirmation of a plan and approval of
      a disclosure statement; and

   e) perform all other legal services for the Debtors that may
      be necessary and proper in these proceedings.

The firm's professionals and their billing rates per hour are:

             Professional                     Rate
             ------------                     ----     
             Laura Davis Jones, Esq.          $750
             James E. O'Neill, Esq.           $475
             Rachel L. Werkheiser, Esq.       $375
             Lynzy Oberholzer                 $175

Laura Davis Jones, Esq. an attorney of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors and their estate, and that the firm is a "disinterested
person" as that term is defined under Section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

             Laura Davis Jones, Esq.
             Pachulski Stang  Ziehl & Jones LLP
             919 North Market Street, 17th Floor
             P.O. Box 8705
             Wilmington, DE 19899-8705
             Tel.: (302) 652-4100
             Fax.: (302) 652-4400
             http://www.pszjlaw.com/

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent.  The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors.  The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.


SOCIAL CHANGE: Creditors Agree on Voluntary Liquidation
-------------------------------------------------------
On September 28, 2007, the members of Social Change Online Pty
Limited had a meeting and agreed to voluntarily liquidate the
company's business.

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

The Liquidators can be reached at:

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

                       About Social Change

Social Change Online Pty Limited provides custom computer
programming services.  The company is located at  Annandale, in
New South Wales, Australia.


SYMBION HEALTH: Healthscope Revised Offer is 'Fair', Expert Says
----------------------------------------------------------------
Independent expert Grant Samuel and Associates has given the
green light to Healthscope Ltd.'s proposed merger with Symbion
Health Ltd., as the deadline for rival bidder Primary Health
Care's response nears, Nabila Ahmed writes for The Age.

According to Mr. Ahmed, Grant Samuel said that Healthscope's
AU$2.65-billion offer to buy Symbion's diagnostics assets is
"fair and reasonable" for Healthscope shareholders.

The Age further notes that the investment bank said that while
Healthscope was paying "full price" for the diagnostic assets,
"the value to Healthscope of the diagnostics business exceeds
the effective cost of its acquisition."

Primary, Symbion's largest shareholder, said it will not be
supporting the revised proposal, The Age notes.

Under the new proposal, announced this month, Healthscope would
buy Symbion's pathology, diagnostic imaging and medical centers
businesses, while private equity firms Ironbridge Capital and
Archer Capital would take Symbion's consumer and pharmacy
services businesses.

                    About Symbion Health

Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/--formerly Mayne Group Limited,  
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions.  Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients. Symbion
Medical Centers provides local communities with healthcare and
family medicine.  Imaging provides imaging services to
patients on the eastern seaboard of Australia.  Pharmacy
Services supplies a line of pharmaceuticals and associated
products to pharmacies.  Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).

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).


URS CORP: Postpones Special Stockholders Meeting to November 9
--------------------------------------------------------------
URS Corporation has postponed its previously scheduled special
meeting of stockholders to approve the issuance of shares in
connection with the proposed acquisition by URS of Washington
Group International, Inc. to Nov. 9, 2007.  URS is postponing
its meeting in light of the decision by Washington Group to
postpone its special meeting of stockholders.

The special meeting of URS stockholders will be held at 10:00
a.m. (Pacific Daylight Time) on November 9 at the offices of
Cooley Godward Kronish LLP, located at 101 California Street,
5th Floor in San Francisco, California 94111-5800.

Stockholders of record as of the close of business on Sept. 21,
2007, will be entitled to vote at the meeting.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS)-- http://www.urscorp.com/-- is an engineering design  
services firm and a United States federal government contractor
for systems engineering and technical assistance and operations
and maintenance services.  The company's business focuses
primarily on providing fee-based professional and technical
services in the engineering and construction services and
defense markets, although the company performs some limited
construction work.  It operates through two divisions: the URS
Division and the EG&G Division.

The company also has offices in Argentina, Australia, Belgium,
China, France, Germany, and Mexico, among others.

                          *     *     *
    
As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services assigned its 'BB+' bank loan
rating and '2' recovery rating to URS Corp.'s proposed
$2.1 billion senior secured credit facilities, indicating
expectations of substantial recovery in the event of a payment
default.  The facilities are rated the same as the corporate
credit rating on the company.  

As reported in the Troubled Company Reporter on Sept. 20, 2007,
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed $2.1 million senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International Inc.


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

ASIAN AREA: Annual Meetings Set for November 22
-----------------------------------------------
Asian Area Reinsurance Company Limited will hold an annual
meeting for its members and creditors on November 22, 2007, at
9:00 a.m. and 11:30 a.m., respectively, at the 20th Floor of
Prince's Building, 10 Chater Road, in Central, Hong Kong.

At the meeting, Jan G W Blaauw, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


BEST UNITED: Appoints Briscoe and Chen as Liquidators
-----------------------------------------------------
On October 11, 2007, a special resolution was passed appointing
Stephen Briscoe and Chen, Yung Ngai Kenneth as the company's
liquidators.

The Liquidators can be reached at:

          Stephen Briscoe
          Chen, Yung Ngai Kenneth
          Allied Kajima Building, 7th Floor
          138 Gloucester Road
          Hong Kong


BOMBARDIER INC: Balks at SAS Decision to Ground Q400 Aircrafts
--------------------------------------------------------------
Bombardier Inc. is disappointed with the Scandinavian Airlines
System AB, aka The SAS Group's, decision to permanently
discontinue flight operations with the Bombardier Q400 aircraft
given that the landing incident is still under investigation by
Danish authorities.

Following the recent period of events involving aircraft of the
Dash 8 Q400 type, SAS's management, following an unscheduled
meeting of the Board of Directors held on Oct. 28, 2007, has
decided to immediately discontinue the use of this type of
aircraft.

"Confidence in the Q400 has diminished considerably and our
customers are becoming increasingly doubtful about flying in
this type of aircraft," Mats Jansson, President and Chief
Executive Officer of SAS, said.  "Accordingly, with the Board of
Directors' approval, I have decided to immediately remove Dash 8
Q400 aircraft from service."

While SAS chose to ground its Q400 turboprop fleet following an
incident with the main landing gear on Oct. 27, 2007,
Bombardier’s assessment of this situation, in consultation with
Transport Canada, did not identify a systemic landing gear
issue.  Based on this, the company advised all Q400 aircraft
operators that they should continue with normal Q400 aircraft
flight operations.  Further, Bombardier and the landing gear
manufacturer, Goodrich, have completed a full review of the Q400
turboprop landing gear system and results have confirmed its
safe design and operational integrity.

Bombardier stands behind the Q400 aircraft.  Since entering
revenue service in February 2000, the Q400 turboprop has proven
itself to be a safe and reliable aircraft with over 150 Q400
aircraft in operation among 22 operators around the world.  To
date, the fleet of Q400 aircraft has logged over one million
flying hours and 1.2 million take-off and landing cycles.

SAS Group is in dialog with Bombardier regarding possible
solutions regarding the current situation for the Q400 fleet
including compensation.

Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B)
manufactures innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  Headquartered in Canada, the company also
has offices in the U.S., Northern Ireland, United Kingdom,
Germany, Switzerland, Sweden, Austria, Australia, and China.

                          *     *     *

Standard & Poor's Ratings Services revised the outlook on
Bombardier Inc. to stable from negative on May 2007.  At the
same time, the ratings, including the 'BB' long-term corporate
credit rating on Bombardier, were affirmed.


BREAN DISTRIBUTORS: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------------
At an extraordinary general meeting held on October 5, 2007, the
members of Brean Distributors Limited agreed to voluntarily wind
up the company's operations due to its inability to pay its
debts.

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

The company's liquidator is:

          Stephen Briscoe
          Allied Kajima Building, 7th Floor
          138 Gloucester Road
          Hong Kong


CHAODA MODERN: Sets Annual Meeting For Nov. 28
----------------------------------------------
Chaoda Modern Agriculture (Holdings) Ltd. will be holding its
annual general meeting on Nov. 28, 2007.  

The agenda includes:

   * the approval of audited financial statements and the
     reports of directors and auditors for the year ended
     June 30, 2007;

   * the approval of the final dividend for the year ended
     June 30, 2007;

   * the re-election of retiring directors and to authorize the
     board of directors to fix the directors' remuneration;

   * the re-appointment of Grant Thornton as auditors;

Headquartered in Wanchai, Hong Kong, Chaoda Modern Agriculture
(Holdings) Ltd. -- http://www.chaoda.com/-- through its   
subsidiaries, is engaged in growing, distribution and sale of
crops, breeding and sales of livestock in the People's Republic
of China.  It is also engaged in investment holding and agency
services.  The Company's directly held subsidiaries include
Timor Enterprise Limited, Insight Decision Limited, Huge Market
Investments Limited, Worthy Year Investments Limited and Great
Challenge Developments Limited.  Some of the Company's
indirectly held subsidiaries include Fuzhou Chaoda Modern
Agriculture Development Company Limited, Fujian Chaoda Livestock
Company Limited and Chaoda Vegetable & Fruits Limited.

On June 26, 2007, Moody's Investors Service changed the outlook
for Chaoda Modern Agriculture (Holdings) Ltd's Ba2 corporate
family rating and its foreign currency debt rating to negative
from stable.  This is in response to the company's announcement
regarding a change of auditors.

The TCR-AP also reported that on July 26, 2006, Standard &
Poor's Ratings Services said that its rating on Chaoda Modern
Agriculture (Holdings) Ltd (BB/Stable/--) would not be affected
by a company announcement that it is planning to invest in Hong
Kong-listed Innomaxx Biotechnology Group Ltd.


DREAM ASIA: Annual Meeting Set for November 6
---------------------------------------------
The members and creditors of Dream Asia Limited will hold their
annual meeting on November 6, 2007, at 3:00 p.m. and 3:30 p.m.,
respectively at Room 1601-02, 16th Floor of One Hysan Avenue,
Causeaway Bay, Hong Kong.

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


FOXY FASHION: Members to Hold General Meeting on November 26
------------------------------------------------------------
The members of Foxy Fashion Enterprises Limited will have their
final general meeting on November 26, 2007, at 10:00 a.m., to
hear the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ip Chiu Yin
          Leighton Centre, Room 1518
          77 Leighton Road
          Causeway Bay
          Hong Kong


GAIN SMART: Requires Creditors to File Claims by Nov. 19
--------------------------------------------------------
The creditors of Gain Smart Industrial Limited are required to
file their proofs of debt by November 19, 2007, to be included
in the company's dividend distribution.

The company went into liquidation on October 18, 2007.

The company's liquidator is:

          Pradines Olivier Camille Simon
          Fee Tat Commercial Centre, 21st Floor
          No. 613 Nathan Road, Kowloon
          Hong Kong


GLOBAL POWER: Sells Braden's Asset to Prestige for US$575,000
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
authorized Global Power Equipment Group Inc. and its debtor-
affiliates to sell certain asset to Prestige Equipment
Corporation for US$575,000, under an asset purchase agreement
dated Oct. 16, 2007.

Under the agreement, the Debtors will sell the boring mill owned
by Braden Manufacturing LLC, its auxiliary power equipment
segment in Tulsa, Oklahoma.  The will also provide an insurance
policy of at least US$700,000 to Prestige Equipment for any
damage to the Debtors' property during the removal of the
equipment.

In addition, Prestige Equipment will pay all existing brokerage
claims to Tom Lowkes of Fabricating & Production Machinery in
Spencer, Massachusetts.

At the closing date, Prestige Equipment will immediately pay the
Debtors the entire purchase price by wire transfer.

Headquartered in Oklahoma, Global Power Equipment Group Inc.
(Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a
design, engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors.  Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.  
At Oct. 31, 2006, Global Power's balance sheet showed total
assets of US$177,758,000 and total debts of US$99,017,000

Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors.  The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.


HISENSE KELON: June 30 Balance Sheet Upside-Down by HK$738.47MM
---------------------------------------------------------------
Hisense Kelon Electrical Holdings. Co., Ltd., recorded a
4034.91% increase in net losses for the half-year period ended
June 30, 2007, to HK$40.34 billion from the HK$28.16-million net
loss recorded in the previous corresponding period.

The company recorded a 4.77% increase in sales to
HK$3.63 billion and a 299.67% increase in other operating income
to HK$205.75 million for the half-year to June 30, 2007, making
up a total income of HK$3.84 billion.

Cost of goods sold and other expenses, however, increased by
46.21% to HK$4.07 billion, raking in an operating loss of
HK$1.20 billion for the period in review.

As of June 30, 2007, the company had total assets amounting to
HK$5.30 billion, and total liabilities of HK$6.04 billion,
resulting in a capital deficiency of HK$738.47 million.

The company, however, had announced that it expects net profit
of fiscal year 2007 to increase by over 300%, compared to that
of fiscal year 2006 (CNY24.12 million), Reuters Key Developments
reports.


Headquartered in Foshan, Guangdong Province, China, and formerly
Guangdong Kelon Electrical Holdings Co., Ltd., Hisense Kelon
Electrical Hldngs Co., Ltd. --
http://en.kelon.com:8080/indexhome.jsp-- is principally engaged  
in the manufacture and distribution of refrigerators, freezers,
air conditioners and other small household electrical
appliances.


HISENSE KELON: Unit Enters into Equity Transfer Pact w/ Kaifeng
---------------------------------------------------------------
Hisense Kelon Electrical Holdings Co. Ltd. has announced that a
wholly owned subsidiary, Jiangxi Kelon Industrial Development
Co., Ltd., entered into an equity transfer agreement with Henan
Province Kaifeng Economic Technology Development (Group)
Company, Reuters Key Developments reports.

The equity transfer relates to the acquisition of 70% equity
interest in Kaifeng Kelon Air-Conditioner Co. Ltd. by Jiangxi
Kelon by Henan Development.  Kaifeng Kelon will cease to be a
subsidiary of Hisense Kelon, Reuters relates.

Hisense Kelon also announced that as part of the debt settlement
agreement, it has written off CNY37.36 million of Kaifeng
Kelon's debt, while Kaifeng Kelon also wrote-off
CNY43.64 million worth of receivables from Hisense Kelon.

Kaifeng Kelon is principally engaged in production, sale and
research and development of air conditioning products.

Headquartered in Foshan, Guangdong Province, China, and formerly
Guangdong Kelon Electrical Holdings Co., Ltd., Hisense Kelon
Electrical Hldngs Co., Ltd. --
http://en.kelon.com:8080/indexhome.jsp-- is principally engaged  
in the manufacture and distribution of refrigerators, freezers,
air conditioners and other small household electrical
appliances.

As of June 30, 2007, the company had total assets of
HK$5.30 billion and total liabilities of HK$6.04 billion,
resulting in a capital deficiency of HK$738.47 million.


KEYS LIMITED: Members and Creditors to Meet on November 23
----------------------------------------------------------
Keys Limited will hold a final meeting for its members and
creditors on November 23, 2007, at 12:00 noon and 12:30 p.m., at
the 8th Floor of Club Lusitano, 16 Ice House Street, in Central,
Hong Kong.

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


MASPON COMPANY: Members to Receive Wind-Up Report on November 19
----------------------------------------------------------------
A final meeting will be held for the members of Maspon Company
Limited on November 19, 2007, at 9:00 a.m., on the 23rd Floor of
Wheelock House, 20 Pedder Street, Central, Hong Kong.

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


PETROLEOS DE VENEZUELA: Uses Neptune's Vessel To Drill Gas Wells
----------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it will use Singapore-based Neptune Marine and
Drilling's Discoverer marine rig vessel to drill 21 offshore
natural gas wells in the next four years.

Business News Americas relates that Petroleos de Venezuela will
conduct the drilling for its Mariscal Sucre offshore natural gas
program.

According to BNamericas, Petroleos de Venezuela will invest
almost US$785 million in the four-year contract.  About US$234
million of the investment will go to the Venezuelan state as a
rental tax.

The report says that the Neptune Discoverer is working offshore
Vietnam.  It will leave Singapore in November 2007 and arrive in
Venezuela in February 2008.

BNamericas notes that Petroleos de Venezuela wanted to work with
Brazilian counterpart Petroleo Brasileiro SA on the Mariscal
Sucre program.  However, Petroleo Brasileiro said in September
2007 that it had not yet agreed an investment plan with the
Venezuelan firm.  Petroleo Brasileiro had wanted to liquefy the
gas and export it to Brazil.

According to Petroleos de Venezuela's statement, the Mariscal
Sucre plan has changed.  The program will now target Venezuela's
domestic market.

BNamericas states that the program calls for the development of
these blocks in Venezuela's Norte de Paria, including:

         --  Rio Caribe,
         -- Mejillones,
         -- Patao, and
         -- Dragon.

The fields could produce about 1.200 billion cubic feet per day
of natural gas, BNamericas states, citing Petroleos de Venezuel.
The firm would use the gas for domestic obligations.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


PETROLEOS DE VENEZUELA: Inks Orinoco Pact with Russia's TNK-BP
--------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA has
signed an accord with Russian oil company TNK-BP Management for
reserve certification on the Orinoco heavy crude belt.

Business News Americas relates that TNK-BP Management will
collaborate with Petroleos de Venezuela in in studying and
certifying reserves on the Ayacucho 2 block.

According to BNamericas, the agreement was among the seven
signed between Russian and Venezuelan officials at the CIAN
intergovernmental commission.

All the energy accords with Russia involved Venezuela's Siembra
Petrolera plan of boosting output to 5.8 million barrels per day
by 2012, BNamericas notes, citing Venezuelan energy minister and
Petroleos de Venezuela head Rafael Ramirez.  Venezuela will
reach certified reserves of 235 billion barrels in 2009.

Minister Ramirez commented to BNamericas, "Russia will play an
important role in Venezuela's vision to diversity our markets.
They will have a larger presence in our country than they ever
had before."

Venezuela also signed with Russia an agreement for the purchase
of 20,000 tons of tubing to be used for infrastructure within
Venezuela's oil sector, Petroleos de Venezuela said in a
statement.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


RIDDLEWOOD COMPANY: Members' Final Meeting Set for November 19
--------------------------------------------------------------
A final meeting will be held for the members of Riddlewood
Company Limited on November 19, 2007, at 10:00 a.m., at the 23rd
Floor of Wheelock House, 20 Pedder Street, Central, Hong Kong.

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


SICHUAN CHANG HONG: Plans to Reconstruct Marketing Network
----------------------------------------------------------
Sichuan Chang Hong Electric Co., Ltd. (SHSE: 600839) plans to
create an integrated marketing network across China, which is
composed of several marketing platforms respectively in
different regions nationwide, SinoCast China Business Daily News
reports, citing Gan Xudong, general manager for the company's
Shanghai branch.

The report says that Changhong plans to integrate the currently
independent marketing platforms of its television, air-
conditioner and refrigerator businesses into a consolidated
marketing network to streamline its marketing.  The company will
create marketing platforms in different regions, and the
platform in Shanghai has already started operation, Mr. Gan
added.

Changhong also launched its first product experience center,
Changhong Digital-Dreams City, in Shanghai on Oct. 27, SinoCast
relates.  The company plans to open three or four such centers
in Shanghai in the future.

                          *     *     *

Based in Mianyang, Sichuan Province, China, Sichuan Chang Hong
Electric Co., Ltd. -- http://www.changhong.com/-- is   
principally engaged in the manufacture and sale of televisions,
air conditioners, mobile phones, refrigerators and other
household electrical appliances.  The company offers its
products under 13 categories, including military products,
digital televisions, digital display panels, information
technology products, air conditioners, digital audio/video
products, digital network products, molding products, digital
electronic components, environment-friendly power supply
systems, electrical equipment, electric engineering products and
chemical materials.  The company distributes its products in 90
countries/regions, including Russia, the United States, France,
and South America.

Xinhua Far East China Ratings gave the company a B+ issuer
credit rating on February 24, 2006.


VALIANT PRINTING: Placed Under Voluntary Wind-Up
------------------------------------------------
On October 11, 2007, a special resolution was passed to
voluntarily liquidate the company's business.

Stephen Brisco and Chen, Yung Ngai Kenneth were appointed as
liquidators.

The Liquidators can be reached at:

          Stephen Brisco
          Chen, Yung Ngai Kenneth
          Allied Kajima Building, 7th Floor
          138 Gloucester Road
          Hong Kong


WATERLAND SECURITIES: Fitch Lifts Issuer Default Rating to BBB-
---------------------------------------------------------------
Fitch Ratings affirmed the ratings of Waterland Financial
Holdings and its subsidiary International Bills Finance
Corporation.  At the same time, Fitch has upgraded most ratings
of WFH's subsidiary Waterland Securities Corporation, in
response to stronger support from WHF on the back of WSC's
increased strategic and financial importance within the group.
The ratings are as follows:

WFH: Long-term foreign currency IDR at 'BBB-' (BBB minus),
     Short-term foreign currency IDR at 'F3', National Long-term
     rating at 'A(twn)', National Short-term rating at
     'F1(twn)', Individual at 'C', Support at '5' and Support
     Rating Floor at 'NF'.  The Outlook remains Stable.

IBF: Long-term foreign currency IDR at 'BBB', Short-term foreign
     currency IDR at 'F3', National Long-term rating at
     'A+(twn)', National Short-term rating at 'F1(twn)',
     Individual at 'C', Support at '4' and Support Rating Floor
     at 'B+'.  The Outlook remains Stable.

WSC: Long-term foreign currency IDR upgraded to 'BBB-' (BBB
     minus) from 'BB+', Short-term foreign currency IDR upgraded
     to 'F3' from 'B', National Long-term rating upgraded to
     'A(twn)' from 'A-(twn)' (A minus(twn)), National Short-term
     rating upgraded to 'F1(twn)' from 'F2(twn)', Individual
     affirmed at 'D', and Support upgraded to '2' from '3'.  The
     Outlook remains Stable.

WFH's ratings reflect its sound capitalisation, limited leverage
and adequate liquidity; its IDRs are mainly offset by its
relatively weak profitability.  WFH aims to maintain its niche
position in the Taiwanese fixed-income, money and equities
markets.  Given the challenging Taiwanese bills finance market,
WFH has attempted to improve its revenue diversity by bolstering
WSC's operations and introducing new fixed-income activities
following the gradual deregulation of the local financial
markets.  In Fitch's view, although the new business development
is a positive strategic move, the related financial impact will
be muted during its early stages of development.  Nevertheless,
WSC's improved securities operations would help mitigate the
negative impact of unfavourable interest rates in Taiwan.  WFH
maintains adequate liquidity through receiving cash dividends
from its subsidiaries and issuing short-term debt.  WFH's sum-
of-parts capital adequacy ratio (CAR) was 140.1% at end-June
2007, much higher than the minimal regulatory requirement of
100%.  WFH's double leverage ratio remained limited at 107.6% at
end-June 2007.

IBF's IDRs are based on its sound capitalisation, adequate
liquidity and good asset quality, and have been offset by IBF's
relatively moderate profitability.  Annualised pre-tax ROE at
IBF decreased from 8.9% in 2006 to 6.3% in H107, but is still
above the industry average of 5.1%, reflecting the challenging
operating environment in the local fixed-income and money
markets.  IBF's total problem exposures continued to fall and
are sufficiently covered by reserves and good quality underlying
collateral in real estate and listed stocks.  IBF's sole long-
term funding source -- equity -- is sufficient to cover its
illiquid assets.  Besides, IBF maintains good access to
institutional funding.  IBF's CAR declined moderately due to
dividend payout and capital charges for holding subordinate
financial debentures; nevertheless, CAR was 12.1% at end-June
2007, in line with the peer average of 12%-13%.

WSC's IDRs primarily reflect its stronger group support.
Annualised ROE sharply increased to 9.1% in H107 from 3.6% in
2006.  Its improved profitability mainly benefited from the
buoyant market turnover and the strong index performance of the
Taiwan market index (TAIEX), as well as from better management
following the appointment of experienced professionals in 2006.
WSC maintains a liquid balance sheet, with current
assets/current liability ratio of 138.5% at end-June 2007, in
line with the industry average.  WSC's capitalisation is good,
although its CAR decreased notably in the six months ended June
2007, as a result of increased trading and margin financing
positions.  WSC's CAR was at a strong 398% at end-June 2007,
much higher than the minimal regulatory requirement of 150%.

WFH was established as a holding company in March 2002 and
comprised of IBF, Concourse Securities Co and Grand Orient
Securities Co.  In October 2002, these two securities companies
and International Bills United Securities merged to become WSC.
WFH is the only financial holding company (FHC) in Taiwan whose
core business is bills finance; it is the smallest FHC in Taiwan
by consolidated assets.  IBF has a 19.1% market share by asset
size (including guarantees) and runs eight branches in Taiwan.
WSC had a 1.6% market share of equity brokerage at end-June
2007, and runs 33 branches in Taiwan.


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

AGILENT TECHNOLOGIES: Prices US$600 Mln of Senior Notes Offering
----------------------------------------------------------------
Agilent Technologies Inc. disclosed the pricing of its senior
notes in an aggregate principal amount of US$600 million, in an
underwritten, registered public offering.  The senior notes will
mature in November 2017 and will bear interest at an annual rate
of 6.5%.

The offering closed on Oct. 29, 2007, subject to customary
closing conditions.

Agilent intends to use the net proceeds from the offering for
general corporate purposes, which may include repurchases of its
outstanding shares of common stock, acquisitions, working
capital and capital expenditures.

Citi Markets & Banking and J.P. Morgan Securities Inc. acted as
joint lead book-running managers for the offering.  Banc of
America Securities LLC, Credit Suisse, Lehman Brothers and
Utendahl Capital Markets L.P. acted as co-managers.

Copies of the prospectus supplement and the accompanying
prospectus relating to the offering can be obtained from:

     Citigroup Global Markets Inc.
     Prospectus Department
     Brooklyn Army Terminal
     140 58th Street, 8th Floor
     Brooklyn, NY 11220
     Telephone +1 877 858 5407

             and

     J. P. Morgan Securities Inc.
     Attn: Investment Grade Syndicate Desk
     270 Park Avenue
     New York, NY 10017
     Telephone +1 212 834 4533

Based in Santa Clara, California, Agilent Technologies Inc.
(NYSE: A) -- http://www.agilent.com/-- is a measurement company  
serving communications, electronics, life sciences and chemical
analysis industries.  The company's 19,000 employees serve
customers in more than 110 countries.  The company has
operations in India, Argentina, Puerto Rico, Bolivia, Paraguay,
Venezuela, and Luxembourg, among others.

                          *   *   *

As reported in the Troubled Company Reporter on Oct. 26, 2007,
Moody's Investors Service assigned a Ba1 rating to Agilent
Technologies, Inc.'s proposed offering of US$500 million senior
notes due 2017 and affirmed its existing ratings and stable
outlook.


BAUSCH & LOMB: Moody's to Withdraw All Ba1 Ratings
--------------------------------------------------
Moody's Investors Service has confirmed and will withdraw Bausch
& Lomb Incorporated's Ba1 Corporate Family Rating, Ba1
Probability of Default Rating and Ba1 ratings on certain
existing senior unsecured notes.  The rating outlook was revised
to stable and will be withdrawn.

The Ba1 rating on US$60.4 million senior unsecured notes due
Nov. 15, 2007 remains on review for possible downgrade and is
expected to be withdrawn upon the maturity of the notes.

These ratings for Bausch & Lomb Incorporated (Oldco) were
confirmed and will be withdrawn:

-- Ba1 Corporate Family Rating;

-- Ba1 Probability of Default Rating;

-- Ba1 rating (LGD4/52%) on Senior Unsecured Notes due 2008;

-- Ba1 rating (LGD4/52%) on Floating Rate Convertible Notes
   due 2023;

-- Ba1 rating (LGD4/52%) on Medium Term Notes due 2026;

-- Ba1 rating (LGD4/52%) on Debentures due 2028; and

-- Ba1 rating (LGD4/52%) on a Medium Term Note Program.

This Bausch & Lomb Incorporated (Oldco) rating will remain on
review for downgrade and will be withdrawn upon maturity:

-- Ba1 rating (LGD4/52%) on Senior Unsecured Notes due 2007.

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


BAUSCH & LOMB: Completes Sale to Warburg Pincus for US$4.5 Bil.
---------------------------------------------------------------
Affiliates of Warburg Pincus have completed the acquisition of
Bausch & Lomb Inc. for a total purchase price of approximately
US$4.5 billion, including approximately US$830 million of debt.

"With a strong and supportive partner in Warburg Pincus, we are
well-positioned to create new opportunities for Bausch & Lomb
and advance our leadership in the eye health industry," Ronald
L. Zarrella, chairman and CEO of Bausch & Lomb, said.  "Our
customers will continue to receive high levels of service,
product quality and innovation, and our commitment to serving
their needs remains steadfast.  On behalf of Bausch & Lomb's
management and Board of Directors, I want to thank our
shareholders and hard-working employees for their support
throughout this process."

"We're delighted to be partners with Bausch & Lomb, a global
leader in vision care, ophthalmic devices and pharmaceuticals,"
Elizabeth H. Weatherman, a Warburg Pincus Managing Director,
said.  "We look forward to helping the company build upon its
rich heritage and premier brand in ophthalmology."

Bausch & Lomb stock will cease to trade on the New York Stock
Exchange at market close on October 26 and will be delisted.

Under the terms of the agreement, Bausch & Lomb shareholders are
entitled to receive US$65.00 in cash for each share of Bausch &
Lomb common stock that they hold.  Letters of transmittal
allowing Bausch & Lomb shareholders of record to deliver their
shares to the paying agent in exchange for payment of the merger
consideration will be distributed shortly after the closing.  
Shareholders of record should be in receipt of the letter of
transmittal before surrendering their shares.  Shareholders who
hold shares through a bank or broker will not have to take any
action to have their shares converted into cash, as such
conversions will be handled by the bank or broker.

Morgan Stanley acted as financial advisor to the Special
Committee of the Bausch & Lomb Board of Directors and delivered
a fairness opinion to the Special Committee.  Wachtell Lipton
Rosen & Katz acted as legal counsel to the Special Committee in
this transaction.  Banc of America, Citi, Credit Suisse and
JPMorgan served as financial advisors to Warburg Pincus and
arranged the debt financing for the transaction, and Cleary
Gottlieb Steen & Hamilton LLP acted as legal advisor to Warburg
Pincus.

                       About Bausch & Lomb

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


BHARTI AIRTEL: Net Income up 73% in Qtr. Ended Sept. 30, 2007
-------------------------------------------------------------
Bharti Airtel Limited yesterday disclosed its audited US GAAP
results for its second quarter and half year ended September 30,
2007.  It has once again maintained its strong growth momentum.

The consolidated total revenues for the quarter ended September
30, 2007 of INR6,337 crore grew by 45% and EBITDA of INR2,710
crore grew by 59% on a year on year basis.  The cash profit from
operations of INR2,597 crore grew by 58% over last year.  The
net profit for the quarter ended September 30, 2007 was INR1,614
crore, a growth of 73% over last year.

The revenues and net profit for the first half year ended
September 30, 2007 was INR12,242 crore and INR3,126 crore, a
growth of 49% and 85% over the same period last year
respectively.

Bharti had 5.1 crore customers, as on September 30, 2007, an
increase in the total customer base of 78%, over the
corresponding period last year and maintained its leadership
position through an improved market share of all India wireless
subscribers at 23.4% as on September 30, 2007, up from 21.4%
corresponding to the same period of last year.

Commenting on the results and performance, Sunil Bharti Mittal,
Chairman & Managing Director, Bharti Airtel Limited, said, "The
quarter has seen telecom growth accelerate further, clearly
demonstrating that the Indian telecom market still has a long
way to go to achieve its full potential.  Bharti Airtel also
crossed the 50 million customer mark to enter the league of the
world’s top telecom companies.  Going forward, we see strong
demand for telecom services across all segments and we are well
placed to take advantage of these growth opportunities."

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on Sept. 21, 2005.


HINDUSTAN ORGANIC: Turns Around with INR47-Mil. Net Profit
----------------------------------------------------------
Hindustan Organic Chemicals Ltd turned around in the second
quarter ended Sept. 30, 2007, with a net profit of INR47 million
from the net loss of INR98.9 million in the same quarter in
2006.

Total income increased 33% in the July-Sept. 2007 quarter to
INR1.58 million, of which INR1.52 million arose from net sales,
interest earned or operating income.  With increased revenues
came rising operating expenditures -- INR1.42 million compared
to last year's INR1.14 million.

In the second quarter, the company also booked interest charges
of INR48.56 million, depreciation of INR66.41 million, taxes of
INR1.23 million, and INR950,000 in extraordinary items.  The
extraordinary items represent prior-period adjustments.

A copy of Hindustan Organic's financial results for the quarter
ended Sept. 30, 2007, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?24ad

Hindustan Organic Chemicals Ltd was incorporated on December 12,
1960, as a wholly owned enterprise of the Government of India.
It has two manufacturing units: the phenol complex at Cochin and
the integrated Nitro Aromatic Complex at Rasayani.  The company
produces a wide range of products including phenol, acetone, and
aniline.

Hindustan Organic has continuously paid dividend for over 20
years until 1997.  Due to reduced protection from imports, poor
market condition and excessive manpower and interest cost, the
company had been reporting losses since that year.  A financial
restructuring package was proposed in 2002 to help the company
turn its business around.  The package, which has been cleared
by the Cabinet Committee on Economic Affairs based on the
recommendations of the Board for Reconstruction of Public Sector
Enterprises, consists of grants aggregating INR750 million and
subscription by way of non-cumulative redeemable preference
shares aggregating INR1.75 billion by the Government of India.


INDUSTRIAL DEV'T BANK: Poised to Get Back INR5K Crore in NPAs
-------------------------------------------------------------
Industrial Development Bank of India is in the process of
recovering around INR5,000 crore of bad debts, Namrata Singh
writes for The Times of India.

IDBI, which transferred around INR9,000 crore in troubled assets
to India's Stressed Asset Stabilization Fund in 2004, has
already recovered 395 of the 631 cases of Non-Performing Assets,
The Times relates.  With this, the bank has already got back
around INR2,200 crore with the INR2,800 crore is still in the
process of being recovered, the news agency says.

SASF is an independent special purpose vehicle managed by IDBI
employees to resolve the problem loans.  

"Although IDBI has rid itself of its NPAs by passing it on to
SASF, the recovery performance of SASF is critical to IDBI as
the faster SASF recovers the money, the earlier IDBI would be
able to extinguish the non-interest bearing securities," the
Troubled Company Reporter-Asia Pacific reported on Dec. 1, 2006,
citing a credit research report by the Standard Chartered Bank.

IDBI reportedly built up a large portfolio of NPAs from 2000-01
onwards till 2002-03 due to the bank's exposure to commodity
cyclical.  In 2002-03 IDBI ended with gross NPAs of 26.1% and
net NPAs of 14.2%.  To alleviate IDBI's problems, the government
stepped in to SASF to acquire IDBI's NPAs in exchange for 20-
year non-interest bearing, non-tradable bonds, the newspaper
says.

IDBI Bank Executive Director Siby Antony told The Times that it
will take around five years more for the bank to recover the
entire INR9,000 crore.

Mr. Antony attributed the the quick recovery of bad loans to
economic uptrend and the rise in real estate prices.

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.


TATA MOTORS: Consolidated Profit Up 6.39% in Qtr. Ended Sept. 30
----------------------------------------------------------------
Tata Motors Limited disclosed yesterday its financial results
for the second quarter and half year ended Sept. 30, 2007.

                         Second Quarter

Tata Motors reported consolidated revenue (net of excise) at
INR8205.23 crore for the quarter ended September 30, 2007, an
increase of 6.22% over INR7724.71 crore in the corresponding
quarter of 2006-07.  The consolidated PAT was INR570.71 crore,
compared to INR536.44 crore in the corresponding quarter last
year, an increase of 6.39%.

The Company's revenues (net of excise) on a stand-alone basis
was INR6672.65 crore for the quarter ended September 30, 2007,
an increase of 1.33% compared to INR6585.20 crore in the
corresponding quarter of 2006-07.  Profit Before Tax was
INR621.19 crore, an increase of 5.93% over INR586.39 crore in
the corresponding quarter last year, while the Net Profit was
INR526.84 crore, an increase of 19.27% over INR441.72 crore for
the corresponding quarter last year.

The quarter continued to witness high input costs, increased
competitive activity, and the high interest rate regime
affecting retails in the domestic market, in varying degrees
between the commercial and passenger vehicles segments. Together
they impacted the operating margin of the company (net of
foreign exchange gain) in this quarter.  The Company has
initiated multi-pronged action, including cost reduction
initiatives and introduction of new products.

                           Half Year

Consolidated revenue (net of excise) in the first half of 2007-
08 at INR15,836.51 crore recorded an increase of 9.56% as
against INR14,454.26 crore in the first half last year.  The
consolidated PAT at INR1067.93 crore compared to INR918.11
crore, recorded a growth of 16.32%.

The Company's revenues (net of excise) on a stand-alone basis
was INR12729.47 crore in the first half, an increase of 3.20%
compared to INR12334.76 crore in the first half last year.
Profit Before Tax was INR1213.32 crore, an increase of 11.86%
over INR1084.64 crore in the first half last year, while the Net
Profit was INR993.60 crore, an increase of 20.65% over INR823.57
crore in the first half last year.

During the first half, Tata Motors launched several new
vehicles.  In passenger vehicles, the company has introduced the
Indigo LS, an entry level common rail diesel (DICOR) offering in
the sedan range, expanded the long wheel base Indigo XL's range
with the Indigo XL Classic, and launched an upgraded range of
Tata Spacio, its entry level utility vehicle.  The Company also
introduced a new range of commercial vehicles for passenger
transportation, the Magic and the Winger, which are expected to
create new segments.  The mini-truck, Ace, has been introduced
in Nepal.

During the period, the Company improved market share in medium
and heavy trucks, but lost market share in the bus segment
mainly on account of certain supply chain shortages, which is
expected to be made up in the second half.  In passenger
vehicles there has been a marginal loss of market share due to
new entrants in a slowing market and delays in certain of the
Company's products introductions, which should see corrections
in the next year.

The company's audited consolidated financial results for the
quarter and half year, ended Sept. 30, 2007, is available for
free at:

http://ir.tatamotors.com/pdf/2008/Q2FY07-08Consolidated.pdf

The company's audited standalone results for the quarter and
half year, ended Sept. 30, 2007, is available for free at:

http://ir.tatamotors.com/pdf/2008/Q2FY07-08Standalone.pdf

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                          *     *     *

Standard & Poor's Ratings Services, on July 13, 2007, assigned
its 'BB+' issue rating to the proposed US$490 million zero-
coupon convertible bonds of India's Tata Motors Ltd.
(BB+/Stable/--).  The bonds represent a direct, unsecured and
unsubordinated obligation of the company.  Proceeds from the
bonds will be used for capital expenditure, overseas
investments, acquisitions, and other general corporate purposes.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


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

ALCATEL-LUCENT: Eyes One Million Broadband Subscribers in 2009
--------------------------------------------------------------
Mario Norero -- Alcatel-Lucent's area manager for operations in
Chile, Peru and Bolivia operations -- told Peruvian news daily
Gestion that Peru would have over one million broadband clients
by the end of 2009.

Business News Americas relates that the Peruvian government said
that broadband clients would total over one million at the end
of 2010.

Mr. Norero told BNamericas the goal would be reached earlier.
The broadband sector is enjoying a rapid growth rate and new
technologies like WiMax would be launched in Peru in 2008.

Mr. Norero commented to BNamericas, "WiMax will not only allow
expansion in the use of Internet but a reduction in the cost of
the connection for the final user."

According to BNamericas, Mr. Norero is positive that broadband
subscribers would reach 680,000 in Peru this year.  He said the
figure would increase by 40% to 700,000 by year-end, compared to
the end of 2006.

Gestion notes that about 60% of broadband connections are in
Lima.

Meanwhile, Alcatel-Lucent is negotiating WiMax services with
four Peruvian companies.  The firm would close at least one deal
in 2008, BNamericas relates.

ADSL technology would continue representing the highest growth
of broadband connections in Peru, despite future deployments of
WiMax technology, BNamericas says, citing Peruvian telecoms
consultancy DN Consultores analyst Guillermo Bustamante.  Cable
modem technology use would increase, particularly in the
provinces.

"There are several cable TV operators studying projects to
launch broadband services in many areas of the country," Mr.
Bustamanted told BNamericas.

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

                          *     *     *

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

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

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


BANK NIAGA: Posts 3-Month & 9-Month 2007 Results
------------------------------------------------
PT Bank Niaga Tbk's net income in the three months to Sept. 30,
2007, increased to IDR185 billion from IDR184 billion a year
earlier, as accelerating economic growth boosted loan demand,
Bloomberg News reports.

According to Bloomberg's data, the bank's net interest income is
IDR636 billion, compared to last year's IDR520 billion.  

Banks in Indonesia benefited from rising loan demand from
consumers and small and medium-sized companies after the central
bank slashed lending rates, the report explains.

Bank Niaga's outstanding loans rose to IDR36.56 trillion at the
end of September, compared with IDR31.14 trillion a year ago,
Bloomberg adds.

                  Nine-Month Net Income Ups 10%

Antara News reports that Bank Niaga's 2007 nine-month unaudited
net profit increased 10% to IDR590 billion, compared to the
figure recorded for same period last year.

Operating profit rose 18% to IDR2.35 trillion on high interest
income, the report relates, citing Bank Niaga President Director
Hashemi Albakri.  The increase in interest income was the result
of low interest expenses, high fee base income and gains on
foreign exchange transactions, he said.

Antara adds that the bank's total assets reached
IDR47.32 trillion, while its total liabilities stood at
IDR42.29 trillion.  Capital adequacy ratio was at 17.0% per
Sept. 30, 2007.

                      About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a   
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                          *     *     *

The bank also has the following existing global scale ratings
assigned by Moody's Investors Service:

   -- issuer/foreign currency subordinated debt of Ba3;

   -- global local currency deposit of Baa3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime;

   -- and bank financial strength of D.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


BANK RAKYAT: Net Income Rises 16.6% in 2007 9-Month Period
----------------------------------------------------------
PT Bank Rakyat Indonesia Tbk's net income for the first nine
months of the year increased 16.6% to IDR3.62 trillion from
IDR3.1 trillion in the same period in 2006, thanks to strong
loans, various reports say.

Reuters relates that Bank Rakyat said lending grew by about a
fifth in the January-September period.  Its net interest margin
fell to 10.89% taking into account payments into a government
deposit insurance scheme, compared to 11.17% last year, the
report says.

The increase in profit was also supported by an increase in fee-
based income, Thomson Financial posts.

Thomson Financial relates that the bank's net interest income
increased 22% to IDR12.39 trillion, compared to the same period
in the prior year, while fee based income grew 18% to
IDR1.18 trillion.  The bank said its net interest margin
narrowed to 11.1% from 11.3% previously, the report says.

Meanwhile, its loan to deposit ratio fell to 73.9% from 77.3% a
year before, the report adds.

                       About Bank Rakyat

The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service has raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA+(idn)',

   * Individual 'C/D', and

   * Support '4'.


HILTON HOTELS: Hires Christopher Nassetta as President & CEO
------------------------------------------------------------
Hilton Hotels Corporation has appointed Christopher J. Nassetta
as its President and Chief Executive Officer.  Mr. Nassetta
currently leads Host Hotels and Resorts, the largest owner of
luxury and upscale hotels in the world.  Mr. Nassetta joins
Hilton as the company moves into an exciting new phase of
growth, both in the U.S. and abroad.

The Blackstone Group's real estate and corporate private equity
funds completed the acquisition of Hilton on Oct. 24, 2007.
Blackstone views Hilton as an important strategic investment and
intends to invest in its properties and brands to enhance the
Company's growth.  As stated at the time of the initial
announcement in July, Blackstone has no intention of selling any
brands or major assets as a result of the transaction.

Jonathan Gray, Senior Managing Director, Blackstone said, "Our
goal with Hilton is to build the premier global hospitality
company.  We are confident that Chris will be a superb addition
to the already strong Hilton team.  Given his background
overseeing the world's largest hotel ownership company, Chris
understands the needs of hotel owners and is uniquely qualified
to lead Hilton.  I've known Chris personally for 15 years and
have worked successfully side-by-side with him in the past.
He's a man of the absolute highest integrity, who cares deeply
about people.  He has the energy, enthusiasm and experience to
lead Hilton, and it's with great pleasure that we welcome him to
the team."

Blackstone's strategy includes maintaining strong unit growth in
the U.S., where more than 20% of all hotel rooms currently under
construction carry a Hilton brand.  Blackstone will also invest
to accelerate the company's international growth, building on
recent agreements to expand the Hilton family of brands outside
of the U.S. through a series of strategic partnerships.  It was
only last year that Hilton merged with Hilton International, a
transaction, which created a new set of global opportunities for
the company.  Additionally, Blackstone intends to incorporate a
significant portion of its existing portfolio of luxury hotels
and resorts onto the Hilton platform, adding to the luxury
offerings available to Hilton customers.  Blackstone's holdings
include such upscale properties as The Boulders Resort and Spa
(Arizona), The El Conquistador Resort (Puerto Rico), and The
Boca Raton Resort and Club (Florida).

Chris Nassetta commented, "I am excited to join this great
company and am looking forward to working with Hilton's
franchisees, owners and team members to grow this already
impressive franchise.  Hilton has a powerful collection of
brands and we now have the opportunity to build on the strong
foundation that already exists to drive the company's growth,
particularly overseas, to create the pre-eminent lodging company
in the world.  I also look forward to working with Blackstone,
who I know from experience will be a terrific strategic partner
for Hilton going forward."

As President and CEO of Hilton, Mr. Nassetta will oversee
Hilton's extensive line of quality brands, including: Hilton,
Conrad, Doubletree, Embassy Suites, Hampton, Hilton Garden Inn,
Hilton Grand Vacations, Homewood Suites by Hilton, and The
Waldorf=Astoria Collection.  Mr. Nassetta intends to work
closely with the existing management team, including Thomas
Keltner, Chief Executive Officer - Americas and Global Brands,
and Ian Carter, Chief Executive Officer - Hilton International.
As previously announced, Stephen F. Bollenbach retired from the
company last week upon the completion of the transaction.
Additionally, Matthew J. Hart will step down as president and
chief operating officer but will serve as a member of Hilton's
Board of Directors.

                  About Christopher Nassetta

Christopher J. Nassetta will join Hilton Hotels Corp. from Host
Hotels & Resorts, where he has been President and Chief
Executive Officer since 2000.  Prior to joining Host, Mr.
Nassetta co-founded Bailey Capital Corporation in 1991, where he
was responsible for the operations of the real estate investment
and advisory firm. He also spent seven years serving as Chief
Development Officer and in various other positions with The
Oliver Carr Company.  Mr. Nassetta serves as a Director of
CoStar Group, Inc., is Second Vice Chair and serves on the Board
of Governors of National Association of Real Estate Investment
Trusts, is a member and chairman of The Real Estate Roundtable,
and is a member of the McIntire School of Commerce Advisory
Board for the University of Virginia.

Mr. Nassetta graduated from the University of Virginia McIntire
School of Commerce with a degree in finance and studied
international finance at the London School of Economics.

                      About Hilton Hotels

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


INDOFOOD: 2007 9-Month Net Profit Rises 35% to IDR683.3 Billion
---------------------------------------------------------------
PT Indofood Sukses Makmur Tbk's 2007 nine-month net profit
increased 35% to IDR683.3 billion from the previous
corresponding period's IDR506.1 billion, helped by higher sales
and lower interest expenses, Reuters reports.

According to the report, the company's sales revenue climbed
22.7% to IDR19.67 trillion while operating profit rose 18.3% to
IDR1.74 trillion.

Anthoni Salim, Indofood president director, told the news agency
that for the last few months the food industry globally has been
greatly impacted by the unprecedented increase of raw material
and fuel costs.  But despite these challenges, the company is
able to deliver double digit growth in gross and operating
profit through the combination of sales volume growth in most of
the divisions, he said.

The report notes that Indofood, which has a market
capitalization of US$2.2 billion, is aiming for a 6% increase in
noodle sales volumes this year, from 11.82 billion packs in
2006.  It is also planning to boost its annual capacity to
14.5 billion packs from 13.5 billion, the report adds.

                    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: Postpones IDR1 Billion Bond Sale Due to Poor Market
------------------------------------------------------------
PT Indosat Tbk has postponed its plan to sell IDR1 billion worth  
of bonds, various reports says.

As reported by the Troubled Company Reporter-Asia Pacific on
August 8, 2007, Indosat had planned a IDR1-trillion bond issue
this year to finance capital expenditure and keep its market
share with the entry of new competitors.  The company hired PT
Andalan Artha Advisindo and PT Danareksa Sekuritas to handle the
issue.

According to TeleGeography, the company cited poor market
conditions as the reason for the postponement of the bond issue.  
The Herald Tribune also notes of the U.S. subprime crisis
driving up interest rates and reducing demand for securities in
emerging markets.  

The company, TeleGeography relates, will wait for the market
conditions to improve before going through with the initial
plan.  Thomson Financial relates that Indosat continuously
monitors the market condition to determine the best time to
issue the rupiah bonds in line with the company's expectation.

Indosat President Johnny Swandi Sjam told thomson Financial that
to support the company's expansion plan in 2007, Indosat may use
internal and other alternative external financing instruments.

According to The Tribune, analyst Katarina Setiawan said the
bond sale delay "wouldn't be too worrying as they have raised"
part of the funds needed.  The report recounts that Indosat sold
IDR3 trillion worth of bonds in May and borrowed IDR2 trillion
of bank loans in September.

Various reports note that Indosat had projected its capital
expenditure this year to reach about US$1.2 billion.

                       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
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.  

At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.

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.


PERUSAHAAN GAS: To Sign US$367MM Gas Deal with Husky Energy
-----------------------------------------------------------
Perusahaan Gas Negara Tbk will sign a final agreement deal with   
Canada's Husky Energy Inc, Antara News reports.

The report, citing Indonesia oil watchdog, relates that the
agreement between the two companies is worth US$367 million gas
deal.

The gas deal with Perusahaan Gas was part of a total of around
US$1.8 billion gas supply agreement from Husky, the report adds.

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

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

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

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

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

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

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


SEMEN GRESIK: Posts 24% Rise in Net Profit for 2007 9-Month Pd.
---------------------------------------------------------------
PT Semen Gresik Tbk's 2007 nine-month net profit increased 24%
to IDR1.27 trillion from IDR1.03 trillion a year ago, helped by
foreign exchange gains and lower interest charges, Reuters
reports.

According to the report, the company's sales revenue increased
9.4% to IDR7.09 trillion for January-September.  Semen Gresik
said earlier this month that sales volumes in the first nine
months rose only 1.8 percent from a year ago.

Gresik plans to start building a new cement factory and power
plants next year at a cost of as much as US$1.3 billion in order
to increase capacity over the next five years by about 40% to
22.9 million tonnes, Reuters relates.

The company told the news agency that its January-September
domestic cement sales volume grew by 1.8% to 11.25 million
tonnes as the company faced tough competition in Java. The
overall industry expanded by 6.8% to 25.2 million tonnes, the
report adds.

                      About Semen Gresik

SGG is the largest cement player in Indonesia with a 46% market
share.  It has a total production capacity of 16.9 mtpa with
facilities located in Tuban (East Java), Padang (West Sumatra)
and Tonasa (South Sulawesi).  As of June 2007, SGG was 51% owned
by the government and 24.9% by the Rajawali Group, with the
remaining shares publicly held.

The Troubled Company Reporter-Asia Pacific reported on Oct. 2,
2007, that Moody's Investors Service has assigned a Ba2 local
currency corporate family rating to PT Semen Gresik (Persero)
Tbk.  At the same time, Moody's has assigned the company a
national scale rating of Aa2.id.  The outlook for both ratings
is stable.  This is the first time that Moody's has assigned
ratings to SGG.


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

DELPHI CORP: Amends Chapter 11 Reorganization Plan
--------------------------------------------------
Delphi Corp., on Oct. 30, 2007, filed potential amendments to
its Joint Plan of Reorganization and related Disclosure
Statement with the U.S. Bankruptcy Court for the Southern
District of New York.  The notice of potential amendments was
filed in accordance with a timetable established by the
Bankruptcy Court for the resumption on Nov. 8, 2007 of the
Disclosure Statement hearing commenced earlier this month on
Oct. 3, 2007.  The filing, which remains subject to further
amendment by the company on Nov. 7, pursuant to the Bankruptcy
Court's scheduling order, also included amendments to the Global
Settlement Agreement and Master Restructuring Agreement between
Delphi and General Motors Corp. and to the Investment Agreement
with Delphi's Plan Investors which are led by an affiliate of
Appaloosa Management L.P.

Delphi also filed a separate motion seeking approval of the
proposed amendment to the Investment Agreement at the Nov. 8,
2007 hearing.  The proposed Investment Agreement amendment,
which has been executed by Appaloosa and a supermajority of the
Plan Investors, is subject to the satisfaction of various
conditions including Appaloosa's approval of exit financing
terms under discussion with the company's principal lead lenders
and execution of the amendment by one additional plan investor
prior to the Nov. 8 hearing.

"Last evening's filings represent further substantial progress
in our Chapter 11 cases in a challenging capital markets
environment," said John Sheehan, Delphi vice president and chief
restructuring officer.  "These very focused potential amendments
reflect current market conditions, commensurate changes to our
proposed emergence capital structure and form of plan currency
contemplated for stakeholder distributions, and an effective
reduction of less than five percent in plan value to reflect
macroeconomic and industry conditions and uncertainties."

The potential amendments contemplate an approximate US$2 billion
reduction in the company's net debt at emergence.  Further, the
potential amendments reflect reductions in stakeholder
distributions to some junior creditors and interest holders
required to obtain consensus among Delphi's Creditors'
Committee, Plan Investors and settling parties, and changes
required by our Plan Investors and settling parties to obtain
their endorsement of the Plan and Disclosure Statement, the
company's settlements with GM and its US labor unions, the
company's emergence business plan and related agreements.

The potential amendments filed by the company include changes to
the Plan Investors' direct investment and certain stakeholder
recoveries:


Party           Original Plan           Potential Amendment
-----           -------------           -------------------
Plan            Direct Investment       Direct Investment
Investors
                * Purchase $400MM.       * Purchase US$400MM
                  of preferred stock       of preferred stock
                  convertible at an        convertible at an
                  assumed enterprise       assumed enterprise
                  value of US$11.75B       value of US$10.80B

                * Purchase US$400MM      * Purchase US$400MM
                  of preferred stock       of preferred stock
                  convertible at an        convertible at an
                  assumed enterprise       assumed enterprise
                  value of US$12.80B       value of US$11.80B

                * Purchase US$175MM      * Purchase US$175MM
                  of New Common Stock      of New Common Stock
                  at an assumed plan       at an assumed plan
                  value of US$12.8B        value of US$11.8B

GM             Recovery of US$2.7B      Recovery of US$2.7B

                * US$2.7B in Cash        * US$750MM in Cash

                                         * US$750MM in second
                                           lien note

                                         * US$1.2B in junior
                                           conv. preferred
                                           stock

Unsecured      Par + accrued recovery   Par + accrued recovery
Creditors      at Plan value of         at Plan value of US$13B
                US$13.9B

                * 80% in New Common      * 92.4% in New Common
                  Stock valued             stock valued at
                  at $45 per share         $41.58 per share

                * 20% in Cash            * 7.6% through prorata
                                           participation in the
                                           Discount Rights
                                           Offering at
                                           US$34.98 per share

TOPrS          Par + accrued recovery   Par only recovery at
                at Plan value of         Plan value of US$13.0B
                US$13.9B

                * 100% in New Common     * 92.4% in New Common
                  Stock valued at          Stock valued at
                  US$45 per share          US$41.58 per share

                                         * 7.6% through prorata
                                           participation in the
                                           Discount Rights
                                           Offering at
                                           US$34.98 per share

Existing       Par Value Rights         Par Value Rights
Common         
Stockholders   * Right to acquire       * Right to acquire
                  approx. 12,711,111       approx. 12,711,111
                  shares of New Common     shares of New Common
                  Stock at a purchase      Stock at a purchase
                  price of US$45.00        price of US$41.58
                  per share                per share

                Warrants                 Warrants

                * Warrants to acquire    * Warrants to acquire
                  an additional 5%         US$1.0B of New Common
                  of New Common Stock      Stock at US$45.00 per
                  at US$45.00 per share    share exercisable
                  exercisable for five     for six months
                  years after emergence    after emergence

                Direct Distribution      No provision for
                                         Direct Distribution
                * 1,476,000 shares of
                  New Common Stock
                
                Participation in         No Provision for
                Discount                 Participation in
                Rights Offering          Discount Rights  
                                         Offering

                * Right to purchase
                  40,845,016 shares
                  of New Common Stock
                  at a purchase price
                  of US$38.56 per share

Although the potential amendments are supported by the Creditors
Committee, GM and the Plan Investors, Delphi has been advised by
the Equity Committee that it will no longer support the
company's Plan if amended to reduce recoveries to common
stockholders as contemplated in the potential amendments.  
Absent a consensual resolution of the Equity Committee's
concerns, the Committee is expected to file objections to the
Disclosure Statement and Plan, seek a further adjournment of the
continued Disclosure Statement hearing and current emergence
timetable, and seek other relief from the Bankruptcy Court.  
Delphi will continue to work towards a consensus among its
principal stakeholders, including the Equity Committee, however,
the likelihood of such an outcome was speculative and not
assured.

A full-text copy of the blacklined changed pages to the
Disclosure Statement is available for free at
http://ResearchArchives.com/t/s?24ab

A full-text copy of the blacklined changed pages to the Plan is
available for free at http://ResearchArchives.com/t/s?24ac

A full-text copy of the potential amendments and the Investment
Agreement Amendment Approval Motion and related pleadings can be
obtained at http://www.delphidocket.com/

                 Adequacy of Disclosure Statement

The hearing to consider the adequacy of the Disclosure Statement
began on Oct. 3, 2007 and is scheduled to continue on Nov. 8,
2007.  The brief adjournment allowed Delphi to continue to
negotiate potential Plan of Reorganization (POR) amendments with
key stakeholders, make appropriate amendments to both the GM
settlement documentation and the Equity Purchase Commitment
Agreement, and continue discussions with potential exit lenders.  
Approval of the Disclosure Statement and related voting
solicitation procedures permits the company to solicit
acceptances of the proposed Plan of Reorganization later this
year and seek confirmation of the Joint Plan of Reorganization
by the Bankruptcy Court during the first quarter of 2008.

                        About Delphi

Headquartered in Troy, Michigan, 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 $11,446,000,000
in total assets and $23,851,000,000 in total debts.

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

(Delphi Bankruptcy News, Issue No. 93; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


ELAN CORP: Posts US$87.4 Million Net Loss in 3rd Quarter
--------------------------------------------------------
Elan Corporation plc released its third quarter 2007 financial
results and provided a business update.

                           Net Loss

The net loss for the third quarter of 2007 decreased by 25% to
US$87.4 million from US$117 million in the third quarter of
2006.  The decrease reflects a 43% increase in revenues and
improved operating margins as total operating expenses increased
by 13%.  Revenue growth was driven by Tysabri(R), with worldwide
in-market sales approaching US$100 million for the quarter.  
Elan's share of Tysabri revenues in the quarter was US$63.5
million.  The gross margin fell from 62% in the third quarter of
2006 to 52% in the third quarter of 2007, reflecting the impact
of sales of Tysabri, which have a lower gross margin due to the
collaboration agreement with Biogen Idec Inc.  In addition,
selling, general and administrative (SG&A) and research and
development (R&D) expenses in the third quarter 2007 were 3%
lower in aggregate than in the third quarter 2006.

                         Adjusted EBITDA

Adjusted EBITDA losses for the third quarter of 2007 decreased
by 66% to US$14.1 million, compared to US$41.7 million in the
same period of 2006.  This improvement primarily reflects an
increase of 43% in revenues, principally related to Tysabri, and
reduced SG&A costs.  

                             Revenue

Total revenue for the third quarter of 2007 increased 43% to
US$176.6 million from US$123.3 million in the same period of
2006.  

                           Gross Profit

The gross profit margin on revenue was 52% in the third quarter
of 2007, compared to 62% in the same period of 2006.  The
decrease is due principally to the change in the mix of product
sales, including the impact of Tysabri and the reduced price of
Maxipime as a result of the entry of a generic competitor.  The
Tysabri gross profit margin of 33% is impacted by the profit
sharing and operational arrangements in place with Biogen Idec,
and reflects Elan's gross margin on US sales of approximately
36%, offset by the inclusion in cost of sales of royalties
payable by Elan on sales of Tysabri outside of the United
States.  These royalties are payable by Elan but reimbursed by
the collaboration.

"During the quarter we continued to make tangible progress
within our pipeline and gaining momentum for Tysabri.  Continued
focus on advancing our science and realizing the full potential
of our shared asset, Tysabri, in MS and additional indications
will enable us to create value, diversify risk and position us
for growth as we accelerate into the future,"  Kelly Martin,
president and chief executive officer of Elan, said.

"We are very pleased to report that revenues increased by 43%
and Adjusted EBITDA losses were reduced by two thirds over last
year, continuing the trend of the last couple of quarters.  The
increase in revenues was driven principally by the accelerating
uptake of Tysabri, which generated in-market sales of nearly
US$100 million on a world-wide basis this quarter.  We were
particularly pleased that during the quarter we exceeded the
15,000 patient target which we need for Tysabri to breakeven in
the commercial setting for the MS indication.  At the end of the
quarter, there were about 17,000 patients on therapy, including
about 1,000 in clinical trials.  We continued to carefully
manage our cost base, with aggregate SG&A and R&D costs down on
last year contributing to a reduction in net losses of 25%,"
Shane Cooke, executive vice president and chief financial
officer of Elan, said.

"We are optimistic that we will better our previous target of
reporting Adjusted EBITDA losses of about US$50 million for the
full year.  In the longer term, the continued growth in revenue
from Tysabri will drive our return to profitability and, with
Biogen Idec, we are targeting to have 100,000 patients on
therapy by the end of 2010," Mr. Cooke added.

At Sept. 30, 2007, Elan's unaudited consolidated US GAAP balance
sheet showed US$1.8 billion in total assets, US$1.7 billion in
total liabilities and US$179.9 million in total shareholders'
equity.

                        About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.  The company has locations in Bermuda and
Japan.

                          *     *     *

As reported in the TCR-Europe on Oct. 15, 2007, Standard &
Poor's Ratings Services revised its outlook on Elan
Corp. PLC to positive from stable and affirmed the ratings on
the company and its subsidiaries, including the 'B' corporate
credit rating.

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's
Investors Service confirmed its B3 Corporate Family Rating for
Elan Corporation plc and assigned a B2 probability-of-default
rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%


FORD MOTOR: UAW Talks Intensifies After Chrysler Ratifies Pact
--------------------------------------------------------------
The United Auto Workers union is now intent on labor talks with
Ford Motor Company after Chrysler LLC ratified its four-year
labor contract with the union over the weekend, several papers
report.

According to Poornima Gupta of Reuters citing a source familiar
with the discussions, Ford and the UAW have reached a new set of
terms for a labor contract, cutting thousands of jobs under a
buyout program.

If Ford could bargain cost savings from the UAW under their new
contract, the carmaker is likely change its plans on closing six
plants and displacing workers, Dee-Ann Durbin of The Associated
Press writes.

Sources say that among the Big Three automakers in the U.S.,
Ford has been slated by the UAW to be last in the line for labor
talks because Ford has been struggling financially.  At
June 30, 2007, the company's balance sheet showed total assets
of US$279.2 billion, total liabilities of US$279.9 billion, and
minority interests of US$1.2 billion, resulting in a US$1.9
billion stockholders' deficit.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes  
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                       *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


FORD CREDIT: S&P Places 'BB' Rating Under Positive CredtiWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on nine
classes of notes and certificates from six Ford Credit Auto
Owner Trust securitizations originated between 2004 and 2006 on
CreditWatch with positive implications.
     
The positive CreditWatch placements reflect the strong
performance of the underlying collateral pools of prime
automobile loan receivables originated by Ford Motor Credit Co.,
combined with increased credit enhancement as a percent of the
current pool balances, which can be used to cover losses.  In
addition, current cumulative net losses are below Standard &
Poor's initial expectations.
     
Each transaction contains a nondeclining reserve account of
0.50% of its initial pool balance.  Furthermore, each of the six
trusts is structured with yield-supplement overcollateralization
to supplement shortfalls in yield, and is available to cover
losses after all monthly payments of interest have been made in
the collateral pools.
     
Over the next one to two months, Standard & Poor's will review
the collateral pools and the remaining credit enhancement for
each of the six transactions and determine whether upgrades are
warranted.

             Ratings Placed on Creditwatch Positive
   
                  Ford Credit Auto Owner Trust

                                         Rating
                                         ------
         Series       Class       To               From
         ------       -----       --               ----
         2004-A       D           AA-/Watch Pos    AA-
         2005-A       D           A+/Watch Pos     A+
         2005-B       D           A+/Watch Pos     A+
         2005-C       C           AA/Watch Pos     AA
         2005-C       D           A-/Watch Pos     A-
         2006-A       B           A/Watch Pos      A
         2006-A       C           BBB/Watch Pos    BBB
         2006-A       D           BB/Watch Pos     BB
         2006-1       B           AA/Watch Pos     AA

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F)
-- http://www.ford.com/-- manufactures or distributes  
automobiles in 200 markets across six continents.  With about
260,000 employees and about 100 plants worldwide, the company's
core and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.


GAP INC: Issues Statement on Child Labor Allegations
----------------------------------------------------
Gap Inc. issued a statement clarifying information surrounding a
UK media report on the use of child labor in an unauthorized
facility that produced a single product for Gap.

Earlier this week, the company was informed about an allegation
of child labor at a facility in India that was working on one
product for GapKids.  An investigation was immediately launched.  
The company noted that a very small portion of a particular
order placed with one of its vendors was apparently
subcontracted to an unauthorized subcontractor without the
company’s knowledge or approval.  This is in direct violation of
the company’s agreement with the vendor under its Code of Vendor
Conduct.

Marka Hansen, president of Gap North America, said:

"We strictly prohibit the use of child labor.  This is a non-
negotiable for us -– and we are deeply concerned and upset by
this allegation.  As we’ve demonstrated in the past, Gap has a
history of addressing challenges like this head-on, and our
approach to this situation will be no exception.

"In 2006, Gap Inc. ceased business with 23 factories due to code
violations.  We have 90 people located around the world whose
job is to ensure compliance with our Code of Vendor Conduct.

"As soon as we were alerted to this situation, we stopped the
work order and prevented the product from being sold in stores.  
While violations of our strict prohibition on child labor in
factories that produce product for the company are extremely
rare, we have called an urgent meeting with our suppliers in the
region to reinforce our policies.

"Gap Inc. has one of the industry’s most comprehensive programs
in place to fight for workers’ rights overseas.  We will
continue to work with the government, NGOs, trade unions, and
other stakeholder organizations in an effort to end the use of
child labor."

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an       
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                           *   *   *

The company continues to carry Fitch's BB+ Issuer Default
Rating.  The company also carries Standard & Poor's Ratings
Services' BB+ corporate credit rating.


HARMAN INT'L: Earns US$36.5 Mln in 1st Quarter Ended Sept. 30
-------------------------------------------------------------
Harman International Industries Incorporated disclosed results
for the first quarter ended Sept. 30, 2007.  The company
reported net income of US$36.5 million for the quarter ended
Sept. 30, 2007, compared with net income of US$56.6 million for
the same period ended Sept. 30, 2006.  Excluding merger related
costs of US$4.7 million, net income was US$41.2 million.  Net
sales for the three months were US$947.0 million, a 15% increase
compared to US$825.5 million for the same period last year.

All three divisions reported double-digit sales growth for the
first quarter.  Automotive net sales for the three months were
US$682.3 million compared to US$601.0 million last year, an
increase of 14%.  Consumer net sales increased 28% from US$93.1
million a year ago to US$119.4 million this quarter.  
Professional net sales were US$145.2 million compared to
US$131.4 million last year, an increase of 11%.

Dr. Sidney Harman, executive chairman, and Dinesh Paliwal, vice
chairman and chief executive officer, commented:

"We achieved good results during the first quarter of fiscal
2008. Sales growth was strong due to the ramp up of an
infotainment system for Chrysler and robust sales of personal
navigation devices in Europe.  Our initiative to develop cost
saving strategies is underway and we expect to gain procurement,
engineering and manufacturing efficiencies that will improve
margins over the course of this fiscal year."

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$2.622 billion in total assets, US$1.046 billion in
total liabilities, and US$1.576 billion in total shareholders'
equity.

                    About Harman International

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/--  
manufactures high-quality, high-fidelity audio products and
electronic systems for the automotive, consumer and professional
markets.  Harman Int'l has operations in Japan, Mexico and
France.

                            *   *   *

As reported in the Troubled Company Reporter on Oct. 24, 2007,
Standard & Poor's Ratings Services revised its CreditWatch
implications for the 'BB-' corporate credit rating on Harman
International Industries Inc. to positive from developing.  The
revision reflects published reports that the merger agreement
with KKR and GS Capital Partners, the private equity buyers that
agreed to acquire Harman in April 2007, has been terminated
without litigation or payment of a termination fee.  
Accordingly, S&P no longer expects to lower the rating on
Harman.   


HARMAN INT'L: Names Messrs. Einsmann & Caroll as Board Members
--------------------------------------------------------------
Harman International Industries, Incorporated has appointed Dr.
Harald Einsmann and Brian F. Carroll to serve as members of the
company's Board of Directors.  In connection with these
appointments, the Board was expanded from five to seven members.

Dr. Einsmann currently serves as a director of Tesco Plc, the
Carlson Group, a provider of business and leisure travel, hotel,
restaurant, cruise and marketing services, Checkpoint Systems,
Inc., a provider of integrated system solutions for retail
security, labeling, and merchandising, and Rezidor Hotel Group
in Scandinavia.  From 2000 to 2006, Dr. Einsmann also served as
an Operating Partner and a member of the Board of
Directors/Investment Committee of EQT, a leading European
Private Equity Group sponsored by the Wallenberg group of
Scandinavia.  Prior to joining EQT, Dr. Einsmann held senior
management positions, as well as a seat on the Worldwide Board
at The Procter and Gamble Company.

Mr. Carroll has been a member of Kohlberg Kravis Roberts & Co.
L.P. since January 2006 and before that, an executive of KKR
since July 1999.  In addition, Mr. Carroll was an executive at
KKR from 1995 to 1997, at which time he left KKR to attend
business school at Stanford University.  Prior to joining KKR in
1995, Mr. Carroll was with Donaldson, Lufkin & Jenrette.  Mr.
Carroll is also a member of the board of directors of Rockwood
Specialties Group, Inc. and Sealy Corporation.

Sidney Harman, Executive Chairman, and Dinesh Paliwal, Chief
Executive Officer, commented: "We are delighted that Harald and
Brian are joining the Board.  Harald brings to the Board a
wealth of industry knowledge and leadership in the European
consumer goods marketplace.  We will benefit from his decades of
experience and from his international perspective.  Brian adds
financial expertise to our Board.  He has a thorough knowledge
of the Company, its operations and management team and of our
challenges and opportunities."

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.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implications for the 'BB-' corporate credit rating
on Harman International Industries Inc. to positive from
developing.


IP MOBILE: Files for Bankruptcy with JPY900 Million Debt
--------------------------------------------------------
IP Mobile Inc. gave back its mobile broadband license and filed
for bankruptcy on Tuesday with the Tokyo District Court, Japan
Times reports.

According to Jiji Press, IP Mobile abandoned plans to offer
mobile telecommunications service.

The company, Japan Times relates, made the decision to seek
protection at a board meeting on Tuesday morning.  It has an
estimated debt of JPY900 million.

Japan Times points out that the Tokyo-based venture's collapse
may raise questions about the Internal Affairs and
Communications Ministry's screening process.  IP Mobile was set
up in 2002 to establish a mobile phone business exclusively for
high-speed data communications services, the report recounts.
The ministry awarded the license to IP Mobile in November 2005
on condition that it launch service within two years --
specifically by Nov. 9.

However, the firm's financial condition remained unstable.

IP Mobile sought capital injections from potential partners,
including a Hong Kong telecommunications company, but efforts
failed, Jiji Press says.  According to Japan Times, IP Mobile
defaulted on payments in September due to cash flow problems,
lost most of its employees, and halted business, making it
unlikely for the company to meet the Nov. 9 deadline.


JAPAN AIRLINES: To Use Shizuoka Airport Starting 2009
-----------------------------------------------------
Japan Airlines Corp. will begin regular service linking Shizuoka
with Fukuoka and New Chitose Airport near Sapporo when Mt. Fuji
Shizuoka Airport opens in March 2009, Japan Times reports,
citing unnamed aviation sources.

According to the report, Japan Airlines is the third air carrier
to commit to a new service from the Shizuoka Prefecture airport,
after All Nippon Airways Co. and South Korea's Asiana Airlines
Inc.

The company will operate one round-trip flight between Shizuoka
and the Hokkaido airport and three between Shizuoka and Fukuoka
each day, the sources told Japan Times.

Japan Airlines and the Shizuoka Prefectural Government had
initially agreed in May 2005 that JAL would begin operating at
the new airport, but rival All Nippon beat it to the punch by
announcing in July that it would use the airport.

The report relates that Japan Airlines, displeased at being
upstaged by its competitor, broke off negotiations with Shizuoka
Prefecture.  In October, Shizuoka Gov. Yoshinobu Ishikawa
visited JAL's head office to ask the company to use the airport
when it opens.

                    About Japan Airlines

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

                        *     *     *

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

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

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


METHANEX CORP: Earns US$23.61 Mil. in Third Qtr. Ended Sept. 30
---------------------------------------------------------------
For the third quarter of 2007, Methanex Corp. realized net
income of US$23.61 million, as compared with a net income of
US$113.23 million for the third quarter of 2006.  Revenues for
the third quarter ended Sept. 30, 2007, and 2006, were
US$395.11 million and US$519.58 million, respectively.  For the
third quarter of 2007, realized adjusted EBITDA of
US$68.6 million, as compared with Adjusted EBITDA of US$76.5
million for the second quarter of 2007.

As of Sept. 30, 2007, the company's balance sheet showed total
assets of US$2.46 billion total liabilities of US$1.25 billion
and total stockholders' equity of US$1.21 billion.

Bruce Aitken, president and chief executive officer of Methanex,
commented, "With lower production and a slightly lower methanol
price environment, we realized similar Adjusted EBITDA in the
third quarter compared to the second quarter.  Prices have
recently increased significantly.  A large number of outages in
the industry during the quarter, including our own facility in
Chile, combined with continuing strong demand, caused a severe
shortage of methanol to occur near the end of the quarter.
Contract methanol prices have risen sharply in October and our
average non-discounted prices for October are approximately
US$550/tonne."

Mr. Aitken continued, "Our biggest area of disappointment during
the quarter was the continued curtailment of Argentinean natural
gas supply to our plants in Chile.  Our expectation was that
natural gas supply from Argentina would be restored during the
third quarter as cold winter conditions ended and gas demand in
Argentina was reduced; however, this has not yet occurred and we
continue to be limited to operating only one plant in Chile.  We
are in continuing discussions with our Argentinean natural gas
suppliers and various governmental authorities to resolve the
situation, and continue to be optimistic that we will have some
natural gas supply restored from Argentina which will enable us
to increase production in Chile and provide much needed product
to the market."

Mr. Aitken added, "Developments regarding incremental natural
gas supply from Chile have been positive.  Our natural gas
suppliers in Chile, ENAP and GeoPark, have recently increased
natural gas deliveries to our plant and both have announced
commercial discoveries of natural gas near our plants as a
result of their ongoing exploration activities.  In addition,
the Chilean government just announced that it has received
fourteen bids for nine natural gas exploration blocks near our
plants and that the blocks will be awarded in mid-November."

Mr. Aitken concluded, "With US$132 million in cash flow from
operations after changes non-cash working capital generated
during the third quarter, we continue to be in a very strong
financial position to meet the financial requirements related to
our methanol project in Egypt, pursue opportunities to
accelerate natural gas development in southern Chile, pursue
other strategic growth initiatives, and continue to deliver on
our commitment to return excess cash to shareholders."

               Liquidity and Capital Resources

Cash flows from operating activities before changes in non-cash
working capital in the third quarter of 2007 were US$60 million
compared with US$162 million for the same period in 2006.  This
decrease was primarily due to lower earnings.  During the third
quarter of 2007, our non-cash working capital decreased and this
increased its cash flow from operating activities by US$73
million.  The decrease in its non-cash working capital was
primarily due to lower inventory levels and lower trade
receivables.

At Oct. 24, 2007, the company had 99,167,479 common shares
issued and outstanding and stock options exercisable for
1,057,891 additional common shares.

During the third quarter of 2007, the company repurchased for
cancellation a total of 1.7 million common shares at an average
price of US$24.02 per share, totaling US$41 million, under a
normal course issuer bid that expires May 16, 2008.  At
Sept. 30, 2007, the company has repurchased a total of 2.9
million common shares of the maximum allowable under this bid of
8.7 million common shares.

During the third quarter of 2007 the company paid a quarterly
dividend of US$0.14 per share, or US$14 million.

                         About Methanex

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- produces and markets methanol  
worldwide.  The company's stock also trate on foreign securities
market of the Santiago Stock Exchange in Chile under the trading
symbol "Methanex".  The company has locations in Belgium, Chile,
China, Japan, Trinidad, the United Kingdom, among others.

                            *   *   *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.


MICRON TECHNOLOGY: Robert Bailey Joins Board of Directors
---------------------------------------------------------
Micron Technology Inc. has appointed Robert L. Bailey to the
company's Board of Directors, effective immediately.  Mr. Bailey
is the Chairman and Chief Executive Officer of PMC-Sierra, a
leading provider of broadband communications and storage
semiconductor technologies.

"We are extremely pleased to welcome Bob to our Board of
Directors," said Micron Chairman and CEO Steve Appleton.  "Bob
brings unique experience and strengths to our board, and we look
forward to his contributions."

Bailey has served as PMC's President and Chief Executive Officer
since July 1997.  He has been Chairman of the Board since May
2005 and was also Chairman from February 2000 until February
2003.  Mr. Bailey has been a director of PMC since October 1996.

Mr. Bailey has also served as President, Chief Executive Officer
and director of PMC-Sierra, Ltd., PMC's Canadian operating
subsidiary since December 1993.  Mr. Bailey was employed by
AT&T-Microelectronics from August 1989 to November 1993, where
he served as Vice President and General Manager, and by Texas
Instruments in management from June 1979 to August 1989.

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)  
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's USUS$1.1 billion convertible senior notes due
2014.


MITSUBISHI MOTORS: Adjusts Consolidated Results for FY2007
----------------------------------------------------------
Mitsubishi Motors Corporation has, to reflect recent trends in
its corporate performance, made the following changes to its
consolidated results forecasts for the fiscal year ending
March 31, 2008, which were announced on April 26, 2007.

   * Revenue is now estimated to be at JPY2.7 trillion from the
     previous forecast of JPY2.4 trillion, an 11.1% increase;

   * An additional JPY19.0 billion has been added to the
     operating income projection for the current year totaling
     JPY70.0 billion, as compared to the prior estimate of
     JPY51.0 billion which was released on April 26, 2007;

   * Ordinay income, which was originally estimated to be at
     JPY30.0 billion by the end of this fiscal year, has been
     revised to JPY47.0 billion, or a 56.7% rise; and

   * Net income has been unchanged at JPY20.0 billion.

The first-half consolidated results for the current fiscal year
exceeded the forecasts for revenue, operating income and
ordinary income originally announced on April 26, 2007 mainly
due to increases in unit sales volumes in overseas markets, and
to favorable effects stemming from the weaker yen.  Therefore,
the company revised upward its full-year forecasts originally
announced on April 26, 2007.  The net income forecast is
unchanged because of expected increases in consolidated taxes.

                  About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp-- is one of the few    
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

The Troubled Company Reporter-Asia Pacific reported on July 10,
2007, that Rating and Investment Information, Inc. has lifted
its issuer rating from 'B' to 'B+' with a stable outlook.  Also,
R&I affirmed its 'B' rating for its domestic commercial paper
program.  The upgrade in rating, according to the report, is due
to the fact that Mitsubishi Motors has been working to
restructure its operations since it announced its Mitsubishi
Motors Revitalization Plan in January 2005 and despite difficult
domestic market conditions caused by factors like shrinking
vehicle demand, Mitsubishi Motors has managed to leverage new
model introductions to gradually restore its earnings base.


SAMSONITE CORP: S&P Withdraws BB- Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn all the ratings
on Samsonite Corp., including the 'BB-' corporate credit rating.
The company's existing rated debt was repaid following the
completion of its recent sale to CVC Capital Partners.  The
corporate credit rating has been withdrawn at Samsonite's
request.

Ratings Withdrawn:
                            To       From

Corporate Credit Rating     NR       BB-/Watch Neg/--
Senior Secured
Local Currency              NR       BB-/Watch Neg
Recovery Rating             NR       3

Samsonite Corp. is a leading manufacturer, marketer and
distributor of luggage and travel-related products.  The
company's owned and licensed brands, which include Samsonite,
American Tourister, Sammies, Lacoste and Timberland, are sold
globally through external retailers and 284 company-owned
stores.  Net sales for the 12-month period ended Apr. 30, 2007
approached US$1.1 billion.  Executive offices are located in
London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.


TIMKEN CO: Emergency Airlift Gets Dragline Back in Production
-------------------------------------------------------------
The Timken Company has returned a major coal-mining operation to
production in Australia's remote Bowen Basin in central
Queensland.  In cooperation with a distributor, Timken airlifted
two critical replacement bearing assemblies weighing more than
1,500 pounds within 24 hours to the isolated Rolleston coal mine
so that a dragline could be restarted.

The unusual weekend delivery in mid-2007 was facilitated by
Timken associates based at the company's Australian headquarters
in Ballarat, Victoria.  They acted after a late Saturday
emergency call from a branch manager at distributor Statewide
Bearings.  Because of advance planning, Timken had stocked extra
inventory specifically for the Rolleston mining operation.
Timken associates then had to tackle the logistics of airlifting
the heavy crates nearly 1,200 miles away.

"As part of our relationship with Statewide Bearings, we kept an
emergency stock of the bearing assemblies used by mining
draglines," said Peter A. Storey, managing director of Timken's
operations in Australia.  "However, getting the assemblies to
the mine required an exceptional logistical effort by Timken
associates, who had only inches to spare in loading the
oversized shipment.  Our associates also had to solve weight and
balance issues - all during a heavy storm. It's that kind of
extra effort that translates into extra value for both
distributors of Timken products and ultimately the companies
that use those products."

"We were confident we could depend on Timken to stock the
replacement assemblies," said Scott White, Mackay branch manager
for Statewide Bearings.  "Timken's extraordinary airlift clearly
demonstrated their determination to deliver extra value to us
and to our customers.  Timken's response sets them apart from
other bearing manufacturers."

                  About Statewide Bearings

Established in 1974, Statewide Bearings is headquartered in
Kewdale, Western Australia, and has distribution branches
strategically located around the country.  Ensuring quality
products and maintaining a close relationship with both
customers and suppliers are a major focus of the company.

                     About Timken Co.

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

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's USUS$300
million Medium Term Notes, Series A.


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

COREBRID INC: Signs Agency Agreement with OPTIMA
------------------------------------------------
CoreBrid, Inc., has signed an agency agreement with Japan's
OPTIMA for chemical vapor deposition (CVD)-web, Reuters Key
Developments reports.

According to the report, pursuant to the terms of the agreement,
the Company will supply CVD-web to Japan's OPTIMA and Japan's
OPTIMA will act as an agent for sales of the CVD-web.

This agreement between the two companies is for a period of two
years from October 31, 2007.

Seoul-based CoreBrid Inc. previously known as Curon Inc. --
http://www.curon.co.kr-- is engaged in the provision of    
diaphragms, vaporizers and Video On Demand servers.  The company
provides three main products: diaphragms and vaporizers, which
are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; VOD
servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and Telematics, which are
used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs, TVs
and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on February 22, 2007.


DAEHAN PULP: Decides Issuance of 92nd Convertible Bonds
-------------------------------------------------------
Daehan Pulp Co Ltd. announced the issuance of its 92nd offering
of unregistered convertible bonds raising funds up to
KRW20,000,000,000, Reuters Key Developments reports.

The details regarding the bond issuance are:

   * maturity on November 14, 2009, yield to maturity 5%,

   * coupon rate 3%, lump-sum redemption of principal on  
     maturity date and100% conversion rate of bonds to common
     shares at KRW6,090.

Based in Seoul, South Korea, Daehan Pulp Co., Ltd.
-- http://www.dhpulp.co.kr/-- specializes in the provision of   
paper products.  The company categorizes its products under
industrial and hygienic paper.  Its industrial paper includes
manila paperboard used in commercial packaging; ivory paperboard
for tissue paper production; royal ivory used for tissue paper
production; cup liner used in the production of paper cups;
carrier boards used to make cardboard carriers for beverages and
frozen food, and kraft boards used in the production of book
covers and laminated paper.  Its hygienic paper includes toilet
paper, paper towels, facial tissues, wet wipes, sanitary napkins   
and baby and adult diapers.

The company's convertible bonds with a maturity date of Nov. 12,
2007, carries Korea Rating's BB rating with a stable outlook,
effective on June 21, 2006.


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

PUTERA CAPITAL: Submits Proposal to Build Cargo Rail Line
---------------------------------------------------------
Putera Capital Bhd has submitted a proposal to the federal
government to build a dedicated cargo rail line between Port
Klang and Rawang, Business Times reports, citing an unnamed
industry source.

"The cost includes building line tracks and signaling.  There
may be stations included at a later stage," the reports quotes
the source, who added that it would help ease congestion on the
current lines, which carry both cargo and passengers.

Business Times notes that the project could cost between
MYR1.5 billion and MYR2 billion and that the private finance
initiative proposal was submitted some four months ago.

Putera officials confirmed the submission of the proposal to
Business Times via a consortium of three companies.  The
officials, however, declined to reveal the names of the two
companies, which are both privately held.



Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

The company is classified as an Affected Listed Issuer due to
these reasons:

     a) The shareholders' equity of the company on a
        consolidated basis has fallen below 25% of its issued
        and paid up capital as per its unaudited 3rd quarter
        financial results as announced on April 28, 2006.  As
        such its shareholders equity is less than the minimum
        issued and paid up capital.

     b) The auditors have expressed a modified opinion with
        emphasis on Putera's going concern in its audited
        accounts as of May 31, 2005.

     c) There are defaults in repayment of certain debt
        obligation by Putera and its subsidiaries and Putera is
        unable to provide a solvency declaration to Bursa
        Malaysia Securities Berhad.

The Troubled Company Reporter-Asia Pacific reported in its
October 26, 2007 "Large Companies with Insolvent Balance Sheets"
column that Putera Capital had US$10.56 million of total assets
and US$4.70 million of stockholders' equity deficit.


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

ALFA HOMES: Appoints Parsons and Kenealy as Liquidators
-------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were named
liquidators of Alfa Homes 2003 Ltd. on October 8, 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


COURTHOUSE NUMBER 14: Faces Hugo Boss' Wind-Up Petition
--------------------------------------------------------
On August 1, 2007, Hugo Boss Australia Pty Limited filed a
petition to have Courthouse Number 14 Ltd.'s operations wound
up.

The petition will be heard before the High Court of Auckland on
November 22, 2007, at 10:00 a.m.

Hugo Boss' solicitor is:

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


GENEVA FINANCE: Admits Trading Act Breach; Refunds Customers
------------------------------------------------------------
Geneva Finance Limited has refunded NZ$588,114 to over 900
customers, following an out-of-court settlement with the
Commerce Commission.

Under the settlement, Geneva Finance admitted that it breached
the Fair Trading Act by representing it had the right to charge
customers additional interest and fees on their loans after
security items, in most cases motor vehicles, were repossessed
and sold.  Under the Credit Repossessions Act, an outstanding
debt becomes 'crystallised' once a repossessed security item is
sold and the sales proceeds are credited to the loan.  The
creditor cannot recover interest and credit fees on the
remaining outstanding debt.

Geneva Finance misrepresented that the additional interest and
fees were due when it sent statements and or reminder letters to
those customers affected by the breach.

The refunds, completed in June 2007, consisted of approximately
NZ$40,000 in direct refunds to customers, with the balance being
completed by crediting refunds to customer accounts.

In one case, a customer received a credit of NZ$707.56 after
Geneva Finance charged penalty interest and fees to his account
for a year.

Paula Rebstock, Chair of the Commission said "Once the
Commission began investigating this issue, Geneva Finance moved
quickly to review all relevant accounts and took immediate
action to refund these charges and put in place measures to
prevent the same breaches from happening again."

"It is not acceptable for finance companies to make these kinds
of mistakes. They are in a position of trust and must ensure
their systems comply with the law," said Ms. Rebstock.

"We expect others in the industry to ensure they are not
overcharging customers who have defaulted on their loans.
Although they may have defaulted, these customers still have
legal rights that cannot be ignored or avoided by finance
companies," said Ms. Rebstock.

                            Background

Geneva Finance is a registered company operating in the non-bank
consumer credit market.  It lends largely to consumers whose
credit profiles represent a higher credit risk than traditional
bank customers.

As part of its lending criteria Geneva Finance used motor
vehicles and household chattels as securities for consumer
credit contracts.

Under section 35 of the Credit (Repossession) Act, if the net
proceeds of sale are less than the amount required to settle the
agreement as at the date of the sale, the creditor is not
entitled to recover more than the balance left after deducting
those proceeds from that amount (whether under a judgment or
otherwise).

Any representations made by the creditor requiring payment of
any further interest and ongoing credit fees, in addition to the
remaining debt owing after repossessed goods were sold, is a
breach of section 13(i) of the Fair Trading Act.

                     About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/-- has       
21 professionally branded retail finance branches throughout New
Zealand to facilitate lending receivables collection and credit
management -- mirroring the trading bank consumer retail
distribution strategy while affording the company face-to-face
contact with applicants and security evaluations.  Geneva is
owned by Financial Investment Holdings.

Standard & Poor's Ratings on Oct. 16, 2007, lowered its long-
term counterparty credit ratings on New Zealand finance company
Geneva Finance Ltd. (Geneva) to 'D' from 'B-/Watch Dev/--'.  "A
payment default has occurred with Geneva's nonpayment of
debenture redemptions upon the due date.  Under these
circumstances the only available course of action to Standard &
Poor's is to lower the long-term counterparty credit rating on
Geneva to 'D'," said Standard & Poor's director Gavin Gunning.


KS ELECTRONICS: Creditors' Proofs of Debt Due Today
---------------------------------------------------
Henry David Levin and David Stuart Vance were named liquidators
of KS Electronics Limited on October 4, 2007.

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

The Liquidators can be reached at:

          Henry David Levin
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street, Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


LEHNDORF UTILITY: Court to Hear Wind-Up Petition Today
------------------------------------------------------
The High Court of Auckland will hear today, November 1, 2007, at
10:45 a.m., a petition to have Lehndorf Utility Drilling
Solutions Ltd.'s operations wound up.

The Commissioner of Inland Revenue filed the petition on
July 19, 2007, at 10:45 a.m.

The CIR's solicitor is:

          Justine S. T. Berryman
          Inland Revenue Department
          Legal and Technical Services
          5-7 Byron Avenue
          PO Box 33150, Takapuna
          Auckland
          New Zealand
          Telephone:(09) 984 1538
          Facsimile:(09) 984 3116


MERCHANT IT: Court to Hear Wind-Up Petition Today
-------------------------------------------------
The High Court of Auckland will hear on November 1, 2007, at
10:00 a.m., a petition to have Merchant IT Ltd.'s operations
wound up.

The petition was filed by the Commissioner of Inland Revenue on
July 10, 2007.

The CIR's solicitor is:

          Simon John Eisdell Moore
          c/o Meredith Connell
          Forsyth Barr Tower, Level 17
          55-65 Shortland Street
          PO Box 2213, Auckland
          New Zealand
          Telephone:(09) 336 7556


S.P. PUBLISHING: Court Appoints Levin and Vance as Liquidators
--------------------------------------------------------------
On October 4, 2007, the High Court at Auckland appointed Henry
David Levin and David Stuart Vance as S.P. Publishing Limited's
liquidators.

The Liquidators can be reached at:

          Henry David Levin
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street, Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


TYLOS ONE: Taps Levin and Vance as Liquidators
----------------------------------------------
Henry David Levin and David Stuart Vance were tapped as
liquidators of Tylos One Ltd. on October 4, 2007.

Creditors who cannot file their proofs of debt today, Nov. 1,
2007, will be excluded from the company's dividend distribution.

The Liquidators can be reached at:

          Henry David Levin
          David Stuart Vance
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street, Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


WHEELS ON WEST: Court to Hear Wind-Up Petition on February 8
------------------------------------------------------------
The High Court of Auckland will hear on February 8, 2007, at
10:00 a.m., a petition to have Wheels On West Ltd.'s operations
wound up.

The petition was filed by Provincial Finance Limited on
September 6, 2007.

Provincial Finance's solicitor is:

          Graham Duncan Armour Mcgarry
          c/o Rhodes & Co
          Barristers and Solicitors
          Level 17, 119 Armagh Street
          PO Box 13444, Christchurch
          New Zealand
          Telephone:(03) 365 0579
          Facsimile:(03) 366 1715


WHITE ROSE: Fixes November 9 as Last Day to File Claims
-------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were named liquidators
of White Rose Investments Ltd. on October 9, 2007.

Creditors are required to file their proofs of debt by Nov. 9,
2007, to be included in the company's dividend distribution.

The Liquidators can be reached at:

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


WILSON FAMILY: Faces Accident Compensation's Wind-Up Petition
-------------------------------------------------------------
On July 20, 2007, Accident Compensation Corporation filed a
petition to have Wilson Family Dairy Ltd.'s operations wound up.

The petition will be heard before the High Court of Timaru on
November 14, 2007, at 9:30 a.m.

Accident Compensation's solicitor is:

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


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

BANGKO SENTRAL: Expects 2.5%-3% Inflation Rate for October
----------------------------------------------------------
The Bangko Sentral ng Pilipinas is expecting inflation rate to
grow to anywhere between 2.5% to 3% in October due to "some
pressure" on prices of food, fuel and utilities, BSP Governor
Amando Tetangco Jr. told the Philippine Daily Inquirer.

The inflation rate for the first six months of 2007 was recorded
to be at 2.7%, the Inquirer recounts.

However, Mr. Tetangco said the BSP remains optimistic about the
benign inflation outlook because of the strengthening peso and
controlled monetary growth.

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.


BANGKO SENTRAL: Refuses to Help in Paying Old Central Bank Debts
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas has ruled out participating in
the settlement of the old central bank's debts, saying that it
had done its share in servicing those obligations, BusinessWorld
reports.

According to Deputy Governor Nestor A. Espenilla Jr., the BSP
has "fulfilled its part of assisting in the servicing of the old
Central Bank debts."  Beyond that, the BSP would run counter to
its mandate, he added.

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.


CHIQUITA BRANDS: Says Restructuring May Save Up to US$80MM a Yr.
----------------------------------------------------------------
Chiquita Brands International Inc. has outlined a restructuring
plan and management changes designed to accelerate its
previously announced strategy to become the global leader in
healthy, fresh foods.  This business restructuring is designed
to improve the company's profitability by consolidating
operations and simplifying its overhead structure to improve
efficiency, stimulate innovation and further enhance focus on
customers and consumers.

As a result of these changes, the company expects to generate
new, sustainable cost reductions of approximately US$60-80
million annually, beginning in 2008, after a one-time charge of
approximately US$25 million in the fourth quarter 2007 related
to severance costs and certain asset write-downs.  Realized
savings will improve profitability, and resulting additional
cash flow will be used primarily to reduce debt, consistent with
the company's previously announced target to achieve a debt-to-
capital ratio of 40%.

"Since 2005, market dynamics and the competitive landscape have
been rapidly changing, which has limited our profitability and
slowed the execution of our strategy," said Fernando Aguirre,
chairman and chief executive officer.  "While we have already
taken various actions to strengthen our balance sheet, improve
our risk profile, and diversify the company, we continue to
endure rising industry costs, punitive European banana import
regulations, and a slower-than-expected recovery in the value-
added salads category.  We began a major analysis in the summer
when we realized the effects of these negative forces were
impacting our profit plans longer than originally anticipated.
As a result of this analysis, we are taking several significant
broad-based actions across the business, which are designed to
improve our performance in areas we can more directly influence
and control."

Mr. Aguirre added, "The changes we are making will result in
fewer layers of management, better and faster decisions and
improved accountability.  Also, we will drive greater
integration and efficiency across business units and
geographies, resulting in one face to customers, one global
supply chain from seed to shelf, and one global innovation
program with targeted priorities and better execution.  Taken
together, I am confident these actions will strengthen our long-
term market position and enhance our ability to achieve
sustainable, profitable growth."

The US$60-US$80 million of annual cost savings are expected to
come primarily from two areas:

  (1) a simplification and reduction of the company's operating
      and corporate overhead structure, including the
      elimination of more than 160 management positions
      worldwide, or a 21% reduction at the three highest
      levels, and related reductions in administrative
      expenses; and

  (2) business model changes, including network optimization,
      as described below, and the planned exit from certain
      nonstrategic or unprofitable businesses.

All of these changes will be made in a manner designed to
maintain high-quality service to customers and consumers,
consistent with existing legal and contractual obligations,
while treating fairly all Chiquita employees throughout the
world who are impacted by the announced changes.

            Simplified Organizational Structure

Chiquita has simplified its organizational structure and
realigned it by geography, rather than product line.  In
addition, the company's product supply organization, innovation
efforts and certain corporate support functions have been
consolidated worldwide to drive greater network efficiency,
prioritize the development of higher-margin, value-added
products, and improve the company's market competitiveness.

The company announced the following changes in the roles and
responsibilities of senior management positions, all of which
will report directly to CEO Fernando Aguirre:

  a) Michel Loeb, President, Europe and Middle East

     Mr. Loeb will be responsible for all aspects of the
     company's operations throughout Europe and the Middle
     East, including bananas, other produce and diversified
     value-added products such as Just Fruit in a Bottle.
     Mr. Loeb joined Chiquita in 2004 and served most recently
     as president, Chiquita Fresh Group - Europe.  He has more
     than 25 years of senior management and consumer marketing
     expertise, including experience at S.C. Johnson & Son and
     Nestle.

  b) Brian W. Kocher, President, North America

     Mr. Kocher will be responsible for all aspects of the
     company's operations in North America, including value-
     added salads, bananas and other produce.  Mr. Kocher
     joined Chiquita in 2005 and served most recently as vice
     president, controller and chief accounting officer.  He
     brings more than 15 years of accounting, sales, finance
     and business process change expertise, including previous
     work experience at General Electric and Hill-Rom.

  c) Tanios Viviani, President, Global Innovation and Emerging
     Markets, and Chief Marketing Officer

     Mr. Viviani joined Chiquita in 2004 and has served since
     June 2005 as president of the Fresh Express Group.  In his
     new role, Viviani will be responsible for the company's
     consolidated innovation, research, quality and product
     development initiatives worldwide, as well as having
     profit-and-loss responsibilities over certain emerging
     markets, such as Asia.  He will also coordinate all
     marketing globally.  Before joining Chiquita, Mr. Viviani
     served for 16 years at Procter & Gamble in various general
     management, operations and new business development roles
     in the United States, Latin America and Asia.

  d) Waheed Zaman, Senior Vice President, Product Supply
     Organization

     In this role, Mr. Zaman will lead the company's end-to-end
     supply chain, driving excellence and efficiency in the
     company's global sourcing and processing operations.
     Mr. Zaman joined Chiquita in 2004 and served most recently
     as senior vice president, supply chain and procurement.
     Before coming to Chiquita, Mr. Zaman held a variety of
     senior-level information technology and business process
     improvement positions during his 15 years with Procter &
     Gamble.

   e) Kevin Holland, Senior Vice President, Chief People
      Officer

      Mr. Holland joined Chiquita in 2005 and has served most
      recently as senior vice president of human resources.  In
      this expanded role, Mr. Holland will be responsible for
      the execution of this restructuring effort.  He will
      continue to be responsible for human resources in
      addition to various corporate support functions
      worldwide, including information technology,
      communications, administrative services and security.
      Before joining Chiquita, Mr. Holland held various senior
      human resources roles at Coors, Kinko's, Gateway and
      Abbott Laboratories.

The roles and responsibilities of the following leaders who also
report to the CEO remain largely unchanged:

  -- Jeffrey M. Zalla, senior vice president and chief
     financial officer;

  -- James E. Thompson, senior vice president, general counsel
     and secretary; and

  -- Manuel Rodriguez, senior vice president, government and
     international affairs and corporate responsibility
     officer.

In conjunction with these organization changes, the president
and chief operating officer role at Chiquita Fresh Group has
been eliminated.  As a result, Bob Kistinger, who has served in
that capacity, has been appointed president, special
assignments.  Kistinger will serve in that role until the end of
the year, at which time he will be leaving the company to pursue
new opportunities.

"I wish to thank Bob for his many significant contributions and
for his dedication and loyalty to Chiquita for more than a
quarter century," Mr. Aguirre said.  "While we will certainly
miss the benefit of his extensive industry knowledge, Bob
developed a strong team of leaders in the company, several of
whom will take over the daily duties of his position."

                   Business Model Changes

Chiquita previously announced the downsizing of its operations
in Chile and the exit from certain unprofitable farm leases. The
company is making several additional structural changes that
will take place over the next several months:

  a) Network Optimization in North American Value-Added Salads

     The company's recent acquisition of the Verdelli Farms
     production facility in Harrisburg, Pa., will allow Fresh
     Express to rebalance its production and distribution
     network for value-added salads.  To optimize network
     efficiency, the company has decided to close its
     distribution center in Greencastle, Pa., and production
     facility in Carrollton, Ga., over the next several months.
     Closing these two facilities will reduce operating costs
     while further improving the freshness of products we
     supply to customers.  The company employs approximately
     240 people at Carrollton and 40 people at Greencastle.

  b) Exit from U.S. Fruit Bowl Business

     Chiquita has thoroughly reviewed its fresh-cut fruit
     business and has decided to focus on its line of healthy
     snacks, such as Chiquita Apple Bites, which have achieved
     market share leadership and wide acceptance from customers
     and consumers.  However, the company's line of fresh-cut
     fruit bowls will be discontinued over the next several
     months.  As a result, the company will convert facilities
     in Edgington, Ill., and Salinas, Calif., to focus on the
     production and distribution of value- added salads and
     healthy snacks.  This change will eliminate approximately
     130 full-time positions dedicated to fruit-bowl
     production.

  c) Closure of Bradenton, Fla., Distribution Facility

     In conjunction with the company's consolidation of its
     North American logistics operations, Chiquita will close
     its banana distribution facility in Bradenton by year end.
     Closing the Bradenton facility will reduce operating costs
     and is not expected to impact its current customers, which
     will continue to be served from the company's distribution
     center at Port Everglades, Fla. Chiquita employs 15 people
     at Bradenton.

  d) Exploring Strategic Alternatives for Atlanta AG

     Chiquita acquired full ownership of Atlanta AG in 2003 and
     executed a successful three-year cost-saving turnaround
     plan for this unit, which has annual revenues in excess of
     US$1 billion and leading market share in the fruit and
     vegetable distribution sector in Germany and Austria.
     During the past two years, however, various macro-level
     market influences, including changes in the E.U. Banana
     import regime, stiff price competition and consolidation
     of the retail sector, have combined to reduce Atlanta's
     profitability.  In addition, while Atlanta has significant
     strengths, management has determined that its commodity
     distribution business is not a strong fit with Chiquita's
     long-term strategy.  As a result, the company has launched
     a process to explore strategic alternatives for this unit,
     including a possible sale.  To assist with this effort,
     Chiquita has retained Taylor Companies, Inc., a
     Washington, D.C.-based investment bank specializing in
     synergistic mergers and acquisitions.  The company does
     not expect to disclose developments with respect to this
     process unless and until its board of directors has
     approved a definitive transaction.  There can be no
     assurance that these activities will ultimately lead to an
     agreement or a transaction.

         Updating Long-Term Growth Objectives in 2008

Mr. Aguirre concluded: "With these actions, we are taking a
major step forward to create a more positive future for
Chiquita.  Furthermore, these actions will strengthen our
corporate culture and help us become more innovative and
customer-focused.  This restructuring does not change our
strategic focus; rather, I am confident that by simplifying the
organization, consolidating operations and reducing costs, we
will improve our profitability and accelerate our ability to
achieve sustainable growth.  With these changes, however, we
will need to redefine our growth targets, since the negative
impacts of rising industry costs, the E.U. tariff regime and the
E. coli event have slowed down our strategic growth plan
considerably, such that reaching our goals will take us longer
than we originally estimated.  We expect to provide more
information about these long-term financial goals early in
2008."

                   About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and  
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Colombia, Panama and the Philippines.

                       *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.:

  (i) corporate family rating at B3;

(ii) probability of default rating at B3;

(iii) US$250 million 7.5% senior unsecured notes due
      2014 at Caa2(LGD5, 89%); and

(iv) US$225 million 8.875% senior unsecured notes due 2015 at
      Caa2 (LGD5, 89%).

Moody's changed the rating outlook for Chiquita Brands to
negative from stable.

The Troubled Company Reporter reported on May 4, 2007, that
Standard & Poor's Ratings Services placed its 'B' corporate
credit and other ratings on Cincinnati, Ohio-based Chiquita
Brands International Inc. on CreditWatch with negative
implications, meaning that the ratings could be lowered or
affirmed following the completion of their review.  Total debt
outstanding at the company was about US$1.3 billion as of
March 31, 2007.


UNITED COCONUT: Foreign Remittance Receipts Rise 14% in Sept.
-------------------------------------------------------------
The United Coconut Planters Bank has reported a 14% increase in
foreign remittance receipts for the nine-month period ending
September 30, 2007, hitting US$1.01 billion, as compared to the
US$883 million reported for the same period last year,
BusinessWorld reports.

UCPB attributes the growth to its partnerships with overseas
money transfer companies, the article says.  The report also
cites Victor Ruben Tuason, UCPB vice president for remittance
marketing, as saying in a telephone interview that dollar
receipts from local shipping companies' foreign principals have
helped in the rise of foreign receipts.

UCPB expects US$138 million more worth of OFW remittances by
year-end on top of the 14% growth as of September, as it expects
a surge in inflows during the holiday season, the article
reveals.

United Coconut Planters Bank -- http://www.ucpb.com/-- is a  
leading provider of financial products and services to
corporations, middle market companies, small- and medium- sized
businesses, and consumers in the Philippines.

Established in 1963 as a commercial bank, UCPB grew to become
the first private Philippine universal bank in 1981, enabling it
to invest in non-allied businesses.  Today, with assets close to
PHP114 billion, the UCPB group ranks among the largest financial
services group in the country.  UCPB offers a full range of
expanded commercial banking services. The bank has strong
capabilities in corporate banking, commercial credit,
international trade financing, treasury and money market
operations, trust banking and consumer financing.

As the world crosses over to the next millennium, the UCPB Group
is busily transforming into a one-stop supermarket of banking
and non-banking services.

                         *     *     *

On November 6, 2006, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investors Service has revised the outlook
of United Coconut Planters Bank's foreign currency long-term
deposit rating of B1 from negative to stable.

The outlooks for UCPB's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E remains
stable.


WENDY'S INT'L: Earns US$29.9 Mil. in 3rd Quarter Ended Sept. 30
---------------------------------------------------------------
Wendy's International Inc. disclosed financial results for the
third quarter of 2007, reflecting the continuing turnaround of
the business, significantly improving restaurant margins and
cost controls.

The company reported net income of US$29.9 million in the 2007
third quarter, compared to a net income of US$69.2 million in
the 2006 third quarter.  Total revenues were US$631.1 million in
the 2007 quarter, up 0.2% compared to US$630.1 million in the
third quarter of 2006.

Sales were US$554.8 million in the third quarter of 2007,
compared to US$556.7 million in the third quarter of 2006.
Sales increased slightly as a result of positive average same-
store sales, however Wendy's had 42 fewer company-operated
restaurants open at the end of the third quarter of 2007
compared to the same quarter a year ago.

Franchise revenues were US$76.3 million in the third quarter of
2007, compared to US$73.4 million in the third quarter of 2006.
The 2007 increase reflects positive franchisee average same-
store sales, higher 2007 gains on the sales of stores to
franchisees of US$900,000 and lower 2007 reserve allowances.
Partially offsetting these improvements, Wendy's had 66 fewer
franchise-operated restaurants open at the end of the third
quarter of 2007 compared to the same quarter a year ago

"We continue to execute our strategic plan and delivered
significantly improved results this quarter at both the
corporate and store level despite a very tough competitive
environment and commodity cost pressures," said Wendy's(R) chief
executive officer and president Kerrii Anderson.

Including third-quarter pre-tax expenses related to the Board's
Special Committee of US$13.4 and US$2.4 million of pre-tax
restructuring charges (which include pension settlement
charges), the company reported income from continuing operations
of US$28.8 million in the third quarter of 2007, compared to
US$23.7 million in the third quarter of 2006.  Earnings before
interest, taxes, depreciation and amortization from continuing
operations were US$79.2 million in the third quarter of 2007, up
35.8% from US$58.3 million in the third quarter of 2006.

Excluding expenses related to the Board's Special Committee and
restructuring charges, the company reported for the third
quarter of 2007 adjusted income from continuing operations of
US$38.6 million, compared to US$24.9 million in the third
quarter of 2006.  Excluding expenses related to the Board's
Special Committee and restructuring charges, adjusted EBITDA for
the third quarter 2007 was US$95.0 million, up 57.3% from
US$60.3 million in the third quarter of 2006.

"Our EBITDA growth is encouraging and store operating margins
continue to expand," said Anderson.  "We're revitalizing Wendy's
with a focus on connecting with the consumer, new products, more
effective menu management, our market-based pricing strategy,
breakthrough advertising and improving operations.  That said,
we have even greater opportunities to better meet the needs of
our customers, grow same-store sales and further increase
margins."

                        Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$1.83 billion in total assets, US$1.04 billion in total
liabilities, and US$798.3 million in total shareholders' equity.

              2007 Full-year EBITDA Guidance

The company expects to report 2007 full-year EBITDA near the
higher end of the outlook it provided to investors in June,
which was a range of US$295 million to US$315 million.  It also
expects to report full-year EPS near the high end of the range
provided earlier, which was US$1.09 to US$1.23.  These ranges
exclude expenses related to the Board's Special Committee
activities and restructuring charges.

"Our progress on key elements of our business since June has
been positive," Anderson said.  "We are focused on building on
this momentum in the fourth quarter and 2008."

                  About Wendy's International

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

                          *     *     *

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

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


* Economy May Register 7% Expansion in Third Quarter 2007
---------------------------------------------------------
The Philippine economy will likely register an expansion of 7%
for the third quarter of 2007, Bangko Sentral ng Pilipinas
Deputy Governor Diwa Guinigundo told the Philippine Daily
Inquirer in a news briefing on Tuesday.

The economy may have also sustained the first semester growth
despite a slowdown in exports, Mr. Guinigundo added.  The BSP
official also warned that the Philipines may have to watch out
for the impact on exports of an economic slowdown in the US and
other major global economies.

Global economic growth is expected to ease up in the near term
despite continued expansion during the second quarter, Mr.
Guinigundo said.  He also noted that remittances remain strong,
so growth in consumption will be sustained.

Mr. Guinigundo further revealed that investments by the public
sector has gone up by more than 40%, contributing to the
strength of inflow from investments.

                          *     *     *

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.


* Tax System Restructure May Cue Losses of PHP106BB, DoF Says
-------------------------------------------------------------
The government may incur losses of at least PHP106 billion
yearly if Congress passes into law four pending legislative
measures that propose restructuring the current income tax
system, the Department of Finance said, according to the
Philippine Star.  

The DOF instead proposes a 2-phase reformation of the individual
income tax system, the report relates.

In a position paper on the four bills, the DOF says that the
government will incur losses of PHP14.41 billion from Senate
Bill 125, PHP37.98 billion from Senate Bill 126, PHP11.15
billion from Senate Bill 1615 and PHP43.33 billion from Senate
Bill 1616.  

PhilStar explains that Senate Bills 125 and 126, authored by
Sen. Juan Ponce Enrile, proposed increasing personal and
additional exemptions of individual taxpayers, as well as
reducing present income tax rates by half and increasing tax
brackets to 13 brackets.  Senate Bills 1615 and 1616, on the
other hand, are authored by Sen. Richard Gordon, and suggested
introducing a new individual income tax schedule and personal
exemption level provided that the amounts of personal exemption
shall be adjusted to inflation every five years.

In its proposal, the DOF suggested that, for the first phase,
minimum wage earners be exempted from paying income tax, saying
that it would give them financial relief without sacrificing the
government's financial capacity.  For the second phase, the
government should extend tax relief to the low up to middle
income group of individual taxpayers, the article relates.

                          *     *     *

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

HANWAY INVESTMENT: Accepting Proofs of Debt Until November 15
-------------------------------------------------------------
Hanway Investment Pte Ltd, which is in voluntary liquidation,
intends to declare dividend.

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

The company's liquidator is:

          Lai Seng Kwoon
          Liquidator.
          8 Robinson Road
          #13-00 ASO Building
          Singapore 048544.


HOCEN INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
On October 12, 2007, the High Court of Singapore entered an
order to have Hocen International Pte Ltd's operations wound up.

The petition was filed by Ong Shu Lin.

The company's liquidators are:

          Ramasamy Subramaniam Iyer
          Goh Thien Phong
          Chan Kheng Tek
          c/o Pricewaterhouse Coopers
          8 Cross Street
          #17-00 PWC Building
          Singapore 048424


MAJU LINES: Members to Hold Final Meeting on November 28
--------------------------------------------------------
The members of Maju Lines Pte Ltd will have their final meeting
on November 28, 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  25 International Business Park, No.
04-22/26 German Centre, Singapore 609916.


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

BANK OF AYUDHYA: Phanporn Kongyingyong Quits Post as Director
-------------------------------------------------------------
Phanporn Kongyingyong has resigned from her post as director of
the Bank of Ayudhya PCL, a disclosure with the Stock Exchange of
Thailand says.

According to the disclosure, the bank's Board of Directors
acknowledged Ms. Phanporn's resignation effective yesterday.  
The Board also resolved to amended the list of the bank's
directors that are authorized to sign on BAY's behalf to be as
follows: "Mr. Pongpinit Tejagupta or Mr. Chet Raktakanishta, to
co-sign with any one of Mr. Tan Kong Khoon or Mrs. Janice Rae
Van Ekeren, with the Company's seal affixed".

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

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

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





                           *********

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.
   
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